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A
VOL. 132.
SATURDAY FEBRUARY,211931.
fitxantia7i Thronitle
NO.3426.
greater tin plate production, more liberal rail and
track accessory specifications, the release of pipe
PUBLISHED WEEKLY
line tonnage held by cold weather, an impressive
Terms of Subscription—Payable in Advance
Including Ponape—
12 Mos. 6 Mos. upturn in sheet orders, and a better tone in the wire
Within Continental United States except Alaska
610.00
$6.00
In Dominion of Canada
11.50
6.76 trade following rather general rains in drouthOther foreign countries. U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quota- affected agricultural areas."
tion Record and the Monthly Earnings Record the subscription price is
26.00 Per year; for all the others le 85.00 per year each. Add 50 cents to
The "Iron Age" speaks cautiously, as is its wont,
each for postage outside the United States and Canada.
and points out that "the change for the better in
COMPENDIUMS-MONTHLY PUBLIC•TIONS—
PUBLIC UTILITY—(seml-annually)
B•NL AND QUOTATION RECORD
RAILWAY
automotive steel requirements is so sudden that
year) MONTHLY EARNING/ RECORD
STATE AND AINNICIP•L—(11131111-&1111.)
there is doubt whether it is merely a flash in the pan
Terms of Advertising
Transient display matter per agate line
45 cents or marks the beginning of a general recovery in
Contract and Card rates
On requart
Ostiosao OFYICE—In charge of Fred. H. Gray. Western Representative. motor car business." It adds that "rush shipments
205 South La Salle Street. Telephone State 0612.
of both steel and manufactured automobile parts
LONDON Orrice—Edwards & Smith, 1 Drapers' Gavdona. London.
H.0
WILLIAN B. DANA COMPANY, Publishers,
have been necessary in some instances to round out
William Street, Corner Spruce, New York.
existing stocks and keep assembly lines moving. The
Published every Saturday morning by W I L LIA M B. DA NA CONI PANT.
increase in steel demand has thus far been felt
President and Editor, Jacob Seibert: Business Manager, William D.
Tress., William Dana Seibert: Sec., Herbert D. Seibert. Addresses of all. Officemimic
of Co chiefly by the Detroit district
plant, which is now
operating all six of its open-hearth furnaces." The
"Age" estimates that steel ingot production for the
Change of Address of Publication.
country at large now averages 51% compared with
50% a week ago and 48% in the previous week. As
The Commercial & Financial Chronicle,
a matter of fact, there has been some increase in the
having long suffered from inadequate
extent to which capacity of the mills has been
facilities for handling its growing size
engaged in every week of the year thus far.
and growing subscription list, has moved
There has been improvement, also, in the trade in
into new and larger quarters, and is now
a number of other metals. The price of copper, for
located at
instance, has moved up 1 2c. a pound, making the
/
William Street, Corner Spruce
price 101
4c. delivered in Connecticut, and the appreNew York City.
ciation has come as the result of a better demand
P. 0. Box 958, City Hall Statioa..
both for domestic account and for export. The price
of lead also is higher, the American Smelting & Refining Co. having made an advance of 10 points,
The Financial Situation.
from 4.50c. to 4.60c. The cotton goods trade is
Were it not for the performances in Congress, and getting quite optimistic for certain lines
of goods.
more particularly the action of that body on the Lumber shipments and orders are far ahead of prosoldier bonus proposition, it would be possible to duction, albeit the latter is
on a greatly reduced
take a more hopeful view of the business situation scale. The grain markets and the cotton markets
for the immediate future than for many weeks past. are giving a good account of themselves. In speakNot a few developments of a reassuring character ing of the grain markets, we have in mind more parare to be noted as far as trade itself is concerned. ticularly wheat, but not any of the nearby options,
Signs of improvement are discernible in many direc- since these latter are virtually pegged as a result of
tions, none of them, to be sure, very strong or very the operations of the Federal Farm Board, which,
pronounced as yet, but, combined, indicative of a through its purchases, maintains an artificial level
definite trend in the right direction.
for these options, of which March and May futures
Such a state of things, if not interfered with by are conspicuous illustrations, and will not permit
extraneous causes, might readily lead to actual any decline in them. We have reference to the
trade revival, even if at first only in a slow way. options for the next crop, in which the Farm Board
Reports regarding the steel trade offer much of an is not as yet conducting any operations. These latencouraging character. The "Iron Age," in its ter options, while somewhat lower than a week ago,
review this week, states that a more cheerful tone are nevertheless substantially higher than at the
prevails in the iron and steel industry, both because beginning of the month—July wheat at Chicago havof further slight expansion in business and more ing closed yesterday at 691 8c. against an opening
/
definite promise of larger and more diversified de- price of 6534c. on Monday, Feb. 2, and the Septem/
mands with the coming of open weather. It notes ber option having closed yesterday at 69%c against
among the favorable developments of the week "a 63y at the opening on Feb.2. In the case of
2c.
cotton
spurt in steel buying ,by the automobile industry, there has been steady improvement almost since
the
Ii
1270
FINANCIAL CHRONICLE
[Vol,. 132.
beginning of the year, and spot cotton here in New wards and favors, they ought to be limited to this
York sold up to 11.25c. a pound on Wednesday and class of veterans, since these alone can be considered
closed yesterday at 11.00c. as against 10.15c. on as having any special claim upon the Government or
Jan. 2. Finally, the result of this array of favorable the public. These men probably would be the last
circumstances and events has found reflection in a to ask or expect anything of the kind, but if the
rising stock market, which, in turn, has played its practice is to be indulged in it ought to be confined
part in promoting a feeling of growing confidence to those who had to bear the real hardships of war
and are hence entitled to especially generous treatin the business world.
But the action of Congress on the soldier bonus ment on that account. One of the first steps which
proposition is very disturbing—and carries the possi- ought to be taken is to make a classification of this
bility of far-reaching ill consequences. The bill has kind and always rigidly to adhere to it.
The particularly unfortunate feature of this bonus
been rushed pell mell through both houses of Conapproval to the meas- proposal, involving (unless changed in the way indigress, the lower having given
ure on Monday, by the overwhelming vote of 363 to cated) a draft upon Treasury cash to the extent
39, and the Senate having passed the bill on Thurs- virtually of a full billion dollars, is to impose a
day by a vote of 72 to 12, notwithstanding the oppo- burden upon the Treasury which it will not be easy
sition of President Hoover. Mr. Hoover,in his letter for it to bear. We notice that the President, in his
to Senator Reed Smoot, the Chairman of the Senate letter to Senator Smoot, says that by reason of the
Finance Committee, in giving expression to his expansion of public construction for assistance to
views regarding the measure, outlined its provisions unemployment and other relief measures, the counby saying that the proposal is to authorize loans try has imposed upon itself "a deficit in this fiscal
upon the adjusted service certificates held by the year of upward of $500,000,000 which must be obWorld War veterans up to 50% of their face value, tained by issue of securities to the investing public."
and he pointed out that face value means "the sum It has been the general supposition that this deficit
payable at the end of the 20-year period (1945), of half a billion dollars would arise because of fallbeing based on the additional compensation to vet- ing revenues. Ifthatis not the case,and no allowance
erans of about $1,300,000,000 granted about six has been made for a huge falling off in the Federal
years ago, plus 25% for deferment, plus 4% com- income taxes,then thedeficit is likely to be very much
pound interest for the 20-year period." As the face larger than the figure stated, since the income taxes
value is about $3,423,000,000, he says,"loans at 50% are certain to show a really frightful decrease, far in
thus create a potential liability for the Government excess of any of the estimates so far made by the
of about $1,712,000,000, and, less the loans made Treasury officials. This is so simply because the
under the original act, the total cash which might income and profits upon which the taxes are based
be required to be raised by the Treasury is about have themselves suffered frightful contraction.
As it happens, too, the Secretary of the Treasury
$1,280,000,000 if all should apply." The President
quotes the Administrator of Veterans Affairs to the made the mistake six months ago of calling for payeffect that 75% of the veterans may be expected to ment $1,100,000,000 of Treasury notes bearing only
2
1
/
claim the loans, and hence a sum of approximately 3 % interest. Of course, Mr. Mellon could not be
$1,000,000,000 will need to be raised by the Treasury. expected to foresee that Congress would commit such
The President well says that "when men have been an inconceivable act of folly as that involved in the
called into jeopardy of their very lives, in protection bonus measures. However, Secretary Mellon has
of the Nation, then the Nation incurs a special obli- all through his administration of the Treasury Degation beyond that to any other groups of its citi- partment made the mistake of carrying a huge mass
zens." He thinks, however, that the country should of short-term obligations in the shape of certifinot be called upon, either directly or indirectly, to cates of indebtedness, and latterly also in the shape
support or make loans to those who can by their own• of Treasury bills. These short-term obligations are
in the nature of a floating indebtedness, and the
efforts support themselves.
For ourselves we think that still another distinc- carrying of a large floating indebtedness is always
tion ought to be made, and, if made, in the present risky business, in the case of Government no less
instance it would, we are sure, materially lighten than in the case of a corporation or an individual.
As things now stand, the Treasury finds itself conthe burden w'hich the Treasury will be called upon
think the distinction ought to be made fronted, month after month, with the necessity of
to bear. We
anyway, whether applied in the present case or not, providing for some class of maturing obligations. In
since, no doubt,efforts will continue in the future, as a period of ease, such as now exists, there is often
in the past,to bestow benefits of one kind of another the advantage of low interest rates at which the
upon the veterans, in addition to the bonus they are Government is able to borrow. Whether this advannow to receive. Our thought is that Congress should tage can be relied upon to its full extent in the
distinguish sharply between the veterans who saw present instance, When the Government is obliged to
service and those who saw no service at all. The provide for $1,100,000,000 of called Treasury notes,
two belong in wholly different classes. At the time in addition to its ordinary maturities in the shape
of the Armistice the United States had 2,000,000 of certificates of indebtedness and Treasury bills,
to promen on the battlefields of France and 2,000,000 in and when the prospect looms up of having
vide a billion dollars of cash to take care of the
this side.
the training camps on
When money has
The men in the training camps saw no service at soldier bonus requirements, •and
became combat soldiers, and they likewise to be raised to provide for a growing
all. They never
revenues, remains to be seen.
never imperilled their lives. They belong in a wholly deficit in Government
in times of tension in the money
different category from those who were subjected On the other hand,
carrying a large floating
to all the risks and perils of war and had to endure market the experiment of
to prove costly, as Mr. Mellon knows
the sufferings, the hardships, and horrors connected debt is certain
experience in 1929
with actual warfare. If there are to be special re- to his cost, as the result of his
FEB. 21 1931.]
FINANCIAL CHRONICLE
when he found himself obliged to raise the rate of
inteiest in an issue of Treasury certificates of indebtedness to 6%. All this, however, is irrespective
of the merits of the soldier bonus measure, which
deserves unqualified condemnation.
We have taken occasion more than once to refer
to the excellent address delivered at Dallas, Tex., on
Jan. 29 by Melvin A. Traylor, President of the First
National Bank of Chicago, under the title "The
Price of Prosperity." The present week Mr. Traylor
testified before the subcommittee of the Senate Banking and Currency Committee, and among other
things expressed his views on the subject of branch
'banking and also upon the proposal of Owen D.
Young to place the entire banking system of the
country under the dominion of the Federal Reserve
Board, to whose administration of the Federal Reserve System the country is indebted for the stock
market speculation which eventuated in the panic
in the autumn of 1929 and for the business depression from which the country is now suffering, and
which has followed as the result of that speculation
and that panic. Mr. Traylor's views on these subjects are as sane and sensible as what he said in
his address at Dallas. He believes in confining
branch banking to the limits of the different States,
as is now the case, and he sees serious danger in
clothing the Federal Reserve officials with authority
over the entire banking system of the country and
in forcing all outside banks to enter the Federal Reserve System. We give extensive extracts from Mr.
Traylor's testimony in our news columns on subsequent pages, but wish to record here Some of the
very striking passages which adorned his remarks on
the subjects referred to.
Mr. Traylor told the Committee he would like to
see a uniform banking law developed for the States,
with minimum capitalization as one of its features.
He opposed the idea of all banks belonging to a
national system, and considered it unnecessary for
all banks to belong to the Federal Reserve System.
Banks in the System should have a minimum capital
of $250,000 to $500,000, he declared, although, under
present conditions in some States, it might go as
low as $100,000. The uniform 'banking law, as conceived by Mr. Traylor, would permit branch banking
within the State, but for the first five years or so it
would be limited to the county, the development to
State-wide systems being gradually brought about.
He would like to see this uniform law inhibit absolutely the operation in one State of a bank whose
capital was owned or controlled outside of the State,
and also inhibit the operation in one State of a
branch of an outside bank. Group or chain banking
which crosses State lines should not be permitted, in
his opinion.
"I recognize the trend of much modern thinking
is toward consolidation and federalization. In certain directions that may be excusable. Perhaps the
public good is best served in some directions by that
method. But I cannot subscribe to the theory that
to put the credit facilities completely under the
domination and supervision of the Federal Government would either effect the cures desired or fail
to lead to political and economic difficulties not
easily surmounted.
"I believe in the independent unit system of banking which this country has always enjoyed. The
thing to be feared most is the extent to which in
1271
supposed emergencies we modify that system. My
conviction is that if we were to nationalize the banking structure (a political impossibility) the extension of branch banking would be inevitable and the
development out of that situation would be in due
course a very small number of large units with complete control over credit facilities, a development
which I regard as extremely unfortunate."
"That all banks should be compelled to join the
Federal Reserve System I regard as equally dangerous," he declared. Banking control should be within
the State, according to Mr. Traylor. He would prohibit ownerkillip of more than 25% of a bank's capital
by interests outside the State. He would not permit
a 'branch to be operated outside the State of location
of the parent bank. National banks, however,should
have the same rights within the State,in his opinion,
that State banks possess.
The tendency of brokers' loans is now upward, as
is natural under the revival of speculation on the
Stock Exchange, but the expansion in the amount
of these loans, as would also be expected, owing to
prevailing conservative tendencies, is quite light
and moderate. The increase last week in the grand
total of these loans was $33,000,000, to which there
is added a further increase the present week of
$23,000,000, making $56,000,000 for the two weeks
combined. This follows a contraction of no less
than $1,506,000,000 in the amount of these loans in
the 19 weeks preceding, during the whole of which
period the reduction was uninterrupted with the exception of one single week, in which there was a
nominal increase. Through the additions of the
last two weeks, the total of these loans by the reporting member banks in New York City increased from
$1,716,000,000 Feb. 4 to $1,772,000,000 Feb. 18. At
this latter figure comparison is with $3,222,000,000
Sept.24 1930, and with $6,804,000,000 on Oct.2 1929,
when these loans were at their maximum. It is
worth noting that the increase in both of the last
two weeks has been entirely in the loans made by
the reporting banks on their own account, the
amount in this category have risen first from $1,099,000,000 Feb. 4 to $1,147,000,000 Feb. 11, and then to
$1,229,000,000 on Feb. 18. On the other hand, with
call loans on the Stock Exchange down to only 11 2%,
/
the outside lenders keep continuing to retire from
the brokerage field, no longer finding the business
profitable. Loans for account of out-of-town banks
fell from $318,000,000 Feb.4 to $315,000,000 Feb. 11;
and have now further fallen to $267,000,000 Feb. 18,
while loans "for account of others" are now (Feb.
18) $276,000,000 against $287,000,000 Feb. 11, and
$299,000,000 Feb. 4.
The Federal Reserve Banks, in their returns,show
a further decrease in the amount of Reserve credit
outstanding. Borrowing by the member banks has
declined from $222,189,000 to $199,823,000, and holdings of Government securities are also lower at $599,374,000 against $609,620,000. On the other hand,
holdings of acceptances are somewhat larger at $93,995,000 against $87,739,000. Acceptance rates in
the market, which previously were lower than the
buying rate of the Reserve Banks, were raised y of
8
1% on Saturday last, quite unexpectedly, and on
Thursday were raised Btill another 18%, making it
/
profitable once more to have recourse to the facilities
of the Federal Reserve Banks in providing a market
for acceptances. But this increase in the holdings
1272
FINANCIAL CHRONICLE
of acceptances offset only in part the falling off in
the discounts of the member banks and the holdings
of Government securities, with the result that total
bill and security holdings, representing the amount
of Reserve credit outstanding,foot up this week only
;893,492,000 against $919,548,000 last week. Federal Reserve notes in circulation decreased during
the week from $1,481,006,)00 to $1,449,756,000, while
gold reserves increased from $3,077,491,000 to
;3,084,408,000.
The foreign trade statement for January shows
a further decline in the movement of merchandise
to and from the United States for that month. The
reduction also continues very heavy. Exports in
January were valued at $250,000,000 and were the
lowest for any month in nine years. These figures
compare with $275,193,000 for December and $410,849,000 for January 1930, a loss from a year ago of
$160,849,000, or 39.1%. This reduction is larger
than for either of the two months prior to January.
Likewise, as to imports, the total value for January
of this year was $183,000,000, which amount compares with ;208,650,000 for December and with
$310,968,000 for January 1930, the decline from the
latter month being $127,968,000, or 40.9%. These
are very heavy losses. When the situation in many
of the foreign countries is considered,the unrest that
prevails in a number of them, the economic trials
that disturb many others, and our own troubles along
that same line, it is not to be wondered that the
merchandise movement has become so greatly upset.
Then, too, the constant decline in prices makes for a
smaller value. Some portion of the reduction from
the figures of a year ago is attributable to that cause.
Cotton exports in January were very much less
than those of that month in 1930, and the loss in
value of cotton far exceeded that shown by the quantity moved. This has been the case for many months
past. Shipments of cotton last month were 637,500
bales against 769,000 bales in December and 921,400
bales in January a year ago. The decline last month
from a year ago was 283,900 bales, or 30.8%. The
value of cotton exports in January of this year was
very much less than one-half of that a year ago,
amounting to $31,197,800. This sum shows a reduction of $41,283,000 from January 1930, or 56.9%.
There are many other commodities, both in exports
and imports, in which much the same showing is
made,a reduction in quantity, but a much larger loss
in value. It seems apparent, however, from the preliminary report for January that this condition is
even less satisfactory- for that month than it has
been for the past six months. The foreign trade
statement has been quite unpromising during practically the whole of that period. For the seven
months of the current fiscal year, merchandise exports from the United States have been $2,017,800,000 against $3,028,756,000 for the corresponding period of the preceding fiscal year. The decline
is $1,010,956,000, or 31.4%. Merchandise imports
for these same seven months amounted to $1,507,909,000, as compared with $2,423,954,000 for the preceding year, the decline in the latter instance also
being large—$916,045,000, or 37.8%. Exports from
the United States still show a large amount in excess of imports, but less than in the previous year—
for the past seven months $509,891,000 excess compared with ;604,802,000 excess for the corresponding period of the preceding years. For January of
(vou
132.
this year the excess of exports over imports was
$67,000,000 against $99,881,000 in January 1930.
Imports of gold last month continued quite largely
in excess of the exports. The value of imports was
$34,426,000; while gold exports amounted to only
$54,000. For the seven months of the current fiscal
year gold imports have been $198,281,000 against
$123,050,000 in the corresponding period of the preceding fiscal year, while exports amounted to $106,359,000 for the past seven months, compared with
$118,480,000 a year ago. Imports exceeded exports
in the latest period by $91,922,000, whereas in the
preceding year the excess of gold imports for the
corresponding time was only $4,570,000. The silver
movement last month was again quite small, amounting for exports to $3,574,000, and for imports to
$2,896,000.
The stock market this week has shown pronounced
strength in continuation of the rising tendency of
last week. On Saturday last some irregularity preveiled, but with the tone good and strong, and prices
well maintained. On Monday there was a renewal
of the buoyancy manifested the greater part of last
week and prices sharply advanced. This buoyancy
was carried into Tuesday, with a noteworthy further
upward movement in prices, but the pace now appeared to be getting very rapid, and in the afternoon
a quite general reaction occurred. On Wednesday
the upward movement was resumed in the morning,
but with another downward reaction in the afternoon. On Thursday the market gave further evidence of underlying strength, though the further
advances were moderate except in the case of certain speculative specialties. On Friday, though
there was more or less irregularity, the market again
spurted sharply upward.
The principal factors in the rising tendency of the
week have been the signs of a slow recovery in trade
and industry, as evidenced by the greater activity
of the steel mills and the improved demand for cop
per, with a slight rise in the price of the metal. The
better tone in the grain markets and the recovery in
the price of cotton, which has shown rising tendencies for several successive weeks, have been aids
in the same direction. Little notice has apparently
been taken of the progress of the soldiers' bonus
legislation in Congress, even though indications all
pointed to the overriding of the Presidential veto
when it shall be interposed. The amount involved
in the cash payments required in the bill in the form
it has now taken is much smaller than that which
would have been required had the original proposition to cash the whole of the adjusted service certificates prevailed, the present requirements being
estimated at $1,000,000,000 as against the former
$3,400,000,000, and this $1,000,000,000 it is assumed
the Treasury will be able to provide somehow, even
though the process may prove'burdensome. The different issues of United States Government obligations, after showing a decline the early part of the
week, recovered the latter part, thereby indicating
belief that the Treasury would be able to manage
the job satisfactorily. Pool activity has been.in
evidence in the case of a, number of the specialties,
and these have in some instances enjoyed exceptionally large advances. Auburn Automobile indulged in its usual pyrotechnics, but after touching
205 on Feb. 17 as against 1011 2 Jan. 14, and 60%
/
last November, closed yesterday at 199. Call loans
Fan. 21 1931.]
FINANCIAL CHRONICLE
on the Stock Exchange have again ruled unchanged
at 11 2%, and loans in the outside market have con/
tinued to be available at 1%. Thirty-seven stocks
established new lows for the year during the week,
but 439 stocks attained new high records for the
year.
Trading has been on a smaller scale than last
week. At the half-day session on Saturday sales on
the New York Stock Exchange were 1,092,656
shares; on Monday they were 3,170,040 shares; on
Tuesday, 3,986,480 shares; on Wednesday, 2,842,506
shares; on Thursday, 2,476,970 shares, and on Friday, 3,833,575 shares. On the New York Curb Exchange the sales on Saturday were 287,825 shares;
on Monday, 567,600 shares; on Tuesday, 644,700
shares; on Wednesday,420,000 shares; on Thursday,
388,300 shares, and on Friday, 591,000 shares.
As compared with Friday of last week prices
show quite general further improvement, even
though moderate in some cases. General Electric
closed yesterday at 51 against 4818 on Friday of last
/
week; Warner Bros. Pictures at 18% against 18%;
Elec.Power & Light at 54% against 52; United Corp.
/
at 2378 against 23; Brooklyn Union Gas at 118%
against 117; American Water Works at 6978 against
/
4;
648 North American at 84% against 81%; Pacific
Gas & Elec.at 48%'against 47; Standard Gas & Elec.
at 75 against 69%; Consolidated Gas of N. Y. at 97
against 93%; Columbia Gas & Elec. at 40% against
401 International Harvester at 57% against 54;
4;
J. I. Case Threshing Machine at 1233 against
4
11678; Sears, Roebuck & Co. at 57% against 55%;
/
Montgomery Ward & Co. at 2378 against 2378;Wool/
/
worth at 6378 against 61%; Safeway Stores at 61%
/
against 55; Western Union Telegraph at 143%
against 141; American Tel. & Tel. at 197% against
1923 ; Int. Tel. & Tel. at 35% against 29%; Amer4
ican Can at 125% against 116%; United States Industrial Alcohol at 67% against 67%; Commercial
Solvents at 20% against 18%; Shattuck & Co. at
281 against 26%;Corn Products at 86 against 84%,
4
and Columbia Graphophone at 12% against 1078
/
.
Allied Chemical & Dye closed yesterday at 177
against 165 on Friday of last week; E. I. du Pont de
Nemours at 98% against 93%; National Cash Register at 36 against 34%; International Nickel at 18%
against 16%;Timken Roller Bearing at 5634 against
/
5378; Mack Trucks at 42% against 40%; Yellow
/
Truck & Coach at 133 against 12/ Johns-Manville
4
18;
at 73% against 72; Gillette Safety Razor at 32
against 30%; National Dairy Products at 47%
against 45%; National Bellas Hess at 7% against
6%; Associated Dry Goods at 27 against 26; Texas
Gulf Sulphur at 54 against 51; American Foreign
Power at 421/s against 36%; General American Tank
Car at 6978 against 69; Air Reduction at 103 against
/
/
9912; United Gas Improvement at 3078 against 30,
/
and Columbian Carbon at 106 against 103%.
In the steel shares United States Steel closed
yesterday at 14778 against 14578 on Friday of last
/
/
week; Bethlehem Steel at 64% against 58%; Vanadium at 71% against 61%,and Republic Iron & Steel
at 23% against 19%. General Motors closed yesterday at 43% against 42% on Friday of last week;
Chrysler at 21% against 20; Nash Motors at 37%
against 33%; Auburn Auto at 199 against 176%;
Packard Motors at 11% against 10%; Hudson Motor
Car at 23 against 21%, and Hupp Motors at 1234
4. The rubber stocks have moved subagainst 103
stantially higher. Goodyear Tire & Rubber closed
1273
yesterday at 4878 against 46% on Friday of last
/
week; U. S. Rubber at 15% against 1378 and the
/,
preferred at 293 against 253
/s
4.
The railroad list has not been conspicuous in the
rise in many cases. Pennsylvania RR. closed yesterday at 62% against 63 on Friday of last week; Erie
RR. at 35% against 36%; New York Central at
1283 against 125; Baltimore & Ohio at 84 against
4
81%; New Haven at 90% against 88; Union Pacific
at 2023 against 199; Southern Pacific at 107
4
/
1
2
against 1071
-Kansas-Texas at 23%
4; Missouri
against 241 8; Southern Railway at 61 against 63;
/
St. Louis-San Francisco at 60 against 57; Chesapeake & Ohio at 44% against 44%; Northern Pacific
at 56% against 56%, and Great Northern at 68
against 68.
The oil shares have lagged behind somewhat as a
result of the unsatisfactory condition of the trade.
Standard Oil of N. J. closed yesterday at 51%
against 503 on Friday of last week; Standard Oil
4
of Calif. at 503 against 50%; Simms Petroleum at
4
9% against 10; Skelly Oil at 10 against 103 ; At4
lantic Refining at 223 ex-div. against 22%; Texas
4
Corp. at 34% against 34%; Richfield Oil at 478
/
against 5; Phillips Petroleum at 14% against 143
4;
Standard Oil of N. Y. at 25% ex-div. against 25%,
and Pure Oil at 10% against 11.
The copper shares have been quite strong on the
stiffening in the price of the metal. Anaconda Copper closed yesterday at 39y against 37% on Friday
2
of last week; Kennecott Copper at 29% against 27%;
Calumet & Hecla at 10 against 10; Calumet & Arizona at 40% against 40; Granby Consolidated Copper at 193 against 18%; American Smelting & Re4
fining at 53% against 493 and U. S. Smelting &
4,
Refining at 21 against 21.
Share prices on stock exchanges in all the important European financial centers were soft in most
sessions this week, owing partly to disquieting reports on the Spanish political situation and partly
to forecasts of huge budgetary deficiencies in all the
larger countries. The pessimistic budgetary pronouncement made in the London Parliament last
week by Chancellor of the Exchequer Philip Snowden caused unusual heaviness in British Government
securities on the London Exchange. It was reported
Tuesday in an Associated Press dispatch from London that the continuous liquidation of Government
issues had depreciated six leading Government
stocks more than $400,000,000 in market value in
the preceding week. Much of this selling originated
on the Continent,it was said. Spanish developments
affected the Paris and Berlin exchanges adversely
in earlier sessions of the week. Cessation of optimistic reports regarding the trend on the New York
market also was a factor of some moment on all the
European exchanges. With prices rather definitely
on the down grade, trading volume everywhere
tended to diminish and some sessions at Berlin and
Paris were especially dull. Reports of the trade and
industrial position in Europe showed no improvement, meanwhile, and there was no incentive for
traders to engage in buying operations on this account. The only noteworthy offset to the general
atmosphere of depression was occasioned by rising
prices of some of the base metals.
Dealings on the London Stock Exchange were dull
in all departments in the opening session of the week,
with the sole exception of the list of British funds.
1274.
FINANCIAL CHRONICLE
Vigorous selling of the Government issues proceeded
on the basis of the depressing statement by the Chancellor on the condition of the national finances. The
5% War Loan and the Funding Loan were affected
to the greatest extent, while the 4% Consols and the
/
31 2% Conversions also fell heavily. Movements in
British industrial issues and home rail stocks were
unimportant, while international issues were soft.
A better tendency developed Tuesday at the opening,
due largely to the better overnight reports from New
York. British funds also were steadier for a time,
but renewed selling soon upset the market and prices
again declined. British industrials improved a little
and some foreign bonds also gained. A firm opening Wednesday again gave way to dullness and declining quotations. International issues were especially bouyant at the start, but they fell sharply
later. British funds sagged after a fair start, and
the Funding Loan declined more than a point.
Thursday's session at London was irregular, with
trading restricted largely to more speculative issues.
British funds resumed their decline, although Indian
Government issues were steady. Argentine railway
shares gained, but home rail issues declined on poor
traffic returns. The international list opened lower
on unfavorable reports from New York, with some
improvement noted in the late dealings. The trend
was irregular yesterday, with international issues
improved, while British funds again declined.
The Paris Bourse was soft in the initial session,
notwithstanding the fact that money for the midmonth settlements was at the lowest levels in the
history of the exchange. The rate was officially
fixed at 1/4 of 1%. "The rate in most transactions
/
fell as low as 1 8 to 1/16 of 1%,and there were numerous instances in which transactions were accomplished at par," a report to the New York "Times"
said. Small recessions were recorded throughout
the list of both French and international stocks. The
Bourse was closed Tuesday in observance of the
Mardi Gras holiday. When trading was resumed
Wednesday, transactions were few and prices again
tended to ease. The Spanish crisis, together with
the increasing effects on French trade of the worldwide business depression, caused scattered selling
while buying interest was virtually suspended. A
quick turn for the better occurred on the Paris
Bourse Thursday, however, owing to the better reports from Madrid and a rise in copper prices.
Activity remained limited, but the trend was firm
and many stocks howed substantial gains. Price
movements were irregular in yesterday's session on
the Bourse.
The Berlin Boerse was listless at the opening Monday with the tone soft, but as trading progressed
improvement set in and the early losses were regained with a few issues showing net advances. Buying orders came chiefly frrom the German provinces,
it was said, and shares of the artificial silk and department store sections were most in demand. Tuesday's dealings were again small, but the tone was
fairly confident and a number of advances occurred,
chiefly in the specialty section. Announcement that
.the much-discussed international loan to the German
Government had been concluded was accepted as a
favorable indication, and gains of two to four points
resulted in active issues. An irregular trend developed in Wednesday's session on the Boerse. The
opening was weak and levels dropped an average of
two points, but these were partly compensated by a
[VOL. 132.
recovery in the later dealings. Further irregularity
appeared on Thursday, with the trend favorable at
first but weak in the latter half of the session. Net
changes were unimportant. Moderate and unimportant fluctuations again occurred on the Boerse
yesterday.
A suggestion for the formation of an international
agricultural credit bank, which would function
almost exclusively in Europe, was made last Saturday in Geneva by a group of experts appointed to
study the question for the League of Nations Financial Committee. Steps for the actual organization
of the institution are to lie considered in further
meetings of the committee. When completed, the
plans are to be submitted to the concurrent meetings
of the Pan-European Commission and the League
Council in May. Intensive study of ways and means
for relieving the depression in the agricultural
regions of Eastern Europe has been occasioned by
the prominence given the matter in the debates of
the Pan-European Commission of the League last
month. Representatives of several Balkan countries
suggested at the time that a practical step toward
the European federation officially championed by
Foreign Minister Aristide Briand of France could
be taken by fostering the exchange of the agricultural surplus of those countries for the industrial
products of Western European lands. It is accordingly suggested,in the prospectus now outlined, that
an agricultural credit institution of international
scope be created to serve as an intermediary between
the agriculturists of Central and Eastern Europe
and the financial markets.
The provisional report suggests the formation of
an international bank which would borrow on its
own credit, a Geneva dispatch to the New York
"Times" says. Capital thus obtained would be
loaned on mortgage security through the intermediation of national or local institutions. The further
suggestion is made that capital amount to $50,000,000,.and that the bank function under some sort of
supervision of the League of Nations. The report
points out as a first prerequisite that the bank must
be surrounded with an atmosphere of confidence,
and in order to insure this it may be desirable to
ask the governments concerned to "make certain
legislative or financial efforts to endow the organization with some measure of solidity." Only in the
beginning is such aid deemed indispensable, and the
effective participation of private capital in the subscription of the shares and the management of the
bank is considered desirable. Political influence
would thus be kept to a minimum and the bank would
be able to operate according to the principles of
private finance, it is held. Economic improvement
occasioned by the organization of this institution
would, it is maintained, also be felt in the industrial
countries of Western Europe through the development of larger markets for their products.
Discussions in Great Britain this week, both in
political and other circles, centered to an unusual
degree on the present business depression and plans
for its alleviation, as well as the prevention of future
economic crises. The Labor Government requested
powers from the House of Commons, Monday, to
borrow a further $100,000,000 for payments to the
unemployed, although the unemployment fund is
already approximately $335,000,000 in debt to the
FEB. 21 1931.1
FINANCIAL CHRONICLE
1275
British Treasury. Miss Margaret Bondfield, Minis- being placed in a similar position. Although the
ter of Labor in the MacDonald Cabinet, was unable budget provides for a nominal surplus of $2,000,000,
to give the House any assurances that the peak of it was explained that supplementary credits will
unemployment had been reached at its present fig- have to be voted amounting to at least $60,000,000.
ure of 2,642,000. Borrowing for the fund had in- In view of the business depression, moreover, there
creased to about $5,000,000 weekly, she said. World is likely to be a deficit instead of a surplus in the
causes were again cited as reasons for the unemploy- amount of taxes collected, M. Pietri declared. A
ment, Miss Bondfield remarking -that in the past further point was made by the Minister of the Budget
year 1,115,000 had been added to the roster of the regarding the French railways, which operate under
jobless in Britain and 1,673,000 in Germany, while a Government guarantee. The French carriers have
10,000,000 had been thrown out of work in the United a deficit of about $8,000,000, he said, and the GovStates. The enabling bill for the increased borrow- ernment will have to meet this by economy and an
ing was voted by the Commons on its first and sec- increase in fares. The Chamber voted an $8,000,000
ond readings, and it is expected that the final credit for unemployment relief Monday, an Assoreading also will be successful owing to the support ciated Press report indicated, but this was reduced
extended the Labor Government by the Liberal to $1,000,000 in the following session on the recomfaction.
mendation of Premier Pierre Laval.
Chancellor of the Exchequer Philip Snowden was
asked on several occasions to clarify points in his
Swiftly moving events in Spain early this week
speech of Feb. 11, wherein he warned the House of appeared to place the monarchy in danger for a time,
Commons of the disagreeable measures that must be with the trend of affairs giving every indication that
taken to maintain budgetary equilibrium. Assur- a Constitutional Convention would be called, but
ances were given by the Chancellor late last week to King Alfonso showed Wednesday that he still is masformer Prime Minister Stanley Baldwin that the ter of the situation by grouping the monarchist parcaustic references in the speech to the British war ties around him and continuing the military rule on
debts were not intended to apply to Mr. Baldwin's .which he has relied since 1923. The background for
settlement of the war debt to the United States. In the staccato succession of political moves and couna Labor Party meeting Wednesday, Mr. Snowden ter moves which began last Saturday was filled in
pointed out that the Lloyd George administration by the publication of a decree last week in which
during the war was responsible for the present posi- Constitutional guarantees were restored and a call
tion of the war debt. The Chancellor was asked in issued for elections to the Chamber of Deputies on
the House of Commons on the same day whether any March 1 and the Senate on March 15. Adherents of
of the $130,000,000 left over in New York from the all parties in Spain were urged to participate in the
war-time financial operations for pegging exchange elections, notwithstanding the determined announcewas still fluid and could be used for budget purposes. ments by most groups that they would refrain. Only
Mr. Snowden replied that the balance in New York the Conservative party gave unqualified support to
still was in securities, but he declined to make any the plan of the King and Premier Berenguer for restatement regarding his budgetary plans.
sumption of Parliamentary rule under the ConstituCampaigning for by-elections occasioned several tion of 1876. Leaders of other factions maintained
familiar statements from political leaders this week that King Alfonso had abolished the Constitution
regarding the tariff dispute. In a defense of the of 1876 once and for all when he failed to call ParliaLabor Government free trade policy, Prime Minister ment within three months after he dissolved it in
MacDonald stated last Saturday that his Conserva- 1923. These leaders demanded the immediate elective opponents have "nothing to offer except tariffs, tion of a new Constitutional Cortes or Convention,
which have failed in the United States and Germany, with the King taking a "vacation from the throne"
where unemployment is far beyond what it is here while the reform groups debated whether the next
and where wages have been repeatedly cut and stand- Government would be monarchical or republican.
ards of living materially reduced." Mr. Baldwin,
Lifting of the censorship was implied in the restoras the leader of the Conservatives, stated in an ad- ation of Constitutional guarantees last week, and
dress Monday that he would impose duties on agri- republican meetings were quickly organized throughcultural imports and establish a quota system for out the country, with the Monarch and his political
wheat imports from countries which favored British supporters looking on with increasing trepidation.
manufactures,if returned to power. It was remarked Republicans and Socialists renewed their demands
in a London dispatch to the New York "Times" that for the abdicdtion of King Alfonso. There was also
the former Prime Minister "made no reference to the widespread discussion of the statements by such emiUnited States, which, since industrial troubles came nent politicians as former Premier Jose A. Sanchez
to that country, has been studiously avoided by the Guerra, Melquiades Alvarez and Francisco BergaBritish advocates of protection."
min that the only way of preventing revolution in
Spain is for King Alfonso to take a holiday from the
A warning statement on the French budgetary throne, giving the opportunity for a neutral Governprospects for the current fiscal year was made before ment to call the long desired Constitutional Conventhe Chamber of Deputies late last week by Francois tion. To these voices was added last Saturday that
Pietri, Minister of the Budget. The comments had of Santiago Alba, one of the foremost political figa familiar ring in view of the widespread discussions ures of Spain, who has been living in Paris of his
of exactly the same difficulties in this country, Great own choice. King Alfonso visited Senor Alba in
Britain, Germany, Italy and other lands. M. Pietri Paris last year, and it was understood he counted
"startled the Deputies," a Paris dispatch to the New upon the veteran leader to help make the promised
York "Times" said, by declaring that the budget for elections a success. A note issued from Paris by
the current fiscal year was at least $80,000,000 in Senor Alba stated that he would accept no solution
deficit and that the new budget faced the threat of of Spain's problems but a Constitutional Conven-
1276
FINANCIAL CHRONICLE
tion. Influenced by this decision, Count Romanones, Liberal leader, and Francisco Cambo, head
of the Catalan monarchists, issued a note on the
same day declaring that they would participate in
the Parliamentary elections next month solely in
order to avoid setting the dangerous precedent of
abstaining. They added that immediately after the
convoking of the Parliament on Mar. 25 they would
withdraw and demand the immediate election of a
Constituent Cortes.
Late last Saturday the Berenguer Government of
military monarchists resigned, making the situation
more confused and uncertain than at any time in the
last half-century. In announcing his resignation
to the press, Premier Berenguer disclosed that King
Alfonso had signed a decree suspending the March
elections. The King promptly began political conversations in the royal palace which lasted throughout the evening and far into the night. Senor Alvarez, leader of the Reformist party, declared after
a conference with Alfonso that he had told the King
that a Cortes with sovereign powers over and above
the monarch was the only solution of the crisis
possible. Senor Sanchez Guerra remarked that he
had talked with utter frankness to the King, and
later he issued a statement saying: "History repeats
itself and Alfonso is learning that reality is greater
than royalty." It was remarked significantly, in a
Madrid dispatch to the New York "Times," that
Admiral Aznar, Captain-General of the Spanish
Navy, had been summoned from Cartagena by Alfonso. Other political figures were called to Madrid
from different parts of Spain, and it was indicated
that no decision on a Cabinet to succeed that of
General Berenguer would be made until after further conferences. Crowds gathered outside the palace to watch the political leaders arrive and depart,
reports said, but there was no indication of any
general disturbances.
Conversations were held by King Alfonso all of
Sunday with leaders of various factions, and
opinions regarding the character of the new Cabinet
changed rapidly during the day, with nothing definite resulting. The King conferred over the telephone with Senor Santiago Alba in Paris, who was
said to have advised the formation of a Constituent
Government. The premiership was offered the voluntary exile, it was said, but he declined the task
and suggested that Senor Alvarez form a Government. Senor Cambo, who arrived from Barcelona,
urged the King to name one of the Liberal leaders to
form a regime and it was assumed for a time that
this course would be followed. The next step by
King Alfonso caused astonishment. • On Monday
morning he called to the palace Senor Sanchez
Guerra, leader of the left wing of the Conservative
party, and requested him to form a Cabinet. In
view of the repeated demands by the former Premier
that Alfonso take a vacation from the throne while
a Constitutional Cortes formulates the basis for a
different form of government, it was assumed that
King Alfonso had decided to place his crown in
jeopardy to save the country from revolution.
"As a result of this decision," a Madrid dispatch
to the New York "Times" said, "Spain has received
a guarantee of peaceful solution of her nine years'
political struggle which began with the Morocco
disaster in 1921, for which the King was blamed.
It only became definitely established to-day that
orders for a national general strike which would
LVex. ge
have rocked the country to its foundations had
actually been given and that this forced King Alfonso's decision." An official statement to the effect
that Senor Sanchez Guerra had been charged with
the formation of a Cabinet was issued by the King.
The Premier-designate, on leaving the palace, remarked that he intended to form the sort of Government which he believed indispensable. "We are
going to have a Constituent Cortes, but I cannot give
you the program of the Government until it is
formed," he added. In a subsequent conversation
with Senor Alvarez, he was reported as saying that
no restrictions had been placed on his freedom of
action by the King. The Cabinet of representative
elements, it was decided, must include Republican
leaders, and in order to secure their support Senor
Alvarez went to the Madrid prison where many of
them are detained. He secured from Alcala Zamora,
the leader of the group, a promise to take part in
the election for a Cortes, and this was deemed sufficient. Senor Alba in Paris said it was possible
that he might help as a Cabinet Minister in the
difficult task of reorganizing the Spanish Government. In Madrid the development was discussed
with animation by the excited crowds.
These plans, with their promise of peace, were
suddenly upset Tuesday morning by King Alfonso,
who informed Senor Sanchez Guerra that he had
decided not to hold a Constituent Cortes. The former Premier announced promptly that he would
be unable to form a Cabinet, and Melquiades Alvarez, to whom the premiership was then offered, refused even to try. Leaders of all the Monarchist
groups gathered there after and at the close of a
five-hour meeting it was indicated that a new military Government would be formed under General
Damaso Berenguer, who had resigned last Saturday. Constitutional guarantees were again suspended and a censorship clamped down, and it was
further indicated that the Spanish military forces
stood ready to march into the streets of Madrid to
save the crown for King Alfonso if necessary. In a
telephone report from Madrid to London, relayed
to New York by the Associated Press, it was stated
that two artillery units had trained their guns on
the capital and that preparations for the establishment of a military dictatorship were under way.
"The news ran wild over Madrid, causing an enormous sensation, for it had been generally supposed
that King Alfonso's course had been clearly defined," a Madrid dispatch to the New York "Times"
said. "The changed plans gave a decided shock to
some, joy to others, and was of dangerous portent
as the Socialists have had a general revolutionary
strike prepared for days and are ready to loose their
bolt the moment a military dictatorship is declared.
Unless King Alfonso changes his mind again fighting is expected."
A new Cabinet of monarchist groups was formed
Wednesday by Admiral Juan Bautista Aznar, to
whom the King finally turned in his quest for the
head of a supporting Government. Count Romanones accepted the portfolio of State, while the
Finance post was filled by Juan Ventosa. The retiring Minister of Finance, Julio Wais, issued a statement that $25,000,000 sent to England by the Bereriguer Government is still standing to the credit of
the Bank of Spain in London. The new Ministry
quickly took the oath of office, and Premier Aznar
stated thereafter that the Cabinet intends to hold
FEB. 21 1931.]
FINANCIAL CHRONICLE
first municipal, and then provincial and general
elections. "Whatever the Government's program,"
a dispatch to the New York "Times" said, "it cannot successfully hide the fact that its position is
tenuous, with almost anything likely to happen.
With the Constitutionalists and Left Wing opposed
to whatever program royalists may advocate, developments may be• watched with interest, and dictatorship or revolution still lurks around the corner." The Cabinet announced by Premier Aznar
follows:
Premier—Admiral Juan Bautista Aznar.
Minister of State—Count de Romanones.
Secretary of War—General•Damaso Berenguer.
Minister of Public Works—Juan de la Cierva, Conservative, father of
the auto-giro inventor.
Minister of Finance—Juan Ventosa.
Minister of Economy—Count de Bugallal.
Minister of Labor—Duke de Maura, whose Republican brother is In Jail.
Minister of the Interior--Marquis de Hoyon, Mayor of Madrid.
Minister of Justice—Marquis de Alhucemas, whose Government in 1923
was overthrown by General Primo de Rivera.
Minister of Marine--Admiral Luis Rivera.
Minister of Education—Antonio Gascon y Mann.
Presidential balloting in Finland Monday resulted
in the selection of Premier Pehr Edwin Svinhufvud
for a six-year term as the National Executive to succeed President Lauri Relander. The entire Cabinet
will resign Mar. 1, Helsingfors dispatches indicate,
and a new Government will be formed. Presidentelect Svinhufvud was supported in the plebiscite by
the Conservative and Lapuan (Fascist) parties, and
he was opposed by former President Kaarlo Juho
Stahlberg, leader of the Liberal and Laborite factions. The balloting was close, Premier Svinhufvud
receiving 151 electoral votes, against 149 for former
President Stahlberg. The campaign reached a violent stage late last week, the Lapuan elements employing intimidation and abuse against their political opponents. There were even threats, a dispatch
to the New York "Times" said, that former President Stahlberg would be assassinated in the event
of his election. "Although Premier Svinhufvud's
victory was narrow," a further dispatch remarked,
"the nation is expected to give him loyal support,
as he won the country's affection for his long and
devoted work to achieve Finland's independence
from Russia."
Early withdrawal of approximately 1,600 American marines from Nicaragua will be the first step
in a comprehensive plan, disclosed in Washington
late last week by Secretary of State Henry L. Stimson, for complete withdrawal of all American forces
from that Central American country in 1932. The
force of American marines in Nicaragua, Mr. Stimson said, is to be reduced to 500 men by June of this
year, while withdrawal will be completed after the
Nicaraguan national elections in 1932, which the
United States is pledged to supervise. Under the
arrangements now made the national guard of Nicaragua will be increased by 500 men who will take
over the duty of suppressing banditry now performed
by the United States forces. The 500 marines who
will remain temporarily will be stationed in
Managua to assist in instructing the national guard
and to serve as a reserve force for emergencies. Announcement of the plan followed a thorough survey
of the situation by Mr. Stimson in protracted conferences with Matthew E. Hanna, American Minister to Nicaragua; Colonel Douglas C. McDougal
of the United States Marine Corps, and Major-General Frank R. McCoy, who supervised the Nica-
1277
raguan election of 1928. Mr. Hanna and Col. McDougal were ordered to Washington from their
posts in Nicaragua late in January for this purpose.
The plan for withdrawal was approved by President
Hoover, it is indicated, while President Moncada of
Nicaragua also accepted the proposals.
"Under this plan," Secretary Stimson stated,"the
Nicaraguan national guard is to be increased by
approximately 500 men to be used exclusively in
the bandit area and the necessary financial arrangements for this increase of force have been made by
the Nicaraguan Government. By this increase of
the Nicaraguan national guard it will be possible
to withdraw from Nicaragua all of the Marine
brigade who are now on combatant duty probably
by June next, leaving in Nicaragua only the marines
who are still engaged in instruction in the Nicaraguan national guard and an instruction battalion
to support such instruction and an aviation section
P
which is being used for the - resent to carry supplies
in the bandit provinces which are entirely without
roads. This means that by June next the total force
of marines in Nicaragua will have been reduced from
over 5,000 men, which was the size of the forces in
January 1929, to probably not more than 500 men.
The Nicaraguan Government by this arrangement
has also secured funds to increase the school in which
Nicaraguan officers are being trained to completely
replace the marines now officering the national
guard. In addition to this, the Nicaraguan Government has obtained further funds which it has agreed
-to spend in the construction of long-needed roads
and trails in the bandit provinces. These roads will
greatly facilitate the future work of its national
guard in that area and make it much more effective
and protective to the surrounding country. The
Department feels that the foregoing steps will
greatly expedite the completion of the task of this
Government in instructing the national guard of
Nicaragua and that they have paved the way for
the ultimate removal of all the marine forces from
Nicaragua immediately after the election of 1932."
The plan now announced by Mr. Stimson foreshadows the end of the occupation of the Central
American republic by American forces which began
in 1926. American marines had been in Nicaragua
continuously from 1910 to 1925, but when they were
withdrawn in the latter year internecine strife broke
out and United States forces were again landed in
1926 to protect American lives and property. When
American intervention was at its height in July
1928, United States forces in Nicaragua numbered
5,821 officers and men. Washington reports indicate that there are now 1,506 naval and marine officers and enlisted men stationed there. The Nicaraguan national guard, it is further indicated, now
numbers 1,865 Nicaraguans and about 200 American officers. The projected increase, with Nicaraguans gradually replacing the American officers,
will bring the force close to the strength of 2,500
originally contemplated. The financial arrangements mentioned by Secretary Stimson, a Washington dispatch to the New York "Times" said, have
been made upon the basis of a surplus of several
million dollars that has accumulated in the Bank
-owned institution, with
of Nicaragua, a Government
three representatives of the International Acceptance Corp. of New York as advisers. The form of
the financial arrangements was not disclosed, but
it is understood, the "Times" report added, the in
1278
FINANCIAL CHRONICLE
addition to the surplus, a credit of $1,000,000 will
be extended to the Government by the bank, half
to be used for public works and half for strengthening the national guard.
Officials of the United States Government were
said to feel that the present step relieves this country in large degree of an unwelcome task, and gives
evidence of the good faith of this country. The
belief was expressed, moreover, that the withdrawal
will have a beneficial effect upon the relations of
the United States with all Latin American countries, where there have been repeated criticisms of
the American occupation of Nicaragua. Views expressed in this country immediately after the announcement was made that pressure had been
exerted to secure the acceptance of the plan by
Nicaraguan officials were emphatically denied by
Mr. Stimson. President Moncada agreed to the
withdrawal, he said, without any pressure from the
United States other than the definite word that this
country felt the Latin American republic should
itself be prepared to maintain order and cope with
banditry. A statement on the withdrawal, issued
by President Moncada in Managua, Feb. 13, said
that the move is "eloquent proof that the influence
of the American Government in this country has
been for no other purpose than to aid it in solving
its serious problems of peace and liberty." The
Nicaraguan Executive gave "full credit to the good
offices and the sincerity and justice with which the
American Government has proceeded," and added
that the necessary increase in the Nicaraguan
national guard will be effected.
Intimations of far-reaching plans for new banking and currency legislation in Cuba were seen,
Wednesday, in a Havana announcement by the Secretary of the Treasury, Dr. Mario Ruiz y Mesa, that
the Cuban Government had concluded negotiations
for the advisory assistance of "three prominent experts" in plans for the reorganization of the nation's
fiscal and economic system. The names of the experts are to be announced later, a Havana dispatch
to the New York "Times" said. In connection with
this matter the "Times" report discussed at some
length a new bill, introduced in the Cuban Senate
by Celso Cuellar del Rio, which would provide for
the establishment of the Bank •of Cuba. The bill
was approved in principle and submitted to the
modification committee, which is expected to submit
a final report next week. Under this legislation
the new Cuban institution would have the right of
currency emission under methods similar to those
followed by the Bank of Spain and the Bank of
France, it is said. The currency issue thus foreshadowed would mean the replacing.of all United
States bills now in circulation, as only Cuban money
would be legal tender. "It is proposed," the "Times"
dispatch states, "to give the bank a 20-year concession for the emission of Cuban gold, silver and paper
money having as a guarantee 50% in gold and silver
coins to be deposited in the bank's vaults and 100%
in mercantile paper, except $50,000,000 in paper
money, which will have as its guarantee 100% in
mercantile paper and 100% in Government bonds.
The Government would float a special issue of bonds
for this purpose, guaranteed with a tax on the letter
of exchange to be created, thus increasing the bank's
resources and making possible the acquisition of a
gold stock for the stabilization of paper money. The
[vol.. um
paper money would have parity with gold and silver
Cuban and American coins.
An explanation of "certain misconceptions which
have arisen in connection with the Government's
position on Palestine" was placed before the House
of Commons in London, Feb. 13, by Prime Minister
Ramsay MacDonald,in the form of a letter addressed
to Dr. Chaim Weizmann, former President of the
World Zionist Organization. The letter, London
dispatches said, clarified the British White Paper
on Palestine, issued in October 1930, by Lord Passfield, Colonial Secretary. Prinr Minister MacDonald took up in his letter the specific points in the
Government statement of last year to which the
Zionists objected, treating them with great frankness. "It has been said," he remarked, "that the
policy of his Majesty's Government involves a serious departure from the obligations of the mandate
as hitherto understood, that it misconceives the
mandatory obligations and that it foreshadows a
policy which is inconsistent with the obligations of
the mandatory to the Jewish people." Attention is
called, in reply to these allegations, to previous statements on Palestine by the Government and to a
speech by the Prime Minister in the Commons, on
Nov.17last,in which he expressed the determination
to do "equal justice to all sections of the population
of Palestine." In carrying out the mandate, it is
further explained, the mandatory cannot ignore the
existence of the differing viewpoints. "These, indeed, are not in themselves irreconcilable," the
letter adds,"but they can only be reconciled if there
is a proper realization that the full solution of the
problem depends upon an understanding between
the Jews and the Arabs. Until that is reached, considerations of balance must inevitably enter into
the definition of policy."
Much of the criticism to which the White Paper
has been subjected rests upon the assertion that it
contains injurious allegations against the Jewish
people and Jewish labor organizations, Mr. MacDonald states. "Any such intention on the part
of his Majesty's Government is expressly disavowed," he continued. "It is recognized that the
Jewish Agency has all along given willing co-operation in carrying out the policy of the mandate, and
that the constructive work done by the Jewish
people in Palestine has had beneficial effects on the
development and well-being of the country as a
whole. His Majesty's Government also recognizes
the value of the services of labor and trade union
organizations in Palestine, to which they desire to
give every encouragement." A careful interpretation of the British policy in regard to land settlement and Jewish immigration is appended by Mr.
MacDonald. This statement, an Associated Press
report from London remarks, restores the older principle of "immigration in accordance with the absorptive capacity of the country," instead of the principle of "estimating Jewish immigration with regard
to Arab and Jewish unemployment" introduced in
the Passfield White Paper. It amounts, moreover,
a dispatch to the New York "Times" adds, to a
virtual removal of the restrictions on land purchase
by a generous interpretation in the new document
of the term "landless Arabs," whom Lord Passfield
proposed to settle on land before more land could
be sold to the Jews. Most important of all is the
friendly and intimate spirit of the letter, it is said.
Fn.21 1931.]
FINANCIAL CHRONICLE
Dr. Weizmann, as spokesman of the Zionists, was
said to have expressed satisfaction at the "fair hearing." A basis for co-operation in Palestine has been
re-established, Dr. Weizmann declared. Arabian
authorities took a contrary view of the matter, according to an Associated Press report of Tuesday
from Jerusalem. The Arab Executive, in a letter to
the British High Commissioner in Palestine, is said
to have declared that Prime Minister MacDonald's
letter to Dr. Weizmann has rendered any understanding between Jews and Arabs impossible.
1279
securities fell off 1,000,000 francs and 65,000,000
francs, while creditor current accounts went up
473,000,000 francs. Notes in circulation contracted
53,000,000 francs, bringing the total of the item down
to 77,719,638,000 francs. Total circulation last year
amounted to 69,072,413,595 francs and the year
before to 62,619,465,950 francs. Below we furnish
a comparison of the different items for the past three
years:
No changes occurred this week in the discount
rates of any of the European central banks. Rates
2
1
/
are 6% in Spain; at 5 % in Austria, Hungary, and
Italy; at 5% in Germany; at 4% in Norway and Ire2
1
/
land; at 3 % in Denmark; at 3% in England and
2
1
/
Sweden; at 2 % in Holland and Belgium, and at
2% in France and Switzerland. In the London open
market discounts for short bills yesterday were
1 2@2 9/16% on Friday of
(g2 11/16% against 2/
58
2/
/
last week, and 258@2 11/16% for three months bills
against 2 9/16% on Friday of last week. Money on
call in London yesterday was 2%. At Paris the
8%, and in Switzeropen market rate remains at 1%
land at 1%.
The Bank of England statement for the week ended
Feb. 18 shows a loss of £40,496 in the Bank's gold
supply. This follows a total gain in the item of ££00,
000 during the preceding two weeks. Reserves, however, increased £3,074,000 since circulation showed
a contraction of £3,115,000. Gold holdings now aggregate £141,206,663 in comparison with £151,638,500 a year ago. Public deposits increased £1,664,000
and other deposits £2,674,260. Other deposits include bankers accounts and other accounts. The
former rose £3,490,043 and the latter fell off £815,783. The reserve ratio is up this week to 52.14%
from 51.37%-a week ago. The ratio was as high as
61.47 a year ago. Loans on government securities
decreased £285,000 while those on other securities
expanded £1,573,401. The latter consist of "discounts-and advances" and "securities"which increased
£91,747 and £1,481,654 respectively. Below we show
the different items with comparisons for previous
years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
Changes
Feb. 14 1931. Feb. 15 1930. Feb. 16 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings--- -Inc. 105,983,018 55,738,057,013 42.947,183,759 34,026,594,689
7,004,701,834 6.978,419,568 11,794.958,234
Credit bals. abed_Dee. 6,000,000
French commercialDec. 1,000,000 7,334,504,839 5,992,663,129 5,716,061,281
13111s bought abr'd_ Inc. 3,000,000 19,269,634,650 18,713,908.277 18,280,970,680
Adv. agt. secure_ _Dec. 65,000,000 2.911,142,424 2,511.431.198 2.325,091,022
Note circulation_ _Dee. 53,000,000 77.719,638,620 69.072,413,595 62,619,465,950
Cred. curr. accts_ _Inc. 473,000,000 25,903,550.886 17.388,444.884 18,683,735,843
The Reichsbank's weekly statement dated Feb. 14,
reveals an increase in gold and bullion of 10,179,000
marks. The total of the item now stands at 2,254,289,000 marks, as compared with 2,351,014,000
marks the same time last year and 2,728,910,000
marks two years ago. The items of reserve in foreign
currency, bills of exchange and checks, investments
and other assets record decreases of 17,220,000 marks,
216,367,000 marks, 29,000 marks and 3,108,000
marks respectively. Notes in circulation show a
contraction of 186,984,000 marks reducing the total
of notes outstanding to 3,897,256,000 marks. Circulation at the corresponding week a year ago stood
at 4,166,354,000 marks and the year before at
4,077,262,000 marks. Increases appear in silver and
other coin of 13,800,000 marks, in notes on other
German banks of 1,409,000 marks, in advances of
6,151,000 marks and in other liabilities of 2,434,000
marks. Other daily maturing obligations fell off
20,635,000 marks while deposits abroad remain unchanged at 207,638,000 marks. Below we furnish a
comparison of the various items for the past three
years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Feb. 14 1931. Feb. 15 1930. Feb. 15 1929.
for Week.
Retell:marks. Reichsmarks. Reichsmark:.
Reichsmark:.
Assets—
Gold and bullion
Inc. 10,179,000 2,254,289,000 2,351,014,000 2,728,910,000
85,626.000
207,638,000 149,788,000
Of which depos.abed_ Unchanged
Res've in foen curr__ _Dec. 17,220,000 181,182,000 401,566,000 100,354,000
Bills of exch.a& checks.Dec. 216,367,000 1,609,102,000 1,719,719,000 1,446,569,000
Silver and other coin_ _Inc. 13,800,000 192,157,000 153,837,000 125,364,000
23,471,000
16,828,000
17,676,000
1,409,000
Notes on oth.Ger.bks_ Inc.
78,284.000
68,248,000
72,351,000
Inc. 6,151,000
Advances
93,170.000
93,277,000
29,000 102,322,000
Dee.
Investments
Other assets
Dec. 3,108,000 546,607.000 504,978,000 544,577,000
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1931.
1930.
1928.
1927
Feb. 18.
Feb. 19.
Feb. 20.
Feb. 22.
Feb. 23.
LfabUutes—
£
£
£
£
£
Notes in circulation_ _Dec. 186,984,000 3,897,256,000 4.166,354,000 4,077.262,000
a344,129,000 345,580,773 351,819,064 134,067.770 136,603,685 Oth.dally matur.oblig.Dec. 20,635,000 250,170,000 502,237,000 487,171,000
Circulation
15,167,000 13,871,221 15,078,218 15,032,911 17,833,762 Other liabilities
Public deposits
Inc. 2,434,000 319,783,000 156,989,000 153.870,000
94.289,617 93,583,692 102,828,011 94.535,896 98,477,824
Other deposits
Bankers accounts_ 61,145,540 59,167,021 65,694,762
.
Other accounts_ _ 33,144,077 34,418,671 37,133,249
Governm't securities 36,135,952 38,581,563 46,331,855 31,902,504 29,964.848
Other securities_ _ _ 34,403,415 21,026,116 30,748,170 52,275,718 71,250,879
.
Diact. & advances 9.688.839 4,732,768 12.056,083
Securities
24,714,576 16,293,348 18,692,000
Reserve notes gz coin 57,076,000 66,057.727 59,031,874 43,599,993 33,294,252
Coin and bullion_ _ _141,206,663 151,838,500 150,850,938 157,917.783 150,147,937
Proportion of reserve
to liabilities
52.14%
50%
61.47%
395i%
28%%
Bank rate
3%
414%
514%
5%
414%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time 1234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week ended
Feb. 14, shows another increase in gold holdings, this
time it is 105,983,018 francs. Gold now aggregates
55,738,057,013 francs, which compares with 42,947,183,759 francs last year and 34,026,594,689 francs
the year before. A decrease appears in credit balance abroad of 6,000,000 francs and an increase in
bills bought abroad of 3,000,000 francs. French
commercial bills discounted and advances against
Money rates in the New York market showed a
very slight tendency toward firmness this week, particularly in the early sessions, but this trend was
apparent only in one or two departments of the
market while others continued to reflect extreme
ease. Yield rates on bankers' acceptances were ad/
vanced % of 1% last Saturday and a further 18 of
1% Thursday, largely on substantial offerings by
the banks. Call loans also reflected the modest tendency toward firmness, although the official Stock
2
1
/
Exchange rate remained unchanged at 1 %
throughout. The customary offerings at a concession in the unofficial "Street" market did not occur
in the first two sessions, but beginning Wednesday
demand loans were again reported closed in the
2
1
outside market at 1%, or a concession of / of 1%
rate. Time loans were unchanged.
from the official
Brokers' loans against stock and bond collateral
1280
FINANCIAL CHRONICLE
1VOL. 132.
Tuesday, but thereafter the market became sluggish
and uncertain with the tendency of rates downward. The range this week has been from 4.8534
to 4.85% for bankers' sight bills, compared with
4.853/ to 4.863 last week. The range for cable
transfers has been from 4.853/ to 4.85 13-16, compared with 4.85% to 4.869/i a week ago. Much of
the irregularity and dullness in trading this week
has been attributed to the uncertain tendency of
money rates both here and abroad. Some aspects
Dealing in detail with call loan rates on the Stock of the money market on this side promise a much
Exchange from day to day, the rate has again been longer continuance of easy money rates. For in1 % each and every day of the week, this includ- stance, call money against Stock Exchange collateral
/
1
2
ing renewals as well as new loans. Time money has is almost unlendable at 13/2% and time money against
continued dull and without noteworthy feature. the same collateral experiences no demand at 14
3
Quotations for 30-day accommodation have been @2% for 90
-day periods. The tendency of the
entirely eliminated. Quotations for other dates London money market toward decline is offset
1
2
/ /
remain the same as a week ago, namely, 114@1 % only by moral suasion brought to bear on Lombard
/
for 60 days, 134@2% for 90-day accommodations, Street by the Bank of England.
/ /
1
2
/
2@214% for four months, and 21 4@2 % for five
In some quarters in London it is urged that the
and six months. Prime commercial paper con- Bank of England should increase its rediscount
tinued brisk until Friday, when the demand slowed rate above the present 3% level in order to protect
up somewhat, though the paper available was still sterling exchange. Those of this opinion point out
insufficient to meet the requirements. Rates for that the
present low rates in London fail to stimuchoice names for four to six months' maturity are late
general business and intimate that the rate
/
/
1
2
2 %, while names less well known are 234@3%.
would not be so low except for the influence of
political pressure upon the banking authorities.
The demand for prime bank acceptances in the
open market continued good this week, but business On the other hand, bank acceptance rates on this
was still somewhat limited on account of the short- side were marked up twice within the week. On
/
age of paper. Rates were advanced 18% for all Saturday last there was an increase of % of 1%
maturities on Saturday last (Saturday being a very in local bill rates. This increase was not unex/
unusual day for making changes), and another 1 8% pected, although it came a little sooner than the
on Thursday, bringing them up to the buying rate market looked for. On Thursday the rates were
for the Federal Reserve Bank. The Reserve Banks again marked up N of 1% on all maturities, Deincreased their holdings of acceptances this week spite the fact that this should be considered an
from $87,739,000 to $93,995,000. Their holdings of unfavorable development for sterling exchange, the
acceptances for foreign correspondents increased pound continues steady around 4.85 11-16 for cable
from $445,684,000 to $448,637,000. The posted rates transfers, although little activity is reported. Ris/
of the American Acceptance Council now are 158% ing money rates in this centre will complicate the
/
1
%
bid and 12 asked for bills running 30 days, and Bank of England's problem of holding sterling
/
also for 60 and 90 days; 134% bid and 158% asked above the gold point to New York. Hence there
/
/
/
for 120 days, and 178% bid and 134% asked for 150 is much discussion in banking circles as to a probable
days and 180 days. The Acceptance Council no increase in the Bank of England's rate of discount.
Sterling is now working into the period of the year
longer gives the rates for call loans secured by acceptances. Open market rates for acceptances have when it should display some strength against dollars.
Seasonal factors, however, are not operating as in
also been advanced, and are as follows:
normal times because of the world-wide slump in
SPOT DELIVERY.
—180 Days—
—150 Days—
—120 Dave—
prices and in industrial activity. The market beBid. debut.
Bid. Asked.
Bid.
1M
134
134
Mine ellgtble bilis
lieves, however, that as in the past sterling has re—90 Days—
—80 Days—
—30 Days
-Bid. Asked.
Bid. Asked.
Bid.
I%
134
134
134 Asked ceived aid from New York whenever the danger point
134
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
threatened, so a
1% his again should thesimilar course is likely to be followed
Eligible member banks
134 Ole
pressure upon sterling increase seriEligible non-member banks
ously. The persistence of the leading exchanges in
There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The remaining weaker than is usually the case at this
following is the schedule of rates now in effect for season finds explanation to some extent in the extremely low level of American imports, which are
the various classes of paper at the Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES normally at their peak at this time of the year. ImPAPER.
AND MATURITIES OF ELIGIBLE
ports into the United States in January were only
Dale
Rats in Effect
Previous
Established.
haw
$183,000,000, a decline of $25,650,000 from Decemon Feb. 20.
Federal Reserve Bank.
ber and of $127,968,000 from January 1930, itself a
Jan. 2 1931
3
234
Boston..
Dec. 24 1930
234
New 'York
2
334
6
July 3 1910
poor month. The volume of imports over a period
Philadelphia
Dec. 29 1930.
3
Cleveland
334
July 18 1930
4
of months has been 15% below normal years, while
Richmond
3.4
Jan. 10 1931
3
334
Atlanta
Jan. 10 1931
Obleago
3
334
the values have dropped in a number of cases more
Jan. 8 1931
334
9I. Louie
3
Sep1.12 1930
A
kUnneaeolle
334
than 30%. It is the values which count most when
6
Aug. 15 1930
Kansas CIM
334
a
Sept. 9 1930
Dallas
334
,
the effect of foreign trade on the exchanges is under
Ian Francisco
Jan. 9 1931
3
334
consideration.
Sterling exchange has been dull since the setback
Exports have not declined quite so sharply as imon Friday of last week, displaying on the whole an ports, although their drop has been drastic also.
easier tendency. There were some signs of re- Despite the present weakness of sterling, which no
newed firmness with demand on Monday and amount of official support seems able to overcome,
showed their second consecutive advance in the
weekly compilation of the Federal Reserve Bank of
New York. The gain for the week to Wednesday
night was $23,000,000, making a total advance of
$56,000,000 in the two weeks. The weekly gold
statement showed imports of $5,480,000, and there
was also a net decrease of $2,500,000 in the stock
of the• metal held earmarked for foreign account.
No exports were recorded.
FEB. 21 1931.1
FINANCIAL CHRONICLE
traders in New York are taking a long position in the
currency. Bankers are generally of the opinion that
the rate will not be allowed to recede to a point
where renewed danger of gold exports from London
threaten. Furthermore it seems probable that the
rate will eventually strengthen under the influence of
seasonal factors and of a more confident feeling
with respect to conditions abroad. Of course, with
the beginning of large tourist demands, which at
the most are only a few months away, sterling and
all the European exchanges should experience a
demand, even though it is expected that tourist
traffic this year will not be as heavy as in the past.
The fact that the British budget deficit will be
between £40,000,000 and £50,000,000 at the end
of the fiscal year in March and that heavier taxes
are threatened on this account is a factor militating
against the sterling position.
Sterling continues to hold its improved position
with respect to the Continental and other exchanges,
especially with respect to French francs, so that for
the time being at least the gold flow from London
to France seems to have been checked except for
fresh consignments of new gold from South Africa,
which for the most part has been engaged for forward delivery for French account. A part of the
weakness in sterling since Friday is attributed here
and in all other markets to alarm on the part of
the wealthy English classes at the policies of the
Labor Government; and Chancellor Snowden's remarks last week concerning the gravity of the
situation are not of a nature to reassure timid
capitalists. This week the Bank of England shows
a slight loss in gold holdings of £40,496, the total
standing at £141,206,663, which compares with
£151,638,500 a year ago and with the minimum
recommended by the Cunliffe Committee of L150,000,000. On Saturday the Bank of England sold
£24,481 in gold bars and exported £2,000 in sovereigns. On Monday the Bank bought £4 in foreign
gold coin, sold £3,459 in gold bars, and exported
£4,000 in sovereigns. On Tuesday the Bank of
England set aside £20,833 in sovereigns. Of approximately £900,000 South African gold which
arrived on Tuesday, all but £50,000 was taken for
French account bought on forward delivery. That
taken in the open market was for India and the
trade at a price of 84s. 113'gd. On Wednesday the
Bank of England exported £2,000 in sovereigns.
On Thursday the Bank sold £17,488 in gold bars
and on Friday it exported £3,437 gold bars and
exported £2,000 sovereigns.
At the Port of New York the gold movement for
the week ended Feb. 18, as reported by the Federal
Reserye Bank of New York, consisted of imports of
$5,480,000, of which $4,289,000 came from Argentina,
$1,100,000 from Uruguay and $91,000 chiefly from
other Latin American countries. There were no
gold exports. The Reserve Bank reports a decrease
of $2,500,000 in gold earmarked for foreign account.
In tabular form the gold moyement at the Po .t of New
York for the week ended Feb. 18, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK FEB. 13-FEB. 18, INCLUSIVE.
Imports.
Export,.
$4,289,000 from Argentina
1,100,000 from Uruguay
None
91,000 chiefly from other Latin
American countries
$5,480,000 total
Nei Change in Gold Earmarked for Foreign Account.
Decrease: $2,500,000
1281
Approximately $516,000 of gold was received:at
San Francisco on Wednesday from China.
Canadian exchange continues firm at only a slight
discount. Throughout the greater part of the week
the discount was 1-64 of 1%.
Referring to day-to-day rates, sterling on Saturday
last was dull and easier. Bankers' sight was 4.8534@
/
4.85 15-32; cable transfers 4.851 2 4)4.85 11-16. On
Monday sterling was more in demand and slightly
firmer. The range was 4.853'@4.85 9-16 for bankers' sight and 4.85 11-16@4.85% for cable transfers.
On Tuesday sterling was steady. Bankers' sight was
4.851 (4)4.85 9-16; cable transfers 4.85 11-16(4)
A
4.859. On Wednesday the tone of the market was
firmer. The range was 4.853/2@4.85% for bankers'
sight and 4.85 11-16@4.85 13-16 for cable transfers.
On Thursday the market was dull and heavy. The
range was 4.85 7-16@4.85 9-16 for bankers' sight
and 4.85 11-16@4.85 11-16 for cable transfers. On
Friday the market was still easier. The range was
4.853
%@4.853/ for bankers' sight and 4.85 19-32©
4.85% for cable transfers. Closing quotations on
A
Friday were 4.85 7-16 for demand and 4.855 for
cable transfers. Commercial sight bills finished at
4.85 5-16; sixty-day bills at 4.82 15-16; ninety-day
bills at 4.81 13-16; documents for payment (60
days) at 4.82 15-16, and seven-day grain bills at
4.85. Cotton and grain for payment closed at
4.85 5-16.
Exchange on the Continental countries, except
German marks, has been dull and irregular. Marks
have been steady with a slight tendency to firmness. The better tone in mark exchange is due to
the defeat of the political reactioneries by the
Bruening ministry. The strength of the ministry
and confidence in its financial program have restored foreign confidence in Germany's economic
and political stability. As a result Berlin reports
a considerable inflow of foreign funds. With the
increasing supply of funds, which seems to exceed
the present limited demand, interest rates are again
falling in Germany. Bankers seem more confident
that a reduction in the Reichsbank rate of rediscount from the present 5%, which is clearly out of
line with other central bank rates, will soon follow.
The outflow of exchange holdings from the Reichsbank seems to have ceased.
French francs are steady, fluctuating within nartow limits. While sterling exchange is firmer with
respect to francs, nevertheless the franc has improved slightly this week with respect to the pound
and while there is no probability of France taking
more gold from London, at least from the Bank of
England, other than the South African gold forward purchases engaged weeks ago, there is on
the other hand no likelihood of an outward flow
of gold from Paris to London. It is asserted in
some quarters that despite the very low money rates
in Paris the position of the franc with respect to the
pound has improved during the past week in consequence of the flow of some London funds to the
French centre, the result of timidity of capital due
to Chancellor Snowden's speech on Wednesday of
last week. The Bank of France gold holdings are
at new record high levels, showing an increase for
the week ended Feb. 14 of 106,000,000 francs, the
total standing at 55,738,000,000 francs, which compares with 42,947,000,000 francs a year ago and
with 29,935,000,000 francs reported in the first
1282
FINANCIAL CHRONICLE
statement of the Bank of France following stabilization of the franc in June 1928.
The London check rate on Paris closed at 123.89 on
Friday of this week compared with 123.93 on Friday
of last week. In New York sight bills on the French
centre finished at 3.91%, against 3.91 13-16 a week
ago; cable transfers at 3.92, against 3.91 15-16, and
commercial sight bills at 3.91 9-16 against 3.91 9-16.
Antwerp belgas finished at 13.933. for checks and at
13.94 for cable transfers, against 13.923 and 13.933/2.
%
Final quotations for Berlin marks were 23.753 for
bankers' sight bills and 23.76% for cable transfers,
in comparison with 23.75 and 23.76. Italian lire
closed at 5.23 3-16 for bankers' sight bills and at
5.239, for cable transfers against .5.233 and
5.23 7-16. Austrian schillings closed at 14.043
against 14.05; exchange on Czechoslovakia at 2.95%
against 2.953 ;on Bucharest at 0.593j against 0.593.;
%
on Poland at 11.20 against 11.20, and on Finland
at 2.51% against 2.51%. Greek exchange closed
at 1.29 5-15 for bankers' sight bills and at 1.29 9-16
for cable transfers, aaginst 1.293 and 1.
293/2.
Exchange on the countries neutral during the war
shows no material change from the conditions of the
past few weeks. Holland guilders and Swiss francs
are relatively steady, although ruling much lower
than in recent weeks. The ease in guilders and in
Swiss exchange is largely attributable to improvement in the outlook for German exchange, which is
responsible for an outward flow of funds from the
Swiss centres and from Amsterdam to the German
market. Guilders are also easy as on account of the
low rates for money and dearth of demand in Amsterdam they have a tendency to seek the New York
and London markets. The Scandinavian currencies
are extremely dull and, as during the past few
weeks, have fluctuated almost strictly in sympathy
with the fluctuations in sterling exchange. For
instance, on Saturday of last week, following the
slump in sterling on Friday, belgas, Swiss francs,
guilders, and Swedish crowns moved to new lows
on the year, a recovery followed later.
Spanish pesetas have fluctuated widely during the
week as a result of the rapid succession of important
political events in Spain. Pesetas ranged from a
low of 9.77 for cable transfers on Saturday to a high
of 10.54-on Friday. The firmness was due to the
end of the crisis, with King Alfonso as the victor.
As the week came to a close the upward tendency
of pesetas was the principal topic of conversation in
the market. It had been generally assumed that, as
in the past, the present political disturbances would
have an unsettling effect upon the exchange, which
has been declining sharply for the past several weeks.
The vigor with which the King met the crisis,
forming a cabinet of monarchist coalition government, created a favorable sentiment in foreign
exchange circles. The local market approves the
appointment of Juan Ventosa as Minister of Finance
in the new cabinet. He is regarded as having sound
financial views. One of the pressing problems,
of course, to be faced by the new government, is
that of peseta stabilization, which has been handled
in a dilatory manner by previous governments.
While foreign exchange brokers admit that conditions in the country are still far from ideal, the
change in government, bringing a finance minister
in whom confidence is felt, revived hope that concrete action will be taken toward revalorization of
[VoL. 132.
the exchange. It is this hope, more than any one
factor, which is believed to be primarily responsible
for the present rise in the exchange.
Bankers' sight on Amsterdam finished on Friday
at 40.11, against 40.113% on Friday of last week;
cable transfers at 40.113 ,against 40.123%, and com4
mercial sight bills at 40.07, against 40.083/2. Swiss
francs closed at 19.27 for bankers' sight bills and at
19.28 for cable transfers, against 19.283/ and 19.2931.
Copenhagen checks finished at 26.723/i and cable
transfers at 26.733/2, against 26.74 and 26.75. Checks
on Sweden closed at 26.753 and cable transfers at
26.763, against 26.753/i and 26.763/2, while checks
on Norway finished at 26.73 and cable transfers at
26.74, against 26.74 and 26.75. Spanish pesetas
closed at 10.53 for bankers' sight bills and at 10.54
for cable transfers, compared with 9.88 and 9.89.
Exchange on the South American countries displays practically no new features from those of the
past few weeks. Argentine pesos continue to show a
stronger tone in consequence of the continued shipments of gold by Government decree in order to
meet the service on Argentine foreign obligations.
In recent dispatches from Buenos Aires the Argentine Minister of Finance, Senor Perez, struck a
hopeful note in his belief that Argentina's unfavorable trade balance may be corrected in the coming
year. A steady import trade balance, causing the
balance of payments to swing against Argentina
over an extended period, coupled with the inelastic
currency system, has been at the root of the Argentine exchange problem. Gold exports automatically contracted currency circulation until monetary stringency resulted and brought about the
closing of the Caja de Conversion in December
1929. With Argentina off the gold standard and the
trade balance unfavorable, the exchange has declined
to a low of 29.35, compared with par of 42.45.
Pesos are currently quoted at 32.05(4)32.10. If the
trade balance can be improved, as Senor Perez
believes, the task of necessary currency reform will
be made easier. Argentine paper pesos closed at
32 13-16 for checks as against 31 7-16 on Friday of
last week and at 32% for cable transfers, against
313/. Brazilian milreis are nominally quoted 8.55
2
for bankers' sight bills and 8.60 for cable transfers,
against 8.55 and 8.60. Chilean exchange closed at
12.10 for checks and at 12.15 for cable transfers,
against 12.10 and 12.15. Peru at 27.40, against 27.
Exchange on the Far Eastern countries, especially with respect to the silver units, continues
in the same deplorable state, largely as the result
of the unsettled conditions in China and of the
excessively low prices of silver. On Tuesday of this
week silver touched another new low when the New
York quotation was 253% cents. The London price
on the same day was 123/d. The lowest price
8
previously quoted in New York was 263'c., the
London low being 12d. A recovery in silver followed
almost immediately and Thursday's quotation was
27c. at New York. As noted above, the Federal
Reserve Bank of New York reported the receipt
of $516,000 gold at San Francisco from China.
Japanese yen are steady, ruling around 493/2. As
repeatedly stated, the steadiness in yen is due to
heavy gold exports and other practical steps taken
by Japan to stabilize yen exchange since June
1929. Owing to the demoralized state of trade in
FEB. 21 1931.]
FINANCIAL CHRONICLE
China, which is Japan's largest customer, her
financial difficulties are made all the greater. Closing
quotations for yen checks yesterday were 49.38@
49 9-16, against 49.42@49 9-16. Hong Kong closed
at 229'®23 1-16, against 22/@23 1-16; Shanghai
at 283.1@283/, against 283/2@28%; Manila at
2
49%, against 497 ; Singapore at 56.25@56 7-16,
4
against 56.25@56 7-16; Bombay at 36/, against
363 ,and Calcutta at 361 ,against 36/.
%
4
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
FEB. 14 1931 TO FEB. 20 1931, INCLUSIVE.
County and Afoneiary
_ __.
Noon Buying Rate for Cable Transfer, Os New York.
Value fn United States Money.
Feb. 14. Feb. 16. Feb. 17. Feb. 18. Feb. 19. Feb. 20.
EUROPE$
Austria,sehilling
.140519
Belgium, beige
.139250
Bulgaria, lev
.007175
Czechoslovakia, krone .029600
Denmark, krone
.267265
England, pound
sterling
4.855773
Finland, markka
.025180
France,franc
.039174
Germany, relchsmark .237501
Greece, drachma
.012948
Holland. guilder
.401193
Hungary, Pengo
.174605
Italy, lira
.052342
Norway, krone
.267278
Poland,zloty
112044
Portugal, escudo
.044947
Rumania,leu
.005952
Spain. peseta
.098545
Sweden,krona
267523
Switzerland. franc-- .192800
Yugoslavia, dinar
.017644
ASIAChinaChefoo tael
.298011
Hankow tael
.290468
Shanghai teed
.282678
Tientsin tael
.300625
Hong Kong dollar_ .222678
Mexican dollar_ _ _ _ .204062
Tientsin or Peiyang
dollar
.207500
Yuan dollar
.201583
India, rupee
.359050
Japan, yen
.494000
Singapore(8A.)dol
.560625
NORTH AMER.Canada, dollar
.999687
Cuba, peso
1.000364
Mexico, pes0
.459000
Newfoundland, dollar .997250
SOUTH AMER.Argentina. Peso (gold) .717542
Brazil. milrols
.085785
Chile, peso
.120679
Uruguay, peso
.688384
Colombia. nee.,
nax70n
8
2
2
$
.140485
.139265
.007175
.029596
.267355
.140562
.139244
.007171
.029594
.267318
.140524
139296
.007175
.029600
.267382
.140576
.139343
.007175
.029596
.267361
$
.140568
.139377
.007175
.029606
.267308
4.856904
.025179
039190
.237603
.012951
.401225
.174611
.052341
.267392
.111975
.044887
.005944
.099064
.267581
.192910
.017636
4.856696
.025183
.039188
.237578
.012949
.401191
.174581
.052336
.267356
.111993
.044866
.005948
.099211
.267586
.192916
.017621
4.856800
.025176
.039194
.237614
.012945
.401210
.174584
.052336
.267404
.111956
.044835
.005948
.100390
.267612
.192924
.017618
4.856546
.025179
.039194
.237621
.012954
.401180
.174596
.052334
.267380
.111986
.044831
.005952
.102450
.267627
.192901
.017610
4.855952
.025180
.039193
.237608
.012947
.401159
.174592
.052333
.267319
.111968
.044881
.005950
.105195
.267589
.192821
.017613
.289583
.283750
.278303
.294166
.219107
.200625
.291250 .292083
.286875 .288125
.279375 .280625
.295833 .296666
.220000 .220714
.200937 .201875
.204583
.201250
.359308
.491034
.560625
.205000
.201666
.359391
.494137
.560625
.297500 .293333
.293750 .289687
.285982 .282232
.302083 .297916
.226071 .222678
.205625 .203125
.205833 209166 .206666
.202500 .205833 .203333
.359358 .359408 .359458
.494125 .494200 .494100
.560625 .560625 .560625
.999853 .999760 .999814 .999824 .999871
1.000507 1.000507 1.000585 1.000501 1.000562
.459733 .459866 .461100 .462300 .464500
.907468 .997343 .997407 .997312 .997452
.718988 .722887
.085500 .085555
.120662 .120854
.688130 .689288
anarna
On 5711(1
.726509
.085788
.120653
.691788
905700
.732564
.085094
.120592
.696663
9e9700
.748242
.084733
.120587
.702200
965700
The following table indicates the amount of bullion in the principal European banks:
February 191931.
February 20 1930.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
E
£
E
£
E
£
England_ _ 141,206,66
141,206,663 151,638,500
151,638,500
(d)
France a._ 445,904,456
5,904,456 343,577,470
(d)
343,577,470
Germany b 102,332,5 I
c994,600 103,327,150 110,061,390
994,600111,055,900
„ 1 28,429,111 125.037,000102,695,000 28,532,i 1 $ 131,227,000
Spain
57,287,000
Italy
57.287,000 56,126,000
56,126,000
NetherPds. 37,173,001 2,375,000 39,548,000 36,418,000
36,418,000
Nat. Beig_ 39,640.011
39,640,000 33,618,000 1,287,000 34,905,000
SwitzerPd_ 25,743,000
25,743,000 22,436,000
950,000 23,386,000
9weden_ _ 13,357,554
13,357,000 13,563,000
13,563,000
Denmark _ 9,552,001
9,552,000 9,574,000
382,000 9,956,000
Norway. _ 8,134,000
8,134,000 8,146,011
8,146.000
Total week 976,937,669, 31,798,611 1008736269,837,853,270 32,145,600919,998,870
Prey. week 974,488,5501 31,469.601 1005958155886.478,194 32,180,600918,638,794
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 £10,381,900. c As of Oct 7 1924
d Silver is now reported at only a trilling sum.
The Political Kaleidoscope in Spain.
Forecasts of the immediate political future of
Spain have been set at naught by the kaleidoscopic
succession of events which have occurred in that
country during the past week. On Friday, Feb. 13,
it appeared to be generally assumed that the elections to the Cortes which had been called for March
1 and March 15 would be held as planned, and that
the new Cortes would open on March 25. The prin-
1283
cipal clouds on the horizon were the announced intention of some political parties to boycott the elections as a method of expressing disapproval of the
monarchy and the dictatorship of General Berenguer, and a rather perplexing difference of opinion
among the monarchists themselves as to whether the
Constitution should not be revised before, and not
after, the choice of a new Cortes. King Alfonso, it
was understood, was not only favorable to revision,
but was even ready to stand aside temporarily in a
kind of "vacation" pending a decision of his status
under a new constitutional regime.
The events that followed came with dramatic suddenness. On Saturday, Feb. 14, the Berenguer
Cabinet, under which the return to constitutional
methods was to have been accomplished, resigned,
and a royal decree was issued postponing indefinitely the March elections. Consultations with various political leaders followed, and on Sunday it
was reported that Melquiades Alvarez, leader of the
Constitutionalist party and a prominent advocate
of the "vacation from the throne" pending a new
Constitution, would probably head a new Ministry.
On Monday it was announced that Jose Antonio
Sanchez Guerra, a 72-year-old revolutionary, until
recently an exile for years in Paris, had accepted an
invitation to form a Government, but on Tuesday,
when Senor Guerra presented his list of Cabinet
members to the King, it was rejected, and it was at
once made known that the King, instead of yielding
to the moderates or revisionists, intended to fight
for his crown. On Wednesday morning it was
thought likely that General Berenguer would be recalled, but before the day was over the choice had
fallen upon Admiral Juan Bautista Aznar, the oldest ranking officer in the Spanish navy and in politics a neutral. The new Cabinet, overwhelmingly
monarchist in its composition but with some representatives of moderates and Liberals, includes
General Berenguer as Secretary of War, Count de
Romanones, the Liberal leader, as Minister of Foreign Affairs, and Marquis Alhucemas as Minister of
Justice. • The last two are believed to have been
largely responsible for the resignation of the Berenguer Government.
The inside history of these bewildering changes is
not yet known,but certain of the influences that have
played upon King Alfonso can, to some extent, be
traced. It now seems reasonably clear that t'he monarchists, at the time the elections were called, were
on the whole prepared to concede the necessity of
constitutional revision as a means of offsetting the
demand for a republic, and that the novel suggestion
of a "vacation from the throne" came from that quarter rather than from the King. The republican opposition, on the other hand, attempted to force the
issue by demanding a constituent assembly to revise
the Constitution as a preliminary to any general
election, and as an alternative threatened a revolution. It was, apparently, the feeling of the King
that a revolution was imminent that induced him to
treat with various radical leaders and acquiesce,
formally at least, in the formation of a moderate or
left wing Government, while at the same time the
dissensions among the political leaders led the Berenguer Cabinet to resign. Whether,once the first definite steps toward a radical Government had been
taken, King Alfonso realized the gravity of what
had been done, recovered his courage, and brought
the monarchist leaders into line, or whether it was
1284
FINANCIAL CHRONICLE
the monarchists who agreed to sink their differences
in the face of danger and rallied to the support of
the crown, is for the moment a matter of conjecture.
There seems little doubt, however, that the decision, from whichever side it was initiated, was
influenced by the evidences of widespread unrest in
the country, by the riotous demonstrations in
Madrid and other cities, and by the Socialist threat
of a general strike if the monarchy did not yield.
For a day or two at least, Spain seemed hovering
on the brink of revolution, and of a revolution in
which not merely the working classes but other
social groups would almost certainly join. What
saved the monarchy (if it shall turn out to have been
saved) was the irreconcilable division of sentiment
in the opposition. The demand for constitutional
revision did not itself involve the abolition of the
monarchy, but while it seemed reasonable to expect
that a revised Constitution would materially limit
the powers of the King, the violent controversy as
to whether revision or elections should have precedence, and the demand of the extreme radicals for
a republic which would do away with the monarchical system altogether, gave the King and his supporters an opportunity. If the throne is still intact
and likely to remain so, the result appears to be due
much less to any general regard for the monarchy
as such than to lack of agreement about what should
be put in its place.
Press dispatches from Madrid agree in the opinion that King Alfonso, in spite of his show of independence and leadership in the crisis, has won a
victory at considerable cost. His sudden yielding
to the demands of the radicals, and his short-lived
willingness to entrust the government to Senor
Guerra, have not only involved him in the struggles
and intrigues of partisan politics, but appear to have
victory at considerable cost. His sudden yielding
hereditary right, he should. enjoy if the prestige of
the crown is to be maintained. The Aznar Cabinet,
while clearly monarchist, represents a concession to
the left wing of the monarchist following, and to
that extent opens the way to a revival of the political
controversies which have brought the country to the
verge of revolution. Admiral Aznar himself, it is
reported, has at least a general sympathy with the
demands for reform which have been agitating
Spain. On the other hand, with a ranking Admiral
at the head of the government, with heavy artillery
trained on Madrid as a precaution against disorder,
and with the army ready to support the King, the
dominating influence which the army and navy have
long had in Spain seems likely to be strengthened,
to the further dissatisfaction of the parties which
have demanded the complete subordination of the
army and navy to the civil authority. If the Aznar
Cabinet keeps its place and quiet is restored, it will
obviously be because the new Government commands
the force necessary to make its will effective.
The program of the new Ministry, as tentatively
outlined, appears to be one in which firm control
of public order is tempered with concession. The
censorship, which has been reimposed, is expected to
continue, but with some measure of freedom for public discussion and for communication by telephone
and telegraph. The demand for constitutional revision,it is reported, will be met by thesummoningof
a constituent assembly,chosen in much the same way
as the Cortes, with power to revise the Constitution
but without doing away with the monarchy. Three
[Tau 122.
elections, Admiral Aznar has stated in an interview,
will be held, first for the municipalities, then for the
provinces, and then for the Cortes, in all of which
it is hoped the various parties will join. The reported decision of the Socialists to defer the general
strike which they had planned to call is possibly
due in part to a belief that the labor laws, against
whose restrictions much criticism has been directed,
will be modified. Amnesty for political prisoners,
on the other hand, is apparently to be postponed
until the prospect of further agitation against the
government has disappeared and general order has
been restored.
On the surface, Spain appears to have accepted
the new regime with unexpected acquiescence if not
with satisfaction. Sporadic disorders have continued to be reported, but in general there appears to
be evidences of a disposition to give the new Government a chance. The rapid and confusing changes of
the past few days, however, make one hesitate to believe that a political situation which was rapidly approaching chaos has been transformed, almost over
night, into one of assured peace and contentment.
reveals its plans, we shall
Until the Aznar Ministry.
not know whether the governmental transformation
has been more than one of form or personnel, and
until the execution of the plans is begun it would
be rash to affirm that the warring political factions
will allow them to be carried out. The issue of constitutional government, resting upon a Cortes freely
elected and free to act, and with a Ministry whose
parliamentary responsibility can be enforced without resort to revolution, is still the dominating issue
in Spain. One should not expect, perhaps, that in a
country long torn by factional quarrels and
intrigues, burdened with a high percentage of
illiteracy, backward in its industrial development,
and afflicted with financial disorders which have
gravely depreciated its currency, the machinery of
self-government should be as readily reconstructed
or work as smoothly as in more highly developed
countries like Great Britain, France or Germany.
The most that can be hoped for at the moment is that
the new regime, if it continues, may be able to pilot
Spain successfully through what appears to be a
transition period beset with difficulties and dangers,
and that neither domestic disorder nor violent revolution may prevent the emergence of a government
acceptable to the people and adapted to their needs.
The Ratio of Wages Can Never Parallel
Productivity.
The "winter Of our discontent" is a golden opportunity for industiial prophets, physicians, and proletarians. A thousand and one remedies for "unemployment" and "depression" are offered with unabashed convictions that the cure is infallible. We
have been through similar crises before, but we are
surprised that our civilization tolerates "poverty,"
and we are firmly resolved that idleness and want
shall never come again. In the prolific discussions
we discern "principles" thrusting themselves forward that were never known before. That five millions, in an aggregate of one hundred and twenty
millions, are idle seems to fill us with consternation.
Something must be done now—and a recurrence in
the future must be guarded against.
What the number of unemployed in ordinary
years may be no one takes the trouble to inform us,
though statisticians are working overtime. If it is
FEB, 21 1931.]
FINANCIAL CHRONICLE
1285
"Wages" are but one element in the cost of prosuggested that there may be some exaggeration in
the figures and conditions presented to us there are duction—but how vigorously its claim to considerazealous helpers who find the intimation hard- tion is pressed during these hard times. Profits,
hearted. There is failure to distinguish between the according to the above statement,ought to be divided
calamity of a drouth and the natural slowing down with wages, but wages must stay at the high war
of business due to overproduction, overliving, and rate and divide with nobody? Wages contain a
overspeculating. It behooves us to try to analyze, humane" element, but profits benefit no one but
separate, and synthesize. In the doing of this let stockholders who are entitled to what they can get
us test the "principles" uncovered and the powers after the wants of labor are satisfied! Mr. Green
invoked. If we cannot project the future in clear says the Federation is encouraging the members to
outline how can we prepare to meet it? Are we not divide work, but is this any more than a palliative
liable to make matters worse by tieing ourselves to for full discharge? Why not divide wages—so that
costs may be reduced? Do we want to increase
fantastic schemes for relief?
An illustration is presented to us. In a recent costs in time of stress and idleness?
What of the "humane" in a high level of wages,
address by William Green, President of the American Federation of Labor, Mr. Green is reported as when these idle millions have nothing with which
follows: "After considering methods of dealing to buy and pay? What of the common propriety of
with the present emergency, Mr. Green turned to the forcing this idea of equal increases in wages and
question of preventing unemployment in the future. productivity when plants are pushed to the utmost
He condemned the 'false economic policy' of failure to keep open at all? This is the time when evil
to increase wages at the same rate with increased ideas as to proper human relations take root in
productivity. Between 1899 and 1929, he said, indus- the soil of discontent. We should beware that the
trial productivity increased 89.3%, and real wages seeds sown now do not provoke a harvest of tares
increased only 27.5%. Thus the power to buy kept and thistles when prosperity does come. It is imsteadily falling behind the ability to produce, he possible to state this theorem of equality in wages
held." From such a fragmentary report we must and productivity in understandable terms.
There is no such thing as an Association or Fedbeware of doing an injustice. But since a propopercentages are given we eration for maintaining profits. Yet profits are as
sition is stated and figure
presume it is fair to believe that a principle is advo- vital to small investors as wages to others. Where
cated, namely, that "real wages" ought to keep pace is the equity in keeping wages at a ratio above the
with the increase in "productivity." We ask, in the returns of production? It is a poor rule that won't
face of massproduction by machinery, can such a work both ways! But it happens that the machine
thing be possible? How can such an equation be intervenes to do the work of 10 men. The culminastated in definite, understandable terms? If a ma- tion is overproduction on a vast scale when a tariff
chine tended by one man does the work of 10 men, shuts out foreign competition and an immigration
is this one man, worker, to receive the wages of 10 law restricts the influx of wage-earners who might
men as of the time when the machine was created see fit to work at wages below the union scale. This
and put in operation? We may assume the per- tariff acts as an embargo on the importation of
centages to be correct, but can the period from 1899 foreign-made goods. Those who sell alone can buy.
to 1929 by any manner of imagination be made to Our foreign shipments decrease and factories run
part time or with part of the force.
cover the next 30 years?
All these elements groove together to make "hard
We quote a further paragraph: "The inequitable
distribution of real earnings of industry among times." But, according to the pronouncements and
stockholders, officers and management of industry operations of "labor," it must be held immune to all
and the working people, which he said had been these influences! It refuses to bear its share of the
brought about by many owners and managers of burden of depression. It licks its chops with the
industry, also contributed to the economic difficul- idea that only by maintaining its "purchasing
ties, he declared. These things must be corrected if power" the rest of the people can live. Certain poliunemployment and depression are to be prevented, ticians uphold it in its stand for "no reduction in
he said." Again let us make due allowance for a wages."
fragmentary report and for possible inaccuracy, but
"Labor" has a vote. Certain financiers and
is not the core idea of this statement equivalent to factory operaters take the same position. They
saying that our present method of distributing earn- perchance have memories of strikes and are in no
ings is in total effect wrong and must be dispensed condition to contend with them now.
with, if depression is to be prevented in the future?
We should beware of these fallacies lest they undo
As we see it, this is a stupendous task. Where are us in the future. Measuring the rate of wages by
we to begin?
the rate of production over a period of 30 years is
Shall we universally lower the salaries of officers utterly untenable. Putting such percentages before
and managers and distribute the saving to the wage- the people (all in the interest of high wages) is
earners? Shall we reduce dividends to stockholders misleading. The only ratios that can be invoked here
and add the sum to wages? And shall we do this are for changing and gross masses that cannot be
without regard to class in industry and without stated in figures. Musicians are wage earners.
regard to integral industry within the class? And Thousands of them are out of employment because
shall we place this reform over a period of 30 suc- of "canned" music and talking pictures. Thousands
ceeding years or do it year by year, after the fact, in of others are out of employment because of the high
order to prevent depression? Is there a single scin- levels of wages and which have led many managers
tilla of practicability in such a proposal? And since of theaters to dispense with music between the acts
it is impossible of realization short of the abolition of play because the cost has become forbidding. The
of private property and the adoption of State con- production of music has probably increased in mass
trol, is it not in its large effect Socialistic?
through the introduction of the phonograph and the
1286
FINANCIAL CHRONICLE
radio. But the people seem satisfied with this
product.
Taste is ever fickle. Too many elements enter into
"productivity" to attempt a prediction of what it
will be in five years, let alone 30. We cannot escape
trends and tendencies. Fashion has made changes
in cotton dress goods that have affected the textile
mills. We must live, while we live, according to
currents of trade. If it is really desired that wages
equalize themselves according to conditions, arbitrary rates must yield to ordinary pressures. To
try now to lay down rules to prevent a "depression"
that may not come, or may come at a time and in a
way that no one can estimate, must always prove
futile.
It will be asked: What, then, are we to do? Are
we to make no effort at prevention? The answer is:
To remove the artificial barriers that interfere with
the equalizing effect of the labors of all and their
natural interchange. Wages are no more sacred
than profits. Wages always have the best of the
situation, for they must be paid before there are any
-profits. The innuendo that the managers of business are taking more than a righteous part of income
for profits is to accuse them of dishonesty. Is labor
to set the rules of division, or is capital?
Must not capital yield to the laws of competition?
Are not capital returns, as in many instances,say as
in railroads and public utilities, regulated by gov
;
ernment? While government, though fixing the
hours of labor, does not yet undertake to fix the rate
of wages. Now is not the proper time to discuss
these economic principles and policies. Now is not
the proper time to undertake by education, by broad/casting the ideas of labor leaders, either to maintain
an inordinate scale or to invidiously indicate that
future depressions can be abolished.
The Other Side of Advertising.
There are advertising agencies and independent
enterprises that place millions of dollars annually in
the magazines, journals and newspapers of the country as a fixed charge upon their business operations.
There is no longer any doubt as to the efficacy of
these expenditures, when intelligently and studiously placed. They are a part of the budget that
cannot be diSpensed with, for advertising is the
light-wage that runs into every corner of the earth.
We are not speaking of that overpersuasion which
by some is counted a part of "super-salesmanship."
A golden mean consists in publishing the advantages
of an article, product, or business in an earnest and
dignified way in a journal of acknowledged repute
and established circulation.
Nor is there any good reason any longer why these
claims should not be presented in a dignified manner. For instance, it was held at one time that
beyond a simple card and an official statement a
bank, because the recipient of a trust, should not
advertise. Nor is there very much of a persuasive
nature even to-day that can be published in that line.
Yet the general subject of the advantages of banking
to the public can be presented in a vast variety of
ways by individual banks and trust companies, and
this is being done without criticism. It is some of
the broad aspects of financial advertising which we
`
wish now to consider.
Perhaps it would be well, first, to attempt a defimition of financial advertising. It is that form of
resenting to readers the specialized claims to '
[you 132.
patronage of a going business concern, and of the
essential worth of business as a whole, to those
who are seeking information that will advance their
personal interests and the public good. Business no
longer apologizes for its being. It is one of the
essential foundations of life and liberty. It has
risen to high and lasting importance in the scale of
elevating activities. Therefore, it makes no excuses
for its advertising. We may go a little further in
our attempted definition. Finance includes all the
phases of production, trade, use and consumption,
is a golden thread that ties them all together—
adapting, energizing, vivifying each to its proper
purpose.
It is for this reason that financial advertising,
whether specific or general, does not confine itself
to a narrow medium of expression but presents itself
to all classes and enters into the entire field of
publication. In the very. nature of things, if it
would avoid waste, it must and should discriminate.
In the doing of this, however, it cannot escape the
duty and responsibility of recognizing the defenders
of business in general.
This we conceive to be the "other side" of advertising. So vital to the conduct of magazine, journal
and newspaper is advertising that it is betraying
no secret to say that many of them could not live
upon their subscriptions alone. Some of these publications are sold at a price that scarcely pays for
the paper consumed. They must have advertising
to exist and persist. An exploded idea, we need not
mention it so well is it now understood, is that journals cater to certain "interests" so-called because of
the large placing of advertising. There was a time,
for example, when our large dailies were accused
of being "owned" by the department stores.
On the other hand, if they were not fearlessly conducted in this regard they would soon perish by
reason of the conflicting interests of their advertisers, would become doubtful allies in which no dependence could be placed. Still, as we are striving
to point out, this "other side" of advertising is the
implied duty of examining into and rewarding the
real service of the medium in upholding the claims of
business in general without which, as a fixed idea
in the mind of the public, no form of advertising
would be worth anything. Several extensions of this
truth may be permitted.
In placing advertising, neither can circulation be
.
ignored nor character. By this token, a specialized
journal may proportionately have more direct purchasing power in its subscription list than one of a
more general character. In the same way, by its
editorial policy it may have a wider influence on
general business than one with a wider circulation.
Further, having a clientele of established and undoubted purchasing power, it may be a more subtle
and sure medium for the advertising of specialties
rbf high cost and worth than if its field were more
extensive and diffuse. And still further, in its attitude toward commerce and finance, if defensive of
basic principles; it may serve its patron-advertiser
more by its uphOlding of the whole, without which
no single enterprise can prosper,than if it attempted
-Co confine itself to one industry or line of trade.
Thus it behooves the advertiser to. consider the
entire standing of the journal when placing his com.
•
nntments. We need not hesitate to say this in view
of the fact Of a reciprocal relation between advertiser
and mediunti. It is for this reason that, though the
FEB, 21 '1931.]
FINANCIAL CHRONICLE
journal may devote itself largely to one line of
finance, it becomes an excellent medium for presenting the claims of specialties in other lines.
In times of "depression," this reciprocal relation
between medium and advertiser demands especial
recognition. The whole is greater than any of its
parts. A fearless crusade in behalf of business in
general, though it seems sometimes to go against
popular beliefs, though it refuses to laud a false
prosperity in times of loud-heralded perpetual success, is of more value, possibly, to the steady forward march of trade, and to the interests of the individual advertiser therein, than if it were the servile
.mouthpiece of popular clamor.
The policy of the paper or journal is of inestimable
worth to the advertiser aside from its penetration
into the charmed circle of possible buyers. Being
a laborer in the vineyard of commercial and financial
progress it is worthy of its hire. It does not come
to the maturity of its power in a day. It cannot live
and work without advertising patronage. Though
founded on a rock, it is, like the advertiser, in business for its own good as well as that of advertisers
and public. It has no appeal to make that is not
founded in service. And it cannot be true to itself
and not follow its convictions.
To develop our idea in another phase we may contrast the journal of information with one of entertainment. The first goes naturally into the libraries
of the country and the other into its homes. The
reader in the library is seeking information, the one
in the home is seeking entertainment. Which of the
two readers will read the advertisements with a
view to the influence of the objects and articles
advertised on their personal lives? If it be that
they read advertisements for valuable information
they will seek the journal of business, of commerce
and finance, of trade or manufacture. seeking entertainment, first and foremost they will read advertisements incidentally to the pleasure of the pages
through news or story.
If we take finance in a time of "depression," they
will read it when presented, as is now the custom, by
specialists. But in the journal of general information they will seek the advertisements as proof and
expositions of trade trends and tendencies. It follows that the seeker for information will cover a
wider reading-field in the advertisements than one
who reads for entertainment. If this be true, though
the journal specializes, information will make it an
excellent medium for lines outside its immediate
province and purpose.
Let us stress a little more the reciprocal relation
of journal and advertiser. Placing advertisements
has the double purpose of building up trade in general and enterprises and industries in particular.
A financial joiirnal is an ever-seeing medium. No
industry is foreign to its endeavor and purpose. The
wider its influence the more impartial and comprehensive it becomes. The young, looking forward to
the impending business life, read it avidly, and
the old, looking backward, read it reflectively. It
becomes by its very nature, purpose and outlook a
good medium for presenting the new developments
in commerce, the new discoveries and mechanics in
industry, and the flow and flux of investment and
credit.
Not enough is it to publish lists of stocks and
bonds, it must specify their place and worth in their
respective fields; it must tell the why and wherefore
1287
of their appeal to the individual; it must draw together the threads of economics, politics, and business. And so doing, it is not only worthy of its
patronage but it gives value received therefor to
advertisers seeking buyers in all the departments of
the consuming life!
Demand Grows for Protective Body on Foreign Bond
Issues—Permanent Organization Would Aid Negotiations on Defaults, Is View.
A growing sentiment in favor of the establishment of a
foreign bondholders' protective group to defend the interests
of American holders of foreign securities in the event of default, repudiation or modification of contracts is noted in
banking circles here, it is learned from the New York
"Journal of Commerce" of Feb. 5; continuing it said:
g .The recent default announcements by Bolivia and Peru have swelled the
t
ranks of those favoring such action, although it is said that several investment bankers still regard such a move as unwise in certain respects.
"Only through the establishment of such a body can the interests of
American bondholders be effectively and continuously guarded," one outstanding banker told the "Journal of Commerce" yesterday. "Individual
committees are handicapped in a number of ways in tackling this problem.
as in the case of Bolivia. A single organization representing American
finance will have more prestige and more influence, and will prevent competitive considerations from interfering with the setting up of a solid front
by banks here in dealing with defaulting borrowers."
Permits Co-operation.
Another advantage claimed for such an organization is that it would
permit effective co-operation between American Bankers and European
organized banking groups in handling defaults on foreign issues. Since
permanent protective organizations exist in the various European capitals,
a similar body here would be necessary to facilitate joint negotiations with
foreign debtors.
The chief objection that has been voiced in the past by many to the establishment of a permanent protective organization to handle foreign defaults
is that it might give unnecessary alarm to present holders of foreign bonds,
who would assume bankers expect additional defaults shortly in taking such
action. This argument, it is felt, was far more important a year or more
ago than it is now. At the present time, with the South American countries actually in default, another announcing such intention and many other
foreign issues selling at low prices, the market would prove much less
sensitive to such an announcement. In fact, several observers express the
view that the establishment of a protective body would have a reassuring
effect rather than the reverse.
Considerable difficulty would exist also, it is pointed out, in establishing
such a protective organization under impartial auspices, so as to secure the
confidence of different banking interests, often competing, and of foreign
governments and the general public as well. It is felt in most quarters that
the Investment Bankers' Association of America would be the proper organization to undertake the organization of such a protective organization.
Virtually all the large investment banking organizations, with one important
exception, belong to this association, and it has the necessary prestige and
influence to successfully establish it, according to opinion here.
On Foreign Models.
The establishment of a foreign bondholders'protective organization would
be modeled, it is believed, on the British Council of Foreign Bondholders,
which over a period of more than 50 years has handled defaulted government
debts amounting to billions. This body has a permanent endowment, so
that it is independent of individual banking houses for current support.
The members of the council, including leading bankers in London, thus can
co-operate without any one interest having a dominating position in its
affairs. Similar organizations exist in the other important European capital
markets, including Prance, Belgium, Switzerland, Germany and Holland.
The only step thus far taken by the Investment Bankers' Association to
develop special facilties for the protection of foreign bondholders has been
the establishment in 1926 of the Institute of International Finance, which
is only a fact-finding body to act as a centralstatistical and research bureau
studying foreign finances.
H. E. Woods of Foreman-State Corp. of Chicago Finds
Trend of Public Is Toward "Equity" Securities—
Association of Cashiers of Chicago Stock Exchange
Firms Changes Name.
Harold E. Wood, Vice-President of the Foreman-State
Corp., speaking at the annual meeting of the La Salle Street
Cashiers on Jan. 20 at the La Salle Hotel, Chicago, said:
"The trend of public demand for securities is toward "equity"
securities. In 1929, 70% of corporate financing was in common stocks; and even though corporate financing in common
stocks dropped to 32% in 1930, the public did not purchase
bonds, 70% of the bond sales in 1930 being to institutions
and not to individuals." Mr. Wood said further:
The bonds issued in 1930 were largely of the convertible type because
investors demanded a right to the future of the corporation in which they
were investing. Fixed trusts came into prominence in 1930 because of this
Public demand for equity securities, but the present trend is toward a
-management or management
modification of this fixed trust to the semi
trust, which will prove an unusually important factor in future financing.
The Association elected the following officers: President,
Thomas J. McHugh of Lester, Carter & Co.; Vice-President,
E. L. Milkwick of Paul H. Davis & Co.; Secretary, Sidney
L. Parry, Chicago Association of Stock Exchange Firms;
Treasurer, Lester L. Brons of Russell, Brewster & Co.
H.F. Greene of Bartlett & Gordon and James F. Kennedy
of Winthrop, Mitchell & Co., were elected to three-year terms
on the Executive Committee.
The name of the Association was changed from the Association of Cashiers of Chicago Stock Exchange Firms to the
La Salle Street Cashiers.
1288
FINANCIAL CHRONICLE
For. 132.
Gross and Net Earnings of United States Railroads for the
Calendar Year 1930.
The year 1930 will go down in history as one of
the very worst, if not the worst, ever encountered by
the railroads of the United States. From beginning
to end, month after month, the year was bad, with
heavy losses piling up in gross and net earnings
alike, with hardly a single redeeming feature and
with no change for the better as the year progressed
to its close, but with conditions really worst of all
in the final quarter of the year. Of course intense
trade depression, as the outgrowth of the speculative
collapse in the autumn of the previous year, was the
all-controlling feature, and in this the experience
of the railroads was like that of all the country's
business activities, except that the railroads
appeared to be the hardest hit of all in the general
prostration of all the manifold branches of trade
and industry. As the railroads constitute the great
transportation arteries of the country, they could
not expect to escape in the common suffering, and,
as a matter of fact, in the huge falling off in traffic
and revenues which they sustained they simply
reflected industrial conditions generally, but accentuated in the case of the railroads by special unfavorable features of their own such as the further shrinkage in passenger traffic as a result of increasing
competition from buses, automobile and motor cars
generally.
As compared with the lalendar year preceding,
the railroads of the Un;A-d States suffered a reduction of their gross r(2:enues in amount of over a
billion dollars, the exact amount of decrease being
$1,014,198,837, or, roughly, 16%. In other words,
their gross operating revenues in the calendar year
1930 were only $5,335,141;510 as against $6,349,340,347 in the calendar year 1929. They were able
to offset this big falling off in gross revenues by
a reduction in expenses amounting to $581,830,144,
or 12.82%, but this still left a loss in net earnings
of $432,368,693, or not far from 25%, or, to be precise, 24.02%,the aggregate of the net for 1930 being
only $1,367,577,221 as against $1,799,945,914 for the
calendar year 1929, as will be seen from the following table:
Inc.(+) oe Dec.(—).
1929.
1930.
Jan. 1 to Dec. 31—
242,169
242,517
+348
Miles of road (170 roads)
0.16%
$5,335,141,510 66,349,340,347 —$1,014,198,837 15.98%
Gross earnings
3,967,564,289 4,549,394,433
—581,830,144 12.82%
Operating expenses
+2.71%
71.64%
74.35%
Ratio of expo. to earns
Net earnings
81,367,577,221 $1,799,945,914
—8432.3(38.693 24.02%
In considering the magnitude and the significance
of the foregoing great falling off in earnings, it
should be remembered that already in the last three
months of 1929 the railroads suffered some reduction of their revenues, particularly in the case of the
net earnings, these losses for the last three months
of 1929 having to that extent offset the gains in the
earlier months of 1929, correspondingly whittling
down the improvement for the 12 months of 1929,
leaving the improvement for the full year 1929—a
period of extraordinary and unprecedented activity
in trade and business—only moderately large, the
gain in the gross in that year, as compared with the
calendar year 1928, having been only $162,305,781,
or 2.63%, and the gain in the net no more than
$91,282,713, or 5.39%, and this followed losses, at
least in the case of the gross, in both 1928 and 1927.
Owing to the big falling off in 1930, the total of the
-3
gross at $5, 35,131,510 for that year is the smallest
of any year since 1919, and the total of the net at
$1,367,577,221 is the smallest of any year since 1922„
which illustrates the extent to which these rail carriers suffered. In the first six months of 1930 there
was still hope of an early revival of trade; and trade,
indeed, did for a time show a quickening of activityfollowing the collapse experienced at the close of
1929. In this short period of quickened activity the
losses in gross did not reach such dimensions as they
did later in the year, but curtailment of expenses
was not so extensive as it subsequently became,
either because the managers found it impossible on
short notice to reduce their operating force and
change current plans to the new order of things,
or because they did not think it good policy to
throw men out of employment and thereby intensify
the prevailing business depression. The failure to
effect a greater curtailment of expenses at that time
found a variety of explanations. At first the general feeling seemed to be that managers were acting
out of a desire to comply with the wishes of President Hoover to prevent large-scale unemployment,
and, accordingly, refrained from active efforts to
cut expenses to the limit. On the other hand, not a
few executives even then insisted that they never
were governed by considerations of that kind, and,
indeed, repudiated the suggestion that President
Hoover contemplated the adoption of any such
policy, their understanding of the President's desire
being that he intended merely to dissuade railroad
managers from abandoning or lessening new construction work previously planned, for no better
reason than the gloomy feeling engendered by the
stock market crash last autumn. However, whatever may have been the policy or purpose of the
managers in the earlier part of the year, they had
no alternative but to cut expenses, as the losses in
revenues kept piling up month after month and
reached prodigious proportions. Any other course,
if persisted in, could lead only to ultimate bankruptcy in the case of the great majority of roads—
barring only the very few systems so strongly entrenched in income that they had reasonable assurance of being able to pass through the crisis by a
mere reduction or suspension of dividends payments,
which last itself in the case of such systems would
be a veritable catastrophe. Lower expenses, accordingly, became an indispensable feature, however
strong the desire to co-operate with the President
in his desire to avoid unemployment. Measures
intended to bring about substantial cuts were hence•
now put into effect. However, even under the best
of circumstances very heavy losses in net were•
inevitable in a time of such great shrinkage in gross.
revenues as the railroads were called upon to.
endure in 1930.
It was not until the second half of the year that
the roads appeared to have got effective control'
of their expense accounts, but unfortunately trade'
depression now got more pronounced than before,.
and the losses in gross earnings became correspondingly larger, leaving very heavy losses even after
drastic cutting down of expenses, so the situation,
as far as the net earnings were concerned, did not
change any for the better, but, in fact, were actually worse. By dividing the year into half-yearliperiods,
FEB, 21 1931.]
FINANCIAL CHRONICLE
it is seen that there was little difference between
the first six months and the second six months, as
far as the net earnings are concerned, notwithstanding the greater contraction in operating expenses
which was effected in the last six months,the reason
being, as stated, that the falling off in the gross was
so much larger in the second half of the year. The
table we now introduce will illustrate the point
referred to:
Second Six Months.
First Ste Months.
1929.
1930.
1930.
1929.
Gross earnings
$2,887,302,295 $3,062,220,645 $2,647,829,215 $3,287,109,702
Operating expenses _ 1,981,341,902 2,149,563,042 1,988,212.387 2,399,821,391
Netearnings
8705,960,393
$912,657,603 $681,618,828
8887.288,311
It will be seen from the above that in the first six
months of the year the reduction in expenses was
only *168,221,140, or not quite 8%,but as the falling
off in the gross earnings was no more than $374,918,170, or 12%, this left $206,697,210 loss in net,
or 22.66%. On the other hand,in the last six months
of 1930, the reduction in expenses reached $413,609,004, or 17.21% but as the loss in gross earnings
now was $639,280,487, or not far from 20%
(19.45%), there still remained a falling off in the
net larger than that suffered in the first six months,
namely, $225,671,483, or 25.43%. The same point
finds further illustration when the results are examined for the different months of the year. In that
case it is found that the ratio of loss in net continued heavy right up to the final month of the year,
never falling below 20% in any month after January
except September, when the roads had the advantage
of an extra working day,the month having contained
only four Sundays as against five Sundays in September of the previous year. The following two
tables furnish comparative figures as to both gross
and net for each of the 12 months:
Gross Earnings.
Month.
1929.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
8450,526,039 $486 628,286
‘
427.231,361 475,265,483
452,024,463 516,620.359
450,537,217 513,733,181
462,444,002 537,575,914
444,171,625 531,690,472
458,389,950 557,522,607
485,700,789 588,397,704
468,828,791 566,461,331
482,712,524 608,281,555
398,211,453 498,882,517
377.473,702 468,494.537
—$36,102,247
—48,034,122
—69,595,798
—83,195,964
—75,131,912
—87,518,847
—101,152.857
—120,696,915
—99,634,540
—125,589,031
—100,671,064
—91,220,835
Net Earning:.
Month.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
Length of Road.
(+) or
(—).
Inc.
Dec.
$94,759,394
97,448,890
101,494,027
107,123,770
111,387,758
110,244,607
125,495,422
139,134,203
147,231,000
157,115,953
99,528,934
80,419.419
1929.
$117,764,570
125.577,888
130,758,091
141,939,648
147.099.034
150,199,509
169,249,159
191,107,599
183,486,079
204,418,348
127,125,894
105.987,347
Inc.
Miles.
1930.
Miles.
1929.
242,350
242,348
242,325
242,375
242,156
242,320
235,049
241,548
242,341
242,578
242,616
242,677
242,175
242,113
241,964
242,181
241,758
241,349
242,979
242,444
242,322
241,655
242,625
242.494
(-I-) or Dec.(—).
Amount.
—$23,005,176
—28.128,987
—38,202,084
—34,815,878
—35,711,278
—39.954,902
—43,753,737
—52,063,396
—36,255,079
—47,300,393
—27,598.760
—25.587.928
Per Cent.
—19.55
—22.32
—27.43
—24.54
—24.29
—28.58
—25.92
—27.23
—19.75
—23.18
—21.73
—24.10
We need hardly say that the strongest indication
of the depression in trade, which held the
whole
country in its grip, is found in the statistics
relating to the automobile trade. Over 2,000,000
less
motor vehicles were produced in the calendar
year
1930 than had been turned out during the calenda
r
year preceding, the total for 1930 having been only
3,354,870 as against '5,358,420 in 1929, 4,358,759
in
1928, and 3,401,326 in 1927. In addition, Canada
produced only 154,192 in 1930 as against 263,295
in
1929. With orders from the automobile manufacturers so heavily reduced and with general
trade
depression a further adverse feature, the product
ion
of both iron and steel suffered corresponding
contraction. The make of iron in the United States
in
1289
1930 was only 31,399,105 tons against 42,285,759 tons
in 1929 and 37,837,804 tons in 1928. Still more pronounced was the falling off in the production of steel
ingots. The American Iron and Steel Institute estimates the production of ingots in 1930 at nearly
15,000,000 tons less than in 1929, the amount for
1930 being put at 39,652,539 tons as against 54,312,279 tons for 1929, and 49,865,185 tons in the
calendar year 1928, and 43,397,743 tons in 1927.
The statistics of coal production tell the same
story of declining trade, only that the comparison
covers larger figures. Over 73,000,000 tons less of
bituminous coal were mined in 1930 than in 1929,
the figures for 1930 being 461,630,000 tons and for
1929, 534,989,000 tons. In 1928 the bituminous
product was 500,745,000 tons, in 1927 it was 617,763,000 tons, and in 1926, 573,367,000 tons. As compared with this last-mentioned year, the falling off
in 1930, it will be seen, was nearly 112,000,000 tons.
In the case of Pennsylvania anthracite the production in 1930 was only 69,802,000 tons against 73,828,000 tons in 1929, 75,318,000 tons in 1928, 80,096,000 tons in 1927, and. 84,437,000 tons in 1926.
Even the hard coal production in this four-year
period, it will be seen, has fallen off almost 15,000,000 tons. Building operations had already suffered a decline in 1929, and underwent further contraction in 1930. The statistics collected by the
F. W. Dodge Corp. show that the construction contracts awarded in the 37 States east of the Rocky
Mountains in the 12 months of 1930 represented a
money value of only $4,523,114,600 as compared with
$5,754,290,500 in 1929,$6,628,286,100 in 1928,$6,303,055,000 in 1927, $6,380,915,000 in the calendar year
1926, and $6,006,426,000 in 1925. Our own figures
for building permits covering 354 leading cities
showed an aggregate of work planned in 1930 of
only $1,776,623,053 against $3,096,839,460 in 1929,
$3,500,730,450 in 1928,$3,651,036,266 in 1927,$4,121,964,853 in 1926, and *4,393,364,156 in 1925.
The agricultural sections .of the country, as is
well known, besides suffering from the general trade
depression, had to contend with special depression
of their own in huge declines in prices—the West
in the case of wheat and other grains, and the South
in the case of cotton, the operations of the
Federal
Farm Board in making enormous purchases of wheat
and of cotton availing little to check the downward
plunge of prices, wheat tumbling to the lowest figure
reached since 1901, and cotton to the lowest
figures since 1914. Moreover, the grain movement itself was of much smaller volume than In
1929, and the cotton movement likewise fell below
that of the previous year.
The grain traffic over Western roads (speaking of
them collectively) was on a heavily reduced scale
in 1930. And added significance is given to the falling off when it is remembered that it followed a
severe shrinkage in the grain traffic in the preceding
year as compared with 1928. In 1930,too, as in 1929,
not only was the volume of wheat moved to the
Western primary markets smaller, but the falling
off extended in greater or lesser degree to all the
other grain items. The low prices, along with the
poor export depend, account for the big contraction. For the 52 weeks of 1930, total receipts of
wheat at the Western primary markets were 428,203,000 bushels as against 453,536,000 bushels in the
corresponding 52 weeks of 1929, and 518,793,000
bushels it 1928; the receipts of corn were 260,264,000
FINANCIAL CIIRONICLE
1290
bushels as against 272,497,000 bushels in 1929, and
326,774,000 bushels in 1928; of oats, 123,477,000
bushels as against 140,617,000 bushels in 1929, and
155,332,000 bushels in 1928; of barley, 51,288,000
bushels against 62,492,000 bushels in 1929, and 94,044,000 bushels in 1928, and of rye, 20,355,000
bushels against 25,398,000 bushels in 1929, and 26,325,000 bushels in 1928. Total receipts at the Western primary markets for the five staples combined
aggregated no more than 883,587,000 bushels in 1930
against 954,540,000 bushels in 1929, and 1,121,268,000 bushels in 1928. The loss for the two years
combined, it should not escape notice, was 237,681,000 bushels. The details of the Western grain
movement, in our usual form for the 52 weeks of
1930 and 1929, are set out in the table we now
introduce:
WESTERN FLOUR AND GRAIN RECEIPTS
Barley
Oats
Corn
Wheat
52 weeks to Flour
(bush.)
(bush.)
(bush.)
(bush.)
Dec. 27. (5518.)
Chicago
1930 _11,620,000 27,519,000 76,375,000 29,831,000 7,263,000
1929 _12,161,000 34,256,000 83,435,000 37,810.000 8,135,000
M1.nneapolis92,377,000 13.945,000 17,183,000 19,462,000
1930
8,000,000 95,551,000 13,080,000 23,482,000 20,463,000
1929
Enatith-
73,190,000
1930 _
75,143,000
1929 _
Milwaukee
978,000 4,320,000
1930
1929 ___ 2,245,000 7,658,000
Toledo
12,585,000
1930 14,160,000
1929
Detroit,
2,166,000
1930 1,681,000
1929 Omaha and Indianapolis
44,434,000
1930 1929 _-- 3,000,000 40,101,000
St. Louis
1930 --- 7,183,000 45,448,000
6,650,000 41,612.000
1929
Peoria
1930- 2,582,000 2,286,000
1929 -__ 2,617,000 2.256,000
Kansas Cilv86,175,000
1930 16,000 95.565,000
1929
SI. Joseph
12,614,000
1930 15,237,000
1929
Wichita
22,791.000
1930 28,476,000
1929 _
Sioux City
2,298,000
1930 .2,415,000
1929 .
2,681,000
1,965,000
12,801,000
14,507,000
Rye
(bush.)
4,017,000
8,563.000
9,521,000
7,269,000
8,266,000 8,245,000 4,343,000
5,437,000 14,983,000 7,615,000
8,754,000 12.207,000
13,287,000 12,607,000
565,000
849,000
1,292,000
1,492.000
5,493,000
5,463,000
26.000
498,000
36,000
327,000
909.000
5,455,000
979,000
979,000
120.000
115,000
202,000
230,000
52,387,000 18,190,000
43,771,000 19,971,000
25,000
46,000
186,000
94,000
27,463,000 17,271,000 1,700,000
32,111,000 20.311,000 1,736,000
290,000
312,000
21,326,000
26,474,000
6,306.000 3,860,000 1,181,006
113,000
7,974,000 3,345,000
30.299,000
32,782,000
5,669,000
5,391,000
54,000
11,222,000
10,596,000
2,276,000
1,190,000
4.000
27,000
3,567,000
3,356,000
229,000
464,000
125,000
5,997,000
8,441,000
3,030,000
3,975,000
251,000
283,000
8,000
34,000
8,000
Total WI
1930 -22,363,000 428,203,000 260,264,000 123,477,000 51,288,000 20,355,000
1929 -34.689,000 453,536,000 272,497,000 140,617,000 62,492,000 25,398,000
At the seaboard, too, the grain movement was
much smaller than in all other recent years. These
seaboard grain receipts include the movement to
Montreal as well as to United States ports, and the
Montreal receipts (reflecting Canadian shipments)
were also on a greatly reduced scale in 1930. For
the 52 weeks of 1930 the receipts at the seaboard
aggregated only 177,253,000 bushels as compared
with 211,457,000 bushels in 1929, and 420,420,000
bushels in 1928, as will be seen by the following
table:
PORTS FOR 52 WEEKS.
GRAIN AND FLOUR RECEIPTS AT SEABOARD
1927.
1925.
1926.
1929.
1930.
Receipts of25,310,000 24,578,000 25,208,000 23,225,000 25,217,000
barrels
Flour
Wheat_
Corn
Oats
Barley
Rye
bushebil64,010,000
4,959,000
6,088,000
1,268,000
928,000
Total grain
160,415,000
17,330,000
15.766.000
24,517,000
3,429,000
288,148,000 296,956,000 303,154,000
19,263,000 10,575,000 8,250,000
35,369,000 24,674,000 42,203,000
59.079,000 29,462,000 38,427,000
18,561,000 16,734,000 30,825,000
177,253,000 211,457,000 420,420,000 378,401,000 422,849,000
The Western livestock traffic also appears to have
been greatly reduced, and, as in the case of the grain
traffic, followed a marked falling off in the preceding year as compared with 1928. At Chicago the
receipts for the year comprised only 204,828 carloads
as against 221,328 carloads in 1929, 233,166 carloads
in 1928, 245,013 carloads in 1927, and 261,320 carloads in 1926. At Kansas City the receipts in 1930
were 87,537 cars against 97,673 cars in 1929, 102,152
cars in 1928, 106,302 cars in 1927, and 115,436 cars
in 1926, although at Omaha the receipts were 81,351
cars as against 81,253 cars in 1929, but comparing
Piet. 132.
with 86,494 cars in 1928, 89,163 cars in 1927, and
105,075 cars in 1926.
Coming now to the cotton movement in the South,
this was the smallest in many years, judged by receipts of the staple at the Southern outports, as also
in the case of the gross shipments overland. Total
.
shipments of cotton overland in 1930 were 721,301
bales as against 913,635 bales in 1929, 914,507 bales
in 1928, 1,137,001 bales in 1927, 1,580,136 bales in
1926, 1,646,167 bales in 1025, and 1,433,140 bales in
1924. At the Southern outports receipts of the
staple aggregated 8,340,401 bales in 1930 against
8,653,461 bales in 1929, 9,021,645 bales in 1928,
9,750,543 bales in 1927, 11,513,760 bales in 1926, and
9,445,560 bales in 1925, as is shown by the subjoined
table:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 To DEC.31,
1925 TO 1930, INCLUSIVE.
Full Year
1927.
1926.
1928.
1925.
1929.
Forst1930.
1,422,990 2,045,403 2,887,759 2443,591 3,239,336 3,202,321
Galveston
Texas City, dzc____2,951,411 3,028,784 2,924,486 3,144,754 3,600,632 2,013,723
Corpus Christi
595,775 421,225 260,459 145,991
14,971
Beaumont
19,225
New Orleans
1,453,403 1,761,162 1,565,743 1,901,407 2,210,042 2,145,265
339,392 218,610
494,257 405,636 269.313 316,538
Mobile
6.004
16.588
28,789
1,978
7.408
55,208
Pensacola
969,241 850,080
471.056 884,448
Savannah
684,232 497,091
Brunswick
48,900
528,746 340,234
345,372 208.741 226,719 432,086
Charleston
200
7,818
7,605
Lake Charles
38,404
132,109 1,39356
60,688 100,540 157,751 163,103
Wilmington
477,261 606,189
170,111 154,895 248,553 312,421
Norfolk
425
Jacksonville
Total
8,340,401 8,653,461 9,021,645 9,750,543 11,513,780 9,445,560
Loading of revenue freight on the railroads of the
United States furnishes a sort of composite picture
of the general traffic and revenues of the roads.
This tells the story of a trade depression, with resulting contraction in traffic, more emphatically perhaps than anything else. These statistics, as col.lected by the Car Service Division of the American
Railway Association, show that 45,887,413 cars were
loaded with freight during the 52 weeks of 1930 as
against 52,827,925 cars in 1929 and 51,589,887 cars
in 1928. It will be seen that 1930 suffered a decrease
from 1929 of almost 7,000,000 cars. Total loadings
by commodities for 1930 as compared with 1929 and
1928 were as follows:
LOADING OF REVENUE FREIGHT ON THE RAILROADS OF THE
UNITED STATES FOR 52 WEEKS.
1929.
1928.
1930.
2,512,937
2,396,195
2,265,925
Grain & grain products
1, 20, 1
1,41 a 1
1,285,245
Livestocir
8,768.487
9,095,271
7,951.868
Coal
533,716
634,427
487.152
Coke
3,327,270
3,248,408
2,368,419
Forest products
O
,,
9
re
6
12,201,445 13,205,698 13,165,578
Mdse.,less than carload lot freight
17,662,634 20,547,169 19,851,223
Miscellaneous freight
As to passenger traffic, we learn from the Bureau
of Railway Economics that this in 1930 was the
smallest of any year since 1906. Passenger revenues
in 1930 amounted to only $729,635,768, a decrease
of $144,400,550, or 16.5%, from 1929.
With so many contributing influences serving to
reduce traffic and revenues, and with the aggregate
falling off in total gross earnings for the whole body
of railroads in the United States exceeding a full
billion dollars, as already stated, it follows as a
matter of course that the losses on the separate roads
and systems were of equally striking character. The
list of these losses is, of course, a long one, including
virtually every prominent railroad system in the
country, and it would be a wearisome task to attempt
to enumerate even the most conspicuous of the losses.
We will say here only that, as would be expected,
those two great railroad systems, the Pennsylvania
RR. and the New York Central, stand at the head
of the list for extent of losses sustained. Each of
these two systems has fallen behind considerably
over $100,000,000 in gross revenues, and the loss in
the net of each runs behind the previous year in
amount not much below 100,000,000. In other
words, the Pennsylvania reports a decrease of $118,691,776 in gross and of $48,654,238 in net, while the
New York Central reports a falling off of $111,090,274 in gross and $46,584,097 in net. If in this
latter instance we add the Pittsburgh & Lake Erie
and the Indiana Harbor Belt, the result is a decrease
.in gross earnings even larger than that of the Pennsylvania RR., or $119,995,561, and a loss in net of
$47,986,459. Two Southwestern systems follow next
in order to the great trunk line systems referred to,
for amount of loss, namely, the Southern Pacific and
the Atchison. The Southern Pacific reports $49,533,033shrinkage in gross and $20,378,968 in net, and the
Atchison $44,196,590 in gross and $26,318,512 in net.
Iri the following we undertake to show all changes
for the separate roads and systems for amounts in
excess of $1,000,000, whether increases or decreases,
and in both gross and net. As a matter of fact, however, there are no gains for that amount either in
the gross or the net, the tWo tables being made up
entirely of losses, which is significant of the generally unfavorable character of the exhibits as a whole.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR TWELVE
MONTHS ENDED DECEMBER 31 1930.
Decrease.
Decrease.
Chicago & Alton
84.463,162
Cinc New Orl & Tex Pac_ 4,447,498
Southern Pacific(2rds.)- 49,533.033 St Louis Southwestern.- 4,331.148
4,289,217
Atch Top & Banta Fe (3) 44,196.590 Yazoo & Miss Valley.._
3,951.563
38,758,341 Central of Georgia
Baltimore & Ohio
Chic Milw St P & Poe.-- 29,391,066 Detroit Toledo & Ironton 3,893,643
3.886,271
28.090.595 Nashville Chatt & St L..
Illinois Central
Chic & North Western.- 24,702.473 Delaware & Hudson_ _ _ 3.459,565
Rock Island Lines(2 rds) 24,641,653 Chic Indianan & Loulsv_ 3,353.317
3
.286,418
Southern Railway
24,315.340 Mobile & Ohio
.200.515
NY N H & Hartford... 23,573.155 Bessemer & Lake Erie__ _ 3
Union Pacific (4 rds).--. 23.232,086 Internat'l Great North.... 3.172,637
.995,016
Chic Burl & Quincy
21,030,503 Chicago Great Western_ _ 2
Great Northern
20,936,732 Chic St Paul Minn & Om. 2,782.710
20,887,468 Buff Rochester & Pittsb. 2,466.223
Louisville & Nashville
2.416.367
Erie(3 roads)
20,359,863 Virginian
Missouri Pacific
19.620,225 Alabama Great Southern 2.402,399
Norfolk & Western
17,101.293 Term RR Assn of St Lou 2.390.753
Southern_ _
2.303,354
15,879.936 Kansas City
Northern Pacific
2.187,270
St Louis
-San Fran (3 rds) 14,884,173 Union RR (of Penn)_ _
2,111.377
14,662.222 Indiana Harbor Belt..
Wabash
13.564.316 Minneapolis & St Louis_ _ 1,974,835
Chesapeake & Ohio
1,7E15,209
Del Lack & Western_._- 12.081.732 N Y Ont Ss Western
11.252,062 Gulf Mobile & Northern. 1.733,608
Pere Marquette
1,729.760
Grand Trunk Western.- 11.176.369 Long Island
1,716,204
11.058.547 Florida East Coast
h hi ing
eeath Valley
10,274.311 Spokane Portl & Seattle- 1.558.912
Co
Missouri-Kansas
-Texas- 10.075.580 Richm Fred & Potomac_ 1.500.386
N Y Chic & St Louis_ _. 9.852.271 Belt Railway of Chicago.. 1.495.787
1.389,315
9.351.937 WesternPacific
Atlantic Coast Line
1,348,225
9.203.102 Monongahela
Boston & Maine
1.319.896
Minneap St Paul & S S M 8.760.793 Maine Central
8,474.859 New Orl & North East- 1,297,324
Seaboard Air Line
1.269.608
8,154,133 Central Vermont
Texas & Pacific
1,221.900
Duluth Missabe & North. 6.858,022 Dul Sou Shore & AtlDetroit & Tol Shore Line 1,220.939
Pittsburgh & Lake Erie.-6,793,910
1.218,345
Cent RR of New Jersey.. _ 6.383.117 Ann Arbor
1,213,803
5,613.976 Western Maryland
Chicago & Eastern Ill
1.206.832
Norfolk Southern
Denver&RloGrandeWest 5,081.132
4.976.238 Akron Canton & Youngs. 1.089,045
Wheeling & Lake Erie.
1.074.693
Colo & Southern (2 rds)_ 4.839,233 Detroit Terminal
Los Angeles & Salt Lake..4,798.815
$984,973,156
Total (96 roads)
Elgin Joliet & Eastern _ 4,604,825
Pennsylvania
1291
FINANCIAL CHRONICLE
FEB. 21 1931.]
ER:381,§1
ing to their location, the record is one of uniform
losses. The statement is true of each of the great
subdivisions of the country, namely, the Eastern
district, the Southern district, and the Western district, as well as to each of the different regions
grouped under these districts, and the remark
applies likewise to both gross earnings and net earnings. Our summary by groups is as follows. As
previously explained, we group the roads to conform entirely with the classification of the InterState Commerce Commission. The boundaries of
the different groups or regions are indicated in the
footnote to the table:
Gross Earning
Markt and Region.
Inc.(4-) or Dec.
(-)
1929.
1930.
Jan. 1 to Dee.31.$
5
Eastern District.New England Region(10 roads)_.. 237,163,792 274,759,465 -37,595,673 13.70
Great Lakes Region (31 roads)_ -1,036,409,524 1,263,437,033 -227,027,559 18.03
Central Eastern Region(23 roads)1,111,953,417 1,322,530,802 -210,577,385 18.00
Total(64 roads)
Southern District
Southern Region (30 roads)
Pocahontas Region (4 roads)
643,369,633
265,559,541
Total (34 roads)
Western District
Northwestern Region(17 roads). _
Central Western Region(25 roads)
Southwestern Region(30 roads)
769,131,250 -125,761,617 15.06
300,141,903 -34,582,362 11.54
908.929,174 1,069,273,153 -160,343,979 15.09
628,316,702 753,114,191 -124,797,489 16.58
922,681,083 1,085,982,892 -163,301,809 15.03
489,687,818 580,242,761 -90.554,943 15.62
2,040,685.603 2,419,339,844 -378,854,241 15.68
Total(72 roads)
Total all districts(170 roads)_5,335,141,510 6,349,340.347-1014,198.837 15.98
Net Earnings
Dist. & Region.
or Dec.(
Inc.
1929.
Jan. 1 to Dee.31-2Ifileage---1930.
%
$
35
$
Eastern Dist.- 1930. 1929.
New England_ _ __ 7,339 7,284 68,703,715 80,863,036 -12,159,321 15.05
Great Lakes
27.940 27,932 228,407,299 325,928.811 -97,521.512 29.93
24,241 24,220 275,017,537 368,210,518 -93,192,981 25.33
Central Eastern
(+)
Total
59,520 .59,436 572,128,551 775.002,365 -202873,814 28.19
Southern Dtst.Southern
40,087 40,113 139,504,093 189,021,799 -49,517,706 26.20
6,023 6,008 102,100,448 117,763,826 --15.683,378 13.29
Pocahontas
Total
46,110
Western Dist.
48,985
Northwestern _
Central Western...._52,754
Southwestern
35,148
Total
We need hardly say that when the roads are
arranged in groups or geographical divisions, accord-
46.121 241,604,541
306,785.625 -65,181,084 21.24
48,963 151,551.029 211,192,588 -59.641.559 28.53
52,715 268,696,680 341,286,854 -72.590,174 21.30
34,934 133,596,420 165.678,482 -32.082,062 19.40
136.887 130,612 553,844.129 718,157,924-164,313,795 22.88
Total all dists_ _242,517 242,169 1367,577,221 1799,945,914-432368,693 24.02
-We have changed our grouping of the roads to conform to the classifiNOTE.
cation of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.
-This region comprises the New England States.
Great Lakes Region.
-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
-This region comprises the section south of the Great
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va.. and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Miasissippl River
and south of the Ohio River to a point near Kenova. w. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Reglem.-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W. Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Regton.-Thlm region comprises the section adjoining Canada lying
West of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Regton.-This region compriaes the %fallen south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from Si. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Reg:wt.-This region comprises the section lying between the Mississippi River vouch of St. Louis and a line from St. Louis In Kansas City and thence
to El Paso and by the Rio Grande to the Gni of Mexico.
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louts, Michigan Central.
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $119,995,561.
PRINCIPAL CHANGES IN NET EARNINGS FOR TWELVE
MONTHS ENDED DECEMBER 31 1930.
Decrease.
Decrease.
248.651.238 St LoulsSan Fran (3 rds) 81.838,869
Pennsylvania
a46,584.097 Minneap St Paul & 85 M 4,735,442
New York Central
Atch Top & San Fe(3 rds) 26.318,512 Elgin Joliet & Eastern.-- 3,082,067
2,916.214
Southern Pacific (2 rds)_ 20.378,968 Chicago & Alton
-Texas- 2.844,244
Chic Milw St Paul & Pac. 12.488,054 Missouri-Kansas
11.330,681 Nashville Cliatt & St Lou 2,832,604
Baltimore & Ohio
2.725.691
10,776.668 Texas & Pacific
Southern Railway
10.725.771 Bessemer & Lake Erie_ _ 2,648.163
Norfolk & Western
10,639.700 Cent RR of New Jersey.. 2,332.072
Great Northern
10,507,857 Chesapeake & Ohio
2.327.868
Chic & North Western
Union Pacific (4 roads).- 9.646,150 Wheeling & Lake Erie_ _ _ 2.260,474
9.409,957 Los Angeles & Salt Lake.. 2.241.377
N Y N If & llartford
Chicago Burl & Quincy... 8,342,774 Colo & Southern (2 rds)_ 2,204,099
8,062,691 Delaware & Hudson......2,054,529
Northern Pacific
1,959,320
Louisville & Nashville.._ 7,709,068 Detroit Toledo & Iron
1,911.049
Chicago & Eastern Ili.... 7.622.375 Union RR of Pa
7.091.533 Internat'l Great Northern 1,778.105
Erie (3 roads)
1,664,791
Del Lack & Western ...._ _ 6,974.675 Mobile & Ohio
Rock Island Lines (2 rds) 6,638,026 Chic Indianan & Louis_ 1,632,969
6.553.475 Indiana Harbor Belt.... 1,473,526
Illinois Central
6.505.406 Virginian
1,375.472
Reading Co
Grand Trunk Western... 6.497,746 Denver&RioGrandeWest 1,239.767
MIssabe & North 6,053,625 Richm Fred & Potomac.. 1,234.267
Duluth
Minn & Om. 1,230.373
5,937.031 Chic St Paul
Pere Marquette
5,726.331 Alabama Great Southern 1,218,815
Missouri Pacific
5,702,068 Kansas City Southern.-- 1,185,029
Lehigh Valley
5,636.561 Spokane Portl & Seattle_ 1.148,395
Wabash
5.605.808 Gulf Mobile & Northern.. 1.060,185
Coast Line
Atlantic
5,348,357
Seaboard Air Line
Total (70 roads)
$404.721,163
Chicago & St Louis. 5.067,184
NY
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. IncludLake Erie and the Indiana Harbor Velt. the result
ing the Pittsburgh &
Is a decrease of $47,986,459.
2,385,526,733 2,860,727,350 -475,200,617 16.61
We now add our detailed statement for the last
two calendar yews, classified by districts and regions
the same as in the table above, and giving the figures
fol. each road separately:
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO DEC. 81.
Eastern District.
Na
-Gross
Inc. or Dec.
1929.
1930.
1929.
New England
1930.
Region,
3
Bangor & Aroostock 8,365.757 8,135,674 3.015.519 2.795,160 +220,359
Boston & Maine...... 69,278,338 78,481,438 18,412,729 19,072,496 -659,767
Can Nat System-48,504
Atl & St Lawrence 1,956,710 2,346,177 -182,480 -133,976
1,978,865 -711,124
1,267,741
Central Vermont.. 7,584,733 8,854,341
Grand Trunk West-See Great Lakes Region
Duluth Winn & Pac-See Northwestern Region
Can Pac Lines
144,372 -101,074
43,298
C P Lines ln Me__ 2,505,954 2,763,328
34,965
196.952 -161,987
C P Lines in Vt.... 1,790,949 2,089,853
flu! So Shore & AU-See Northwestern Region
Minn St Paul & S S M-See Northwestern Region
Spokane International-See Northwestern Region
18,992,373 20,312,269 4,646,428 5,245,008 -598,580
Maine Central
New Haven System
NY Out & Western-See Great Lakes Region
NYNIt& Hart_118,885,515 142,458,670 38,930.188 48.340,125 -9,409,957
1,733,652
1,982,864 -249,212
2,517,279 3,041,033
N Y Cementing
801,695
1,241,170 -439.475
5,286,186 6,276,682
Rutland
Total(10 roads) _237,163,792 274,759,465 68,703,715 80.863,036 -12159,321
1292
FINANCIAL CHRONICLE
-G1'035^
Net
areal Lakes
1930.
1929.
1929.
Inc. or Dec.
1930.
Region.
$
Buffalo Roch Pitts 15,364,002 17,830.225
3,242,357 -800,892
2,441.465
Can Nat System
AU & St Lawrence-See New England Region
Central Vermont
-See New England Region
Duluth Winn & Pac-See Northwestern Region
T Western__ 26,243,106 37,410,475
4,197,237 10,694,983 -4,497,746
Delaware & Hudson 37,906,143 41,365,708
9,225,200 -2,054,529
7,170,671
Del Lack & Western 69,661,490 81,743,222 17,048,637 24,023.312 -6,974,675
Detroit Se Mackinac 1,082,774
312,291 -189,418
122,873
1,586,302
Detroit Terminal_.... 1,361,663 2,436,356
768,871 -496,285
.72,586
Det Tol & Shore Line 3,725,251
1,717,674
4,946,190
2,092,568 -374,894
Erie System
Chicago de Erie- 13,623,463 15,619,839
6,739,440 -1,437,264
5,302,176
Erie
95,372,547 113,610,598 19,224,586 24,860,081 -5,635,495
NJ&NY
1,542,907
188.383
1,417,471
169,609
-18,774
NY Susq& West.. 4.709,619
5.057,565
1,303,383
1,337,827
+34,444
Lake Terminal
146,377
1,208,234
240,933
985,085
-94,556
Lehigh Valley
60,664,188 71,722,735 12,519,533 18,221,601 -5,702,068
Lehigh & Stud River 2,254,087
871,638 -245,168
626,470
2.649,345
Lehigh & New Engl. 5,065.787
1,282,096
5,084,659
1,314,293
-32,197
Monongahela
2.734,809
7,424,672
3,602,146 -867,337
6,076,447
Montour
882,203
2,436,498
822,585
2,563,202
+59,618
New Haven SystemNYNH& Hartford-See New England Region
NY Ont dx West.. 10,417,388 12,212,597
1.952.608
2,010.269
-57,661
N Y Central Lines
Ind Harbor Belt
3,388,090
10,856,069 12,967,446
4,861,616 -1,473,526
5,810,246
Pitts & Lake Erie.. 27,341,198 34,135,108
5,739,082
+71,164
New York Centra1478,918.350 590,008,624 102,178,934 148,763,031 -46584,097
NY Chic de St L.- 46,533,185 56,385.456 11,421,387 16,488,571 -5.067.184
283,561
1,957,313
Newb & So Shore
476,936 -193,375
1,372,591
8,186,107 14,123.138 -5,937,031
Pere Marquette...._ 37,216.377 48,468,439
1.798,767
264,986
Pitts Shaw & North.. 1.569,868
143,790 +121.196
296.532
1,511,030
1,176,421
318,671
Pitts & Shawmut
-22,139
4,729.605
3.787,880
1,240,217
West Va
1,799,681 -559,464
Pitts &
1,606,937
216.627
1,170,671
Toledo Terminal_
509,970 -293,343
1,094,104
976,641
89,383
Ulster & Delaware...
136,279
-46,896
Wabash System
5,025.808 6.244,153
1,160,802
Ann Arbor
1,676.161 -515,359
61,970.752 76,632.974 14,720,990 20,357,551 -5,636,561
Wabash
Western District.
Gross
Northwestern
1930,
1929.
1930.
Region$
Canadian Nat'l SystemAti & St Lawrence-See New England Region
Central Vermont-See New England Region
Dui Minn & Pao_ 1,753,392
2,484,113
42,115
Grand Trunk West-See Great Lakes Region
Canadian Pat System
Can Pac Lines in Me
-See New England Region
Can Pac Lines in Vt-See New England Region
Dul So Shore & Atl 3,749,601
461,300
4,971,501
Minn St P&SSM 39,892.858 48,653,651
8,596,991
Spokane Internat'l
202.711
1,243,838
944,144
Chic& Northwest ....130,030,474 154,732,947 28,939,050
Chic St P M & Om- 24,436,288 27,218,998 3,919,385
Chic Great West__ 22,830,321 25,825,337 6,249.922
Chic MU St P.8 Pao 142,755,332 172,146,398 30,339,852
Chic River & lad...... 6,124,611
2.636,335
7,069,100
Dul Missabe & Nor_ 21,007,438 27,865,460 9,460,684
Great Northern_ ......104,996,076 125,932,808 32,430,198
Lake Superior Ishp. 2,257,468
3,130,099
884,911
Minn & St Louis...... 12,725,671 14,700,506
1,898,010
Northern Pacific_
80,642,412 96,522,348 17,907,992
Seek Portl & Seattle 7,836,349 9,395.261
2,346,318
Union Pacific System
Los Ang At Salt Lake-See Central Western Region
Oregon Short Line-See Central Western Region
St Joseph & Or Island-See Central Western Region
Union Pacific
-See Central Western Region
Ore-Wash Ry & N 24,565,036 29,225,194
4,775,722
Green Bay & West__ 1,769,231
459.533
1,996,632
FoL. 132.
Net1929.
382,382
Inc. or Dec.
-340,267
982.679 -521,379
13.332,433 -4,735,442 •
384,850 -182,139
39,446,907 -10507,857
5,149,758 -1,230,373
5.958,265 +291.657
42,827,906 -12488,054
3,173,453 -537,118
15,514,309 -6,053,625
43,069,898 -10639,700
1,567,960 -683,049
2,869,499 -971,489
25,970,683 -8,062,691
3,494,713 -1,148,395
6,535,293 -1.759,571
531,600
-72,067
Total(17 roads)_ _628,316,702 753.114.191 151,551,029 211,192,588 -59041,559
Net
Gross
Central Western
1930.
1929.
1929.
1930.
Inc. or Dec.
Region
$
Atchison SystemAtch Top.85 Fe_185,261,863 221,821,610 55,386,773 77,428,676 -22041,903
Gulf Colo & Santa Fe
-See Southwestern Region
Panhandle.8 Santa Fe
-See Southwestern Region
Bingham & Garfield
44,258
551,227
169,548 -125,290
367,195
Burlington Route
Chic Burl & Quin_141,379,422 162,409,925 42,501,608 50,844,382 -8,342.774
Quincy Om de K C
780,486
26,783
-46,904
768,345
4-73,687
Wor &Den City 9,484,711 12,396.410
2.808,813
4,482.068 -1,673,255
Colo Southern...... 10,302,742 12,230,276
2,464,791
2,995,635 -530,844
Wichita Valley-See Southwestern Region
3,758,638 6,704,852 -2,946,214
Total(31 roads). 1036409,524 1263437,083 228,407,299 325.928,811 -97521,512 Chicago & Alton.... 24.265,192 28,728,354
Deny & Rio Or West 29,747,537 34,828,669 9,053,736 10,293,503 -1,239,767
Denver & Salt Lake.. 3,197,282
1.222,331
3,981,131
1,754,484 -532,153
--Gross
Nevada Northern....
278.104
Net
1,324,630
824,537 -546,433
745,073
Central Eastern
1929.
1930.
1930.
482,934
1929. Inc. or .Dec. Northwestern Pat.... 5,555,533 6,186,763
801,876 - 318,942
Region.
Peoria & Pekin Un__ 1,620,785
325,355
1,825,888
482,872 -157,517
$
Akr Cant .8 Ygstwn 2,720,402
3,809,447
857,030
1,621,914 -764,878 Rock Island System
Chic Rock Isl &0 6,695,591
2,404,124 3,720,076 -1,315,952
8,250,983
Baltimore & Ohio-206,660,435 245,418.776 53,518,061 64,848,742 -11,330,681
Chic Rock 191 & P 116,384,319 139,470,580 30,124,028 35,446,102 -5,322,074
Staten lel 1Rap Tr_ 2,448,959
2,637,897
619,249
745,550 -126,301
B,40Chic Term... 3,851,975
4,392,489
613,669
967.426 -353,757 Southern Pacific System
Southern Pacific_188,837,681 226,147,662 56,006,413 72,533,631 -16527,218
Belt Ry of Chicago_ 6,803,387
8,299.174. 2,125,289
2,690,381 -565,112
Tex
Bessemer & L Erie_ 14,712,458 17,912.973 5,417,112
-See Southwestern Region
8,065,275 -2.648.163 Tol & New Orleans
Peoria & West
497,279
2,273,636
Bklyn E. D.Term._ 1.311,112
582,248
1,992,631
1,425,378
-84,967
516,202
540,343
24,141
Union Pacific System
Buff & Susquehanna 1,826,792
1,767,549
342,616
152,414
+190,202
Ore Short Line_
33,991,955 39,462,471 10,874,663 13,907,053 -3.032.390
Chesapeake & Ohio-See Pocahontas Region.
Los Ang& S Lake 22.770,335 27,569,150 5,590,594
7,831,971 -2,241,377
Chic-Ill de Midland_ 3,155.470
3,052,413
752,858
677,575
+75,283
Ore-Wash Ry & Nay Co-See Northwestern Region
Chic Ind & Loulsv__ 14,725,077 18,078,394
3,536,684
5,169,653 -1,832,989
St Joa & Cr Island 3,604.258
1,220,241
3,951,177
1,295,499
19,784,299 25,398,275 -1.917,197
Chic & East III
-75,258
5,705,178 -7,622,375
Union Pacific_ ___108,345,285 121.099.778 37,276,783 42,055,714 -4,778,931
Elgin Joliet & East_ 21,807,616 26.412,441
6,234,141
9,316,208 -3,082.067
548,515
2,111,702
846,346 -297,831
1,689,796
Monongahela Conn_ 1.828,931
2,568,634
346,509
730,041 -383,532 Utah
3,145.742 3,249,853 -104,111
Det Tol & Ironton.._ 10,163,777 14,057,420
4,033,070 5,992,390 -1,959,320 Western Pacific...... 16,298,581 17,687,896
194,523
1,275,250
329.477 -134.954
1,017.784
Conemaugh & B Lk_ 1,390,983
2,139,242
165,901
449,489 -283,588 San Diego & Ariz
2,292,698
Illinois Terminal_ _ _ 7,490,935
8.154,358
2,502,619 -209,921
Pennsylvania System
166,953
1,462,880
250,738
866,252
-83,785
39.596,434 41,326,194 13.490,509 13.591,515 -101,006 Okla City-Ada-Atok
Long Island
Pennsylvania_ _ 574,446,955 693,138,731 144,059,132 192,713,370 -48.654,238
Total(25 roads).-922,681,083 1085982,892 268,696,680 341,286,854 -72,590,174
Reading System
Atlantic City - 3.046.203
3,988,454 -139,757
634,623 -774.380
Net
-Gros
Central of N J.- 51.753.823 58.136,940 13,586.572 15.918,644 -2,332.072
Southwestern
1929. Inc. or Dec.
1930.
1929.
86,922,614 97.196.955 14,761.753 21,267,159 -6,505.406
1930.
Reading
Region.
$
1,562,446
3.473.495 -1,911,049
Union RR of Pa....... 8,844,037 11,031,307
Western Maryland_ 17,792,694 19,006,497 6,154.132 6,297.089 -142,957 Atchison System-Set Central Western Region.
Atch Top .8 Santa Fe
Wheeling & L Erie- 16.358,984 21,335,222 4.381,570 6,642.044 -2.260,474
Gulf Coio&S Fe.. 25,510,585 30,234,223
6,907,460 8,937,091 -2,029,631
Panhandle & S Fe 15,848,596 18,561,801
4.206,189 6,453,167 -2,246,978
Total(23 roads) 1.111.953.417 1322530,802 275,017,537 368,210,518 -93,192.981
Burlington Route
Chic Burl & Quincy-See Central Western Region.
Total Eastern Dis-See Central Western Region.
Quincy Omaha & KC
.
trict (84 roads)..2,385,526,733 2860727,350 572,128,551 775 002,365-202,873,814
Colorado dr Southern-See Central Western Region,
Ft Worth de Denver City-See Central Western Region.
879,461
174,175
1,489,517
Wichita Valley__
626,923 -452,748
Southern District.
1,528,874
Ft Smith & Western 1,332,486
226.586
285,504
-58,918
Gross
Net
San Francisco Lines
Southern
1930.
1929.
1930.
1929.
815.446
1,234,598 -141,257
Ft W & Rio Grand
Inc. or Dec.
-17,958 -123,299
Region$
St L & San Fran__ 70,956,462 85,101,340 20,831,112 25,412,186 -4,581,074
4,719,692 -256,358
Atl Bites & Coast__ 4,098,580
75,320 -331,678
St L & San F of T 1,893,420
2,213.563
362.303
493,799 -134,496
Atl Coast Line SystemGalveston Wharf_ _ _ 1,882,849 2,390,022
704,966
941,263 -236,297
Atl Coast Line......63.019,957 72,371.894 13,334,497 18,940,305 -5,605,808 Kansas City Southern
2,885,412
301,367
Atl & West Point. 2,339,981
538.262 -236,895
Kan City Sou....... 16,572,718 18,876,072
4.967,270 6,152,299 -1,185,029
3,153,362
Charles & W Car_ 2,795.654
548,346
738,205 -189,859
Texarkana & Ft 9 2,523,976
3,102,150
1,009,225
1,550,508 -541,283
6.016.063 6,783,240
Clinchfield
2,017.718
2.449,666 -431,948 Kansas Okla & Gulf 3,093,859
3,698,842
1,358,183
1,837,343 -479,160
4,642.702 5,281.995
Georgia
654,097
885,637 -231,540 Louisiana Arkansas.. 6,980,607
7,866,665
2,253,205
2,552,237 -299.032
Louisv & Nashv 112,440.985 133.328,453 19,947,148 27,656,216 -7.709.068 La Ark & Texas....
913,927
1,079,722
-16.501
-74,808
58,307
2,973,742 5,806,346 -2.832,604 Midland Valley__ 3,007,508
Nash Chat .8 9t L 19,317,453 23,203.724
3,581,686
1,214,408
1,511,522 -297,114
2,508,623
3,022,299
441,605
West Ry of Ala
563,498 -121.893 Mo & North Ark__ 1,632,445
1,933.824
175,080
-34,518
209,598
1,941.195
200.310
Columbus & Greenv 1,598,382
481,314 -281.004 Missouri Illinois...._ 1,814,371
2,324,095
490,922
774,850 -283,928
3.115.606
4,008.349 -892,743 Mo-Kan-Texas
Florida East Coast_ 11,729.811 13,446,015
45,948,859 56,024,439 15,723,856 18,568,100 -2,844,244
1,673,596
192,327
201,891
Georgia & Florida... 1,695.137
-9,564 Mo Pacific System7,631,220
1,330,823
2,391,008 Gulf Mob .8 North_ 5,897,612
Beaumont M.& W 3,148,729
1.060,185
3,597,534
696,247
1,029,637 -333,390
Illinois Central Sys
Intern Gt North
15,072,347 18,244,984
2,217,607
3,995,712 -1,778,105
21,082,429 25.033,902 4,959,289
5,899,190 -939,901
Cent of Georgia
Missouri Pacific_120,187,689 139,807,914 31,178,142 36,904,473 -5,726,331
3,177.916
402,224
462,948
-'60,724 New0 Tex & Mex._ 3,021.225
Gulf St Ship Island 2.577.151
3,022,576
848,892
-1,609
848.501
Illinois Central- _125.093,213 153.183,808 28,797,710 35,351,185 -6,5.53,475 St L Brownsv & Mac 9.060,980 8,319.223
3,385,131
2,687,869 +697.262
5,836.210
6.163,601 -327,391 San Ant Uvalde.80 1,828,257
Yazoo & Miss Val 23,296.348 27,585.565
1.904,993
511,144
+90,685
420,459
1.644,922
221.928
460.860 -238,932
Texas & Pacific... 37,542.301 45,696,434 11.121.022 13,846,713 -2.725,691
Mississippi Central.. 1,317,572
3,262,756
769,894
860,340
-90.446 St L Southwestern
New Ori & Grt Nor_ 2,778,287
21,881,362 26,212,510 4,936,982
5.848,370 -911,388
1.530,371
6,901.455 8.108.287
2,103.412 -573,041 Sou Pacific Lines
Norfolk Southern
Southern Pacific-See Central Western Region.
Seaboard Air Line... 49,677,049 58,151,908 10,215,994 15,564,351 -5,348,357
Texas & New Orl_ 62,104,912 74,327,964 15,571,423 19,423,173 -3,851,750
Southern Ry SY(Item
1,775.507
2.994,322 -1,218,815 Term Ry Assn of StL 10,140,836 12,531,589 2,506.337
7,934,231 10.336,630
Ala Great South
3,491,412 -985,075
4,657,794
5,262,471 -601,677 Texas Mexican
Cinc N 0& T P._ 18,041,950 22,489,448
1,110,983
-86,754
1,333.541
173,231
259,985
660,005
636,078
+23.927 13urlington & R
Ga Sou & Florida_ 3,563,710 4,226,395
2,197,609
2,821,549 -329,994
116.053 -446,047
4,046.221 -1,664,791 Wichita Falls de Sou_
11029,114 17,315,532 2,381.430
Mobile & Ohio
983,013
1.180,517
456.386 -121,312
335,074
1,053,763
5,599.681
1,928.235 -874,472
41302,357
New Or!& N E
697,859
744,280
1,806,399
Total (30 roads) 489,687,818 580,242,761 133,596,420 165,678,482 -32,082,002
-46,421
New Orl Terminal 1,743,457
339,114
510,449 -171,335
1,251,704
996,924
Northern Ala__
0,
118,868,608 143.183.948 29,705.892 4 482,360-10,776,668 Total Western DisSouthern Ry
698,081
815,479 -117,398
trict(72 roads)___2040685603 2419339,844 553,844,129 718,157,924-164313795
Tennessee Central 3,064.838 3,330,262
Total(30 roads)_643.369,633 769,131,250 139.504.093 189,021,790-49,517,706
Net
--Gros
1929.
1930.
Inc. or Dec.
1929.
Pocahontas
1930.
$
$
Region8
Ches & Ohio System137,230,375 150.794,691 50.263,858 52,591,726 -2.327,868
Ches dr Ohio
Norfolk dr Western_100.530,458 117,631,751 40,854,733 51.580.504-10,725,771
3,701.359 -1,234,267
2,467,092
Rich Fred & Pot.- 10,343,439 11,843,825
Virginian
17,455,269 19,871.636 8,514,765 9.890,237 -1.375.472
Total(4 roads)__ _265.559,541 300,141.903 102,100,448 117,763,826-15,663.378
Total Southern
Dist. (34 rds.)-908,929,174 1069273153 241,604,541 306.785.625-65,181,084
Total all districts
(170 roads)
5335141510 6349340.347 1367577,221 1799045,914-432368693
WEATHER CONDITIONS AND RESULTS IN
EARLIER YEARS.
As to weather conditions, which often are an important
factor affecting traffic and revenues in the early months
of the year, the winter of 1930 appears to have presented
nothing out of the ordinary; while there were numerous
periods of extreme cold, there were also some unusual
FEB. 21 1931.]
FINANCIAL CHRONICLE
spells of warm weather, resulting in the melting of snow
and ice, which latter led to the overflow of some of the
streams in different parts of the country. In 1929 weather
conditions were not much of a drawback in the northern
part of the eastern half of the country. In the western half,
however, the winter was quite severe, extreme cold accompanied in many instances by repeated heavy snowfalls, having seriously interfered with railroad operations. The
remark applies particularly to Wisconsin, Iowa, Colorado,
Utah, Wyoming, Montana, Idaho, and, indeed, all the way
west to the State of Washington. Colorado seems to have
suffered most In that year from accumulated snow. Thus
Associated Press dispatches from Denver, Feb. 7 1929,
said that railroad transportation in the mountainous regions
of southwestern Colorado was at a standstill, while section
crews began a two weeks' task of clearing tracks of the
heaviest snowslides in many years. The towns of Silverton, a mining community, and Craig, on the Denver & Rio
Grande Western RR., were completely isolated, it was
stated. Nine snowslides had crashed down on the tracks
since Feb. 2, and one of these was said to be from 40 to 75
feet deep and 800 feet wide. The Rio Grande Southern,
operating on the Lizard's Head Pass, it was also stated,
was blocked by snowdrifts, though there were no snowslides. It was likewise reported that highways in Wyoming,
Utah, and Idaho were blocked by snowdrifts and that zero
temperatures were general. Montana appears to have
suffered in a similar way. On Feb.9 1929 Associated Press
advices from Kansas City stated that railroad transportation in southwestern Colorado had been further hindered
by additional snow and that zero temperatures prevailed
in that region and in Kansas, Oklahoma, and the Texas
Panhandle. Two more snowslides had crashed on the
tracks of the Denver & Rio Grande Western between Durango and Silverton, Col., making a total of 11 in 13 miles.
On Feb. 17 1929 press dispatches from Durango stated that
relief from a food shortage, which had become serious, was
in sight for the isolated town of Silverton, Col., as large
forces of workers continued to cut through mountains of
snow, which had blockaded the once famous mining camp
since Feb. 3. Avalanches of snow, which had buried the
Denver & Rio Grande Western tracks into the town to a
depth ranging from six to 80 feet were then expected to be
cleared away within three days to enable a train to pull
into the town with food and commodities. At different
times during March of 1929 also there came reports of
snowslides at widely separated points in the section of
country referred to—Colorado, the Dakotas, Montana, the
State of Washington, &c.
In the early months of 1928 the winter ranked as one of
the mildest on record, complaints of obstruction to railroad
operations from snow or ice or extreme cold having been
entirely absent in all parts of the country. In 1927, too, the
winter was not severe in any part of the country if we except
a limited area in the Rocky Mountain regions where unusually heavy falls of snow were encountered during January, February, and March. In fact, it may be said that in
some of the Rocky Mountain States, particularly Colorado
and Wyoming, repeated heavy snowstorms occurred all
through the winter of 1927, making railroad operations difficult; even towards the middle of April an unusually severe
spring blizzard was reported, seriously interrupting traffic,
the latter extending also into South Dakota. Barring this,
however, the winter of 1927 did not impose drawback of any
great consequence anywhere. In 1926, likewise, the winter
on the whole was not much of a disturbing influence. The
situation in that respect was not so extremely good as it
had been in 1925, and yet was on the whol3 quite favorable.
In January weather conditions in 1926 did not impose much
of an obstacle to railroad operations over any large sections
of the country. On the other hand, in February the New
England roads suffered by reason of heavy falls of snow.
The winter of 1926, taking the country as a whole, was, as
stated, quite mild, but in February there were some big
snowstorms in the East, with, however, nothing approaching a blizzard. In other words, there were no big drifts to
tie up traffic and interfere seriously with the running of
trains. In this city there was in 1926 no snowfall of any
consequence during the winter until February, but in this
last-mentioned month there were two very heavy snowstorms, namely, one on Feb. 3-4, when 10.3 inches of snow
1293
fell, and another on Feb. 9-10, when the snowfall was 11.6
inches. For the whole month of February the snowfall in
this city in 1926 aggregated 25.7 inches, being the heaviest
on record for any February since 1899, when the fall was
27.5 inches, and comparing with only 0.8 inch in February
1925 (when, however, the fall was extremely heavy in
January), and with 11.5 inches in February 1924 and 17.9
inches in February 1923. The February snowstorms in 1926
seem to have extended all over New England and through
New York State. New England roads virtually all reported
for that month large losses in gross, as well as in net, and
no doubt the circumstances mentioned were in part responsible for this, in addition to which, however, these roads must
have had their coal traffic reduced by the anthracite miners'
strike.
In both 1925 and 1924 the railroads enjoyed quite remarkable exemption from bad weather and from the often
extreme rigors of the winter. In January 1925 bad weather
was somewhat of a drawback on certain lines here in the
East, though not to any great extent for the country as a
whole. There were repeated snowstorms in these parts in
the month in 1925, and in New York City the fall of snow
was the heaviest of any January in the history of the local
weather bureau, reaching 26.2 inches. This compared with
only 2.6 inches in January 1924, but with 21.9 inches in
January 1923, this latter having also been a month of very
heavy snowfalls. A storm which came toward the end of
the month in 1925—that is, Thursday, Jan. 29, and extended
into Friday, Jan. 30—proved particularly mischievous in
New York State. The New York Central RR. reported it
as the worst in its history, especially between Albany and
Rochester, causing considerable delay in the running of
trains. The 20th Century train from Chicago was 16 hours
late in reaching the Grand Central Terminal in New York
City. It was due at 9:40 a. m., but did not arrive until 1:18
and 1:33 the following morning (Saturday), coming in in
two sections. The area of disturbance, however, in this way
was very much circumscribed, being confined largely to
New York and New England, while elsewhere in the northern part of the country the winter was comparatively mild
and little complaint was heard of obstruction because of
snow and ice or because of extreme cold.
After this heavy snowstorm in New York State the latter
part of January (1925), from which, as noted, other parts
of the country were exempt, mild weather developed in
February, and this may be said to have been a condition
common to the whole United States and even Canada, the
winter nearly everywhere having been an open one and
spring having come unusually early virtually everywhere.
Nor was there much severe winter weather in 1924, but in
1923, on the other hand, the winter was of unusual severity
in many parts of the northern half of the United States,
especially in New England and in northern New York,
where the roads suffered from repeated snowstorms and
from the depth of the accumulated snowfalls, with resulting
large increases in operating expenses.
It has already been noted that the falling off of $1,014,198,837 in the gross during 1930 and of $432,368,693 in the
net followed only $162,305,781 gain in gross and $91,282,713
gain in net in 1929 over 1928. The year 1929 was one of
unexampled activity in trade up to the time of the panic,
but after this latter event trade suffered a severe setback,
and losses in October, November, and December offset to
that extent the gains of the early months of that year.
Moreover, the 1929 gains, at least as far as the gross earnings are concerned, were really a recovery of the losses
sustained in the two years immediately preceding. For
the calendar year 1927 our compilations had shown a falling off of no less than $253,305,228 in the gross earnings and
of $155,453,498 in the net earnings, and in our comments
on the results for that year we remarked that it had been
in fact the poorest year that these rail carriers had had
since their return to private control in 1920. In 1928 our
statement showed a further loss in gross earnings of $30,265,342 in comparison with the poor results of 1927, accompanied, however, by a saving in expenses of $135,435,125,
producing, therefore, a gain in net of $105,169,783, which
to that extent acted as an offset to the much larger loss
in net sustained in 1927. Though the further gain in gross
recorded in 1929, amounting to $162,305,781, did not serve
to wipe out entirely the very heavy losses in gross sustained
_1294
FINANCIAL CHRONICLE
daring the two preceding years, the showing of the net
was the best ever made as the result of the further increase
in the sum of $91,282,713 in that year. It should not escape
attention that while there was very considerable trade
revival in 1928, particularly during the last half of the
year, and certain leading industries enjoyed prosperity for
nearly the whole of the 12 months, full recovery from the
setback of 1927 did not ensue until 1929. During the early
months of 1928, outside of a few excepted industries, the
volume of trade was in many instances moderately smaller
than it had been in 1927. There was in 1928, it is true, a
revival of the automobile trade after the severe slump which
that trade had experienced during the previous year, which
slump, however, was due mainly to the fact that the Ford
plants were then out of commission, being engaged in devising a new model of ear. But it remained for 1929 to show
what the automobile industry could do in a period of real
trade revival and with the Ford plants once more operating
at a normal capacity, and apparently no obstacles of any
kind existing to full capacity production anywhere. In like
manner it remained for 1930 to show what a setback the
automobile trade could experience at a time of a general
slump in business.
The 1927 loss in net was the first the roads of the United
States had sustained after a long series of gains beginning
with 1921. On the other hand, previous to 1921 expenses
had been mounting up in a frightful way until in 1920 a
point was reached where even some of the strongest and best
managed roads were barely able to meet ordinary running
expenses, not to mention taxes and fixed charges. And it
was these enormously inflated expense accounts that furnished the basis for a good part of the saving and economies
effected in the years after that. As compared with 1920,
the roads in both 1921 and 1922 also had the advantage of
much more favorable weather conditions. In 1921 the
winter was exceptionally mild, and much the same remark
may be made with reference to the winter of 1922. This
last, while perhaps not so extremely mild as the winter of
1921, was at all events not of unusual severity-at least not
of such severity in most of the country as to entail heavy
expenses for the removal of snow and the clearing of tracks,
though the winter is declared to have been a hard one in
certain special sections, in Wyoming and Montana, for
Instance, and contiguous territory. In 1920, on the other
hand, the winter had been exceptionally severe.
In commenting on the results for 1920 and noting the tremendous increase in operating costs in that year, we took
occasion to say that, taken in conjunction with the antecedent huge additions to expenses, it constituted an unfavorable record for which no parallel could be found in American railroad history. As a matter of fact, 1920 constituted
the fourth successive year in which the net had fallen off
in each year, too, in face of very substantial gains in the
gross earnings. As showing how extraordinarily poor the
results were in 1920, we may say that while there was an
addition to •the gross of no less than $1,026,235,925, net
actually fell off in amount of $303,953,253. In 1919 the
Increase in the gross was of only moderate extent (5.25%),
and yet amounted to $258,130,137. As It was accompanied,
however, by an augmentation in expenses of $401,609,745,
there was a loss in net of $143,479,608, or 15.80%. For
1918 our compilation showed an increase in the gross in the
sum of $863,892,744, or 21.40% (due in no small measure
to the advance in rates made by Director-General McAdoo
at the close of May in that year), but the addition to the
expenses reached $1,148,664,364, or 40.35%, leaving a loss
in the net of $284,771,620, or 23.92%. The prodigious augmentation in the 1918 expenses was due not merely to the
general rise in operating costs, but yet more to the tremendous advance in wages granted by Director-General McAdoo
in May 1918, and made retroactive to the 1st of January of
that year. But even for the calendar year 1917 our compilations showed that while gross had increased $430,679,120,
or 11.61%, this was attended by a rise in operating expenses
of $490,738,869, or over 20%, leaving a loss of $60,079,749
in net earnings. There was this qualifying circumstance,
however, with reference to the 1917 loss in net, namely,
that it followed strikingly good results, both as regards gross
and net, in 1916 and 1915. On the other hand, it is equally
important to remember that these gains for 1916 and 1915
represented in part a recovery of previous losses.
[Vol.. 132.
In the following we show the yearly comparisons as to
both gross and net for each year back to 1907. For 1910
and 1909 we take the aggregates of the monthly totals as
then published by the Inter-State Commerce Commission,
but for the preceding years we give the results just as registered by our own tables each year
-a portion of the railroad
mileage of the country being then always unrepresented in
the totals, owing to the refusal of some of the roads at that
time to furnish monthly figures for publication.
Gross Earnings.
Length of Road.
Year.
Year
Given.
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
MO
$
2,287,501,605
2,235,169,873
2,605,003,302
2.836,795,091
2,805,084,723
3,012,390,205
3,162,451,434
2,972,614,302
3,166,214.616
3,702,940,241
4,138,933,260
4,900,759,309
5,173,647,054
6,204,875,141
5,552,022,979
5,522.522,416
6,392.058,872
5,961,186,643
6,177,280,802
6.435,539,259
6.195,259,346
6,168.119.487
6,339,246,882
A.3351:11 A10
Year
Preceding.
Increase 1-1-) or
Decrease (-).
$
2,090,595,451 +196,906,154
2,536,914,597 -301,749,724
2,322,549,343 +282,453,959
2,597.783,833 +239,011,258
-30,024,816
2,835,109,539
2,790,810,236 +221,579.969
3,019,929,637 +142,521,797
8,180,792,337 -208.178,035
3,013,674,851 +152,539,765
3,155,292,405 +547,697.836
3,707,754,140 +430,670,120
4,036,866,565 +863,892.744
4,915,516,917 +258,130,137
5,178,639,216 +1026,235,925
6,216,050,959 -664,027,980
+43,893,964
5,478,828,452
5,608,371.650 +733,687,222
6,332,874,535 -371,087,892
5,977,687,410 +199,593,392
6,169,453,120 +266.086,139
6,448,564,574 -253,305,228
-30,265,342
6,198,384,829
6,176,941,101 +162,305,781
6.349.330.347 -1.014.198.837
Na Earnings.
Year
Given.
Year
Preceding.
Miles.
173,028
199,726
228,508
237,554
241,423
239,691
241,931
246,356
249,081,
249,098
250,193
233,014
233.985
235.765
235,690
235,564
235,461
234,795
236,330
236,891
238,527
240,626
241,625
242,517
Mlles.
171,316
197,237
225,027
233,829
238,275
236,000
239,625
243,636
297,936
247,868
249,879
232,639
234,264
234,579
234.777
235,338
235,705
234,622
236,139
235,809
237,799
239,536
239,482
242,169
Length of Road.
Year.
Year
Given.
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
Year
Preceding.
Increase(+)or
Decrease (-).
Year
Given.
Year
Preceding.
$
660,753,545
694,999.048
901.726,065
909,470,059
883,626.478
937,978.711
907,022,312
828,522.941
1.090,304,301
1,272.639,792
1.215,110.554
905.794.715
764.578,730
461.922,776
958,653,357
1.141,598,071
1,410,968.636
1.924,240.614
1604.400.124
1,731.509.130
1.579.621.895
1.706 067.669
1,798,200 253
1.367.577.221
$
605,285,191
748,370,244
750.685.733
900,473,211
907,914,866
877.617,878
940,509,412
904,448.054
828,650,401
1,036,016,315
1.275,190.303
1,190,566,835
908,058,338
765.876,029
402,150,071
951.497,925
1,161,243.340
1,409,933.583
1,428,508.949
1,602.513.558
1.735,075.393
1.600,897.886
1,706,917,590
1,799,945.914
$
-4.520.646
-53,371,196
+151.040.332
+8,996,848
-24,288,388
+60,350.833
-33,487,100
-75,825.113
+211,653.900
+236.623,427
-60,079.749
-284.771,620
-143,479.608
-303.953.253
+556.503 288
+190,100.146
+249.725.296
+14.807.030
+175.891,175
+128.995.172
-155.453.498
+105 169 788
+91 282 713
-432.3. 9 193
Mlles,
173,028
199,726
228,508
237.554
241,423
239,891
241,931
246,356
249.081
249,098
250.193
233.014
233,985
235.765
235 690
235.564
235,461
234.795
236,330
236,891
238.527
240.628
241,625
242.817
Miles,
171,316
197,237
225.027
233,829
238.275
238.000
239,625
243.636
247.938
247,868
249,879
232,639
234,264
234,579
234.777
235,338
235.705
234.622
236,139
235.809
237,799
239,536
239,982
242.169
B. M. Anderson Jr. of Chase National Rank of
New York on Gold Reserves and Theory of
Gold Delegation of League of Nations.
In addressing the Graduate Club of Economics and
Business of the University of Chicago at a dinner at the
University of Chicago on the Feb. 19, Benjamin M.Anderson
Jr., Ph.D., Economist of the Chase National Bank of the
City of New York, discussed "Gold Reserves," offering
"Some Comments on the Theory of the Gold Delegation
of the Financial Committee of the League of Nations;
Dangers Involved." In part he said:
The first Interim report of the Gold Delegation of the Financial
Committee of the League of Nations, dated June 17 1930, expresses
great apprehension regarding the adequacy of future gold production
to mainta'n an adequate rate of credit expansion. The ideal of the
Delegation Is the maintenance of a fixed level of commodity prices,
and it expresses the fear that in the not distant future gold production will be inadequate for this purpose.
The Pall in Prices Has at Least Deferred the Problem.
The Delegation adds: "It would obviously be paradoxical to rely
on a fall in prices to prevent a shortage of gold, when by shortage is
meant an amount inadequate to support the structure of credit necessary to maintain a long-term level of prices."
Whether it is paradoxical to rely upon a fall in prices to prevent a shortage of gold as defined by the Delegation,it is certainly not paradoxical to
assert that the fall in commodity prices and raw materials, which
has already taken place, and the ensuing decline In prices of finished
goods at wholesale and at retail, and in wages and rentals, which is
visibly under way, have deferred for a good many years our need for
considering seriously the problems which the Gold Delegation raises.
If gold was adequate in 1928 to do the business of the world on the
then existing level of prices, wages and rentals, gold is much more
adequate to-day.
In its second interim report, issued on Jan. 20 1931, the Delegation
recognizes this, saying that the date on which\its previous calculations
were based referred to the of the year 1928, and adding, "Wholesale
prices have fallen very sharply since that date, and, were they to settle
down at, for instance, approximately to-day's level, the supplies of
FEB. 21 1931.]
FINANCIAL CHRONICLE
new gold likely to become available for money would probably meet
the demand for an appreciably longer period of time than they would
were the former level to be restored."
No Need for Hasty Action.
There is, therefore, on the Delegation's own admission, no need
for us to be stampeded with respect to the problem of gold, or with
the adoption of measures for "economizing gold," such as the Delegation suggests. Wihh great respect for the careful study which the
Gold Delegation has made of a wide range of valuable facts, I have
grave re ervations regarding the theoretical foundations of Its work,
and I believe that a critical study on the part of scientific economists
of every step in its analysis is called for.
A Dangerous Proposal.
The Delegation proposes a reduction In the legally required gold
reserves of the Federal Re erve System and the central banks of the
world, so that credit may be free to expand without the restraint which
the need for protecting gold reserves imposes. The world has just
passed through a prolonged period of precisely such credit expansion,
unchecked by the need to protect gold reserves, since only a few countries
were on the gold standard, and those countries had excessive gold.
The consequences have been a congestion of bank credit, and a diversion
of bank credit to capital and speculative uses, with resultant grave
reaction. We should welcome the return to the pre-war situation,
in which central banks did have to consider their gold reserves in
framing their credit policy.
The Theory of Gold Reserves.
I want to call particular attention this evening, however, to the
theory regarding the function of gold reserves, and the laws determining
the proper amount of gold reserves, which the Gold Delegation has
developed. The Delegation says in its first interim report, "It is
impossible to lay down any general rule. . . . The minimum
reserves . . .required . . .to-day are, to a large extent, the outcome . . . of convention and habit, of the natural fear which each
individual legislature has that a departure from general practice may
impair confidence in the currency. . . . The main function of the
legal minimum is thus to establish confidence. . . .,Were a single
country to act alone, it might, in certain cases, weaken confidence in
its currency. . . . Most countries would demand that an international understanding should previously be reached." The Gold
Delegation offers one realistic point, indicating that an agricultural
country, or a country with a limited number of exports whose prices
are variable, would necessarily need a larger proportionate reserve
than one which had a more varied economy, or a strong creditor position.
This is correct. In its second report, the Delegation goes further,
saying: "Now that gold coin is no longer in circulation (the exceptions to the general rule are now negligible) and an internal drain cannot
take place, the reserves are required to meet possible deficits in the
international balance of payments," and adds, "It is a prerequisite
of such reforms that gold coin should not be put back into circulation,"
a policy of which the Delegation strongly approves.
This theory of gold reserves is inadequate in the extreme. The
word "confidence" in particular is extremely vague. Confidence in
what?
The orthodox answer is explicit: Confidence in the ability of the
central banks to meet their gold obligations on demand. The orthodox
theory of reserves is that they are to be used to meet sight obligations, and that gold reserves are accumulated in quiet times in order
that they may be courageously used in disturbed times. Confidence
is maintained by courage in paying. Runs are stopped by pouring
out cash. All this was commonplace to the banking world before
the war.
Gold and Gold Certificate* in Circulation.
It is true that gold circulation has been greatly reduced since the
war, and that even in the United States gold coin does not circulate
In large volume, though use is still made of it in certain parts of the
country and a great deal of use of it is made around Christmas. But
our circulation contains an enormous volume of gold certificates, which
the Gold Delegation recognizes as having the same practical effect
as gold coin circulation. It is emphatically not true that in the United
States we are no longer subject to an Internal drain of gold. Our people
have such complete confidence in the ability of our Federal Reserve
System and of our Government to pay out gold for paper money that
they are generally content with the paper money instead, but if difficulties were made about giving them gold on demand, a very different
situation would arise. The incomplete gold standard, under which
gold coin is no longer paid out by the central bank, but only bars Of
gold or foreign exchange, may well be advisable in countries coming
back to the gold standard after the war and fearful that the masses
of their people will hoard gold if gold coin Is issued to them. But the
gold standard adherent in the United States, asked to change our laws
with respect to redemption in gold coin here, may be disposed to think
of Aesop's fable of the fox that had lost its tail, and tried to persuade
the other foxes that tails were no longer fashionable.
We could not honorably refuse to give our people gold coin on demand,
and we could not do it without an extremely damaging blow to confidence in the good faith of our Government. The situation is different
in countries which were forced off the gold standard by the war. Their
return to the gold standard Is itself a magnificent and honorable achievement, and, if they feel unable to return to it in its pre-war form, their
people and the world as a whole must still respect them for having
done the best they could. But we should have no excuse. We are
fully able to pay out gold coin on demand, and the promise to do so
is printed on every Federal Reserve note, on every gold certificate, on
sixteen billion dollars worth of Government bonds. It is printed in
the law with respect to our Greenbacks, against which the Treasury
keeps a substantial gold reserve. Not only are interest and principal
on the obligation of the United States Government payable in gold
coin, but there is a vastly greater volume of other bonds issued in the
1295
United States by corporations, municipalities, and foreign governments,
which specify "gold coin of the United States, of the present weight
and fineness." The gold clause is written in many mortgages. The
whole fabric of our credit, public and private, is shot through with the
promise to pay gold coin. We are bound.
Gold Reserves and General Liruidity.
I object particularly to the proposition that "it is impossible to lay
down any general rule" regarding the reserve ratio needed. I offer
a general rule. It is that the volume of cash reserves needed is a function
(a) of the general liquidity of bank assets, and (b) of the variability
in volume of bank liabilities. As applied to the central bank of a given
country, this rule would call for the study of many factors, among them
the question of the reserves of the other banks of the country. If all
the gold is in one pile, it needs to be a much bigger pile than would
be the ewe if it could be supplemented in time of need. A commercial
bank with gold reserves of 25% against its deposits, but with the rest
of its assets in slow real estate mortgages, could easily be put in jeopardy
or wrecked. A 25% decline in its deposits would exhaust its cash.
A commercial bank with 10% gold reserve, 30% in prime acceptances,
30% in Government securities, and 30% in three to six months commercial loans, would be impregnable. Gold is merely the most liquid
asset. There is a hierarchy here. Other commodities, easly standardized, and of recognized grades, with wide international markets, which
can always be sold at a price, even if not always a satisfactory price,
are likewise liquid. Real estate stands very low in the scale ordinarily,
and an entailed piece of real estate obviously is not liquid at all.
Marketability, salability, liquidity, are the very heart of the problem
of bank credit. A money market needs less gold reserves to the extent
that it builds its credits upon other readily marketable things.
Excessive Credit Spoils Liquidity.
And now we come to the most fundamental flaw in the Gold Dale
gation's proposals. Bank credit remains liquid most easily when
it is not excessive. Bank credit expanding in excess of commercial
needs goes into real estate loans, slow advances to manufacturers for
capital purposes, excessive loans in the securities market, excessive bond
purchases, consumption loans, long international credits in financing
a one-sided export trade in the face of tariff barriers, and the like. We
have seen precisely this in recent years, not only in the United States,
but all over the world. The practical consequence of any early adoption
of proposals such as those made by the Gold Delegation would be a
renewed excessive credit expansion, and further diminution of the
liquidity of general bank credit, leading to a real shortgage of gold,
because gold would be almost the only liquid asset that a money market
had. To my mind, the most important thing the Gold Delegation has
said is the following: "If any such measures as we have mentioned
are actually adopted, great care will have to be taken to see that they
are not in advance of actual needs and that, on the gold economized,
a structure of credit is not built which exceeds the normal growth of
production and trade in gold-using countries."
Mobility of Goods Eases the Strain on Gold.
The fundamental solution of the problem of a comparative shortage
of gold is to be found in increasing the mobility and the liquidity of
goods, through reduction of tariffs and other restrictions on international trade. When nations interpose serious obstacles to the receipt
of goods from one to another, a great deal of the export trade is handled
on the basis of long credits, which either makes slow loans In banks, or
else require the exporting country to take foreign bonds. These credits
must grow from year to year to provide for new exports, and to provide
for interest on previous ciedits. The country which has an excess of
gold can expand bank credit for a time in such a way as to take care
of this. Exporting countries which are short of gold find increasing
difficulties in doing it. In any case, it is an impossible basis for permanently satisfactory export trade. In such a situation, moreover,
gold often moves between countries in large volume, because not enough
else is free to move. When, however, goods can move with adequate
freedom from country to country, and when exports can be paid for
with imports, a very different situation is presented. Short-time,
self-liquidating credits, largely on an acceptance basis, can then take
care of a great volume of export and import business, and the world's
Ripply of gold is abundantly adequate for that. And when a debtor
country needs to settle its debts abroad, it can easily ship out more
goods, and so reduce the gold it must ship out. We can economize
gold by increasing the mobility and liquidity of goods.
Real Wages—Workers Enjoying Unchanged Pay
in Reality Have Had Increases.
[Thomas F. Woodlock in" Wall Street Journal," Feb. 10.)
It is manifest that those European countries which are preeminently industrial are tending toward a reduction in money
wages and salaries. Foreign observers, noting the opinion
almost universal in this country in favor of high wages and
maintenance of "American standards of living," see an
opportunity to capture markets from our exporters by cutting
their labor costs. That wages will be reduced to some extent
in those countries is now reasonably certain; to what extent
is at present not clear. That there is likely to be any similar
or concerted movement in this country is unlikely unless
there should be a further sharp decline in commodity prices
or a further important shrinkage in business.
One important fact must be borne in mind. Whoever in
this country is employed to-day at the same rate of wages or
salary as he or she received a year ago is enjoying an increase
in real wages, measured by the decline in prices of the goods
and services which he or she uses which has occurred sip,
January 1930. How much this increase amounts to is
1296
(VOL. 122.
FINANCIAL CHRONICLE
o..WMMNWWWW..
C4001-14.-.00
..4Nr..0-4-41-.5,005WM
,
.
im04.00 14 ;$...0000.-.
14..WWw.gay.
1,
WOO1 ,
ol.W0,414a-40W0.41-,
certain and there is little advantage in mathematical com- Automobile Financing During December and
putations based on commodity price indices, for variety of
the Full Calendar Year.
individual consumptive habits robs such computations of
The number of automobiles financed during December,
much of their value. Certain it is, however that as comas reported to the Bureau of the Census by 492 automobilepared with pre-war days the wage-earner and the salaried
167,834, on which $66,067,086
real wages, a not financing organizations, was
employee have secured a large advance in
was advanced, as compared with 152,802, on which $60,unimportant part of which has acccrued in the last year.
365,006 was advanced in November; 201,458 on which
Mere maintenance of the post-war money wages has been
$81,503,844 was advanced in October; 171,890 on which
all that was necessary to accomplish this, for, speaking
$80,089,099 was advanced in December 1929, and 152,499
broadly, wages having overcome the lag which occurred in on
which $73,058,197 was advanced in December 1928.
adjusted themselves to
the first uprush of prices and having
Of the total number of cars financed during the month
the post-war commodity price level, have on the whole failed of December 1930, 37.0% were new cars, 60.4% were used
to follow that price level in its subsequent decline. Thus cars and 2.6% were unclassified.
one result
-and an important and excellent result-of the
Wholesale financing during December was $35,603,040,
war has been to improve very materially the living standard as compared with $29,684,077 in November and $21,001,694
And the wageof the wage-earner and the salaried worker.
in December 1929.
earners and salaried workers who are employed to-day are
The figures below have all been revised to include 27
of that improvement. It is prob- additional organizations included in the October return, but
enjoying the full benefit
who are em- not in previous returns.
ably safe to conclude that at this time those
AUTOMOBILE FINANCING.
ployed in this country on a wage or a salary which has not
been reduced in money are at "peak" in the matter of real
Retail F nancing.
Wholesale
wages.
Year
New Cars Financed.
Total.
Financing
and
The Two Factors in Unemployment.
Volume
Month.
Volume
Number
Volume
Dollars. Number
from two things.
in
Unemployment as we all know arises
of Cars. in Dollars. of Cars. in Dollars.
One is the substitution of mechanical processes for human
1928.
52,357,754
49,989
32,489,265
104.223
labor,and we speak of that as"technological" unemployment. January
65,016,842
63,798
40,557,252
132.366
The other is the dislocation of our productive-consumptive February
96,921
93,581,752
61,072,572
195,806
March
74,435,217
234,852 113.564,342 117,751
April
economy, and this we call "business depression." There is May
86,416.000
272,310 132,186,344 137,259
DATA
83,198,055
264,112 128,167,581 131,694
is no real remedy for unemployment except through restora- June
NOT
79,770,688
253,460 123,069,008 125.656
AVAILJuly
tion of balance in that economy. To attempt to reinstate August
78,730,798
252,658 121,874,690 124,859
ABLE
64,754,538
209,917 102,516,127 100,791
unemployed" in the industry from which September
the "technologically
216,382 104.323.612 101.554
64,990.561
October
86,828,447
84,633
181,073
53,054,598
the machine has eliminated them by reversing the process November
73,058,197
63,251
152,499
41,709,916
that has brought about that elimination is futile. It is December
2,469,658 1,196,544,696 1,198,156 761,179.460
Total year
equivalent, in fact, to the attempts of a century and a half
1929.
ago to hold back the machine age.
75,691,601
78,633
48,765,872
36,899,813 157,282
January
91,241,901 103,680
61,978,964
47,962,644 191.078
Substitution of machine-hours for man-hours in manu- February
96,881,494
61,170,730 305.839 142,117.146 166,455
that human March
facturing processes must continue to the extent
74,884,909 411,755 172,811.264 205,603 116,938,139
April
72,291,505 402,897 184,938,915 213,125 125,283.993
May
ingenuity can devise the means, for only in that way can June
180,098,333 204,174 122,037,943
63,412,417 387,157
61.839,467 391,461 180,845,490 211,707 124,761,957
product-unit cost be lowered, and lowered product-unit costs July
69,959,084 350,477 163,896.492 184,365 111,299,259
August
93,950.905
60,194,621 300,901 129,447,399 158.364
are the goal at which all manufacturing processes must al- September
80.372.682
63,640,986 278,258 126,590.020 132.453
95,000,640
96,392
ways aim. Full restoration of balance in the productive- October
58.245,687
44,633,376 210.834
November
80,089.099
74,332
48,061,493
21,001,694 171,890
as Mr. Melvin Traylor December
consumptive economy is possible,
677,891,246 3,559,829 1,622,768,300 1,829,283 1,088,578,388
Total year
pointed out in his Dallas speech, only by concerted planning
and action in which not only all leaders of industrial and
1930.
73,618,802
78,729
45,244,894
52,447,082
January
85,769,608
95,600
commercial activity have part and representation but also February
53,010,774
61,244,849
123,786,111 139,387
77,331,961
77,547,823
who make and administer the laws of the country. March
those
146,986.679 171.320
94,085,514
85,345,770
April
141,307,160 170,005
94,235,699
83,659,772
Failing-or pending-such a process we shall probably have May
138,520,036 159,942
91,277,619
53,802,394
June
119,044.282 130,926
73,595,951
55,429,935
to be content with a periodical recurrence of dislocation in July
102,530.439 111,334
63,143,583
45,411,119
August
resigned to the necessity of taking care of September
some degree, and
90,466,172
92,367
52.961,856
45,386.952
81,503.844
78,605
45,750,651
35,962,248
October
unemployment by one or another form of "dole."
60,365,006
54,805
31,869,227
29.684,077
November
66,067.086
62,031
35,603,040
35,437,285
December
Depression Low Point Seems Reached.
661.525,041 2,995,622 1,229,965.225 1.345.051 757.945,014
Total year
history of previous depressions in this country
Never in the
Retail F naming.
has there been so general an aversion on the part of emYear
ployers to reduce the money wages of those still employed
Used Cars Financed.
unclassified
and
Month.
as there is at this time, notwithstanding the fact that real
Number
Volume
Number
Volume
-or near it-ever known.
of Cars.
in Dollars.
of Cars.
In Dollars,
wages are at the highest point
our history has there been a more general recogniNever in
1928.
40,978
13,600,634
13,256
6,267,855
tion of the fact that the road to prosperity lies in increasing January
52,585
16,629.490
15,983
7,830,100
February
76,449
23,086,811
22.436
9,422,369
the share of the wage earner and the salaried worker in the March
88,468
26,934,073
12,195,052
28,633
April
and services. We hear little nowadays May
105,661
29,390
14,094,648
31,675,696
total output of goods
104,462
31,620,291
13,349,235
27,956
June
97,705
of the phrase so familiar to the ears of seniors-"liquidation July
29.336,567
13,961,753
30,099
98,708
30,037.717
29,091
13,106,175
August
of labor."
84,736
26,129,024
24,390
11,632,565
September
90,839
28.034,752
23.989
11,298,299
It is everyone's hope that industry may not be driven to October
74.744
23.277,105
21,696
10,496,744
November
69,560
22,082,179
19,688
9,268,102
the point where the choice is between a wage-reduction and December
production. We seem now to be at about
984,895
302,444,339
286,607
the suspension of
132,920,897
Total year
the bottom of the present depression and the next few months
1929.
69,031
22,783,830
9,618
4.141,899
should see the beginnings at least of recovery. In some, January
76,724
24,663,101
10,674
4,599,836
February
121.512
37,906,986
17,872
7,328,606
perhaps many, cases, however, production is running at a March
185,340
47,221,842
20,812
8,651,283
April
169,103
51,103,985
20.669
direct out-of-pocket loss without reckoning any profit or May
8,550,937
50.379.886
164,385
18,598
7,680.504
return on capital investment, because product-unit factory June
49,104.714
162,723
17,031
6,978,819
July
45,849,948
149,858
16,254
6,747,285
exceed selling price. This-assuming no purely "busi- August
costs
29,558,269
127,948
14,589
5,938,225
September
41,724,621
10.745
135,060
4,492,717
ness reasons" to be present-is tantamount to a "dole" to October
32,260,075
10,231
104.211
4,494,878
November
28,674.443
the workers. We would probably all-or almost all-agree December
7,615
3,353,163
89,943
like a new dollar can be had for an
that so long as anything
461,231,700
174.708
72,958,212
1,555,838
Total year
old one all considerations warrant continuance of production
-be January 1930.
6,410
25,595,605
81,012
2,778,303
without a wage-cut. But how long should it-can it
8.561
29,206,443
95,786
3,552,391
February
continued at a loss?
9,744
42,477,905
166,898
3,976,245
March
10,389
48,853,748
164,374
4,047,417
It is a hard question to answer and no one wants to be April
10,643
42,805,413
168,488
4,266.048
May
10,746
43,074,019
170,799
4.168,398
faced with it. If we do have to face it in any general way June
6,380
42,780,448
150,138
2,667,883
between money July
it will be necessary that the distinction
6,243
129,997
37,222,086
2,164,770
August
5,453
121,857
35,266,081
2,238,235
wages and real wages be thoroughly understood and that September
4,325
118,528
33,851,802
1.901,391
October
3,633
94,384
26,915,013
1,580,766
the fact that real wages have increased in the past year of November
101,404
4,399
28,808.846
1,820,955
December
depression where money wages have remained unchanged, be
86,926
436,857,409
1,563,645
Total year
35,162,802
clearly kept in mind.
FEB. 21 1931.]
FINANCIAL CHRONICLE
1297
THE CLEVELAND STOCK EXCHANGE—STOCKS AND BONDS.
On this and the following pages we furnish a complete record of the high and low prices for both stocks and bonds
made on the Cleveland Stock Exchange for each month of the years 1929 and 1930. The compilation is the work of the
Cleveland Exchange itself and is, of course, based on actual sales, and covers these and nothing else.
For record of previous years see "Financial Chronicle" of Feb. 15 1930, page 1035; Feb. 16 1929, page 959; Feb. 25 1928,
page 1109; Feb. 26 1927, page 1133; Feb. 27 1926, page 1084; Feb. 28 1925, page 1019.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1930.
BANKS.
January
February
March
April
July
May
August
June
September
October
November December
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low illigh
$ per share $ per share $ per share 8 per share i per share $ per share $ per share S Per share $ Per share $ Per share S
,per share $ per share
American Savings Bank...._..lOO
-525 525
Central United National--20 -id
i
' 85 85 8,- 8 13 115 8384 I43- iii I3 4 ii - -14 io 7 1
4
.
3i6
71
58 60
/- 7E1 -- - 65 70 60 66
57 60
_ _ ____ _ __
Cleveland Savings & Loan_100 ____
_
_ _
_ ____
_ ____
_ ____ _ _ ____
_ 150 150 --------150 150 150
Cleveland Trust
100 495 501 489 500 4;17.1 481 4g& 5 -- 475 4 -- 425 f7g 410 42 - 385 411 385 395 320 390 335 340 315 150
- -0
0
-5
8
0
340
Guardian Trust
100 415 430 425 43212 417 425 400 417 395 400 350 380 365 365
365 370 325 360 326 330 324 335
Lorain Street Sac & Trust_100 --------398 401-----------------373 373 372 372 372 372 36212 366
___- -_- ---- ---- ---- ---- ---- ---- ---- -Midland (Indorsed)
100 400 403 --------395 398 385 400 390 395 340 340 344 360
33212 i50 300 310 295 300 --------270 273
Morris Plan
100
_ _ _
National City
100 348 348 345 II iii- 5- E iii" iii 345 345 iii iii 5i5 3 -f
- 0 iiii2341 _—___ 335 339 3341233412 324 332
4
-- -12
Union Savings & Loan
100 125 125 125 125 120 120 -------------------------------- 100 101 100 100 100 100 --------100 100
_
Union Trust
25 92 95
92 95
8913 9314 91
933 90 9112 75 90
4
7512 83
s
79 8212 75 80 69 7512 677 7112 70 7214
MISCELLANEOUS.
Aetna Rubber
* 612 8
612 812 612 7 4 5 4 7
65
3
3
7
5
7
5
6
312 5
5
6
5
6
514 6
312 4 4
3
100
Preferred
- 893 95
4
8612 8612 90 90 ------------------------85 85 --------9221 384
Air Way preferred
100 85 863 87 923 923 9g - 8934
4
4
4
893 89 89
4
85 8
85 8.
75 75 ---- ---- ---- ---- --- - ---Akron Rubber Reclaiming_ • 5
51s 412
2
213
1110
Preferred
- ____ 20 20
Allen Industries
• 6
712 5
712 6
612 7 1314 12
1434 7
8
9 1012 614 9
5
6
814 514 7
5 ---- ---Preferred
• 26 2612 27 28
27 2912 293 31 --------27 28
4
27 27
26 27 ---- ---25 27
29 29
27 27
American Fork & Hoe
100--------125 15012 110 110 135 135 -------- 131 131
130 160 --------150 150 ---- ---- ---- ---- ---- -100 110 110 110 110 --------------------First preferred
-----------116116 --_- ---- - -- ---- - - ---American Multigraph
-- ---- -• 34 39
38 39
3712 41
40 41
39 40 2 343 3812 3518 3618 33 -8
3312 34
32 34
3
4
33 3 -12 2912 35
6
American Shipbuiiding....100
100 III fil ____
Preferred
_ 110 110 ____
_
-_13-_ ____ ____ _
American Vitrified Prod__50 15
---- ---15
15 --- ____
15
__ __-__ ---_
____
_ _____
14
14 ----- ---- ---- ----Apex Electric &Mfg A
• 1212 1334 12
1612 1412 -1612 15 - 16
14 ---- 13 1412 12
143
4
3- 12 16
4
10
13 13 ---- _ _ _ _ 10 -13 13
100 95 95 92 98
Preferred
98 98
9512 96
95 95
93 93
80 80 80 8012 80 80
78 80 ---- ---- --Limestone
Bessemer
• 297 297 32 3212 ---- ---- 31 32
s
8
2912 2912 29 31
29 29
32 32 --------29 29
25 - - . 30 30
2
6
50 ..
Bishop Babcock
20 312 312 4
Bond Stores A
4
4
43
8 i
1
L 1---B
•
48 1
r's
7
8
12
3
8
7
8 1
1
1 -------- 1 --- ----------------8
1
7
-7- -- - - - - -- - - -_- 8 .
Brown Fence & Wire B
1778 1812 183 2718 31
,
4
31 --------------------------------1114
1 14 --------612 7
5
014
A preferred
*
2014 2512 26 27
24% 277s 25 2
3 238 ----------------2114 2114 ----------------16
1714
Bulkley Building pre(
100 55 55
5512 553 60 6314 60 60
4
61
712 61
611
iL5--------53
32 412 4212 45
Byers Machine A
• 412 6
7
7
Vs 53
4 414 438 ---------4
4
4
4 -----------------------12 3
Canfield Oil
105 105 10814 110 110 110 ---- ---- 8814 414 4
100
10
89 90 --------91
91
91 91
90 90
91 91
Preferred
-------------------------------------------------100 100 100 100 100 100 100 100 100 100 102 102
_
Central Alloy Steel pref.__
8
10712 1093 106 108 108 10812 108 18
1000
Certificates of Deposit
- 108 108 110 110
_
_
_
_
_ _
_
.
_
_
_ _
•
_
Chase Brass & Copper pre- _105 ia 11i ilFli3 112 4 101 103 103 104 105 fa 10112
f
4
-3
104iiii 163 jai' 1- iiii 1- 155 1- 155 1- 10134 kin63
6312
0112
6414
4
City Ice & Fuel
4412 44 467 4412 463 44 47
• 41
8
8
3 44
39 44
31
423 40 4314 3812 40
8
353 3812 3612 3712 3314 3712
4
Preferred
100
-80 821 80 83
80'i 83
Clark (Fred G)
10 10
10 4 103
3
4 9 11
11
814 i
8
8 -------- 412 412 43
4 3
3
3 18 31s 318 212 318
4 43
4
Cleveland Auto Machine
19 28
19
2434 273 6514 69
• 19
4
60 60 -------- 20 20
15
15 --------1282 1212 7
8
512 512
1st prof
•68 683 60 60
3
g
4
Cleveland Builders Realty__ _• 15
15
Cleveland Builders Supply---• 26 26
34 35
34 34
35 35
34 35
34 34
Cleveland Cliffs Iron pref_..' 92 9514 93 95
9112 95
9412 9512 93 953 9312 95
4
isi Ifc 51 - - 5
9444 4 ig 55 ii 55 ii 55
Cleve Elec 1116% prof
100 110 1113 111 112 11112 113 112 11312 112 113 112 11314 1123 1133
8
4
8 111 113
111 112 110 11212 1103
,114
Cleveland Quarries
67 67 67 67
68 68
• 68 69
67 67 66 66 ---- ---- 65 65 110 11112
---- ---- 65 65 -,,Cleveland Ry
99 100 10112 10312 102
100 99
99 100
97 97
95 95 --------------------------------871 -,-- -=:- =li7
:
79 -19
Certificates of deposit..100 90 93
91
931s 90 93 88 92
89 9112 8412 8918 83 85
79 83
75 79
75 77 663 75
6
75 77
234 23
Cleve Securities prior pref—..* 23
6 214
8 212 23
318 23
4 3
8 212 238 213 218 23
8 218 218 214 212 23
8 238 2
23
8 2
214
Cleve Union Stock Yards____* 1712 18
177 18
8
15
17
15
1514 15
18
15
16
17 17
1612 1612 --------13 15
14 1412 14 1534
1412 161y 12
14
1238 1212 12
Cleveland Worsted Mills_100 13
13
12
8
8 ---1
7
61
312 6
Cleveland & Buff Transit.._' 25 25
25 25
25 25 ---------------------------- ---- ----- _
------------ ---------- 4
_
_
__
_
_
5
3
312 312 3
Cleve & Sandusky Brew
100 114 114 2
313 318 312
____ 4" ___ 3 212 --12 212 8 534 7 3 614
2
8
_
__ 6
6
5
100 --------8
Preferred
512 --------4- - _3_ _
____ ____ 7 10
97
2 92
8 5
634
Cliffs Corp v t c
125 135 13 138 135 13712 124 128 111 12
. -5 ----- ---- 115 115 ---- ---- ---- ---- ---- ---_ 101 101
----------20 25
Columbus Auto Parts pref
242 2412 --------19
8
19
15 20
15 15
17 18 -___ . _ 1113 15
4
123 14
12 12
16
13 17
ly 16
12 15
•
Commercial Bookbinding
17 20
18
1812 15
15
15 15
12 - -13 - 14
----- ---- ---25 25
Preferred
Detroit-Cleveland Nay
10
Dow Chemical
6912 74
70 7312 72 100 85 98
• 73 75
iii2 14 io 172, 55 :if 6414 70 ii If ii 12" 49 52
--4
103 103 103 103 10612 10613 10411106 106 106 106 106
100
Preferred
106 106 1053 106 106 106 105 105 103 105
8
-------------------------3018 3018 28 28
Eaton Axle & Spring
233 3114 _ _
8
_ 237 237 --- ____ - 8
8
14
___ 14
_
Edwards (William)6% pref_100 ----------------75 75 -- -___ 73 73 ____ _ -_
74 74
74 74
Electric Controller & mfg_
•64 65 75 83 76 82 70 7712 70 71 5712 6034 58 70 68 70 iii34 16 5534 62 5612 1012 55 60
Enamel Products
10 11 --------10 10
11
• 11
10
11
7
712 8 10 --------814
7
814 818 818 7
512 6
Falls Rubber
25
_-_-Faultless Rubber
• 343 35
8
35 37
343 37
35 37
8
343 35
8
33
3.
4"if 3212 36
3314 367a 35 3612
Federal Knitting Mills
• 3014 33
33 34
3318 38
30 343 2912 3212 25 2812 30
4
30
2818 29 --------25 28
25 25
25 26
Ferry Cap Sr Set Screw
• 19
19
1137 1913 1834 183 15 16
8
4
15 1513 --12
12
10 1018 ---- ---- ---- ---- 7
47s 6
Firestone T & R
7
10 _
-._ ____ ____
_ __
1938 193 177 17 8
6% preferred
8
8
7
100 82 85
8114 867 82 86
8114 83
8
8012 81- -72 7812
i112
Foote Burt
72
58 66
59
• 22 22
24 25
25 3312 27 2738 20 271 7112 - - --------8958 - -14 5514 - -12 60 64
2112 25
4
193 193 15 20
8
r
8
17 18
Fostoria Pressed Steel
143 17
8
Gabriel Company
148 14a 1314 138
" EA4 5 4 7
3
712 ----------------------------------0 16
----------------4
i 212 3
General Tire & Rubber
25 150 160 140 155 13513 163 148 157 135 140
-140 ifs 130 130 __110 115 100 100
115 12
99 110
6% preferred
100 8812 91
90 90
90 90
90 90
86 87
8312 88
85 87
89- 89
8612 87 8612 8613 76 8612
Geometric Stamping
8
863 88
* 22 25
20 22
17 20
16
1812 14
16
14
14
10
3
44
10
6
10
Glidden
10
7
612 6
8
6
35 35
•
--Prior preferred
100 100 100 --------102- 115 10212 105
997 100
3
-91 _ --- -- - - 65 7314
90 Godman Shoe Co
• 33 33
36 4 313 3112 32
1
31
8
30
____ ,- __-- -____ ____ __-- ---- ____ ____
712 12
14
Goodrich (B F)
14
---------------------------------4012 - - 33
4112
33 _ - --_- 1612 1612 163 193 1514 20
4
Preferred
4
100 81
8212 8212 ____ ____ 70 80 ____ ____ 63 8914
Goodyear Tire & Rubber
* ______ ---- --- ____ ---- ---- ---- ---- -=- 9112 9112 ii
___ 9014 0014 82
oo
5514 5514
373 373 --------4288 48
8
Preferred
8
*
99 99 10134 10134 -- ---. 993 100
4
--- - --- ---- - -- - ---- Great Lakes Towing
-- - - --- ---_ --_ -100 94 94 ----- ____
102 102 ____
_
99- 10 - -gil W -iii2 -6
.
ii- -9012 - -12 ---- _-- - 00 90
Preferred
94
100 110 110 110 1 -10 113 113 112 112 112 112 100
-100 --.. 10312 10312 03 104
_
_Greif Bros Cooperage A
-* 3914 42
41 43
42 4212 41
41
3912 41
36 393 38- -11
3
8125
Guarantee Title & Trust__100 ----------------121 121
3 2
21
6
3
8
2214
90 118 ---------------- ---- -- -- - -35- -- -1- -21- - - 21
---- -- _
_89 89
-100
Halle Brothers
10 36 37
3734 38
37 38
37 3734 37 37
37 37 .._
26
_ _ 35 35 ___
2612 25 28
. 25 25
Preferred
100 9814 99
9712 99
96 99
98 99
99 100
9913 100
99- 100
96 96
4
- - 9712 9712 981- icio low210012 96 100
Hanna (M A) 7% pref
100 _
------------ -------$7 preferred
•
9° 90 -1::- -.::r ,:-..- - .,
i
Harbauer
_ -----90 16 ----------------89 Ili
• 20 21
20 22
2112 25
24 -2
4
2114 22 -18- 1113 18 20
15
7 4 16
3
714 17 17
Harris Seybold Potter
17- - - 4 1712 20
173
• 11
11 --------10 10 --__ ___
2
21a 4
--- 1
Higbee 1st preferred
100 105 10514 10534 10534 105 10512 105 105 Ha fiiii
2 ioiii fiii1- ia 166-1i 10515 10518 ioiTs 16i1- ---- 10512 10534 106 10134 19612
4 10512
2 Second preferred
100 105 105 --------105 105 --__ _ __ _ _
2
i -_ i- -- 2 -i5_4 _1_ _ _ 105 105 ----------------1021210212 9 101
i
-231_
• 812 18
15 1934 12 16
1312 2 20
11
7
.1
15
7
11
India Tire 8c Rubber
1312 17
13
19
18 2512 ii
Preferred
100 55 55 --------55 55 --------50
50
Interlake Steamship new----• 82 8414 () 8
80 87
763 77
4
Hi ii— io" - -7572 "if —60T2 "76. Li 7 6E1 "ei Li /6
in; 7
in;
Jaeger Machine
• 25 28
267 2912 2713 28
8
267 28
8
25 2'7
22 253 21 22
4
1712 2012 14
2214 25
153 14
4
20 21
15
Jordan Motor
•
--.
•
1313 13 ------------------------58
8
3
2
Preferred
11 ---- -::: -_-:: -iii2 121- -io- --- 2 -li11
-1
121163 12 13
1212 14
4
13
o- - - 8 10
1u
13
10
10 29 33
3012 33 -30 Kaynee Company
3014 29 2912 2812 29 _
_ _ 25 28 --------2782 2712 25 2612 25 26
100 96 97
Preferred
97 97
97 97 --- -_
- - 9714
4
43 43 4412 45
Kelley Island Lime & Transp_• 4212 44
40- 1238 -40- - - 38 97i- -9912 1:4'2 9712 9712 _ ___ ____ ____ _ _ -- 9734 9734
42
38
3438 373 3618 39
35 361s 3512 - 12
36 36
35 40
4
31
•
Korach Co
100 _
Electric
Lake Shore
• 2712 2913 28
Lamson Sessions
2912 29 2912 Hi 2912 27 2812"
(7)" If- "H- Iifiiii" WI: io - 114 lift -1i 'a; - 12 Ii 2111
11
• 27 3112 32 37
Leland Elec
33 33
33 36
36 38
36 37
Loews Ohio Theatres 1st pf_ 100 99 99 --------99 99 --------9712 9712 ____ _ _ _ _ _ 35 35 _ --- ---- ---- ---- ---- ---- ---- --- - --_
___-_ ____
95- -- -95
Maud Muller
100 9913 9912 9812 9812 99 99
...McCaskey 1st pref
* 41
4413 43 4312 44 50
-McKee (A 14I) class A
*
B
44 59
ii If a 18 Li" '712 -Lo" If" "5412 513l- -Li 1912 43 ii iL li
5
- 4
Medusa Portland Cement._.* ---------------- 100 105 100 103
98 10012 96 96
943 95 --------------------------------64 4
Metropolitan Paving Brick
* 30 30
31
32
3
67
30
29 3012 26 26
24', 26
235 2418 25 2812 24 25
8
21
25
2412
100 100 100 101 101 --------100 100 100 101) 22 26
Preferred
100 100 100 100 100 100 102 102 100 106 100 100 1003 26
.
_
4 1003
4
ig
ii- --z, -,:
[Vol,. 132.
FINANCIAL CHRONICLE
1298
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1930
MISCELLANEOUS.
(Concluded).
November December
October
April
March
May
June
July
August September
January February
Par Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
$ per share $ per share $ per share 5 per share $ per share $ per share $ per share $ per share $ per share $ per share 5 per share 5 per share
Midland Steel _______________ * ____ -_. -18
/5 --22 22
2514 3212 28 31 28 32
22 25
Miller Drug
2912 32
2912 3112 27 2912 2412 25
23 23
25
* 2334 _ _
___
__ _ _
_
_
38 3914
50 52
32 39
Miller Rubber preferred100 20 32
27 33
7
ii8 -I
i
5i2 1
12
8 16
16
i- -i Iisi" 9F2 16
1014 1212 11
14
Mohawk Rubber
- 13 i 10 - 134 11
* 812
35 35
50 50 45 45
40 40
Preferred
50 50
. --- ___. ____ ____ 100 65 55
10
Ohio10
Murray
iii 4012
2 4'6 iii 42
4
in --------37i2 - 12 -------- 42 - - 46
Myers Pump
4012 413 :11/ * 394 40
8
_ 10412 10412 --------10412 10412 1043 10438
Preferred
100 102 102--------102
8
6
8
8 104 7
2518 2214 2338 18
18
312 94 13
11
1714 123 -15 -/5 - 1National Acme
4 --4
10 2112 213 2612 2614 2414 1044National Carbon preferred_100 13112 13112 13112 13112 13112 13312 132 135 132 132 1324 13214 129 13212 133 133 132 132 131 131 131 138 130 130
2712 194 203 1712 20
8
4
303 33
33 3314 32 34
30 31
32 34
274 2712 26 2712 24
30 30
National Refining
25 3314 34
4
4
4
Preferred
100 130 130 131 132 132 132 13214 13214 13214 13212 131 13214 1311:13112 131 13114 1313 1313 1313 132 130 134 132 132
1513 18
11
18 23
7 1012 612 712 5
74
10
1714 26
13
13
174 1212 15
10
27 29
National Tile
4 2614 28
National Tool
50 _
Preferred
100
2
/Es - 2
lis - -12 14 23
1
1
4 2
4
4
5
618 712 .
5 2 - 14
12
/ 42; 54 -- 1- /3. - -14
3 11
lis - -1 54 9
• 8
Nestle-LeMur A
4
4
233 243 2312 24
4
2314 2
4
2412 2412 243 243 24 25
311
25 25
2414 25 ..._
_ ____ . . __„. __,
Nineteen Hundred Washer . 2412 25
---------------------------3
44 4
7
512 _-712 617 112 4i5
North American Sec A
*
6 ---- ---- ---- - --97 977 9412 97 9412 100
9512 97
8
_ - -- _ N OP & L 6% preferred_ _ _ _100 90 92 94 97
9814 99 10112 10112 102 10218 10212 --94
3 --4 Ohio Bell Telephone pref-100 111 113 110 11214 11012 114 113 116 113 115 114 116 11214 116 11212 11412 11212 114 110 115 105 4 114 1043 1064
:
74 751 74 754 73 7614 72 25 65 73 65 70
65 6912 6612 7012 6012 69 60 6512 60 6312
* 70 74
Ohio Brass B
100 101 10212 103 104 103 10312 10412 10512 106 107 107 107 105 10612 105 106 106 106 105 106 10512 106 106 106
Preferred
8
. 8
Ohio Confection
24
25
1
2
32 36
30 324 - 6 42 2
37 - 166- "ii- - -1 -iW2 -i- -55- -- - -5/- - - - - 125" - - - 19 25
2
: 44 45
8
2 2
Ohio Seamless Tube
3
3
100 100 * 100 4
Preferred
8
3714
1/
- 5512 - 18 3514 -- ---- ------------------------------------ 1324 13 4 --------934 14
_
•
Otis Steel
1714 13 15
20 21
16
20 25
12
22
I34 9 1032
184 2
4
17
4
14
* 213 2318 21
15 1714 17
17
Packard Electric
1112
812 812 1112 10
1312 812 12
912 12
8
11
9
9 --------8 1014 812 912 8
8
12
a 11
Packer Corp
12
11
15
10
15
36 40 42 4514 491: 494 14
_.-_ 35 39
1514 14
•
14
15
Paragon B
-14
214 2
1412 11
11
712 917 813 15
1558 14
15
8 11
Certificates of deposit
74 Ps 914 123 11
7
124 14
12
•
1412 1412 ---A preferred
- ---;•
-_- -.77.
r - -:-:- - - - ---- ---- --- -4
1212 14 ____ ___ ____ ____
16
14 4
1414 1414 - - 3 144 --- - ------- voting trust certificates • -----21 2
24
23 2414 21
514
2434 26
6 273 25 -4
a 23 26
4
2413 273 26 27
Patterson-Sargent
812 11
1113 11
11
9 10*
50 0
Peerless Motor
8
312
-5
4
_ 4
--- -_ --Er 114 ------------ - -3 1 -1
Is; 6
/1
10
New
7 214 19 21
24
37
31
4:112 474 4514 46
4514 50 4412 48
• 39 43
364 474 -37,-4 - 41 37 38
Reliance Manufacturing
25 25 -------- ------------------------ 25 25 ----------------2413 2412
8
247 25
Republic Stamping & Enam_a -------- 25 25
50 6012
7712 53 7512 56 64
82 9212 80 86
8714 94
• 7914 88 88 99
Richman Bros (new)
2
_ ---- ---- ---- ---- ---- 2
•
River Raisin Paper
3 --------2
412 3
4
• 512 7
712 0i7 7
24
ti
1
i.1 e 4 Li1 -18 0i7 04 ____ ____ 3
' - 37Robbins & Myers ser I
2
3 -------2
a 514 7
4 --------3
6 --------4
54 --------3
658 714 612 612 6
Series 2
9 ---12 612 7
Ott 0
1112 11
11
1434 1012 11
11
14
1138 10
912 8
2S 10
11
Preferred •t c
12 9
84
1
14 118 1
1
218 1 --1
_
_
_
512 ___ _ _ __
5
6
8 --------5
8
12
* 8
Scher Hirst A
412 6
7
5
6
4
1414 1812 1112 1612 712 1412 612 9
.1
17 01
Ws 1
1014 16
Seiberling Tire & Rubber
4 717 5 . 112 412 6
36 36
35 35
30 38
60 40 40 --------30 30 -------- 3458 39
41
50 70
65 78
8
%Preferred
100 647 74
12
1212 11
4
133 11
8
15
13
1112 13
1012 15
a 1712 20
18
15
1314 314 1314 133 11
Selby Shoe
1114
15
13
Preferred
100
ioi, -3-8.1, 37 3,02 3812 4052
3a- -3g-
-----------------
--14
-
8,2.8
Sheriff Street Market
Sherwin Williams
Preferred
Smallwood Stone
Sparks
Preferred
Stahl Properties
Preferred
Standard Textile
A pref
B pref
Stearns Motor (F 6)
Stouffer Corp class A ww
Sun-Glow Ind Inc
Thompson Aeronautical
Thompson Products A
• 30 45
25 80 85
100 105 107
•
875
------------------------25 26
25 25
2518 254 -rif
8
7 2
65
74 - -1 -55- - - -57i2 8312 85 81 85
8012 83 80 82
74 8314 73 793 -71- 79
4
4
105 1063 106 10612 107 109 106 10712 105 1063 10512 107 105 107 106 10612 106 107 105 107
4
8 154 8
8
912 94 9
9 2 9
1
9 ----------------8
8
2214 2258 2212
62
-57- - - -105 10512
212 573
*2214
150
•
100
8
312 212 312 212 314 24 4
5
3
54 ii4 - 34 3
• 3
13; /
14
-- --------1
14 114 178 14 13
5
52 56
54 56
49 52 --------30421.38 3814 ------------------------ 242
56 58
• 47 51
10
27 2712 27 27 ------------------------ -------- ------------------------9
• 2712 274 3012 35
_
"
33 33
32 34
32 32
3238 324 --------30 ---- -2-1-2 - - 2 -ill if" -iL" 16- ":"/K Iiiig -23 25
35
• 31
-- ---- ---- 3
-9 2610
15 21 ---- -18
15, 17
21 ---1912 21
19
• 20 20
-_ -__
__ ____
_ 1612 1617 15
12
11 ---- -11
11
14
6 ----------------934 -14
15
12
• 6
17 -11
1/ -15 -12
12 -15
-al_ _
a 23 294 2912 37
35 3712 35 39 _
---15i ---4 2New
s
1- "i5r 13
37 374 52 l: i2 36
ii--'"-T"--r"----ir---- "ii- 1
*
ii
4. 21 io4 26
4
Trumbull Cliffs Furnace pf 100 101 10312 103 10312 104 104 104 106 106 106 100 106 10212 10212 102 102 10014 10014 101 1013 1014 10114 10012 10012
32 3414 30 3212
s
333 38
32 34
34
34 4512 40 44
33
• 3312 34
4
373 39
3714 44
39 40
Union Metal
40 40
Union Mortgage
First preferred
Second preferred1 58
* 712 9
5/2 9 4 5i8 - 12 5/2 --1
44 54 54 ils
6
3
a
7
1
i
111
7/ -- . ii7 1
-12 0i7 - - 0
13
12 6
Van Dorn Iron
100 70 70
Preferred
712
7 TO
54 16
I
ii
1912 20
• 2012 2012 ---------------------------------60I38
1812 19
15
12 2 i Ii
-15 --------12 -- -1- lachek Tool
2 712 13
_ _
8
• 317 35 3311 3912 _
Weinberger Drug
4
153 If io" Wiz -ie -- "iii- III; "iii- Ii" "Hi 17 4 -ii- --- "ii- If "iti- II- -iirs Yi•
17
' 1
. 2
6"
New
Wellman Seav Mora pref-100 80 854 874 90 86 88 874 874 ----------------------------------------------------------------- -.
•
--- ---- -- ---- ---- --.- ---- ---- ---- --__ --- __-- ___ -___ ___ - — __ _ ____ ____
Wellman Engineering
90 00
0 90
9
98 9814 96 98 --------95 98
9814 100
Preferred
100 100
98 98 97 97 98 98 ------------------------90 90 --------90 90 --------79 79
100 99 99
Western Res Inv Corp pf
LA 21
SO White Motor
_ __._ ____ ____ ____
___ ____
__
_
_
- -14
- 12
Preferred
100 101 10212 10212 1024 /(5:1 11i /154 104 - --------105 168
- 3
100 ------------------------------------------------106 1- 6 i155 1-05 10412 105 4 10.3 104 10212 10314
White Securities pre(
6
---- -------------------------------- --------------------9713
•
Wood Chemical -A"
_ . ______ 150 150
5514 1554 ---- ---- -- ---- --- .--- - - --- _-_-.. ---- -- -,-- -Youngstown Sheet & Tube._* -___
3 8
- Preferred
100 100 101 101 1034 100 103 993 101
994 99 Ili 99 10014 98 8 10014 99 100
993 100 98 104114 9712 4 BONDS.
1933 -------------------------------------------------------- -09
Canton & Akron 5s
1933 98 9812--------99
City Ice gen mtge 6s
1
4
994 100, - -- - ---- --- --- ---- ---1936
6s
99 10014 1004 1001 -9-4 - - 3 ------ - - -- ---. 100 1°° -_-_-- .2- -. /015F4 10 4 100 10114 1074 1074
1931
; -9. 9 ;
11- 0014
1
Cleveland Ry 5s
- _
1
00 00
23 2414
2412 25
11
Cleve S W Ry&Lt Div Mtge 59'54 244 25
23- 23
-----------------79
3 924 ioii 166
N 0 T & L 5s
91 ii 166
17
1941 95/4 - - 5612 4
4
Steel & Tubes deb 6s
.
1614 ioo" i664 "9912 164 09 99 4 97 993 545 iii
3
1941
W B & A RR 5s
---- ---- --
700 1-01 ioni41-61-- ioi-
RIGHTS.
Miller
Peerless Motor
4
17
-
18
__ __
103 104
-r. 77 _'_'....
- 3
9912 100 8
---- -.-/OW 110---- .---. ---.
-'
Oils 134
8
8
•No par value.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1929.
November December
March
October
January February
April
May
June
August September
July
Par High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
—
5 per share II per share $ per share 5 pet share $ er shar
r ar $ per hr $ Per shar 5 per share $ per share t per share $ per share
525 525
American Savings Bank-100 425 425 ------------------------------------------------ 500 500 --------525 525 535 535
415 415 45 4 - 4/5- 411- ill ill ----- 5S0 450 630 580 570 530
100 ----------------415 41
Central National
'
_
_
_ ____ 85 85
_
_
- --- -___ .. .
.
Central United National w L20
1/ :161 445 475 461 455 466 ,100 447 3
i46" 66 , - -tio" 411 ilia- 44 - iii- 466- aao- 566- iiiii" 666" iii 425 485 465
Cleveland Trust
6
100 500 376 40018 394 402 400 405 400 406 400 41)5 400 397 395 400 390 500 400 570 475 450 420 425 425
Guardian Trust
---- ---Lorain Street Say & Loan_100 ------------------------310 310 ------------------------ 310 310 00 400 NO 530 400 400 425 398
_ ____ -- -___ 4C0 350 425 400 450 425 42 415 420 410 415 411 525 411 5501s430 450 400
100
Midland
100
Morris Plan
50 348
__ 425 350 410 410 3
. 12
____ iio ilo ...National CitY100284 284__ ____ 65 254 300 285 310 300 3051 111 - -Pearl Street Say & Loan_100 310 310 ------------------------301 301 --------306- 305 __ __ __.. 450- 120 750 475 ---- ---- ---- ---_
-- ---- ---- ---- ---- ---100 155 155 150 150
Union Savings & Loan
-100 327 307 347 330 aio us i6ii- a4 - iii" i66" a5i- iii- 556 iii- ---- -_-- --- ---- ____ --- ---- ---- ---6
--- --- ---- __-_
Union Trust
---Certificates of deposit100 ------------------------------- ----------------405
92
/
25 _
4
____ 130 in43 137 119 139 116 11, I/ 97
New
100 3C0 295 296 294 290 289 284 1/1- igo- iii" iii- ii6" iiiii2 290 320 306 460 350 450 370 300 305 375 366
Bank
United
BANKS.
MISCELLANEOUS
18
• 27 2412 2612 2012 22
3
18 4 15
14
17
Aetna Rubber
97 963 98 97
100 100 100 101 100 100 100
4
Air Way preferred
2112 20
2312 22
22 20
1712 1712
Akron Rubber Reclaiming- • 23 22
100
Preferred
1-- 1012 8
1- - /5 - 0
lii2 - 2
1- • Nis - 2
/I - 1
1Allen Industries
30
31
34 32
30
31
3012 28
• 33 31
Preferred
116 116 125 118 125 125
100
American Fork & Hoe
First preferred
10
4 9
4
123 123
16
10
13
154 1412 15 4 14
3
9912 967 98 98 ---- ---- ---- ---- 95 9212 88
8
912 9
1712 17 ------------------------10
8
88
8
914 5
,
87 2 87
612 611
5
034 512 7
.
-12 164 I
"8
14
1 ii
il
.
/11/2 11
1012 10
2612 25
2812 28
29
33 2738 31
4
283 2714 28 2714 2712 27
140 140 136 136 110 110
.12614 12614 140 140
_
1299
FINANCIAL CHRONICLE
FEB. 21 1931.]
.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1929 (Con(inued)
MISCELLANEOUS.
Norember Dealt:bet
October
August September
July
June
March
May
April
January February
ligh Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lou High Lens
S per share Per share $ Per share Per share S per share per share $ per share Per share $ per share S per share $ per share per share
40 3712 4112 33
4
368 3212 34 3214
• 40 37
39 36
4
40 383 39 3512 3712 368 3712 3612 3818 3612 3712 37
4
American Multigraph
85 85
84 84
88 100 100
91
88 82
8812 88 86 86
8812 88
American ShipbuildIng____100 92 90 9212 92
6"
iiO- 11- 110 110 115 115
110 110
100
Preferred
15
15
18
19
American Vitrified Prod.. _50 19 18
0
2
ici" -a/ -- - -26T2 22 "ii 121, 14 1258
1
37 32' -io- - 3 -39 4 - ;-562 25 51 1 30
;
•
31
3312 2614 3484 32
Apex Electric & Mfg A
98 95
92 92
95
95 95
9413 88 102 89 101
99 98
10312 105 102 103 101
107
100
Preferred
8
30 297
32 30
3114 30
34 32
37 3412 34 34
3712 36
36 36
35 343 3512 35
3414 36
37 36
4
Bessemer Limestone
312 312 312 31
: 3 8 312
5
3
3
4
412 412 5
412
6
7
50 6
5
4 5
43
7
Bishop Babcock
4
5
6
412 cz 4
5
6
5
,
3
3
3
8
3
8 314 5
47
3
30 4
84 218 1 4 7 4 612
3
Bond Stores A
h 1h
4 1
8
h
118
,
1 4 Ds 1
2
1
2
212 114 2
114 1
134 1
114
• 112 1
B
9
11
1
2 8
- 27 26
33 33
• 35 31
---- -62E8 -- 8Brown Fence & Wire B
!I
"Oil - C I9l 18 1712 171s
2484 24 -948. 4 944
• 3511 34
30 2912 29 29 ---- A preferred
11
13
12
1312 16
26
2812 18
18
14
16
15
18
• 1612 1012 18
Buckeye Incubator
60 65
- 4
,
3
63 4 63 2 6312 63 2 -93r2 0 -62i2 60 -613- 55
,
,
3
84 66 64 s 6412 6412 6514 6414 65 65
3
3
100 65 4 65 4 65 4 65
Bulkley Building pref
912 912 812 7
384
7
10
11
1012 10
16
13
1212 15
12
1014 15 10
912 18 12
4
133 16
• 20
Byers Machine A
115 115
135 135
146 146
125 125 140 140
150 149 140 140
100
Canfield Oil
1043 104's
10414 10414
_ 103 103
100
Preferred
91-35 35
44
0;
410 4
8
-517s 47- 551t 51 5688 - -594 109 11012 105 -5i1-2 10612
8
465 465 4814 - 1• 48 48
Central Alloy Steel
110
100 113 1l212 11212 111 112 10854 11114 110 11112111 111 ficr 111 10912 1111i 10912 112 110 11112
Preferred
7
10414 104 10414 103 10312 103 10412 103 4 105 10313 16312 10312 104 104 104 104 10312 103 103 103 102 33 11
8
Chase Brass & Copper pref_100
20 20
100
El C I hasty
48 42
4
588 56 -664 16" 49 44
59 55
8
557 54
58 54
5313 49
60 5112 8013 68
6212 59
• 64 61
City Ice & Fuel
1012 918 10
loll 912 10 8 12 984
3
13 4 1211 1218 10
4 9
818 133
95 1412 13
13
8
5
,
9 4 14
10 10
Clark (Fred G)
Cleveland-Akron Bag
"
Cleveland Automatic Mach._50 14
100 75
Preferred
tat preferred..............
•
14
75
14
71
1212 30- 15
75 75
70
2514 23
95 81
25 2212 25 24
111 100
,
98 3 98
2812 2812 30
2812 25
75
100 98
76
--.----
28 - 25
73
75
73
75
23
70
70
-20
20
18
18
24 24
Cleveland Builders Realty-- -* ---- ---- ---- --- ;
21
2712 25's -61 27 "WI - 3
29 26
18 2
Cleveland Builders Supply___* 35 3114 3411 33 -31 - 1 jai" -281, -5i- 29
-66- 16- 40 35 35 35
•
New
• 147 138 140- iii- 220- 135 275 200 250 199
Cleveland Cliffs Iron
Oi- 94 94 92
2111__
1
. 9/2
4
9811 97 -561 97 -97 4 - 1- 9718 16; 9712 97
Preferred
2
3
---iiiii 111 112 11013 1" lift in-- 11222111 112 11012 112 11054 112 109 11212 109 11112 109 4 11014 10712 110 8 109
*
100 1121
Cleve Elec 111 6% pref
99 99
102 10214 102 100 100
8
8
loo 10112 100 102 100 10284 101 105
100 106 10412 1063 1045 110 105 107 100
Cleveland Ry
9112 90
92 90
4
97 923 97 91
93 91
92 90
100 --- - -- -- --- - -- -Certificates of deposit
12 312 25s
2
3
7
12
2112 214 414 2 8 314 3
214 212 214 214 218 3
1
8 3 --if! 31
13 35
38* -- 2 - -2 2 -- - 7
Cleve Securities prior pref.-• 3 8 3
66 66
67 65 67 64 67 67
71 68
8
787 70
70 70
Cleveland Quarries*63 63 63 61
1814
20
18
2014 2112 1913 19
23 21
2112 21
24 20
21 16" "Hi: 'Yi- 21
8
41
247 245 2311 2212 25 22
__
Cleve Union Stock Yards
12
14
14
16
1712 1812 15
17
20
23 18
15
1212 n
1312 15
15
15
18
13
1312 14
100 1912 18
Cleveland Worsted Mills
25 25
28 28
32 32
32 32
32 32
32 32
32 32
---- 32 32
Cleveland & Buff Transit 100 3218 32
212 1
14
-- 1
2
2
2
2
2
2
4 184 818 8
18
100 ---- ---- ---- ---- ---Cleve & Sandusky Brew
812 fps 812 8
8
8
8
7
-___ -_-- ____
100
Preferred
- .165 iii" 135 125 134 128 15713 135 147 ficr 135- 115
* --------------Cliffs Corp v t c
2012 16
24
18
2512 25
25 25
3ii4 - 12 35 3018 5612 I61- 3113 29 -271 -2 26992
•
Columbus Auto Parts pref_.. 32 31
16
18
22 17
2412 20
28 2612 2612 26 4 26 25
25 20
23 23
,
Commercial Bookbinding__ --• ---- ---30 30
48 4712
42 42
49 49
48 46
39 39
__
•
Cooper-Bessemer
3914 3914
SO
51
50
4812 4914 4812 50 50
50
A preferred
4
278 260 295 275 300 295 405 325 i6O- 3998 495 kir iio- 475
2112
Dow Chemical
• 230 200 66- 2 66- 60 'Hi "a"
• _ ----New
-7ia
i0
10714 16434 105 10412 1064 105 iO6- 161- 106 105 105 105
, 5
100 10612 106 8 /1 i- 10-5Preferred
104 100 10112 10112
-Preferred (new)
100 -------------31 28 2784 30 274
-___ _- -OK -18
6718 6i
Eaton Axle
•
72 72
75 75
72 72
- 0 7011 70'3
2
Edwards (William)6% pref-100 7018 7018 701g 7013
6712 60
76 67 -io- 60 -a- 58
6212 60
60 57 -65- 16- 73 62 -66 67
57 68 6012
Electric Controller
• 61
1212 11
14
20
23 20
25 25
25
25
34 32
25 25
3012 30
25 25
30 30
-- 34 33
Enamel Products
413 3
5
4
5
4
512 5
4
: 612 5
812 7 8 6721 6 2 6
4
1
/ 4
5
/ 6
8
115
,
5
,
Falls Rubber
1512 1512
12
1212 1212 10 10
4
178 10
25 12
Preferred
;
00
45 33 -44i23622 38 3312 -38 - 7
33 31
3112 30
38 3614 36 36 -56- 3213 36 35
32 32
Faultless Rubber
• 3912 33
35 33
32 32
36 30
3712 38
45 42
48 40
4212 41
39 3814 37 36
39 39
3
357 40 39
• 41
Federal Knitting Mills
19.1
22
20
21
27 2512 2512 25
30 27
3212 3414 30
4
348
32 29% 33 30
•
Ferry Cap & Set Screw
_-_-
____
...-
_-_-
air,
____
----
275 262 240 23912 220 220 290 226
Firestone Tire & Rubber____10 250 233 241 220 285 233 292 250 289 277
-3714 Ws;
10
New
68 2
8 - -11684 10984 10912 10934 1- -1- io5/4 108
4
100 111 10918 111 110 1101i 10954 119 4 108 2 110 10912 iiio- 166.
1st preferred
8
4
108 1093 10814 110 10812 10912 10712 109 10712 109 108 10914 108 1087 107 110 107
8
100 Ill 1097 109
2d preferred
38 3212 36 29 -26- 22
8
407 38
• 4412 40
40 40
49 45
5418 437 54 47
4
503 48
8
4512 4418
Foote Burt
--55 548
4
•
A
-27 26 ___.
_
Fostoria Pressed Steel
97 97s 6 6 --5T4 -"64
27 20 -2414 2414
265 257
8
8
Gabriel Snubbers
•
3935 it 1 6-6- 251 250 272 200 284 284 295- 280" 280 280 275 250 Hi- 266- 265 250 265 245 220 220 190 190
General Tire & Rubber
90 90
90 90
9312 92
96 94
95 9412 94 93 95 94
102 9912 10112 101 10112 9912 100 94112 9912 95
Preferred A
20 20
27 23
4
328 26
40 3412 45 37
,
341.4 338 3612 33 4 3412 33 2 34 33
3512 31
29
31
,
8
•
Geometric Stamp
8
325 328s
•
Glidden
- ioti- 102 103 103
4
84
Glidden prior preferred____100 105 103 105 10412 165 103 105- fa - 105 fdi" iniit 102 ioi- 1023 1048410411 jai- fa" 103i4 163" 35 30
35 80
4712 47
40 40
53 5112 48 4512 4813 48
46 46
5212 50
52
• 54
Godman (H C)
s
487 39
4812 43
65 65
74 74
-8
• 9714 947 96 96
)
Goodrich (B 17
99 99
1124 111 4
- 3---100 _
Preferred
8
705 65 4
,
....
5
U3;111
;
Goodyear Tire & Rubber...100 12912 12922
10314 10314
-1031z 103 2
,
1st preferred
90
94 90
.
05 93
94 89
9613 89 -OF 90 -853 IC -oil. 89 -91
100 96 9514 95 95
Great Lakes Towing
109 109 109 105 109 109 109 109 10913 10913 110 110 110 10912
109 109
_ III 11011
100 _
Preferred
39
47 40 2 41
,
484 46
41
43 4012 4212 4112 4278 40
42 4012 46 42
40
43 40
Greif Bros Cooperage A
• 43 40
13014 13014 125 125
130 130
140 190
Guarantee Title & Trust__100 ---- ---...-
....
3714 36
,
45 431.3 45 39 2 3912 37
45 43 43 4112 4284 4112 41% 4014 4214 41
Halle Brothers
45 4413 50 43
10 4812 45
1
99 98 4
8
8
Preferred
100 105 10384 105 105 105 104 105 10212 103 4 10314 10314 10314 10312 103 102 1015 102 10184 10111 10112 100 100
9412 9412
1071/10712
8
Hanna Of A) let pref
4
943 9413 94 94
96 96
100 94 92
97 961: 100 100 1077 1041
25 2212 2218 22
27 25
17 -Zo- 11" 19
20
2018 19
Harbauer
25 21
• 22 21
30 25 4 2914 25
15
,
27 18
12 12
1412 1212 11
12
15
1212 12
12
12
8
147
Harris Seybold Potter
12
12
• 15
12
12
3
117
104 104
100 10812 10612 in/ 107 108 10711 1t712 107 108 107 10012 10612 106 106 15013 10613 107 106 107 105
Higbee 1st preferred
,
107 107
_ 10712 10712 106 106 107 107
100.
Second preferred
10
21
8
• 73 39
India Tire & Rubber
73 55 65 597 62 55
61
35 24
55
40 86
57
51'
Lois 485* 45 89
.
102
Preferred
85 85
85 85
85 85
84
Industrial Rayon Corp
155 149 155 145 165 150 168 156 - 126 160 176 16612 170- l63s 169 116*- iOO" 181 4 185 185
Interlake Steamship
1
.
85 82
•
New
97 88
23
Interstate Ter W'house pref_.• 23 -if 2654
• 4512 3684 -5i12
Jaeger Machine
03 Ili - -14 -35i4 - -8- -35- - - -93- - -84 -59T4 - - -91 -92 4
• ãji2
31
i 32'o 11
8
06
03 212 214
• 133 13 8
8
Jordan Motor
8
10 4 5
100 42 3012
Preferred
o.....................................20 281/ 25 31, 26
10 32 29
Kaynee
33 29
30
31
3712 30
40 35
35 3112
31
31
30
35
3
33 4 30
.
100
8
Preferred
2
99 99
-5i --- 98 98
9512 9512 99 99
__
46 46
50 44
Kelley Island Lime & Transp.• 59 57
6014 5612 6012 59
8
597 57
57 55 -55- ---3- 91 95 -5- 51
-0 511 199 199
52 4 5
5 48
335 2884 30 29
4
• 3212 29
Lake Erie Bolt & Nut
3212 30
29
31
35 30
40 34
40 35
40,2
'
424 40
48 38
8
6214 54 4 53 53
35 4514 431a 50 43
Lamsons & Sessions
5212 4612 60 5112 5612 54
49 47
6014 5612 60 57 7012 59 6712 55
30 28
•
New
94
94 - "
100
Loews Ohio 1st pref
9812 96
97 ii" -_-_-_--65-
-gi-
lg Z. 11,2
.100 105 105 103 102 1023 100
Marion Steam Shovel pref.
flys
4
90 8814_ 13_ _1. ---- ---- 90 90
__
-7
28
90 90 _ His 5
"ii- 1014
1414 13
Maud Muller
13
1214
45 335*
38
• 4312 3984 417 40
McKee (A M)class A
8
42 3914 4014 3984 4014 3014 -:1 1- -- -- 393'4 3214
39 43 38 "io
0
4
12 2 18
Metropolitan Paving Brick...* 52 44
,
50 4412 47 4412 44 42
42 40 2 3712 3712 3412 3412 30 30
4212 42
42 40
4212 3973 44 39
Preferred
100 105 105 106 106 106 106 10484 10434 106 106 106 106 10614 106 104 304 106 106 104 103 101 101 102 102
26 20
27
• 31
Miller Drug
3212 2712 4114 3112 42 37
35 33 3012 3012 3112 2412 26 20
39 36
37 3412 343 32
4
358
,
6 4 614 5
• 2734 2784
Miller Rubber
Preferred
--100 8213 78 82 75 -95- WI: "tio- - -ii -ii- -715- -a- i4
a- O. 5714 5---- -----ii; -31- 48 16" 36 23 24 17
15
16
10
9
23 15
15
5
595 57
* 6512 60
60 53 65 54
Mohawk Rubber (old)
36 22
35
49
2
5912 52
5112 40 40 4
5011 44
74 74
50 50
Preferred
100 9012 81
8
88 875 8712 8712 88 85 81
81 -- -81
81
22 22
• 43 39
37 34
37 36
30 30
321
35 103------------------------104HI: 3112 3012 26
Murray Ohio
1
7
---- ---9312 3378 62 4214 6612 4414
3652 34
Pump
3812 36
• 38 36
36 33
Myers
3812 3312 37'3 368 -- --- 41
40
3;
33953748
62
3571
10212 10212 162Ts 10112
100 105 105 105 105 --------104 331333 3
Preferred
104
36,22
8
333 2913 1812 18
19 1613
10 3012 2912 38 32
35 30
3312
National Acme
34 34
0
4
National Carbon preferred-100 132 132 13014 127 130 128 130 129 13212 130 133 131 13212 13212 134 133 133ft 1 2 13313 13212 13212 1318 135 135
31
32 3184 ____ __ _ _
3912 357 46 3812
8
36 36
Nat Recording Pump pret.---• 31
35 38 36
3734 3612 37 36 - :-ii- -9i- OW
National Refining
60- -56- iiii -aisiz ____ 3712 33 43h 3752 41 34 35 3311 341 34
100 138 138 138 134 135 134 13812 138 1343 13412 132 132 ____ -ii- 125 125 --- ---- 132 132 13212 132 132 132
Preferred
4
• 38 34
41
3418 2513 297 25
38 36
8
35
,
2812 254
4
368 3312 38 3214 3412 3212 36 3212 3514 3212 3512 32
National Tile
50 16
15
16
18
1812 1812
17
16
17
14
22 22
18 17 ___ ____ 1812 18
National Tool
100 50 45 60 60
55 55
80 79
65 65
50 50
Preferred
90 85
45 45__
2_
50
• 2912 28
2918 23 2712 25 -- - - - 24
18
8
4
26 243 24 22
4
228 19 2 21
20
Nestle-Lehlur A
,
7
10
614
25 2
28
27
27 25
30 25 4 3012 29
3014 26
25114 25 8
3
28 27
,
2912 28
Nineteen Hundred Washer- _ -• 2312 227 25 22
28 26
2914 26
9912 9714 98 9712 98 9712 9712 95
8
95 4 90
93 90
92 89
9912 98
91 90
N OP & L 6% preferred____100 9912 98
96 9512 97 95
Telephone pref__100 115 4 1121 11412 113 4 115 11112 114 11214 11312 112 115 113 4 115 112 115 11318 11614 112 11312 11012 1111:108 11212 110 4
3
8
8
Ohio Bell
,
90 8412 8512 8012 8712 81
88 84
8812 81
83 75
77 70
89 84
80 70
Ohio Brass B
8
85 815 84 81
100 lilgt2 1g, 10658 106'2 107 107 107 10612 106 105 106 1031s 10312 I01z 103 100 103 102 102 100 100 100 101 100
Preferred
- -•
__
Ohio Confection
• 7512 69
74 68
49 44 -46iz 4.2
72
73 - - 7314 70 ------ 60
10 17
75 6512 -64- 61 - 63 49
Ohio Seamless Tube
10 19
75 65
190 105 102 105 105 ____ ___ 105 105 --------105 105 104 104 103 103 104 104 1031s 102
P•ererred
101 101
3
-iiir. --ii, 4014
1:
1300
FINANCIAL CHRONICL11,
[Vou 1.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1929
(Concluded)
MISCELLANEOUS
January February
March
April
May
June
July
August September
November December
High Low High Low High Low High Low High Low High Low High Low High Low High Low October
High Low High Low High Low
$ per share $ per share $ per share $ per share $ Per share $ per share $ per Chars per share $ per share
$ per share 5 Per share $ per share
$
Ohio Telephone Service pfAOO
---- 95 93 94 94
Otis Steel
911 Lii 50 53 2 13 554 7
12
21
a ____
Packard Electric new
_ ____
2 39 4112 40
__ 4
40 38
37 353 ....-4 34
4 nod
34 30 34 3114 30 8 26 28 22 25 22
3
Old
,
1281212 - 126 115 119 119
-0
-Packer Corp
• 3312 2912 31 2932 3032 2812 30 28 32 27 27 - 2
412 ii 231r4 20f4 --12 ii -2
2034 2212 17 1912 -4
13 iE 10
Paragon"B"
* 27 2212 2714 2434 2812 24
25 2212 2514 2112 26 22
2412 21
9 1312 972 10
2378 1912 20 1682 19
812
.
Certificates of deposit
2414 2212 2412 22 2512 22
2612 2412 28 24
25 21
24 2014 23 19
4
1812 17
183 1712 10 10 10
9
a 44 43 4312 4234 4432 4234 4412 43 4312 4312 44 44
"A" preferred
__ 5312 42 45 45 4112 35 ___
•--------3814 38 3814 3612 37 3418 343 34 38 33 44 4312. _
Patterson-Sargent
4
34 3212 5i - - 39 3212 3612 25 29 25 29 --32
23
Peerless Motor
17 16
19 19 --------1512 1512 --------9
50 ----------------19 19
9
9
9
9
6
7
84
Reliance Manufacturing
7
3
* 62 48 5812 5212 5512 47 8 59 4 53 573 53 5512 53
4
557
8
Republic Stamping & Enam_• ------------------------------------------ - -60 53 62 55 61 2412 5612 49 45 35 4212 35
- 27 26 26 2512 28
2512 24
2472 247 2434 23
8
a --------------------------------28
Richman Bros(old)
1
New
• i
,
2
3
394 38312 --------13712 fie' iii- Ili- iii- 116- 15E.2 166- iii- ii- - ii
River Resin Paper
• -------- ---- --------------------123 114 132 1218 ---- ---- --------------------------------314 Ilia
3
14
• 8
614 i
V t c series 1
612 7
612 812 712 712 7
7
--18 §
6
13 2 §
li i "012 7 6 if - - 674 --14
1
5
5
• 812 7
V t c series 2
7
612 612 7
7
7 12 7
7
818 814 8
7
8
714 7
8
7
8 --------5
5
Preferred•t c
10 10
12 10
12 10
25 16 1212 14 14
103 10
4
15 14
1512 1212 15 11
15 13
12 111± Ills 10
Rubber Service Lab•t c
Preferred
Russ Manufacturing
Sandusky Cement
100 260 260 260 260 248 248
a 25 22 23 2112 2212 2112 iii2 --- 2'2 --- ii --Scher Hirst A
2112
2
2
21
2Ci
15
1612 12' - fo
• 65 56 60 5114 61 4712 52 47 48 40 44 3912 'Ely -- ----------------18 --- 1.2 -Seiberling Tire & Rubber
40 30 34 2812 2832 25 30 15 22 1572 16
VS
7
Preferred
if/0 107 2 10572 10712 107 10712 105 107 106 10712 106 105 105 104 104 102 102 9972 90 88 88 --------75
65
• 35 32 323 2972 34 28 3212 263 27 28 27 25 31 283 30 2712 29 27
4
Selby Shoe
4
12
12 28 2412 25 21 23 19
8
100 10011 10012 99 9758 9712 97 9812 9812 9912 9912 96 96 --__ ____
Preferred
____ ---- --- ---- -- ______ ---- --- ---- ---Sheriff Street Market
100 --------2014 20 21 2034 --------2112 2112 --------2112 20 --------30 30 45 41 --------30
30
Sherwin Williams
25 88 8572 88 85 87 83 9112 82 105 90
94 91
9612 9212 97 95 96 91
95 76 86 75 85
Preferred
100 108 10714 1073 10614 10612 10412 107 10534 10714 105 10534 10414 106 105 106 104 1053 105 106 105 106 103 106 80
4
4
105
Smallwood Stone
Stahl(H A) Properties
Preferred
100
* ii --- : - 14 ii If ii Iiii" - 7a -11
Standard Textile
I
11
f
2 i2
r 84 0
-614 iF I
1
5 E
i
i
12 34 212
3
• 89 71
"A" preferred
86 83 53 80 90 81
88 70 79 70 7412 70
* 40 33 50 38 50 4618 51 4614 6012 42 42 45 46 45 70 6814 75 67 6814 68 60 50 4934 44
"B" preferred
39 39 36 36
4'7 43 45 40 39 39
Star Rubber
•
Stearns Motor (F B)
• Ms 512 6
5
578 472 5
3
12 ii2 I
51- "3
2 5r2 "Al ii2 1
12 i
lg 14 -1i
Steel & Tubes Inc"A"
14 I
'
ig
-I8
Income "B"
• 75 75 7258 727
2
• 3012 3012 31 30 ---------------------------------73 73
Stouffer Corp class"A"
s 012 22
4
8
3
4
30 29 3( Ili 33 2 16 §43. 16 Ei Ii ii 11
12
1
)T4
Sun-Glow Ind Inc
---------------------------------50 29 2912 2712 24 21
24 23 23 21 --------18 18
25 20
Swartwout
Thompson Aeronautical
•
16 15
15 15
15
. 28 24
§-2
I) iii
982
Thompson Products"A"
• 68 4618 66 59 67 50 68 53 63 59
5912 57 53 5214 55 50 5512 49 50 33
28 22
Preferred
100 107 107 --------108 107 --------108 108 108 107 ------------------------108 108 32 21
108 10714
- Trumbull Cliffs Furnace pf 100 10512 104 10512 10412 104 104 10412 103 103 103 103 103
11304 103 104 1037 100 100 102 100 101 101 ----- 8
10312 101
Union Metal
• 60 52 59 50 2 52 4912 5012 48 49 47 50 47 4912 45 45 41
,
45 42 42 35 36 33 35 33
Union Mortgage
100
12
12
3
8
3
8
3
8
iiii
3 -..,- _ _ ____
s
_ __
_ ___ __ _
z's
is
Is -------Is
58
First preferred
100 ------------------------3
2
12 Z
-2
2 ---- --i
2
1_. _..... _ fa -18 Is ' • s IS 211
____
1s 14 la 18 is ts
,3
Second preferred
_
_
_
Van Dorn Iron
• 914 7 Ii
-/
7
els ii
i la -1i ii
i lir8 10 ilf4 1
1
6 12 10 -------- 8
6
0
Preferred
100 2812 28 30 29 4 30 30 35 35 35 35 40 37 55 --. 55 -- 12 i0 -3
42
7212 60 --------5050
65
Vlchek Tool
----------------------------------------2712 2612
2724 4 2734 253
3
Weinberger Drug
* 33 24 35 32 45 38 47 40 51 40 4914 4412 2612 25 26 25 __-- --- 3712 31 4 22 20 22 22
a
48 39 40 35 40 3512
3414 33 34 3212
Wellman Seaver Morgan pref_* --------10 10 --------11 11 --------10 11
17 1712 1012 1012 - 12
- - - ---- - - - - - Preferred
100
13465 64
63 62
9434 7212
6 ii 75 iE
ie 16
Western Res Inv Corp pf_ —100 ----------------104 103 103 4 10312 105 10312 1031 102 91 89 85 801s §§ 1
3
2
1027 102 10314 103 1033 10214 10234 102 101 101 100 9912
s
4
Wheeler Products
•
36 33 3512 321 37 33 34 321
8
32 30 30 297s ____ ___
1 30 31 30 35 29
White Motor
50 48 4112 ____ _ _ ____
__ 4814 4634 44 4014 -------------412_
__
4412 ---------------------- 36 3132
White Securities pref
100 10218 102 10412 10412 104 10314 104 104 10434 10434 10414 10414
_103 103
4
•
Widlar Food Products
2914 28 29 25 27 2511 25 22 2812 24 10414 103 104 103 104 103 26 26 103 101 1013 100
2812 2414 27 2412 30 25
____ ----__ __
Ctfs of dep
s26
20
Wood Chemical "A"
• 29 28 2812 28 2834 2612 213 25 25 25 2512
.
a 2iS
"B"
• 2234 2112 2312 2312 2332 2312 20 4 2014 --------2058 2512 -i8- li" "il Ili" "til Ie 25 25 -------- ig -- 7
,
2012 ____ __ ____ ____ __ ------ ---- ---- ---- ---- -Youngstown Sheet & Tube- -----------------115 115
_
_
_
_
.
Preferred
l:174 103 lova ilia 161 jai fiii H151
lio .21
2102 10258 kWh 10212 102 loi I9i12 10014 99 19952 leo 10212 II'S
BONDS.
7-i
City Ice (Cincinnati) 1st 6* '36
City Ice general 6s
1933 --------101 161 jai 161 jai 161
- - - - iiii4 - - 19 4
3
19
:
Cleveland Ry 5s
1931 all 106 10018 100 100 9934 9912 99 9812 9812 ----------------9958 - 14 -------------------- 100_
9913
98
,
-,
Cleve & Sandusky Brew 6s 1948 102 102 --------1015810158 10138 10112 10112 10112 10112 97 98 98 9734 9712 98 97 8 99 97 2 9712 97
10112 10112 10112 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Gen & con 5s
1954 --------------------------------281± - - 14 iiii2 -.12 2812 -2
i
2812 lira - -12 iii4 -i8
2
3
2
27 ii 28 2512 25
814 21 -Northern Ohio P & L 5s
Steel & Tubes deb es
1933 --------96
1943 l
9
96
-- - - 9
8
_ _ _
_ .. _
_
_ _
_ _
_ _
_ _ _
_ _ . . _ _ ___
9912 el If iii II oi "9 2 iii2 91 iii2 iii Hit - 12 O52 Iii 57i2 91
id 58 -9
1 iii12 12 4
1
RIGHTS.
City Ice & Fuel
Dow Chemical
Faultless Rubber
-_
Glidden
Glidden N- i_ _ _ _______
o
Guardian Say - .:
& Trust
Paragon Ref
Weinberger _ __ _ _ _ __ _
.
Weinberger Drug No 2
__ ____ ____
____ ____ ____ ____ ____ ____ ____ ____
._— 2
-- - ---- ---- --- li
ii
-
-_-- ---- ---- ---- 4
24 4
3
____ ____ ____ ____ ____ _ __
1
_
__
14
i
i
-12
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -____ ---- ___ -------__—
• No par value.
RANGE OF PRICES ON COLUMBUS (OHIO) STOCK AND BOND EXCHANGE DURING 1930.
We are indebted to Stevenson, Vercoe, Fuller & Lorenz of Columbus, Ohio, for the following compilation, showing
the range of prices during the calendar years 1930 and 1929
on the Columbus Stock and Bond Exchange. It includes the
principal securities traded in during the year, as also the active unlisted
issues.
For record of previous years see "Financial Chronicle" of Feb. 15 1930,
page 1041; Feb. 16 1929, page 966; Feb. 25 1928,
page 1112.
STOCKS—
Buckeye Steel Castings common
Preferred
Columbus Dental common
Columbus Railway Power & Light first preferred,.,
Second preferred
Columbus Coated Fabrics Co. preferred
Franklin Mortgage
Godman Shoe second nreferred
High,
4834
10534
61
108;4
109
108
34
100
Mar
June
Nov
Apr
June
Feb
June
Mar
Low.
37
10234
,
66
104
10434
105
30
98
Nov
Nov
Feb
Jan
Feb
Nov
Nov
Mar
STOCKS—
High.
Gordon Oil....................................... 1294
Huber Manufacturing preferred
100
Jeffrey Manufacturing preferred
10334
Ohio Power preferred
I03;i
Ralston Steel Car common
11
Preferred
43
Smith Agricultural Chemical preferred
993.4
Low.
May
734
Jan 99
Dec 102
Oct 103%
Apr
6
Dec 40
Feb 98
Nov
Apr
Apr
Feb
Oct
Mar
June
RANGE OF PRICES ON COLUMBUS (OHIO STOCK AND BOND EXCHANGE DURING 1929.
STOCKS—
Buckeye Steel Castings common
Preferred
Columbus Dental common
Columbus Mutual Life
Columbus Ry. Power & Light 1st preferred
Second preferred
Columbus Union Oilcloth preferred
Franklin Mortgage
Godman Shoe second preferred
Gordon Oil
High.
49
106
56
240
108
107
108
37
106
334
Jan
Jan
Dec
July
May
Feb
Aug
Mar
Jan
Nov
Low.
42
10334
52
22716
100
98
104
33
101
236
Dee
Nov
Jan
Mar
Nov
Nov
Dee
Nov
Dec
June
STOCKS—
Huber Manufacturing preferred
.lefferey Manufacturing preferred
Keever Starch preferred
Ohio Power preferred
Ralston Steel Car common
Preferred
Scioto Valley Ry. & Power 1st preferred
Second preferred
Smith Agricultural Chemical preferred
Tracy Wells preferred
High.
103
104
50
10655
1234
4234
35
16
102
9011
Low.
June 9936
Jan 100
Apr 45
May 101
8
Feb
Apr 34
Mar 30
May 15
Sept 9034
Apr 85
Dec
Nov
May
Sept
Dec
Aug
Jan
Apr
Apr
Aug
FINANCIAL CHRONICLE
FEB. 21 1931.]
1301
THE CINCINNATI STOCK EXCHANGE—STOCKS AND BONDS.
In the following we furnish a monthly record of the high and low prices on the Cincinnati Stock Exchange for each
of the twelve months ending Dec. 31 1930. The tables include all stocks and bonds in which any dealings occurred
during 1930 and the prices are all based on actual sales.
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR 1930.
LISTED SECURITIES.
Ahrens Fox A
B
Aluminum Industries
American Laundry Machinery.
American Products
Preferred
American Rolling Mill
American Thermos Bottle A
Preferred
Amrad Corp
Atlas National Bank
Baldwin
_ _ _ _____________
New 6%
Biltmore Ero rug
___-
March
August September October
January February
April
July
November December
May
June
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
27
75
17
/
1
4
20
90
1512
49
23
24 3012
64 72
17
17
18 21
801 10012
/
4
15
1612
4812 49
1914
12
4
_
_ _
_
2534
6412
16
/
1
4
20
88
15
4814
15
2312
64
17
19
9012
1612
4914
15
254
/
1
69
1712
21
95
20
1512
$2
23
66
1634
19
8314
16
/
1
4
4912
23
244 121- -iify
/ -4
1
68 6312 65
1634 16 ____
19 19
21
7712 6814 70
1634 16
1511
52 5034 51
30 22 25
4 ----------------6
_ 60 60 6060 60
54 4 143 55
1
4
Preferred
Carey (Philip) Mfg
Preferred
Central Trust
27
75
17
19
9514
1714
50
31
41/4 5
60 60
11
4712
__
18
514
/
1
13
494
15
5
60
20
65
164
19
61
1312
50 4
3
2014
18
17 1912 19 20 17
/
1
5514 6012 56 564 5034 51
1614 16 16 ---- ---- -----,1812 184 18 ---/
1
43 4
2
4812 5912 52 54 --1 443
13 --------13 1032 10
4812 5014 43 52 4912 50
19 19 ---15_, 18 14
1374 15 1212 1414 12
50 504 40 46 88
/
1
---- ---- ---_ ---- -___
— -,,, ,- -,,- -_-_-- / 3 8 -354 5 4 3
1
0 35 - 5
331
10
10
9
92 9
7
48 49 48 4912 48
/
1
4
---- ---- ---- ---- ----
____
__ 412 4 --------3
3 ---- - - 4% 1
028 60
60
60 "- _ __ _ _ _ __ 60 6) ----------------0
55 ------------------------51
51
---. ---- ---- ---- 51
51
---- ----
280 280 270 250 --------251 250 249 225 --------230 225 231 220 220 205 205 200 210 200
120 120 120 120 120 116 116 15 116 116 11412 11212 1212 1-2 i121111 --------111 111 111 111 113 112
270 270 265 265 280 272 280 280 --------265 265 270 265 265 265 265 265 --------265 265 273 265
234 234
Champ Coated
iio 116 iao 106 107 107 107 106 i6§ Ili 'jai 111 1081210 ilia io ioi ici 10514 105 101 101 102 102
Preferred
i
i
105 10314 --------10434 1043 ---- --- 10514 10514 105 105 105 105 10514 105 ------------------------ 105 105
4
Special preferred
/
1
4
105 104 105 104 --------10514 105 10812 108 10812 10812 104 104 --------10412012 --,,
Champion Fibre pref
--- -,,---- ---19 15 23 1712 2114 18
1912 18
20 18
17 12 15 18 1514 17 14
18 15
Churngold Corp
16 15
18 15
/
1
4
1712 16
Cincinnati Advertising Prod_ 5.5 53 6212 50 6012 58 59 5612 5611 52 52 50 50 49 --------49 49 ---- ---- ---- ---- ---- -26 20 21 20 25 22
24 21
26 20
Cincinnati Ball Crank pref
2
4
12 I
12 2
34 17
4 114 134 11 132 1
III 11 118 1 1
z
Cincinnati Car Corp B
/
4
- 13 I
4
4
/
4
"3
2 1
/
1
4
3
8 -3
2
114 212 2
212 234 212 2
312 17
/ 2
1
4
/
4
2
/
4
2 3
174 214 24 3 4 3 --------218 11 112 11
Preferred
3
/
1
10111 99 10214 99
/
1
Cincinnati Gas & Electric pref 99 95 98 9612 100 97 100 9914 10014 994 1014 9334 100 99 10114 9934 1023 100 102340
4
/
1
4
Cincinnati Land Shares
---- ---- ---- ---- 109 102 100 98
C N & c Light & Traction
_ ____ ____ 81 81
96 -9
6 864 85 8634 8634 ------------------------------581
Preferred
/
1
8
t518iii4 --------86 86
CNO&TPRy
7
8294
327 325 --------350 350 335 330 337 330 335 335 325 320 328 325 330 330 321 320 327 311
10534 1053 110 108 108 10614 110 10912 ---- ---- 109 108 110 109 10834 10812 10712 10712 1101410914 108 108 10812 1084
/
1
4
4
/
1
Preferred
Cm n Postal Terminal pref
. 76
76 76 76 ----------------75 75 ---- ---- ---- -”•
".” "1
' ..
.
.. "
"
- -- ,- -7=Cincinnati Street Ry
i4 - -1 433 42
/
/ 43 45 4
1
4
4
/
4
4 4z 45 4212 45 -. 4112 48 404 4312 4114 4312 4212 4212 411 41 36 41 37 4012 37
.
/
1
4
Cincinnati & Suburban Tel_ _ 119 110 119 117 118 11414 1173 11312 112 95 95 91 100 91 100 9814 1011 9834 100 9712 98 9214 9714 94
4
/
4
/
1
4
Cincinnati Union Stock Yards 30 223 294 29 28 27 29 29 28 25 24 22 --------20 1912 23 2112 23 23
23 23 23 23
/
1
4
Cin Union Terminal pref
4
____ ____ ____ ____ 104 104 106 105 10712 10612 -------------------------------- 1073 1073 10714 10714 ---- -4
City Ice & Fuel
3834 3834 3712 3612 3724 3872
44 42 49 43 46 4312 47 45 46 4212 4312 39 43 38 43 4112 40 38
Preferred
Coca Cola A
z 612
61 6
3014 3o
16c4 1645 343231 31
4
'-' ------------------------------------------------------842
21 1912 20 19
Cohen (Dan) Co
20 1912 25 25 2312 21
/
1
4
6
1512 15 16 1
18 18 18 1712 ----------------16 15
Col Ry Pr & Lt 1st pref
4
102 102 106 106 ----------------1072 10734 ----------------107 07 09129 ---- ---- ---- ---- ---- -12
Series 11 preferred _ _
/
1
4
-- 10812 108 ------ 10812 10814 0914 1094 ---- ---- ---- ---- ---- ------- --------13 ---- --=- - ,- --,---- ---- ---Cooper Corp preferred
10
2
1012 10
0
-20 -13 13 ---15 - -,-- ---- - -- ---- - -- ---, ---13 18 14
/
1
21
Crosley Radio new
20 114 194 434 19 16
6
4
18
6
/ 3
1 /
4 1
4
17 -8
1112 173 13 1314 814 1814 1514 18 1112 1312 12
Crown Overall pref
106 104 10411 104 104 104 105 104 10411 10412 105 104 105 10312 104 103
___ ____ 103 102 103 103 103 103
/
1
4
23 22 22 22 ____ _-__ 20 20 19 19
19 Iv! 18 1712 19 197 --- ---- 19 17 4 ---- ---- ---- ---CrystalTissue
/
1
4
4
3
4
Dixie Ice Cream
612 5614 5614 ____ ____ 5612 553 5531 5534 --- -- - ---- ...______________ -18- - -- -17- 15 - -153-- 14 4 -iifs - 14 -I41- 13- 5612 5212 13 12
-- - 4 1
10
-11 15
10
10
9
Dow Drug
12 10 12 1034 11
13 - -- 4
- 14 1
105 105 107 107 106 106 --------1061210478 -------- 104 104 100 100
Preferred
--- ---- 100 98 ---- ---- ---. ---Eagle Picher Lead
Preferred
Early & Daniel
1272 1114 13 114 1134 10
/
1
/ 15 12
1
4
13 12
8
3
6 4 67 5 4 6
3
/ 7
1
4
12 8
4s
7
10
7
12 8
8
812 713 8
102 101 101 101 --------10014 100 1003 1001 101 101 100 100 -----------------------------------4
/
4
25 25 28 24 25 23 25 22 25 23 24 2334 24 23 23 22 2512 24
1
4
/ /
4
43 2312 271 23 2814 2
Egry Register A
Excelsior
Pay & Egan
Fenton United Cleanini
Preferred
Fifth Third Union Trust
First National
Formica Insulation
i
315 WM M5 WM 3W WM ii6 36612ii6 661 ii5 iW 5i5 icW 555 i66 aiii 166 555 ii6 iii iii iasiT2141
420 415 415 415 415 410 415 410 405 405 403 400 401 400 400 398 400 398 400 400 ----- ---- -,-5212 40 5312 4612 4772 44 49 45 4612 37 37 2978 35 31
34 30 31 29 29 15 2812 2712
34 31
18 18
FrenchBrosllauerdeposlted---------- 1.5 15
17 12
1211 12
16
Undeposited
'
4
2 99
Preferred
98 96 97 If
101 101 551""" 103 103
Fyr Fyter A
211 18 ----------------18 18 --------20
/
4
Gerrard (3 A)
Gibson Art
Globe Wernicke
Preferred
Goldsmith (P) Sons
Goodyear 1st pref
Gruen Watch
Preferred
Hatfield Campbell
Preferred
Hobart hug
InternationalPrinting Ink
Preferred
li
5 11 ____ ____ 184 184
18
18
18
80
47
50
97
70 842 -76
4
43 4612 44
45 52 60
954 96 94
____
. 7634 vet, _
_ -_-: -56- "16- 2:- -2:-242 42- 4134 -43-
50 ii 50 45 ia 13 45
5112 51
57 53 53 47 45
99 9434 10114 993 101 9412 93
40
90
38
88
38
88
32
93
---__ 72 68 ii
-4
0 42 40 41
29 32 2612 26
90 --------83
96 95 96 94
/
1
4
_.
_ 34 32
20 17 23 1914
_
_
_
ii
_-_ /
4
3712 38- "341 35 33
1912 ____ — 1714 BA
/
1
4
6312 65 65
Ms 7414 ---- ---- ----89 --r- -_, /
1
4
24 28 2(1
4
3
:-..- --- -- -2412 17
18i4
96
95 ____ ____ MI 98 100 99 10412 99 100 98 99 9712 99 97 97 9514 99
12
_ _ - 32 32
217 20 20 1911 247 19l
____ ___
_
_
-53 16i ioi f6f ____ ____ ioif2102 420 410 ioi_ 161 _ i 1 461 _ jai-4 isiii- 16ii8 16184 iaii2102 400 400 ioi
10112 10112
1012 101
- -4
- _
_ __
_ _ .
_ _ _
_ _ _ _ _
_ 47 47 "-i434 ii ii -4
6 ii 46 ii "1112 55 i
16 3914 3634 -55" "31- aa" -- 5a" 31 56r4 16 51 ' i 55
31
_
Magnavox
__
Manischewitz
38 38 4334 38 45 421- -ail 1112 -:Ii" "171- -ifii4 -1- — — -55i "3
/
-2
1
4
2
-71
Preferred119 118
21 19 22 21
19 19 ---McLaren Cons Cone A
26 16
__ io 16 55i8 16
61 5934 6812 6112 67 6014 64 64 65 603 65- -Mead Pulp & Paper
4
62
98 96 100 99 9712 97 9812 97 100 100
Special preferred
12
7
9
9
8
8
10
Meteor Motor Car
913 9
To
9 _-7- i21 20 22 20 22 20 23 2114 25 2112 2111 -- "16- "I" -iii" 18
Moores Coney A
18
1814 19 19
3
3
4
4
314 3
/ 5
1
4
314 3
B
12 3
2
2
/ 214 2
1
4
12 3
3
115 110 105 105 104 104 -------- 98 97
Nash (A) Co
_
35 327 36 33 34 303 34 303 314 29
/
1
4
4
4
National Pumps Corp
/
1
211 25If
30 2714 29 25 32 27 34 29 321/4 3112 -3i- "66- -ii" 27 271 27'z
Newman rug
/
4
29 25 28
113 111 112 11014 112 III 115 1121 114 113
/
4
Ohio Bell Telephone pref
Ohio Shares Inc pref
3 812 147 1114 jilt If
13
814 8
8
912 7 145
Paragon B
____ ____
13 810 paid _________________ ---- ---- ---- ---- ---- ---- -___
7
/ 712 1314 812 1412 1114 1414 11
1
4
8
8
V tc
39 334 44 36 4533 40
A preferred
fi
/
1
4
24 20 21 20 204 20 20 1812 19 1714 1718 11
/
1
/
1
4
812 812 812 8
16 15
9
8
8
/ 7
1 /
4 1
12 12
4
50 38 48 45 45 43 45 44 50 45 443 35 39 3814 3912 3612 3732 35 3512 3412 36 34 3812 34
/
1
4
4
68 68 ----------------60
71 88
i (t,634 65 65 ail 1412 'hi iii iiii2 "6112 ---- _,- ---- ---- ---- ---- ---- --- --- 1;
20 19 22 20 2212 20 2014 20 2018 20
1912 19
1914 19 20 - 14 ------------------------16- -.: 1
- 11- -54- ---g 01
g 40
1
a2 - 4 iii"fiioi --1iii -2 4
6i6C 4 ii 3834 36 ai ii :6 ii aa 6i 45 ii ai il,
32
1114 111 112 11012 111 1103 113
2
/
1
4112 113 11012 112 112 112 110 11014 10914 110 10914 10914 10712 108 10712 105 105
Jaeger Machine
Johnston Paint 8% preferred_ 25 25 30 2212 25 2
6
Kokenge____ ____
Julian &
21 19 20 20
19 19
19 1712 19 I7l- 'IF If'
2
Kahn Sons 1st pref
---- ---- __-- — ---- --- 89 89
8912 8912 88 88 95 18 - -90- - 2 -90- I18 --/
1
4
s
-- 897
7881Participating A
30 29 30 27 27 25 25 25 2478 22 30 2134 28 28 28 2612 26" -.
2
514 2714
Kemper Thomas
. _
_ 45 45 42 42
/ /
1
4
1
4
Special preferred
1001 1001
105 105
Kodel Electric & bug A
6
5
/ 712 5
1
4
/ 8
1
4
/ 7
1
4
712 7
714 612 7
5
6
5
512 5 ---- ---- 5
5
4
1912 1912 ----------------20 20 20 20
Preferred
19 19
19 19 -.-Kroger Grocery
4712 43
4
43 3812 42 303 3714 313 3314 221 28 2414 2612 4
i314
Hi -3228 Is - -iir4 - - 2 -iirz
Lazarus preferred
Leland Electric __ _ _ _ _________
Leonard Custom Tailors
Lincoln National ____ —
Little Miami guaranteed
Special guaranteed
Lunkenheimer
7
2
115 11212 114 113
15 137
8
_
____
15 -14
60 49
ii
Nis __
_
14
14 -49 49
114 113
la
__
15
50
- 14
11
97
/
1
4
161
11
/
1
234 234 --------112 14 114 1
38 35 36 35 35 35 35 35
____ ____
2012 20
20
14 10 __-16
4
18- 183 16 16
___- __-- ---_ ---- 112
947 94*
22 19 5 16
30 28
2812 26
115 113
114 111
26
20
-
-1312
1
9
7
1412 1312
1
I
25
113 10534 10614 10014
13 -11 iirsii12
---- ____
1414 15
49
15
1412 14
____
fi
1302
FINANCIAL CHRONICLE
rirors. 132.
MONTHLY RANGE OF PRICES ON CINCINNATI STOCK EXCHANGE FOR 1930—(Concluded)
LISTED SECURITIES
April
May
March
January February
June
July
August September October Noeember December
High Lou High Lou High Lou High Low High Low High Low High Low High Low High Low High Low High Low High Low
Pearl Market561.
50
Procter & Gamble
-61 511; -Hi; "titi" "i6" "ii" -ii" "6"i - iis "61 6812 65 iil - '7' 7514 70 H Wit, 76 di 6612 16 65 iiig
-1t
8% preferred
169 160 162 160 165 105 165 160 1671216034 16034 160 165 165 170 165 166 166 165 160 161 161 165 165
5% preferred
10712 10412 10712 10714 110 106 110 10812 108 10612 108 10612 10814 10514 108 106 108 10512 106 105 10534 104 10512 10352
Pure Oil 6% preferred
10014 99 10012 995i 100 98 9934 9718 9812 97 993 9612 98 943 96 93 9712 94 9412 89 8912 81 8518 69
4
8% preferred
113 111 111 111 113 110 113 112 113 11112 III 111 111 111 111 111 --------105 103 101 90
Putman Candy
Preferred
80
80
Randall A
, lilt 1714 If ii Ii
.
15 1334 iiit "ii Ho Ii 19 17 18 10 Flit 16 15 iilz cif! iii, lil
13
512 5
8
93 83 9
8
9
4
5 11
8
834 612 8
5
5
434 412 -------634 5
7
612 6
Rapid Electrotype
4
42 393 53 41 5712 5112 60 62 60 58 59 46 45 40 46 4112 4312 41 4112 40 4212 40 45 4112
Richardson
21 1734 23 21 21 16 23 1612 2234 20 18 1612 1912 16 1912 19 19 18 1814 1734 17 17 17 15
Sabin Robbins Paper
80 80
Second National......-...... ---- ---- ---- ---- ---- ---- ---- --- 218 2
-11 i66 loici i_ 6_ 6_ _ 2icici - - - - 20 _ __ ... __ .._ _ 2_C!/ .
- .._ 200_ 1_9_8_1! 11 00
0 121- 12
..
98
Sparks Wallington prof
Sycamore Hammond..........
- -- --United Milk Crate A
-----,
"Ci 1212 - . Hi's lij
1912 1814 19 1814 18 1612 His 16 16 "ni
I4 2 ii
1012
U S Playing Card
91 85 91 8914 89 85 86 8012 8312 80 8212 7034 77 70 73 70 70 60 68 60 60 4612 5312 45
U S Print & Litho new
33 31 32 30 32 30 31 30 3034 29 28 28 26 25 25 25 25 25 24 24 24 2014 20 15
New preferred
5212 50 51 49 50 50 50 50 49 48 4814 47 47 47 ---------------47 45 42 35 40 37
34 312 ------------------------ 112 112 13 13d 112 11z - --- ---- 112 112 1
U S Shoe
33 33 334 334 3
4
4
4
18
Preferred
3012 30 30 30 3014 3014 31 30 30 30 30 30 ----------------------------------------6
,
218
83 6
83 1012 612 1011 7
4
8
10
9 10
Waco Aircraft
612 5
.4
14 334 3
412 512 6 65
5
414
34 3
Western Bank
13 10 13 13
Western Paper Goods A
8114 78 76 ig 71 73 6912 70 70 511 72 54 6614 66 i6 -Whitaker Paper
id" --------60 Ei ---- ---- ____ _106 105 10514 10414 105 105 104 104 10514 10514 106 105 10514 10514 --------------------------------10814 104
Preferred
150 150
Wurlitzer (R) Co
7% rtrwfarrael
92
6 66 "9"0" 66 "6'6 Fiii "01
100 92 68 "6112 66 --- --------90 "9
.
ia 11,2
ia -1-6- Hi, -1-4- ii -fil. 14i2
RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE.
We are indebted to Richard Seving, Secretary of the Cincinnati Stock Exchange,for the following compilations showing
the high, low and closing prices on the Exchange for each of the last four calendar years—based on actual transactions.
For record of previous years see "Financial Chronicle" of Feb. 15 1930, page 1040; Feb. 16 1929, page 963; Feb. 25 1928,
page 1113; Feb. 26 1927, page 1135; Feb. 27 1926, page 1086; Feb. 28 1925, page 1020.
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE FOR 1930, 1929, 1928 AND 1927.
Calendar Year 1930.
LISTED SECURITIES.
High.
Low.
Close.
Calendar Year 1929.
Calendar Year 1928.
Calendar Year 1927.
High.
Low.
Close.
High.
Low.
Close.
High.
Low.
Close.
20
15
48
99
34
32
143
15
12
224
65
1731
18
65
--12
42
19
540
934
74
22
10
3
47
-
17
12
25
68
18
20
8014
--_---15
4714
21
640
914
75
25
104
10
52
„--
2434
17
Ili-3134
30
120
534
26
2234
4934
17
1531
19
1531
----
----
---
9134
3034
2415
8334
511
20
11
43
653;
3034
2731
9534
534
22
18
47
1'18--
5634
1i53i
55-10934
1834
65
1434
44
513i
44
53-4
16
7
34
6
-10914
isq
50
13,4
4411
5.10-4031
110
55/24
103
55125
104
iii1431
66
-_--
-r - 4
73
9
42
----
iii4
9
42
----
535 53
11031
---53
22
58
42
515—
41
10634
---44
12
6034
39
M -4034
110
- _. _
48
13
M
4131
200
280
200
Carey (Philip) Manufacturing
401
230
120
111
113
Preferred
126
115
134
1
84
134
Central Brass A
2834
280
265
265
Central Trust
290
273
Central Ware A
154
154
234
200
Champion Coated Paper
200
200
165
110
105
105
1st preferred
11234 10334
10531 10334 10531
Special preferred
100
107
10834 101
Champion Fibre pref
102
105
109
23
Churngold Corp
14
18
1431
37
6234
49
Cincinnati Advertising Products
29
49
70
26
20
Cincinnati Ball Crank pref
2534
20
40
2
Cincinnati Car II
31
34
34
514
oldPreferred
131
331
IL
14
103
95
Cincinnati Gas & Electric pref
90
994
10011
Cincinnati Gas Transportation
125
165
109
98
Cincinnati Land Shares
110
98
135
Cincinnati Newport & Covington Light &Tree__ 96
95
95
138/1
93
90
81
70
Preferred
86
90
295
115
834
275
14
200
10334
105
105
2031
60
28
14
275
12631
2931
276
4
142
114
110
110
5034
222
120
2234
255
234
115
108
105
10534
35
230
12334
28
276
214
142
112
10534
108
35
252
125
-265
234
12531
115
190
11334
- --255
1
110
109
__
Ini
3431
24634
124
- --_
26031
231
110
110
_
16Ali
47
Ahrens-Foz A
B
Aluminum Industries
American Laundry Machine
American Products corn
Preferred
American Roiling Mill
American Seeding Machine
Preferred
American Thermos A
Preferred
Amrad Corporation
Atlas Natonal _
Baldwin new
New 6% preferred
Blitmore Manufacturing
Buckeye Incubator
Burger Bros
Preferred
Byers Machine A
15
3034
75
1731
21
1004
10
10
12
38
16
18
2834
1234
4231
16
1834
30
20
52
32
540
6
6034
28
9
48
12
500
1
60
5
9
49
19
500
414
60
5
9
55
6
61
531
51
15
2134
50
11531
577
29
10734
39
2734
1331
62
211
9511
160
110
10-1
80
5534
563i
1663i
151
170
10934
85
350
294
420
420
Cincinnati New Orleans & Texas Pacific
294
450
480
105
1104 10534 1084
105
Preferred
115
121
76
75
Cincinnati Postal Terminal pref
75
70
9214
8534
70
4534
36
40
4314
Cincinnati Street Ry
5514
3731
55
67
119
130
91
10131 11014
Cincinnati & Suburban Bell Telephone
128
15
Cincinnati Tobacco Warehouse
3034
1914
ini
23-Cincinnati Union Stock Yard•
4,- 1i
*4914
1107 34 104
mg
.
Cincinnati Union Terminal pref
49
36
45456136
6534
City Ice & Fuel
84
80
Preferred
803.
1
34
29
55
ii- i
ai
1
Ht
31
Coca Cola A
21
25
15
20
3434
1534
---Cohen (Dan) Co
10934 102
10931
104
104
10934
108
Columbus Railway Power & Light 1st prof
10931
1094
98
100
10931
10534 100
B preferred
70
1814
1814
46
Cooper Corporation
20
107
10
2411
2131
11
80
Preferred
110
22
17
18
434
127
331
Crosley Radio new
10731
106
103
105
103
104
108
Crown Overall pref
23
2234
-173.
20
19
2331
Crystal Tissue
854
5931
5614
553
58
5531
60
Disie Ice Cream
------------------------3934
Dayton & Michigan
109
Douglas pref
iii--6-i6-16-il1i
4i3i
45
Dow Drug
130
98
107
105
100
102
125
Preferred
431
5
15
2434
2231
1134
13
Eagle-Picher Lead
102
118
100
100
101
103
101
Preferred
22
40
9334
2534
40
75
2511
Early & Daniel
100
05
110
107
95
108
104
Cum preferred
3734
23
23
23
28
2731
37
Egry Register A
4
Excelsior Shoe
------------------------6
30
15
Fay & Egan
30
---48
H
56
-8
30
60
25
Preferred
190
180
180
180
180
195
180
Fenton United Clean
994
9934
105
9934
105
100
100
Preferred
255
374
255
320
300
Fifth Third Union Trust
380
300
420
398
400
420
425
First National
451
400
128
Fleischmann pref
2...----------- -L5-30
i
ZO
28
431
Formica
8411
2631
Foundation Investment
---3714
20
5690
Preferred
101
5010414 101
---18
1234
1231
French-Bauer deposited
1314
-------2234
18
16
18
16
Undeposited
1531
16
100
96
103
Preferred
90
99
103
99
Fyr-Fyter class A
18
2831
18
1834
2034
18
----------------------------10436
Gallaher Drug new pre?
z Based on $10 par
• Based on no Dar.
s Based on $100 par value.
Y Blued 011 110 par.
lie)
48
55-__
ii
5554
__
65
12234
110
974
75
150
125
100
75
420
110
85
450
11214
85
10031
15
ns
4934
5034
5634
11931
15
*45
61-
5634
5, 3i
1
---10731
105
62
84
25
102
-Lii
3915
109
36
125
154
100
56
106
29
314
12
35
90
94
330
36036
120
20
---10814
10911
68
85
110
107
Ussi
394
109
40
127
2014
100
72
110
36
334
12
43
164
105
350
420
125
30
---16
16
90
---16
1934
9914
16i
165
553i
213.4
553i
thili
,
iii si
§§4
11214
12234
Agii
70
063i
76
140
106-78
500
315
450
11234 103
11231
93
90
9214
51
38
60
11731
9031 117
13
13
13
x160
x136
x165
5i3i
i53i
5134
5i3i
,
*iii
5i3i
----
--
9911
96
63
9734
108
105
70
9734
165--
166--
1663i
8834
__
109
4234
126
31
11734
5511
11031
5134
__
105
3314
11231
22
116
47
102
165-39
126
2234
11734
65
110
i6-.
40
6634
9811
95
360
376
12631
2831
-:4i
30
40
85
95
30234
325
1131f
19
-43i
40
65
98
96
360
376
125
24
---16
95
---1431
90
---16
9034
____
....
...-
---108
105
73
103
513i
.
1303
FINANCIAL CHRONICLE
FEB. 21 1931.]
RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE (Concluded).
CalendarYear1930.
CalerularYear1929.
Calendarl'ear1928.
CalmdarYear1927.
LISTED SECURITIES.
High.
Low.
Close.
High.
Low.
Close.
High.
Low.
Close.
High.
Low.
Close.
demur I (S A)
24
22)4
2454
35
715
734
Tire__
____
ii
____
88
14
0
55
0
Giant
43
50
5415
50
46
41
Gibson Art
34
34- i
.1
Mi
37
3934
4351
Globe-Wernicke
88
75
95%
60
9234
97
75
98%
92
85
72
75
71
94
Preferred
101
60
95
99
60
101
97
70
85
80
Goldsmith Sons Co
24
2215
23
16
24)4
16
2215
36X
17
101
Goodyear 1st prof
94
81
101)4
103
81
95
104
90
Gray & Dudley
90X
9031
------9015
------95
120
-95
3i
Grelss-Pfleger pref
.
100
ee
16171-i
1
95
95
101
42
Gruen Watch
32
50
85
a
57
32
85
44%
40
4434
60
Cum. preferred
113
116
11134 114
105
9915 114
116
105
116
110X 110%
Hatfield-Campbell
13
5
12
201‘
5
13%
19
5
13
5
13)4
534
Preferred
84%
68
98
105
97
101
105
68
101
75
98
75
Hobart Manufacturing
69
50
45
4415
33
28
7515
44
343.4
45
45
70
International Printing Ink
60
57
10%
------3951
---60
1015
47
6815
42
Preferred
101
101)4
55
97
10115
55
96%
108
92%
26
43
33
---28)4
Jaeger Machine
14
5734
565i
43
15%
3415
45
33
Johnston Paint pref
90
10215
9915
89%
9934
104
21
Julian & Kokenge
32
29%
8
37%
8
203i
36
ie----Kahn's E. Sons 1st pref
95
116-100
80
55-- 166-100
89%
108
104
97
9934
30
45
Participating A
3615
2131
39
42
28
4315
35
31
42
28g
Kelley-Koett preferred
25
20
20
45
Kemper-Thomas
42%
55-45-45-8645-—
42%
59—
50
41
45
105
112
Special preferred
112
112
10015 105
112
11234 112
110
104
110
Kodel Electric & Mfg. A
815
3
914
50
80
16
13
3
29
553.4
5
554
20
Preferred
19
2015
5515
19
7911
26
3151
22
19
19
5034
Kroger Grocery & Baking new
z118
47
z145
17
y116
18
4403(
116
4415 y12854 y70
43
list preferred120
---------115
115
Lazarus preferred
10434
94
9715
106-54-58-Leland Electric
32
34
32
------------------50
37
26
Leonard Custom Tailors
24)4
10
12
28
20
19%
420
Lincoln National
400
4W- 416-- 4B----400
---- 410
4W- 410
500
420
500
102X 101
10414
Little Miami guar
101
9434 10434
110% 10215 104
107
10014 10011
49
41
47
22X
49
Special guaranteed
47
4735
46
4815
4931
42
44
41%
271(
29
26
32
Lunkenheimer
30
28%
2515
37
50
33
28
----1
231
Magnavox
131
45
35
Manischewitz
35
883Z
/
55
55
3334
iii;i
*
56'34
119
118
118
118
115------------118
Preferred
118
118
118
80
70
Mend Corp preferred
80
64
Mead Pulp & Paper
34
---------55-7860
56si
54853i
60
H-Preferred
9914 10634
10615
101
1047
10834
112
90
99
15
7
Meteor Motor Car
9
32
36
27X
45
12
1234
22
19
20
McLaren Cons. Cone A
17%
564
15
1634
21%
1634
16
20
2234
13%
29
32
1234
Moores
-Coney A
20
5
1
B
1
10
3
5
94
115
94
Nash (A) Company
156-- 166-- 115
99
195
-5-11315- 4
120
- 1
---- 15
120
36
19
19
NationalPumps Corp
41%
47
3831 4034
32 .
48
28
25
3531
34
25
Newman
25
4014
25
2731
115
105% 10615
Ohio Bell Telephone pref
116
114-- 16514 111
107% 112
-- 1155;
Ili- 168
OhioShares pref
------106
105
104
108
102
102
1511
Paragon Refining B
7)4
12
23
------17
---23
2834
915
9
3
B $10 paid
34
3
------- --- -----------____
---15
7%
Voting trust certificates
1415
2815
20
---17
--20
---815
831
50
3331
50
A preferred
43
43%
403-1
5215
46
2234
56%
aPearl Market new
50
50
560
566-- 458-- 500
495
600
560
550
600
Procter& Gambleold485
283
250
250
249
177
300
443
279
Now........__
'TS)4
.
52%
62%
__
._
__
100
53%
266-44%
180
160
8% preferred
197
165
170
1t55
10
261
26i
190
10014 161
6% preferred
---111
------11531 105
110
5% preferred
10334
10534
---------__---—111
99% 106
100%
Pure Oil 6% pref
69
7514
100
mg 101)4 101
97
101
96
0834 1(12)4
90
11334
8% preferred
114
97%
112%
114% III
116
115% 110%
105
11215
5
5
Putman Candy
5
20
14
12%
1334
15
10
5
17
4
80
80
Preferred
80
92
90
as
90
92%
88
101%
85
85
19
12%
Randall A
14
22
---------15
--------13
_ __ _ ___________ _
11
0
4%
13% ,. 5
4%
---------- --__--5
Queen City Petroleum prof1
___103
100
6
3
60
Rapid Electrotype
39%
64
42 X
34
58 75%
715851
40
3915
23
15
10
Richardson
------_
230
_—_
172
230
58
2114
20
Rollman Sons prof- 97
10354
104
Sabin-Robbins Paper pref
99%
97
100 107
96-- lee-198% 19815
218
Second National
218-- 246255
246241
249
251
240
240
---Sperks-Withingtoo Co. prof
--150
t
114
.--15n
____
---29%
31
31
25
Cycamore-liammond
10154
100
102
100
100
Preferred---- - —
101%
Standard Drug A
11
14
11
10
1934
United Milk Crate A
11%
38
--i5i
si
554
-0Li
i6-5546
50
91
US Playing Card
112
A4
10
1i4
13631 109% 111
90
91
US Printing & Lithographing old
130
55
8515
80
80
62
8534
103
85X
3334 30
15
15
33
New
33
105
Old preferred
16i-05; 16i165-- 166-- 166-9715 102
39
5254
35
52
New Preferred
50
52
-------------------.8
Shoe
X
331
US
15
5
8
91.5
3%
814
9
534
334
215
234
31
65
Preferred
66
6214
45
35
58
25
7234
3034
Waco Aircraft
3
3%
28
1034
S
("Western Bank. & Trust (new)
37
30-----------------312
-----312
312
--_
Western Paper A2615 20
20
29
20
20
---__—
Warren Ohio Telephone pref
100
100
100
..--_
---Obi preferred
312-- 312-- 312-Whitaker Paper
78
54
55
87
Si
.5714
65
i4
52
2 1i
e§1i
117Preferred
1083.5 104
10811
10734 102
Int
95 g 102
10515
10854 10251 108
Wurlitzer (Rudolph)
150
150
150
-400
215
218
100
7% Preferred
on
9031 165-- 16A-- Ina-115
118
118
114-- 1i7
aTbe 1111
prices are based on new stock; other years are based on ,Il scoot
litiq
RECORD OF PRICES OF TOLEDO STOCKS FOR 1930.
There is no Stock Exchange in Toledo, but we hay° obtained from Bell & Beckwith the following list of high and low
prices for the calendar year 1930 on the stocks which are traded in more or less actively in the Toledo market. Important
Toledo stocks, such as Airway Electric Appliance common, Owens-Illinois Glass common, Willys-Overland common and
preferred, Spicer Manufacturing Co., Libbey-Owens-Ford Glass Co. and Electric Auto Lite, are listed on the New York
Stock Exchange and appear in our records regularly for the New York market. City Machine & Tool is traded in on the
New York Curb, and appears in our regular records for that Exchange.
For record of previous years see "Financial Chronicle" of Feb. 15 1930, page 1039; Feb. 16 1929, page 966; Feb.25 1928,
age 1112; Fob. 26 1927, page 1137; Feb. 27 1926, page 1088; Feb. 28 1925
e 1022.
STOCKS—
Airway Electric Appliance preferred
(Pity Auto Stamping common
Fifty Associates common
Preferred
Haughton Elevator Preferred
Lasalle & Koch preferred
Logan Gear common
Preferred
Toledo Scale Co. preferred
Toledo Edison Co. 5% preferred
6% preferred
7% preferred
Woolson Spice Co. common
Preferred
BANK STOCKS—
Low.
High.
75
1434
101
10034
95
100
7
10
105
85
100
108
32
100
95
2734
102
103
99
108
27
20
112
9334
105%
109%
90
100
Book Value.
Approx.
Market
Dec. 31 1929 Dec. 31 1930 Dec. 31 1930
BONDS—
American National 6s, 1938
Lamson Building 6s serial
Lasalle & Koch 65 serial
Scott Realty 6s serial
Secor Hotel 63.4s 1932
Toledo Paramount 6s serial
Toledo Gas Electric & Heating 5s, 1935
Waldorf Realty 6s serial
BANK STOCKS—
Low.
High.
95
95
9534
100
90
95
99
90
100
100
9834
100
100
100
101
100
Book Value.
Approx.
Market
Dec. 31 1929 Dec. 31 1930 Dec. 31 1930
135
137
American Bank
125
Security..Home Trust Co_a59
192
182
Commercial Savings Bank & Trust Co
250
jai
163
Spitzer-Rorick Trust & Says. Bank__
226
228
Commerce Guardian Trust & Says. Bank
250
91
Toledo Trust Co.b
91
472
500
First National Bank
350
151
West Toledo National Bank
152
281
284
Ohio Savings Bank & Trust Co
a Consolidation of Security Savings Bank & TrUsto. and home Bank de Trust Co. as of June 30 1930.
bConsolidation of Union Trust dr Sayings Bank and The Toledo Trust Co. as of May 31 1930.
70
228
125
1304
FINANCIAL CHRONICLE
[vol.. 132.
RECORD OF PRICES OF TOLEDO STOCKS FOR 1929.
STOCKS—
Law.
Hies.
Airway Electric Appliance preferred
City Auto Stamping common
Fifty Associates common
Preferred
Houghton Elevator preferred
Larrowe Milling common_a
Lasalle & Koch preferred
Logan Gear common
Preference
MMuilen Milling_b
Toledo Scale Co. preferred
Toledo Edison Co.5% preferred
6% preferred
7 Preferred
%
Woolson Spice Co.common
Preferred
109
108
102
100
100
100
3134
28
110
110
29
40
2135
16
51
25
110
110
92
81
89
10334
96110
35
100
100
BANK STOCKS—
American Bank
Commercial Savings Bank & Trust Co
Commerce Guardian Trust & Savings Bank
First National Bank
Home Bank & Trust Co
Industrial Bank _c
Ohio Savings Bank & Trust Co_d
Security Savings Bank & Trust Co.(old).e
125
225
200
400
180
110
400
300
87102
a
33
ao
125
250
250
600
180
118
400
350
Ohio Is Hopeful.'
By Leonard P. Ayres, Vice-President of the Cleveland Trust Co.
Business was not good in Ohio in 1930. In this
the State does not differ from most of the other
commonwealths. Nevertheless, the hard times of
this past depression year have been particularly
accentuated here, because the business activities that
are of most importance in the State are among those
that have been everywhere most seriously affected.
The industries of Ohio are exceptionally well diversified, but iron and steel, and coal, machine tools, and
the automobile industry are the leaders. All of these
have been hard hit.
The year started off reasonably well. The people
• of this distriet are by nature and tradition conservative rather than speculative, and while the collapse
of security values at the close of 1929 caused severe
losses, they were not se bad as to occasion much
anxiety in business and banking circles. During the
first half of the year business and industry were
dull, but iron and steel, and Lake shipping, and
automobiles did fairly well. Industrial employment
in Cleveland was maintained at about the average
levels of the previous eight years.
In the second half of the year everything changed
for the worse. The drouth was particularly severe
in the central and southern parts of the State, and
resulted in losses that have seriously restricted agricultural purchasing power. Industrial employment
declined by the end of the yead to the low levels
last touched in the depression of 1921. Building
construction had been rather poor in 1929, bu,t the
totals for 1930 were about 20% lower than those
of the previous year.
Despite all these adverse developments the State
looks forward hopefully, and even confidently, to
1931. The iron and steel industry has been busily
engaged in making improvements in its manufacturing equipment, and is now prepared to produce more
economically than ever before. In the Akron district it is confidently believed that a considerably
increased demand for tires is inevitable, and particularly for replacement tires. The automobile industries have improved their products, and notably
reduced prices for new machines, and the makers
believe that at least moderate increases in sales are
sure to result.
The banking situation of the State is in good
shape. There have been few bank troubles, and more
are not expected. It is a fortunate circumstance
that the presence of large-scale heavy industries has
resulted in the building up of large and powerful
banking units in this district. These institutions
have long been accustomed to wide fluctuations in
STOCKS—
Spitzer-Rorick Trust & Savings Bank_
Toledo Trust Co.(new)_o
Union Trust & Savings Bank
BONDS—
American National 6s 1938
Lamson Building 6s serial
Lasalle & Koch 6s serialScott Realty 6s serial
Secor Hotel 634s 1932
Toledo Paramount 6s serial
Toledo Gas Electric & Heating 5. 1935.
WaldorfRealty 6s serial
Low.
High.
220
118
- 245
220
118
250
99
95
96
96
93
95
99
98%
101
99
101
102
99
99
103%
103
a Larrowe Milling Co. merged with General Mills. Listed on New York Stook
Exchange March 1929.
S This company merged with American Milling Co. of Peoria, Ill., and the new
company became known as Allied Mills, listed on Chicago Board of Trade.
c Opened for business Dec. 8 1928.
S A recent merger of Bankers Trust Co. and Security Savings Bank & Trust Co.
has been completed. The capital stock increased from 8,000 $100 par shares to
32,000 $100 par shares. Par Is asked price on new stock—no sales.
e Changed capitalization from 50,000 $100 par value shares to 100,000 $50 par
value shares and formed new allied securities company 50,000 150 par value shares.
business activity, and even conditions as bad as those
now and recently prevailing do not cause the bankers to worry, or their customers to lose confidence
in them.
Ohio looks backward philosophically, and forward
optimistically. Its people reflect that there have
never yet been two successively declining years in
the automobile industry. They remember that the
iron and steel industry has never yet recorded such
low rates of activity as those prevailing at the close
of 1930 without staging a sharp recovery in the
following year. They feel some anxiety over the
continued deficiency of rainfall, but they do not
believe that 1931 will be another drouth year. No
conditions have as yet developed which would lead
them to expect any important insolvencies, or any
large increase in minor failures. They fully expect
1931 to be a better business year than 1930, and they
believe they are justified in that confidence.
The Cleveland Stock Exchange in 1930.
By C. B. Whitcomb, Secretary of Exchange.
Like all Exchanges in the country, the Cleveland Stock
Exchange had a decrease in the volume of business from
the high level of 1929.
There were 209 different issues of stock traded in and
nine bond issues. In analyzing the diversification of the
securities traded, it will be noted that 17.3% of the total
volume for the year occurred in steel products and 14% in
rubber Securities, these being the only two classifications
that had a 10%, or greater, amount of the total volume.
The balance was well distributed through the other
classifications.
The total shares listed last year were 6,177,445, as compared with 7,839,199 shares for 1929. These new shares
represented the securities of a widely diversified group of
industries, which added further to the already widely diversified types of industries whose shares are listed in this
market
During the past year there were admitted to regular membership eight new members, four of these involved the
transfer of memberships within member firms; the remaining four, one or which later sold his membership, added
three new member firms to the list Two of these firms
were admitted to membership in the Cleveland Stock Clearing Association.
Of the associate memberships which were authorized in
1929 five were admitted during 1930.
Prices for regular memberships varied between 10,000 and
15,000 dollars.
The Exchange carried out, during the year, an aggressive
policy of advertising and publicity, which acquainted thousands of people with the work of the Exchange and its
quarters.
The various committees were active in developing interest
in this market and bringing it to the attention of those
companies whose securities are applicable to listing.
The dedication of the new quarters, in September, was
the outstanding occasion of the year which will long be
1305
FINANCIAL CHRONICLE
FEB. 21 1931.]
remembered by the members and those interested In the During the period of inflation in 1929, some stocks sold as
security business. From both an architectural and utility low as 2% income basis, which now yield 4% or more.
Volume of trading during 1930 showed a marked decrease,
standpoint, Cleveland has, in all probability, as well an
equipped home as any inland Exchange in the United States. transactions being 764,928 shares against 1,643,130 in 1929.
Sufficient room has been provided for expansion, which, The one bright spot in the situation affecting holders of
from present indications, will be needed in the not too securities listed on the Concinnati Stock Exchange was the
increased amount of dividends received during the year.
distant future.
According to records of the Exchange, corporations whose
DIVERSIFICATION OF TRADING BY SHARES CLEVELAND
securities are listed disbursed total cash dividends in 1930
STOCK EXCHANGE YEAR 1930.
%1930.
of Total. of 379,131,720, compared to disbursements in 1929 of $70,Shares Sold.
46,502
5.96
Banks
743,720. This increase was shown in spite of the fact that
1.99
15,580
Auto parts
15 corporations either omitted or reduced dividends during
2.16
16,846
Brass
22,129
2.84
Builders suplies
the year. This splendid record bears testimony of the fact
.02
179
Candy
1.98
that the majority of our corporations are conservatively
15.475
Chemicals
2.04
15.912
Chain drug stores
managed and well established. While most of them will
5,252
.67
Department stores
11,921
1.53
show decreased earnings for the year just closed, in comEngineering
6,155
.79
Food stores
parison with 1929, they have accumulated sufficient sur14,682
1.88
Leather goods
109,143
14.00
pluses in the past to weather the period of deflation.
Rubber
Total
17,341
5,189
8,322
30,889
12,872
58,459
43,024
3,720
3,005
134,795
25,947
2,502
72,131
30,139
50,954
2.22
.66
1.06
3.96
1.65
7.50
5.52
.47
.38
17.30
3.33
.32
9.25
3.86
6.54
779,056
Liquidating companies
Mortgage and security companies
Motor cars
Motors and electrical appliances
Navigation
Oils
Paint
Property companies
Soda fountain and supplies
Steel products
Steel and iron
Stone companies
Textile and clothing
Public utilities
Miscellaneous
100.00
Trading During 1930 on the Cincinnati Stock
Exchange.
By W. D. Gradison, President Cincinnati Stock Exchange.
The year 1930 was one of drastic deflation not only in
the securities market, but also in commodities, banking and
business. Records of the Cincinnati Stock Exchange reveal
that the liquidation of securities was severe, with approximately 75% of the total listings being below the price levels
of a year ago.
There were 116 securities out of a total of 152 traded in
during the year at prices under the close of 1929. Among
the 106 dividend-paying stocks, 23 sold on an income basis
of from 10 to 15%, and a few showed even higher yields.
Varied Industries.
While Cincinnati corporations have suffered during the
past year, it is probably true that they have fared better
than those of other cities of comparable size, due to the
varied industries in our city. There are securities listed
on the Cincinnati Stock Exchange sufficiently varied in
character to provide the investor with a diversified list of
holdings, Which at present prices return a generous yield
on the investment.
It is impossible to predict the end of the present depression and the return to normalcy. There are, however, many
factors in the present situation which give hope for betterment during 1931. There is an ample supply of credit at
extremely low rates to provide for expansion of business.
Commodities are greatly deflated, and, in some cases, are
selling below the cost of production, and the rate of consumption during the past year is greater than that of production, which, sooner or later, will be reflected in increased
demand for both raw materials and manufactured articles.
The United States has suffered many depressions in the
past and has always recovered to even greater prosperity
than ever achieved before. There is every reason to believe
that after present adjustments are made history will again
repeat itself.
Indications of Business Activity
-COMMERCIAL EPITOME.
THE'
7STATE OF TRADE
Friday Night, Feb. 20 1931.
r Mild weather has been hurting business at the Northwest.
High temperatures in fact have done a good deal of harm in
the West for some time past. Naturally they have kept
down trade in winter goods, especially clothing. But there
is, as usual, another side to it. The relatively warm weather
has stimulated business in women's wear, especially at retail.
The big industries are still for the most part quiet. The
textiles are a bright exception. The sales of print cloths
here last week were estimated at anywhere from 500,000 to
750,000 pieces, and this week the sales of carded broad cloths
and print cloths are stated at 600,000 pieces without accounting for the full week. Charlotte, N. C., reports that its sales
ofsotton goods on the last 10 days have been the largest for
that period for several years past. Print cloths are up to
5%6. for 64x60s 38M-inch. Manchester, England's prospects are better. There is hope that the political tension in
India will soon relax or disappear, and that the boycott
against British goods will be lifted. Gandhi's followers are
apparently not with him in all cases for a continuance of the
agitation against the British Government. Many of them
want the disobedience campaign stopped. Bombay has been
doing a pretty good business with Calcutta and Madras and
other points in the Indian peninsula. Calcutta wants the
bazaars reopened and business resumed. All this would inure to the advantage of the American cotton trade.
Lancashire's increased sales of goods would of course call for
more American raw cotton.
Pig iron has been dull and prices have dropped 50 cents a
ton. Scrap is down 25 cents in some parts of the country.
Mild weather has helped the sale of steel to pipe lines. Business in auto accessories has increased. Road building tends
to help the sale of bars to a certain extent. Tin plate production is at 70%. Not that there is any pronounced activity in steel as a rule, but here and there the reports are
better. Cotton advanced to the highest prices of the year
but to-day declined 20 points on a natural reaction after an
advance of some 170 points from the low level. Japan,
China, India, Europe and American trade interests have all
been buying here. Foreign buying has recently taken a
good many contracts out of this market. The only drawback is that the advance at this time may endanger the agitation to have the acreage reduced 15 to 20%. It is said that
India has been buying American cotton in Liverpool for delivery as far ahead as 1932. In the cotton business the Far
East has taken the initiative in increased buying and therefore has been the main force behind the advance in American
prices. The cotton world in the end, however,looks to New
York to fix quotations. Some reports are to the effect that
in the East the demand for wool is better.
Wheat shows little change for the week. It has been dull
all the week. Export business for the most part has been
quiet. An interesting report, whether true or not, is that
some of the nations of Europe are inclined to impose an
embargo on shipments of merchandise from Russia in order •
to head off the swamping of Western European markets
by Russian products. Large offerings of Russian wheat
within the last six months have had at times a pronounced
effect on the wheat prices of the world. Still the technical
position of wheat has been stronger at Chicago of late and
July ended to-day at a net rise for the week of about
Corn has shown signs of being oversold and the offerings
much of the time have been small. But on the other hand,
the cash demand is slack and prices are somewhat lower for
the week, especially on the March deligrery. Oats changes
1306
FINANCIAL CHRONICLE
[you 132.
have been small, but in the main this cereal has been steady. on fuller operations this week and business looks much
In rye there has been an advance of 1 to 2 cents and there better for both mills. Greenville, S. C. wired that curtailare rumors of a foreign inquiry. As to grain in general, ment will continue.
S. R. McKelvie of the Farm Board is quoted as saying that
At Anderson, S. C. officials of the Orr Cotton Mills, of
the Grain Stabilization Corporation will not continue in the Anderson have announced an extension of the operating
market next year. This caused more or less selling of wheat schedule to 80 hours per week following a period of operation
to-day, but so did large shipments from the Southern Hem- at 55 hours per week. The Chiquola Mills also are reported
isphere. The world's shipments of wheat for the last two to have increased their schedule from 55 to 80 hours per week.
weeks are figured at about 32,000,000 bushels. In other At Anniston, Ala., the Anniston Manufacturing Co. is now
words, world's supplies are enormous and America is not maintaining full time operations day and night. The first
getting the export trade. Provisions show little change, eight hosiery mills to issue financial statements for 1930
but what little there was,showed a small net decline. Coffee reported an average decline in net profits of 78.8% under
has dropped 15 to 30 points with Brazilian markets falling their combined 1929 average from $10,659,242 to $2,254,176
and Europe at times selling. March liquidation was a according to one report.
feature. Brazil to-day was buying the near months here
Manchester, England has had a better business for home
and selling the distant. Big stocks of coffee and dullness and foreign account. London wirelessed the "Times" that
of trade explain the depression in prices easily enough. Lancashire's cotton industry launched the most -ambitious
Raw sugar futures have declined 2 to 3 points net in a quiet drive in its history to advertise itself and sell its products
week, with more or less March liquidation on the whole all over the world. The first national cotton textile exhibition
pretty well taken Rubber declined nearly half a cent with ever held in Britain was opened in the presence of Queen
no snap in trade, and supplies plentiful. Hides advanced Mary and throngs of buyers from all over the world. Two
5 to 10 points, with a pretty good business at Chicago, but and one-half million dollars worth of cotton fabric were
speculation here of late has been rather quiet. Cocoa is displayed on two miles of stands and hundreds of thousands
2 points lower to 4 points higher and silk is up a single point. of yards of cotton materials were used in the decorations.
Orders for lumber are outrunning production this week in London cabled Feb. 17 that employers in the dyeing, printWestern and Southern fields. There is a fair business in ing and finishing trades propose a cut of 10% in wages of all
automobiles. More building is under way at Southern points, operatives. The Bradford Dyers' Association for the year
where the weather permits. Fertilizer plants at the South 1930 reported profit of £147,000 comparing with £538,818.
Chicago wired early in the week improvement was shown
are in some cases working on full time or else are pretty well
employed. Manufacturers of boots and shoes find trade in trade and industry and in the general sentiment throughbetter in the East and Central West. As to the Easter sale out the Middle west. While the unemployment situation
wholesalers complain that business is slow. Sales of women's continues vexatious, business undoubtedly is gaining. Spewear, dry goods and millinery make the best showing. It cial sales efforts by the larger stores have brought out
is stated that some Eastern and Southern shipments of dry millions in scared money and recent rains have greatly ingoods are held up awaiting payment of overdue accounts. creased crop prospects. St. Louis reported a little more
Employment is larger at some prominent centres and optimism in business and financial circles and that retail
nowhere is there any increase in unemployment. In finisned stores have adjusted themselves to unforeseen conditions
cotton goods there was a brisk demand for ginghams, per- begot of mild weather and have worked off a large part of
cales,sheets, towelings and other lines. Woolens and worsted their winter goods. The level of farm prices on Jan. 15
dress fabrics for the spring trade are moving very well and was the lowest since January 1912 and market prices were
have been recently. But men's wear lines are still quiet. still lower in the first part of February, according to DepartThere is a better trade in broad silks. Tin has been firm, ment of Agriculture. On Jan. 15, the index of farm prices
with a fair business. Zinc at 4 cents has also met with a was 94, or 3 points off from Dec. 15 and 40 points from Jan.
fair demand. Lead at times has sold well at 4.30c., at 15 1930. The Bureau of Labor Statistics shows a decrease,
East St. Louis. There has been a better business reported largely seasonal, of 4.2% in industrial employment and a
decrease of 8.2% in payroll totals for January. EmployIn copper especially for export.
The stock market, has been more active at rising prices. ment in manufacturing industries in January decreased 2.7%
Trading after falling off noticeably rose to-day to 3,800,000 as compared with December and payroll totals decreased
shares as against 2,500,000 yesterday 2.750,000 a week ago 7.6%. Washington wired that the 1,700 men, who were
and 2,560,000 a year ago. A Stock Exchange "seat" to-day laid off by the New York Shipping Co., are expected to be
sold at $300,000, a rise of 5,000 and a new high for the year called back on Thursday, it was learned in Shipping Board
as against a low for the year of $189,000 on Jan. 2. Money circles.
Cairo cabled the "Times" that the Egyptian Government
on call was 1M% against 4 a year ago. Bonds at times have
been rising. Public utility stocks to-day were noticeably last night passed a law,effective immediately, making various
strong,especially Foreign Power and International Telephone changes in customs duties which include increases on gasoline,
To be sure some shares were lower. But there was more or kerosene, alcohol, cotton yarn,cotton textiles, oils, cement,
and all varieties of preserved and canned fruits and vegeless pre-holiday covering. American Zinc advanced 5
points; St. Joseph Lead, 2 points; Shattuck, 3 points, and tables.
On the 15th inst. the Weather Bureau said that during the
there were advances in Freeport Texas, Texas Gulf Sulphur,
Woolworth, Nickel and Aircraft stooks, as well as General previous 24 hours rains occurred in the Pacific States and
Electric. Motors and Telephone stocks acted very well. Texas and rains and snows in the Plateau and Southern
Some big blocks of various stocks were traded in. On the Rocky Mountain region and in northern New York. On the
whole the stock market during the week has acted very well. 17th inst. it was 42 to 48 degrees here and raining. In
Fall River, Mass., wired that a fair volume of sales in Boston it was 36 to 44, Chicago 34 to 40, Cincinnati 40 to 48,
wide odds of various counts was reported during the present Cleveland 36 to 42, Denver 32 to 50, Detroit 32 to 38,
week and some business was done in narrow odds particu- Kansas City 34 to 33, Los Angeles 52 to 66, Milwaukee 34
larly on contract. Marquisettes have continued in good to 42, Montreal 18 to 24, Omaha 26 to 34, Philadelphia 42
demand and practically all of the box looms in the city are to 48, Portland, Me. 32 to 38, Portland, Ore. 42 to 54, San
engaged for the next four weeks or more on various styles Francisco 50 to 62, Seattle 42 to 46, St. Louis 40 to 46,
of curtain goods. At Lawrence, Mass., employees of the Winnipeg zero to 26 above. To-day there was a light snow
combing department of the Washington Mill struck Feb. fall here which disappeared as fast as it struck the ground.
16 against a change in the number of combs which each The forecast for to-night and to-morrow is snow or rain with
operative must tend. The strikers claim the mill officials fair and slightly colder weather on Sunday. The temperahave adopted a policy of having two men run nine combs. tures here were 29 to 37 degrees. Recently the weather here
has been more or less rainy but with moderate temperatures.
The strikers want to run only two combs to each man.
Charlotte, N. C. reports a much better business, the best It has been practically a snowless winter in New York.
at this time for several years. At Wadesboro, N. C., the Within 24 hours Boston has had 24 to 34 degrees with some
Wade Manufacturing Co. is operating day and night manu- snow; Montreal 20 to 28, New York 29 to 44, Philadelphia
facturing fast colored cotton flannel and outings. At 34 to 40, Portland, Me. 18 to 26, Chicago 34 to 36, CinHickory, N. C. a meeting of the stockholders of the Hickory cinnati 32 to 44, Cleveland 30 to 32, with a light fall of snow;
Overall Co. reported full time operations for the past year Detroit 32 to 36, also with a light snowfall; Milwaukee 34 to
with increased output, additional machinery installed and 38, Kansas City 32 to 34, St. Paul 26 to 42, St. Louis 34 to
other improvements. At Mount Holly, N. C., the Catawba 44, Winnipeg 32 to 36, San Francisco'50 to 60, Seattle 40
Spinning Co. and tile Globe Yarn Mill, Inc. have been put to 50.
FEB. 21 1931.]
FINANCIAL CHRONICLE
Colonel Ayres of Cleveland Trust Co. Sees Indications
that Depression Is Nearing End—Upturn in Blast
Furnace Activity Cited as First Real Evidence of
Change Toward Business Recovery—Course of
Bond Prices and Their Bearing on Business.
Col. Leonard P. Ayres, Vice-President of the Cleveland
Trust Co. of Cleveland, Ohio, in the company's Business
Bulletin, Feb. 15, points to the upturn in blast furnace
activity as constituting "almost the first real evidence we
have had that the long decline of business is probably about
at an end. In his survey Colonel Ayres also traces the
relationship of bond prices to business recovery and in past
we quote as follows from his observations as presented in the
trust company's bulletin; in all eases we omit the diagrams
referred to.
For the first time since last summer some of the composite indexes of
business activity are telling us that industry and trade are beginning to
hold their own, or even to advance a little. This is a new and important
development, for until recently these statistical indicators have consistently
and unanimously been moving downward from month to month. They
do not now indicate that business recovery is getting under way, but they
do give grounds for hope that the bottom of the depression is being reached.
When business Is seriously depressed recovery Is likely to start either very
early in the spring,or at the end of the summer. Agriculture,industry,and
trade normally have periods of expanding activity in the spring and in the
autumn of each year. They regularly slow down in mid-summer and
mid-winter. The beginnings of business revival during depressions usually
coincide with one or the other of the two normal seasonal upward impulses.
The history of major depressions shows few exceptions to the rule.
It is as yet a little too soon to be sure whether or not sustained business
recovery is likely to get under way this spring. Bond prices have had a
good recovery, but that has been checked by the bonus discussions at
Washington. Stock prices have moved up from their December lows, then
sideways in a narrow trading range, and have since made a new advance.
Iron and steel output has increased seasonally, but no more than that.
Automobile makers have increased production cautiously, but volume
buying of new cars has not yet begun. Building and car loadings have
shown little improvement.
The present indications are that we are at or near the bottom of this
depression. The history of previous major depressions would indicate that
business activity is more likely to remain near these low levels for some
months to come than it is to start at once upon a vigorous and sustained
recovery. We shall probably know within the next six weeks whether or
not the fundamental industries ofiron and steel, automobile manufacturing,
and building construction are going to increase their output with sufficient
vigor to insure the beginning of a real business recovery this spring.
Bottom of Depression.
Evidence indicating that the bottom of this depression has probably
been reached has just been furnished by the January figures for blast
furnace activity. During the month seven more furnaces were brought
Into production than were put out. This is the first increase in blast
furnace activity since March of 1930. Always before in periods of major
business depression the first important increase in blast furnace activity
has indicated that the bottom of the depression had been reached, or about
reached, and It seems probable that this advance has the same significance
now.
There is a special reason for the economic significance of important
changes in the number of producing blast furnaces. A blast furnace is a
most expensive piece of productive equipment. When It is in use it must
be run continuously, night and day, Sundays, and holidays. If it is
allowed to go out and cool down its lining may have to be torn out and
a new one built in before the furnace can be put into use again.
This entails heavy expenditure, and the result is that the furnace is kept
going as long as the pig iron produced can be sold or used on terms that
will cover expenses with any margin of profit. After It is allowed to
become Idle it is not started up again until the demand for its product is
so surely in sight that the operators are confident that they will be able to
continue it in production for some considerable time.
In the diagram Rhin we omit--Ed.1 the six small drawings show the
fluctuations of general business activity, and of blast furnace activity,
above and below their computed normal levels during six major business
depressions. In each case the solid line shows the monthly changes in
general business, while the dotted line shows the changes in the number of
active blist furnaces. When the depression of 1884 was nearing Its bottom
the first important upturn in blast furnace activity came three months
before the floor of the depression had been reached. In the next four
major depressions the first upturn closely coincided with the reaching of
the bottom.
In the present Instance the upturn in furnace activity has been a decided
one. This should not lead us to expect prompt and sustained improvement
In general business, for most previous depressions have had bottoms, or
floors, extending over a number of months. The upturn in furnace
activity does, however, constitute almost the first real evidence we have
had that the long decline of business is probably about at an end, and
that is encouraging.
Wholesale Prices.
The decline in the prices of commodities at wholesale still continues. The
in the prices of securities has been the most spectacular feature
great fall
of this depression, at least in this country, but it is the long drop in the
prices of commodities here and abroad that has made the depression truly
serious, and brought stagnation to business. For this reason the continuation of the decline is seriously important. It is not improbable that
prices will continue to work lower after some increases ahve appeared in
business activity and industrial production, but it would be most reassuring
to have the commodity price trends level off, and give evidence of becoming stabilized.
In the diagram the dotted line shows the weekly changes in Prof. Irving
Fisher's index number of wholesale prices during the past two years. The
prices at the beginning of 1929 are taken as being equal to 100, and the
subsequent prices are expressed as changes from that base. The latest
data are those of the first week of this month. During the leterveping
25 months the decline has amounted to a little more than 20%, of which
about 16% has taken place since the beginning of 1930.
The solid line in the diagram has been constructed by an entirely different
method. Each week Dun's Review quotes the current wholesale prices
on about 285 different commodities. The solid line has beem made by
counting the number of commodities showing advances each week, and the
1307
number showing declines, and adding or subtracting the net difference between the two numbers. In recent weeks the declines have been in the
neighborhood of 35, and the advances about 16, so the net for such a week
would be minus 19.
These net differences have been cumulatively continued, and have formed
the solid line. They have produced a rather more trustworthy indicator
of the drift of prices than have the actual averages themselves. When
prices have been rising the solid line has risen also, or has moved sideways,
but its general trend has been a declining one, and its path has been a
smoother and less interrupted one than that of the price averages. In recent weeks it has continued its downward course, but it has been doing so
. . .
somewhat less rapidly than has the price line.
Automobiles.
Last year for the first time in the history of the automobile industry.
there was no net gain in the registration of passenger automobiles in this
country. The year 1930 was a bad one for the makers of automobiles,
and for the dealers. The number of new cars made was the lowest since
1922, and the number exported was the lowest since 1924. There were
decreases in registrations in nearly half the States. Nevertheless this
year began with the stocks of new cars in the possession of dealers at the
lowest point in recent years, and with stocks of used cars well reduced.
In the table which accompanies the diagram the figures show in thousands the number of new passenger automobiles sold in this country annually during the past 14 years, the registrations, and the cars scrapped,
or replaced. No numbers are given in the lowest line for the number
replaced in 1930. This is because the figures for registration last year
include many cars that were registered for the Last time during the year,
and have now been scrapped, and dropped out of use. Unfortunately
there is no reliable statistical method by which to estimate how many
cars were actually scrapped in 1930 until we have the production figures,
the export and import figures, and the registration data for 1931.
The diagram at the right of the table shows in millions the increase
in the number of cars registered each year since 1916, and the shaded area
shows the number scrapped each year through 1929. The diagram impressively shows how novel a change it is to have no increase in registrations, for until now the line has always moved upward, and with almost
unchanging rapidity. There can be little doubt that it will move upward
again, but for the present its advance has been decisively checked.
The shaded area in the diagram represents the number of cars scrapped
each year. It has been widening out year by year as the number ofreplacements has grown, and in the years since 1926 the increase in width has been
much increased. In 1927 for the first time the number of cars scrapped
was greater than'the net gain in registrations. This means that beginning
with that year more than half the new cars put in service have gone to replace old cars that were dropped out of use. In 1929 the number of cars
scrapped increased sufficiently so that it was actually greater than the
number of new cars added in 1930. One result was that the number of
registrations decreased slightly in 1930.
Bonds and Business.
Increases in the volume ofsales, and in the prices of bonds, almost always
precede business recovery from depressions. When business slows down
there is a lessened demand for credit, and so interest rates fall. Then firms
desiring to undertake new construction, and to purchase new equipment,
take advantage of the opportunity to borrow at low rates, and issue bonds.
Moreover investors, wishing to put their funds to work in safe securities.
buy bonds. M these processes continue bond prices rise, and as the money
secured by floating them is expended for new construction and equipment.
business activity increases until prosperity returns.
The general advance of bond prices during most of 1930 was rightly
regarded as an encouraging development. The rapid decline in the closing
months of the year was a disappointment. In 1931 bond prices first
started up vigorously, and then turned down sharply as the projects for
bonus legislation came to discussion at Washington. At present bond
prices are weak, and the flotation of new issues has been almost suspended
pending the outcome of the deliverations at the National capitol.
In the diagram (this we omit--Ed.1 the solid line shows the monthly
fluctuations of business activity over the past 50 years in percentage above
and below the computed normal level. The dotted line shows the fluctuations of bond prices above and below their computed normal level, after
these fluctuations have been increased in magnitude so as to make them
on the average equal to those of the business line. Both lines have been
somewhat smoothed. The bond prices used were those of 10 high grade
rail issues as compiled by Dr. Macauley of the National Bureau of Economic
Research of New York.
In general the bond prices move earlier than does business activity. In
times of decline they fall before business does, and in periods of recovery
they move up before business. Their turning points in depression and in
prosperity are almost always earlier than are those of the business line.
The bond line is a forecaster of the business line, but not a very satisfactory one.
The downturn of the bond line in 1928 preceded the downturn of business
by more than a year. Bond prices fell steadily for almost two years, and
then turned up sharply in the autumn of 1929, when stock prices broke, and
the credit stringency came to an end. For one more year, until the autumn
of 1930. bond prices advanced much as they have before most periods of
business recovery, but their rate of advance was rather slow.
Since last summer bond prices have declined, advanced, and declined
once more. They are now slightly above their computed normal level.
If they again turn upward and a real bond market develops with both
advancing prices and large volume of transactions, we shall have the best
sort of evidence that a sustained recovery of business is in the making.
When they do move up, and business recovery is in progress, it is probable
that they will continue to advance until about the time that the business
line reaches normal on the way up,for that has been the rule after previous
depressions.
Date for Restoration of Normal Prosperity a Year or
More Hence, Says J. Henry Schroder Banking
Corporation.
The date for the restoration of normal prosperity in the
*United States is generally set a year or more rather than
several months hence, says the J. Henry Schroder Banking
Corporation of New York in its quarterly review issued
Feb. 14. The firm points out that the lowest point of reaction in this country seems to have been reached but that
the subsequent economic movement is expected to be uncertain and variable with perhaps several false starts and
premature efforts at renewed expansion. It says:
1308
Extravagant expectations of 1928 and gloomy forebodings of 1930 have
been alike dismissed as unrealities, and the resulting calmer atmosphere
marks the first step in recovery from one of the most difficult periods in
the country's history.
The renewed decline in the general commodity price level during the
closing months of 1930 and the opening weeks of 1931 has not proved as
disturbing to business sentiment as earlier recessions, annd while there is
no definite assurance that rock bottom has been reached, the changes during
1931 are quite generally expected to be of a character to stimulate rather
than retard the flow of goods to ultimate consumers. Last year's price
declines were most severe for raw materials bought by manufacturers, and
for agricultural products. A wide margin developed between the price
manufacturers paid for raw materials and the price they received for their
products from merchants, and another wide margin arose between the price
paid by merchants for goods to be sold at retail and the price they received
from final consumers. Neither of these wide margins, however, resulted
in satisfactory profits, for manufacturers had to deal with reduced income
from sellers of raw materials, and merchants had to deal with a drop in
Incomes of final consumers.
There has been prolonged but vain hope that the over-valuation of manufactured goods which lay at the bottom of this difficulty would be corrected
by a rise in the price of raw materials rather than by a reduction in the
price of manufactured goods, or would be sustained by some extraordinary
increase in industrial productivity such as occurred immediately after the
depression of 1920-21. It is now being recognized, however, that neither
of these things is likely to come about, and that the way out is to price
manufactured goods attractively so that willing consumers are able to buy.
There was no conspicuous change in wage rates during 1930, the decrease
In man hours entirely accounting for the drop in payroll totals. All due
credit must be given to the optimistic spirit motivating attempts to keep
wage rates up, but it cannot be denied that the industrial depression and
increase in unemployment attendant upon a rapid fall in prices have been
considerably intensified by the reluctance to adjust wages rapidly to the
new level of prices. Such adjustment will have to be made to allow the
reduction in prices of manufactured and retail merchandise that is necessary to encourage their free flow in trade. It has become quite clear that
all wage-earners cannot be employed full time at present wage rates. A
continued effort in this direction simply means a relatively high level of
real wages for those fully employed, a fall in real wages for those working
part time, and much suffering for those out of jobs.
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" weekly index of wholesale commodity
prices stands at 111.0, a decline of 0.8 points from last week
(111.8), and is at a new low in 15 years. The "Annalist"
further says:
Fresh declines in grains, livestock, food products, building materials,
chemicals and rubber overbalance advances in cotton, cotton goods,
bituminous coal and tin. After remaining stable for five weeks, from
the middle of December to the middle of January, at between 115.5 and
115.8, the index has declined since Jan. 13 about 3.3%, the steepest decline
with one exception since the November 1929 crash. The farm products
index, at 100.9. is back at the 1913 level.
With the exception of wheat, all grains are lower. Corn, at 80I4 cents,
went to a new low in 15 years and carried hogs to 57.69, a record low in
more than a decade. Wheat fluctuations are narrow and meaningless
because of the operations of the Farm Board, but it should be noticed that
the decline of spot corn in New York to 8014 cents, against spot wheat
in New York at 95 cents, makes more improbable the hopes of the Farm
Board for a heavy disappearance of wheat as feed. Spot hides are unchanged but the future markets are sharply lower; eggs are now 15;i cents
a dozen; and wool, at 64 cents, is at a new low in the present depression.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100).
All commodities
*Revised.
COO NO
,
N •1 .0
CA
C.0 cn
:•1 b 'Co CO
Feb. 17 1931. Feb. 101931, Feb. 18 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
102.4
.115.7
.102.8
139.4
105.7
127.4
100.4
89.1
133.9
138.8
136.4
154.2
123.3
151.3
110.8
117.2
111.0
111.8
137.5
Loading of Railroad Revenue Freight Continues Small.
Loading of revenue freight for the week ended on Feb. 7
totaled 719,053 cars, the Car Service Division of the American Railway Association announced to-day. This was a
decrease of 228 cars below the preceding week and a decrease
of 166,763 cars below the same week last year. It also was a
reduction of 236,928 cars below the corresponding week in
1929. Details are outlined as follows:
Miscellaneous freight loading for the week of Feb. 7 totaled 249,335
cars, 61,940 cars under the same week in 1930 and 79,717 cars under the
corresponding week in 1929.
Loading of merchandise less than carload lot freight amounted to 215,439
cars, a decrease of 26,044 cars below the corresponding week last year and
33,386 cars below the same week two years ago.
Coal loading amounted to 138.716 cars, a decrease of 51,367 cars below
the same week in 1930 and 81,283 cars under the same week two years ago.
Forest products amounted to 36,440 cars, 17,146 cars under the corresponding week in 1930 and 23,339 cars under the same week two years ago.
Ore loading amounted to 5,506 cars, a reduction of 2,470 cars below the
same week in 1930 and 3.831 cars below the same week in 1929.
Coke loading amounted to 9,356 cars, a decrease of 2,506 cars below the
corresponding week last year and 4,275 cars under the same week in 1929.
Grain and grain products loading for the week totaled 41,453 cars, 2,316
cars below the corresponding week in 1930 and 6,384 cars below the same
week in 1929. In the western districts alone, grain and grain products
loading amounted to 28,488 cars a decrease of 1,766 cars below the same
week in 1930.
Live stock loading totaled 22,808 cars, 2,974 cars below the same week
in 1930 and 4.713 cars under the corresponding week in 1929. In the
Fat. 132.
FINANCIAL CHRONICLE
western districts alone, live stock loading amounted to 18,015 cars, a decrease of 2,315 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared not only with the same week in 1930 but also with the same week
In 1929.
Loading of revenue freight in 1931 compared with the two previous
years follows:
1929.
1931.
1930.
4.518.609
4,246.552
3,490,542
Five weeks in January
955,981
885,816
719,053
Week ended Feb. 7
5,132,368
4,209,595
Total
5,474,590
Trend of Business in Hotels During January.
According to Horwath & Horwath in their survey of business in hotels, "January hotel sales gave no evidence of
improvement, the percentages of decrease being almost
similar to those of the three months immediately preceding."
They further state:
Total sales decreased 18%, room sales 15% and restaurant sales 19%.
The average occupancy at 66% was a seasonal rise of 6 points over December, but a drop of 7 points from January 1930. During the last four years
the seasonal rise in January over December has always been 6 points.
The room rate dropped 6%, which is 1 point more than the declines in
recent months; the same sporadic rate-cutting was apparent. Of all the
contributors, 92% reported lower total sales than in last January.
The following tabulation illustrates how sales compare with those Of
three years ago. These index numbers, which reflect the long-time trend.
show that, with the exception of Philadelphia and Detroit. all of the cities
were lower in January 1931 than in December 1930, and the totals for the
country at large was also lower.
January 1931
(Jan. 1928=100%)
1100%)
7=930
(Dec. 1927=100%)
75.2
New York
80.9
.1
81.
Chicago
75.4
71.4
Philadelphia
77.7
78.9
Washington
72.9
77.6
Cleveland
76.4
72.3
Detroit
84.8
84.8
California
85.3
89.0
Other cities
79.5
83.0
Total
January was a very quiet month for the hotel industry and the lack of
special events affected all groups, and all hotel departments. Some
measure of improvement is expected before long, but no increases over
1930 are looked for until the latter half of this year, if indeed they materialize
then, with the lower rates prevailing. General business conditions have
not yet aroused much enthusiasm, and while the "dead centre" of the slump
may be past, adjustments are still taking place and the watchword seems
to be to avoid over-optimism.
-DECEMBER 1930.
TREND OF BUSINESS IN HOTELS
(Transient and Residential.)
'The trend of the total hotel business Is not shown, but rather the increase or
decrease in the business of hotels already established at least two years.
Analysis by Cities
in which
Horwath & Horwath
Offices Are
Located.
Total,
-20
New York City
--19
Chicago
--19
Philadelphia
--19
Washington
--20
Cleveland
--17
Detroit
--16
California
--20
Texas
All other cities re--12
porting
Total
P. C. of Inc.
or Dec. in
Aver. Sale
Per Occ.Room
in Corn pants
Rooms, Restauet. Jan. '31. Jan. '30. with Jan.'30
--6
71
63
-21
-17
--9
74
72
--26
--12
--3
58
51
--22
--15
-10
81
59
--23
--13
--1
75
66
--29
--I3
--6
64
54
--13
--21
--2
.54
47
--17
--14
-7
79
70
--24
--18
Sales-Percentage of
Increase or Decrease
in Comparison
with January 1930.
--18
Average
Percentage
of Room
Occupancy,
--10
--14
71
75
--6
--15
--19
66
73
--6
Guardian Trust Company of Cleveland Says Early
Beginning of Business Recovery Is Assured in
Light of Past Experiences.
In summarizing its views regarding business conditions,
the Guardian Trust Co. of Cleveland has the following
to say under date of Feb. 2:
For 19 months business has been declining, and during most of the
time has been in serious depression. There has been a period of housecleaning, readjustment, elimination of errors-processes which pave the
way for recovery. That period is nearly at an end, if not already ended.
An early beginning of recovery is assured in the light of all past experiences in such periods. The circumstances do not suggest, however, that a
sustained rapid recovery is either probable or desirable. Foreign conditions
reduced purchasing power, the unfortunate conditions in agriculture, and
other circumstances will be drawbacks. On the other hand, the ability of
business to make a sure but gradual recovery is demonstrated both by
past experience and by the strong features in the situation, which outweigh
the weak features. Demand will as surely be looking for supply as supply
has been looking for demand.
Outlook for National Buying Power as Viewed by
-Urges Placing of Prices
Silberling Research Corp.
on "Rock Bottom Level."
Under date of Jan. 24, the Silberling Research Corp., Ltd.,
of San Francisco, Calif., presents its views as follows as to
outlook for National buying power:
anything
The general business picture does not yet present signs of
seasonal
approaching definite recovery in buying-power, although the
on
revival In some industrial lines has had a mildly stimulating effect
adjusted December
sentiment. It is of some interest that the seasonally
production held
figures for both freight car loadings and electric power
arising
steady at the November levels, possibly in response to influences
production.
from the unusually early resumption ofoperations in automotive
however, suggest the
The early January data for these same indicators,
FEB. 21 1931.]
FINANCIAL CHRONICLE
1309
possibility ofsome further slight declines. At any rate the rapid downward toward the November level (index 105.4) and
brings it within 2% of the
swing of the final quarter of 1930 in our "Index of General Buying Power" October figure. But it still shows that factory operation
continues about
has been broken and the first quarter of 1931 bids fair to establish some- 18% lower than a year ago.
thing of a table or even a mild temporary rally prior to a more sustained
Important gains are noted, however, in the food industry, which underImprovement by the middle of the year. As we previously pointed out, went a decided decline in December and now shows recovery,
a
bringing
there is very little possibility of our general index of business reaching the it close to the November level; in fact, taking into account
the usual winter
"normal"level this year; but, as in many previous cases of major depression sag, the industry was relatively more active in January
than in November.
and revival, the year following that in which bottom is definitely reached
The 26.3% increase in rubber production brings that industry well
can be expected to be one of very marked improvement. We, therefore, above the level of each of the last seven months of
1930, except August
believe that while the immediate future demands confident conservatism and September. The normal seasonal rise was much exceeded,
but the
in the making of business plans, there should be special attention given to industry failed by a wide margin to approach the operations
of January
the probable trend of demand by next year and the means of preparing for 1930, which seem to have been but slightly affected by the
decline that
It well in advance.
had already made itself felt in other lines. The upward movement was
The most important prospective development in industrial activity, much greater than in the closely related automobile
industry, which
commodity prices, and trade is the ability to maintain atleast an even keel climbed 1.9% from December, and also continues below 1930
production.
for several months. If this proves to be possible it will serve to restore conUpward movements are indicated also In lumber, shipbuilding, leather
fidence in the minds of managers who thus far have been withholding their and chemicals, while decreases appear in the metals group,
in pulp and
orders for materials, labor and equipment. Let there be general evidence paper, in stone, clay and glass (1.3%) and in textiles
(3.8%). Textiles
of stabilization and there can soon be a firmer tone in commodities, reduc- began a recovery in November, and the index for January is
higher than
tion in stocks of material, and similar straws in the wind which generate in any of the summer and fall months from July to October
inclusive.
larger buying in basic lines. This process presently becomes cumulative
and tends to spread in all directions. It will be accelerated in this case CURRENT MANUFACTURING COMPARED WITH OTHER PERIODS.
by the depleted stocks of finished staples for consumption on the shelves
Jan. 1931 and Jan. 1931 and
of distributors. But at the same time it will be restrained by the absence
Industrial Group.
Dec. 1930.
Jan. 1930.
of any single dominating influence arising from a serious accumulated
scarcity in productive equipment or structural facilities or of demand from All industry
+1.0
-17.7
foreign sources. The revival of foreign buying-power will be a powerful Chemical products (including oil refining)
+2.6
+0.1
+12.2
-19.0
factor several years hence, but its immediate possibilities are not im- Food products
Iron and steel plants
-4.4
-26.4
pressive.
Metal working
-5.0
-26.6
Leather products
Business Policy.
+6.8
-20.4
+15.0
-3.8
Prevailing conditions and the outlook for the next six months suggest the Forest products
Paper and Pulp
-11.5
-17.8
Importance of placing prices on absolutely rock bottom levels. Prices Rubber products
+26.3
-28.8
paid in general by consumers are still far too high. The severe curtailment Shipbuilding
+40.2
+11.6
-1.3
-20.1
in consumer buying-power will cause purchasing for many months to be Stone, clay and glass
-3.8
-23.1
directed where bargains are available. Purchasers will disappoint sellers Textiles
Automobiles (including parts and accessories)
-1.9
-26.9
who try to use "quality" arguments as an excuse for keeping prices above
the competitive levels.
The rate of manufacturing activity in January, compared with DecemSales promotion emphasis by national distributors during the next ber and January 1930, all figures adjusted to 26 working days and based
six months can most advantageously be directed toward industrial and on consumption of electrical energy as reported to "Electrical world"
other than agricultural areas, with special attention to centers heavily (monthly average 1923-25 equals 100) follows:
influenced by activity in textiles and clothing, food products, meat packing,
NATION AS A WHOLE.
automobiles, tobacco and shipbuilding. Lumber, oil and sugar areas are
not promising. The characteristic growth trends and seasonal factors in
January December January Average Average
each districts should be taken into account in preparing sales budgets.
Industrial Group,
1931.
1930.
1930.
1930.
1929.
All Industrial groups
99.1
100.1
121.8
112.5
131.8
Improvement in Building Industry with Rising Prices Metal industries group
102.3
132.9
97.4
114.2
144.8
110.2
mills and
105.3
143.1
124.1
149.4
Seen by Architects Emergency Committee for Rollingworking steel plants
Metal
plants (ferrous
Region of New York.
and non-ferrous)
97.8
92.9
126.7
108.6
141.9
Leather and its products
73.4
68.7
92.3
82.9
94.6
Improvement in the building industry, with rising prices, Textiles
86.4
89.8
112.4
92.9
122.0
Forest products
73.3
84.3
87.5
94.8
106.9
is seen by the Architects' Emergency Committee for the Automobiles, including manu77.9
facture of
72.9
99.8
94.3
138.5
Region of New York, of which Julian Clarence Levi, Fellow Stone, clay parts
100.6
124.2
99.2
118.5
and glass
151.1
103.7
117.0
120.8
of the American Institute of Architects, is Chairman. Paper and pulp
123.5
130.3
84.3
Rubber and its products
106.5
144.4
119.9
139.8
This committee,formed for the primary purpose of relieving Chemical and allied products
137.1
133.5
136.7
139.0
135.6
Food and kindred products
120.2
107.1
132.3
132.7
126.5
unemployment among architectural draftsmen of the metro- ShInbuilsinr,
138.8
99.0
124.4
119.9
112.4
politan district, has been conducting an investigation during
the past few weeks to ascertain the state of the building
market, especially with respect to private residential work La Salle Extension University Views Forces as Making
for Recovery Stronger and Gaining Headway.
in the vicinity of New York City. It is the opinion of the
In its February Business Bulletin the "La Salle Extension
committee that buildings can be built to-day considerably
cheaper than was possible a year ago, and in all probability University" comments in part as follows on the business
at a lower average pri3e than will prevail a year or two situation:
The business situation during the first month of the year has presented
hence.
more sharply a contest which is going on between the easy money rates
The committee advises that a careful checking of present in the financial centers which operate to stimulate activity and the continued
building costs be made by all who contemplate the erection slackening of the consumer demand which has been impeding progress upward. At the present
of a building at a comparatively early date. If the project stronger and making time, the forces making for recovery appear to be the
good headway. These gains are small,
has not been started, it is suggested that the matter be they are nevertheless significant and give confidence that it is true, but
the resulting
discussed with a competent architect, and also that in those trend will continue to be upward.
cases where the drawings have previously been made and
The Low Point Already Passed
Business recovery after a depression may not be recognized until someprices secured within the past two years, that the contime after it has started. Most of the statistics by which a business
activity
tractors be invited to refigure the jobs on the basis of the Is measured
are available from
prevailing prices for the materials and items of equipment have taken place. They dealthree to six weeks after the events they record
with what has happened, not with what is
required for the building. Though the scale of wages, going on now.
The December slump was drastic and carried the index of business acaccording to the committee, paid to skilled labor in the tivity to
low levels. It is quite likely that this sharp movement represented
building trades has not been officially changed in the recent final stages of liquidation and the clearing up of bad features of Our business
past, still, by reason of the fact that contractors have structure. There are many good reasons for considering the level reached
greatly reduced their forces and in so doing have retained then as the bottom of the decline, and that we are now in the upward movement on the way to gradual improvement which will carry us steadily to
their best men, they are in a position to get the best results normal.
Depression More Nearly Under Control.
for the lowest cost. The committee says:
The best-informed opinion in building circles looks forward to a
gradual
resumption of building activity, and anticipates that, as this
movement
gathers momentum, prices will rise as they always have in
corresponding
periods in the past.
Buildings to-day are a bargain, provided, of course, that there
is need
for the building. Nothing is cheap if you don't need it, but to those
who
have geuine requirements for new structures, either for residence or
business
use, the present offers an exceptional opportunity. This is a buyer's
market.
Gain of 1% in January in Industrial Activity Based on
Electrical Consumption-Advances Shown in Food
and Rubber Industries.
Industrial activity in the United States in January rose
1% from the December level, according to returns received
on electrical energy consumed in 3,800 manufacturing plants
scattered throughout the country, according to "Electrical
World," which under date of Feb. 16 says:
This Improvement from the low point reached in the preceding month,
advancing the index from 99.1 to 100.1, constitutes a partial recovery
Relative stability in most of the important indexes of business activity
for several weeks rather than the sharp drops such as characterized the last
quarter of 1930 gives good indications that the situation is more nearly
under control than for many months. A marked slowing up in the rate of
decline is often the sign of preparation for an upward turn. Itshows that the
forces carrying the rate downward are losing their effectiveness and those
working upward gaining in power. The recovery will take place under the
same control, which will assure its stability.
Determined Action Can Turn the Tide.
When the two opposing forces become more evenly balanced, the direction
of the next trend will be determined by efforts which business men make in
aggressively supporting the constructive forces. There is a time in the
downswing of the business cycle when efforts have not been successful
in preventing entirely the slackening of business activity. Possibly If we
should begin sooner to correct the evils which creep in during the latter
part of the prosperity peak and prepare in time to ward off the depression,
we might do much to avert the most disastrous of its consequences. Longterm planning would be effective if started soon enough. One of the results
of this depression may be the increasing recognition 'of that fact among
the rank and file of business men. If this is achieved the next period
of
prosperity is more likely to be a stable one and such severe depressions as
we have just experienced averted. Planning to secure that result
might
well be started now rather than postponed until we have partially forgotten
our recent unfortunate experiences.
[Vox,. 132.
FINANCIAL CHRONICLE
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES
(Preliminary figures for 1931 corrected to Feb. 17 1931.)
Meichandise.
7 Aftmllts Ending Jan.
January.
1931.
1931,
1930.
1.000
Dollars.
1.000
Dollars.
1,000
Dollars.
1,000
Dollars.
250,000
18.3.000
Exports
Imports
1930.
410.849
310,968
2,017,800
1.507,909
3,028.756
2,423.954
67.000
99,881
509,891
601,802
Excess of exports....
,
Execs. of Imports
1927.
1923.
1929.
1928.
cnocawcowo,.p.wo
04000 0,03
040
000,.4..w0-4o003
oo..0-40.30,.o.0444.0,
488,023
441,751
489,851
425.264
385.013
393.186
402,861
380.564
437.163
528.514
442,254
426.551
0.0...WWWWWWWW
10
,
0030' 000034 00,
CO CC
t...4 a ae
010,l0304W003'
O.4coo.oww.o.o.
wwm-J000s.wo.
.......
WWWWWWWWWWW
-40003.00 WW0,
1.000
1,000
1,000
1,000
1,000 1 1.000
Dollars.'Dollars. Dollars. Dollars. Dollars. Donors.
Exports
January
February
March
April
May
Juno
July
August
September
October
November
December
419.402
372,438
403,973
415.374
393.140
358,966
341,809
374,751
425.267
488.675
460,940
407,641
410,778
371.448
420,617
363.928
422,557
388,661
378,984
379.006
421,607
550,014
544,912
475,845
7 months ending Jan. 2.017,8003.028.754 3,238,391 2,909.861 1.021,209 2,943,364
12 months end. Dec-..... 3,843.475 5,240.995 5.128.356 4.865,375 4,808,860
Imports
January
February
March
April
May
June
July
August
September
October
November
December
183,000 310,968
281,707
300.460
307,824
284,683
250,343
220,558
218.417
226,352
247.339
203,593
208,650
368,897
369.442
383,818
410,666
400,149
353.403
352,980
'369,358
351,304
391.083
338.472
309,809
337,916
351,035
380,437
345,314
353,981
317.249
317,848
346.715
319,618
355,358
326,565
339,403
356,841
310.877
378.331
375.733
348,501
354,892
319,298
368,875
342,154
355.738
344,209
331,234
418,752
387,306
442,899
397,012
320,919
336,251
338,959
336,477
343,202
376.868
373,881
359,462
2,399,484 2.485,690 2.579.585
7 months ending Jan. 1,507,909 2,423,954 2,374,409 4.091.444 4.184.742 4,430,888
3.060,894 4.399,361
12 months end. Dec.
GOLD AND SILVER.
January.
7 Months Ending Jan.
1931.
Excess of exports_ _
Excess of Imports_ _
Silver
Exports
Imports
1930.
1931.
1930.
Increase(-I-)
Decrease(-)
1,000
Dollars.
Gold
Exports
Imports
1,000
Dollars.
1.000
Dollars.
1.000
Dollars.
1.000
Dollars.
54
34,426
8,948
12,908
108.359
198,281
34,372
3,960
91,922
4.570
3,574
2,896
5,892
4,758
27,729
22,384
47,943
35,061
678
1,136
5,345
11,982
Excess of exports__ _
0vtanca nf irnnilrffi
113,480
123,050
1930.
1929.
1928.
1931.
1930.
1929.
1928.
8,948
207
290
110
82
_
26
.
_
41,529
39,332
11,133
9,266
5,008
36
54
52,086
25.806
97,536
96,469
83,689
99.932
74,190
1.698
3,810
992
22,916
1,636
3,574
__-_
____
____
____
___
____
____
____
____
____
____
5,892
5,331
5,818
4,646
4,978
3,336
3,709
4.544
3,903
4,424
4,102
3,472
8,264
6.595'
7,814
5,752
7,485
5,445
6,795
8,522
4.374
7,314
8,678
6,369
W.403.
;4-:0lJ.
W,
10
I010AWW.030,
o oP.10000000.4WO
Exports
January
February
March
April
May
June
July
August
September
October
November
December
'4VOI
1.000 1,000 1,000 1,000 1,000 1,000 1,000 1.000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
38,320
14,686
2,683
5,319
1,968
20,001
10,330
2,445
4,273
14,331
29,591
24,950
2,896
____
____
____
____
_-_
____
____
____
____
____
____
0A.W.0W04WJWW0
48,577
26,913
26,470
24,687
24,098
30,762
35,525
19,271
18,781
21,321
7,123
8,121
.0.00,,4-41;wowxw
;17-44-;-.14W0'0;D:
34,426 12,908
60,198
55,768
65,835
_ 23,552
13,938
21,889
19,714
13,680
35,635
40,159
32,778
0303030004-04-
Imports
January
February
March
April
May
June
July
August
September
October
November
December
00104-4-10.3
7 mos.end.Jan. 106,359 118,480 106,620223,670 27,729 47,943 53,314 44,324
____ 54,157 83.407 87,382
12 mos.end.Dec
__ 115,967 116,583 560,760
6,305
4,658
5,134
4,888
4,247
6,221
6,544
6,496
5,739
7,319
5,448
5,120
7 mos. end. Jan. 198,281 123,050 134,497 84,483 22.384 35,961 44,926 34,382
____ 42,761 63,940 68,117
12 mos.end.Des.
396.054 291.649 168,897
Industrial Employment Conditions in Ohio and
Ohio Cities.
The Bureau of Business Research of the Ohio State University reports that "the employment decline which was
temporarily halted in Ohio in December, when the employment index showed an increase of 1% from November, was
resumed in January at a slightly accelerated rate." In its
further survey of industrial employment in Ohio and Ohio
cities for the month of January, the Bureau says:
The 5% decline in total industrial employment in January from December was not only substantially greater than the usual December-to-January
decline of 1%, but was the largest percentage decline in a single month
that has occui red during the 18 months of decline. The total volume of
(+) employment in January was 19% less than in January 1930. Four hundred
Increase
Decrease(-)
and thirty-two of the 770 establishments reporting to the Bureau of Busi1,000
ness Research in January reported employment declines from December,
Dollars.
89 reported no change from December, and 249 reported an increase.
The January decline from December was experienced in all types of
-1,010,956
--916.045 employment-manufacturing, non-manufacturing, and construction-and
the usual seasonal
in all types the decline was consid Yably more than
change during the
decline as measured by the average December-to-January
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTIIS.
1931. I 1930.
Silver.
Gold.
1931.
00.4000003,
I0303W
0W0.0340-400.wo
Country's Foreign Trade in January-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Feb. 17 issued its statement on the foreign
trade of the United States for January and the seven months
ended with January. The value of merchandise exported
in January 1931 was $250,000,000, as compared with $410,849,000 in January 1930. The imports of merchandise
are provisionally computed at 8183,000,000 in January the
present year, as against $310,968,000 in January the previous year, leaving a favorable balance in the merchandise
movement for the month of January 1931 of $67,000,000.
Last year in January there was a favorable trade balance
on the merchandise movement of $99,881,000. Imports
for the seven months of 1930-31 have been $1,507,909,000,
as against $2,423,954,000 for the corresponding seven
months of 1929-30. The merchandise exports for the seven
months of 1930-31 have been $2,017,800,000, against
$3,028,756,000, giving a favorable trade balance of $509,891,000 in 1930-31, against a favorable trade balance of
$604,802,000 in 1930. Gold imports totaled 834,426,000
in January, against $12,908,000 in the corresponding month
of the previous year, and for the seven months were $198,281,000 as against $123,050,000. Gold exports in January
were only $54,000, against $8,948,000 in January 1930.
For the seven months in 1930-31 the exports of the metal
foot up $106,359,000, against 8118,480,000 in the seven
months of 1929-30. Silver mports for the seven months
of 1930-31 have been $22,384,000, as against $35,961,000
in 1929-30, and silver exports $27,729,000, as against
$47,943,000. Following is the complete official report:
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTIIS,
g.woowocnooww,
'4O34030303
3 CD 0 CD
usually
The difference between prosperity and depression is not great,
that at
not more than a few per cent. Some economists have estimated
recovery
present an increase of 2 or 3% will definitely turn the tide toward
action will
In a large number of lines. Now is the time when determined
pace.
count for the most In speeding up activity toward a more nearly normal
WOW.
0,030310 000014-CnOaO
'
1310
-12,121
+75,231
-20,214
-13,577
past five-year period.
January from December
The cl ,ciine in manufacturing employment In
for
amounted to 3%, although the average December-to-January change
The January decline in
the past five-year period has been negligible.
manufacturing
manufacturing employment carried the total volume of
January 1930. The decline
employment in January 20% below the total in
in all the
in manufactuting employment in January was experienced
and the
major manufacturing groups of industries except in the chemicals
textiles groups, which showed increases of 1% and 11%, respectively. The
except lumber and
decline in all of the major manufacturing groups
lumber products, machinery, and paper and printing, was either in contrast with a usual seasonal increase, or substantially greater than the usual
seasonal decline. The January decline in these nine major manufacturing
groups amounted to 1% in the lumber products, machinery, and paper and
printing groups, 2% in the metal products group, 3% In the vehicles
group, 4% in the rubber products group, 8% in the food products group,
10% in the stone, clay and glass products group, and 11% in the miscellaneous manufacturing group.
Employment in the non-manufacturing industries of the State declined
15% in January from December, after the 5% increase in December, and
the January decline was considerably greater than the usual seasonal decline
of 8%. Employment in the non-manufacturing industries of the State
in January was 13% less than in January 1930.
The 17% decline in employment in the construction industries of the
State in January from December followed a 17% decline in December from
November. Both the December and the January declines in construction
employment were greater than the usual seasonal decline, the December
decline by 2%, and the January decline by 11%, showing a more-thanseasonal drop in construction employment in Ohio during these two months.
The 3% decline In employment in January from December in the vehicles
group, of which automobiles and automobile parts is the principal industry,
was in contrast to a usual seasonal increase of 8%, as shown by the average
December-to-January change during the past five-year period. The volume
of employment in the vehicles industry in January was 17% less than in
January 1930.
The 2% decline in employrnent in January from December in the metal
products industries was in contrast with the five-year average December-toJanuary increase of 1%. The volume of employment in the metal products
industries in January was 23% less than in January of last year. Eighty
of the 135 concerns reporting in this group reported employment declines
in January from December, 11 reported no change, and 44 reported increases. The 1% decrease in employment in the 91 reporting machinery
industries was slightly less than seasonal. The total volume of employment in the machinery industry in January was /23% less than in
January 1930.
The 4% decline in employment in January from December in the rubber
products group of industries, of which tire and tube manufacturing is
the principal industry, was in contrast to the usual seasonal stability as
FEB. 21 1931.]
FINANCIAL CHRONICLE
1311
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES IN
shown by the five-year average December-to-January change. The total EMPLOYEE
PENNSYLVANIA.
volume of employment in the rubber products industry in January was 25%
less than in January 1030.
[COM:Med by the Federal Reserve Bank of Philadelphia find the Department of
Lab. and industry. Commonwealth of Pennwlvanial
,
The 10% decline in January from December in employment in the
Ste Oscar
stone, clay, and glass products industry was somewhat greater than the
Hours
five-year average December-to-January decline of 5% during the past
No. Per Cent HOUrlif Wages. 'Weekly Wades.
five-year period. Employment in the stone, clay, and glass products
of
Change
Plant Jan. '31
Group and Industry.
industry in January was 19% less than in January 1930.
Report from
The 1% decline in employment in the lumber products industries in
leg. Dec. '30 Jan.'3I Dec.'30 Jan.'31 Dec.'80
January was leas than the five-year average December-to-January decline
-5.2 L572 0.567 622.09 $22.66
of 4%. Employment in the lumber products industry in January was All manufacturing Industries (48) 557
-10.8
Metal products
.627
190
.618 23.57 23.20
15% less than in January 1930.
-10.6
Bast furnaces
.599 25.82 27.13
.599
7
+1.5
Steel works and rolling mina33
.645
.626 24.31 23.20
In all of the chief cities of the State there was a decline in total
-3.7
.552
Iron and steel (urgings
8
.587 22.02 24.90
industrial employment in January from December, the decline amounting
Structural iron work
7
.592
-12.2
.579 20.30 22.68
to 2% in Dayton, 3% in Youngstown, 4% in Cleveland, 6% in Akron and
Steam and hot water heating
.580
--9.8
13
.586 23.34 25.08
apparatus
Cincinnati, 7% in Toledo, and 15% in Columbus. The decline was more
--4.8
.626 19.25 22.67
.625
3
Stores and furnaces
than seasonal in all the cities. In Stark County, of which Canton is the
--5.8
.608
.609 22.21 22.96
Foundries
30
chief city, employment increased 5% in January from December, although
.598
--7.1
.600 23.71 25.02
Machinery and parts
36
.630
--0.9
.625 23.77 22.91
Electrical apparatus
19
the usual seasonal increase is about 1%.
.617
---6.6
Engines and pumps
.628 21.35 22.56
10
As compared with January 1930, all the chief cities of the State
.551 18.50 19.62
.527
+2.8
Hard ware and tools
14
.562 22.52 24.16
.555
--3.3
Brass and bronze products_. 10
reported employment declines in January, ranging from 12% in Cincinnati
.630 21.80 23.22
.621
--6.7
Transportationequipment
28
to 26% in Akron and Columbus, with Toledo showing a decline from
.603 20.07 19.18
.606
+3.4
Automobiles
5
January of last year of 18%, Dayton of 16%, Cleveland of 19%, and
.607 20.43 24.89
--25.1
.591
Automobile bodied and parts.584 20.12 22.83
_569
+7.8
7
Youngstown of 17%.
Loeomottvcs and ears
.711 23.30 21.65
.710
--14.1
Railroad repair shops
4
Construction employment in December also declined in all the chief
.665 27.02 26.86
.660
--1.9
4
Shipbuilding
312 17.26 19.00
cities of the State, except Dayton; the December-to-January decline in all Textile products
.409
--12.7
92
.430 19.58 19.25
.443
Cotton goods
+7.5
9
the cities except Akron being greater than the usual seasonal decline for
.472 19.54 21.11
.469
--1.7
Woolens and worsteds
7
this period of the year as indicated by the five-year average December-to.391 15.85 18.54
Silk goods
--17.8
.392
32
January change. In Akron the decline from December was slightly less
.497 20.99 21.96
.533
---3.1
Textile dyeing and finishing
7
.489 17.67 19.55
.492
Carpets and rugs
6
--3.5
than the usual seasonal decline as was also the 2% decline in Stark County,
Hosiery
.463 19.60 21.44
--11.2
.435
10
and the 30% increase in Dayton was in contrast with a substantial seasonal
.375 12.65 14.18
.382
Knit goods other
---25.3
9
decline for this period over the past five years. As compared with January
Men's clothing
.348 12.09 12.17
3
.304
-IF 51.2
.314 14.40 14.26
Women's clothing
6
.314
+7.3
1930 construction employment showed a marked decline in all the chief
Shirts and furnishings
.298 12.68 13.71
---17.1
3
.317
cities of the State; the decline amounting to 9% in Columbus, 14% in Foods and tobacco
.452 19.43 20.29
---5.1
52
.446
Cincinnati, 19% in Stark County, 21% in Dayton, 25% in Youngstown,
Bread and bakery products_..__ 19
.476 26.02 27.05
.485
--3.3
Confectionery
.426 18.64 19.12
.427
--2.2
7
33% in Akron, 45% in Toledo, and 54% in Cleveland.
lee cream
.566 31.30 31.82
---1.1
.565
8
Meat packing
.549 28.51 30.37
.558
---8.0
7
INDUSTRIAL EMPLOYMENT IN OHIO.
Cigars and tobacco
.364 13.16 14.78
---9.0
11
.338
Stone, clay and glass produeta
---20.2
.546 19.48 22.72
44
.535
In Each Series Average Month 1926 Equals 100.
Brick, tile and pottery
21
.486 16.54 18.34
.473
---6.0
(Based on the number of persons on the payroll on the 15th of the month or nearest
Cement
--17.7
.529 24.39 25.98
.541
10
representative day as reported by co-operating firms.)
Glass
13
--37.3
.603
.603 16.60 23.24
Lumber products
--23.5
.542
44
.527 17.35 19.11
Lumber and planing mills
.618
13
.583 18.31 18.49
---20.5
Furniture
.621 18.13 20.71
--27.3
27
.533
Average
Wooden boxes
4
.483 14.51 15.90
--10.5
.494
Change Change Change
No. of
Chemical products
--I.2
29
.606 27.16 27.93
.575
from
Report- Index
Industry.
Jan.
from
--2.I
Chemicals and drugs
Jan.
15
.490 26.72 27.84
.499
Dec.
tag
from
Jan.
Paints and varnishes
Firms. 1931.
9
.555 23.00 24.61
.598
--19.5
1930.
Dec.
1930.
+2.6
Petroieum refilling
5
.634 29.14 30.02
.582
1926-'30,
31
Leather and rubber products..._
--1.8
.498 20.66 22.06
.467
Chemicals
.538
77
9
19
.636 22.67 24.50
--17.1
Leathertanning
-10
-2
+I
Food products
Shoes
110
12
45
.347 15.07 15.03
.311
+27.9
-8
--3
--8
.-1
.535
--I.5
Leather products, other
6
25
.559 24.54 25.87
Lumber products
79
-15
-4
4
553
--2 4
Rubber tires and goods
--I
91
Machinery
.575 25.18 27.54
79
-23
-2
Paper and printing
--8.4
.646
-2
47
69
.638 30.26 31.42
Metal products
135
+1
-23
.524 23.40 26.18
.527
Paper and wood pull)
8
Paper and printing
--15.1
-1
102
33
-2
-4
Paper boxes and bags
.379 13.67 16.52
--23.2
19
.379
-4
68
6
Rubber products
-25
--.739 34.68 35.11
.735
--2.5
33
51
Printing and publishing
65
Stone, clay and glass products
-10
-5
-19
-16
____
+II
87
38
Textiles
76
57
Vehicles
-3
+8
-17
•These usurer, are for the 835 firma reporting employment.
-11
79
30
MIseellaneous manufacturing
-2
-15
EMPLOYMENT AND WAGES IN 1)ELA WARE
74
543
Total manufacturing
-3
____
-20
[Compiled by Federal Reserve Bank of Philadelphia I
Service
Trade
Transportation and public utility...
Total non-manufacturing
Construction
All InflnetrIna
11
30
14
105
90
102
-1
-22
+1
+1
-20
-1
-6
-9
-11
55
90
-15
--8
--13
172
49
-17
-6
-39
7711
75
-5
-I
-19
Further Decline in Factory Employment and Wages in
Pennsylvania According to Philadelphia Federal
Reserve Bank-Slight Gain in Employment in
Delaware.
Factory employment, working time and wage earnings
in Pennsylvania declined further in January, according to
representative figures received by the Philadelphia Federal
Reserve Bank from 830 manufacturing plants employing
about 270,000 workers drawing a weekly payroll of nearly
$6,000,000. The Bank's survey Feb. 17 continues:
In the period from the middle of December to the middle of January the
drop in working forces amounted to 4% and in payrolls almost 7%. Some
of this decline reflected the usual let
-down in operations incident to the listing of Inventories and to the general overhauling
of plant equipment.
-time activity also was shown by the decline of 5% in
An increase In port
employe-hours worked during this period.
Gains In wage disbursements over December were reported by steel
works
and rolling mills, automobile trucks, railroad repair shops, explosives,
shoes and such textiles as cotton goods and clothing. The remaining 43
Industries which report to the bank showed decreases, ranging from
2%
in electrical apparatus and coke to 39% in stoves and furnaces.
January index of employment stood at 79% and that of wage
The
payments at 86% of the 1923-25 average; these indexes were thus
the lowest
in the past nine years. Virtually all lines showed substantial reductions in
their working forces and time, so that wage earnings were about one-third
less than in January of the previous two years and one-fourth less than in
the same month of 1928.
Delaware factories reported a slight gain over December in the number of
workers and hours worked but a decline in the amount of wages paid.
The increase in employment was due to textile,lumber,chemical,and leather
and rubber industries. The rise in wage earnings in the latter three industries was not sufficient to offset the drop in others,so that the payroll index
declined 2% from December.
Factories in the Harrisburg, Hazleton-Pottsville and Johnstown areas
reported more workers than they had in December and in the case of Harrisburg and Johnstown payrolls also increased, indicating a rise in the rate of
operation. In comparison with a year ago, all industrial areas showed
considerable curtailment in employment and wage payments.
No.
of
Plants
Report-
Industry.
All manufacturing industries
Metal products
Transoortation equipment
Textile Products
Foods and tobacco
Stone. clay and glass products
Lumber products
Chemical producta
Leather and rubber products
Paper and printing.
53
12
4
4
7
4
5
5
Increase (4-) sa Decrease (Jan. 1931 over Dec. 1930.
Em 5105
inset.
Total
Wages.
+1.5%
+3.1
-11.5
+1.5
4.2
-4.8
+14.2
+0.1
+7.8
2.2
-0.4% +0.1%
+1.3
-4.9
8.4
-12.4 -5.1
--4.3
-7.2
--16.3 -16.2
+3.7
+0.3
+0.6
+1.7
+14.2
+9.4
7.4
-6.5 -
Total
Hours.
EMPLOYEE-HOURS IN DE1.A WARE.
[Compiled by Federal Reserve Bank of Philadelphia 1
Increase +)or Decrease
No.
Jan. 1931 orcr Dec. 1930.
of
Plants
Average
Taal
Report- [employWages,
mad.
Wages.
fag.
Industry.
Ail manufacturing industries
Metal produeis
tisie productsportatlooequipment
Text
Foode and tobacco
Stone. clay and glass products
Lumber products
Chemical prielimeta
Leather and rubber products
Paper and printing
60
14
5
4
4
5
8
7
+0.6%
-0.8
-4.8
+1.5
-4.1
-4.8
+14.2
+0.1
+6.9
2.1
-
-2.1% -2.7%
-4.2
-3.4
-8.9
-4.3
5.4
+0.3
-16.3 -12.0
+0.3 -12.2
+0.6
+0.4
-12.2
+4.9
-4.0
-6.0
EMPLOYMENT AND WAGES IN CITY AREAS.
BklinDiled by Department of Ream eh and Statistics, Federal Reserve Bank
of Philadelphia.)
Employment
Palmas
No. of Percentage Change Percentage Change
Plants Jan. 1931 Since Jan. 1931 Since
ReportLay,
Dec.
Jan.
Dec.
Jan.
1930.
1930.
1930
1930.
Allentown-Bethlehem-F.01ton
Altoona
Erie
Harrisburg
Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Swanton
Sunbury
Wilkes-Bares
Williamsport
Wilmington
York
78
14
23
36
20
15
28
11
248
as
63
28
23
25
25
28
49
-6.1
+0.2
+4.4
+5.5
--6.7
--5.1
--2.3
--4.0
--4.6
--1.6
--5.6
--7.1
--3.6
--9.8
-19.8
--9.3
-26.8
-16.9
-32.6
-32.9
--9.2
-18.2
-22.2
-14.6
-18.3
-9.4
-10.8
-10.8
-27.2
-21.6
-12.0
--7.0
--20.7
+1.2
--0.5
-IF 25.5
--12.7
--9.4
--9.0
--1.5
--8.I
--15.7
--16.0
--18.2
--8.5
--6.4
--18.7
-30.2
-24.7
-48.3
-29.8
-40.9
-41.1
-21.6
-28.0
-32.0
--31.4
--37.7
-2o.1
--21.5
--21.6
--40.1
-26.6
-28.1
1312
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.!
Index Numbers-1923-1925 avg.=-100.
Payrolls
Employment
January 1931
January 1931
No. of
Per Cent
Per cent
Plants
Change Since
Chang Since
ReportJan.
Jan.
Lag
Jan.
Jan. Index. Dec.
Index. Dec.
1930. 1930.
1930. 1930.
conom.o.
n000nor.r kriuloc.00roo9comoc000.rocor-coontsomcmoomocoommoco-..coolconco-,
c4o6c4c,
;66
TriTTI 7777TTITTTI7TITUTTTVITTIITTraTiTTITUTITTTITail
78.9 -4.2 -18.0 66.2
MI Manta.Indust.(51)
828
Metal products
76.4 -2.9 -21.0 63.8
244
Blast furnaces
45.6 --6.6 --23.9 39.3
9
Steel works & rolling mills 48
70.3 -1.8 -17.5 59.1
Iron and steel forgings
77.2 -10.9 -30.1 66.2
10
Structural iron work
91.1 --5.1 --21.1 64.5
10
Steam and hot water heating appliances
92.8 +0.1 -6.2 75.5
16
52.9 -28.4 -32.5 33.4
8
Stoves and furnaces
26.8 59.7
76.9 -2.4
Foundries
37
85.6 -2.8 -22.7 68.3
Machinery and parts
43
25.9 88.1
96.6 -5.3
22
Electrical apparatus
66.7 -3.1 -32.3 53.1
Engines and pumps
10
--1.0 --20.6 61.1
78.4
20
Hardware and tools
74.7 +1.1 -25.8 63.0
Brass and bronze products 12
Transportation equipment- 37 .54.7 -7.9 -28.6 .40.2
51.3 --1.0 --9.4 27.6
5
Automobiles
49.0 -8.4 -39.7 33.3
Automobile bodies az parts 11
30.3 -13.2 -43.8 21.3
Locomotives and cars- -- - 11
72.8 -2.5 -7.1 63.1
6
Railroad repair shops- 76.2 --3.2 --9.8 117.2
4
Shipbuilding
87.4 --3.6 --16.5 73.6
163
Textile product.,
59.2 +0.7 -24.1 49.8
12
Cotton goods
52.9 +2.1 -15.5 44.2
13
Woolens az worsteds
98.9 -2.4 -13.5 89.7
46
Silk goods
90.2 -2.2 -8.9 77.7
Textile dyeing az finishing 12
49.9 -14.3 -29.3 34.3
10
Carpets and rugs
83.4 -3.8 -11.7 62.6
4
Hats
27 102.4 -6.2 -20.8 95.9
Hosiery
74.9 -9.3 -26.4 53.9
13
Knit goods, other
74.4 +1.1 -14.5 55.2
9
Metes clothing
9 136.0 +8.9 +7.7 137.0
Women's clothing
8 133.6 -7.2 -8.2 113.0
Shirts and furnishings_
97.7 ---6.9 --8.3 90.3
93
Foods and tobacco
Bread az bakery products_ 26 109.5 -0.8 -2.5 102.8
97.0 -4.2 -9.3 92.6
14
Confectionery
88.8 -1.6 -3.2 87.0
11
Ice Cream
97.9 +1.3 -4.7 91.4
13
Meat packing
89.7 -12.7 -11.1 72.2
29
Cigars and tobacco
Stone, clay az glass producta_ 89
57.5 -5.7 -21.0 39.6
66.6 -3.2 -17.8 43.4
Brick, tile and pottery__ - 32
51.6 -6.2 -15.8 40.0
15
Cement
57.3 -7.6 -28.5 37.3
22
Glass
51
52.8 --12.3 --36.8 40.8
Lumber products
36.4 -13.1 -50.6 30.5
Lumber az planing mills- 16
56.9 -12.7 -36.4 43.3
Furniture
29
59.9 -9.8 -10.9 45.0
6
Wooden boxes
86.3 --2.6 --9.3 84.2
Chemical products
59
71.2 +0.7 -17.4 68.2
35
Chemicals and drugs
74.4 -0.9 -10.6 60.1
3
Coke
76.1 -1.3 -11.2 80.1
3
Explosives
79.8 -8.2 -13.6 73.6
12
Paints and varnishes
6 118.2 --2.5 --6.5 120.0
Petroleum refining
00.9 -0.1 -11.2 83.5
47
Leather az rubber products
17 102.1 --3.5 --5.4 89.8
Leather tanning
83.4 +6.1 -17.2 74.2
19
Shoes
7
75.9 -3.3 -28.2 79.8
Leather products, other
4
84.5 +2.9 -7.8 86.5
tires and goods_
Rubber
95.1 -1.9 -5.4 96.2
65
Paper and printing
80.7 -0.5 -8.8 70.3
12
Paper and wood pulp.. _
80.5 -6.9 -14.3 75.2
9
Paper boxes and bags.._ Frinting & publishing__ _. 44 101.9 -1.7 -2.4 106.4
-11+11111111i 43+11 11
111111+1111+iiii11114111110.1++1111111+111 o w
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c.,-.0oc, coo cowo....tco-awgo.ogo.....o., 14
c
O:4;c4.C.oW6Co6;P.Oo45.-6WO14LoVo.ko. o-6 4..ZW=6.46Lo'coWl4L4Coic6. Oicio1.3
Group and Industry.
•Preliminary figures.
Julius Klein, Assistant Secretary of Commerce, Gives
10 Rules on Action in Slump.
Ten commandments for business men struggling with the
depression were suggested in a radio address on Feb. 12,
by Dr. Julius Klein, Assistant Secretary of Commerce,
according to Associated Press accounts from Washington,
from which we also quote as follows:
"Don't blame the depression for everything which has marred the tranquility of the economic scene," was the first.
The others were;
"Don't compare peaks with slumps.
"Don't fall into the fallacy of expecting the wage earner to bear the
brunt of readjustment. Talk of drastic slashes in American living standards borders closely on lunacy.
"Don't cut loose from associated activities in business.
"Don't ignore the amazing power of the new technology.
"Don't cut marketing research.
"Don't overlook the stabilizing value of foreign markets.
"Don't fall into the perils of the mass production mania. Quantity
operations are by no means assurance of quantity profits.
"Don't overlook the perils of obsolete equipment.
"Don't be stampeded by unfounded rumors."
Business and Agricultural Conditions in Minneapolis
Federal Reserve District.
In its preliminary summary of agricultural and business
conditions in its district, the Federal Reserve Bank of Minneapolis had the following to say under date of Feb. 17:
The district volume of business as a whole during January continued
at the low level of the preceding three months, but the warm weather and
absence of snow in most parts of the district stimulated certain lines of
activity. Marketings of bread wheat were twice as large in January as in
the same month last year. Durtun wheat marketings were two and onehalf times as large, and flax marketings were three times as large. Building
permits in January were one-half larger than in the corresponding month
last year. Carloadings of miscellaneous freight, judging by reports for
the first three weeks of January, were at a higher level than in December
or November, after allowance for seasonal changes, although lower than
in January 1930.
The daily average of bank debits was 16% smaller in January than in
the same month last year. The country check clearings index for January
cirm. 132.
FINANCIAL CHRONICLE
was 17% lower than the index for January 1930. Decreases, as compared
with January last year, also occurred in postal receipts, flour and linseed
product shipments, marketings of cattle and hogs, and department store
sales. Increases occurred in electric power consumption in the eastern half
of the district, and in marketings of sheep and calves.
The estimated farm income from marketings of seven important products
during January was 11% smaller than in January a year ago, although
the large receipts of cash grains caused an increase in grain income, as
compared with a year ago. Prices of all important Northwestern farm
products were lower in January than a year ago.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRCT.
January 1931.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of seven items
January 1930.
Per Cent
Jan. 1931
of Jan. 1930.
$5,949,000
3,029,000
69,000
552,000
1,793,000
11,075,000
14,053,000
55,004.000
1,935,000
471,000
357,000
2,861,000
13,985,0013
16,627,000
119
157
15
155
63
79
85
536,520,000
841,240,000
89
Review of Industrial Situation in Illinois During
January-Decline in Employment and Wages.
Illinois industries at the turn of the year laid off an additional 2.3% of their workers and reduced payrolls 3.4%,
according to the experience of 1,369 establishments which
reported for the payroll period Dec. 15 1930 to Jan. 15 1931.
This is stated in the review of the industrial situation in
Illinois during January, made available Feb. 19 by Howard
B. Myers, Chief of the Bureau of Statistics and Research
of the Illinois Department of Labor, which also has the following to say:
Fewer workers, proportionately, were laid off in manufacturing than nonmanufacturing establishments, 1.5% as against 3.7%; but payrolls were
reduced more extensively in the former than in the latter group. 4.2% as
against 2.2%.
According to reports from 937 establishments, man-hours of work decreased 3.2%; 2.0% for factory workers and 5.5% for those engaged in
non-manufacturing activity.
During the nine years covered by the Illinois indexes, both employment
and payrolls for all industries combined have regularly declined during the
Dec. 15
-Jan. 15 period. The average decline in employment for the nine
years is 1.6% and for payrolls, 3.3%. The employment decrease of 2.3%
this year was larger than the average, and was equal to the percentage
declines of 1929-30 and 1926-27, the largest hitherto recorded. The reduction of 3.4% in payrolls this year was only slightly higher than the 3.3%
average for the last nine years, and was less than for any corresponding
period since 1925-26.
In manufacturing industries the current declines of 1.5% in employment and 4.2% in payrolls were no larger than those reported a year ago,
but exceeded the nine-year average decreases of 1.1% in employment and
3.7% in payrolls.
Two manufacturing groups, clothing and millinery and furs and leather
goods,registered increases in both number of workers employed and amount
of payrolls during the December to January period. Chemicals, oils and
paints,and the printing and paper goods industry increased employment but
showed lower payroll .totals. Other manufacturing groups reduced their
volume of employment, the curtailments ranging from 1.5% in food products industries to 10.1% in the manufacture of stone, clay and glass.
Most of these employment losses were accompanied by even more extensive
cuts in payrolls.
Metals, machinery and conveyances-the largest of the manufacturing
groups
-laid off 2,208 workers, or 1.9% of the total number employed by
354 reporting establishments. Payrolls decreased 5.3%. Of the total
number of persons laid off, 505 were in the iron and steel industry; 509 in
machinery shops; and 558 in factories making watches and jewelry. Approximately 260 workers were laid off by reporting manufacturers of cooking
and heating apparatus, about 200 each by firms producing brass, copper,
zinc and other metals, autos and accessories, and electrical apparatus
and about 135 by manufacturers of cars and locomotives. Increases in
employment were reported for sheet metal work and hardware, tools and
cutlery, and agricultural Implements, but tools and cutlery was the only
one of these industries to show a definite expansion in payrolls as well as in
employment.
Food, beverages and tobacco-the second largest manufacturing group
in number of workers employed-reported a loss of 1.5% in volume of
employment but practically no change in payrolls from the preceding
month. Fifteen slaughtering and meat concerns employing 18,847 workers,
about as many as a month earlier,registered an increase of 2.8% in payrolls,
reflecting expanded operations. In the manufacture of miscellaneous
groceries and of confectionery, lay-offs of 143 and 215 workers,respectively
were reported.
All printing and paper goods industries laid off workers except job
printing. This industry added 7.4% more employees and increased payrolls
0.6%. The group as a whole showed an increase of 0.2% in employment
but a loss of 4.8% in payrolls.
A seasonal expansion in the manufacture of clothing and of millinery
was evidenced by a 4.1% increase in the number of workers engaged in
these industries and a gain of 10.7% in their earnings. Every industry
In this classification with the exception of the manufacture of men's shirts
and furnishings contributed to the general expansion.
Furs and leather goods industries showed a total expansion of 1.0% in
employment and 0.4% in payrolls, due to a greater activity in the manufacture of boots and shoes and of miscellaneous leather goods. In the manufacture of chemicals, oils and paints, employment and payrolls showed
opposing trends, the former increasing 4.6% and the latter decreasing
1.6%.
Among the manufacturing groups which registered a marked curtailment
In both employment and payrolls, wood products show a loss of 7% in the
former item and 16.8% in the latter. In this group the largest number Of
workers were laid off by manufacturers of pianos and musical Instruments.
The textile industries reduced employment 6.9% and payrolls 6.5%. In the
FEB. 211931.]
FINANCIAL CHRONICLE
1313
stone,clay and glass manufacturing group, the losses were 10.1% for employ- dined 3.4% and total wage payments
12.5%. The 21 reporting metal inment and 15.7% for payrolls.
dustry concerns were responsible for most of these declines. The unemployAmong the non-manufacturing industries,seventy-seven reporting whole- ment ratio
was 164.1 in January, as against 134.8 In December and 131.5
sale and retail trade concerns laid off 2,400 workers, 10.0% of the total in January,
1930.
volume of employment. This was accompanied by a payroll decline of
Rock Island.
-Decreases of 6.6% in employment and 23.0% in payrolls
7.9%. Most of this contraction was seasonal. In department stores
were reported by nine factories in this city. One reporting textile concern
nearly 2,000 workers, or more than a fourth of those reported employed
showed an increase In total wage payments. There were 288.7 applicants
on Dec. 15, were no longer employed on Jan. 15. There were 3.2% fewer
workers employed by reporting mail order houses in January than in to every 100 available jobs as against 262.7 in December,
Springfield.
-The eleven reporting factories laid off 2.8% of their workDecember.
The services group, including hotels and laundries, maintained employ- ers and reduced payrolls 13.7% between Dec. 15 and Jan. 15. Most of this
decline was caused by a shoe manufacturing concern, which, after expanding
ment and payrolls at about the same level as in the previous month. The
reporting coal mines showed a small increase in the number of men employed operations in December,again cut its forces in January and went on a shorter
but these were working on shorter time schedules and payroll totals were time schedule.
smaller. Public utilities showed a loss in employment but a slight gain In
Sterling-Rock Falls.
-Thirteen reporting factories, eleven of them included
payrolls. Building and contracting firms reduced the number of their under the classification of metals, machinery and conveyances, increased
employees approximately one-fourth. A small volume of road work is still employment 4.4% and payrolls 2.9% from the December level. Factories
being carried on, but employment in this work dropped off 68.5% between in this city have been steadily gaining in employment since last September.
December and January.
Payrolls totals have increased each month since August, except in NovemA comparison of the employment volume for January. 1931, with that of a ber, when a slight decrease was reported.
year ago, shows a decrease of 17.1% for all reporting industries. Payrolls
All Other Cities.
-These cities, represented by 246 manufacturing concerns
declined 24.2% during the same period. The manufacturing industries employing in January
50,849 workers,showed a net loss of 3.0% in employare employing 21.3% fewer workers and paying out 32.9% less in weekly ment and of 9.1%
in payrolls during the December to January period.
wages than in January, 1930.
Furs and leather goods and clothing and millinery were the only industrial
In his review of the industrial situation by cities Mr. groups in which both employment and payrolls showed an upward trend.
Chemicals, oils and paints and the printing and paper goods industries
Myers says:
increased employment but reduced total payrolls. The largest reporting
Employment in reporting factories throughout the State totaled 1.5% group, metals, machinery and conveyances,laid off 5.2% of its workers and
less in January than in December, 0.9% less in Chicago and 2.3% less reduced payrolls 11.6%.
in all other reporting cities. Payrolls during this period declined 4.2%;
2.1% for Chicago factory workers and 8.2% for those in other cities.
The statistics follow:
Four of the fourteen cities outside of Chicago for which separate data are
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
shown, gave employment to more workers in January than in December,
JANUARY 1931.
but only two of these paid out more in wages. These were Quincy and the
Sterling-Rock Falls territory. Peoria also reported an increase in total
By Howard B. Myers.
payrolls, but experienced a decline in volume of employment.
In so far as the ratio of applicants to jobs available at the free employEmployment.
Earnings (Payroll).
ment offices of the State reflects the prevailing situation, unemployment is
Index of
Total
Average
increasing in Illinois. There were 330.5 applicants for every 100 available
Per Cent
Employment
Earnings
117eekly
jobs in January as against 270.0 applicants in December, and 257.2 in
Industries.
Change
(Average
Per Cent Earnings
January, 1930. The largest ratio, 454.2, was recorded for the city of
from a 1925-27=100). of Chge. Jan. 1931.
Chicago.
Month
from
Ago.
Jan. Dec. Jan. Dee.
Fe Aurora.
-Nineteen factories reported a decrease of 3.5% in employment
1931. 1930. 1930. 1930. Kales. males.
and 26.1% in payrolls during the December to January period. This
compares with losses of 4.6 and 14.5%,respectively, experienced a year ago. All industries
80.4 82.3 97.0 -3.4
AU manufacturing industries-- -1.5 77.0 78.2 97.8 -4.2 $28.29 $17.77
26.58 15.77
According to the reports from the free employment office, the unemploy- Stone,
clay. glass
-10.1 61.0 67.8 76.3 -15.7 23.54 12.31
ment ratio rose from 245.1 in December to 259.2 in January. Work is
Miscellaneous stone-mineral
66.6 71.8 75.8 -29.3 21.16 14.72
Lime, cement, plaster
progressing on a bridge, a hospital, and a large theater, and two other
-17.6 60.3 73.2 70.3 -29.5 22.19
Brick, tile, pottery
-22.8 37.9 49.1 51.5 -24.9 20.93 Yoi
building projects are contemplated for early spring.
Glass
-0.0 91.1 91.1 108.3 -2.6 26.16 12.27
Bloomington.
-The declines of 1.6% in number of factory workers em- Metals, machinery, conveyances
78.0 79.5 107.2 -5.3 25.27 16.49
Iron and steel
ployed and of 8.4% in their earnings, were considerably smaller than those
-1.5 94.6 96.0 107.2 -0.7 25.00 13.03
Sheet metal work, hardware..
+2.9 76.9 74.7 86.9 -6.4 22.74 14.02
which were reported for the corresponding period a year ago. The unemTools, cutlery
+6.3 64.9 61.1 78.7 +12.1 28.47 12.97
ployment ratio was 144.7, as against 137.1 in December and 124.0 a year
Cooking & heating apparatus
79.7 81.7 95.5 +0.4 24.56 14.61
Brass, copper, zinc and other_ -6.3 75.2 80.3 104.2 -15.3 22.58 13.78
ago, according to the figures furnished by the free employment office. Work
Cars,locomotives
on a new post office building and a hospital has begun and other building
16.7 18.0 82.3 +1.3 25.03 16.26
Autos, accessories
66.0 68.7 101.4
21.52 14.14
projects are planned for the near future. The railroad shops, which are
Machinery
--4.8 73.4 77.1 115.9 -5.6 24.42 12.97
working only part of each month, have again laid off many of their emElectrical apparatus
-0.7 79.0 79.6 126.4 -7.8 30.40 19.74
ployees.
Agricultural implements
+3.7 133.3 128.5 125.3 -9.2 20.52 13.87
Instruments and appliances
-3.6 62.9 65.3 83.0 -7.4 30.85 18.66
Chicago.
-In this city 507 factories reported a total of 133,466 workers,
Watches, jewelry
-7.9 76.3 82.8 95.6 -23.3 19.83 9.79
All other
0.9%fewer than were reported by these same factories in December. Pay-17.4 21.44 9.97
rolls declined 2.1% from the December total. The wood products industry Wood products
6
- 1:i -16.8 19.76 8.24
Saw. Planing mills
-11.1 50.3 56.6 56.6 -16.3 24.53 6.70
registered the largest percentage employment decline, laying off more than
Furniture, cabinet work
54.9 56.7 74.5 -17.3 18.62 7.09
a tenth of its workers. Metals, machinery and conveyances and the food
Pianos, musical instruments.. -18.8 35.6 43.8 45.9 -19.1 20.88 7.64
products group each registered a loss of 1.0% in the number of workers
Miscellaneouswood products_ -4.1 51.4 53.6 66.3 -13.2 18.99 11.56
+1.0 79.9 79.1 94.5 +0.4 20.72 10.75
employed, but food products showed an increase of 1.9% in wage payments, Furs and leather goods
Leather
-0.8 79.4 80.0 84.9
27.25 14.30
while payrolls in the metal industries declined 2.9%. The clothing industry
Furs, fur goods
-37.5 59.8 95.6 59.9 -45.9 43.74 25.56
increased both employment and payrolls, the former 1.7% and the latter
Boots and shoes
+1.3 83.3 82.2 99.6 +2.1 17.97 10.45
11.0%. Leather goods and chemicals, oils and paints added more workers
Miscellaneous leather goods
+10.4 35.3 32.0 58.5 +16.9 23.62 14.60
+4.6 85.1 81.4 95.3 -1.6 27.5'; 13.88
during the month but reduced total payrolls. The ratio of applicants to Chemicals, oils, paints
Drugs, chemicals
+4.4 68.5 65.6 78.4
23.81 16.48
jobs available at the free employment offices went up considerably, regisPaints, dyes, colors
+4.0 85.1 81.8 86.3
26.37 14.89
tering 454.2 in January as against 362.9 in December.
Mineral and vegetable (Al..
-+1.6 82.4 81.1 92.0 -2.6 30.27 16.91
Miscellaneous chemicals
Cicero.
-A loss of 1.1% in employment and 9.3% in payrolls was re+9.4 92.2 84.3 111.1
+1.6 25.75 9.40
Printing and paper
+0.2 99.5 99.3 111.8 -4.8 34.97 17.80
goods
ported by nine factories. The free employment office reported 318.5
Paper boxes, bags, tubes
-0.7 80.0 80.6 92.2 -5.3 25.65 14.33
applicants for every 100 places available, a ratio higher than the December
Miscellaneous paper goods
-6.3 86.3 92.1 94.3 +2.2 32.96 17.81
Job printing
figure.of 204.7 but lower than the ratio of 469.6 reported for January, 1930.
+7.4 92.6 86.2 104.6 +0.6 36.57 18.59
Newspapers, periodicals
Danville.
-A reporting brick yard was closed down entirely and tills, to-6.1 90.1 96.0 104.1 -14.7 43.48 22.08
Edition book binding
-1.11933.45
-9.9 .9
gether with curtailments in other factories, resulted in a 37.2% loss in total
8
Lithographing and engraving. -6.0
-0.7 44.68 18.19
employment and a 47.9% decrease in payrolls for the ten reporting concerns. Textiles
9.32
-6.9
Cotton, woolen goods
The unemployment ratio increased from 221.1 in December to 253.9 in
111.1 113.3 106.6 -2 1 22..76 7.79
2 9
0
6
7
Knit goods
January.
70.4 77.9 84.7 +5.2 20.11 8.16
Thread and twine
-13.5 73.5 85.0 90.3 -12.1 26.73 12.34
Decatur.
-Nineteen factories reported losses of 3.6% in employment
Miscellaneous textiles
+0.3 83.5 83.3 98.6 -3.3 25.61 10.64
and 7.6% in payrolls, more than offsetting the increases which occurred Clothing and millinery
+4.1 72.9 70.0 35.5 +10.7 27.13 14.71
Men's clothing
in December. The unemployment ratio of 224.0 was larger than the ratio
+2.3 66.5 65.0 75.0 +12.1 27.03 17.65
Men's shirts, furnishings
58.6 65.0 61.9 -12.0 25.55 13.09
for December, but was considerably lower than the figure recorded a year
Overalls, work clothes
+58.3 18.2 11.5 73.7 +41.6 15.57 9.58
ago.
Men's hats, caps
79.9 79.9 92.0 +119.5 37.04 28.00
Women's clothing
East St. Louis.
-This city registered an increase of 5.2% in employment,
+1.2 82.5 81.5 107.7 +1.8 31.83 12.44
Women's underwear
according to the reports of 21 manufacturing establishments. The
+20.8 127.7 105.7 148.4 +34.3 29.85 11.76
increase
Women's hats
+25.4 34.5 27.5 43.3 +31.4 35.84 15.74
was confined almost entirely to the chemicals, oils and paints group. Pay- Food,
beverages, tobacco
+0.0 27.1 19 31
30 0
5 12
.
.
-1.5 78.3 79.5 90.1
roll totals did not follow the trend of employment, but declined 2.6%.
Flour, feed, cereals
80.9 82.5 88.9
Fruit, vegetable canning
The unemployment ratio decreased from 128.7 in December to 123.5
7.7 7.3 8.6 +5.1 21.59 11.44
+4.9
in
Miscellaneous groceries
-3.7 79.5 82.6 94.2 -11.4 27.63 12.09
January.
Slaughtering, meat packing
-0.0 92.0 92.0 99.7 +2.8 28.84 20.65
jollet.-A substantial increase in activity at one factory largely
Dairy products
37.95 11.33
-2.0 93.6 95.5 100.0
offset
losses among other manufacturing plants, and the total volume
Bread,other bakery products_
72.9 74.6 84.1 -0.0 35.03 15.94
of emConfectionery
-4.2 80.1 83.6 89.1 +1.0 23..0 15
37 2
ployment in 30 reporting factories showed only a slight decrease,
0.5%,
Beverages
65.8 67.4 75.6
:203
199
accompanied by an 0.3% loss in payrolls. The unemployment
ratio,
Cigars, other tobaccos
-11.7 77.4 87.6 86.8 -18.1 28.54 21.29
however, rose sharply from 259.9 in December to 353.6 in January.
anufactured ice
3 1. 3
+8.0 55.3 51.2 47.7 +19.6 49. 6 25.86
5
9
ma/inc.-Fifteen reporting factories added 1.3% to their volume
Ice cream
-4.3
of em-4.5 _--16.91
12.81
84
ployment but reduced payrolls 6.8%, thereby reversing the trend of the Miscellaneous manufacturingNon-manufacturing industries-- -37
3224..3346
-3.7
preceding month, when the number of workers showed a decline and pay- Trade-Wholesale,
-8177 -7.9 35.01 18.43
-10.0
retail
decreased.
rolls
Department stores
-26.8 100.9 137.9 102.5 -22.4 30.06 17.25
Peoria.-ThIrty factories reporting for this city continued to
Wholesale dry goods
83.9 86.3 102.1
+3.7 28.03 16.69
show an
Wholesale groceries
77.9 79.7 80.6 -1.1 32.36 17.03
upward trend in payrolls, the increase for January amounting to 2.1% as
Mail order houses
-3.2 61.5 63.5 80.8 -5.6 25.53 19.27
against the 3.3% increase for December. Employment declined 0.7%.
Milk distributing
-------------0.7
Metal jobbing
49..49 38 85
2 46 15..90
5
The metal industry showed an increase in both number of workers employed
23.21 14.70
+0.1 --and total wage payments. There were 156.1 applicants for every 100 Services
Hotels and restaurants
+0.4 32 66 14 84
2.
+0.2
.14
.6
4
available jobs at the free employment office in January, as compared with
Laundries
-0.8
-3.0
137.0 in December, and 122.6 in January last year.
Public utilities
95.9 98.3 105.2 +0.2 34.95 21.59
Water, gas, light and power
reporting industry in this city registered an increase in
107.3 110.5 122.8 -2.3 29.60 18.87
-Every
Quincy.
Telephone
105.0106.4 113.2 +2.6 44.21 21.61
employment over the preceding month, the total gain amounting to 30.3%.
Street railways
-0.8 95.2 96.0 110.3 +3.5 36.63 1848
Tile increase in payrolls was even larger, 36.8%, although one of the indusRailway car repair
-7.9 66.3 72.0 79.5 -10.6 25.25 20.73
trial groups, food products, did not share in this advance. The unemploy- Coal mining
+0.8 88.3 87.6 77.2 -5.7 24.01
Building, contracting
-26.3 31.4 42.6 53.9 -25.7 37.13
ment ratio decreased from 199.7 in December to 170.7 in January.
Building construction
-25.2 23.3 31.1 49.8 -27.3 34.88
Rockford.
-The increases reported during the preceding month were more
Road construction_
-68.5 22.9 72.6 33.9 -63.1 30.68
than offset by the losses experienced during January. Employment de
Miscellaneous contracting_ - - -18.0 61.4 74.9 51.2 -13.1 47.22
-
1314
FINANCIAL CHRONICLE
Southwest Business Conditions as Viewed by Los
Angeles Chamber of Commerce—Gain in Employment—Outlook Among Major Industries Encouraging.
In its "Southwest Business Review," the Los Angeles
Chamber of Commerce thus surveys general business conditions during January:
The month of January, even in normal times. is usually dull. While
statistical records are low optimism is accumulating and, excepting undue
Influences, February and March should show a healtuy recovery in Southern
California.
any month
Building permits for January, normal in volume, were under
since Jan. 1921 in value, due to the fact that most of the jobs were small.
Stock Exchange transactions fell off during January which is usual. Bank
better
debits were about the same as in December, indicating somewhat
retail sales during the month than might ordinarily be expected. Postal
November, though naturally being
receipts show a slight increase over
lower than In December, which is always a peak month.
ConAmong the major industries the outlook for 1931 is encouraging.
number of
struction plans include some large projects and a considerable
somewhatover $200,000,000.
smaller ones,with estimated programs totaling
have just held very
Wearing apparel, millinery and furniture all of which
forward to months of
successful mid-winter market weeks, are looking
sales. Motion pictures
activity with every indication of a good volume of
are moving along with large production plans.
points over December, which is contrary
Employment shows a gain of six
Agricultural conditions
to the usual seasonal slump,and very encouraging.
and a normal
are satisfactory,with the market showing some improvement
are down on most items.
amount of rainfall to date. Livestock prices
increase in volume over Jan. 1930 but slight
Water commerce showed an
decrease in value of total commerce.
Reports from neighboring western States indicate that agricultural and
llveatock conditions are generally about normal; construction programs
promise activity along these lines during 1931, and, while mining activity
is still slow, there are indications that the future may bring improvement
in this very vital industry.
Building Permits.
January construction was mainly of small buildings, with the result
that, while the number of permits was up to normal, the value of permits
was below any month since Jan. 1921.
Compared with December, value of buildings fell off 28%, while it was
58% below January of a year ago. Several large projects scheduled for
early commencement should materially improve the building total during
the next 60 days.
The comparative figures are as follows:
Value.
No. Permits.
$3.790,283
2,063
January 1931
5.283.235
2,056
December 1930
2.091
9,115,846
January 1930
EMPLOYMENT.
With a gain of six points over December, the Chamber of Commerce
index of industrial employment for January stood at an even 80. This
is below January of a year ago, but is an improvement over the usual
trend since it represents a marked gain over both November and December. Ordinarily. January employment declines from December, and it Is
as an indication of
to be hoped that the gain this month is to be taken
improving business conditions.
Compared with last month, gains were registered in the following five
groups: Motion pictures; food products; mill work; furniture and fixtures;
gain in employ_
and rubber. Motion pictures showed a particularly large
ment. Three groups declined: Wearing apparel; petroleum; and clay
products, while no change was shown in Iron and steel, and printing and
lithographing. For the first time in many months the decline in petroleum
employment was so small as to be almost negligible.
By comparison with January of 1930, nine out of the ten groups are
down this month. Motion pictures is the one group to show a gain.
Largest declines are in wearing apparel, mill work, furniture and fixtures,
while other declines are very small.
The comparative figures are as follows: January 1931, 80.0; December
1930. 73.6; January 1930. 89.7.
For,. 132.
part to the reduced price level, which on the average has amounted to 15%
in the past 12-month .period.
Weather conditions were in general favorable to agricultural operations
during January. Rainfall received during the month brought the total
precipitation for the season in most Southern California districts close to
that of 1930, and aided greatly in the preparation of the soil for old and
new crops. The citrus fruit industry will undoubtedly suffer some loss
9
from the unusually low temperatures of late December. The amount 0,
damage is now variously estimated at from 5 to 20%, although ems
rains will bring the undamaged fruit
authorities maintain that the January
to larger sizes, and consequently cause little change in the recent estimates
of the final crop outturn.
Lumber Orders and Shipments Exceed Production.
Lumber orders and shipments again exceeded production
during the week ended Feb. 14, it is indicated in telegraphic
reports from 813 leading hardwood and softwood mills to the
National Lumber Manufacturers Association. Orders were
22% above and shipments 16% above a total production of
189,031,000 feet at these mills. This marks the eighth
consecutive week in which similarly favorable ratios have
obtained. A week earlier orders were 18% above a total
production of 189,738,000 feet according to reports from 798
mills. Comparison of the latest weekly report with figures
for the equivalent week a year ago shows: for softwoods,
483 identical mills, production 41% less, shipments 29%
less and orders 27% less than last year; for hardwoods, 184
identical mills, production 41% less, shipments 32% less
and orders 30% under the volume for the week a year ago.
Lumber orders reported for the week ended Feb. 14 1931,
by 600 softwood mills totaled 203,283,000 feet, or 21%
above the production of the same mills. Shipments as reported for the same week were 195,789,000 feet, or 17%
above production. Production was 167,677,000 feet.
Reports from 231 hardwood mills give new business as
26,956,000 feet, or 26% above production. Shipments as
reported for the same week were 23,352,000 feet, or 9%
above production. Production was 21,354,000 feet. The
Association, in its statement, further says:
Unfilled Orders.
Reports from 518 softwood mills give unfilled orders of 748,770,000 feet,
on Feb. 14 1931 or the equivalent of 15 days' production. This is based
-day year—and may be comupon production of latest calendar year-300
pared with unfilled orders of 515 softwood mills on Feb. 7 1931. of 759,days' production.
791,000 feet, the equivalent of 16
The 450 identical softwood mills report unfilled orders as 727.231,000
feet on Feb. 14 1931, as compared with 1.042.078.000 feet for the same
week a year ago. Last week's production of 483 identical softwood mills
was 159.987.000 feet, and a year ago It was 269,858,000 feet; shipments
were respectively 185,716,000 feet and 262,757,000; and orders received
194,679,000 feet and 265,523,000. In the case of hardwoods. 184 identical
mills reported production last week and a year ago 19,613,000 feet and
33.141.000;shipments 20,318,000 feet and 29,709.000;and orders 22,813.000
feet and 32,381,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 224 mills reporting
for the week ended Feb. 14:
SHIPMENTS.
121118111PPED ORDERS.
NEW BUSINESS.
Feet.
Feet.
Peet.
Coastwise and
Domestic cargo
Domestic cargo
delivery- __ 44,219,000 delivery_ _177,220,000i intereoastal 39,650,000
13,602,000
111,657.0001 Ex port
19,893.000 Foreign
Export
35,789,000
121,758,0001Rall
41,411.000 Rail
Rail
Local
8,025,000
8.025,000
Local
102,086,000
410,635,000 Total
113,548,000 Total
Total
Business Conditions in Pacific Southwest According
For the year to Feb. 7 166 identical mills reported orders 9.5% above
to Security-First National Bank of Los Angeles.
production, and shipments were 10% above production. The same numStating that "business made a fairly satisfactory showing ber of mills showed a decrease in inventories of 2.3% on Feb.7.aa compared
In Southern California during January, when allowance is with Jan. 1.
Southern Pine Reports.
made for the let-down that usually occurs in many branches
The Southern Pine Association reported from New Orleans that for 148
during the first month of the year," the Security- mills reporting, shipments were 3% above production, and orders 13%
of activity
First National Bank of Los Angeles, under date of Feb. 2, above production and 10% above shipments. New business taken during
adds:
no conclusive evidence
January statistics and reports, however, offered
trend, although they did show some
of a definite upturn in the business
production, the apparently
encouraging signs. The long period of curtailed
easy money conditions are among
low stocks of many commodities and
general belief that the groundthe factors contributing to the snore or less
been fairly well laid and that
work tor a new period of prosperity has
longer. Commodity prices in
business revival cannot be put off much
although the trends of individual
general are still tending downward,
commodities are irregular.
California continued under
Bank debits in Los Angeles and in Southern
declines during January were
the levels of a year ago, but the percentage
compared with the correspondsmaller than those in most months of 1930
received from representaing months of 1929. A majority of the reports
activity indicated slight imtive firms in major lines of manufacturing
with December. Howprovement in business during January as compared
that operations in
ever, three-fourths of the reporting firms stated
January 1930. Petroleum
January 1931 were on a smaller scale than in
December's level, due
output during January was reduced about 7% from
activity In
to the continued efforts at proration of production. Building
compared with December and
Los Angeles during January declined both as
January of 1930.
Retail trade declined more than seasonally during January, while wholesale irade was fairly well maintained during the month. In many cases
the special clearance sales of the larger stores were not up to expectations. The dollar volume of trade at both retail and wholesale during
January compared unfavorably with that of last year, due in an important
the week amounted to 45,045,000 feet, (previous week 41,265,000 at 144
week 38.871.000): and produomills); shipments 41,097,000 feet (I)
k
don 39.889,000 feet. (Previous week 40.256.000). Orders on hand at the
end of the week at 128 mills were 119,049.000 feet. The 132 identical mills
reported a decrease in production of 34%, and in new business a decrease
of 30%, as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland, Ore., reported
production from 8.5 mills as 15,486,000 feet, shipments 26,288,000 and new
business 23.038,000. Fifty-nine identical mills reported production 42%
less and new business 28% less, compared with the same week of 1930.
The California White & Sugar Pine Manufacturers Association. of
San Francisco, reported production from 25 mills as 4,456,000 feet, shipments 15,177,000 and orders 14,238,000. The same number of mills
reported a decrease of 34% in production and a decrease of 30% in orders,
compared with the corresponding week last year.
The Northern Pine Manufacturers of Minneapolis, Mum., reported
new
production from 7 mills as 1,057.000 feet, shipments 2.283,000 and
business 1.937,000. The same number of mills reported Production 45%
same week last
less and new business 40% less, when compared with the
year.
of
The Northern Hemlock and Hardwood Manufacturers Association,
feet, shipOshkosh, Wis., reported production from 18 mills as 1,444.000
identical mills reported
ments 1,058,000 and orders 1,056,000. Sixteen
a decrease of 45% in production and a decrease of 52% in new business,
when compared with the same week of 1930.
The North CarolhaaPine Association, of Norfolk, Va., reported production from 93 mills as 5,572,000 feet, shipments 7,820,000 and new business
and new
4,421,000. Forty-six identical mills reported production 44% less
business 36% less, in comparison with the same week last year.
FINANCIAL CHRONICLE
FEB. 21 1931.]
1315
198 IDENTICAL MILLS.
The weekly report from the California Redwood Association has been
(All mills whose reports of production, orders and ehipments are complete for
suspended.
1930 and 1931 to date.)
Hardwood Reports.
Average 5
Average 5
Weeks Ended
'Weeks Ended
Tweet Ended
Manufacturers Institute, of Memphis, Tenn., reported
The Hardwood
Feb. 8 1930.
Feb. 7 1931,
Feb. 7 1931.
production from 213 mills as 17,787,000 feet, shipments 21.186,000 and
118,413,494
90.714.176
95,551,676
Production (feet)
128,877.156
new business 23,906,000. One hundred and sixty-eight Identical mills Orders (feet)
99,317,276
104,237,820
120.379,032
97,552,485
103,743,729
reported production 42% less and orders 33% less than that reported for Shipments (feet)
corresponding week last year.
the
The Northern Hemlock and Hardwood Manufacturers Association. ef Production and Shipmentsof Pneumatic Casings and
Oshkosh, Wis., reported production from 18 mills as 3,567.000 feet, ship-Inventories Lower.
Tubes Declined in 1930
ments 2,166.000 and orders 3,050.000. Sixteen Identical mills reported
a decrease of 36% in production and new business the same as that for the
According to statistics compiled by the Rubber Manucorresponding week in 1930.
facturers Association, Inc., from figures estimated to repreCURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED FEB. 14 1931 AND FOR SIX sent 80% of the industry, 40,772,378 pneumatic casings
WEEKS TO DATE.
204,280 solid and cushion tires were
,
Prahanon
M Ft.
Association,
Southern Pine:
Week-148 mill reports
6 weeks
-847 mill reports
West Coast Lumbermen's:
Week-224 mill reports
6 weeks-1,344 mill reports
Western Pine Mfrs.:
Week-85 mill reports
6 weeks
-520 mill reports
California White dr Sugar Pine:
Week-25 mill reports
-127 mill reports
6 weeks
Northern Pine Manufacturers:
Week-7 mill reports
-42 mill reports
6 weeks
No.Hemlockdalardwood(softwoods):
Week-18 mill reports
6 weeks
-153 mill reports
North Carolina Pine:
Week-93 mill reports
6 weeks
-543 mill reports
Softwood total:
Week-600 mill reports
6 weeks
-3,576 mill reports
Hardwood Manufacturers Inst.:
Week-213 mill reports
6 weeks
-1,244 mill reports
Northern Hemlock & Hardwood:
Week-18 mill reports
6 weeks
-153 mlll reports
Hardwood total:
Week-231 mill reports
6 weeks
-1,397 mill reports
Grand total:
Week-813 mill reports
6 weeks-4,820 mill reports
Shipments.
M Ft.
P. C.
of
Prod.
P. C.
of
Prod.
Orders
M Ft.
39,889
227,537
41,097 103
244,650 108
45,045
262,269
113
115
99,773
667,418
102,066 102
605.478 107
113,548
652.885
114
115
15,486
97,998
26,288 170
161.016 164
23.038
141,107
149
144
4.456
21,616
15,177 341
73,785 341
41,238
72,498
320
335
1,057
3.421
2.283 216
14,569 426
1,937
15,328
183
448
73
68
1,056
8,240
73
74
7,821 140
44.190 133
4,421
35,740
79
108
195,789 117
167,677
962.293 1,151,346 120
203,283
1.188,067
121
123
21,186 119
114,649 117
23,906
122,147
134
125
61
58
3,050
18,675
86
69
23.352 109
130,292 104
26,956
140.822
126
113
219.141 116
189,031
1,087.161 1.291.638 118
230,239
1,328.889
122
122
1,444
11,181
5,572
33,122
17,787
97,771
3.567
27.097
21,354
124,868
1,058
7.658
2,166
15.643
West Coast Lumbermen s Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 224 mills show that for the week ended Feb. 7
1931 there were produced a total of 99,316,061 feet of
lumber, 106,678,748 feet ordered and 105,905,636 feet
shipped, as compared with 93,012,133 feet produced, 110,796,974 feet ordered and 109,472,270 feet shipped during
the preceding week. The Association's statement follows:
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (345 IDENTICAL MILLS).
(All mills reporting production for 1930 and 1931 to date.)
115,183.152 feet
Actual production week ended Feb. 7 1931
110,013.025 feet
Average weekly production five weeks ended Feb 7 1931
160.791.725 feet
1930
Average weekly production during
198,195,095 feet
Average weekly production last three years
300,846,103 feet
x Weekly operating capacity
Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET) FOR 224 IDENTICAL MILLS-1931.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Jan. 24.
Jan. 17.
Week Ended
Production -. 93,0i2,183 96,996.737 91,965.939
99,316,061
106,678,748 110,796,974 108,098.643 108,985.384
Orders (100%)
Etall (37%)
39,124.552 37,057.477 38,286,436 38,804,619
Domestic cargo (39%)
42,070.309 37.635,737 44,196.355 45,118,252
16.280,652 24,225.903 18,725,360 18,478.855
Export (15%)
9.203.235 11.877.857
6,890,492
Local(9%)
6.583.658
105,905,636 109,472,270 87.840.485 109,741,359
Shipments (100%)
36,521.345 35.465,543 33.828,883 32,558.432
Rail(34%)
Domestic cargo (44%)
46,985,000 47,844,233 33,677,860 55,006,143
14.284,637 13,443,250 15.593.126
Export (13%)
13,196,056
9,203,235
11,877,857
Local(9%)
6,890,492
6,583,658
409.517,330 411,153.502 413,677.200 394,151,171
Unfilled orders (100%)
119.751,948 118,214,298 117,624.713 113,489,309
Rail(29%)
177,050.453 182.714,118 195,055,850 184.909.575
Domestic cargo (43%
Export (28%)
112,714,929 110,225,086 100,998.637 95.752.287
DOMESTIC CARGO DISTRIBUTION WEEK ENDED JAN.31 '31 (111 Mills).
Orders on
Hand BeOrders
einninoll'eAt Received,
Jan. 31 '31.
Cancellegions.
Shipments.
Unfilled
Orders
Week Ended
Jan. 31 '31.
-
Washington and Oregon
Feel.
Feet.
Feet,
Feet.
(90 Mini)Feet.
420.912 14.591.319 58,215.746
28.569.272 14.658.705
California
111.086.469 14.900,154 1,655.360 26,300.515 98,030.718
Atlantic Coast
408,665
None
2.301,471
Miscellaneous
632,174 2,077.962
Total Wash. & Oregon 171,957,212 29,967,524 2.076,272 41,524,038 158,324,428
Reporting domestic cargo
5,777.353 1,212,447
None
902,708 6.087,092
only (6 mills)
Totals
177,734,565 31,179,971 2,076,272 42,426,746 164,411.518
Brit. Col.(12 Mille)
1,684,000
None
California
8,307.314 2,865,230
Atlantic Coast
6,268,545 3,590,530
Miscellaneous
None 1,040,131
6,036 2.055,000
137.000 2,322,356
643,869
9,123.580
7.399,725
Total 13r1t. Columbia 16.259,859 6,455,766
Reporting domesticcargo
1,135,426
None
only (2 mills)
130,964 5.417,487 17,167,174
17,395,28.5 6,455,766
130.964 5,417,487 18,302.600
Totals
None
None
1,135,426
Total domestic carg0- 195.129.850 37.835.737 2,207.236 47.944.233 182.714.118
-and
balloons and cords
produced during the year ended Dec. 31 1930. This compares with 54,980,672 pneumatic casings and 409,344 solid
and cushion tires turned out in the preceding year, 58,457,863
pneumatic casings and 508,223 solid and cushion tires in
1928 and 48,331,311 pneumatic casings and 558,030 solid and
cushion tires in 1927. (Figures for years prior to 1929 are
estimated to represent 75% of the industry.) Shipments
in the year 1930 are estimated at 42,913,108 pneumatic
casings and 250,738 solid and cushion tires as against 55,515,884 pneumatic casings and 427,779 solid and cushion
tires in the previous year, 55,721,937 pneumatic casings and
512,602 solid and cushion tires in 1928 and 48,052,414
pneumatic casings and 558,007 solid and cushion tires in
1927. Inventory of pneumatic casings at Dec. 31 1930,
totaled 7,202,750, the lowest figure since Sept. 1926, and
compares with 9,470,368 at Dec. 31 1929 and 13,386,440
at May 31 1929, the record high figure for all time.
During the year 1930 there were also produced 33,077,435
balloon inner tubes and 8,858,573 high pressure inner tubes,
as against 38,921,749 balloon inner tubes and 16,141,137
high pressure inner tubes in the preceding year and 36,878,990
balloon inner tubes and 23,255,891 high pressure inner tubes
in 1928. Shipments during the year 1930 amounted to
33,847,719 balloon inner tubes and 10,104,515 high pressure
inner tubes, as compared with 38,719,177 balloon inner tubes
and 17,754,126 high pressure inner tubes in 1929 and 34,095,223 balloon inner tubes and 23,749,966 high pressure
inner tubes in 1928. At Dec. 311930, there were on hand a
total of 7,999,497 inner tubes, all types, the record low for
the past five years, and compares with 10,245,365 at Dec. 31
1929 and 15,855,372 at May 31 1926, the record high figure.
The Association, in its bulletin, dated Feb. 13, gave the
following statistics from figures estimated to represent 80%
of the industry:
TUBES
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
AND SOLIDS FOR CALENDAR YEARS.
1924.
1927.
1928.
1929.
1930.
Production (80%)33.878.514 41.128.577 38.878.218 28,037.453 4,428.074
Balloon cashings
19,579,645 22,293,859 34,297.119
High pressure casings-- 6,903,864 13.852.095
40.772,378 54,980,672 58,457,883 48,331.311 38,725.193
Total casings
33,077,435 38,921.749 36.878.990 25,718,529 3.804.824
Balloon Inner tubes
High pressure inner tubes. 8.858.573 16,141,137 23,255.891 27.398.535 49,224.256
41,938.008 55.062.886 60,134,881 53,117,064 53,029.080
Total inner tubes
682,013
538,030
508,223
409,344
204,280
Solids and cushions
Shipment,80%
34,939,030 40,377,781 35,931,982 25,111,903 3.551,325
Balloon castings
High Pressure casings.... 7.974,078 15,138,103 19,789,955 22,940,511 34,038,161
42,913,108 55,515,884 55.721.937 48,052.414 37.589,486
Total casings
Balloon inner tubes
33,847,719 38.719.177 34,095,223 25.143.821 2.992.128
High Pressure Inner tubes-10.104,515 17,754,128 23,749,988 29,528,108 48,019.885
43,952,234 56,473,303 57,841,189 54,671.929 51,011,793
672,054
558.007
512,602
427,779
250,738
THE
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN
PRODUCTION OF CASINGS, TUBES, SOLIDS AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
-xProductionConsumption
Passenger
Clasofese
Crude Rubber
Cotton
Tracks
Cars
(100%)•
Fabric(80%)
(80%).
(100%). (100%).
Gallons.
Cal Pears-Pounds,
Pounds.
1926
185.963,182 518,043.082 10.708.088.000 3.929.535 535.006
1927
177,979.818 514.994.728 12.512,976,000 3.093.428 486,953
1928
222.243.398 600,423.401 13,633,452.000 4.024.590 576.540
1929
208.824,653 y598.994.708 14,748.552.000 4.811.107 810.549
1930
158 812 462 4'76,755,707 16,200.894.000 2,939.701 569.271
These figures include Canadian production and cars assembled abroad the parts
of which were manufactured in the United States. y Revised.
-With the exception of gasoline consumption and car and truck production
Note.
the figures shown above since January 1929, are estimated to represent approximately 80% of the industry as compared with 75% for prior years.
Total inner tubes
Solids and cushions
Consumption of Crude Rubber in the United States
Increased During January-Imports Higher.
Consumption of crude rubber by manufacturers in the
United States for the month of January is estimated to be
28,557 long tons and represents an increase of 32.9% over
the December consumption of 21,493 long tons, according to
statistics compiled by the Rubber Manufacturers Association. Imports of crude rubber for January amounted to
37,098 long tolls as compared with 34,895 long tons for
December.
Total domestic stocks of crude rubber on hand and in
transit overland on Jan. 31 are estimated at 209,485 long
1316
FINANCIAL CHRONICLE
Fora. 132.
tons, an increase of 3.6% over December, and 59% over outside of the mills. The Exchange Service on Feb. 17
January 1930. Crude rubber afloat for United States ports likewise said:
"Mill stocks on Jan. 31 this year aggregated only 1,613,000 bales against
on Jan. 31 is estimated at 56,188 long tons as against 56,035
1,826,000 last year
long tons on Dec. 31 and 61,863 long tons on Jan. 31 a warehouses and and 1,768.000 bales two years ago. Stocks in public
compresses aggregated 7,939.000 bales at end January
year ago.
this year against 5,405,000 last year and 4,615,000 two years ago. Stocks
Shipments of Pneumatic Casings Higher in December
1930
-Production Shows Decline as Compared
with Same Month in 1929.
Shipments of pneumatic casings for the month of December
amounted to 3,361,200, an increase of 18.6% over November
and 3.8% over December a year ago,according to statistics
released by the Rubber Manufacturers Association. This
organization reports pneumatic casings on hand Dec. 31 as
9,003,438, representing a decline of 6.2% under Dec. 30, and
23.9% below Dec. 31 1930.
Shipments of pneumatic casings in the year 1930 exceeded
production by 5.3% whereas during 1929 the excess was
slightly less than 1%.
Production of pneumatic casings for the month of December is placed at 2,814,086, an increase of 6% over the
November figure of 2,653,861. Production for December a
year ago amounted to 3,057,271 casings.
Rug Prices Revised in Line with Auction-W. & J.
-Mohawk Also Puts
Sloane Issue New Smith List
Out Reductions.
Revisions of prices on axminster, velvet and tapestry rugs,
bringing list quotations into line with the levels obtaining at
the auction last week, was announced on Feb. 16 by W.& J.
Sloane, selling agents for the Alexander Smith & Sons Carpet
Co. according to the New York "Times" of Feb. 17, from
which we quote further as'follows:
Reductions of a similar nature were announced on competing rugs by the
Mohawk Carpet Mills, Inc. An announcement on prices was regarded as
probable from the Bigelow-Sanford Carpet Co., Inc., to-day, In connection with the price changes made yesterday, the Sloane organization
added that its spring season will close July 31 instead of May 31. and the
fall opening will be held in August instead of in June.
Reductions on axminster rugs averaged 10%, those on velvet rugs 7%
and on tapestry products about 8%.
The new Smith list prices on axminsters, based on zone 1. 1'. 0. b. mill
quotations for 9x12 rugs were as follows, with the old price in parenthesis:
Ardsley, $20 ($21.20); Carlton and Carlton special seamless axminster,
$25 ($27.40); Yonkers $29.85 ($32.25); Shoreham, $34.05 ($35.85).
New prices on velvet rugs were as follows: Meadowbrook (fringed),
$36.45 ($38.90); Colonial (fringed), $24.40 ($26.85); Palisade (fringed),
$19.75 ($20.65); Katonah (unfringed), $15.95 ($17.20); Katonah (fringed),
$16.55 ($18.10).
Manor seamless tapestry rugs in the 9x12 size were reduced from $15.05 to
$13.85 and Nyack tapestry rugs from $13.55 to $12.65.
Revisions announced by the Mohawk Carpet Mills on axminster rugs
were as follows: Victory, $20 ($20.90); Amsterdam,$25($26.75); Mohawk.
$29.85 (g31.50); Victory mottled, $16.50 (17.65). Revised prices on velvet
rugs resulted in the following reductions: Norwood, $19.75 ($20.20);
Gotham, $16.55 ($17.60); Sagamore, $15.95 ($16.45). The Lincoln
tapestry rug was reduced from $13.20 to $12.65.
Discussing the change in the date for their fall opening. W.D.Gardner,
sales manager of the Sloane organization, said yesterday that officials of
the company were convinced that August and February opening dates will
prove more satisfactory to both jobber and retailer than either of the former
May and November or June and December schedules.
The rug auction sales of a week ago were referred to in
these columns Feb. 14, page 1127.
-1930 Crop Almost
Soviet Plans Wide Cotton Export
Meets Home Industry's Needs and End of Importing
Is in Offing.
From Moscow Feb. 10 a wireless message to the New
York "Times" said:
The Soviet's exportation of oil, grain and lumber, not to mention manganese and coal, which has already caused an outcry in the United States
and elsewhere, may be followed soon by more protests, this time over
cotton.
The Soviet contends that last year's crop of 400.000 metric tons (a,
metric ton is 2,204.6 pounds) of staple cotton, compared with 270,000 in
1929, was almost adequate for the demands of the home textile industry.
The problem of acclimatizing Egyptian cotton has been now solved, it is
declared,and this year it is expected to produce about 35,000 metric tons.
The total estimated crop for the current year is 650,000 metric tons of
staple cotton, which leads an official bulletin to declare, "This will not
only suffice for the expanding demands of our textile industry but will
probably raise the question of exporting the surplus warp cotton harvested
this year. Small cargoes of warp cotton have already been shipped abroad
in exchange for woof cotton."
In less technical terms this means.that 1930 provided cotton to meet
the needs of the home industry and exports enough to pay for the longer
staple cotton bought abroad.
Increase in Total Stock of Cotton in United States.
The total stock of cotton in all hands in the United States
at the end of January, including the very small unpicked
remnant of the crop, was 11,702,000 bales, compared with
8,829,000 on the same date last season and 8,045,000 two
seasons ago, according to the New York Cotton Exchange
Service. The excess stocks this year are located entirely
on plantations and in transit were 2.150,000 bales at end of January this
year against 1,598,000 last year and 1,662.000 two years ago.
"The movement of cotton off plantations continued relatively small last
month. The movement from plantations last month totaled only 467,000
bales compared with 689,000 in the corresponding month last season and
832,000 two seasons ago. The total movement off plantations in the
season to the end of January totaled 12,324,000 bales this season against
13,139,000 to the same date last season and 12.881,000 two seasons ago."
Census Report on Cotton Consumed in January.
Under the date of Feb. 14 1931 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles, and imports and
exports of cotton for the month of January 1931 and 1930.
Cotton consumed amounted to 454,188 bales of lint and
49,346 bales of linters, compared with 406,207 bales of lint
and 43,989 bales of linters in December 1930 and 576,160
bales of lint and 62,694 bales of linters in January 1930.
It will be seen that there is a decrease under January 1930
in the total lint and linters combined of 135,320 bales, or
21.19%. The following is the official statement:
JANUARY REPORT OF COTTON CONSUMED. ON BAND, IMPORTED
AND EXPORTED, AND AaTIVE COTTON SPINDLES.
Cotton In running bales, counting round as halt bales, except foreign, which le in
-pound bales.]
500
Cotton on Hand
Jan. 31-
Cotton Consumed
During-
Cotton
Spindles
In Con- In Public Active
Six
Months awning
Storage
During
Year
Ended Establish- de at CornJan.
Jan.
ments. presses. (Number)
(bates) Jan. 31
(bales)
(bales)
(bola)
United States
I 1931 454,188 2,466,432 1,613,475 7,939,454 25,611,458
1 1930 578,160 3,314,345 1,825,793 5,404,731 29,177.228
Ootton-growing States__ 1931 359,879 1,906,343 1,206,748 7,542,445 16,980,850
1930 450,620 2,568,749 1,398,117 5,168,569 17,988,214
New England States
1931 81,176 415,361 336.761 140,881 7,768,780
1930 105,934 623,632 363,165 110,343 9,925,934
All other States
69,966 256,128
84.728
1931 13,133
861,828
64,511 125,819 1,263.080
1930 19.606 121.964
Included Above52,424
66,754
MOTU= cotton
25,745
1931 7,782
70,674
40,302
1930 19,646 113,761
36,911
27.173
Other foreign cotton
18,514
i 1931 5,753
48,136
25,556
21,959
1930 7,599
5,253
4,607
11,177
kiner.-EgYPtlan cotton
1931 1,238
3,721
9,032
7,420
1930 1,109
Not Included Above
82,672
Linters
1931 49,346 334,096 264,869
94,170
1930 62,694 426,509 197,508
Imports of Foreign Co ton (500-15. Bales).
Country of Production.
Egypt
Peru
China
Mexico
British India
All other
Total
6 Mos.End. Jan.31.
January
1931.
1930.
1931.
1930.
1,722
243
23,128
682
12,617
4,467
10,141
439
3,582
21
12,930
868
12,219
591
98,778
12,426
18,649
31,023
29,1382
1,190
11,299
51.474
30,211
191,748
2.541
6,793
Exports of Domestic Cotton Excluding Linters
(Running Bales
-See Note for Linters).
Country to Which Exported.
January
6 Mos.End. Jan.31.
1931.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
1930,
57,395
170,979
37,266
82.575
66,678
158,607
51,131
188,641
800,144
988,240
629,544
810,440
93,685
460,311
50,710
315,124
148,461 1,147,438 1,263,477
563,548
72,852
458,915
738,652
129.484
636,405
257,240
402,761
44,904
1931.
1930.
Total
824.631
728.737 4,571,227 4,891,012
Note.
-Linters exported, not included above, were 12,876 bales during January
in 1931 and 12,572 bales in 1930; 63,938 bales to the six months ending Jan. 31 in
1931 and 65.129 bales in 1930. The distribution for January 1931 follows: United
Kingdom, 970; France, 1,344; Italy, 747; Germany. 6,157; Belgium. 150: Netherlands, 5; Spain, 614; Canada, 2,176; Panama, 2: Venezuela. 61; Japan, 050.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1929, as compiled from various sources is 26,673,000 bales, counting
American in running bales and foreign In bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending
July 31 1930 was approximately 24,946.000 bales. The total number of spinning
cotton spindles, both active and Idle Is about 164,000,000.
Secretary of State Stimson Protests to Berlin on Repudiated Cotton Sale-German Firm Resisting
Futures Deal on Exchange Here.
Under date of Jan. 30 Associated Press advices as follows
from Washington were published in the New York "Herald
Tribune":
The State Department moved late to-day to make diplomatic representations to Germany over the repudiation by certain German spinners
ofa $2.000.000sale of Texas cotton through the New York Cotton Exchange.
Secretary Stimson cabled Ambassador Frederic M. Sackett to lay before
the Foreign Office In Berlin what was interpreted as a protest of the decision
by German courts supporting the spinners and declaring the transaction a
gambling operation.
At the State Department it was said the American Ambassador had
been instructed to take the stand that the sale through the New York
Exchange was entirely legal and did not constitute gambling as such.
FEB. 21 1931.]
FINANCIAL CHRONICLE
1317
Senator Tom Connally, Democrat, of Texas, gave the first intimation of
Cuban Sugar Output.
theTUnited States' move. After a conference with Assistant Secretary
From the "Wall Street Journal" of Feb. 20 we take the
William R. Castle of the State Department earlier in the day, he announced
the case would be officially acted upon.
following from Havana:
The Texas Senator interpreted the German court decision as meaning
Production ofsugar in Cuba,from the present crop to Feb. 15, amounted
transacted through the New York Cotton
that the sale was gambling when
to 967.742 tons according to the Sugar Club.
Exchange, but would not have been gambling had it been completed
The output from the 1930 crop to Feb. 14 amounted to 1.050.000 tons.
through the German Exchange, or between two German citizens. He
indicated this stand was taken on the ground that the German Government
had no supervision over the exchanges outside its own country.
Hawaii Warned by Governor Judd of Crisis in Sugar—
Mr. Connally said the sale had been handled by a Galveston and New
Message to Legislature of Islands Stresses Problem
York brokerage house several years ago, with the cotton scheduled for
of Reduction in Prices—Finds World Depression
future delivery. The case was taken to the German courts following repudiation of the sale by the German purchasers.
Reflected in Revenues.
World's Visible Supply of Coffee 36,000,000 Bags Feb. 1,
According to New York Coffee and Sugar Exchange.
The world's visible supply of coffee including the stocks
in the interior of Brazil has been estimated to amount, on
Feb. 1 1931, to approximately 36,000,000 bags, according to
figures compiled by the New York Coffee & Sugar Exchange
from information received from its correspondents throughout the world. In announcing this on Feb. 17, the Exchange
said:
This is the first time in its 49 years of existence that the Exchange has
attempted to estimate the entire visible world's supply of coffee, including stocks in the Interior of Brazil. Figures are estimated in bags of
132 pounds each.
With consumption for the next five months placed at about 10,000.000
bags, the estimated world's visible supply at the start of the new 1931-32
coffee crop, on July 1 1931, should be about 26,000,000 bags. Approximate consumption is placed at 24,000,000 bags annually.
World's visible supply on Feb. 1 1931, follows:
United States.
Bags.
Stock in the United States
866,411
Afloat for the United States from Brazil
765,700
Afloat for the United States from Java and the East
5.000
Europe.
Stock in Europe
Afloat for Europe from Brazil
Afloat for Europe from Java and the East
Stocks in Brazilian Ports.
Rio
Santos
Victoria
Others
1.637,111
1,721,323
696,700
38,000
2,456,023
212,000
1,014,000
108,000
28,100
Stocks in Interior Warehouses.
Rio
Santos
Victoria
1.362,100
1,673,000
21,739,000
442,000
23,854,000
Total all
29,309,234
Coffee held in Santos against 3,000,000 bags loan (not appearing
In Santos port stock) (about)
2,000,000
plantations in Brazil
Probable amount of coffee still existing on
(about) 1,033,000
Mild coffee to come forward during next five months (about) 3,657,766
In a message delivered on Feb. 18 by Governor Lawrence
AL Judd, of Hawaii, before the 16th regular session of the
Legislature of the territory which convened for a session
of approximately three months, he stated that in common
with the rest of the world, Hawaii has serious economic
problems to face, particularly with respect to the depressed
price of sugar, which is the territory's chief product. United
Press advices from Honolulu, to the New York "HeraldTribune," from which we quote, likewise reported him as
follows:
"It is believed," Governor Judd said, "that the budget will carry on
the business of the territory within the estimated revenues. The financial
outlook, however, for the coming biennium is not bright. The general
economic depression now prevailing through the world will necessarily
be reflected in our revenues. Our industries are predominantly agricultural.
The value of our main crop, sugar, is governed by world conditions. Our
second crop, pineapples, must compete in the markets of the world with
similar food products."
She message particularly emphasized the importance of diversification of
crops, which Governor Judd said was "so frequently preached but little
practiced." He urged diversification, not at the expense of reduction in
present production, but by encouraging the growing of crops and production
of food needed for territorial consumption.
Sugar Price Cuts Profits.
"The price of sugar during the year 1929 and 1930 was such that the average homesteader, engaged in sugarcane cultivation, could show very little,
if any, profit on his crops," he said. "During the year a new cane purchase
contract was negotiated with a sugar company which purchases about 25%
of its crop of cane. But the homesteaders who sell cane to this company
and the government benefit by the new contract. The homesteader receives
a better price for his yield of cane. The government is guaranteed the
payment to it of taxes on the homesteaders' cane land, if it is producing
cane, and current interest on the unpaid balance, if any, of the land purchase price."
Governor Judd expects that Hawaii will be well represented at the Paris
Exposition which opens April 1 and notes that correspondence is being conducted with authorities of the Chicago World's Fair Centennial celebration,
stating that "it is safe to assume that the interests of the territory will
perform their part in this undertaking."
Trading Blackstrap Molasses Futures on New York
Coffee and Sugar Exchange.
With a winning bid of $8,750, C. H. Middendorf, a
26.000,000
World's Visible Supply—July 1 1931
Estimated
member of the Exchange representing a group of brokers,
Sugar Price Fixing Denied Before Senate Committee. was the highest bidder on Feb.2in the auction of a certificate
the New York
Denying the existence of price-fixing agreements in the sale representing the first trade in molasses on
Coffee & Sugar Exchange. The auction was a part of the
of sugar, James H. Post, President of the National Sugar
Refining Co., told a subcommittee of the Senate Agriculture opening day ceremonies for molasses trading and the $8,750
Committee on Feb. 13 that competition in the industry is so was donated to the American Red Cross. The auction was
keen that manufacturers consider themselves fortunate to conducted by William H. English Jr., Chairman of the
realize a profit of 10 cents on every 100 pounds sold. Report- Committee on Arrangements, who substituted for exthis from Washington the New York "Journal of Commerce" Governor Alfred E. Smith, who was confined to his home
with illness. An address was made by H. H.Pike Jr., PresiIn its dispatch also said:
Appearing before the sub-committee in its investigation into the prices of dent of the Exchange.
Frank Russell, Vice-President,
bread and sugar, Mr. Post testified that the refiners all have their own
opened regular trading
brands and when one reduces his price the others must follow suit if they are conducted the opening "call," which
in molasses. David Fromm, Chairman of the Floor Comto retain their business.
Joseph F. Abbott, President of the American Sugar Refining Co., New mittee, announced at noon that trading would immediately
York, said that exclusive of duty paid on imports, prices being paid by
Trading in these markets
consumers for sugar are the lowest in history. He added that because of its be resumed in coffee and in sugar.
sticky nature, it is more expensive to pack brown sugar than refined. He had been suspended from 11:30 a.m. to noon, while the
said that his company manufactured about 20% of sugar produced in the ceremonies incident to the inauguration of molasses futures
United States last year.
trading were under way.
The first trade in molasses for future delivery was at
129 Cuban Mills Grinding—Minister Announces Sugar
5 cents a gallon. The seller was C. J. Walter and the buyer
Plants Beginning Operations.
opening "call," a total
A cablegram as follows from Havana Feb. 14 is taken from was Williams, Russell & Co. On the
of 22 lots, or 528,000 gallons of blaekstrap molasses changed
the New York "Times":
Secretary of Agriculture Eugenio Molinet announced to-day that 129 hands. The price of molasses during the opening call ranged
sugar mills are grinding according to the latest reports.
from 4.94 to 5.15 cents a gallon. About 2,000 guests,
The following mills started grinding to-day: Mier in Pinar del Rio,
all New York commodity exchanges
in Havana, Santa Rita and Zorrilla in Matanzas, Fidencia in including Presidents of
Habana
were present. After the ceremonies Presidents of the exSanta Clara and Santa Marta in Camaguey.
changes were guests of Mr. Pike and the members of the
Cuban Single Seller.
Board of Managers of the Exchange at lunch at India House.
The following from Havana is from the "Wall Street Speakers there were Philip Weld, President of the New
York Cotton Exchange; Jerome Lewine, President of the
Journal" of Feb. 20:
Reports in local sugar circles are that a new single sales agency is being National Raw Silk Exchange, and William Bayne Jr., who
planned to dispose of the Cuban sugar crop, principally with a view to
was President of the New York Coffee & Sugar Exchange
stabilizing prices.
Several mill owners have requested the National Sugar Export Corp. from 1913 to 1917. Items regarding the plans of the Exto set each mill's grinding operations at 70% of the total cane planted, change to trade in molasses future contracts appeared in
leaving the 30% remaining in the fields. They also ask that any mill that
I these columns Sept. 27 1930, page 1997, and Jan. 31,
may not be able to make its quota of 70% be not permitted to grind the
cane of other mills or colonies.
I Page 774.
Estimated World's Visible Supply—Feb. 1 1931
Consumption next five months (about)
36.000,000
10,000.000
1318
FINANCIAL CHRONICLE
(VoL. 132.
The Russian outlook is too crowded with uncertainties to permit that.
New York Coffee and Sugar Exchange Announces
following five main phases of agricultural expansion and development
Issuance of License to General American Tank The play significant
will
roles in the Russian picture in 1931, according to the
Storage & Terminal Company to Store Cane department:
1. Planned expansion of the acreage under grain, particularly wheat,
Blackstrap Molasses.
through improved crop rotation and the breaking of virgin soil in the southThe New York Coffee & Sugar Exchange announced eastern and eastern sections of the Soviet Union.
2. Efforts to increase further the share of the "socialistic sector" of
Fob. 3, that a license has been granted to the General
American Tank Storage & Terminal Co. to store cane Russian agriculture.
3. Growing mechanization and industrialization of agriculture.
blackstrap molasses in its tanks at Good Hope, La. At
4. Efforts toward systematic reconstruction of the livestock industry,
both by expansion of feedstuffs and by increasing stocks.
present this company is the only one that has been given a
5. Planned large increase in acreage under technical crops.
license to store molasses for delivery on the New York Coffee
Total planned acreage, according to department's statement, is 358.000.& Sugar Exchange. Storage facilities for approximately 000 acres for 1931. 43.200.000 acres or 13.7% above 19311. Of this total
1,000,000 gallons have been allotted by the company for increase, 18,500,000 acres fall to the share of cereals, 14,800,000 acres
to feedstuffs, and 9,900,000 acres to technical crops.
this purpose. Since the opening on Feb. 2, of the new world
Realization of the total plan for 1930-31 is rendered difficult by the failure
to secure the 9.6% increase planned in autumn seedings, which amounted
futures market for blackstrap molasses on the New York
to 97,728,000 acres, or only about 1% above 1929.
Coffee & Sugar Exchange, trading is reported as comThe situation appears to be more favorable in the case of wheat, as a 19%
paratively brisk.
Increase, or 4,700,000 acres, is reported to have taken place in the fall.
Plans recently announced for the 1931 spring sowing campaign call for further expansion of toe acreage
C. B. Denman of Federal Farm Board Calls Attention of the Union, where a "wheatunder wheat, particularly in the eastern part
industry," based on large-scale,fully mechto Substantial Declines in Wholesale Prices of Beef, anized farming methods, Is to be built up.
Veal, Lamb and Pork.
The following statement was issued on Feb. 17, by C. B. New Low on Hogs—Heavy Stock at Top or $6.40 per
Hundredweight, Best Lightweights $7.
1)ennian, Member of the Federal Farm Board:
The following from Kansas City, is from the "Wall Street
While recently considerable publicity has been given to the fact that
some commodities have not reflected the price declines in raw products, Journal" of Feb. 20:
there is no occasion for this being true of fresh beef, veal, pork or lamb
as most wholesale prices are from 25 to 35% under those of a year ago
and consumers should he getting the advantage of them through reductions in retail prices.
A comparison of wholesale dressed meat prices at Chicago for the week
ending Feb. 14 with same week a year ago indicates substantial declines.
Wholesale prices of fresh beef show declines of from 27 to 36% with veal
from 24 to 31%. Fresh pork chops, loins and shoulders show declines of
28 to 36%. Lamb which had already broken sharply a year ago allowed
additional losses of from 14 to 22% this past week as compared with
same week a year ago.
If the full benefit of thew reduced wholesale prices are reflected to
consumers by distributors, meat and meat products should be attractive
to consumers. Housewives who are not now including at least one kind
of meat in the daily menu ought to take athantage of these lowered prices
to purchase such wholesome food.
With demand restricted ,heavy hogs declined to atop of$6.40 per hundredweight and best lightweights to $7. Heavy hogs are the lowest since 1914.
Eggs in Western Kansas are bringing only 6 cents a dozen, which is lower
than even 1893. and farmers are cracking fresh eggs into swill as hog feed.
Cattle, sheep and lambs are also depressed and at about the lowest
prices in eight years. Losses on feed cattle, now being sold, range from
$10 to 860 a head.
Aggregate livestock receipts are slightly behind a year ago, but consumption is reduced.
Gross Crude Oil Stock Changes for January 1931.
Pipe lino and tank farm gross domestic crude oil stocks
East of the Rocky Mountains decreased 956,000 barrels in
the month of January 1931, according to returns compiled
by the American Petroleum Institute from reports made to
it by representative companies. The net change shown by
Gov. Woodring of Kansas for Cut in Wheat Acreage—
the reporting companies accounts for the increases and
Views May Be Forerunner of Intensive Campaign decreases
in general crude oil stocks, including crude oil in
for Wheat Reduction.
transit, but not producers' stocks at the wells.
From the "Wall Street Journal" of Feb. 17 we quote the
following dated Washington:
Petroleum and Its Products—Bearish News Features
An ally to the Cause of reduced wheat acreage which has been advocated
Week—Further Weakness in Mid-Continent Prices
by the Federal Farm Board for some time, is seen in Governor Woodring of
—New Texas Prices at Low Levels.
Kansas, who recently stated that the world wheat situation was such that
there is little hope for an export market.
Bearish developments featured the week's news in the
The sooner influence is exerted in the wheat belt for reduction in acreage
petroleum industry with the lack of uncertainty concerning
the more promising the wheat situation will be, according to members of
the Farm Board. It Is believed that Governor Woodring's statement may the success of any oil protective measure in the present sesbe the forerunner of an intensive campaign for wheat acreage reduction.
sion of Congress perhaps the most discouraging. Other
James C. Stone, wheat member of the Board, said the Governor's stateunfavorable developments were further weakness in the
ment was welcomed by the Board at this time.
The Russian wheat situation is considered the key to the world wheat Mid-Continent crude oil market and posting of oil from East
prices situation in the belief of the Board.
Texas fields at extremely low levels.
Last year Russia increased the area planted to wheat 5.000,0430 acres
Despite the fact that Congress seems inclined to aid
more than all the rest of the world's combined increase. The plan to increase Soviet acreage further this year leaves the American farmer in a bad the oil industry and pass compromise legislation satisfactory
predicament. Little hope for an export market Is seen, although the 200,to the industry and to the Administration, oil men feel that
000.000 bushel carryover estimated by the Agriculture Department will be
reduced somewaht more between now and July 1, due to the use of that there is too short a time remaining of the present session to
product for feed purposes. Reports to the Board also are to the effect that see any measure passed. The bill, being of such extremely
mills are running short of stocks and a lot of wheat will be milled before the
controversial nature, would necessitate a longer time for
first of July. when the new crop year sets in.
With regard to Russia, it Is stated here that the adverse trade balance of debate and argument before passage than is possible in the
Russia offrom $40,000.000 to $50,000,000. will force that country to export few remaining days of the present session.
wheat in order to balance her trade. Effect of this development on the
Action of the Sinclair Refining Co. in posting a price of
world markets will be felt by the American wheat firmer.
67c. a barrel for 50,000 barrels daily for Oklahoma City
crude, which is far below the posted market of the major
Russian Wheat Outlook for 1931—More Winter Wheat companies, drew forth the charge from
Governor Murray
Sown.
of Oklahoma, that he (Sinclair) was trying to wreck the oil
Associated Pruas advices from Washington Feb. 14 stated market in Oklahoma. One thing that does not seem to be
that Russian winter wheat acreage was estimated on that noticed is that Sinclair is but meeting the price posted by
date by the Department of Agriculture to have increased Champlain Refining some time ago.
19% over a year ago, when the area was estimated at 25,Another factor tending to disrupt the price schedule of
172,000 acres. It was added that the area sown to Winter Mid-Continent markets has been the posting of crude oil
wheat in Rumania this season was reported at 6,047,000 prices by independent producers in the new East Texas fields
acres in comparison with 6,753,000 acres reported sown up at levels far below the Oklahoma price for the same gravity.
to the last of January, 1030.
It is understood that representatives of several large purThe following Washington account is from the "Wall chasing agencies met in Tulsa the latter part of the week
Street Journal" of Feb. 11:
and had a secret conference. An agreement was reached at
With reasonable success In carrying out spring sowing plans and near this meeting for the
drawing up of a new schedule of prices
normal weather during the growing season, a 1931 Russian wheat crop
for the Mid-Contenent area and these are expected to be
as large as the 1,157.000,000 bushels produced in 1930 might be harvested,
the Department of Agriculture believes. The 1930 crop has already pro- made public in a few days. Any reduction in Oklahoma
vided an export surplus of 74,088,000 bushels, with more to come. It would tend to
seriously disrupt the crude oil markets already
should be noted, however, the department points out, that Russia has now
had four relatively favorable seasons in a row,and has a history of occasional weakened in many of the principal producing areas.
bad crop failures.
Independent operators in the East Texas fields have fixed
While it appears from present Indications that Russia will make strenous prices for crude ranging from
32 to 40c. a barrel, according
efforts to strengthen her position on the world grain market during the
posted a
coming year, no trustworthy estimate of possible Russian grain exports in to reports from that area. One large company
price of 40c. a barrel for 39.5 A.P.I. gravity, which is 640.
1931-32 can now be made, declares the department.
FEB. 21 1931.]
FINANCIAL CHRONICLE
a barrel lower than the posted market price for this gravity
in the Mid-Continent. Prices such as these, force other
areas to cut prices in order to retain their purchasing outlets.
There were no price changes posted this week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. I. degrees are not shown.)
Bradford. Pa
$2.15 Spindietop. Texas. below 23
-Oil City. Pa
2.00 Winkler, Texas. below 23
Corning. Ohlo
1.15 Smackover, Ark., 24 and over
°shell. W. Va
1.05 Smackover, Ark., below 2
Illinois
1.30 Eldorado, Ark., 40
Western Kentucky
1.15 Rusk,Texas,39.5
hildoontlnent, OkM.. 37
.98 Urania, La
Corsicana, Texas, heavy
.75 Salt Creek, Wyo.,87
Hutehinson, Texas, 40
.67 Sunburst. Mont
Kettleman Hills, 55
1.65 Artesia, N. Max
Kettleman Hills, 35-39.9
1.10 Santa Fe Springs, Calif.. 33
Kettleman Hills, 40-49.9
1.35 Midway-Sunset, Calif., 22
Kettleman Hills, 50-54.9
1.50 Huntington. Calif.. 26
Luling, Texas
.75 Ventura. Calif.. 20
8pindletop. Texas. grads A
.80 Petrone. Canada
$.69
.55
.70
.70
1.07
.40
.75
.98
1.65
.75
1.48
.04
1.22
1.15
1.50
REFINED
PRODUCTS-GASOLINE DEMAND HOLDS WELL
-MIDCONTINENT AREA CONTINUES DISTURBED
-CUT IN EASTERN
TANK WAGON FIELD
-KEROSENE IRREGULAR.
The ability of the market to stand the recent advance in
the tank car gasoline market in view of the disturbed conclitions in the Mid-Continent crude and refined products
market has cheered local marketeers. Gasoline demand has
continued to hold up and increased demand is noted in
spite of the price raise. The outlook for gasoline is bullish
and dealers are confident that further improvement will
be shown in the early spring when demand usually shows
a sharp gain. Kerosene and other minor products remained
unchanged with slight irregularity marking the price lists.
The first of the week saw the few remaining refiners swing
into lino with the tank car postings of gasoline at from 7%c.
to 8c. a gallon. Prices are apparently firmly established at
this level with prospects for further increases when demand
justifies such a move. Working stocks on the Atlantic Seaboard continue at a satisfactorily low figure and marketeers
are in a good position to take advantage of the normal spring
increase in demand. Jobbers are more willing to buy for
future needs than they have been for some time but refiners
are not eager to sell too much gallonage at present prices.
Standard Oil of New York reduced the price of gasoline
in the tank wagon field one cent a gallon in the latter part
of the week. This cut was promptly followed by several
of the large companies and it is expected that the start of
next week will find all major refiners posting at the new
level. Action tends to narrow the spread to dealers and
will correct the situation caused by price cutting in some
quarters recently.
The export market both here and in the Mid-Continent
area has shown signs of strengthening. The export demand
has been dull in the Mid-Continent area and any improvement will be promptly reflected in strengthening of the
market. .
Kerosene continued irregular with lack of any strong
market trend causing slight irregularity in the postings.
While the quote for 41-43 water white remains at 6Mc. a
gallon in tank car lots, reports have been heard of movements at 63c. a gallon. As in gasoline, a slight improvement in the export market has been noted.
Domestic heating oils were easier although no price
changes have been posted. Little new business has been
noted but movements against contracts continue moderately
strong.
Grade C bunker fuel oil is moving in small quantities at
$1.05 a barrel, refinery although contract business remains
the most active field.
Price changes follows:
. N. Y., Friday, Feb. 20.
-Standard Oil of New York to-day reduced the
tank wagon price of gasoline one cent a gallon. Texas, Gulf,
Tidewater
Oil and Richfield Oil promptly met the cut.
N. Y.. Tuesday, Feb. 17.
-Standard Oil of New York advanced the
tank car price of gasoline He. a gallon here to meet the recent
general
advance.
Gasoline. U.S Motor. Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne)
N.Y.
California
$.08-.10
Stand. Oil, N.J..5.0714
Colonial-Beacon- 07
Los A ngelee.ex 0454-.07
tStand. 011. N. Y.. .07)4
Sinclair Ref
07)1 Gulf Coast,ex 0534-.054
Tide Water 011C0. .07M
Texas
08
NorthLoutslana 04M ..04)4
Richfield 011 (Cal) .07)4 Crew Levlek
07M North Texas__ .04-.04M
Warner-OulnYnCo .07)4 Chicago
04-.0414 Oklahoma
04-.04)4
Co. .0734 New Orleans ex..05)4-.05)( Pennsylvania
Pan-Am. Pet.
.06
Arkansas
Shell Eastern Pet. .08
0434-.04M fPlua freight.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline. Service Station, Tax Included.
$.153 Cincinnati
$.15 Minneapolis
.22 Cleveland
15 New Orleans
162 Denver
17 Philadelphia
155 Detroit
.168 San Francisco
158 Houston
.19 Spokane
15 Jacksonville
21 St. Louis
Kansas City
169
5.182
175
19
21
.22
.159
Kerosene, 41-43 Water White Tank Car Lots F.O.B. Refinery,
N.Y.(Bayonne)5.0614 .
- 0812 I Chicago
$.02%-.03st I New Orleans, ex__ _3.05)4
North Tema..._..03-.03)41Loa Angeles. ex.04)4-.06 I Tulsa
03-.01144
1319
Fuel Oil, F.O.B. Refinery or Terminal.
New York(Bayonne)- 'California 27 plus D
;Gulf Coast "0".... 8.65-.70
Bunker "C"
51.051
5.80-1.051Chicago 18-2213
Mimi 28-30D
1.851New Wm 18-201) .70-.751
Gas 011, F. 0. B. Refinery or Terminal.
N. Y.(Bayonne)[Chicagoj Tulsa
28D plua...8.04)1-.05)( I 32-36D Ind_ 5.0134-.02)4
32-3613 Ind L02-.023
Crude Oil Output in United States Again Advances.
The American Petroleum Institute estimates that the
daily average crude oil production in the United States for
the week ended Feb. 14 1931, was 2,127,700 barrels, as
compared with 2,116,500 barrels for the preceding week, an
increase of 11,200 barrels. Compared with the putput for
the week ended Feb. 15 1930 of 2,652,950 barrels daily, the
current figure represents a decrease of 525,250 barrels per
day. The daily average production East of California was
1,599,100 barrels, as compared with 1,588,700 barrels, an
increase of 10,400 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedFeb. 14 '31. Feb. 7 '31. Jan. 31 '31. Feb. 15 '30.
Oklahoma
468,650
474,250
444,050
632.700
Kansas
119,250
109,250
140,030
110.500
Panhandle Texas
57,000
89,700
53,700
69,250
North Texas
62.850
59,350
63,000
80.900
West Central Texas
24,150
25,500
24,400
53,850
West Texas
245,600
336.400
245,500
250,350
East Central Texas
55,050
44,200
49,350
23,750
Southwest Texas
81,100
79.400
75,650
68.150
North Louisiana
44,550
43,500
41,950
37,550
Arkansas
49,850
50,550
50.030
58.400
Coastal Texas
158,900
162.150
162,900
178.850
Coastal Louisiana
26,100
28,250
21,250
28,500
Eastern (not including Michigan)
99.500
99,100
101.250
121.700
Michigan
9,250
9.250
9.250
13.400
Wyoming
43,900
50.800
45,250
50,100
Montana
9,000
7.200
7.150
9.200
Colorado
4,350
4,400
4.700
5,250
New Mexico
41,350
41,250
38,650
10.300
California
528,600
527,800
526,000
751,000
Total
2,127,700 2,116,500
2,085.950 2,652.950
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 Feb. 14, was 1,206,750 barrels, as compared with 1,186.300 barrels for the preceding week, an increase of 20.450 barrels. The
Mid-Continent production, excluding Smackover (Arkansas) heavy Oil,
was 1.173,300 barrels, as compared with 1,152,800 barrels, an increase Of
20.500 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons.
follow:
-Week Ended-Week Ended
Oklahoma
--..
Southwest Texas
-Feb.14. Feb.7
Bowlegs
13.150 11,501) Chapman-Abbot
6.000 5.850
Bristow-Slick
12,100 12,000 Durst Creek
32.750 32,200
Burbank
13.400 13,400 Luling
9,650 9,700
Carr City
10,650 13,050 Salt Flat
16,400 11,400
Earisboro
17,900 14.200
Ewa Earlsboro
20.050 13,800
North LouisianaSouth Earisboro
7.350 7,000 Sarepta-CartervIlle
1.850 1,800
Konawa
15.450 15.900 Zwolle
11,000 10.000
Little River
Arkansas
23,900 21.800
East Little River
10.250 9,950 Smackover. light
4,450 4.450
Maud
2,500 2,400 Smackover,heavy
33.450 33,500
Mission
7,800 4,250
Oklahoma City
88.750 102.700
Coastal Texas
St. Louts
20.630 19.450 Barbers Hill
23.000 23,400
Searight
6.350 5,650 Raccoon Bend
8.350 8.000
Seminole
14,500 11,500 Refugio County
34.000 33.750
East Seminole
1,900 1,800 Sugarland
11.900 12.300
KansasSedgwick County
Voehell
Coastal Louisiana
20,800 19,300 East Huck berry
2,600
26,900 18,000 Old Hackberry
850
Wyom tor
Panhandle Texas
Salt Creek
25.250
Gray County
%lantana40.600 44,000
Hutchinson County_ _._ 8,750 8,600 Kevin-Sunburst
4.500
New Mexico
North Texas
Hobbs High
32,700
Archer County
12,650 12,300 Balance Lea County.... 6,250
North Young County__ 8,500 9,850
California
Wlibarger County
10,500 13.000 Elwood-Goleta_
31.600
Huntington Beach
21,700
West Central Texas
Inglewood
15.000
South Young County-- 2,500
27,000
2,200 Kettleman Hills
93.600
Long Beach
West Texas
53.000
Midway-Sunset
Crane .1. Upton Counties 24.600 24,450 Playa Del Rey
33,000
Ector County
6,600 5,500 Santa Fe Springs
70,400
Howard County
27,150 26,900 Seal Beach
13,200
Reagan County
31,550 32,000 Ventura Avenue
45,500
Winkler County
PennsylvanfaOrade52,000 50,000
Yates
88,700 90,950 Ailegany
6.850
Balance Pecos county- 3.500 3,000 Bradford
21.250
Kane to Butler
6.650
East Central Texas
Southeastern Ohio
6.300
Van Zandt County
30,550 29.000 Southwestern Penna.-. 3.150
Rusk .4 Gregg Counties_ 12,150 7,350 West Virginia
13.300
3,900
800
28,100
4,500
32,600
6,250
30.400
22,600
15,300
27.000
1)0,500
53.600
34.700
71.000
16.600
44,500
6,450
21,050
6,750
6.100
3.400
13,350
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended Feb. 14 1931, from companies aggregating 3,571,200 barrels, or 95.7% of the 3,730,100 barrel estimated daily potential refining capacity of the United States,
indicate that 2,211,300 barrels of crude oil were run to stills
daily and that these same companies had in storage at refineries at the end of the week 42,859,000 barrels of gasoline
and 130,316,000 barrels of gas and fuel oil. Reports received
on the production of gasoline by the cracking process indicate that companies owning 94.1% of the potential charging
capacity of all cracking units manufactured 2,836,000 barrels
of cracked gasoline during the week. The complete report
for the week ended Feb. 14 1931 follows:
FINANCIAL CHRONICLE
1320
CRUDE RUNS TO STILLS. GASOLINE STOCKS AND GAS & FUEL OIL
STOCKS, WEEK ENDED FEB. 14 1931.
(Figures in barrels of 42 gallons each)
District.
Per Cent
Potential
Capacity
Reportinit.
3,000.000
581,000
1,926,000
1,781,000
3,915,000
933,000
343,000
3,000,000
Per Cent
Gasoline
Oper.
Stocks at
of Total
at
Capacity
Report. Refineries.
C.00•COC-NM.1.
East Coast
100.0
Appalachian
93.8
Ind., III. & Kentucky_ 97.5
Okla, Kans. & Missouri 89.4
Texas
91.9
Louisiana-Arkansas_ _
98.3
Rocky Mountain
93.1
Califonala
98.8
Crude
Runs
to
Stills.
Gas
and
Fuel
Oil
Stocks,
7,370,000
1,362,000
5,059.000
2,994,000
6,940,000
1,732.000
1,781,000
15,621,000
7,536,000
1,062,000
3.029,000
3,884,000
10,022,000
2,367,000
948.000
101.468,000
Total week Feb. 14_ _
Daily average
Total week Feb. 7_.Daily average
95.7
15,479,000
2,211,300
14,976,000
2,130,400
61.9
42,859,000
130,316,000
95.7
59.9
42,457,000
130,943,000
Total Feb. 15 1930_
Daily average
95.4
17,408,000
2,486,800
71.4
x50,852,000 x138,654,000
7,632.000
5.836,000
80.2
2,974,000
y Texas Gulf Coast.... 100.0
1,353,000
1,535,000
62.6
647,000
y Louisiana Gulf Coast_ 100.0
x Revised due to change in Ca ifomia gasoline and gas and fuel stocks.
.
Feb 14 1931 of their resepctive districts
y Included above in table for week ended
-All figures follow exactly the present Bureau of Mines definitions. Crude
Note.
California, stocks of
oil runs to stills include both foreign and domestic crude. In
Gas and
heavy crude and all grades of fuel oil are included under the heading'
Fuel 011 Stocks."
Crude Oil Production in United States Declined 11%
in 1930 as Compared with 1929-Stocks of All Oils
Lower-Runs to Stills of Crude Petroleum Also
Fell Off.
According to preliminary figures compiled by the Bureau
of Mines, Department of Commerce, 896,265,000 barrels of
crude petroleum was produced in the United States during
1930. Unlike the preliminary figures of former years,
the 1930 total accounts for the crude oil consumed on the
leases and the net change in producer's stocks. The final
figure of actual production, which will include revisions
yet to be made, will probably amount to approximately
898,000,000 barrels. This represents a decline of about
109,000,000 barrels, or 11% from the 1929 output. The
Bureau's statement follows:
Production of raw materials other than crude, that is, natural gasoline
and benzol, also declined in 1930.Imports of crude petroleum and refined oils
were lower, and the total new supply of all oils amounted to 1,056,305,000
barrels as compared with 1,171,359,000 barrels in 1929. The trend in stocks
of all oils was reversed in 1930, when a net decline of 23.296,000 barrels was
recorded as compared with a net increase of 68,156,000 barrels in 1929.
Exports of crude and refined oils in 1930 totaled 156.666,000 barrels as
compared with 163,120,000 barrels in 1929. The daily average indicated
domestic demand for all oils in 1930 amounted to 2.529,000 barrels as compared with an average of 2,576,000 barrels in 1929. This decrease reflects
the decline in crude throughout at refineries.
As the year 1930 opened, production was steadily declining from the record
levels of 1929. In February production in the two leading producing
States, Texas and California, increased materially and the upward trend
in crude output was resumed. Then followed four months of relatively
steady output, during which the restrictive effects of proration were about
balanced by the increased demand for crude by refineries. The most
effective curtailment in crude output in 1930 began in July and was continued throughout the remainder of the year. The output at the close of
the year was at the lowest point in over four years.
Although 1930 was a year of continuous curtailment of output in the
majority of fields, the total potential production, or the total shut-in
production. showed a steady increase. This resulted from the completion
of large wells in such fields as Oklahoma City and Hobbs, these wells being
either capped or pinched back to a fraction of their initial output. The
number of oil wells completed in 1930. 11.577, compared with completions
in 1929, 15,572, indicates a material falling off in drilling activity, but the
total initial output of the completions in 1930 was over 50% higher than in
1929.
The rank of the leading crude producing States in 1930 was unchanged
from 1929. Texas was again first, with a production of 289,965,000 barrels,
in California declined
a slight drop from the previous year. Production
materially but the State retained second place, with an output of 228,099,000 barrels; Oklahoma was third, with an output of 215,227,000
barrels. Practically all of the States reported decreased output in 1930;
New Mexico, New York, and
the exceptions were Indiana, Louisiana,
Pennsylvania. The gain in production in New Mexico-from 1,830,-was particularly notable
barrels in 1930
000 barrels in 1929 to 10,172,000
of the Hobbs field in
and resulted almost solely from the development
State. Production in Arkansas continued
the Southeastern part of the
of tne Smackover field fell off steadily. The
to decline as the output
decrease in production in California was quantitatively greater than
primarily from reduced output in
for any of the States, and resulted
fields. Production in Kansas
the Santa Fe Springs and Long Beach
the total output in 1930 was just under
was curtailed in some fields but
few States that showed an
the 1929 level. Louisiana was one of the
increase in production in 1930; this gain resulted primarily from the
development of the Zwolle field. Production in Oklahoma fell off from
255,004,000 barrels In 1929 to 215,227.000 barrels in 1030. This masolely to the decline In output
terial decline can be attributed almost
the Oklahoma City field increased
of the Seminole district. Production in
barrels in 1930. but the latter
from 8,710,000 barrels In 1929 to 33,306,000
represents only a small fraction of what the field could have produced if
been practiced. The trend in production in the salt
rigid proration had not
the total output of the rest
dome pools of Texas continued upward in 1930;
due largely to the developof the State, exclusive of West Texas, increased,
were more than
ment of the Darst Creek field. However, these increases
the West Texas fields. Production in Wyomcompensated by the decline in
Creek, the principal field, coning continued to decrease in 1930, as Salt
Grade crude, produced
tinued to decline. The production of Pennsylvania
West Virginia, and in southIn the States of New York, Pennsylvania,
barrels in 1929 to 24,482,000
eastern Ohio, increased from 23,736,000
[vol.. 132.
barrels in 1930. This increase resulted from developments in the BradfordAllegheny district, where the producers have built up a substantial potential
through the use of the five-point method of water flooding.
Stocks of crude petroleum fell off in 1930, the first decline since 1926.
Total stocks of crude petroleum, on Dec. 31 1930 amounted to 512,797,000
barrels as compared with 535.264,000 barrels on hand at the beginning of
the year. This represents a decline of over 20,000,000 barrels, nearly all
of which occurred in the area east of California.
Imports of crude petroleum decreased for the second successive year;
the 1930 total was 62,129,000 barrels as compared with 78,933,000 barrels
Imported in 1929. As has been the case for several years, Venezuela ranked
first as a source of supply of foreign crude, although in 1930 Colombia
was the only country to show an increase over 1929.
Runs to stills of crude petroleum in 1930 amounted to 927,447.000 barrels,
a decline of 60,261,000 barrels from 1929. This decrease reflects the curtailment in refinery operations that was partly due to the shutdown of a number of plants which were unable to operate at a profit but was largely duo to
the efforts of refiners to maintain a balance between the supply and the
demand for gasoline.
Despite the decline in crude oil processed, the production of motor fuel
showed a slight increase-from 439,393,000 barrels in 1929 to 441,534,000
barrels in 1930. This increase resulted from an increase in percentage
yield of from 44% in 1929 to 47% in 1930. Imports of gasoline amounted
to 16,927,000 barrels, or nearly double the 1929 figure. Exports of gasoline
amounted to 65,621,000 barrels in 1930, which represents a small increase
over 1929. The indicated domestic demand for motor fuel amounted to
395,560,000 barrels, an increase of 19,561,000 barrels, or 5% over 1929.
During the first six months of the year. the consumption of motor fuel was
approximately 9% above the previous year but during the last half of
1930 the full effects of the general business depression were felt and the
Indicated domestic demand figures for August, October and November
were below these of the same months in 1929. Stocks of motor fuel rose
rapidly in the early part of the year and reached the high point of 55,239,000
barrels on March 31. For the next six months, the period of heaviest
consumption, stocks were consistently reduced. Although motor fuel
stocks increased during the last quarter of the year, the total on hand
Dec. 31 1930, 40,541,000 barrels, was considerably below the total on hand
at the end of 1929, 43,261,000 barrels.
The production of kerosene was lower for the second successive year
and both the exports and indicated domestic demand declined. The decrease in output exceeded the drop in consumption and stocks of kerosene
were reduced to 6,883,000 barrels, the lowest point since 1923.
The decline in crude throughput and the gain in gasoline yield, principally at the expense of gas oil and fuel oil, were reflected in the output of
gas oil and fuel oil which declined materially during 1930. Imports of
fuel oil rose from 20,545,000 barrels in 1929 to 26,080,000 barrels in 1930.
Complete data for the consumption of gas oil and fuel oil are not available,
but there was undoubtedly a material decline in consumption In 1930.
This decline was less than the drop in production and stocks were reduced.
The trends of the statistics for the related products, lubricants and wax.
In 1930, were very similar. The production, indicated domestic demand.
and exports for each fell off and stocks increased.
The production of natural gasoline did not show its usual increase in 1930;
In fact, the total output for the year dropped off from 2,195,400,000 salons
In 1929 to 2,172,900,000 gallons in 1930. This decline in output was closely
related to the drop In crude output and the Seminole district, which showed
a very rapid decline in crude output was also credited with the most material
loss in the production of natural gasoline. The output of the Kettleman
Hills field amounted to 156,700,000 gallons In 1930, as compared with a
comparatively small amount in 1929. This increase more than compensated for the losses in production in the rest of the State and the California
total for the year. 814,100,000 gallons, represents a small gain over the 1929
output. Production in Texas, the third-ranking State, increased as the
result of gains in output of the Panhandle plants.
The trend in stocks of natural gasoline held at the plants lacked the fluetuation of 1930 and the high point for the year, 39,000,000 gallons on June
30 was considerably below the high point of 1929. Blending of natural
gasoline with naphtha at the plants in the making of finished motor fuel
showed a very material decline in 1930.
For preliminary figures for the month and twelve months
ended Dec. 31 1930, see "Chronicle" of Feb. 7 1931, pages
930 and 931.
Production of Crude Oil in Venezuela Lower in
January 1931.
According to O'Shaughnessy's Weekly Oil Bulletin, the
estimated production of crude oil in Venezuela totaled
10,384,451 barrels (a daily average of 334,082 barrels) in
the month of January 1931, and compares with 11,518,273
barrels (a daily average of 371,557 barrels) in the corresponding month in 1930 and 10,492,030 barrels (a daily average
of 338,453 barrels) in December last. Estimated shipments
in January of this year amounted to 10,787,289 barrels, as
against 10,703,603 barrels in the preceding month and
11,133,811 barrels in November of last year. The "Bulletin"
shows:
PRODUCTION IN VENEZUELA (PARTLY ESTIMATED) IN BARRELS OF
42 GALLONS.
Per Day. Jan. 1930. Per Day.
Jan. 1931.
By Companies122,508
97,979 3,797,761
3,037,351
\.0. C
106,214
95,549 3,292,649
2,962,025
Lago
62,654
62,057 1,942,281
1,923,774
Gulf
55,200
31.1241,711,200
964,844
Carribean Pet
15,466
479,453
22,802
706,847
Creole Pet
3,581
111,000
20,158
624,913
Colon 011
4,633
143,629
5,063
156,947
B. C. 0. Ltd
1,300
40,300
250
a7,750
General Asphalt
371,557
334,982 11,518,273
10,384,451
Total
By Fields198,409
190,043 6,150,698
5,891,319
Lagunillas
98,748
61,969 3,061,178
1,921,024
La Rosa-Ambrosio
2,734
84,770
31,520
1,017
Benitez
5,214
161,624
16,422
509,094
Concepcion
1,738
53,874
1,377
42,680
La Paz
55,200
964.844
31,124 1,711,200
Mene Grande
3,581
111,000
624,913
20,158
Tarra
4,633
143,629
5,063
156,947
El Mene
234,360
7,560
Quiriquire
1,300
40,300
250
7,750
Guanoco
334,982 11,518,273
10,384,451
371,557
Total
a Practically shut down.
FELL 21 1931.1
FINANCUI. CHRONICLE
VE,NEZUELAN SHIPMENTS (BARRELS OF 42 GALLONS).
Month ofJan. 1931. Dec. 1930. Nov. 1930.
V. 0. C
3,203,518
3,285,350 3,290,200
Lago
3,481,548
3,508,686
3,364,011
Gulf
2,079,000
1,347,000
1,710,000
Carribean Pet
634,400
1,124,000 1,490,000
Creole Pet
583,360
787,700
735,200
Colon Oil
660,920
484,600
388,319
B. C. 0. Ltd
144,543
166,267
155,700
General Asphalt
None
None
None
Total
110,787,289 y10,703,603 z11,133,811
x Equivalent to about 344,977 barrels per day. y Equivalent to 345,273 barrels
per day. z Equivalent to about 371,127 barrels per day.
Production and Shipments of Portland Cement Fall
Off-Inventories Increase.
According to the United States Bureau of Mines, Department of Commerce, the Portland cement industry in January
1931 produced 6,581,000 barrels, shipped 4,687,000 barrels
from the mills, and had in stock at the end of the month
27,777,000 barrels. Production of Portland cement in
January 1931 showed a decrease of 22.6% and shipments
a decrease of 5.4% as compared with January 1930. Portland cement stocks at the mills were 2.6% higher than
a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 165 plants both at the close
of January 1931 and of January 1930. The estimates include
increased capacity due to extensions and improvements
during the period.
RELATION OF PRODUCTION TO CAPACITY.
The month
The 12 months ended...
29.5%
38.2%
51.7%
65.4%
38.8%
61.5%
60.6%
62.6%
65.5%
64.2%
PRODUCTION. SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN 1930 AND 1931 (IN THOUSANDS OF
BARRELS).
January.
Production.
1930.
Eastern Pa., N. J., and Md
New York and Maine
Ohio, western Pa., and W. Va.__
Michigan
Wis., III., Ind., and Ky
Va.,Tenn., Ala.. Ga., Fla., &fa_
Eastern Mo.,Ia., Minn.& S. Dak
Western Mo., Neb., Kan., Okla.'
and Arkansas
Texas
Colo., Mont., Utah, Wyo.& Ida
California
Oregon and Washington
1931.
January.
Shipments.
1930.
Stocks at End
of Month.
1931.
1930.
1931.
2,286
320
727
346
1,377
842
758
1,617
420
505
45
804
646
854
1,388
249
472
234
327
730
214
1,084
206
367
220
354
679
288
6,075
1,615
3,289
2.509
3,926
1,753
3.140
5,548
1,988
3,710
2.915
3,955
1,766
3,069
701
321
.....
718
102
450
322
123
624
171
271
317
42
640
71
321
340
50
643
135
1,889
817
415
1,168
485
2,218
782
410
858
560
8,498
Total
6,581
4.955
4,687 27,081 27.777
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
BY MONTHS IN 1930 AND 1931 (IN THOUS. OF BARRELS).
CEMENT
Production.
Month.
1931.
6,581
1930.
4,955
7.012
8,826
13,340
17.224
18,781
20,153
20,299
18.083
15,599
8.784
5,688
1931.
4.687
Stoc.ks at End of
Month.
1930.
27,081
28,249
30,648
30,867
30,891
29.364
26,289
23,824
21,889
20,697
23,056
a25,883
1931.
27,777
1
m..o.o.41-4,-4w..com
'a.bWoi.2-4a.
coo...wwqw4.w.m.
omo....m.tom
1930.
January
February
March
April
May
June
July
August
September
October
November
December
Shipment:.
"due to the increase in building construction in connection
with the unemployment relief programs." A dispatch
Feb. 12 to the New York "Times" from Washington also,
said:
Senator Norris noted that complaints have been filed with the commission of alleged uniform prices charged for cement by manufacturers
and his resolution stated:
"Such uniformity of price is highly indicative of an arrangement,
understanding or agreement among the various manufacturers and dealers
in cement to arbitrarily fix and maintain prices."
Copper Up to 10qc. on Foreign Buying-Good Demand
for Lead-Zinc Barely Steady-Tin Moves Up.
Outstanding in non-ferrous metal trading in the past
week was the steady buying of copper for export, which,
coupled with slightly improved reports on the State of business here, brought out a firmer tone and a general advance
in the price to the basis of 10% cents, delivered Connecticut, "Metal and Mineral Markets" reports, adding:
Domestic copper bookings were not so large as a week ago, but sufficient
in volume for large producers to take a fair share of the business. The market, aided by more encouraging news regarding the actual movement of
fabricated copper, developed quite a firm undertone, but it was not until
Tuesday that any question arose as to price.
The action of the London copper market attracted wide interest here.
Much of the strength of the foreign market was ascribed to a broadening
out of speculative operations. London professionals look for higher prices
on any sign of an improvement in business. Foreign buyers are in a better
mood to buy than for some time past. Export sales for the month to date
aggregate approximately
long tons. The export price held at 10.30
cents, c. 1. f. terms throughout the week, but will probably advance to
cents to-day.
Inquiry for lead continued fairly active through the week, tending to support the market in the face of rather poor January statistics. Prices in the
domestic market are unchanged at
cents, New York, and
cents St.
Louis. Offerings of zinc increased and a moderate tonnage was sold on the
4-centSt. Louis basis for delivery as far ahead as June. On support of the
tin group in London, based on hopes of early official action in connection
with the stabilization scheme, the price of that metal advanced.
31,000
10.55
Jan. 1930 Jan. 1931. Dec. 1930. Nov. 1930. Oct. 1930.
District.
1321
Total
160.905
158.744
a Revised.
-The stalls les above presented are compiled from reports for January
Note.
received by the Bureau of Mines from all manufacturing plants except four,
for
which estimates have been included in lieu of actua returns.
4.50
4.30
U. S. Tariff Board to Study Copper Production Cost
Senate Resolution Calling for Inquiry.
An investigation, under Section 332 of the HawleySmoot Tariff Act for the purpose of ascertaining the differences in cost of production during 1928 to 1930 inclusive,
between foreign and domestic copper in every form, has been
instituted by the Tariff Commission, it was announced on
Feb. 10. The New York "Journal of Commerce" in its
Washington advices to this effect, added:
The investigation will take in all forms of copper included in paragraph
1658 of the Tariff Act, which covers copper ore, black or coarse copper, and
cementcopper;old copper,fit only for remanufacture,copper scale,clippings
from new copper, and copper in plates, bars, ingots, or pigs, not manufactured or specially provided for, it was said. At present these articles are
Imported free of duty.
This investigation, which will be similar to that conducted recently with
respect to crude oil, is directed by a Senate resolution introduced by Senators Hayden (Dem., Arizona), Wheeler (Dem., Montana) and Vandenberg
(Rep. Michigan). The report resulting from this investigation will be
submitted by the Commission to the Senate without recommendations.
The section of the Tariff Act under which this investigation is to be
made provides the Commission with a number of general powers, among
which is that of ascertaining conversion costs and costs of production in the
principal producing centres for domestic products.
Under date of Feb. 5 the U. S. Senate adopted the following resolution calling for the inquiry:
Resolved, That the United States Tariff Commission is hereby directed
under section
of the Tariff Act of
to investigate the differences in
cost of production during the calendar years of
and
between foreign articles and domestic articles included in paragraph 1658
(copper) of said Act, and to report thereon to the Senate as soon as practicable.
332
1930
1028. 1929,
1930.
Reference to the adoption of the above resolution was
U. S. Senate Passes Resolution for Investigation by Federal made in our issue of a week ago, page 968.
Trade Commission of Cement Industry.
Brass Price Advanced.
The U. S. Senate adopted on Feb. 16, a resolution, introThe American Brass Co. on Feb. 17 advanced the price
duced Feb. 12 by Senator Norris, Republican, of Nebraska,
l
calling for an investigation by the Federal Trade Commis- of brass Y-cent a pound, bringing quotations to the basis
sion into the cement industry. As adopted the resolution of 10 cents a pound for copper.
reads:
Resolved, That the Federal Trade Commission be, and it is hereby
Price of Lead Advanced.
directed to investigate competitive conditions in the cement industry and
American Smelting & Refining Co. has advanced the price
report to the Senate of the United States:
1. "The facts with respect to the sale of cement whether foreign or of lead 10 points to 4.60 cents a pound, according to the
domestic manufactured and especially the price activities of trade asso- "Wall Street Journal" of Feb. 19.
ciations composed of either manufacturers of cement or dealers in cement,
or both.
2. "The facts with respect to the distribution of cement, including
a survey of the practices of manufacturers or dealers used in connection
with the distribution of cement.
3. '"Whether the activities in the cement industry on the part of
trade associations, manufacturers of cement or dealers in cement constitute
a violation of the anti-trust laws of the United States and whether
such activities constitute unfair trade practices."
Senator Kean, Republican, of New Jersey, offered the
provision extending the inquiry to foreign manufacturers
which Senator Norris accepted. In introddcing the resolution Senator Norris cited the unusual interest in cement
British Government Approves International Plan of
Malayan States for Tin Restriction.
The British Government has approved the international
tin restriction scheme. His Majesty's Secretary of State
made the following announcement in the House of Commons,
according to the "Wall Street Journal" of Feb. 20:
His Majesty's Government has approved in principle of the Malayan
States and Nigerian Governments passing the necessary legislation to regulate the production and export of tin with effect from March
The approval is subject to the Secretary of State being satisfied as to
the
details of the international scheme and negotiations with the
representatives
1 1931.
1322
. [Vol.. 132.
FINANCIAL CHRONICLE
t
of the Netherland East India; Government and of the Bolivian Governmen
is conand as to the understanding that the work of the restriction scheme
Governments concerned
trolled by a committee of representatives of the four
-Nigerian, Malayan States, Dutch East Indian and Bolivian-by which
the consumer will be protected against any excessive rise in price.
Output and Shipments of Lead in United States Falls
Off-Inventories Gain.
Total production of refined lead in the United States
amounted to 47,297 short tons in January, as compared
with 53,209 tons in December and 48,988 tons in November,
according to the American Bureau of Metal Statistics.
Shipments during January totaled 37,633 tons as against
40,595 tons in December and 43,062 tons in November.
Stocks of refined lead on Jan. 31 1931 amounted to
113,143 tons as compared with 103,247 tons at the end of
December and 90,402 tons at the end of November 1930.
Steel Output Shows Further Gain-Price of Pig Iron
and Steel Scrap Again Declines.
cheerful tone prevails in the iron and steel indusA more
in business and
try, both because of further slight expansion
d demands
more definite promise of larger and more diversifie the "Iron
to
with the coming of open weather, according
Age" of Feb. 19, which further states:
1931
1930
1929
1928
1927
1926
1925
High.
$11.33 Jan. 6
15.00 Feb. 18
17.58 Jan. 29
16.50 Dec. 31
15.25 Jan. 11
17.25 Jan. 5
20.83 Jan. 18
Low.
511.08 Feb. 17
11.42 Dee. 9
14.08 Deo, 3
13.08 July 2
13.08 Nov, 22
14.00 June 1
15.08 MBY 5
Sensitive to a moderate but well-distributed expansion in
demand, steelworks operations have advanced two to three
points, to between 52 and 53% this week, states "Steel" of
Feb. 19. This is the eighth consecutive weekly increase
and puts the current rate 45% above that of the first week
of January, adds "Steel," which further reports:
Birmingham mills have stepped up seven points to 65%, and Buffalo
five to 59. Chicago at 48-50%. Pittsburgh at 47 and eastern Pennsylvania
at 51-52, all are up two points. Youngstown is unchanged at 50% though
indicating a gain next week, while Cleveland is off three points to 50.
Corp
Portending further improvement, the Jones & Laughlin Steel
and Illinois Steel Co. each are putting on a blast furnace stack this week.
A usually well-informed steel executive estimates production will reach
in
65% by June. Last year, operations rose from 70% In January to 85
February, then fell to 65 by June.
weekly gains in steelmaking, app irently
These small but maintained
econd
based upon increased consumption, may be decisive in determinin •,
the next few weeks, and
quarter prices. If this trend is maintained over
producers may logically be exthere is every indication that it will, then
pected to seek more remunerative prices.
of all finished steel
Excepting structural material and steel pipe, bookings
case of structurals fresh
products show an increase this week, and in the
is temporary. Rains in
inquiry and maturing pending work insure this
the drouth-stricken areas of the Middle West have greatly lightened sentiproducts.
ment and precipitated better jobber buying of wire
By industries, the balance is well maintained. Automotive consumers of
prompt shipment. Railroads
steel are issuing better releases and seeking
are laggards in the equipment market but have speeded up their takings
of track material, some lines which have not bought this year specifying
against their 1930 carryover.
for the Bessemer & Lake
Action is expected daily on 1.200 hopper cars
on inquiry. Parts for
Erie railroad, which will leave 650 freight cars
Pacific. Nickel Plate, which
1,000 cars have been bought by the Missouri
of
is inquiring for 10 locomotives, may allocate 27,400 tons rails this week.
Ten thousand tons of track fastenings were distributed at Chicago.
be required for a gas line in NeThirty thousand tons of steel pipe will
Gas Co. will lay. On 1,800
braska and Wyoming which the North Central
low French bid and bought
tons of cast iron pipe Detroit has rejected the
from domestic makers.
is pending, including
At Chicago fully 25,000 tons of structural work
mill. Highway work leads in the
10.000 tons for the new Inland Steel Co.
on a viaduct requiring 21,500
East, Jersey City alone taking bids March 2
tons. Structural awards this week at 7,286 tons compare with 21,525 tons
Concrete reinforcing bar orders are
last week and 34,405 tons a year ago.
above seasonal average.
market this week coincident
Raw materias have developed a spotty
with slacker demand, which lain contrast to the moderately-better situation
weakness has developed, it has been
in finished steel. While some price
delayed adjustment.
localized and in the main represents a
Ma honing are quotable at a
Ail pig iron grades at Pittsburgh and in the
iron now being $16.50 to
range of 50 cents downward, foundry and bisic
$17 to $17.50. In the lake
$17, b %se. valley and malleable and bessemer
heavier. At both Chicago
district pig iron sales are lighter but shipments
second quarter delivery have
and Cleveland some small sales of pig iron for
been made at current prices.
Pittsburgh, to $2.40. Scrap
Distress furnace coke has sold off 10 cents at
steel being down 25 cents
is definitely weaker at Chicago, heavy melting
In most districts scrap tends
to $9.75 to $10.25. the lowest since 1921.
this week toward softness.
in the Mahoning valley,
Weakness in pig iron prices at Pittsburgh and
becoming quotable, has lowered
manifest for some time but only now
week, to 331.61. a new alltime low.
"Steers" market composite 8 cents this
a spurt in steel buying by
Favorable developments of the week include
plate production, more liberal rail and
the automobile industry, greater tin
release of pipe line tonnage held up by
track accessory specifications, the
in sheet orders and a better tone in
cold weather, an impressive upturn
rains in drouth affected agriculthe wire trade following rather general
tural areas.
requirements is so sudden
The change for the better in automotive steel
in the pan or marks the
that there is doubt whether it Is merely a flash
Rush shipments
beginning of a general recovery in motor car business.
parts have neen necessary in
of both steel and manufactured automobile
assembly lines moving.
keep
some instances to round out existing stocks and
chiefly by the Detroit
The increase in steel demand has thus far been felt
Is now operating all six of its open-hearth furnaces.
district plant. which
and tin mill operations for
Tin plate specifications continue to improve
s running at 100%.
the country now average 70% with several independent
of pipe line tonnage, has helped raise
This gain, together with releases
has
Pittsburgh district ingot output to 48% from the 45% level which
by rail
,
prevailed for the past month. A Buffalo independent benefiting
a 75% rate. Steel
at
and track supply specifications, is making raw steel
compared
ingot production for the country at largo now averages 51%.
with 50% a week ago.
s in mid operations
Viewing the steel market as a whole, irregularitie
the policy of buyers.
remain a feature and extreme caution still dominates
low and to depend on quick shipments
Consumers continue to keep stocks
orders are more frequent and.
from producers, but it is significant that
in size.
although yet small, are gradually increasing
of structural steel
Conservatism Is no doubt holding back the placing
farm equipment production; yet numerwork and has checked expansion of
are showing steady, if slow, imous miscellaneous steel-consuming lines
or contemplated, are stimuprovement. Highway programs, under way
giving impetus to the operations
lating demand for concrete bars and are
manufacturers. Makers of downof culvert makers and road machinery
building products are taking more
spouts, gutters and other sheet steel
producers of stoves, office equipsteel, and heavier orders are coming from
of sheets, a widely used material
ment and washing machines Releases
shown the first definite upturn in
in the metal-working industry, have
of the leading producer being the
more than a month, the specifications
heaviest for any week this year.
that frequently characterizes
The price situation reflects the uncertainty
under pressure and further
transition periods. Finished steel prices are
Ingot production of the United States Steel Corp. for the
with actual reductions in a few minor items.
irregularities have appeared,
week ended Feb. 16 was a fraction under 52%, which is a
effort to hold the current
Nevertheless the industry is making a strenuous
more than 1% from the preceding
an advance on plates, shapes reduction of slightly
market and has not given up hope of effecting
estimated at 53% of theoretadopted In the next few weeks, seven days when the output was
and bars. While higher asking prices if
Street Journal" of 1%b. 17.
on second quarter tonnage, they might ical capacity, reports the "Wall
could hardly be expected to apply
business at present levels.
Two weeks ago the corporation was at 51%, continues the
serve to drive in considerable forward
in prices of primary
"Journal," which adds:
Cross currents have created a confusing situation
25c. a ton at Chicago and
States
materials. Heavy melting scrap has declined
This is the first decrease reported in the average of the 'United
unchanged in price, at Pittsburgh.
year.
Detroit. but is stronger in tone, although
Steel Corp.since the upward turn came at the beginning of the current
of 50c. a ton in Valley pig iron is a belated recognition At this time in 1930 the corporation was running between 85% and 86%,
A formal reduction
market situation which remained largely untested because of a while in the corresponding weeks of both 1929 and 1928 the rate was 90% •
of a weak
dearth of sales.
Independent steel companies have been showing further gains, but this
Pittsburgh brings the "Iron Age" pig iron
The decline In pig iron at
has been due primarily to active operations among the eastern mills and one
from $15.88 a week ago, the lowest since October or two
Composite down to $15.71
plants in other sections. These companies aro estimated to be workprice for heavy melting scrap also declines to 311.08 ing at better than 49%, against 47% in the previous week and 44% two
1915. The composite
while in
and is at the lowest point since July 1921, when it
weeks ago. At this time last year Independents were at 77%.
from 311.13 last week,
unchanged at 2.142c. a lb.
the corresponding period of 1929 the rate was 86% and in 1928 it was 78%.
was $11. Finished steel is
over
follows;
For the industry, the average is placed at 50Si%.an Increase of I%
A comparative table
Finished Steel.
weeks
O
the preceding week when the rate was between 49 V and 50%. Two
Based on steel bars, beams, tank plates,
running at
Feb. 17 1931, 2.1420. a Lb. 2.1420. wire, rails, black pipe and sheeta. ago the average was 47%. At this time last year the industry was
in 1928 the average
One week ago
2.142o. These products make 87% of the 81%, while In the same week of 1929 It was 88%,and
One month ago
2.3050. United States output.
was 84%.
One year ago
EWA.
.
"
2.121cL J'an. 6
2 142c. Jan. 13
1931
2.121e. Dee, 9
Anthracite Shipments Declined in January 1931.
2 382o. Jan. 7
1930
2.362o. Oct. 29
1931,
2.412e. Apr. 2
Shipments of anthracite for the month of January Phila1929
2.3140. Jan, 3
2.3910. Deo, 11
of Information,
1928
2 453e, Jan. 42.293o. Oct. 25 as reported to the Anthracite Bureau
1927
2.403e. May 18
2.4530. Jan. 5
4,999,708 gross tons. This is an
1926
.
2.396o. Aug 18 delphia, amounted to
2 560e. Jan. 6
preceding
1925
increase as compared with shipments during the
Iron.
Pig
December 1930 of 110,651 tons, and when comareas Ton. "'Based on average of baste Iron at Valley month of
delrease of
Feb. 17 1931, $16.71 a
$15.88 furnace and foundry Irons at Chicago, pared with the month of January 1930 shows a
One week ago
,
(in gross
15.90 Philadelphia_Buffalo. Valley and Biz
One month ago
406,080 tons. Shipments by originating carriers
lS.00J mlnaham.
One year ago
tons) are as follows:
Mob.
.1 lieb. 17
515.7 Low
Jan. 1931 Dec. 1930 Jan.1930 Dec. 1929
$15.90 Jan.
Month of
1931
1,059,173 1,176,849 1,149,275 1,157,152
15.90 Dec. 16 Reading Co
18.21 Jan. 7
989,069
813,538
740,708
813,424
1930
18.21 Dec. 17 Lehigh Valley RR
18.71 May 14
514,375
560,885
407,520
468,410
1929
17.04 July 24 Central RR. of New Jersey
18.59 Nov. 27
802,112
803,073
659,655
1928
618,278
17.54 Nov. 1 Delaware Lackawanna & Western RR.
19.71 Jan. 4
712,772
786,077
692,778
1927
707,146
19.46 July 13 Delaware & Iludeon RR. Corp
21.54 Jan. 5
533,105
563,386
519,439
1926
547,035
18.96 July 7 Pennsylvania RR
22.50 Jan. 13
518,908
611,671
412,500
1925
492,926
Erie RR
156,499
142,172
Steel Scrag).
82,506
quo_ New York Ontario & Western Ry...._ 92,212
204.243
219,010
197.102
lBased on heavy melting steel
201,104
Lehigh & New England RR
Feb- 171931, $11.08 a Gross Ton,
511,131 tations at Pittsburgh, Philadelphia
One week ago
4 999,708 4,889,057 5,405.788 5,831,53
il.33f and Chicago.
One month ago
Total
15.00
One year ago
Fm. 21 1931.]
1323
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending Feb. 18, as reported by
the 12 Federal Reserve banks, was $940,000,000, a decrease
of $8,000,000 compared with the preceding week and of
$243,000,000 compared with the corresponding week in
1930. After noting these facts, the Federal Reserve Board
proceeds as follows:
On Feb. 18 total Reserve bank credit amounted to 3905.000,000, a
decrease of $24,000,000 for the week. This decrease corresponds with a
decrease of $34,000,000 in money in circulation and an increase of $10,000,000 in monetary gold stock, offset in part by an increase of $15.000,000
in member bank reserve balances and a decrease of $4.000,000 in Treasury
currency.
Holdings of discounted bills declined $14,000,000 at the Federal Reserve
Bank of New York, 33,000.000 each at Cleveland and Kansas City, and
$22,000,000 at all Federal Reserve banks during the week. The System's
holdings of bills bought in open market increased 36,000,000 and of Treasury notes 34,000.000, while holdings of Treasury certificates and bills declined 313,000.000 and of U. S. bonds 32,000,000.
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 previously 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 Feb. 18, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages—
namely, pages 1369 and 1370.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Feb. 18 1931 were as follows:
Increase (+) or Decrease (—)
Since
Feb. 18 1931. Feb. 111931. Feb. 19 1930.
$
200,000,000 —22,000,000 —177.000,000
+6,000,000 —187,000,000
94.000,000
600,000.000 —10,000.000 +119,000.000
—19,000,000
+2,000.000
11,000,000
CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Feb. 18 1931. Feb. 11 1931. Feb. 19 1930.
Loans and investments—total
7,953,000,000 7,962,000,000 7,484,000,000
Loans—total
5,456.000,000 5,513,000,000 5,578,000,000
On securities
All other
Investments—total
3,114,000.000 3.050,000,000 2,913,000,000
2,342,000,000 2.463.000,000 2,665,000,000
2,497,000,000 2,449,000.000 1,905,000,000
1 365.000,000 1.348,000,000
U. S. Government securities
1,132,000,000 1.101,000.000
Other securities
804,000,000 798.000,000
Reserve with Federal Reserve Bank
54.000.000
43.000,000
Cash In vault
5.785,000,000 5,833,000,000
Net demand deposits
1,274,000,000 1,225,000,000
Time deposits
14,000.000
14,000.000
Government deposits
79.000.000
101,000,000
Due from banks
1 303,000,000 1,328,000,000
Due to banks
10,000.000
Borrowings from Federal Reserve Bank_
Loans on secur, to brokers & dealers;
1,229,000,000 1,147,000,000
For own account
For account of out-of-town banks_ _ 267,000,000 315,000,000
276,000,000 287,000,000
For account of others
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
Investments—total
1,114,000,000
792,000.000
743,000,000
50.000.000
5.199,000,000
1,225.000.000
1,000,000
78,000,000
844,000.000
37,000,000
962,000,000
987,000,000
1,545,000.000
1,772,000.000 1,749,000,000 3.494,000,000
1,365,000,000 1,335,000,000 3,137.000.000
407,000,000 414,000,000 357.000.000
Chicago.
2,003,000,000 1,989,000,000 1,803,000,000
1,355,000,000 1,409.000,000 1.444,000,000
785,000,000
570,000.000
648.000,000
829.000.000
580.000.000
580.000,000
850.000,000
593,000.000
360,000,000
U S Government securities
345.000,000 282,000,000 160.000.000
Other securitlee
303,000,000 298,000.000 200,000.000
Reserve with Federal Reserve Bank
187,000,000 182,000,000 165,000.000
Cash In vault
14,000,000
13,000.000
14,000.000
Net demand deposits
1,270,000,000 1,260.000,000 1,196,000.000
Time deposits
624,600,000 623,000,000 501,000,000
Government deposits
10,000,000
10,000,000
Due from banks
159,000,000 169,000,000 145,000.000
Due to banks
314,000,000
1
•
•
Borrowing from Federal Reserve Dank
1.000,000
2,000,000
1,000,000
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
Bills discounted
Bills brought
Chicago member banks are now given out on Thursday,
United States securities
Other Reserve bank credit
simultaneously with the figures for the Reserve banks them905,000.000 —24,000,000 —264.000.000 selves, and covering the same week, instead of being held
TOTAL RES'VE BANK CREDIT
4,661.000.000 +10,000.000 +330.000,000
Monetary gold stock
+20.000,000 until the following Monday, before which time the statistics
1,778.000,000 —4,000,000
Treasury currency adjusted
covering the entire body of reporting member banks in 101
+37,000.000
4,560.000,000 —34,000,000
Money in circulation
+65.000,000 cities cannot be got ready.
2,380.000.000 +15,000,000
Member bank reserve balances
Unexpended capital funds, non-memIn the following will be found the comments of the Federal
—16.000.000
+1,000,000
404,000,000
ber deposits, .to
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
Returns of Member Banks for New York and Chicago the week ended with the close of business on Feb. 11:
The Federal Reserve Board's condition statement of weekly reporting
Federal Reserve Districts—Brokers' Loans.
member banks in leading cities on Feb. 11 shows a decrease for the week of
Beginning with the returns for June 29 1927, the Federal $23,000,000 in loans and investments, increases of $223,000,000 in net demand deposits and $15,000,000 in
deposits, and a decrease of $13.Reserve Board also commenced to give out the figures of the 000,000 in Government deposits. time
member banks in the New York Federal Reserve District,
Loans on securities increased 334,000.000 at reporting member banks in
as well as those in the Chicago Reserve District, on Thurs- the New York district and $16,000,000 at all reporting banks, and declined
declined $41,000,000
days, simultaneously with the figures for the Reserve banks $10,000,000 in the Chicago district. "All other" loans
in the New York district. 316,000,000 in the Boston district and $79,000,000
themselves, and for the same week, instead of waiting until at all reporting banks.
the following Monday, before which time the statistics in Holdings of United States Government securities declined $6,000,000
the Chicago district, while all reporting banks show a small reduction
covering the entire body of reporting member banks in the for the week. Holdings of other securities increased 312.000,000 in the
Boston district. $11.000.000 in the Atlanta district. $8.000,000 In the Clevedifferent cities included cannot be got ready.
banks.
Below is the statement for the New York member banks land district and 341.000.000 at all reporting banks from Federal Reserve
Borrowings of weekly reporting member
Chicago member banks for the current Banks aggregated $68.000.000 on Feb. 11, the principal change for the
and that for the
week as thus issued in advance of the full statement of the week being an increase of $9,000,000 at the Federal Reserve Bank of New
member banks, which latter will not be available until the York.
A summary of the principal assets and liabilities of weekly reporting
coming Monday. The New York statement, of course, also member banks, together with changes during the week and the year ending
includes the brokers' loans of reporting member banks. Feb. 11 1931, follows:
Increase(+)or Decrease(—)
Since
The present week's totals are exclusive of figures for the
Feb. 11 1931. Feb. 4 1931. Feb. 11-12 1930.
Bank of United States in this city, which closed its doors on
0
Dec. 11 1930. The last report of this bank showed loans Loans and investments—total—__22,659.000. 00 —23,000.000 +553,000.000
—63.000,000 —988.000,000
15.605.000.000
and investments of about $190,000,000. The grand aggre- Loans—total
+16,000,000 —363.000.000
gate of brokers' loans the present week records an increase
7,319.000.000
On securities
—79,000.000 —625.000,000
8,286,000,000
All other
of $23,000,000, the total on Feb. 11 1931 standing at $1,+40.000.000 +1.541.000,000
7,054.000,000
772,000,000. The present week's increase of $23,000,000 Investments—total
—1.000,000 +611,000.000
follows an increase of $33,000,000 last week and an unin- U. S. Government securities 3,355.000.000 +41.000.000 +930,000.000
3,699,000,000
Other securities
terrupted contraction during the preceding 19 weeks with
+98,000.000
+1,000,000
1,788,000.000
Reserve with
+9.000,000
only a single exception, the decline in this period amounting Cash in vault Federal Rea've banks 234,000.000 +17,000.000
less than $1,506,000,000. Loans "for own account" Net demand deposits
to no
+23.000,000 +694.000.000
13.672,000,000
+15,000.000 +319.000.000
7,175,000,000
incre 4:led during the week from $1,147,000,000 to $1,229,- Time deposits
—13,000,000
+71.000,000
80.000,000
Government deposits
000,000, while loans "doe account of out-of-town banks"
+42.000.000 +647.000,000
1,778,000,000
from banks
to $267,000,000, and loans Due to banks
decreased from $315,000,000
+47.000,000 +978.000.000
3,826,000,000
Due
+3,000.000 —117,000,000
"for account of others" from $287,000,000 to $276,00000.
68,000,000
Borrowings from Fed. Rea. banks_
1324
FINANCIAL CHRONICLE
Gates W. McGarrah President of Bank for International Settlements Urges More Foreign Loans—
Would Reopen Capital Markets to External Financing—Favors Long Term Credits.
Brief reference was made in our issue of a week ago
(page 1136) to an address in Paris, on Feb. 12, by Gates W.
McGarrah, President of the Bank for International Settlements. A more detailed account of what Mr. McGarrah had
to say is taken as follows from the Paris cablegram (Feb.
12) to the New York "Times":
[VOL. 132.
The wholly non-political nature of the world bank was then emphasized
by Mr. McGarrah, who said the governments had no connection with it
or with its administration.
"If political considerations were to govern the bank its usefulness would
be impaired—one might say ended," the President declared. "There is no
indication that governmental interference with a central bank has ever
been anything but injurious and what is true of one central bank is more
than true of this new entity which constitutes an association of central
banks."
Reparations Task Minor One.
The popular conception that the world bank's activity in connection
with the German debt payments constituted its principal operation was
disabused by Mr. McGarrah, who said that while this had been the prime
reason for the bank's creation, this duty had already become a smaller
Breaking the silence which he has maintained since his appointment,
the monthly payments by Germany,
Gates W. McGarrah, the American President of the Bank for International side of its work. The administration of
he explained, was a routine operation which could be carried on by any
Settlements, to-day gave a notable gathering of bankers, lawyers and busitrust company, consequently almost the whole thought and energy of the
ness men at the American Club the first complete account of the new
bank were being directed to other financial fields.
world financial institution's achievements during its nine months of
"The reparation funds proper represented on our last balance sheet
existence.
under 20% of our total assets, which then amounted to about $340,000,000,"
He also took occasion to explain the functioning of the Basle bank, and
said Mr. McGarrah. "Similarly, it is a mistake to consider the institution
in conclusion discussed the pressing financial needs of the moment and
one for handling the so-called inter-allied debts.
how measures to meet them, particularly the expansion of long-term foreign
"While the creditor treasuries may use us like any other bank as a
credits, will aid in restoring a normal economic equilibrium.
depository for funds which may or may not be ultimately employed to
It was a comprehensive and readily assimilated explanation, and those
discharge public debts as well as private debts, there is no provision
fortunate enough to hear it came away surprised at the amazing extent of in the
Young plan or the bank's statutes by which the bank collects from
the Bank's operation during the first period of its history.
the principal debtor on the one hand and remits directly to the principal
Seated around Mr. McGarrah were heads of almost all the important creditor
on the other."
French banks, high officials of the Bank of France, and almost all the
Assets More Than Double.
European representatives of American financial houses.
Regarding the assets of the Bank for International Settlements, Mr.
Pays McGarrah Tribute.
McGarrah said they had grown from 300,000,000 Swims francs to 700,Theodore Rousseau, President of the American Club, and himself a 000,000 [a Swiss franc is worth 19.3c.l, while of the bank's investments
well-known banker, presented the head of the Bank for International 25% of the total at the end of last year was in Germany. Since the
Settlements as a man whose choice was a particularly happy one.
Reich's special need was long-term credits, the world bank had placed in
"As personality, character and assurance of high integrity and ability Germany 95% of its investments for six months or longer.
greatest importance," said Mr. Rousseau,
In such institutions are of the
As the chief among the many important functions of the World Bank,
"we are fortunate in having in the Presidency of the Bank for Inter- Mr. McGarrah named the opportunity it now afforded to the heads of the
national Settlements such a man as our guest."
central banks to come together to discuss their problems, and one of the
After relating at length the varied purposes of the World bank and how outstanding practical results of this new method of approach was the
these were being served, Mr. McGarrah finally outlined what he termed recent decision of several central banks to accept a common standard of
the two great needs of the present.
gold fineness.
"The first," he said, "is encouragement of the transfer of capital from
"To estimate the direction of our future growth is difficult," said Mr.
the short-term money market, where it is so plentiful that it is practically McGarrah. "One conclusion is clear, and that is the increasing interest
impossible to invest it even at low rates, over into the intermediate credit in the institution as evidenced by the number of visits from leading bankers
market, where the supply is insufficient, and the long-term market, and economists from all parts of the world. Basle is becoming an interwhere the supply is woefully inadequate. The next need is the reopening national center for the pradtical study and discussion of the world's
of the great capital markets like that in the city of Paris to foreign monetary and credit problems. We believe the field of the bank's operafinancing, especially at the intermediate and long-term.
tion is broad and will be expanded because of the actual needs which
"I was as delighted as you were by the recent address of my colleague, have made themselves manifest."
Governor Moret of the Bank of France, to the stockholders of that institution, in which he stated he was convinced it was good policy to encourage
foreign loans at long-term. I heartily endorse that view, which I under- British 5. Year Plan Is Proposed to Save Nation's Instand the French Government shares, and I hope further that there may
dustries—Vast Mergers of All Industry, Transport
be such a re-establishment of confidence in America that our own country,
and Commerce Urged by Experts—Would End
like France, may continue to play the necessary economic role of every
creditor country, namely, that of being a supplier of funds to sound
Competition—United States Farm Board, Canada
foreign borrowers."
Pool and Russian System Cited as Path to Be
To Prove Its Interest.
Followed.
Mr. McGarrah went on to point out that the world bank approved the
opinion that intermediate credits were necessary and desirable and said
According to a London cablegram Feb. 15 to the New
that, to demonstrate that its interest was not merely academic, its board York
"Times" reconstruction of the British economic system
had authorized the bank gradually to invest $25,000,000 in such credits
-year plan for Great
from top to bottom is proposed in a new 5
of from six months' to two years' maturity.
"The Bank for International Settlements hopes its example will set a Britain which has just made its appearance and which is
fashion that will be followed by others who have greater resources which certain to start a ferment of discussion in all parties as its
can be utilized for this type of financing," said Mr. McGarrah. "The
understood. The cablegram goes on to say:
Bank for International Settlements endorses the conclusion that under the implications are
Fully as drastic as Russia's experiment, the new proposal would transpresent economic conditions the pressing requirement of the moment to
ameliorate world trade and business is the active expansion of long-term form the British economic structure to enable it to keep pace with the
credits and foreign lending, which, in turn, demand political tranquillity United States and Russia and to save the British nation from economic
and stability, both national and international, to render them practically decline. The document, which runs to sixteen closely printed pages, is
published as a supplement to "The Week End Review" and Is understood
possible.
"It is most appropriate that I should mention this subject before the to be the work of experts in many fields.
Already it has the blessing—In most if not all details—of J. B.S. Haldane,
American Club of the city of Paris because it is upon Paris and upon New
York that owing to the special conditions now prevailing in London the scientist; Sir Oswald Mosley, Professor Harold Laski, A. Duff Cooper,
opportunity and obligation fall to help themselves by helping others Conservative Member of Parliament, and Sir Robert Donald, Liberal publicist. who calls it a "stupendous conception."
through making long-term investments.
"The Bank for International Settlements, within the limits of its
Amalgamations Proposed.
resources and statutes, is prepared to do its part to encourage these proper
The most striking of the dozens of concrete proposals in the plan is the
financial tendencies, and nothing will so advance their realization as the transformation of all industry, transport and commerce of Britain into a
adoption, by all the governments, by all the financial centers, and by all series of great amalgamations or federations on the lines of public utilities.
the peoples, of the guiding precept of our bank, which was laid down for Workers and consumers would be represented in the new organisms and
us by the Young plan itself. I would like to quote this precept, which we within each industry competition would be restricted and in many cases
follow in our daily activities, and I cheerfully recommend it as a guide eliminated. The authors of the plan frankly fear Britain will be left to a
of conduct to everyone and as a prerequisite to the solution of most of slow economic death unless she resolves on heroic remedies.
The examples of the United States Farm Board, the Canadian wheat
the world's ills:
-year plan and the German reorganization are cited
"
'The Bank for International Settlements is an institution whose direc- pool, the Russian 5
tion from the start shall be co-operative and international in character and as showing the path to be followed in the future by Britain. A lesson is
seen, however, in the "collapse of economic isolation and high protection
whose members shall engage themselves to banish the atmosphere of war,
to obliterate its animosities, its partisanships, and to work together for a in America."
"It is now clear," say the authors of the plan, "that America has been
common end in a spirit of mutual interest and good-will.'"
on the wrong track: there is still a risk that the belatedly-absorbed American
The Bank's Functions.
Ideas, which America is already being forced to discard, may be accepted—
In his review of the bank's development to date Mr. McGarrah began by
in some such shape as British Empire economic unity—for a new economic
saying that up to the present it had not undertaken all "the world-saving
and philanthropic suggestions that have been presented or that news"There is the opposite risk that In incompetent hands this country may
papers have assigned to it."
go on drifting either toward a sharp crisis which might have revolutionary
"The bank," he continued, "has been established and equipped to assist consequences or to a dictatorship or, perhaps worse still, to a gradual
in promoting and simplifying the international flow of capital and the decline through failing to understand in time that things have changed
development of new facilities for international financial operations.
since 1890."
"It is already international, though but nine months old, because its
Self
-Government Proposed.
shares have been placed by or through the central banks or banking
The plan recommends that as soon as theindustries have grouped themgroups of 22 nationalities, because it already operates in 24 of the world's selves according to their "function." established an industrial court and
currencies which are on a gold or gold-exchange standard, because its con- agreed to limit profits, they should be allowed to govern themselves free
servative short-term investments are in markets as remote as Tokyo and of State Interference.
Rome, Athens and Helsingfors, and because in its staff at Basle there are
"Itself
-government is good and feasible for Boers, Irishmen and IIindus
persons of 10 nationalities.
it certainly is good for commerce and industry, which are now treated by
"In the daily working of the bank, where four languages are employed politicians in much the same manner as America was before her independin correspondence, the entire spirit is one of international understanding ence," says the document.
Large-scale buying is recommended as the inevitable answer to the Amerand collaboration and of an appreciation of the fact that capital is fluid
ican Farm Board and the Canadian wheat pool. Erratic small-scale buy-.
and overflows mere national or geographical divisions."
FEB. 21 1931.]
FINANCIAL CHRONICLE
Ing, the document declares, is responsible for wild price fluctuations
such
as the frenzied speculation in Chicago in the autumn of 1929.
The last proposal of the plan—and the one on which it is
recognized
all depends--is a "dynamic peace policy." This would consist in
"abandonment of the half-hearted attitude toward disarmament and treaty revision,"
in the active use of all weapons for peace propaganda and
"friendship with
Soviet Russia and the United States must be taken as a cardinal condition
of world peace."
Chancellor Snowden of Great Britain Denounces War
Debts As Curse of Future—Huge Budget Deficit
Ahead.
A conservative party resolution that the British Parliament had lost confidence in the MacDonald Labor Government because of its extravagance in a time when econnomy
was urgently needed was lost on Feb. 11 in the House of
Commons by a vote of 310 for government to 235 against,
with most of the Liberals voting with Labor. A cablegram
from London Feb. 11 to the New York "Times" in reporting
this stated that the debate was marked by an attack by
Phillip Snowden, Chancellor of the Exchequer,on the British
war debt settlement with America, in which he predicted
that "posterity will curse those who were 'responsible." A
later cablegram Feb. 13 to the same paper from London
had
the following to say with regard to the Chancellor's speech
of Feb. 11 and its interpretation by the newspapers:
Philip Snowden, Chancellor of the Exchequer, assured Stanley
Baldwin
to-day that he was not referring to Mr. Baldwin's settlement of the
American
debt when he alluded to Great Britain's war debts Wednesday night
in his
economy speech in the House of Commons.
Former Premier Baldwin may, on a question of privilege next
Monday,
ask the Chancellor of the Exchequer to make this clear in the House
because
a large section of the British press has interpreted Wednesday's speech
an attack on Mr. Baldwin for the terms be accepted in Washington as
In
June 1923.
It was a case of the men of the press gallery mistaking the
meaning
a gesture. It is contrary' to the rules of the House of Commons for of
one
member to refer to another by name. He must identify him by
pointing or
by reference to his constituency. When Mr. Snowden said
posterity would
curse those responsible for the way the debt was incurred he was
standing
directly opposite Mr. Baldwin, who was sitting in the front
Opposition
bench on the other side of the table.
The Chancellor of the Exchequer made a quick gesture which,
from one
end of the press gallery, seemed to be directed toward the
Conservative
leader, but it was not.
Mr. Snowden might have been pointing at David Lloyd
George, the
Liberal leader.
At any rate, the general understanding of members of Parliament to-day
Is that Mr. Snowden was not referring to this country's foreign
obligations
on the war account but to domestic debts growing out of Mr. Lloyd
George's
lavishness as Minister of Munitions and other war-time expenditures of
his
government both before and after America entered the war.
In its further account from London Feb. 11, from which
we quoted at the beginning of this item, the "Times" said
In part:
1325
Such increases Mr. Snowden regards as much less dangerous than any
statutory reduction of interest on government securities which the Lett
Wing extremists are demanding, but which would be sure to disturb
"the
City" and drive British capital abroad.
Chancellor Approves Committees.
When the Liberal amendment to kill the Tory motion of censure by providing a committee to investigate ways and means of economy came
to a
vote, Mr. Snowden gave it his cynical approval.
"Let them have a committee," he said. "It will do no good and no hum.
We have already got about seventy committees of inquiry."
The remedying of such little leaks as committees may find h not going
to help the situation, according to Mr. Snowden. What he demands
is a
change of policies and that is where he is embarrassing his own party.
"I want to say again," he declared to the House, "that it is only on
policy where large savings can be made. Let the House of Commons face
that. A vast amount of our expenditure is fixed by law, by acts of Parliament, by contracts and by royal warrant. Over £600,000,000 [about $3,000,000,000] falls in these categories. Parliament alone can deal with
these things. Administrative economies in the departments won't help
that situation. Nothing the Chancellor of the Exchequer can do will remedy it.
With all the seriousness I can command, I say the national position is so
grave that drastic and disagreeable measures have to be taken if the budget
equilibrium is to be maintained and industrial progress made.
Opposes Heavier Taxes.
"I believe that added tax on industry under these conditions would be
the last straw. Schemes involving heavy expenditures, however desirable,
will have to wait until prosperity returns."
Turning around to face the Labor back benches, Mr. Snowden added:
"No class will benefit more from such restraint of expenditures than the
wage earners.
"I have been In active political life for forty years," continued the Chancellor, "and my only object has been to improve the lot of the toiling millions. If I now ask some temporary suspension and some temporary sacrifice, it is because I believe it necessary in order to make future progress
possible.
"The budget position is serious. It is no secret that I shall have a heavy
deficit at the end of the financial year. No budget in the world could
stand such excessive strain as is placed on ours by the increase in unemployment of the last twelve months. Expenditure has increased and revenue
has declined. Productive capacity has fallen off 20 per cent. Capital
values have fallen. But, despite all this, British credit standing is higher
to-day than at any time in the last five years.
"Though the industrial slump has affected us seriously, we have suffered less than other great industrial countries. Their bugetary position
is worse than ours. This is no time to help ruin our country in the estimation abroad by charging our plight is the sole result of having a Socialist
government.
Warns of Effect of Fear Abroad,
"One vulnerable spot in our position is the fact that we are the world's
great financial center. If there were well-grounded fears that our budgeting
was not sound they might have disastrous consequences with their repercussions abroad. Other countries are watching us and we must maintain our
financial p • .ion.
"We can do that. Our position is fundamentally aour41, sounder than
that of any other country in the world. All this is required to get over
the present crisis. It will involve temporary sacrifices from all and those
best able must make the largest sacrifices.
"In this general sacrifice members of the Cabinet are ready to make
their contributions.
"It is a crisis which no one party can solve. But the country as a
whole and the entire House of Commons must realize the gravity of the
situation. Instead of party bickering, which we can resume later, we must
now unite in a common effort to overcome the temporary difficulties and
restore prosperity."
The Chancellor's reference to the sacrifices the Cabinet is ready to make
Is relevant to a statement he recently made at a
party meeting to the
effect that members of the Government should accept a 20% cut
in their
salaries and private members of Parliament 10%.
Immediately after the defeat of the motion of censure a Liberal amendment calling for the appointment of a committee to devise economies in public expenditures, which had Premier DiacDonald's approval, was adopted by a
vote of 457 to 21. There were 21 negative votes, all cast by the Left Wing
radicals of the Labor party, who are against all retrenchment policy for
fear it means the curtailment of State pensions and other social services
and would be an entering wedge for a general wage reduction move to help
industry by decreasing costs of production.
That part of Mr. Snowden's speech which was of international significance was his very brief reference to the war debts. He named no country
Says Chancellor Snowden Banned Loan for Banks'
and no person, but, of course, he had in mind only the United
States of
America and Stanley Baldwin, who was sitting on the opposite
Sake—London Financial House Holds Conversion
bench and
who as Chancellor of the Exchequer in 1922 committed England
Would Impose Extraordinary Tax Burden.
to the
present arrangement for the debt payment to America.
The following London cablegram, Feb. 19, is from the
"We have the burden of the war debt," said Mr. Snowden.
"I don't
want to give offense to anybody when I make this statement,
that when the New York "Times":
history of the way in which that debt was Incurred—its
A possible explanation as to why Philip Snowden, Chancellor of the
recklessness, its
extravagance and its commitments made, which were
altogether unnecessary Exchequer, backed down on his proposal to convert the 5% war loan was
at the time—when all that comes to be known, I am afraid
posterity will put forward by a London financial house to-day. The conflict between the
curse those who were responsible."
City and the Treasury, it says, arose when financiers foresaw that sucSir Laming Worthington-Evans opened the argument in
support of the cessful conversion operation had become Impracticable because of income
motion of censure. He and Sir Robert Horne and other
tax claims.
joined in the denunciation of the MacDonald Government Conservatives who
Banks, discount houses and other similar institutions are very large
based their charges
of extravagance chiefly on the figures of unemployment
holders of the war loan, which they bought cheaply and they are liable
,insurance which to
were revealed yesterday.
income tax on all "realized" investment profits. Acceptance of the
conversion
Mr. Snowden began to reply with the familiar political
recrimination to and if only offer would lead to such profits being shown on their bcelks,
the effect that the country's present plight was caused by the
one-quarter of the total war loan were held by such institutions,
of the last Tory Administration under Stanley Baldwin. He extravagance and the capital appreciation was 10%, then more than $55,000,000 would
said that he have to
be paid in income tax.
had had to increase taxation by $200,000,000 a year to pay
for the mess in
Obviously, there was no reason why banks or others holding trust moneys
which Winston Churchill, his Conservative predecessor in
the Treasury, should hasten a drain
of this kind on their resources.
had left the national finances.
Forecast of Budget Sees.
After these fireworks Mr. Snowden got down to the realities of the
present
emergency, making what is considered as the first forecast
of this year's
budget and described in the lobbies as the most important speech
Parliament
had heard for years. His budget, which is now less than two months
off,
must take care of a deficit of $150,000,000 or more this year, and
next
year he must anticipate a deficit estimated at $250,000,000.
To balance the budget and maintain national solvency, he
proposes
drastic economies. He told the dismayed and silent Labor Left
Wingers
on the Socialist benches that no more money would be available for social
service enterprises by the State, no matter how praiseworthy they might
be.
He said any further taxation on industry would be disastrous. He
told
the Conservatives, who were by this time as silent as the Socialists,
that
he would call on all who could afford them for further sacrifices.
The
Tory leaders interpreted that as meaning the new budget was
going to
demand an increase in the rates of income tax and super tax.
Senator Harrison Urges U. S. Postpone Debt Retirement—,
Opposes Sinking Fund Payments in Face of Possible Tax
Rise.
Return to the policy of public debt retirement by 1952,
adopted in 1919 with the establishment of the sinking fund,
was advocated by Senator Pat Harrison (Dem., Miss.) in
an address before the twenty-fifth annual banquet of the
Chicago Coal Merchants' Association, on Feb. 16. The
New York "Journal of Commerce" in a Chicago dispatch
from which we quote, further reports him as follows:
Pointing out that the debt bas been reduced $10,650,000,000 in the
last
eleven years and that almost $3,500,000,000 of that amount "was
taken
1326
FINANCIAL CHRONICLE
[Vol,. 132.
The figures are contained in a memorandium submitted by the British
from the pockets of the American taxpayers" in the form of annual surTreasury to the Royal Commission on Unemployment Insurance. The
pluses, Senator Harrison said:
of memorandum drew attention pointedly to the gravity of the situation.
"I believe in that philosophy of Government that opposes the levying
"The increase ofexpenditure in 1930 over that of 1928 was $125,000,000."
I cent more of taxes than is required to administer the Government
says the memorandum, "and the increase of 1931 over 1928 may amount
economically.
to some $225,000,000, Even in the most favorable conditions so great
Sees Tax Rise Threat Unnecessary
an increase so swiftly incurred would overtax the budget.
"After twelve years of peace, because of a complete change in the Gov"In the present conditions it must be taken in conjunction with the other
ernment's fiscal program and the too rapid reduction of the national debt, continuing liabilities of the State. both for the war debt and otherwise,
To my mind it is not neceswe are threatened with increased taxation.
and in these conditions it will not merely disturb, but will entirely upset
sary and it is a suggestion that should not be tolerated in this day of the equilibrium of the budget on the basis of existing taxation.
economic confusion. There is no reason for business to become frightened
"And in 1931 the revenues must be expected to fall; the extent of the fall
over this suggestion, or because of any legislative events that have cannot yet be estimated, but the extent of the fall requires to be balanced
Congress. There is nothhappened in Washington during this session of
If the equilibrium of the nation's finances is to be preserved."
ing in the increased appropriations that should throw out of gear the fiscal
Contributions by the State dole fund vrlll, by 1932, have been the cause
policy of the Treasury Department."
of borrowing from the Treasury amounting to about $550.000,000.
Senator Harrison declared that the too rapid retirement of the public
debt adds to the economic confusion and imposes burdens upon the
American taxpayer when he is least able to bear them. He added that by Finance Committee of French Chamber of Deputies
returning to the policy adopted in 1919" we can then not only reduce the
Votes $8,000,000 for Idle—Unemployment Estiannual sinking fund requirements, because of the increase in foreign
mated at 90,000-200,000 Partly Employed.
payments, but we can actually reduce taxes instead of increasing them."
Says Policy Would Stimulate Business
a
"If the Government underestimates the revenues for any year and
debt, then
surplus is built up and applied to the payment of the national
year, when there
the policy should be that the next year or the following
promay be a deficit, the surplus should be credited to the debt retiring
gram," Senator Harrison said.
"If that policy should be adopted, $3,500,000,000 now already drawn
and
from the taxpayers as a surplus over Government requirements,
lean years
applied to the payment of the debt, should be credited in those
to the debt retiring program.
"I know of no policy the Government could now inaugurate which
to a
would be more stimulating to business and give greater impetus
revival of our prosperity."
bill providing for additional
Senator Harrison predicted passage of the
loan value for adjusted service certificates and expressed the opinion that
fears expressed by the Treasury Department as the results of financing
these loans were not justified.
Associated Press accounts from Paris Feb. 16 stated:
An appropriation of $8,000,000 for unemployment relief was voted to-day
by the Finance Committee of the Chamber of Deputies, eight of whose
19 members opposed the measure.
Their action now must come before the Parliament for ratification,
and the Laval Government is expected to be antagonistic.
This may be a dangerous issue for the Government at this time, while
the whole country is talking unemployment relief, and Premier Laval's
political foes already are preparing for a strong attack.
On Feb. 12 a cablegram from Paris was reported as follows
in the New York "Times":
Labor Minister Landry informed the Chamber of Deputies to-day that
about 90,000 Frenchmen were at present wholly unemployed, while 200,000
more were only partly employed.
Leon Blum, Socialist leader, asked the Minister what steps he intended
to take to provide complete statistics on the number of unemployed in
France. M. Blum said the figures so far published were based on those
supplied by the municipal unemployed relief fund, but that as those funds
did not exist in every town the figures were necessarily incomplete. If
they were to be believed, he said, the number of unemployed in France
was only 50,000, whereas that total in reallty was exceeded in Paris alone.
M. Landry said the only reliable unemployment information could be
obtained from the census. The last official census of five years ago revealed 245,000 unemployed, but barely 500 were receiving unemployment
relief at the time.
Prime Minister MacDonald of Great Britain Victor on
Increased Dole for Unemployed—Commons Gives
Majority of 61 on the Second Reading of $100,000,000 Bill.
The MacDonald Government won by a majority of 61
In the British House of Commons on Feb. 18, in the vote on
the second reading of the bill to increase the borrowing power
250,000 Metal Workers on Five-Day Week in Berlin to
of the unemployment insurance fund by al--rut $100,000,000.
Take Corresponding Cut in Pay.
The vote was 279 to 218. This was noted in a cablegram to
The following Associated Press cablegram from Berlin
said:
the New York "Times," which also
York "Times":
Earlier in the day the House of Lords overwhelmingly rejected the school Feb. 16 is from the New
attendance bill by a vote of 162 to 22, but the defeat will have no effect
on the Laborite Cabinet.
Under date of Feb. 16, Associated Press accounts from
London to the "Times" said:
A quarter of a million workers in the Berlin metal industry hereafter
pay.
will have a five-day working week with a corresponding reduction in
An agreement with employers made effective as of to-day,stipulates that
well as on Sunday. Clerical
the men shall not come to work on Saturday as
staffs will work one and one-half hours less each day.
The Labor Government's majority on the division in the House of
Commons to-night shrank to 31. in contrast with majorities running as
in Figures
Italy's Jobless Increase to 721,976—Rise
high as 75 in several division since Jan. 1.
Largely Due to Seasonal Lack of Agricultural
To-night's division was on a Conservative amendment to a Governfor the unemployment resolution which would extend borrowing powers
Work-180,494 on Dole List.
ment fund from $350,000.000 to $450,000,000.
From Rome, Feb. 16, Associated Press advices to the
Conservatives demanded that these powers be extended by Only
The
$50,000.000 instead of $100,000,000, but were defeated by 251 to 220 votes. New York "Evening Post":
Then the Government resolution was adopted without division.
Unemployment is on the increase in Italy. An unofficial report to-day
Margaret Bondfield, Minister of Labor, moved the resolution to extend
that Feb. 1 there were 721,976 unemployed in Italy, as compared
borrowing powers of the fund, saying the $350,000,000 provided has said
the
with 642.169 the previous month. Of those unemployed now 556,963 are
almost been exhausted, to $450,000. She said the unemployment total
men and 165,013 are women. Unemployment insurance has been granted
as of Feb. 2 was 2,624,000 and that if the average remained at that level
to 180,494.
the fund's borrowing power would be exhausted by the middle of July.
The increase in unemployment is chiefly among agricultural workers.
due to seasonal lack of work. The unemployed in this class number 208.612,
British Unemployed 2,637,131.
According to an Associated Press cablegram from London Great Britain's New Statement of Policy Toward
Palestine—Arab Heads Threaten to Quit Over
Feb. 17 Great Britain's unemployment total as of Feb. 9
White Paper's Modification.
2,637,131, an increase of 12,895 over the previous week
was
In a new statement of British policy in Palestine, made
and 1,117,157 over the same date a year ago.
public as a letter to Dr. Chaim Weizmann, President of the
Says Dole Threatens Stability of Britain—Sir Richard World Zoinist Organization, Prime Minister J. Ramsay
Hopkins Asserts Borrowing Has Brought Alarming MacDonald of Great Britain on Feb. 13, clarified the White
Situation.
Paper of October 1930, in a manner which appeared to meet
The New York "Times" reported the following from with the full approval of the Zionists. Stating this, Associated Press cablegrams from London on Feb. 13,continued:
London Jan. 29:
unemployment dole is now constituting
A warning that the burden of the
stability was uttered to-day by
a grave threat to Great Britain's financial
and Supply Services at the
Sir Richard Hopkins, Controller of Finance
Treasury.
Unemployment Insurance,
Testifying before the Royal Commission on
benefit to the exchequer
Sir Richard said the cost of the unemployment
over 1928 was $125,000.in 1930 was $185,000,000. The increase in 1930
in the opinion of Sir Richard,
000. while increase in 1931 over 1928 might,
amount to $225,000,000.
present vast scale without
"The continued state of borrowing on the
unemployment insurance fund,"
adequate provision for repayment by an
the stability of the British
he added, "would quickly call in question
writing it off. The money
financial system. There can be no question of
the general taxpayer is now
which has been borrowed must be repaid, and
In no position to relieve the fund of its obligations."
argued, so great an inEven under the most favorable conditions, he
the budget.
crease In borrowings for the dole would overtax
Dr. Weizmann, who submitted his resignation as head of the Zionist
movement last fall as a protest against the White Paper, characterized
to-day's statement as restoring "a basis for co-operation" and declared that
"confidence in the economic future of Palestine should revive."
The Prime Minister's letter took up the various points In the Government's statement to which the Zionists objected last year, and the Zionists
on
took the position that the new statentent places a fresh interpretation
the original document and that in some points the original is reversed
altogether.
on
As the Zionists interpret it, the new statement grants clear concessions
Jewish
the point of immigration, abandoning the principle of estimating
unemployment,
immigration to Palestine with regard to Arab and Jewish
absorptive
and restoring the older principle of"immigration according to the
implying
capacity of the country." In Zionist circles this is regarded as
supposed
continued Jewish labor immigration, which the White Paper was
to have suspended.
Weizmann are
While admitting that certain passages in the letter to Dr.
it a spirit
open to varying interpretations, the Zionists profess to see in
home.
Further advices (Associated Press) Feb. 11 from London of extreme friendliness to the Jews and to the Jewish Nationalnew Palestine
The Zionists declare that the document stipulates that the
stated:
land and stipulates
the British taxpayer development scheme encourages Jewish settlement on
The dole, it is officially estimated, will have cost
the commission which
more during the financial that Jews and Arabs be equally represented on
between $250,000,000 and $275,000,000 or even
will control that scheme.
year opening April 1 next.
FEB. 21 1931.]
FINANCIAL CHRONICLE
1327
The words "right and position of other sections of the population" ocDr. Weizmann expressed particular gratification at the Prime Minister's
designation of the statement as an authoritative interpretation of the White curring in Article 6 plainly refer to the non-Jewish community. These
and to the rights and positions are not to be prejudiced, that is, are not to be imPaper which is to be communicated to the League of Nations
paired or made worse. The effect of the policy of immigration and settleHigh Commissioner of Palestine.
In the Zionist interpretation of the statement, the salient points were the ment on the economic position of the non-Jewish community cannot be exnew definition of the term "landless Arabs," the promise of a Government cluded from consideration. But the words are not to be read as implying
investigation to determine what State and other lands can properly be made that existing economic conditions in Palestine should be crystallized. On
available for close settlement by Jews, and a denial that further land pur- the contrary, the obligation to facilitate Jewish immigration and to enchases by Jews were to be restricted in any manner objectionable to the Jews. courage close settlement by Jews on the land remains a positive obligation
of the mandate, and it can be fulfilled without prejudice to the rights and
From Jerusalem Feb. 16 the New York "Times" reported position of other sections of the population of Palestine.
We may proceed to the contention that the mandate has been interthe following (Associated Press):
The Jewish Telegraphic Agency learned to-day from the Arab newspaper preted in a manner highly prejudicial to Jewish interests in the vital mat"Al Hayat" that the Arab Executive, the Moslem Supreme Council and the ters of land settlement and immigration. It has been said that the policy
senior Arab officers in the Palestine Government, including judges, might of the White Paper would place an embargo on immigration and would
resign as a result of the British Government's restatement of its Palestine suspend, if not indeed terminate, the close settlement of the Jews on the
land which is a primary purpose of the mandate. In support of this contenpolicy.
This restatement was made last week by Prime Minister MacDonald tion, particular stress has been laid upon the passage referring to state
in a letter to Dr. Chaim Weizmann, the Zionist leader, in order to clear lands in the White Paper, which says that "It would not be possible to
up the "misunderstanding and miscenception" aroused by the Passfield make available for Jewish settlement in view of their actual occupation
by Arab cultivators, and of the importance of making available suitable
White Paper on Palestine.
Contrasting the White Paper with the Prime Minister's letter, "Al land on whicn to place the Arab cultivators who are now landless."
The langauge of this passage needs to be read in the light of the policy
Hayat" asserted that the latter had at one stroke destroyed the Arabs'
as a whole. It is desirable to make it clear that the landless Arabs to whom
confidence in the mandatory Power's good faith.
forwarded a statement to the High it was intended to refer in the passage quoted were such Arabs as can be
Meanwhile the Arab Executive has
Commissioner in which it states that it regards the Government's letter shown to have been displaced from the lands on which they can establish
as a "retreat" and asks that the protest be communicated to London.
themselves, or other equally satisfactory occupation. The number of such
Jewish newspapers commented favorably on the letter to-day agreeing displaced Arabs must be a matter for careful inquiry. It is to landless
co-operation with the British Government.
that it had restored a basis for
Arabs within this category that his Majesty's Government feel under an
settlement upon
The complete text of Prime Minister MacDonald's letter obligation to facilitate their detracts from the the land. The recognition
larger purposes of developof this obligation in no way
British Government's ment which his Majesty's Government regards as the most effectual means
to Chaim Weizmann, regarding the
policy in Palestine, was made public at London on Feb. 13 of furthering the establishment of a National home for the Jews.
In framing a policy of land settlement It is essential that his Majesty's
as follows by the Jewish Telegraph Agency:
Government should take into consideration every circumstance that is relaDear Dr. Weizmann.—In order to remove certain misconceptions and
vant to the main purposes of the mandate. The area of cultivatable land,
misunderstanding which have arisen as to the policy of his Majesty's the possibilities of irrigation, the absorptive capacity of the country in
Government with regard to Palestine, as set forth in the White Paper of relation to immigration, are all elements pertinent to the issues to be eluciOctober, 1930, and which were the subject of a debate in the House of dated, and the neglect of any one of them would be prejudicial to the
Commons on Nov. 17 and also to meet certain criticisms put forward
formation of a just and stable policy.
by the Jewish Agency, I have pleasure in forwarding to you the following
It is the intention of His Majesty's Government to institute an inquiry as
statement of our position as the authoritative interpretation of the White
soon as possible to ascertain inter alia what State and other lands are, or
Paper on the matters with which this letter deals.
Jews under referIt has been said that the policy of his Majesty's Government involves a properly can be made, available for close settlement by
Article 6 of the manserious departure from the obligations of the mandate as hitherto under- ence to the obligation imposed upon the mandatory by
This inquiry will be comprehensive in its scope, and will include
stood, that it misconceives the mandatory obligations and that it fore- date.
conduct of the inquiry proshadows a policy which is inconsistent with the obligations of the man- the whole land resources of Palestine. In the
vision will be made for all interests, whether Jewish or Arab, making such
datory to the Jewish people.
put forward.
His Majesty's Government did not regard it as necessary to quote in ex- representations as it may be desired to
The question of the.congestion amongst the fellaheen of the hill district
tense the declarations of policy which have been previously made, but atof Palestine is receiving the careful consideration of His Majesty's Governtention is drawn to the fact that not only does the White Paper of 1930
refer to and indorse the White Paper of 1922, which has been accepted by ment. It is contemplated that measures will be devised for the improvehitherto may
the Jewish Agency, but it recognizes that the undertaking of the mandate ment of the land and for bringing into cultivation areas which
feliaheen a
is an undertaking to the Jewish people and not only to the Jewish popula- have remained uncultivated, and thereby securing to the
better standard of living without, save in exceptional cases, having
tion of Palestine. The White Paper places in the foreground of its statement the speech I made in the House of Commons on April 6 1930 in which recourse to transfer.
In giving effect to the policy of land settlement as contemplated in
I announced, in words that could not have been made more plain, that it
mandate, it is necessary, if disorganization is to be
was the intention of His Majesty's Government to continue to administer Article XI of the
policy is to have a chance to succeed, that there should
Palestine in accordance with the terms of the mandate as approved by avoided, and if the
exist some centralized control of transactions relating to the acquisition
the Council of the League of Nations. Tnat position has been reaffirmed
such interim period as may reasonably be
and again made plain by my speech in the House of Common on Nov. and transfer of land during
necessary to place the development scheme upon a sure foundation. The
17. In the speech on April 3 I used the following language:
regulative and not prohibitory, although it does
power contemplated is
"His Majesty's Government will continue to administer Palestine in
accordance with the terms of the mandate as approved by the Council of involve a power to prevent transactions which are inconsistent with the
the League of Nations. This is an international obligation from which tenor of the scheme.
there can be no question of receding.
But the exercise of the power will be limited and in nu respect arbitrary.
"Under the terms of the mandate,His Majesty's Government are respon- In every case it will be conditioned by considerations as to how best to
sible for promoting the establishment of a National home for the Jewish
give effect to the purposes of the mandate. Any control contemplated will
people, it being celarly understood that nothing shall be done which might
prejudice the civil and religious rights of existing non-Jewish communities be fenced with due safeguards to secure as little interference as possible
In Palestine, or the rights and political status enjoyed by Jews in any other with the free transfer of land. The centralized control will take effect as
country.
,
carrying out
"A double undertaking: is involved to the Jewish people on the one hand from such date only as the authority charged with the duty of
and to non-Jewish population of Palestine on the other; and it is the firm the policy of land development, shall begin to operate. The High Comresolve of His Majesty a Government to give effect in equal measure,to both missioner shall, pending the establishment of such centralized control.
parts of the declaration, and to do equal Justice to all sections of the poputenancy and
lation of Palestine. That is a duty from which they will not shrink, and have full powers to take all steps necessary to protect the
to discharge of which they will apply all the resources at their command." occupancy rights, including the rights of squatters, throughout Palestine.
That declaration is in conformity not only with the articles, but also with
Further, the statement of policy of his Majesty's Government did not
the preamble of the mandate, which is hereby explicitly reaffirmed.
imply a prohibition of acquisition of additional land by Jews. It contains
In carrying out the policy of the mandate, the mandatory cannot ignore no such prohibition, nor is any such intended. What it does contemplate
the existence of the differing interests and viewpoints. These, indeed, is such temporary control of land disposition and transfers as may be
are not in themselves irreconcilable, but they can only be reconciled if necessary not to impair the harmony and effectiveness of the scheme of
there is a proper realization that the full solution of the problem depends land settlement to be undertaken. His Majesty's Government feel bound
upon an understanding between the Jews and the Arabs. Until that is to point out that it alone, of the Governments which have been responsible
reached, considerations of balance must inevitably enter into the definition for the administration of Palestine since the acceptance of the mandate,
of policy.
have declared their definite intention to initiate an active policy of developA good deal of criticism has been directed to the White Paper upon the ment. which it is believed will result in a substantial and lasting benefit
assertion that it contains injurious allegations against the Jewish people to both Jews and Arabs.
and Jewish labor organizations. Any such intention on the part of his
Cognate to this question is the control of immigration. It must first of
Majesty's Government is expressly disavowed. It is recognized that the all be pointed out that such control is not in any sense a departure from
Jewish Agency has all along given willing co-operation in carrying out the Previous policy. From 1920 onward, when the original immigration ordipolicy of the mandate, and that the constructive work done by the Jewish nance came into force, regulations for the control of immigration have
people in Palestine has had beneficial effects on the development and well- been issued from time to time, directed to prevent illicit entry and to define
being of the country as a whole. His Majesty's Government also recognizes and facilllenged.
b
chai tate au
authorized entry. This right of regulation has at no time
the value of the services of labor and trade union Organizations in Palestine,
to which they desire to give every encouragement.
But the intention of His Majesty's Government appears to have been
A question has arisen as to the meaning to be attached to the words represented as being that "no further immigration of Jews is to be per"safeguarding the civil and religious rights of all inhabitants of Palestine mitted so long as It might prevent any Arab from obtaining employment."
irrespective of race and religion" occurring in Article 2, and the words His Majesty's Government never proposed to pursue such a policy. They
"Insuring that the rights and position of other sections of the population are were concerned to state that, in the regulation of Jewish immigration,
not prejudiced" occurring in Article 6 of the mandate. The words "safe- the following principles should apply, viz., that "It is essential to ensure
guarding the civil and religious rights" occurring in Article 2 cannot be read that the immigrants should not be a burden on the people of Palestine as
as meaning that the civil and religious rights of individual citizens are un- a whole, and that they should not deprive any section of the present
alterable.
population as a whole, and that they should not deprive any section of
In the case of Suleiman Murra, to which reference has been made, the the present population of their employment." (White Paper. 1922.) In
Privy Council, in construing these words of Article 2, said: "It does not the one aspect, His Majesty's Government have to be mindful of their
mean . . . that all the civil rights of every inhabitant of Palestine obligations to facilitate Jewish immigration under suitable conditions, and
which existed at the date of the mandate are to remain unaltered throughout to encourage close settlement by Jews on the land; in the other aspect,
its duration;for if there were to be a condition of the mandatory jurisdiction they have to be equally mindful of their duty to ensure that no prejudice
no effective legislation would be possible."
results to the rights and position of the non-Jewish community.
The words,accordingly, must be road in another sense,and the key to the
It Is because of this apparent conflict of obligations that His Majesty's
true purpose and meaning of the sentence is to be found in the concluding Government has felt bound to emphasize the necessity of the proper
the article: "irrespective of race and religion." These words indi- application of the absorptive capacity principle. That principle is vital
words of
cate that in respect of civil and religious rights the mandatory is not to to any scheme of development, the primary purpose of which must be the
discriminate between persons on the ground of religion or race, and this settlement both of Jews and of displaced Arabs on the land. It Is for that
protective provision applies equally well to Jews. Arabs and all sections reason that His Majesty's Government have insisted, and are compelled
of the population.
to insist, that government immigration regulations must be properly
1328
FINANCIAL CHRONICLE
applied. The considerations relevant to the limits of absorptive capacity
are purely economic considerations.
His Majesty's Government did not prescribe and do not contemplate
any stoppage or prohibition of Jewish Immigration in any of its categories.
The practice of sanctioning a labor schedule of wage-earning immigrants
will continue. In each case consideration will be given to anticipared
labor requirements for works which, being dependent upon Jewish or
mainly Jewish-capital, would not be .or would not have been undertaken
unless Jewish labor was available. With regard to public and municipal
works failing to be financed out of public funds, the claim of Jewish labor
to a due share of the employment available, taking into account Jewish
contributions to public revenue, shall be taken into consideration. As
regards other kinds of employment, it will be necessary in each case to take
Into account the factors bearing upon the demand for labor, including
the factor of unemployment among both of Jews and the Arabs.
Immigrants with prospects of employment other than employment of
a purely ephemeral character will not be excluded on the sole ground that
the employment cannot be guaranteed to be of unlimited duration.
In determining the extent to which Immigration to any time may be
permitted, it is necessary also to have regard to the declared policy of the
Jewish Agency to the effect that in all the works or undertakings carried
out or furthered by the agency it shall be deemed to be a matter of principle that Jewish labor shall be employed. His naajesty's Government do
not In any way challenge the right of the agency to formulate or approve
and indorse such a policy. The principle of preferential and, indeed,
exclusive employment of Jewish labor by Jewish organizations is a principle
which the Jewish Agency are entitled to affirm. But it must be pointed
out that If, in consequence of this policy, Arab labor Is displaced or existing unemployment becomes aggravated, that is a factor in the situation to
which the mandatory is bound to have regard.
His Majesty's Government desire to say, finally, as they have repeatedly
and unequivocally affirmed, that the obligations imposed upon the mandatory by its acceptance of the mandate are solemn international obligations
from which there is not now, nor has there been at any time, any intention to depart. To the tasks imposed by the mandate, His Majesty's
Government have set their hand, and they will not withdraw it. But if
their efforts are to be successful, there is need for co-operation, confidence.
readiness on all sides to appreciate the difficulties and complexities of the
problem, and, above all, there must be a full and unqualified recognition
that no solution can be satisfactory or permanent which is not based
upon justice both to the Jewish people and to the non-Jewish communities of -Palestine.
J. RAMSAY MAO DONALD.
[vol..
132.
under the Employees Insurance Act of 1911, and operated under Government supervision. It provides compulsory insurance against old age and
disability for persons employed in non-manual occupations and also life
insurance in favor of their dependents.
The credit which has just been arranged provides for discounting the
last 18 monthly installments payable by the Institute to the German
Government in connection with its purchase of 150,000.000 marks par
value of preferred shares of the Railway Co. The purchase price is understood to be 86k.
Other important items in the Government's financial program were
the putting into force of economies in Government expenditures and the
increasing of taxation. In addition it will be remembered that the German
Government arranged a short-term loan last October for $125.000,000 with
an international syndicate headed by Lee, Higginson & Co.
From the Paris correspondent Feb. 16 the "Times" reported the following:
The announcement that French and other foreign participants in the new
German credit had signed a formal contract completing the operation at
Berlin at 6 o'clock this evening was received here with great satisfaction.
The news came by telephone a few minutes after the cermonial of affixing
the signatures and spread quickly in financial and political quarters.
Several important French bankers and representatives of a Paris group
which is assuming a quarter of the $32,000,000 credit went to Berlin for
the final transaction. The failure of the extreme Right leaders to embarrass
the Laval Government by attacking French participation and the formal
consent given by the new Cabinet was emphasized by the consummation
in Berlin this evening. The final debate in the Chamber of Deputies by
means of which the Right Deputies hoped to provoke a crisis and thus to
forestall French participation will not take place until Friday, by which
time the various foreign markets will have absorbed their respective portions
of the credit.
Furthermore, there is every reason for anticipating that when the Chamber does complete its debate on the Nationalist interpellation the whole
discussion, instead of revolving around the Government's action in encouraging French participation, is likely to develop into a consideration
of the broader need of Franco-German rapprochement, in both political
and financial fields.
Thus, instead of embarrassing the Government as they desired, the
Nationalists by their tactics appear to have given great impetus to what
had been for some time rather a stagnant movement for closer collaboration
with Germany. It is not going too far to say, therefore, that public opinion
in France, until now strongly opposed to financial assistance to the Reich,
already is beginning to appreciate the value to France of such aid, provided
it is accompanied by proper safeguards.
Credit of Approximately $30,000,000 Arranged for
If, for example, the average Frenchman can be brought to the point
New
extension of long-term
to
Germany by International Syndicate—Lee, Hig- where he appreciates that the judicious of future tranquillity, itcredits no
would
Germany may prove the best guarantee
ginson & Co. Head American Group—French longer be a problem for the banks to arrange a large long-term credit operation with the former enemy country and pass it along to many thousands
Participation.
individual clients.
Announcement is made of the conclusion of negotiations ofAs "L'Information" explains to-night, the average Frenchman does not
on Feb. 16 by an international syndicate whereby a new realize that France to-day has more than 10,000,000,000 francs placed in
credit of approximately $30,000,000 is extended to Germany. short-term loans in various foreign markets,including Germany. A translation of part of this money into intermediate or long-term credits should
The following announcement was issued Feb. 16 in behalf not prove very difficult once public opinion is educated regarding the
National interest involved.
Higginson & Co., heal of the American group:
of
In addition to this there are huge sums in France awaiting foreign investLee, Higginson & Co., announce that negotiations have been concluded
portion
in Berlin to-day in connection with the discounting of the payments which ment and upon the strength of the credit just concluded not a small
of this already has been crossing the borders to Germany and other counthe German Government is to receive from the Reich Insurance Institute
group
for Employees arising out of the latter's purchase from the German Govern- tries. The fact that the Government gave its official consent to the
ment of 150,000,000 marks par value of German Railways Co. preferred of French bankers has encouraged other financial institutions to offer
credits to German and other sources which had hitherto found it impossible
stock.
Portions of the transaction have been undertaken in the American, to obtain financing in these markets.
French, Swiss, British, Dutch and Swedish markets by the following inAssociated Press advices from Berlin Feb. 16 stated:
stitutions: Lee, Higginson & Co., Banque de Paris et des Pays-Das:Schwa:3m._
After protracted and difficult negotiations, the exchequer of the Reich is
ische Kreditanstalt, Schweizerischer Bank-verein, N. M. Rothschild and assured of 300,000,000 marks ($72,000,000) being entered in the 1930
Sons, Baring Brothers & Co., Ltd., Higginson & Co., J. Henry Schroder budget as the proceeds from the sale of Federal Railways preference se& Co., Mendelssohn & CO., Amsterdam, Nederlandsche Handel Masts- curities.
chappii, N. V. and Skandinaviska Kredit Aktiebolaget.
The Federal Finance Ministry announced to-day that this sum would
As result of this transaction the German Government receives in one go into the budget year ending March 31 by means of an arrangement
amount before the close of the 1930 fiscal year on March 31 the equivalent concluded with Lee, Higginson di Co. of New York and 10 other financial
of 18 months installments agreed upon between the German Government institutions.
and the Reich Insurance Institute for Employees on the basis of a discount
About 180,500,000 marks ($43,320,000) had previously been obtained on
rate of 634% per annum. Thus the amount of 300,000,000 Reichsmarks the security of those shares, mostly from big insurance or underwriting
shown in the budget of the German Government for 1930 as income from concerns, and as the end of the fiscal year neared the Government was
the sale of German Railways Co. preferred stock has been realized.
anxious to be assured of the remainder that the budget might be passed.
Under the new plan the remainder of the 300,000.000 marks is made up,
Further data bearing on the German credit was made
or 119,500.000 marks ($28,680,000). This amount was placed at the
available in New York on Feb. 16:
disposal of the German Government to-day at 6a5% discount.
The participation of French bankers in the financing announced to-day
Government and financial circles were greatly pleased by the news,
for the German Government is regarded as a highly significant political especially since one French bank, despite adverse interpellations in the
and financial development, possibly the most important since the signing Chamber of Deputies, is participating in the financial arrangement.
of the Versailles Treaty. This is the first time since the war that the
Items regarding the credit appeared in these columns
French market has undertaken an official German transaction, the proceeds of which were solely for the use of the German Government as dif- Feb. 7, page 940 and Feb. 14, page 1137.
ferentiated from loans originating out of the Dawes and Young plans.
-et
The question of introducing a German transaction into the French mark
is regarded as involving much more than the willingness of a group of banks
Franco-German Bank Planned to Aid Financing.
to undertake it, since it required official governmental acquiescence.
From the New York "Journal of Commerce" we take the
Tne knowledge that the transaction was contemplated brought about
extended discussions in the French press and 'engaged the attention of the following from Paris Feb. 18:
Chamber of Deputies whore it was announced that the Government would
It is reported that an active Franco-German banking institution will
be strongly questioned on the matter. The questioning of the Government shortly be established to facilitate financial transactions between the two
came Friday night in the Chamber and resulted finally in a vote whereby countries. The new institution, according to reports, will be developed
it was decided that the Government's action in furthering this collabora- from the Bank for Internal and Foreign Commerce, in which the Mannestion between Germany and France would not be further questioned at mann interests and the house of Bauer, Marchal & Co. of Paris have
this time. The Chamber adopted this policy by a vote of 555 to 11. A participations. The Bank for Internal and Foreign Commerce has not been
strong spirit of international co-operation in a program of financial as- active for some years and will be liquidated.
•
sistance to Germany is evidenced by the fact that practically all the imProspects of establishing a Franco-German bank are believed improved
portant financial markets in the world are participating in the operation. by the willingness of George Blumenfeld of the
French house of George
The German Government interprets the fact of French participation in Blumenfeld Sr Cie., having strong Berlin
connections, to Join the board of
this credit as evidence that Germany's moderate policy in international of directors. George Michaelis, former head of the Berlin Association of
relations is bearing fruit. Advices from Berlin also indicate that the better Stock Exchange Agents, is also expected to join
the board.
relations which this credit evidences have resulted in a much improved
financial tone throughout Europe and especially that German banks have
recently witnessed a substantial increase in credit offers from abroad.
The sale of Rm. 300.000,000 of 7% Preferred stock of the German Rail- Berlin Sees Increase in Reparation Bonds—Ascribes
way Co. acquired by the Government some years ago as a temporary
Recent Decline on Foreign Markets to Variety
measure in connection with the financial assistance then extended by the
of Causes.
the Railways was one of the important items in Germany's
Government to
program of financial reform. This sale has now been effected, partly for
From Berlin, Feb. 6, a wireless message to the New York
cash and partly on the installment plan. The installment purchaser is "Times"
stated:
the State Insurance Institute for Employees, a public body formed in 1912
Lee,
FEB. 21 1931.]
FINANCIAL CHRONICLE
Along with other bonds on the Boerse, the so-called Young reparations
loan had a sharp advance this week, ascribed to the improved German
political outlook at home. In this market it has been considered that
the great depression of this loan abroad, which carried the price in the
New York market 20% below the issue price, was due to several coinciding influences. The first was the inopportune time chosen for its issue,
1
the second its low interest rate of 5,%, and the third the "confidence
crisis" precipitated by last September's Reichstag election.
As to the third cause, it must again be said that no party in Germany
except the Communists has pronounced for repudiation of this loan and
that even the Communist declaration is simply a sweeping demand for
repudiation of all loans. Since the crisis of last autumn Chancellor Ernefling, Finance Minister Dietrich, the Prussian Finance Minister, and the
President of the Reichsbank have all declared categorically that the Young
reparations loan would unquestionably be duly paid, interest and principal.
Germany's balance of foreign payments for 1930 indicates that there will
be no difficulty in making transfer for service of the loan.
1329
Referring to India, which after China is the world's largest consumer of
silver, the survey shows that while the Indian Government has been selling
silver, its stock of the metal has not diminished, total reserves on Sept. 30
1930 having increased to 1,159 million rupees in coin and 58 million rupees
In bullion. This unusual condition is due to the steady inflow of rupee
coins from circulation. Since India is not on the silver standard, the coins
returned to the Government yield to the public a higher return than would
their melting and sale as bullion by individual holders.
The marked drop In the price of silver naturally influenced the output of
silver mines in 1930 and a number of these either closed or restricted their
output during the year. But with silver largely a by-product of Copper,
lead and zinc, no great decrease in the output could be expected unless the
production of those baser metals was lessened. Consequently, the animated output in 1930 showed a shrinkage of only 635%. Among the silver
producing nations, only the United States and Peru showed substantial
declines, approximately 18 and 22%, respectively.
Bank of France Dividend Higher—Distribution More
German Reichstag Demands War Debt Revision—Also
Last Year Though Profits Were Lower—Governor
Calls for Impartial War Guilt Inquiry—Turns
Moret on Report.
Down Halt in Payments Now.
From its Paris bureau the "Wall Street Journal" of Feb.
By a vote of 314 to 58, the Reichstag at Berlin, on Feb. 12, 13 reported the following:
rejected a Communist motion demanding the immediate
Gross and net profits of Bank of France in 193() fell below those for 1929
cessation of all reparations payments under the Young plan but the dividend distribution was higher. The following table compares
profits and dividends for the two years (in millions of francs);
and also voted down by 247 to 124 a resolution introduced
1930.
1929.
by the Peasants' part,calling for the immediate application Gross profits_a
1,264
1,823
Net profits_y
314
406
of the revisionary clauses of the plan. A cablegram from Dividend
52%
62%
(net)
Berlin, Feb. 12, to the New York "Times," reporting this.
a Inclusive of carryover from previous year. y After deduction of general
expenses, allotments to pension funds and taxes.
added:
The Reichstag, however, approved a resolution declaring for the necessity of early revision of Germany's reparations commitments, which the
Socialists supported with the proviso that the Government shall designate
the period when such a formal demand for revision shall be deemed
opportune. Only the Communists opposed this resolution.
In addition, the Centrist resoNtion attacking the "war guilt lie" and
calling for an impartial international investigation into the causes of the
World War was carried by an overwhelming majority, and the Government was also instructed to prepare an exhaustive memorial showing the
total amount and value of the reparations payments in cash and goods in
kind made by Germany to date.
By way of placating foreign apprehensions over the political situation
In Germany, Dr. Joseph Wirth, the Minister of the Interior, to-night interrupted a German broadcasting program for Central Europe with the brief
and reassuring statement that there was no cause for alarm and that the
Government viewed the situation with the most complete complacency.
Senate Proposes International Conference on Silver—
Asks President Hoover Initiate Talk with Powers
to Halt Debasing and Dumping.
The Senate yesterday (Feb. 20) adopted without debate a
resolution suggesting that President Hoover negotiate with
other countries to prevent the debasing Of silver coin and
the dumping of silver on the world market. An•Associated
Press dispatch from Washington to the New York "Evening
Post" indicating this, added:
The resolution also suggested the President call an international conference to reach an agreement on the use of silver as money.
The primary purpose is to seek an agreement by which Great Britain
would not dump silver from India on the world market, which a subcommittee of the Senate Foreign Relations Committee found to be the greatest
single factor in the present depressed price of the metal.
The President also was requested to take any other action he considered
feasible to restore the price of silver.
The resolution was drafted by the Foreign Relations subcommittee,
headed by Senator Pittman, Democrat, Nevada, after nearly a year's
study of the cause of the drop in the price of silver and decline in trade
between this country and China.
The Committee found that the reduced price of silver was chiefly responsible for lessening of trade between this country and China, as well as
between the United States and South American countries.
Lower rediscount rates and some diminution in the volume of rediscounting are the chief reasons for the reduced profits. Due, however.
to administrative expenses and the reserve for depreciation on buildings
demanding 544,000,000 francs instead of 864.000.000 francs as in 1929
and taxes absorbing 382,783,000 francs as against 529,043,000 francs, it
was possible to allot 113,150,000 francs to shareholders, who had received
only 94,000,000 francs in the preceding year.
Slate's Share Higher.
Since the State is entitled to a sum equal to that portion of the net
dividend exceeding 240 francs a share, the Government receives this year
69,350,000 francs as compared with 51,100,000 francs last year. Special
reserves receive 70,000,000 francs, against 137,000,000 francs and carry
over to surplus is shown at 46,230,000 francs. Carry over last Year
amounted to 103,485,000 francs.
Total productive operations amounted to 129.399,000,000 francs, a decline of 14,765,000,000 francs from the preceding year. Commercial bills
diszounted aggregated 83.078,000,000 francs,against 104,030.000,000 francs
but showed an increase in number. At headquarters last year almost
13,000 bills of from five to 10 francs were dealt with and almost 650,000
representing between 10 and 50 francs. Of the Bank's 31,249 shareholders
a total of 12,318 hold only one share each and 6,997 two shares. Only
160 persons hold more than 100 shares each.
Morel's Statement Cautious.
Address of Governor Moret, discussing the year's resrits, was marked
by caution. In regard to the gold influx he stated, that the increase of
12,000.000,000 in 1930 resulted from the free play of the gold standard, to
which the Bank remains loyal. Far from seeking to attract the metal,
two successive reductions of the bank-rate had been effected with a view
to checking the entry of gold or encouraging it to leave the country, he
said. France's attraction for the world's floating capital, Governor Moret
asserted, was due to the low yield of money on the chief financial centers
and to the guarantees offered by the French currency. Thus the French
banks, whenever pressed by demands for francs from their clients, had
Preferred to withdraw funds from abroad rather than rediscount with the
National bank, while foreign capital had come in hoping to benefit by the
security and stability of the franc.
The Governor referred to the efforts made to develop Paris as an International money-market and ascribed incomplete success in attaining this
goal to the economic and stock market depression. When conditions
improve he expects foreign borrowers to make heavy demands on Paris
and thinks Paris should respond, especially in respect of long-term loans.
The Governor cited the increase in note circulation of from 67,769.000,000
francs to 76,155,000,000 francs between Dec. 24 1929, and the end of 1930
but pointed out that a considerable portion had been hoarded.
France Votes $12,000,000 For Flood Relief.
Mexican Dollar at New Low.
The French Chamber of Deputies on Feb. 17 voted a
The following (Associated Press) is from Shanghai Feb. 14: $12,000,000 credit
for storm and flood relief according to
The Mexican dollar, China's principal monetary unit, dropped to a
Associated Press advices from Paris Feb. 17:
historical low of 19.87 cents gold to-day.
It was the second successive low record in two days. Yesterday's
decline to 19.96 cents was accompanied by reports, which later were officially
denied, that the Government was planning a moratorium on its gold obligations and was considering the establishment of a gold standard.
Chinese Demand Still Predominating Factor in Price
of Silver.
That the Chinese demand continues to be the predominant factor determining the price of silver is pointed out in
a study of the silver market in 1930 issued by the Finance
and Investment Division of the Commerce Department at
Washington. While the amount of the metal produced and
the general trend of wholesale commodity prices exert a
strong influence on silver prices, the key to the situation is
the demand in that country as evidenced by the stocks on
hand in Shanghai. A statement made available in the matter
by the Department on Feb. 17 adds:
Even with the price falling steadily, silver came out of hiding in China
during 1930, chiefly as a result of internal disorders which occasioned a flow
of the metal to Shangai for safekeeping. As a result stocks of silver at that
point were abnormally swollen, bringing about a further depression in the
price of the metal.
Asks Trial of Former Finance Minister Peret Before
French Senate—Parliamentary Commission Votes
Same Recommendation for Three Others in Oustric
Case.
By 10 votes to 4 the Parliamentary Commission which
has been examining the evidence of relations between the
banker Albert Oustric and several public men decided on
Feb. 14, to recommend to the Chamber of Deputies that
Raoul Peret, Minister of Finance in 1926 and Minister of
Justice in the last Tardieu Cabinet, should be sent for trial
before the High Court of the Senate. A cablegram from
Paris to the New York "Times", from which this is learned,
also had the following to say:
By seven votes, with seven members of the Commission abstaining, it
also recommended the same procedure in the cases of Rene Besnard, former
Ambassador to Rome, and Albert Fevre, former Under-Secretary in the
Clemenceau Cabinet, and Gaston Vidal, also formerly an Under-Secretary,
and to these recommendations were added the words, "and any others."
All these named In this recommendation were directly or indirectly concerned in bringing about, at Oustric's request, the quotation on the Paris
Bourse of the shares of the Italian company Snia Viscose. The task of the
1330
FINANCIAL CHRONICLE
High Court will be to judge whether there was corruption In any case or
any intent to corrupt.
M. Peret signed the decree authorizing the quotation of these shares
on the evening of the day before he handed over his office as Minister
of Finance to Joseph Calllaux and after he had techn'cally resigned his
office. He later became legal adviser to Oustric.
M. ]3esnard, as Ambassador to Rome. made at least one favorable
report on the company and the desirability of opening to it the Paris market.
Later he revised his opinion. Like M. Peret he was also named legal adviser to Oustric's companies.
Albert Fevre and Gaston Vidal are no longer members of Parliament,
and their interest was purely as business men and agents of Oustries
companies.
Paris Branch of National City Says Rumors as to
Shortage of Employee are Distorted.
From the New York "Times" we quote the following from
Paris Feb. 13:
Because of various rumors about alleged embezzlements by M. Esendler,
a young officer of the Paris branch of the National City Bank and a son of a
French Deputy, the following statement was issued to-day by the banking
establishment;
"Rumors circulated by the press in regard to one of the holders of our
signature have been greatly distorted. The fact is he fell Ill suddenly and
Is at present convalescent in Paris. lie has given us a full explanation of
the facts which, we believe, gave rise to the rumors in question. We
have nothing to add except that there 113 absolutely nothing in the matter
which could do any injury to the interests of clients of the Bank."
Rumors had it that M. Escudiers books showed a shortage of more
than $1,000,000.
[Vol.. 132.
With thousands of jobs for which there are no takers, the country to-day
has the greatest shortage of labor in its history, and as millions of women
are inactive it is believed the problem could be solved by pressing them
into service. The children would be cared for by the State while their
mothers are working.
"The problem of attracting hundreds of thousands of women to industrial
this
labor is acute," said an official announcement. "In order to solve
problem as painlessly as possible the Government, together with trade
of measures
unions and other social organizations, has elaborated a number
the
directed toward freeing women from domestic work and securing
necessary care for children while the mothers are at work.
of a
"The most important measures in this respect are the opening
of dining rooms
great number of new nurseries, extension of the network
from•
and the building of laundries and other enterprises to free women
domestic work."
children were
The Government report considers the fact that 71,000
children will be looked after
cared for in 1930, whereas this year 170,000
to
and their budget extended from 27,000,000 rubles (about $13,500,000)
83,000,000 rubles (about $41,500,000).
women office
In case acoommodations are too small, only the children of
would permit 370,000 young
workers would be accepted. Another measure
schools. At present there are
girls to be trained in factory apprentice
trades unions. According to
300,000 working women Wt10 are members of
them economically equal
the Government statement "conditions make
to men."
Technical Assistance to Coal Mining Organizations of
Russian Soviet Union Provided for in Contract
Entered Into with Stuart, James & Cooke, Inc.
J. H. Pierce, Vice-President of Stuart, James & Cooke,
Exceeds Estimate Inc., announces the signing of two contracts to render
French Tax Receipts for 10 Months
the Soviet
by $35,300,000.
technical assistance to coal mining organizations of
Union, the S3hactostroy (Mine Designing Bureau) and the
A cablegram Feb. 18 from Paris to the New York "Times"
ent says:
Vostukugol (Eastern Coal Trust). The announcem
said:
French tax collections from the first 10 months of the current fiscal year
show a surplus of 880,000,000 francs (about $35,300,000) over budget
estimates, according to figures issued to-day.
The total sum collected during that period Was 39,386.000,000 francs
(about $1,575,440,000). For the month of January the collections totaled
4,295,000,000 francs (about $171,800,000). As compares with the first
10 months of the previous budget, these collections show a diminution
of 2,500,000,000 francs (about $100,000,000).
James & Cooke, Inc., undertake
Under the new contracts, Stuart,
Soviet Union to give assistance
to send ten American engineers to the
and other parts of the
In projecting coal mines in the Ukraine. Siberia,
for the Soviet Union on Feb. 4
Soviet Union. A group of engineers left
ICharkov, in the Ukraine. The
to start work for the Schactostroy at
plant designer. It. F. Cole, mining
group includes Fred. G. Koper,sorting
mechanical engineer, who preengineer, and Samuel Shapira, general
Union under a contract with the
viously spent three years in the Soviet
Basin. They expressed themselves as
Donugol Coal Trust of the Donatz
them in the Soviet Union and
highly gratified at the treatment accorded
of their stay
at the living conditions experienced during the three years
an additional period of two
In the country. They are now returning for
Pierre Quesnay, Managing Director of Bank for International Settlements Urges Paris Move for Trade Revival
years.
the Soviet Union have been
—Asserts France Has Most Available Capital to Aid
In addition, contracts for employment in
engineer and expert on coal
Bank.
concluded with Arthur Warner, mechanical
World—Tells of Aims of
steel and concrete designer.
and William L. Stanton, structural
Speaking before the new School of Peace in Paris on storage, E. Stuart, President of the company, Is now in the Soviet Union
Charles
various
Feb. 18, Pierre Quesnay, Managing Director of the Bank for the purpose of co-ordinating the firm's coal mining activities in
for International Settlements, urged upon France a greater parts of the country.
In announcing the above contracts, Mr. Pierce made the
liberalism in international finance. He said France, by
of intelligent co-operation in a spirit of following statement:
adopting a policy
as Importantfrom two viewWe regard the signing of these new contracts
broad comprehension of international needs could con- points:
confidence on the part of Soviet
tribute powerfully toward safeguarding the existing order
In the first place, It is an expression of
execute important phases of the Firein the world. A cablegram from Paris to the New York authorities in the ability ofourfirm tocompany to be entrusted with a major
Year Plan. We were the first foreign
of
"Times," from which we quote, continued:
new coal mines and also for the rehabilitation
contract for projecting
"At a moment when the world is struggling with difficulties which existing coal mines.
in the integrity and ability
may endanger the very basis of the civilization to which France so greatly
Secondly, it is our expression of confidence
contributtd, the French nation possesses the most available capital," he of Soviet authorities to faithfully carry out contractual obligations. Alface of these duties and possibilities we can be sure France together there have been 13 contracts signed between our firm and various
said. "In
with the strict
will respond."
Soviet trusts, and in every case we were eminently satisfied
Mr. Quesnay outlined at length the aims and efforts of the World Bank adherence to and execution of the contract obligations by all of these
with a useful place in
at Basle to develop into an international institute
trusts.
world finance beyond its functions as an agency for the collection and
distribution of reparations.
Wins in Russian
"The Bank for International Settlements is not either a European Bank National City Bank of New York
or a world organism such as the League of Nations," he continued, "but
Ruble Suit—Appellate Division Reverses Lower
is an association of public monetary service for stabilizing monetary
Court, Allows Richard & Co. 4%c. Value.
solidarity and for the free circulation of capital. It aims to maintain the
of the moneys of the various countries as regards to gold and
stability
The following is from the New York "Times" of Feb. 16:
York in
serve as a link between the economic situation in the countries having the
Reversing a favorable opinion of the Supreme Court of New
same basic civilization and having an equal interest in maintaining the the suit brought by C. B. Richard & Co. to compel the National City
Instead
same economic regime.
Bank of New York to pay the New York rate of 13 cents per ruble
"The Bank has been reproached for tendencies toward artificial uses in of the rate of 44i cents ruling in Petrograd on deposits In the National city
aid which are said to be just as harmful as economic regu- Bank at Petrograd the day It was closed. Sept. 11918. the Appellate Diviinternational
economic
Bank
lations, but it may be replied that the Bank, far from raising
sion of the Supreme Court yesterday ruled that the National City
walls, is seeking to remove them.
should not be held liable for the New York value.
to adapt a clearing house system which
"At present the Bank is trying
The decision Is expected to have an important bearing on the settlement
will permit its depositors to procure the exchange they need by debiting of millions of dollars of claims by other depositors In the Petrograd affiliate
with the Bank. Thus, without having recourse to exchange of the National City Bank.
their accounts
markets, the different depositors with the Bank, thanks to the accumulaThe decision was rendered by Justice Francis; Martin, with Presiding
with the Central Banks, will
Justice
tion of funds held by the Bank for them
Justice Victor J. Dowling and Justice James O'Malley concurring,
that
for their monetary stability."
be able to procure the assets necessary
John D. McAvoy dissenting. In his opinion Justice Martin states
was well received. It marks the second depar- upon the closing of the National City Bank in Petrograd on Sept. 1 1918.
M. Quesnay's address
1,493,862
place before the C. B.
ture of the World Bank from conservative silence to
Richard & Co. had to Its credit a conceded balance of
;
public the results of the deliberations of its board members in recent con
rubles.
was
At that time the market price for the Romanoff ruble in New York
ferences.
plaintiffs had
The fact that President McCarragh, in a recent address to the Ameri- not less than 13 cents, but much less In Petrograd. The
their deposit
in financial circles
recovered judgment In the lower court for the dollar value of
can Club of Paris, voiced similar opinions was taken
the date of
as an indication that French and United States capitalists are moving balance at the rate of rubles in New York, with Interest from
closer to the proposals announced by Andre Tardieu when he was Premier closing.
decision
The contention of C. B. Richard & Co., was based on the
for Franco-American cooperation in the extension and distribution of
Sokoloff. who
rendered in the Sokoloff case where recovery was made by
capital.
and who
had purchased rubles in New York to be deposited in Petrograd
based his claim on the New York value of rubles on the day of the hank
Russian Soviet Considers Drafting of Housewives— closing, having purchased the rubles in New York City. Ills contention
proved
State Caring for Babies While Mothers Work.
was upheld as of the value in New York on Sept. 11918. which was
Co., in this
to be 13 cents. In denying the like claim of C. B. Richard &
The employment of hundreds of thousands of women In case Judge Martin said:
the breach
industries to overcome the present serious shortage of labor
"The plaintiff was entitled to the value of rubles in Russia on
Russia on the day the
Is being considered by the Government of the Soviet day. If the plaintiffs had been paid their rubles in not have had any such
or at any subsequent day, they would
bank
Union, said an Associated Press account from Moscow, value closed, now claim or any such value as they have recovered in this
as thoy
Peb. 8, to the New York "Times," which likewise stated:
action."
FEB. 21 1931.]
FINANCIAL CHRONICLE
The decision of the Appellate Division in favor of the
National City Bank in a suit brought by C. B. Richard &
Co. over a ruble deposit in the Bank's Petrograd Branch
when it was closed by the Soviet Government on Sept. 1
1918, was said by a spokesman for the Bank to be gratifying,
but not to deserve the importance assigned to it in press
reports. An announcement to this effect went on to say:
The case held that the depositor was entitled to the Sept. 1 1918, Petrograd value of the ruble at 43 cents, as against the New York value of
13 cents for Romanoff rubles. It was said that in 13 years which have
elapsed since the closing of the Petrograd Branch, its affairs have been
liquidated with the exception of some law suits still pending of which
the Richard case is one. Although the pre-war ruble deposits involved
in these suits was said to be large, the amount in dollars was said to be
relatively small oven at 13 cents for the ruble, and a third as much at
4% cents. It was also said that the cases will probably take several years
to work their way through the courts, and that the Bank had long ago
reserved against any liability which might result from them.
1331
$50,000,000 Fur Deal with Russia Soviet Signed—
Eitingon-Schild Co. of New York to Import $10,000,000 in Raw Furs Annually for Five Years.
The Eitingon-Schild Co., international fur traders with
headquarters in New York, announced in London on Feb. 16
that with the knowledge of the Government at Washington
it had signed a contract with the Poushno Syndicate of
Moscow for the purchase of $50,000,000 worth of furs for
America and Europe: This is stated in an Associated Press
cablegram Feb. 16 to the New York "Times" in which it was
also stated:
The "Times" in its comments said:
The contract, said to be the largest of its Lind ever negotiated, was
signed in London with Arcos, the Soviet trading organization, acting as
the representative of the Poushno Syndicate.
The'deal provides that $10,000,000 worth of Russian furs will be delivered each year for five years. They will be imported raw and the
dressing and dyeing will be done in Europe and America.
The first deliveries under the contract closed by the Eitingon-Schlld
Co., international fur dealers of 226 West 30th St., with the Soviet Government will be made next month, officials of the company said yesterday.
Furs valued at $2,500,000. they said, will be brought in during March
and the balance of this year's quota will follow in part shipments.
Under the terms of the contract, the company, it was explained, will
take only raw furs, most of which will be brought to this country to be
dressed and dyed. The company will have the right to designate what
furs shall comprise $8,000.000 worth of the $10.000,000 annual allotment.
Yesterday officials of the company exercised this right by specifying to
the Soviet officials that they would take all Russian sable available in the
next three years.
Court of Appeals of New York Orders Funds Given to
Russian Holders—Suspends State Control of Insurance Company Assets—Injunction Dissolved.
In a decision written by Chief Judge Benjamin N.Cardoza,
the Court of Appeal at Albany, N. Y. has suspended State
control of Russian insurance company funds and dissolved
an injunction whereby creditors were restrained from pursuing their legal remedies to collect claims. An Albany
account Feb. 13 to the New York "Times" reporting this
Turkey Decides on Strict Economy—Slashes Budget
added:
The opinion says;
by $90,000,000, But Is Not Expected to Reduce
We think the time is now at hand when the responsibility for the manageMilitary Expenses—Lower Pay for Deputies.
ment of these foreign corporations should go back to the managing officers.
From the correspondent at Istanbul, the New York
appointed by the shareholders. Our administrative machinery should be
no longer clogged, our liquidator no longer burdened, our courts no longer "Times" reports the following Feb. 12:
vexed, with problems not our own."
The appeals were by the Russian Reinsurance Co. of Petrograd and the
First Russian Insurance Co., established in 1827, from orders of the First
Appellate Division, modifying, and, as modified, affirming orders of the
special term dated Sept. 7 and 10, 1929, directing the disposition of the surplus assets of the companies.
In August, 1925. the Superintendent of Insurance took possession of the
assets of these branches to conserve them for the benefit of those entitled
thereto. This was done in view of the hazards and embarrassments growing
out of the confiscatory decree of the Russian Soviet Republic, and not became of insolvency.
Lower Court Overruled.
. As liquidator, the Superintendent of Insurance was protected in the
unimpeded liquidation of the assets by an injunction, whereby creditors
were restrained from pursuing their legal remedies by attachment and
even from proceeding to trial.
The Appellate Division of the Supreme Court upheld the superintendent's
contention, but the Court of Appeals decision overrules this judgment.
"The Appellate Division has upheld the contention of the superintendent
and has entered a decree accordingly," says Judge Cardoza. "It did not
solve the problem. It adjourned it, sine die. By the terms of its decree,
the plan of the superintendent with reference to the distribution or disposition of the surplus Is 'in all respects adopted.' The surplus funds are to be
retained. In the meantime the injunction is to be continued in all its rigor.
"We are unable to accept the view that postponement to the 'Greek
kalends' is the fitting answer to a prayer that the court unlock the fund
and formulate a plan of release and distribution. So far as creditors are
concerned, the injustice of the plan is obvious, if plan it may be called."
Judge Cardoza points out that domestic creditors have been paid and
that other creditors, stayed from suing while the liquidation was in progress.
have asked the courts to say that their day has arrived. The answer Is
"not yet."
Liquidation Now Complete.
"Liquidation is over," continues the opinion, "and there has been a
fulfillment of the trust for which possession was assumed."
The decision points out that the superintendent now holds in his hands
a surplus of nearly $1,000,000 for the one company and of more than $1,000,000 for the other. The question is, What disposition shall he make of
It?
"Creditors and policy holders with claims arising out of foreign business
insist that the time has now come when their claims should be enforcible,"
It says. "Either the liquidator of the domestic branch should pay them, or,
if that remedy be denied, they should be relieved from the injunction which
stays the remedy by suit."
The opinion concludes;
"The orders of the Appelate Division and those of the Special Term
should be reversed and orders entered dissolving the injunction and directing the transfer of the surplus in accordance with this opinion. The form
of the orders may be settled upon notice."
A previous item in the matter appeared in our issue o
June 7 1930, page 3974.
Low Prices Said to Be Forcing Exports of Gold from
Russia.
From the New York "Times" we take the following from
Berlin Feb. 13:
This week Berlin received from Russia the third consignment of Soviet
gold, making a total to date of63,000,000 marks. More is expected to come.
Serekin, President of the Soviet machine import corporation, is protesting
against this export of gold as a "squandering" of reserves. He asserts
that the gold exports are due to excessive import of goods, which ought to
be stopped.
The journal of the Soviet council of economy affirms that Russia's more
recent exports of wheat need not be sold ate loss to the State. It admits,
however, that owing to the international fall of prices, Russia's receipts
from her exports pay for one-third less in imports than in 1928. Hence,
it argues, the import program of the five-year plan can be fulfilled only
through increased production and through export of gold.
The Turkish Government has recognized the need for strict economy.
The budget for the year beginning June 1 has been reduced from 221,000,000
Turkish pounds to 185,000,000 (about $90.000,000). The principal cuts
will be effected in public works, agriculture and education.
After the general elections, which are due to be held this summer, the
Deputies will have to sacrifice a third of their pay and this will make a
Parliamentary career less sought after than is the case now.
Owing to the financial shortage the development of Angora has not
proceeded as quickly as was planned. The Government now proposes to
take 2% of the revenue of all the large towns and devote the proceeds to
the fund for construction of the capital. At the same time half the road
tax will be given to Angora.
It is already apparent that Turkey cannot and will not execute the
agreement she made with the Council of the Ottoman Debt in Paris in
1928. She is due under this agreement to pay 20,000.000 Turkish pounds
this year, but will only pay a third. The Ottoman Debt Council refuses
to enter into negotiations with a view to drawing up fresh agreements.
but it is expected that late in the year the Government and council will
find some method of obtaining contact.
Despite the financial crisis it is highly unlikely that the Government
will spend less on national defense, as it is a cardinal point in the policy
of Republican Turkey that national defense and security must never be
sacrificed, no matter how serious the economic and financial position may
be. Actually national defense accounts for between 33 and 39% of the
budget, which is a heavy enough charge.
The only satisfactory aspect in the otherwise gloomy situation is that
Turkish exchange continues stable and trade, although had through world
depression, shows no signs of getting worse.
Despite many rumors, there is no word of Turkey contracting foreign
loans, and it is thought she will continue to struggle on with her own
resources for the time being.
Russian Goods Reported Dumped in Hungary.
A large quantity of Russian dumped goods has recently
arrived in Budapest according to information furnished to
the municipal authorities, said a wireless message Feb. 16
from Budapest to the New York "Times", which went on
to say:
Russian tea has been supplied in large quantities at 30% below the
market price by a Hamburg tea firm to co-operative stores run by Hungarian Social Democrats. This tea, which bears Russian inscriptions,
is now on sale. Sea fish, which were formerly imported into Hungary
from the
largely from Sweden and Norway, have been practically driven
market by Russian fish supplied through German shippers.
Portugal Bolsters Weakened Bank.
Under date of Feb. 16 Associated Press advices from
Lisbon to the New York "Times" stated:
The Government has deposited 20,000,000 escudos [about $600.0001 with
the Ultra Marino Bank, which was somewhat weakened recently by embezzlements charged against one of its officials, and the bank's position is
now described as excellent.
Revenues of Bulgaria Exceed Loan Requirements.
Speyer & Co. and J. Henry Schroder Banking Corporation,
as American Fiscal Agents, have been officially advised
that the revenues pledged for the Kingdom of Bulgaria 7%
Settlement Loan of 1926 amounted during the year 1930
(Leva converted at par of exchange) to $3,522,000, as compared with $3,703,000 in 1929 and $3,352,000 in 1928. The
total annual service requirements of this Loan amount to
$1,214,000 per annum, The customs revenues pledged for
1332
FINANCIAL CHRONICLE
the 712% Stabilization Loan of 1928 amounted to $6,065,000
/
for the year 1930, as compared with $11,168,000 in 1929 and
$9,806,000 in 1928. The total annual service requirements
of this Loan amount to $2,130,000 per annum.
Bonds of City of Christiana, Norway, Called for
Redemption.
Kuhn, Loeb & Co. announce to holders of City of Christiania (Norway) municipal external loan of 1924 thirtyyear 6% sinking fund gold bonds due Sept. 1 1954 that
$34,000 principal amount of such bonds have been drawn
by lot for redemption at par on March 1 1931. Bonds drawn
for redemption will be paid out of sinking fund moneys at
the office of Kuhn, Loeb & Co. upon presentation and surrender together with all coupons maturing on or after
March 1. Drawn bonds shall cease to bear interest from
the redemption date.
Portion of Bonds of City Savings Bank Co.,
Budapest Called for Redemption.
Ltd.
of
The Irving Trust Company, at its corporate trust department, 60 Broadway, New York City, will pay on Feb. 15
-year sinking fund secured gold bonds
1931 at par 7% 25
(series A of 1928) due Feb. 15 1935 of City Savings Bank
Co., Ltd., Budapest, Hungary, of which $16,000 par value
have been called for redemption.
Receipt of Funds Announced to Cover Interest on
Bonds of City of Duesseldorf.
Ames, Emerich & Co., Inc., announce receipt of funds to
cover interest charges due March 1 1931, on the City of
Duesseldorf 7% bonds. $1,750,000 of these bonds were
originally issued, and $1,312,500 are at present outstanding.
Ethiopia Offers Stamps—Nation Would Sell its Remaining Stock of Four Issues.
The following Washington dispatch, Feb. 18, is from the
New York "Times":
The government of Ethiopia is offering for sale its complete stock of
stamps remaining from the four issues since the establishment of the
Ethiopian international postal service, Consul General Southard at Addis
Abeba has reported to the Department of Commerce.
The stock consists of 284,738 stamps of the first issue of 1894; 1,469,788
stamps of the second issue in 1908; 1,048,221 stamps of the third issue in
1917 and 4,153,394 of the fourth issue in 1928. Bids for the complete lot
are being asked by the Minister of Foreign Affairs on terms of cash on
delivery. Interested philatelists should direct all communications to that
office in English or French.
A fifth issue for current use is now ready.
Japanese Budget Passed—Opposition's Motion for Tax
Cuts Defeated by 93 Majority.
A message as follows, from Tokio, Feb. 18, is taken from
the New York "Times":
The Japanese budget was passed by the House of Representatives to-night
after the Seiyukai (Opposition party) motion asking the government to
effect greater reductions in taxation had been defeated by a majority of
93. Earlier in the day an Opposition motion, asking the postponement
of the budget discussion till the Premier has recovered his health, was
easily defeated.
The final debate was perfunctory, the Seiyukai opposing the budget for
the contradictory reasons that it did not reduce taxation sufficiently and
failed to provide adequate funds for naval building.
Premier Harnaguchi hopes to appear in the House early in March.
[VOL. 132.
so low in price there is no hope of this being accomplished unless the
Government's revenue is increased. As it is impossible to levy additional
taxes on cotton cultivators the Government decided to increase duties on
various imported commodities.
Representative McFadden Charges Cuban Debt Juggle
—Tells House Banking Group, Headed by Morgan,
Plans to "Unload" $300,000,000 Issue—Morgan Officials Deny Participation in Any New Cuban
Financing.
From Washington Feb. 14 the New York "Times" reported the following:
Declaring that foreign loans made in the United States since 1919 already aggregated more than $7,750,000,000, Chairman McFadden of the
House Banking and Currency Committee charged in the House to-day
that a group of international bankers, headed by J. P. Morgan & Co., were
about to "unload" an issue of Cuban securities "on the innocent American
Investing public."
"The consolidation of the Cuban debt for 8300,000,000 by J. P. Morgan
& Co. was confirmed to-day," he said. "Negotiations were conducted
under the guidance of President Machado. The form of the consolidation
has not been revealed and, although negotiations have been going on for
some time, confirmation was lacking until last night.
"Cuba is on the verge of bankruptcy and the Government of Cuba Is now
In a very serious situation. We find these international bankers are prepared to unload their bad obligations on the innocent American investing
public, and I, for one, am not going to stand for it and remain silent.
"I call attention to the fact that the newspapers, under date of Feb. 3,
indicate that Peru is requesting a moratorium on foreign debts. Peru
is also a heavy borrower in this country.
"Within the past two weeks Mr. Thomas W. Lamont, of J. P. Morgan
& Co., announced a moratorium. He was speaking as Chairman of the
international debt committee for Mexico, where Mexico's debts have been
juggled by these international financiers for a period of years, and now
they are declaring a moratorium for another two years. Millions of dollars
are involved in tbis juggle.
say that it is about time that the Congress and the people of the
United States begin to recognize what these people are doing and what is
taking place.
"The financial operations being carried on by the international bankers
are tying thii country absolutely. Not only are they directing the affairs
of finance, but I have repeatedly called your attention to the domination
of the State Department by these international groups.
"It Is common knowledge that in the countries where they are carrying
on their exploitations, they are using the representatives of the State
Department as catspaws to carry on their diplomatic and financial operations.
"We have an Ambassador in Cuba at this time who is representing these
international financial houses and has been negotiating this present $300.000,000 loan. Ever since he went to Cuba, he has had two expert accountants and possibly more, analyzing the financial affairs of Cuba.
Now we have the announcement of this great financial operation."
Representative O'Connor of New York asked if Mr. McFadden knew
"what could have happened In Nicaragua in the financial relations which
prevail upon the Secretary of State to agree to take the marines out of
that country."
Mr. McFadden replied that he did not know about Nicaragua, but
charged that Bolivia was "another country that has defaulted" and that
international bankers "have been throwing Bolivia's securities on the
market."
From the same paper (the "Times" of Feb. 15) we take
the following:
Denial by Morgan le Co.
Inquiry at the offices of J. P. Morgan & Co. yesterday elicited the remark that there must be some error in the report that they were interested
in any consolidation of Cuban debt. It was said that the firm had not
been approached in any negotiations with the Cuban Government in
financial matters for many months, and that nothing was known of any
consolidation or reorganization of Cuba's external debt.
As a matter of fact, J. P. Morgan & Co. has not headed syndicates
which have offered Cuban Government bonds to the American public
In several years. The most recent public financing here for Cuba was
that of an issue of $40.000,000 530, due in 1945, which was marketed by
a group headed by the Chase Securities Corp. Prior to that, in 1929,
the Chase group offered an issue of $10,000,000 and in 1928 an issue of
like amount. All of these Chase issues were for public improvements.
chiefly highway construction.
Cuba has no large loans maturing here in the near future. Aside from
sinking fund and serial payments of relatively small amounts, the next
Cuban maturity is that of $6,250,000 on Dec.311931. with similar amounts
due June 30 1932, and Dec. 31.1932, Most of the large Cuban loans outstanding here do not mature for at least a dozen years.
Egypt Increases Duties—Oils, Cotton Textiles, Cement and
Canned Foods on List Affected.
Meat on Sale in Public Markets in Argentina in Efforts
The following Cairo (Egypt) cablegram Feb. 16 is from
of Government to Effect Lower Food Prices—
the New York "Times":
Buenos Aires Bureau Reduces Meat Prices 30%.
The Egyptian Government tonight passed a law, effective immediately,
Buenos Aires Associated Press advices Feb. 10 said:
making various changes in customs duties. When the government intro-
duced the new tariff a year ago tomorrow, it reserved to itself the right
to make changes at the end of the year if they were deemed necessary,
and this right is now taken advantage of with the result that the existing
law is altered as from tomorrow.
Altogether about 200 items are affected, and although the customs
duties are increased on most of these imports, there are a few on which
the rates are reduced. The duty on many articles is changed from ad
valorem to specific.
Some of the principal commodities on which the duties are increased are
gasoline, kerosene, alcohol, cotton yarn, cotton textiles, oils, cement and
all varieties of preserved and canned fruits and vegetables.
To encourage tourist traffic the former quay tax, which was imposed
on all persons arriving or leaving Egypt, has been abolished.
It was stated in a cablegram Feb. 12 from Cairo to the
"Times" that America will be affected but little if at all by
the new increase in Egyptian customs duties on various
commodities effective here Feb. 17. The cablegram added:
The Egyptian Government must balance its budget, and with cotton
The City Marketing Bureau, which is carrying on a campaign to reduce
living costs, announced to-day that meat would be placed on sale in the
public markets Thursday at prices from 30 to 50% below those prevaling
In the shops.
Meanwhile Government agencies continued their study of a proposal
to reduce rents. Since the city began to sell produce in the public markets
the price of bread, potatoes and other products has gone down sharply.
Further Associated Press accounts from Buenos Aires
Feb. 11 stated:
Argentina's determined assault on the high cost of living, fostered by the
Government, will reach another objective to-morrow when meat goes on
sale in the public markets at prices reduced by about 30%.
With that accomplished, the authorities plan a campaign to reduce rents,
lower the prices of clothing, cut the cost of building material and generally bring living costs to a "reasonable" level.
Already much has been accomplished through sales in the public markets
of Buenos Aires. Milk now sells for about 5 cents a quart, soap at a cent
a pound, potatoes, of which Argentina has a bumper crop this year, less
than a cent a pound and flour and bread at sharply reduced levels.
FEB. 21 1931.]
FINANCIAL CHRONICLE
1333
This is regarded merely as an opening wedge and competition and public
"The world-wide economic depression that began in 1929 and continued
opinon are expected to force the reductons into shops and private markets
through 1930 with increasing intensity will be reflected in Central America
and into other cities.
in smaller government revenues, probably amounting roughly to a reducThere have been some protests and threats of a boycott, but officials tion of 30% from the
generally high totals of 1929. Nevertheless, the
in charge of the campaign have reported the volume of low price sales reactions in Central
America have:not been so drastic as in many other
growing.
regions. While the price of coffee has fallen from 30 to 40%, according
Back of the movement Is the Government Supplies Board, headed by to grades, this diminution has been
registered with relation to especially
Dr. Eduardo Bullrich, Under-Secretary of the Interior. The board has high and profitable
levels. So far as Central America and other mild
bought direct from the producer wherever possible and in large quan- coffee regions are concerned, the
lower price is not disastrous, but still
tities, thus eliminating speculative profits.
leaves a margin'of profit to growers who are not burdened with heavy
Dr. Builrich has explained that the Government does not plan to order fixed charges and whose plantations are
well managed. There has been
reductions, but hopes to bring them about by combining the efforts of no real difficulty in
disposing of the crops and while the curtailment of
various agencies. With regard to rents, Dr. Bullrich believes that the general
business has been severe, the crisis has not so far produced any
fundamental reductions should extend to the cost of building materials. disorganization of
currency and banking systems nor have the public
treasuries been unable to meet the inevitable stringency resulting from
decreased revenues."
Americans to Lend to Colombian States—Banking
Group Headed by the National City Plans Loans
Australian Radicals Win—Inflating and Repudiation
to Regional Departments.
to Be New South Wales Labor Platform.
From the New York "Times" we take the following
From Sydney, N. S. W., Associated Press accounts Feb.
(Associated Press) from Bogota, Colombia, Feb. 17:
President Olaya Herrera announced to-day that an American banking 15 to the New York "Times" said:
group headed by the National City Bank of New York and including the
First National Bank of Boston and the Continental of Illinois, plans loans
to regional departments of Colombia after arrangements for the $20.000,000
national loan have been completed.
The bankers will conduct a survey of the departmental fiscal situation
before deciding details of the loan.
The monetary inflation and debt repudiation policy of .1. T. Lang,
Laborite Premier of New South Wales, appeared to
-night to have scored an
important triumph over the more conservative policy of the Federal Labor
Party, headed by Prime Minister Scullin of Australia.
Mr. Scullin and E. G. Theodore, Federal Treasurer, and other Labor
leaders conferred with Premier Lang and members of the New South Wales
Labor Executive to-night. The subject was the financial policy to be subThe "Times" thus commented on the above:
The Republic of Colombia recently obtained bank loans here and in mitted to the electors of East Sydney in the approaching by-election.
State leaders refused to acept a compromise between the Federal policy
London in lieu of long-term financing which could not be undertaken at this
of retrenchment within three years and the honoring of all obligations and
time in view of the dullness in the market for foreign issues.
the Lang policy of debt interest repudiation and inflation. The conference
It is understood here that the banking group headed by the National City
broke up without result, but it was announced later that the Lang policy
Bank will make a thorough survey of the Colombian departments, or States.
would serve as the Labor platform in the by-election.
before deciding on the size of the loans. The departments are not autonoIt is understood Mr. Scullin warned the delegates that the Lang scheme
mous,since the respective Governors are appointed by the President of the
would result in ruin and destruction, but Mr. Lang refused to accept the
Republic.
Federal plan and advocated taking a "bold and courageous line of action."
The departments with bond issues outstanding in this market are Antioquia, Caldas, Cauca Valley, Cundinamarca, Santander and Tolima. These
issues have been brought out here by various banking groups.
Australian Labor Rejects Plan to Repudiate Debts—
New Dominican Loan Bid—J. G. White Engineering
Co. Is Said to Propose $5,000,000 for Republic—
Earlier Proposal Reported Disapproved by State
Department at Washington.
The following from Washington Feb. 19 is from the New
York "Times":
A revised proposal for a $5,000,000 loan to the Dominican Republic was
reported to-day to have been prepared by the J. G. White Engineering Corp.
of New York, although it has not yet been submitted to the State Department. The original proposal was disapproved by the Department, which
must pass upon Dominican loans by reason of treaty provisions.
Among the objections reported to have been advanced against the original
Proposal of the J. G. White Co. was that it might give that concern a monopoly in public works construction In the Dominican Republic.
Reduction in State Salaries and Tax on Interest
Voted at Parley.
Sydney, Feb. 16 (A.P.)—The executive committee of the
Australian Labor Party rejected on Feb. 16, the proposals for
financial rehabilitation of J. T. Lang, extremist Premier of
New South Wales, and decided that the by-election in East
Sydney will be fought on the Commonwealth Labor platform.
An Associated Press dispatch from Sydney to the New York
"Evening Post" from which we quote. added:
Premier Lang's proposals included a partial repudiation of debt interest
and inflation.
The Committee also decided to instruct the Government to submit certain demands to the Commonwealth Bank, enabling easier carrying out of
the operations of the three-year financial plan evolved by E. G. Theodore,
Commonwealth Treasurer, and approved by the conference of Premiers at
Canberra last week. This calls for reduction in salaries of public servants
and a tax on interest payments on loans held in Australia.
If the bank will not co-operate in these demands. thenthe party executive
urges the plan for nationalization of the bank be put into effect.
Trading on Santiago Stock Exchange Temporarily
Suspended Pending Decision on Decree Prohibiting
Margin Transactions.
From the "Wall Street Journal" of Feb. 19 we take the
-Year ProAustralia Plans Economy—Premiers Adopt 3
following (United Press) from Santiago, Chile:
gram for Stabilization of Finances.
All trading on the Stock Exchange was suspended pending Government
decision on a recent decree prohibiting margin transactions.
Under date of Feb. 13 Associated Press adviees from CanThe difficulty in interpretation of the decree hinged on whether it applied
to margin transactions that were pending at the date of issuance of the berra (Australia), were published in the New York "Times":
decree. The Minister of Finance has ordered an investigation of all pending
margin transactions.
The conference of Premiers to-day adopted a three-year plan for the
stabilization of Australian finances, providing a general reduction in the
wages of civil employees, a tax of 84 cents for every $5 on all public loans
subject to Federal taxation and immediate action to fund the floating debt.
The plan is to be referred to the banks and will be discussed again by the
Premiers on Feb. 25. It is understood the banks are not likely to accept
it. the Commonwealth bank already having decided not to co-operate with
the government unless drastic reductions in expenditures are made.
Central American Financial Situation Reviewed by
A. Iselin & Co.
Reviewing the financial and economic situation in Central
America, A. Iselin & Co., in their Latin American Bulletin
Issued Feb. 13, express the opinion that all five countries,
namely, Costa Rica, El Salvador, Guatemala, Nicaragua Salaries of Public Officials in New Zealand to Be Reduced 10%.
and Honduras, show a constructive progress in the direcAssociated Press accounts from Wellington, New Zealand,
tion of "stable economic and political organization despite
certain handicaps of geographical position and political Feb. 13 stated:
All State salaries, including those of Cabinet Ministers and Members of
heritage." The bankers point out that "considerable dis10%, effective Apra 1. Premier Forbes ansimilarity may be found, however, in many of the features Parliament will be reduced the measure as imperative, while the country
nounced to-day, describing
of the national life" and racial components, economic struc- faces a budgetary deficit of approximately $22,250.000.
Employees on public works projects will take a wage cut of 12 shillings
ture, politics, geography, social and institutional advanceand 6 pence, about $3,000 a day, he said.
ment, &c., are some of the points which must be considered
in determining fundamental differences in the financial
League of Nations Committee Offers Plan for Farm
backgrounds. Concluding, the report states that:
Loan Bank—Proposes Institute to Borrow in World
"The total exports of the five countries in recent years up to 1930, have
amounted to about 8100,000,000 annually, with imports of about 880,Markets and Lend on Mortgage Security—Under
000,000. Much the larger part of the importation comes from the United
Geneva's Auspices.
States, but the exports go in greater measure to Europe because of the old
A provisional scheme for the creation of an international
established markets there for the fine coffees of Costa Rica, El Salvador
and Guatemala. The United Kingdom is the best customer, for example, bank for agricultural credits has resulted from one week's
of Costa Rica, and Germany is the chief consumer of Guatemalan come,
study by a delegation appointed by the League of Nations'
taking a large part of El Salvador's output as well.
"More substantial progress was made in the direction of financial stabil- financial committee, the delegation's work coming to an end
ity from 1920 to 1929 than in any other period of Central American history. at Geneva on Feb. 14. A cablegram from Geneva to the
Stabilized currencies have been established, banking systems have been
strengthened, the national budgets have been regulated and subjected to New York "Times" making this known contained the followmore rigorous rules than formerly, and public debts have been increased ing further information:
moderately. Much of the apparent growth in indebtedness, however, has
been due to the recognition, assumption or funding of liabilities formerly
not counted among the active debt.
The proposed institute being of particular European interest, its definite
organization will, after further studies, be submitted to the Pan-European
Commission and the League Council for action in May.
1334
FINANCIAL CHRONICLE
In its provisional report the delegation suggests the creation of an international institute borrowing on its own credit in the international markets
and lending on mortgage security the money so obtained, through the
intermediary of National or local institutes. It is suggested the capital
be $50,000,000, under some sort of supervision within the framework of the
League, under whose auspices the institute would be Placed.
Agree With East Europeans.
The conclusions reached by the delegation coincide with the results of
recent studies in the Eastern European agricultural countries on possible
remedies for the shortage of capital from which they are at present suffering.
In other words, the delegation believes that the creation of an international
Institute to serve as an intermediary between the agriculturists of Central
and Eastern Europe and the financial markets is "feasible and desirable."
In defining the principles upon which the creation and administration
of the institute should be based, the delegation asserts that the first prerequisite is to surround the new bank with an atmosphere of confidence.
The Governments therefore will be asked to make financial and legislative
efforts to endow the new organization with some measure of solidity,
especially by rendering it able to obtain a sizable reduction of the rate of
Interest in the borrowing countries. It is asserted that the general economic
Improvements thus obtained would be felt also in the industrial countries
of Western Europe through the opening oflarger markets for their products.
Only in the beginning of the bank's existence is the assistance of the Governments deemed "indispensable" by the delegation. Unless it is indispensable, the delegation holds, it would seem that the bank's administration should not be subject to political influence and that it should operate
according to the principles of private finance.
Wants Private Bankers to Aid.
The effective participation of private capitalists in the subscription
of the shares and in the administration of the bank appears desirable to
the delegation, the more so as it would be difficult to refuse to the Governments a certain after-the-fact supervision over the general policy of the
Institute.
The seat of the proposed bank has been discussed only informally, the
delegation making no suggestion in its report. Switzerland does not seem
likely to be chosen, because of the same legal difficulties which have faced
Use establishment of the Bank for International Settlements at Basle,
which received facilities only for a period of 15 years.
With the proposed bank having especially to do with long-tern credits,
the uncertainty in connection with future Swiss legislation would increase
the difficulties or its creation.
As regards the bank's administrative board, it is affirmed it would be
appointed by and from the members of the Pan-European commission.
Reduction of Wheat Acreage in U S. to Domestic Needs
Urged by J. C. Stone of Federal Farm Board
Further need for a reduction of American wheat acreage
to a domestic consumption basis was explained by James
C. Stone, Vice-Chairman of the Federal Farm Board, on
Feb. 16, when he said that the increase in wheat acreage
in Russia last year was 5,000,000 acres more than the increase in acreage since 1924 for the rest of the world. A
Washington dispatch to the New York "Journal of Commerce" from which we quote, went on to say:
[Vor... 132.
"The act gives wider authority and specific organization for the methods
which have been pursued by the Administration during the past 14 months
in respect to the planning and acceleration of Federal construction work for
purposes of relief to unemployment in time of depression. It is not a cure
for business depression, but will afford better organization for relief in
future depressions.
"I feel it is just that I should take this occasion to make known two men
who have had a large part in the development of these ideas and their
ultimate consummation—Mr. Edward E. Hunt, of the Department of
Commerce, and Mr. Otto Mallory, of Harrisburg,Pa.
"Proposals of such an organization for advanced planning were first advocated at the unemployment conference in 1921 by these men. The subject was exhaustively investigated by committees in which these two gentlemen participated in 1923 and 1928. The principles of this act were suggested to Congress at various times during the past five years, but it was not
until we experienced this depression that their usefulness was recognized.
"I shall place the organization setup under the act under the Secretary
of Commerce."
The following is from Washington advices Feb. 10 to the
New York "Herald Tribune":
When President Harding's unemployment conference was held in 1921
Mr. Hunt was its Executive Secretary and participated with Mr. Mallory
in working out the recommendations for the speeding of public work in time
of depression.
In commenting upon the new act Senator Wagner said:
"We have long talked about public works as a means of providing employment during periods of depression, but we have never had the machinery to
enable us to expand public construction in sufficient volume and in time to
be effective. Similar legislation is a fundamental necessity of every State
and municipal government. The intelligent administration of this act and
of similar acts In the several States will contribute mightily to the stabilization of business and the steadiness of employment.
At the last session Congress passed another Wagner bill authorizing the
collection of comprehensive figures on employment, but the Labor Department has not been granted the funds to do the work. Another companion
bill on the Senator's program, passed by the Senate, but held up in the
House,calls for a nation-wide employment exchange system.
In a radio speech to-night Dr. Lillian M. Gilbreth. of the President's
emergency committee for employment,lauded private efforts of industry to
stabilize employment.
Interior Department Appropriation Bill Carrying $20,000,000 for Douth Relief Passed by Congress and
Signed by President Hoover.
Both the House and Senate on Feb. 14 passed the Interior
Department Appropriation Bill, carrying the $20,000,000
compromise drouth relief amendment, and the measure
was signed on the same day by President Hoover. The
bills provides for a total appropriation of about $90,000,000.
Details of the compromise proposal (agreed to by House
and Senate conferees) of $20,000,000 for drouth relief
embodied in the rider attached to the Interior Department
bill, were given in these columns a week ago, page 1143.
After an all-day filibuster on Feb. 13 by Senator Thomas
Dem.), of Oklahoma, and Senator Frazier (Rep.), of North
Dakota, against provisions of the Interior Department
Appropriation Bill relating to Indian funds, the Senate that
night by unanimous agreement decided to vote finally on
the $20,000,000 drouth relief compromise plan at 2 o'clock
the following afternoon (Feb. 14). The motion was offered
by Senator Robinson, the Democratic floor leader, said the
account Feb. 13 from Washington to the New York "Times,"
which also stated in part:
Mr. Stone said that since 1924 there has been an increase of 26,000,000
acres in wheat area throughout the world, and that in the last year alone
Russia increased its wheat acreage 31,000,000 acres. He added that it
seems to him that the plans of the Soviet Government is to increase its
wheat planting in the same ratio this year as it did last.
"Russia is $40,000,000 or $50,000,000 in the red in trade debts," the
vice chairman said, "and they will have to export something to make this
up."
He said that he thought Russia would come closer to increasing agricultural production than anything else as the inhabitants of that country
are naturally farmers.
Wheat production possibilities in Russia were labeled by Mr. Stone as
The Senate will meet at 11 a. m. and debate will be limited to thirty
being "enormous." He said that the actual wheat soil in that country is minutes for each Senator.
about four times larger than it is in this country. He added that the
A vote will be taken first on a motion of Senator Thomas to recommit
Soviet Government takes forty-five out of every 100 bushels of wheat the bill to conference with instructions that a $51,000 appropriation from
grown by Russian farmers and markets it. He said that this wheat, placed the tribal funds of Oklahoma Indians shall be modified. A motion to adopt
on world markets without a growing cost, makes a serious situation.
the conference report containing the $20,000,000 relief plan will follow
Asked what this meant to the American wheat farmer, Mr. Stone said immediately.
that it meant a bad situation if continued.
The indications are that it will be adopted by a two-to-one vote and the
The Farm Board member said that the visible carryover of wheat in this six-day controversy ended.
country at present was about 200,000,000 bushels. He said, however, that
Senators Borah, Barkley and Cutting are scheduled to speak to-morhe expected that considerable of this wo.,1,1 1,0 milled between now and row, the first named being expected to make another speech in opposition
lie also believed that it would to the compromise.
July 1, the beginning of the rev e:op
be further reduced by a continuation of feeding it to livestock.
Senator Thomas spoke for nearly five hours on what he contended was
an injustice to certain Indians in an Indian Bureau appropriation of 651,000 for hospitals. This sum, ho asserted, was being taken from a trust
tribes and
President Hoover Signs Wagner Bill Creating Federal fund belonging to the Kiowa, Comanche and Apachebut of otherwas intribes.
tended to be used for the benefit not alone of those
Employment Stabilization Board,
Senator Frazier spoke for an hour.
signed the Wagner bill,
$20.000.000 relief amendment was reached, SenWhen the debate on the
On Feb. 10 President Hoover
Democrat, of Tennessee, said he would vote for the compassed by Congress, creating the Federal Employment ator McKellar,would be the most embarrassing vote he had ever cast.
promise, but it
charged with the duty of adStabilization Board, which is
As a member of the conference committee he had held out for the original
and had refused to
vising the President from time to time of the trend of em- $25.000.000 appropriation, he explained,program, like the sign the report.
"Like President Hoover's farm relief
$45,000,000 apactivity and of the existence and ap- propriation for feed, seed and fertilizer loans," he went on, "this comproployment and business
proach of periods of depression and unemployment. The mise amendment is entirely inadequate and will do little good. It will
persons who
of Mr.
Board is to be composed of the Secretary of the Treasury, not help the destitute the farmers. really need help. It is typicalhusks."
He gives the farmers only the
Hoover's dealing with
the Secretary of Commerce, the Secretary of Agriculture,
The agreement to make loans for all live stock instead of for work stock
and the Secretary of Labor. The object of the new legisla- only, however, might help the diary industry of his State and, therefore.
advance planning and regulated he would vote for the conference report.
tion is to provide for the
Regarding the action of both branches of Congress on
construction of public works, the stabilization of industry
States
of unemployment during periods Feb. 14 we quote the following from the "United
and aiding in the prevention
Daily":
of business depression. In affixing his signature to the bill
Senate Agrees. 67 to 15.
on Feb. 10, President Hoover made the following statement
After debate of a week, the Senate agreed to the report of its conference
at the semi-weekly press conference:
committee, 67 to 15, and sent it to the House where immediate action was
"I have to-day had great pleasure in approving the act providing for ad- had, the House adopting it without a record vote.
Thus was brought to a conclusion the controversy that has involved
vanced planning of construction and Federal public works in preparation
for future unemployment relief. Senator Wagner and Representative leaders of both House and Senate and the President, and which finally
Graham have worked out an admirable measure in which they adopted the resulted in an accord sponsored by the majority and minority leadership
in both Houses, and which the President accepted.
constructive suggestions of the various government departments.
FEB, 21 1931.]
FINANCIAL CHRONICLE
1335
2. $2,000,000 for the purchase of medical supplies and for rural saniAlthough the leaders were in agreement, opposition to the compromise
maintained throughout the discussion that the language used in the amend- tations.
3. $20,000,000 to be used, so far as necessary, in making loans of
ment was not specific respecting the availability of funds for the purchase
capital stock for the organization and enlargement of agricultural credit
of food.
Development of this phase of the discussion was followed by adoption in corporations, live-stock loan companies and similar organizations. This
the Senate of a resolution requesting a construction of the language by the makes possible expansion of credit between thirty and fifty millions, which
Secretary of Agriculture. Arthur M. Hyde. His reply was that the amend- may he used for any and all purposes necessary in farming. The remainder
ment contained "no prohibition" against use of proceeds of loans obtained of the $20,000,000 may be used for loans to farmers for purposes of crop
under it for the purchase of foods, since the amendment employed the production and agricultural rehabilitation, which includes food and other
necessities of life.
phrase for "farm rehabilitation."
4. It is expected that the $2,000,000 revolving fund for use in the
The Senate vote was taken under an unanimous consent agreement at
recommit the Southeastern States will be retained.
2 p.m. A motion by Senator Thomas(Dem.),of Oklahoma,to
Thus the aggregate for drouth relief will be $69.000,000.
report to conference was withdrawn an hour previous to the time set to vote.
Debate in the closing hours, proceeding under a limitation, included
expressions from half a dozen Senators that the amendment did not provide 24,000
Jobs in N. Y. City Due to End April 1—$8,000,000
adequate relief, nor did it lay down a policy that many Senators desired
Employment Fund Will Be Exhausted Then-54,000
to be regarded as a precedent.
Their votes were cast in favor of it, however, they explained in subHeads of Families Idle by Spring, Is Estimate.
stance, because they desired whatever relief it afforded to be made availThe following is from the New York "World" of Feb. 17:
able at the earliest opportunity.
Among those who took a definite position against the policy and who also
Just 43 days from to-day—unless something very much like Providence
voted against it was Senator Borah (Rep.), of Idaho. who maintained that intervenes—some 24,000 men, each with a family to support, will join
there should be "no such utter disregard of the hungry, the destitute and again the ranks of the city's unemployed, social workers
pointed out to
the sick" by Congress as the compromise showed.
the "World" yesterday.
The Idaho Senator called attention to the situation that will confront
The 24,000 will find in these ranks 30,000 family heads who have been
the country after March 4, when the present session of Congress ends by law.
jobless all winter—and in many cases more than six months. The occupaCongress should not go home, he said, "and turn its back on these people,"
adding that the Red Cross had not been and would not be able to care for tion of looking for a job will not be entirely new to the 24,000. -They
were members of the army of jobless before the Emergency Employment
those who required charity.
Committee raised $8,000,000 to back the creation of jobs for them and
"Herald Tribune" we take the follow- budgeted it to last until April 1.
From the New York
Most of the 24,000 have been employed in the parks and under the
ing from Washington Feb. 14:
week.
The long battle over relief for the destitute was considered virtually ended direction of various city departments at $15 for a three-day
The Welfare Council Co-ordinating Committee meets to-day to discuss
when the Senate adopted the conference report on the Interior Department bill, 67 to 15. Eight Republican insurgents, six Democrats and the what can be done.
The Brooklyn Bureau of Charities yesterday declared through its general
lone Farmer-Labor Senator from Minnesota held out to the last against
the compromise plan which split the coalition when accepted by Senator secretary, Dr. Thomas J. Riley, that "the number of families taken under
care of the Bureau is increasing from week to week." The Brooklyn group
Joseph T. Robinson, of Arkansas, Democratic floor leader of the Senate.
While the final Senate vote was not reached without more acrimonious de- has met part of its unemployment program through the Broaklyn Unembate, in which it was charged that the Administration was discriminating ployment Emergency Committee's fund of $500,000, and its share of the
against those who had no security to offer for a loan, the House accepted the money raised will carry this work until May, Dr. Riley said.
compromise plan and the Interior Department bill, as amended, with practiThe directors of the Bureau passed to its Executive Committee a resolucally no debate and only three dissenting voices.
tion proposing that the city appropriate enough money to create work
The great majority of Democrats in the Senate stood by their leader in the for the 54,000 family heads.
face of a bolt by Senators Alben W. Barkley, of Kentucky; Burton K.
Another large relief organization, the Association for Improving the
Wheeler, of Montana; Robert J. Bulkley, of Ohio; Tom Connally, of Texas: Condition of the Poor, reported that the urgency of the present situation
Thomas, of Oklahoma.
Carter Glass, of Virginia, and Elmer
Is indicated by the decision of the Association's Board of Managers to add
All but two of the insurgents who voted joined forces with these Demo- $500,000 to the budget, making a total of $2,172,487,
crats and Senator Henrik Shipstead, Farmer-Labor member from Minne"For the last quarter of 1930, the number of applications to the A. I.
sota, in a vote of protest. In the debate which preceded, Senator William 0. P. for relief increased 289% over a like period for 1929," the AssociaE. Borah, Republican insurgent, of Idaho, charged the Administration with
tion reports. "A vicious factor in such a crisis is that unemployment
neglecting widespread suffering in the drouth areas. . .
inevitably creates distress which re-employment alone cannot cure. The
President Hoover signed the bill without delay or ceremony within an adult health of children is endangered by undernourishment, the earning
hour of its receipt from Capitol Hill. In contrast with the excitement and
capacity of wage-earners may be lessened permanently by the long periods
controversy which has marked the consideration of the $20,000,000 drouth
old
relief compromise rider, toe atmosphere of the Executive offices was, if of anxiety and by neglected physical repairs and great numbers of
anything, calmer than usual. The newspaper correspondents had to stay people are rendered wholly dependent."
on the job a few minutes longer than usual for a Saturday, but beyond that
From the New York "Times" of Feb. 19 we take the
there was no indication that another protracted conflict between the White
following:
House and Congress had come to an end. . . .
New York City will face a serious situation on April 1 when the
Compromise on Food Demand.
$8,000,000 collected by the Prosser Committee for the employment of nearly
amendment, granting $20,000,000 in loans to the
The compromise
25,000 heads of families in the parks at $5 a day for three days a week Is
drouth areas, is intended to replace the $25,000,000 amendment for direct
the Welfare Council,
aid to the suffering through the Red Cross, an amendment which was first exhausted, William Hodson, Executive Director of
declared yesterday in an address at a meeting of the Federation of Jewish
proposed by Senator Robinson,the Democratic leader, and then abandoned
Congregation Ernanu-El,
by him. Senator Robinson indicated he became convinced this could not Women's Organizations at the community house of
be obtained and the best he could hope for, in view of opposition from the 1 East 65th Street.
"One of the tragic aspects of the unemployment situation is that so
House and the Administration to direct Government appropriations for
food, was the compromise which President Hoover assured him would be many people who are normally self-supporting have been compelled to
resort to private philanthropy," he said.
sympathetically administered.
"In spite
that is being done by the Prosser Committee, in spite
The following is the compromise amendment providing for of all that isof all done by the family agencies and by the city itself, the
being
fund, incorporated in the In- fact remains that the total need is not being met. The funds of the
the $20,000,000 drouth relief
terior Department Appropriation Bill in the form enacted Prosser Committee will be expended by April 1 and we will then be faced
with the question of what to do next."
into law:
Mr. Hodson pointed out that even if business revived in the next few
Joint resolution No. 211 for the relief of farmers in the drouth-stricken months, many thousands still would require assistance in the meantime,
areas, approved Dec. 20 1930, is hereby amended by adding at the end "for it
takes a long time for families to recover from such a depression."
thereof the following:
He expressed the hope that some way would be found, through official
Any money appropriated pursuant to the authorization contained in this
the Prosser Committee and its policy
section may be used in the purchase of feed for other livestock upon the sources, to supplement the work of
of paying wages for work actually performed. The city, he said, was
same terms and conditions as such money may be used for the purchase
committed to a policy of payment for work and not charity.
of feed for work stock.
Welfare Conference Called..
In addition to the sums herein authorized, and appropriations made
thereunder, there is hereby appropriated to be immediately available out
Thecrisis in the city's public and private program to alleviate unemof any money in the Treasury not otherwise appropriated the sum of ployment will be discussed at a conference of the directors and trustees
$20,000,000 to be used by the Secretary of Agriculture for the following of all the welfare and health organizations of the city at 4 p. in. on
purposes: (1) To make advances or loans to individuals in the drouth Feb. 27 at the Town Hall, it was announced last night after the Welfare
and (or) storm or hail stricken areas of the United States for the purposes Council had sent out calls to 6,000 welfare executives at the request of
of assisting in forming local agricultural credit corporations, livestock the Co-ordinating Committee on Unemployment.
loan companies or like organization or of increasing the capital stock of
Seward Prosser, Chairman of the Board of the Bankers Trust Co. and
such corporations, companies or organizations qualified to do business head
of the Emergency Employment Committee, will speak on "Eight
credit banks, or to which such privilege may
with Federal intermediate
Million Dollars—What They Have Done for 25,000 Families and What Will
be extended, and (or) making loans to individuals upon the security of
Happen to These Families After April 1." The Rev. Bryan J. MeEntegart,
the capital stock of such corporations, companies or organizations, and
Acting Executive Director of the Catholic Charities, will discuss The
(2) to make advances or loans to farmers for crop production for the crop
Unemployed." Sol M. Stroock, former President of the
of 1931 and for further agricultural rehabilitation in the drouth and (or) Children of the
Support of Jewish Philanthropic Societies, will describe
storm stricken or hail stricken areas of the United States. The advances Federation for the
91 Jewish welfare agencies and institutions.
and loans made pursuant to this act and amendment thereto shall be the situation confronting
will represent Mayor Walker. Robert W.
secured by liens on crops or by other security, under such rules and regu- Police Commissioner Mulrooney
de Forest, honorary President of the Welfare Council, will preside.
lations as the Secretary of Agriculture may prescribe.
Plans for a city-wide registration of the demand for labor," to begin
next Monday, were announced last night by Charles E. O'Toole, SuperinRobinson Estimates Federal Aid for Relief in tendent of the State Employment Service, at a dinner at the Home-making
Senator
Center, Grand Central Palace, of the Welfare Council's section on employDrouth Areas Will Total $69,000,000.
ment and vocational guidance..
With the adoption of the $20,000,000 compromise relief
measure by Congress on Feb. 14, Senator Robinson stated Mayor Mackey Says Militia Will Be Needed in Phila(we quote from the New York "Times") that the following
delphia if Rich Ignore Relief Appeal.
Federal expenditures for drouth relief would be made
Declaring that the time had come for plain talk regarding
available:
the unemployment situation, Mayor Mackey of Philadelphia
1. $45,000,000 to be lent to farmers for the purchase of seed, feed,
said over the radio on Feb. 15 that unless funds were forthfeel oil. Feed will Include provision for all live stock.
fertilizer and
1336
FINANCIAL CHRONICLE
coming for carrying on the work of the relief committee and
for giving employment to the thousands seeking work, "there
will be a condition in the city of Philadelphia whereby it
will be necessary to call upon the State militia to preserve
order." A dispatch from Philadelphia, Feb. 15, from which
we quote, added:
"I am not an alarmist," said the Mayor, "and am not overemphasizing
what I know to be the facts. No one wants to see martial law proclaimed
here, but I know whereof I speak when I say that if the Lloyd Committee
should break down and cease to function because of the failure of our
people to contribute to its funds for relief it would be absolutely impossible for the police force of Philadelphia to contend with the conditions
which would be created.
"Up to the present a great proportion of •the relief funds has been contributed by the working class. Not one-tenth of our citizens have
responded, and it is a lamentable fact, but none the less true, that many
of our wealthy men and women have failed to respond, while many others
who are rich and well able to do so have sent contributions for
cant sums.
"Some of them give $100 to the Lloyd Committee and then go to
Florida for the winter and the poor man stays here. I say to you it is
the poor man who has saved the situation up to this time. In other
words, the poor man is protecting the interests of the rich man becaus
the poor man is sympathetic."
The Mayor stated it was estimated that there were at least 250,000 persons, including 50,000 children, in the city who were without the bare
necessities of life.
The following further Philadelphia dispatch, Feb. 16, is
also from the "Times":
Passing the $2,000,000 mark in its campaign for $5,000,000 to give
work, loans and other assistance to the city's jobless men and women, the
Committee on Unemployment Relief to-day announced a $100,000 gift
from Mrs. Carroll S. Tyson, Jr., daughter of the late Charles G. Roebling
and granddaughter of the builder of the Brooklyn Bridge.
The sum was the second $100,000 gift of four needed to match a conditional donation of Mr. and Mrs. Leasing J. Rosenwald. The estate of
P. A. B. Widener has given a similar amount.
Horatio Gates Lloyd, Chairman of the Relief Committee, told members
of the relief group that wealthy persons were becoming more aware of
the situation and that some were contributing more generously.
Union Member Endorse Suggestion of Pennsylvania
Federation of Labor for Appropriation of $10,000,000, by Legislature for Relief of Unemployed.
An Associated Press dispatch from Pittsburgh, Feb. 15,
said:
A suggestion by the Pennsylvania Federation of Labor that $10,000,000
be appropriated by the Legislature for unemployment relief work was
endorsed at a mass meeting of several hundred labor union members here
to-day. The meeting was addressed by John A. Phillips, President of the
State Federation, and Philip Murray, Vice-President of the United Mine
Workers, who said that surveys in the Pittsburgh district "reveal the
total inadequacy of local relief organizations to meet the needs of the
situation."
New Hampshire Defeats 48
-Hour Labor Measure.
From Concord, N. II., a dispatch, Feb. 18, to the New York
"Journal of Commerce" stated:
By a vote of 206 to 152, the New Hampshire House of Representatives
to-day killed the 48-hour bill for women and minors in industry. Opponents
of the measure claimed that to enact the law would seriously threaten
industry in New Hampshire. After the defeat of the bill Representative
France P. Murphy, of Nashua, introduced a resolution calling upon the
New Hampshire Representatives in Congress to work for the enactment of a
Federal 48-hour law.
St. Louis Unemployed Estimated at 100,000.
Associated Press accounts from St. Louis, Feb. 12, said:
The "Post-Dispatch" said to-day the St. Louis unemployment census
showed unofficially that about 100,000 men and women were involuntarily
unemployed in the city. No tabulation of the figures was made here, but
the various enumerators compared notes, the newspaper said, and made the
estimate of the 100,000 unemployed. Tile 1930 population of the city
was 821,960.
Wheat Pouring in on the Federal Farm Board—Chairman
Legge Says Stabilization Corporation May Control
Nearly All of 1930 Carry-Over--Has 100,000,000
Bushels Now.
The possibility that the Federal Farm Board might control nearly all of the carry-over of last year's wheat crop
amounting to about 275,000,000 bushels was pictured .by
Alexander Legge, chairman of the board on Feb. 19, according to a Washington dispatch to the New York
"Times" which went on to say:
Because roads throughout the wheat-growing territory have not been
closed to transportation throughout the Winter, he said, and the present
price of wheat is above that to be paid on delivery of July futures, deliveries are now coming into the Stabilization Corporation at about
double the rate of last year.
The present holdings of the Board, he said, include about 100,000,000
bushels of the carry-over from last year and deliveries were made at a
rate of about 1,000,000 to 1,500,000 bushels daily. This would bring the
Board's holdings by that time to about 200,000,000 bushels, the present
status of the carry-over as a result of Winter live stock feeding.
Aside from the factors mentioned, Mr. Legge said, farmers had been
urged by grain elevator interests and others to make their deliveries of
wheat to the Stabilization 'Corporation as early as possible.
(Vol.. 132.
"I suppose they thought it might make us lose courage and have a depressing effect on world prices by getting it all into the show windows
at this time," he added.
Reports that the Board would call in its March contracts for delivery
at that time were confirmed by the chairman. He believes, however,
that such action would have little if any effect on the market.
Asked what he thought would be the effect of the McKellar resolution,
introduced in the Senate yesterday, calling for an investigation of the
Board's cotton stabilization activities, Mr. Legge said he doubted if
it would affect the Board in any way. The resolution cited loans to certain "weak" cotton co-operatives in the South and questioned the Board's
right to make such loans.
These loans were described by Mr. Legge as "one of the things we
are supposed to do." Congress must have had some such intention, be
said, when it provided that the Board might make loans to co-operatives
even to the extent of exceeding the assets of the Board.
Grain Stabilization Corporation to Call March Wheat—
S. R. McKelvie Says Demand Will Be Made for Delivery
on All Contracts Not "Washed Out."
Sam R. McKelvie, grain member of the Federal Farm
Board, said on Feb. 7 the Grain Stabilization Corporation
will demand delivery on all of its contracts for March
wheat that had not been "washed out" in the meantime.
An Associated Press dispatch from Washington Feb. 17
to the New York "Times" from which we quote added:
By "washing out," he explained, he meant the completion of millers'
hedging operations when the wheat they hedged bad been milled and sold
as flour and the need of price insurance thus done away with.
Regarding the short seller, or the speculative dealer, Mr. McKelvie
said he would either have to make delivery of the cash wheat or buy back
his option.
Delivery to the corporation could be made at any time during the
month of March. In Mr. McKelvie's opinion, there will be no congestion, with ample storage facilities available for the grain. He declined to estimate how much of the Stabilization Corporation's purchases
were represented in March futures.
Questioned as to the relative value of holding the cash wheat or the
grain represented in futures contracts to a stabilization operation, Mr.
McKelvie said that "futures contracts are just as good for stabilization
purposes as the actual wheat, if not better."
He explained that carrying charges on the grain amount to 11 cents
A
per bushel per month, while charges on futures contracts are about one-half
that much.
The Stabilization Corporation, Mr. McKelvie said, holds "as much as
100,000,000 bushels" of wheat as a result of its operations in the last
two crop years. More than 60,000,000 bushels was acquired a year ago,
with purchases of this year represented in both actual grain and futures
contracts for March and May deliveries.
Federal Farm Board Inquiry Sought by Senators—Cotton
Shippers Claim Operations Have Been Prejudicial to
Market.
An investigation of the Federal Farm Board's operations in cotton by a select committee of five Senators is
asked for in a resolution introduced in the Senate on Feb.
18 by Senator Kenneth McKellar (Dem., Tenn). According to the Washington correspondent of the New York
"Journal of Commerce" the resolution is understood to be
the result of claims made by representatives of the American Cotton Shippers' Association before the Senate Appropriations Committee recently that the Farm Board's dealings in this commodity have been prejudicial to the cotton
market. The dispatch likewise said:
At that time the cotton shippers, asserting that they represented 85%
of the American cotton industry, while the Farm Board's operations
covered only 15%, claimed further that the 1,300,000 bales of cotton
held by the Board through the Cotton Stabilization Corporation was a
constant menace to the market.
Follows General Opposition in South.
The shippers' assault on the Board is an enlargement of the general
fight that has been going on in Southern States against the Government
becoming a dealer in cotton and lending Federal finances against which
no private concern could compete. Co-operative associations within the
Farm Board's setup have generally approved the Board's policies. The
Board has been operating under the Agricultural Marketing Act, which
uses co-operative marketing as the basis of the Government's efforts
in the direction of farm relief.
It has generally been understood that the next session of Congress
would make a sweeping investigation of the Farm Board and its use
of the $500,000,000 already appropriated by Congress.
Senator McKellar's resolution points out that it was developed by
the Senate committee that the Government was blocking co-operative associations in cotton that were not entirely responsible financially, and
that the cost of handling cotton by the co-operatives was as great as or
greater than under former systems. It was added that the co-operatives
were using Government funds to speculate in the cotton market.
Points to Government Losses.
"It happened that an actual corner w53 created nearly a year ago,"
the resolution reads, "requiring several thousand bales of cotton which
had already been shipped abroad to be returned to America. It is
admitted on all sides that the Federal Government already has a loss
in the dealings of the Farm Board on the cotton market of something
like $45,000,000."
The resignation of Alexander Legge, Chairman of the Federal Farm
Board, which is rumored to become effective in March, has no association
with the proposed investigation. Months ago Mr. Legge let it be
known that he would return to private business, although importuned
by the Administration to continue his work.
Although no official announcement of the chairman's resignation has
been made it is understood that he is to be succeeded by James C. Stone,
now Vice-Chairman of the Board, who is already taking over the duties.
FEB, 21 1931.]
FINANCIAL CHRONICLE
Plan to Donate 20,000,000 Bushels of Surplus Wheat For
Relief Rejected—Provision in War Department Supply
Bill Eliminated by Conferees.
The following is from the "United States Daily" of
Feb. 20:
The provision in the War Department bill (H. R. 15593) to make
now
available to drouth sufferers 20,000,000 bushels of surplus wheat
held by the Federal Farm Board, was struck out of the measure by
the conferees, whose report was filed with the House Feb. 19.
The conferees also eliminated the Senate provision to authorize the
Secretary of Agriculture to use $5,000,000 of the $45,000,000 drouth
relief fund, already appropriated, "in certain ways to aid in extending
credit to farmers," as the conference report expressed it.
The bill appropriates $31,479,635 for the Army Air Corps, and
$250,000 to classify and index military personnel reports of the World
War, as proposed by the Senate, instead of $200,000 proposed by the
House.
The bill, as agreed to, makes available $131,132 for increased pay for
retired Army officers on active duty. It carries $800,000 for purchase-ofdischarge funds, instead of the $400,000 for that purpose in the bill.
There are numerous other changes.
Reports That Messrs. Legge, McKelvie and Teague Will
Shortly Retire from Federal Farm Board.
Reports anew that Alexander H. Legge, Chairman of
the Federal Farm Board, Samuel R. McKelvie and C. C.
Teague are soon to retire from the Board, have been current the present week. Similar reports have been in circulation for some months past, one of which was referred
to in these columns Nov. 15, page 3133. According to the
latest accounts from Chicago Feb. 14 Mr. Legge is preparing to retire from the Chairmanship of the Federal
Farm Board soon after March 4 to rejoin the International
Harvester Company. Mr. McKelvie, wheat member of the
Board, announced on Feb. 15 that he will retire from the
Board at the expiration of his term, June 15.
In United Press advices from Washington Feb. 18 it
was reported that Mr. Teague plans to resign from the
Board June 15 to resume the presidency of the California
Fruit Growers' and California Walnut Growers' Exchanges,
Wheat Import Restrictions Reduce Market Further.
From its Washington correspondent Feb. 10 the New York
"Journal of Commerce" reported the following:
an countries,
Increases in import tariffs on wheat and flour in non-Europe
as woll as increases in duties and other restrictions on the use of foreign
to
wheat in several European importing countries have further contributed
to-day
reduce demand of an already highly restricted market,it was declared
wheat prospects.
by the Department of Agriculture in a report on world
of any material
The report said that early indications give no evidence
Winter wheat
reduction in the wheat acreage for the 1931 world's harvest.
have been equal
seedings reported to the department in foreign countries
interefered with such
to or better than last year, except where poor weather
to the department
operations. It was added that information available
spring wheat seedings in
gives little promise of any material reduction in
foreign countries.
held at this time
MOver 100.000,000 bushels of wheat in excess of stocks
I, in the four
last year are still available for export and carryover, as of Jan.
according to the report.
Important non-European exporting countries,
1337
upon as markets for substantial quantities of imported wheat have become
highly restricted through governmental action."
The report states that abnormally heavy shipments of cheap Argentine
wheat during the last five months of 1929 created a "buyers market" in
Europe, and that during this period Argentine Rosafe wheat sold in
Liverpool at prices from 38 cents to 14 cents below Canada's No. 3
Northern. Failure of the Oriental market to regain a steady basis, and
unusually heavy yields of coarse grains and field crops in Europe are
cited in the report as additional factors in the disorganization of wheat
markets. The stock market crash of last year and consequent restriction
of credit were also cited.
An important statement concerning the Pool's marketing policy is made
as follows:
"The problem facing your salesmen, particularly during the Fall and
Winter months, was to find buyers; importers, however, were not interested, and there was practically no demand. Despite the reports to
the contrary, no holding policy was adopted by this Organization, and
we have taken advantage of every opportunity to sell our wheat, even
at prices which did not appear attractive."
Deliveries from Provincial Pools.
The deliveries of wheat from the provincial Wheat Pools to the Central
Selling Agency, or Canadian Co-operative Wheat Producers, Ltd., totalled
119,463,000 bushels. Deliveries from the Manitoba Wheat Pool were
9,661,290 bushels; from the Saskatchewan Provincial Organization,
76,520,896 bushels and from the Alberta Pool 33,280,844 bushels.
A total of 17,766,000 bushels of coarse grains was handled during the
year. The report states that "it was impossible for Canada to compete
with domestic supplies in Continental countries," in referring to the
export trade in oats, barley, rye and flax, and attributes this condition
chiefly to tariff regulations and general price levels in Europe.
Financing Difficult.
Under the heading of "Finance," the report contains the following
statement:
"The question of the Company's finances has been one of grave concern during the past year, and your Directors have been faced with a
series of exceedingly difficult situations as a result of the acute financial
crisis which has prevailed throughout the world during that time, and
which even now international bankers and financial experts are vainly
seeking to remedy.
"This condition has not applied to this Company only but has been
the experience prevailing in practically every industry, and has affected
the largest and wealthiest organizations in the country, with disastrous
results in many cases. Our own position has been extremely critical
since the beginning of the present calendar year due to the rapidly declining values of grain, and to the marketing situation in general.
"Our organization has always been financed by loans obtained from the
Canadian banks upon the security of our grain documents. These loans
have been advanced upon the condition that we must at all times maintain
a margin of at least 15% between the amount of our loans and the
market value of the documents held by the banks as collateral security.
During the period under review our position in this respect was complicated by the fact that we were carrying a considerable quantity of
wheat from the 1928 Pool, upon which payments had been made aggregating $1.1854 per bushel basis Fort William, and in the early part of
this year the market had continued its decline to a point where we were
unable to maintain the required margin with the banks. Anticipating
the requirements which would have had to be met, negotiations were
opened by your Board with the Premiers of the three Prairie Provinces,
with a view to obtaining some relief from the existing situation. This
dbcision was necessitated as the only alternative to dumping large quantities of our wheat on a declining market, with results which would have
been disastrous, not only to the Pool but the country at large.
"As a result of our negotiations, the Provincial Governments entered
into an agreement whereby they guaranteed the lending banks against
any ultimate loss as a result of the financing of our grain stocks, and
under the terms of the guarantees obtained we were able to continue
marketing our grain through the regular channels without embarrassment,
although subsequent to that period we were not always able to maintain
the margin required under the terms of our Loan Agreement with the
banks.
"The action of the Provincial Governments in this respect and the
manner in which they demonstrated their faith in the integrity of the
farmers of Western Canada, and in co-operative marketing, was a remarkable tribute to our organization; and places a solemn obligation upon
us to demonstrate that their faith in us was justified."
Reference is made in this report to the work the Pool is doing in connection with developing a larger market for coarse grains in Eastern
Canada, and also deals with the operation of the Company's Cereal Research Laboratory and other phases of Pool activities.
The Annual Report covers the Pool's activities up to August 31st only,
and, therefore, does not deal with any phases of the situation which have
developed since that date.
Annual Report of Canadian Wheat Pool — 130,000,000
Bushels of Wheat Sold During 1929-30 Crop Year—
Poor Carry-Over Lower Than Was Generally Believed.
The 1929-30 Annual Report of the Canadian Wheat
Pool, was released to the public on Nov. 29, after having
been passed upon by the Annual Meetings of the three
provincial Wheat Pools. The report was passed at the
Annual Meeting of the Manitoba Wheat Pool on November 5th, and by the Saskatchewan Pool on November 12th.
The Alberta Pool delegates gave their approval on Nov.
28, thus making the report officially approved by all three Chile's Wheat Crop Due for Drop in 1931—Fall From
Pools. A statement regarding the report says:
1,000,000 Metric Tons in 1930 to 650,000 Expected.
The report shows that the Pool Central Selling Agency sold 129,952,000
The following Santiago (Chile) cablegram Feb. 13 is
bushels of wheat between September, 1929 and August, 1930. Of this
amount, 45,691,000 bushels were from the 1928 carry-over and 84,261,000 from the New York "Times":
bushels were of the Pool's 1929 handlings. At the end of last August
the Pool carry-over included 3,290,000 bushels of the old 1928 wheat
and 39,981,000 bushels of last year's crop.
Export sales by the co-operative company amounted to 56,877,000
bushels, distributed among seventeen overseas countries. This compared
with 108,000,000 exported during the previous year. The largest share
of this business was consigned to the United Kingdom which took approximately 23,000,000 bushels as against last year's 34,600,000. Sales
bushels, compared with 7,885,000 bushels
to Germany totalled 5,421,500
Export sales to France showed
the previous year and 11,800,000 in 1928.
2,905,000 bushels as compared with eight
a similar decline, the total being
years. Quantities
million and five million bushels in the two preceding
reduction, the 1929-30 sales by
taken by Italy showed an even greater
totalling only 4,370,000, as compared with
the Pool to that country
8,775,000 and 15,730,000 in the two earlier years. Unsettled conditions
drastic decline in the Pool's exports
in the Oriental market resulted in a
total being 4,285,000 bushels as compared
to China and Japan; last year's
with 17,700,000 the preceding year.
the report refers to the
In a review of the World wheat situation,
duties against foreign wheat imposed by Germany. France and Italy, and
that have been looked
says "in a little over one year's time, countries
The figures for Chile's wheat harvest will be much smaller than last
year's, according to official forecasts, which indicate the probable total
will be 650,000 metric tons, as compared with 1,000.000 in 1930. [A
metric ton is 2,204.6 pounds.]
Many reasons are put forward to explain the drop in production. Among
them are that the area cultivated was much smaller because of low prices
and that the Winter was unfavorable. The bat 1^y corp will total about
100,000 metric tons, while the oat crop is expected to reach only 50% of
the 1930 harvest.
President Beatty of Canadian Pacific Rwy. Outlines Features
of Dominion's $5,000,000 Fund for Farm Loans—Fair
Interest Rate and Security Essential.
Proposals in connection with the organization and operation of the Dominion Government's $5,000,000 revolving
loan fund to aid western Canada farmers were outlined
at Winnipeg, Feb. 16, by E. W. Beatty, K.C., President of
the Canadian Pacific Railway. A Canadian Press dispatch
1338
FINANCIAL CHRONICLE
[VaL. 112.
from Winnipeg, Feb. 16, to the Montreal "Gazette" making such experiments or it will leave the question to the members without
advising them.
this known added:
Despite the
Mr. Beatty was first proponent of the idea, definitely announced by
Premier R. B. Bennett at Regina, December 30.
The railway head offered two major suggestions for officials named to
handle the fund, which has been placed in the hands of the newly chartered Dominion Agricultural Credit Corporation. No burden of handling.
charges should be imposed on the farmer, he thought, and the safety of
the investment must be assured.
"The policy must be operated in such a way," he said, "so as not to
impose a burden on the farmer in the matter of handling charges, interest,
etc., but rather to provide him with a greater stability in earning power
at the very minimum of cost. It must also insure the safety of the investment so that the capital of the loan corporation is not impaired."
He reiterated his belief, first declared at London, Ont., last October,
that the plan would "improve conditions under which farm operations
are carried on in those districts where its credits can be properly used."
In some particulars, Mr. Beatty thought, the credit body should function similarly to administrators of the "Minnesota plan." He thought it
, "might be advisable" to adopt the United States minimum and maximum
loan clause. This would set loans at $200 and $1,000. "However," he
added, "I would not favor the granting of the maximum amount except
under special circumitances."
Length of time for which the loans are made also might be adopted
from the "Minnesota plan," the C. P. R. president said. Under this threeyear repayment plan, the farmer would pay back 30 per cent of his loan
after the first year, 30 per cent after the second and the balance after the
third year.
Mr. Beatty asserted the loan plan here would be operated under vastly.
different conditions than when it met with "amazing success" in Minnesota. "It will be well to remember," he said, "that their record in the
matter of repayment of loans has been achieved in the period when prices
and other conditions were comparatively good, that they have a great
advantage over this country in the matter of population and, therefore, of
consumers, and that great difficulty may be experienced under more
adverse conditions.
"This," he added, "suggests the advisability of some conservatism in
the extension of credit at the outset at least." Greater safety in the
operation of the loan scheme would be achieved through numerous rel.
atively small loans and, though he said it was not yet possible to estimate cost of managing the credit corporation, "it should be urged that all
poSsible avenues be explored with a view to establishing credit facilities at
a rate of interest not to exceed 6%." He stressed that the plan is not
expected to "work miracles" for the farmers.
- "The central idea of the plait should be to seek to develop in favorable
communities on the basis of some diversity in livestock, which under
different conditions might include two to five cows, one or two sows, 25 to
100 hens and, wherever possible, 20 to 50 ewes per individual farm."
Mr. Beatty spoke at a banquet of the Winnipeg Board of Trade on the
occasion of the 50th anniversary of the issuance of the charter of the
Canadian Pacific Railway,
Saskatchewan Government's Liability to Banks for Pool
Guarantee Totals $12,400,000
From the Toronto "Globe" we take the following (Canadian Press) from Regina, Feb. 10:
Contingent liability of the Saskatchewan Government to the banks
under its guarantee on behalf of the Wheat Pcol amounts to $12,400,000,
it was stated in the Legislature tonight by Hon. Howard McConnell,
K. C., Provincial Treasurer, in the course of his Budget speech. ifs
security for this guarantee the Province holds mortgages on the Pool's
offices and interior and terminal elevators, such assets being valued at
$17,455,190.
Saskatchewan will adopt a liquor-permit system, Mr. McConnell further
announced, and the Government anticipates an annual revenue of $200,000
from this source.
Saskatchewan Co-operative Creameries lost $75,807 in its 1930 operations, he announced. The Government is now awaiting the outcome of a
revaluation of the company's entire assets before taking action. As a
result of buying J. A. Caulder's controlling interest in the enterprise
for $55,000, the Government is now in a position to direct its affairs.
As at Dec. 31, 1930, the net public debt of the Province was $49,192,100,
as compared with $44,121,966 in Manitoba, $73,574,258 in Alberta, and
$99,432,180 in British Columbia.
While acknowledging that the Province was passing through a most
critical period in its history, the Provincial Treasurer concluded with an
optimistic note, being assured that Saskatchewan would emerge from this
depression into more prosperous times. For this the most rigid economy
was essential, and the efforts of the Government must be bent toward
restoring the position of the great agricultural industry.
specific ruling of the Supreme Court that no man can be
forced to join a pool or similar organization, supporters of the central
selling legislation insisted that such a measure would be valid. They explained that it does not involve the levying of fees nor control over produce shipments to points outside British Columbia, two points on which
the Produce Marketing Act was rejected today.
On the other hand government officials could not see how the central
selling scheme could hold legally against the decision that a producer
cannot be compelled to join a selling organization. This, of course, is
the whole effect and purpose of the central selling scheme. But final
opinions on this matter were withheld pending the receipt of the exact
wording of the judgment. Those are the legal aspects of the situation
created by the Supreme Court decision. The practical effect of today's
ruling among legislators was much more clear-cut. The average member
of the Legislature as gauged by opinions from both sides of the House
seems to think that the Supreme Court has called a halt to all experiments like the Produce Marketing Act and the Milk Act.
As most members have always been opposed to such legislation privately
on general principles, the court decision came as a profound relief to
what is believed to be a majority of the House. It offered an easy way
out of what has become a highly embarrassing situation politically.
House and Senate Pass Bill for Payment of Bonus Loans
to World War Veterans on Adjusted Service Certificates—President Hoover Expected
to Veto
Measure.
Passed by the House on Feb. 16 and by the Senate on
Feb. 19, the so-called soldiers' bonus bill is expected to be
vetoed by President Hoover. With the signing of the bill
by Speaker Longworth, upon the convening of the House
at noon yesterday (Feb. 20), (and the affixing to it of the
signature of Vice-President Curtis, the measure was brought
before the President just before he left for lunch yesterday.
He announced that he woull be "ready to act on the bonus
bill about the middle of next week." Associated Press
dispatches from Washington yesterday also said:
Senator Reed meanwhile announced in the Senate that the President
would veto the bill. He said the President had authorized the announce-.
METIt.
Aside from his veto message, President Hoover earlier in
the week expressed opposition to the bill in a letter dated
Feb. 18 to Chairman Smoot of the Senate Finance Committee
and this letter we give elsewhere in our issue to-day. We
likewise print in this issue a letter addressed by Secretary
of the Treasury Mellon on Feb. 13 to Representative Hawley,
Chairman of the House Ways and Means Committee regarding the effect on the Government's finances of the proposed legislation. As was noted in these columns last week,
page 1145, the House Ways and Means Committee on Feb.12
agreed by unanimous vote upon a $700,000,000 soldier
bonus compromise, authorizing loans up to 50% of the face
,
value of adjusted service certificates at 436% interest.
On Feb. 13, by a vote of 17 to 4 the Committee favorably
reported the measure to the House As to the Committee's
action on that date, we quote the following from the Washington account Feb. 13 to the New York "Times":
Four Republican members, including Chairman Hawley and Representatives Treadway of Massachusetts. Chindblom of Illinois and Ramseyer
of Iowa, each a party to the unanimous compromise agreement yesterday,
voted against the report. Each explained that he wanted to "reserve"
his stand on the measure until he had further facts as to the financial
consequences involved.
As a result of the action of the four, sponsorship of the bill was thrown
automatically on Representative Bacharach of New Jersey, who worked
out the compromise.
According to the Committee's unanimous vote yesterday it was to have
been a Committee bill sponsored personally by Chairman Hawley, but he
explained to-day that "friends of the measure had better handle it."
On leaving the Committee chamber Chairman Hawley remarked that
the action yesterday was taken on "undigested information."
"The four
British Columbia Marketing Act Declared Defective by Su- in which to members who have voted against the report want more time
make further investigations to determine the effect of this
preme Court—Ruling May End Forced Pools—Definite measure on the Treasury," he said. "They want to determine whether it
will necessitate a further issuance of bonds, or any additional legislation
Against Compulsory Selling Control Expected.
Policy
to carry out its provisions."
the
following from
From the Montreal "Gazette" we take
On Feb. 14th the bill was formally presented to the House
Vancouver, Feb. 16:
The Supreme Court's decision upsetting the Produce Marketing Act, by Representative Bacharach of New Jersey for the Ways
which came while the House was in session and awaiting the Government's and Means Committee, whose name is given to the measure.
announcement on its agricultural policy, left the Legislature gasping by Noting this the "Times" said in
part:
the sweeping nature of the attack on controlled marketing. It is not
expected that the Committee of Interior Direction will carry the fight to
the Privy Council, but supporters of compulsory marketing will strongly
press for even more drastic legislation establishing a central selling
agency to handle all Okanagan fruit.
The Government is satisfied that the legal aspects of this knotty problem
have been settled and except for the small band demanding compulsory
control, the opinion is general that controlled marketing is near an end.
The Marketing Act has now reached the end which Attorney-General
Pooley predicted for it when the act was introduced.
The whole marketing problem, including the proposed central selling
bill, will be laid before the Government caucus immediately. Out of the
caucus discussion the Government undoubtedly hopes to be able to produce a definite Government policy on marketing, and thus avoid throwing
the issue into the House again, to be settled on the old non-party basis.
One thing is certain already, if the caucus is not strongly enough against
controlled marketing to frame a Government policy definitely opposed
to it, then it will not frame a Government policy in favor of any such
Ughlation. The Government will either ask the House to wash out all
In order to avoid possibility of a pocket veto the bill must be passed
prior to the 10
-day period before adjournment of Congress March 4. That
Period begins Feb. 21, Sundays not being counted in the 10 days.
Plans for Action To-morrow.
Plans were virtually completed for action in the House Monday. Speaker
Longworth, who took issue with Secretary Mellon on the bill, again indicated that he would recognize Representative Bacharach for a motion to
suspend the rules and set a 40
-minute limitation before the vote. This
procedure will require a two-thirds majority, which even oponents of the
bill admit can be mustered.
. •
The day's developments accentuated the breach between the Hoover
Administration and some of its stanchest supporters on Capital Hill with
regard to the bonus loans. Senator Watson, majority leader in the Senate,
has joined with the forces in support of the bill there. Senator Smoot,
Finance Committee Chairman, while joining in the prediction of Chairman Hawley of the Ways and Means Committee that the Government
would have to raise taxes or float a bond issue to meet the coat of the bill,
refrained from voicing opposition to the bill.
FEB. 21 19311
FINANCIAL CHRONICLE
In the House. Representative Tilson oi Connecticut, majority leader,
stated again that he was opposed to the measure, but said he would not
lead a fight against it. Mr. Hawley, who voted in committee against
reporting the bill, said he had not decided his course. . . .
1339
"There is transmitted herewith letters from the Secretary of the Tressury and General Frank T. Hines of the veterans' administration bearing
upon the bill."
Called up in the House under a suspension of the rules the
Freer Offers Tax Plan.
bill was passed by that body on Monday Feb. 16 by a vote of
When the bill was filed, Representative Frear of Wisconsin, insurgent
Describing the House action the New York
member of the Ways and Means Committee, disputed the figures set out 363 to 39.
In Secretary Mellon's letter, asserting that they were contradictory to "Herald Tribune" in its report from Washington on that
those contained in other statements submitted to the Committee.
day stated in part:
Mr. Frear introduced a bill proposing an increase in income surtaxes to
Amid scenes of disorder and confusion, the House of Representatives
to meet the Treasury deficit of
cover the cost of the bonus loans, as well as
adopted the World War veterans loan bill to-day by a vote of 363 to 39,
$500,000,000 which has been predicted. The bill would place a surtax of
the largest majority ever recorded for bonus legislation. With most Re2% on incomes of $14,000, graduating upward to 25% on incomes of
publican leaders of Congress deaf to Administration protests, the bill was
$500,000 and more. . . .
sent immediately to the Senate, where steps were taken to pass it by SaturCommittee's Report on BM.
day and thus force President Hoover to veto or approve before adjournment
of Congress on March 4.
The formal report on the bill filed by Representative Bachamch said:
The overwhelming House vote, almost 10 to 1, was construed to mean
"There have been introduced in the House some 50 or more bills bearing upon payment of adjusted service certificates; the first of these was that a veto would be overridden in that branch witnout question. By a
peculiar turn of the political wheel, President Hoover finds the Senate his
introduced as early as May 28 1929. The principles of these bills are
best hope in this crisis. That it is a frail hope was indicated to-night by a
exactly the same, so that they may be grouped into four general classes;
"
(a) Those that contemplate the payment of the face value of the count of the anti-bonus Senatorial votes which proved two short of the
certificates in cash.
33 required to sustain a veto. Anti-bonus leaders admitted they were
"
(b) Those that contemplate payment of the basic credit, plus 6% losing ground, if anything, in view of the decisive House vote which has
interest from 1918.
made members reluctant to be recorded against a veterans' measure which
"(c) Those that contemplate payment of the basic credit, interest at seems certain to prevail, anyway.
4%, with full 25% additional credit.
House Acts With Dispatch.
"(d) Those that contemplate payment on present value basis, allowing
Under the leadership of Speaker Nicholas Longworth, who refused to
earned portion of 25% credit.
"The total amount of cash required to be raised by the Treasury to put support the President in this issue, the House acted with its usual dispatch.
into effect the first class would be $3,409,250,000, for the second class it Tile debate was limited to forty minutes, twenty to a side. Time and
would require $2,770,714,605, for the third class it would require $2,106,- again it was interrupted by shouts, cheers and jeers from the galleries
which were crowded to a point where even the aisles were filled. At times
250,000 and for the fourth class it would required $1,728,770.393.
"There was unanimity on the part of the Committee that some kind of the noise from the spectators drowned out the debate and forced the Speaker
legislation bearing upon this question should be enacted by this Congress, to rap for order.
No sooner had the House passed the so-called bonus measure, extending
and after giving full and careful consideration to all the four abovementioned plans the Committee rejected all of them and agreed upon the the loan value of veterans' adjusted service certificates from 22% to 50% of
their face value, than it adopted two other veterans' aid measures in rapidbill (S. R. 17064) herewith submitted.
fire order under suspension of its rules.
Loan Rate Set at 50%.
Soldiers' Home Funds Voted.
"Under Section 1 of the bill, Subdivision 1 of the amendment, which
A bill appropriating $2,850,000 for additional construction at four Nawas recommended to be added to Section 502, provides that the loan basis
of any certificate shall not be less than 50 per centum of the face value of tional soldiers' homes was put through without debate, as reported by the
the certificate. It also provides that the interest rate on any loan made Military Affairs Committee.
Witnin a few minutes the rules were suspended again and the House put
after the subdivision takes effect shall not exceed 436% per annum com,
pounded annually. The subdivision further makes provision whereby the itself on record for an appropriation of $12,500,000 for additional hospitalpossession of certificates already pledged as security for loans may be ization, as provided in a bill sponsored by Mrs. Edith Nourse Rogers,
obtained by the administrator of veterans' affairs for the purpose of mak- Republican, of Massachusetts.
ing a further loan.
Topping off the afternoon of legislative activity on behalf of ex-soldiers,
"The new subdivision to be added to Section 502 extends the authority the House Veterans' Committee reported a bill to provide non-serviceof the administrator so that in addition to making loans out of the United connected pensions for dependents of World War veterans. This plan is
States Government life insurance fund, loans may also be made out of the estimated to cost $18,000,000 in the first year and to go higher each year,
calling for an estimated $131,000,000 in the first five years.
adjusted service certificate fund.
The 39 votes registered against the bonus bill were all cast by Republi"Section 2 of the bill proposes an amendment to Section 507 of the war
adjusted compensation act so that loans are authorized to be made out of cans, led by John Q. Tilson, Republican floor leader of the House, who
broke with Speaker Longworth, Chairman Bertrand H. Snell of the Rules
the adjusted service certificate fund.
"Section 3 of the bill authorizes the necessary appropriation to be made Committee and other House Republican leaders, to stand with the President. The Connecticut delegation voted solidly with Mr. Tilson, their
for carrying into effect the purposes of the bill.
colleague, but the majority of other delegations, including most of the
3,400,000 Certificates.
Republicans from New York State, deserted the Administration. The
"On Jan. 1 it is estimated that there were in force and effect approxi- Democrats were a unit for the bill which was sponsored by Representative
mately 3,400,000 certificates, with a maturity value of about $3,423,- Isaac Bacharach, Republican, of New Jersey.
000,000, or averaging a little over $1,000 apiece. On certificates issued
Exceeds on Final Ratio.
as of Jan. 1 1925, in the average case 223.5% of the maturity value may
Though it had been anticipated that the pleas of Andrew W. Mellon,
under the present law be borrowed, the total loan value approximating
$730,000,000. This bill provides for increasing this value to $1,712.- Secretary of the Treasury, and other Administration representatives would
500,000. Approximately $325,000,000 has been loaned on adjusted be powerless to balk the agitation for bonus legislation in this session, the
service certificates. Of this, approximately $13,000,000 is represented by House vote was larger than expected. It exceeded in emphasis the vote
notes held in the adjusted service certificate fund, $26,000,000 in banks by which the House adopted the original bonus bill in March. 1924. That
and $286,000,000 from the United States Government life insurance fund. bill went through, over the objection of President Coolidge, by a vote
"The total assets as of the first of the calendar year held by the adjusted of 355 to 54. President Coolidge's veto was overridden by a vote of 313
service certificate fund amounted to approximately $771,000,000, from to 78.
which provision must be made for the payment of certificates maturing on
In the"Times" Washington dispatch Feb.16it wasstated:
account of death, which, according to the American experience table of
The Democrats present, 150 of them, voted solidly for the bill. The
mortality, will amount to $21,000,000. The assets of the adjusted service
certificate fund are composed of $756,000,000 in special Treasury notes lone Farmer-Laborite member, Kvale of Minnesota, was for it. Despite the
and $13,000,000 in notes secured by adjusted service certificates, the Opposition of President Hoover 212 Republicans voted the same way.
remaining $2,000,000 being represented by accrued interest.
Advocates of the bill (we quote from the "Times" WashDividend Opinion on Cost.
"It will thus be seen that the principal feature of the bill is that it increases the loan value to 50% of the face value of the certificates. This
compares with a loan value of 53% on an old-line insurance policy which
has been in force the same length of time as the adjusted service certificate, in other words, on an old-line insurance company's policy for $1,000,
running for the same length of time, $530 could be borrowed,
while only
$500 can be borrowed on the adjusted service certificate.
"The Treasury Department estimates that the potential cost of
this
legislation will be $1,720,000.000. This estimate, of course, is based
upon
tne assumption that toe holders of the 3,397,973 certificates now in
force
would take full advantage of the loan value of their certificates.
"It should, in fairness, be stated that there is some divergence of opinion
as to the probable cost of this legislation, and estimates of the cost
range
from $375,000,000 upward.
"There is no way to determine accurately just what the cost will
be
but the facts are that only about 48% of the veterans eligible to borrow
on their certificates have taken advantage of this right, and they
have
borrowed only about 43% of the total amount available for that puropse.
Expect Half to Borrow.
"If the veterans of our country have gone through a period of distress
through which we have been passing in the past year and a half, with
only 48% of their number taking advantage of the loan feature of their
adjusted certificates, it seems reasonable to assume that not more than
50% will take advantage of the increased loaning value of their certificates under this bill.
"This is borne out by the fact that while the borrowing value of all outstanding certificates for the year 1930, toe worst period of distress and
unemployment. was $400,000,000, the veterans borrowed only $90.000,000 during the year.
"It would therefore seem that the greater number of the veterans holding adjusted service certificates have a full realization of their real value
at the end of the 20
-year period and of the protection afforded their
dependents in the event of death in the interim, and will preserve them
intact until maturity.
ington account Feb. 17), by swift and determined attacks
on what they declared was a program of administration leaders in the Senate to delay action, on Feb. 17 forced Senator
Smoot, Chairman of the Finance Committee, to agree to
report the measure the next day, after Secretary Mellon
and General Hines of the Veterans' Bureau have explained
to the Committee the financial aspects of the House measure.
This account continued:
Conferences were held at the White House to-night by Senators and Treasury advisers to consider a compromise plan that would lessen the immediate
financial drain upon the Government. While modifications of the bill
probably will be offered in the Finance Committee by Senator Reed it is
believed that they will be rejected and that the Senate by Friday will pass
the House measure unamended.
The Senate debate was spirited and at times personal, Republicans and
Democrats stating that they would tolerate no delay and declaring that
the Senate should act by Friday night, thus removing any possibility of the
President killing the bill by a "pocket" veto.
Amendments Face Opposition.
Suggestions of amendments that might delay passage were swept aside
by Senator Couzens and others, who, while believing that the interest
rate of4% should be reduced, are unwilling to jeopardize prompt passage
by considering a reduction.
Suggestions of a possible compromise were heard late to-night after
Senator Reed and Senator Smoot had conferred with President Hoover
on the Senate situation.
Senator Smoot told the President that the bill would be sent to the
White House before the end of the week without material change,
and
that its advocates were strong enough in the Senate to override a veto.
Senator Reed's mission was to discuss with the President the effect
of
amendments which he will offer. He may offer an amendment
providing
that the loans shall be made in four periods of a month each, and
that banks
may make the loans instead of the treasury.
1340
FINANCIAL CHRONICLE
Ogden L. Mills.'Under Secretary of the Treasury;'Walter E. Hope, Assistant Secretary, and General Hines saw the President later.
In the Senate on Feb. 19 the bill was passed by a vote of
72 to 12, with a despatch, it was noted in the "Herald
Tribune" seldom seen in that branch of Congress. That
paper also said:
Every attempt to amend it was shouted down for fear of delay which would
enable the President to kill the measure by a pocket veto.
Despite all the well laid plans to guard against sucn a contingency, the
House made a slip by adjourning before the Senate was ready. That
precluded the Speaker's signing the bill to-night in the presence of the
House, as required, and delayed the delivery of the legislation to the White
House by one day. Parliamentarians said it left less than 10 days to the
adjournment of Congress and thus empowered the President to pigeonhole
the measure if he so desired.
President Plans Positive Veto.
The White House left no doubt that the President was disinclined to take
advantage of the technicality, but would send a positive veto to Congress
within a few days. With both houses in a mood to pass the bill over the
veto it is considered certain to become law,raising the loan value of veterans'
adjusted service certificates from 22 M to 50%
From the "Times" we take the following from Washington
Feb. 19:
The 12 Senators who voted against the bill were Republicans, including
Senator Borah, leader of the insurgent group. Thirty-four Republicans,
Including Senators Watson and McNary, floor leaders, supported the bill,
along with 37 Democrats and one Farmer-Laborite.
The total vote of the House and Senate was 435 for and 51 opposed,
representing, it was said, the largest combined vote cast by Congress in
20 years for a bill opposed by a President. Republican Senate leaders said
that the sentiment for the bill had been influenced in the last few days by a
drive set in motion by the American Legion. • . . .
Senator Reed, Republican, of Pennsylvania. led the fight against the bill,
Senator Harrison, Democrat,of Mississippi, led for those favoring adoption.
Senator Bingham of Connecticut was the only other Republican who opposed the tidal wave.
An amendment by Senator King, Democrat, who was paired against
the measure, was defeated without a roll-call. It would have restricted
loans to needy veterans.
Debate on the bonus bill was preceded by a sharp attack upon the Red
Cross by Senator Dill of Washington, who critized it for refusing to accept
food offered by the people of Seattle. Senator Couzens interrupted him,
expressing the hope that the debate would be confined to the pending bill.
Senator Harrison sought unanimous consent to limit each Senator to
15 minutes, but Senator Reed objected.
Senator Bingham, one of the three members of the Finance Committee
who voted against reporting the House bill, said he spoke as a veteran.
He was prepared to vote relief to soldiers who needed it, but opposed the
pending bill because it granted loans to all. He insisted that it would be
better to make a direct payment without any interest to soldiers who
actually needed assistance at this time. . . .
Reed Speaks Against Measure.
Senator Copeland offered an amendment reducing the interest rate from
4% to 3%,while Senator King presented another to limit loans to the needy.
Senator Reed made the principal speech for the opposition. The galleries
were crowded, and once or twice a voice of dissent was heard from the section occupied by veterans.
Norris Urges Less Interest.
Senator Norris said that any amendments made by the Senate would
obtain preferential position in the House, and would not delay action.
He urged a reduction of the interest rate. The Government, he contended,
should not charge the soldiers a higher rate than it paid for money.
The bill was described by Senator Cutting of New Mexico as inadequate
He thought that the time would come when the Government would be
forced to grant greater aid to the soldiers.
Senators Trammell, Heflin and McKeller, Democrats, and Robinson,
Republican, of Indiana, strongly supported the bill and criticized the attitude of Senator Reed.
Senator Copeland withdrew his amendment reducing the interest rate
from 4%% to 3%. and urged that the bill be passed without amendment.
He said distress was great in the country, especially in New York, where
there were seventy-nine breadlines. The needy should be aided by the
Government, he declared, and this was one way to help the veterans who
were without employment.
The following indicating the Senate vote on the bill is
from the "Times":
FOR THE BILL
-72.
Republicans
-34.
Nye
Jones
Frazier
Blaine
Kean
Oddie
Glenn
Capper
Partridge
Carey
Goldsborongh Keyes
La Follette Patterson
Couzens Hale
Pine
McNary
Hatfield
Cutting
Robinson (Ind.)
Norbeck
Howell
Dale
Schell
Norris
Johnson
Davis
-37.
Democrats
Pittman
Hawes
Connally
Ashurst
Ransdell
Hayden
Barkeley Copeland
Robinson (Ark.)
Heflin
Dill
Sheppard
Kendrick
Bratton
Fletcher
Smith
McGill
Brock
George
Steck
McKellar
Broussard Harris
Swanson
Morrison
Buikley
Harrison
Caraway
-1.
Farmer-Labor
Shipstead
Borah
Fees
Goff
Hastings
Hebert
-12.
AGAINST THE BILL
-12.
Republicans
Moses
Metcalf
Phipps
Morrow
Shortridge
Steiwer
Thomas(Idaho)
Townsend
Vandenberg
Watson
Thomas (Okla.)
Trammell
'L'ydings
Wagner
Wash (Mass.)
Walsh (Mont.)
Wheeler
Williamson
Reed
Smoot
Walcott
Pairs.
Paired for the bill—Brookhart. Republican, and Blease, Simmons and
Glass, Democrats.
Against the bill—Gould, Gillett, Bingham, Republicans, and King, Democrat.
It was announced that Senators McMaster, Waterman and Stephens,
had they been present, would have voted for the bill. Senator Deneen
was absent because of illness, but it was not announced how he would have
voted.
[vol.. 132.
Letter of Secretary Mellon to Chairman Hawley of
House Ways and Means Committee on Effect of
Proposal to Lend Up to 50% on Service Certificates
of World War Veterans.
In a letter addressed on Feb. 14 to Chairman Hawley
of the House Ways and Means Committee, Secretary of
the Treasury Mellon in indicating the attitude of the Treasury Department toward the proposal to increase up to 50%
the loan value of soldiers adjusted compensation certificates,
states that "as the face value of these certificates is $3,440,000,000 in round numbers, this proposal establishes a potential liability of $1,720,000,000." The Secretary called
attention "to the fact that the only funds made available for
meeting this liability of $1,720,000,000 are those in the adjusted service certificate fund, amounting to $772,000,000,
less $21,000,000 which must be reserved for the payment of
death claims this year. This" Secretary Mellon added,
"would indicate that unless Congress is prepared to incur
an obligation without providing means of meeting it, an
appropriation of approximately $1,000,000,000 is necessary."
Mr. Mellon also points out that the Treasury is "confronted
with a probable deficit of not less than a half billion dollars
for this fiscal year which also must be made good by borrowing." Plans for the Liberty Loan refunding operations are
also alluded to by Mr. Mellon, who in conclusion said:
The Treasury wishes earnestly to call attention of the committee to
the cumulative effect of all these factors which make the problem of current
financing extraordinarily difficult particularly in view of the desirability
of the Government's not making too great demands upon the investment
market at this time. I regret that I cannot, in view of the situation explained above, approve of the Treasury assuming the obligations imposed
by this bill.
I cannot too urgently recommend that this measure should have reconsideration in order that it should be placed upon a basis which will not damage
our whole financial position.
Secretary Mellon's letter follows:
Feb. 14 1931.
My Dear Mr. Hawley:—In response to your request that the Treasury
comment on H. R. 17054, with particular reference to the financial requirements which it creates and the probable effects on the Government finances
and public debt operations, I submit the following:
The bill amends the war adjusted compensation act by increasing the
loan value of certificates up to 50% of their face value. As the face value
of these certificates is $3.440,000,000 in round numbers, this proposal
establishes a potential liability of $1,720,000.000.
What proportion of these loans will be demanded by the veterans cannot
be determined. It will depend upon the circumstances. The estimates
run all the way from $550,000,000 to $1,000,000,000 of loans beyond those
already made. The suggested uses of the adjusted service certificate
funds does not alter the situation, as these reserves arc in Treasury obligations which will need to be converted into cash by means ofsales ofsecurities
to the public in order to pay cash to veterans.
In this connection I think I should call attention to the fact that the only
funds made available for meeting these liabilities of $1,720,000.000 are those
in the adjusted service certificate funds, amounting to $772,000,000, less
$21,000,000, which must be reserved for the payment of death claims this
year.
This would indicate that unless Congress is prepared to incur an obligation
without providing means of meeting it an appropriation of approximately
$1,000,000,000 is necessary.
Aside from the merit or demerit of the proposal, the important considers,
tion is the amount of cash that can be obtained by the Treasury through
borrowing without disorganizing the finances of the Government and adversely affecting the security market to which the Government must resort
obligatTions.
coverbtois its obligations.
question cannot
disassociated from the present financial situation
of the Treasury. That position is, at best, a trying one at this time, and
the difficulty of obtaining these additional great sums cannot be fairly
appraised if considered alone or as if times were normal but only if this consideration is made a part of the general picture and viewed against the background of the great financial problems already facing the Treasury.
We are confronted with a probable deficit of not less than a half billion
dollars for this fiscal year, which must also be made good by borrowing.
The revenues of the Government are steadily falling behind not only the
figures of last year but below what we reasonably expected to receive at
the beginning of this year.
In addition to the normal expenditures of the Government we have
been called upon to find funds for emergency purposes of various kinds,
including relief measures and an increase in public works and construction
activities of the Government for purposes of increasing employment.
For construction work alone we will spend this year over $600,000,000,
as compared with $275,000,000 in 1928.
If the bill in its present form becomes law, the funds to be provided
must be raised either in the first instance or at a comparatively early date
by long-term bond issues.
The Treasury,even without this burden,is already in a difficult position.
A statement of the public debt situation will make this entirely clear.
There is at present outstanding a short-term debt of approximately $2,800,000,000, which, under existing circumstances, is already too large.
On March 15 next $1,109,000,000 of old obligations mature. In June,
1932,$1,933,000,000 of First Liberty Loan bonds become callable, of which
$536,000,000 bear 4% interest. In October. 1933, $6,268,000,000 of
Fourth Liberty Loan 4% bonds become callable.
Irrespective of the desirability of retiring the $536,000,000 First Liberty Loan
% bonds and the $6,268,000,000 of Fourth 4%% Liberty
Loan bonds because of the high interest rate they bear, it is obvious that
refunding operations must be undertaken in 1933. Mine it is unthinkable
that $6,268,000,000 of obligations should be allowed to mature in the single
year 1938. It is evident, therefore, that important refunding operations
must be undertaken both in the immediate and in the near future.
On June 30 our short-term debt amounted to something over $3,000,000.000. At that time it was reasonable to anticipate that ordinary debt
retirements through sinking fund, foreign repayments and other smaller
amounts would permit the reduction of the short-term debt by about $1,800.000,000 in the three-year period ending June 30 1933.
FEB. 21 1931.]
FINANCIAL CHRONICLE
Present indications are that there will be no decrease in the public debt
but rather an increase this fiscal year and a very material cut in the estimated debt retirement figures for 1932 and 1933. So that in the three-year
period the public debt will be reduced by probably not more than $800.000,000 or $900.000,000, leaving a short-term debt outstanding on June 30
1933,of approximately $2,200,000,000.
This is altogether too large an amount In view of the necessity of making
provision for the Fourth Liberty Loan bonds in October 1933. At least a
billion dollars could be refunded some time before that date.
If to this be added $700,000,000 or more required for loans on adjusted
service certificates, it becomes apparent that, leaving out of consideration
the first 4jj% Liberty Loan bonds, it will become necessary to undertake
in the course of the next 28 months,exclusive of these of March 28 next,
refunding operations to the extent of $1,000,000,000 and in addition to
raise $700,000,000 more or less of new money which directly or indirectly
must be obtained through the medium of long-term securities.
Calming to the operations that must be conducted next March if the
Treasury Is obliged to borrow $400,000,000 to take care of the potential
loans that have to be made until the June quarter-day, the Treasury will
be obliged to offer a billion and a half of securities in a single month, of
which 31,100,000.000 will be of a refunding character and $400,000,000 will
have to be sold to new buyers to obtain additional funds.
The Treasury wishes earnestly to call the attention of the committee
to the cumulative effect of all these factors which make the problem of
current financing extraordinarily difficult, particularly in view of the
Government's not making too great demands upon the Investment market
at this time. I regret that I cannot,in view of the situation explained above,
approve of the Treasury assuming the obligations imposed by this bill.
I cannot too urgently recommend that this measure should have reconsideration, in order that it should be on a basis which will not damage
our whole financial position.
A. W. MELLON, Secretary of the Treasury.
Hon. Willis 0. Hawley, Chairman, Committee on Ways and Means.
House of Representatives.
A statement by Secretary Mellon on the original proposal
for the payment of $3,400,000,000 bonus, was given in our
Issue of Jan. 31, page 783.
Soldier Bonus Loan Extension Procedure Explained
As Applying to All Compensation Certificates.
The following dated Washington Feb. 16 is from the New
York "Times" of Feb. 17:
The World War Veterans' Loan Bonus Bill, as passed by the House
to-day, applies to all holders of adjusted compensation certificates voted to
the former service men in 1924 in place of a cash bonus sought at that time.
The bill provides simply that the loan value of these certificates, which
are to be paid in full to the veterans in 1945. shall be increased from the
present value of 22g% of their face value to a basis of 50%, at 4g%
interest compounded annually.
Provision is also made for veterans who are now paying more than 4g%
interest on loans already made, to refinance their loans at the lower rate.
If the bill becomes law, application for a new loan under it should be
made to the regional manager of the Veterans' Bureau in the area where
the veteran resides, and application for extending or refinancing an existing
loan should be made to the regional manager where the original loan was
negotiated.
Regional managers are located in the District of Columbia and in each
of the States except Delaware. There are two each in New York, at New
York City and Buffalo, and Ohio, Texas, Pennsylvania and California.
Applications from Delaware should be made to the regional manager in
Philadelphia.
The Veterans' Bureau has estimated that it would take about six months
to set the necessary new loan machinery in motion. Full details of the procedure remain to be worked out, but will be set forth on forms which it is
planned to mail to each applicant in the event the extension is granted.
1341
I will not undertake to enumerate all of the grounds for objection to this
proposal. There are a number of mostserious objections,some of which are
matters of method and some of which are matters offundamental principle
affecting the future of our country and the service men themselves.
I have supported, and the nation should maintain, the important principle that when men have been called into jeopardy of their very lives in
protection of the nation, then the nation as a whole incurs a special obligation beyond that to any other groups of its citizens. These obligations cannot be wholly met with dollars and cents. But good faith and gratitude
require that protection be given to them when in ill health, distress and in
need. Over 700,000 World War veterans or their dependents are to-day
receiving monthly allowances for these reasons.
The country should not be called upon, however, either directly or indirectly to support or make loans to those who can by their own efforts
support themselves. By far the largest part of the huge sum proposed in
this bill is to be available to those who are not in distress.
The acute depression and unemployment create a situation of unusual
economic sensitiveness, much more easily disturbed at this time than in
normal times by the consequences of this legislation, and such action may
quite well result in a prolongation of this period of unemployment and suffering in which veterans will themselves suffer with others.
By our expansion of public construction for assistance to unemployment
and other relief measures, we have imposed upon ourselves a deficit in this
fiscal year of upward of $500,000,000 which must be obtained by issue of
securities to the investing public. This bill may possibly require the
securing of a further billion of money likewise from the public. Beyond
this, the Government is faced with a billion dollars of early maturities of
outstanding debts which must be refunded aside from constant renewals of a
very large amount of temporary Treasury obligations. The additional
burdens of this project cannot but have damaging effect at a time when all
efforts should be for the rehabilitation of employment through resumption
of commerce and industry.
There seems to be a misunderstanding on the proposal that the Government securities already lodged with the Treasury to the amount of over
$700.000,000 as reserve against these certificates constitute available eash
to meet this potential liability. The cash required by the veterans can
only be secured by the sale of these securities to the public.
The legislation is defective in that this $700.000,000 of Government
securities is wholly inadequate to meet either a potential liability of $1,280.000,000, or approximately $1,000,000,000 estimated as possible by the
Administrator of Veterans' Affairs, and provision would need to be made at
once for this deficiency.
The one appealing argument for this legislation is for veterans in distress.
The welfare of the veterans as a class is inseparable from that of the country. Placing a strain on the savings needed for rehabilitation of employment by a measure which calls upon the Government for a vastsum beyond
the call of distrees, and so adversely affecting our general situation, will in
my view not only nullify the benefits to the veteran but inflict injury to
the country as a whole.
Yours faithfully,
HERBERT HOOVER.
General Hines' letter to President Hoover follows:
VETERANS' ADMINISTRATION,
Washington, Feb. 17 1931.
My Dear Mr. President:
You have requested that I advise you as to the estimated number of
veterans who would be eligible for loans, and the amount which would be
borrowed unadjusted service certificates in the event H. R. 17,054 becomes
a law.
When I appeared before the Committee on Ways and Means, House of
Representatives. Feb. 12 1931, in connection with this measure, I made the
following statement in reply to Congressman Ramseyer:
• . . Based on your experience and knowledge of the ex-service
men, are you prepared to make any estimate as to the increased borrowers
that a bill like this would probably bring about _
"
"General Hines—Well,It depends a great deal, Congressman, on whether
the present employment conditions are going to continue. If there is a
period still of another year where unemployment is not going to improve, it
would be my judgment that there would be an increase of at least 25% in
the men who would borrow."
In accordance with the above, it is my estimate that 2,550,000 veterans
will
President Hoover in Letter to Senator Smoot Cites Ob- thatavail themselves of the full loan value under the proposed measure,and
the total amount of such loans will be $1,283,625,000. From the
jections to Soldier Bonus Bill.
amount there should be subtracted the $325,000,000 which has previously
In a letter addressed on Feb. 18 to Senator Reed Smoot been borrowed, making a total additional amount which will be borrowed
of $958,625,000, or approximately $1,000,000,000.
(Republican), President Hoover cited objections to the bill
Respectfully,
increasing loans to World War veterans upon the so-called
FRANK T. HINES,
Administrator.
bonus certificates. The President stated that "placing a
The Honorable,
strain on the savings needed for rehabilitation of employment The President of the United States.
by a measure which calls upon the Government for a vast
sum beyond the call of distress, and so adversely affecting
our general situation, will in my view not only nullify the Salient Features of Soldiers' Bonus Measure—Privileges
benefits to the veteran but inflict injury to the country as a
Accorded to Veterans and Authorization of House
whole." His letter follows:
Bill Summarized.
THE WHITE HOUSE,
From the New York "Times" we take the following
Washington, Feb. 18 1931.
(Associated Press) from Washington:
Honorable Reed Smoot,
Chairman, Senate Finance Committee,
United States Senate,
Washington, D. C.
My dear Senator Smoot:
have given thought to your request that I should express to you and to
I
the Senate Finance Committee my views upon the bill passed by the House
of Representatives, increasing the loans to World War veterans upon the
so-called bonus certificates. In view of the short time remaining in this
session for its consideration, I shall comply with your request.
The proposal is to authorize loans upon these certificates up to 50% of
their face value. And to avoid confusion, it must be understood that the
-year period (1945),
"face value" is the sum payable at the end of the 20
being based on the additional compensation to veterans of about $1,300,granted about six years ago, plus 25% for deferment, plus 4% com000,000
-year period. As the "face value" is about $3,423,pound interest for the 20
000,000,loans at 50% thus create a potential liability for the Government of
0
about $1,712.000.00 . and, less the loans made under the original act, the
total cash which might be required to be raised by the Treasury is about
$1,280,000400 if all should apply. The Administration of Veterans Affairs
informed me by the attached letter that ho estimates that, if present conditions continue, then 75% of the verterans may be expected to claim the
loans, or sum of approximately $1,000.000,000 will need to be raised by the
Treasury.
The high spots of the veterans' loan proposal before the House to-day
follow:
It increases the loan privilege from 22g% to 50% of the face value of
adjusted service certificates issued under the act of 1925.
It increases the interest rate to 4g% compounded annually, amounting
to about an average 2% reduction.
It provides that certificates already pledged for loans to banks can be
recovered by the veterans' administrator so the veterans can borrow additional funds up to 50% at lower rate of interest.
It provides that the veterans' administrator may make loans out of the
$772.000,000 sinking fund set aside to retire the certificates in 1945, and
also from the government life Insurance fund.
It authorizes the necessary appropriations to be made to carry into effect
the purposes of the bill.
About 3,400,000 certificates are held by veterans, with a maturity value
of $3,423,000,000, or averaging a little more than $1,000 each.
The loan value under the present law is $730,000.000. and this bill
provides that it be increased to $1,712,500,000.
About $325,000,000 has been loaned under existing law.
Proponents hold that while the treasury estimates the new legislation
would cost $1,720,000,000. the outlay would range only from $375.000.000
upward to about $700,000,000.
About50% of the veterans are expected to request loans,since about 48%
have already made loans under present law.
1342
FINANCIAL CHRONICLE
President Daniel of Federal Intermediate Credit Bank
of Columbia, S. C., Tells of Farmers' Credits—
Discusses Widening Scope of Institution's Activities.
"The Federal Intermediate Credit Bank of Columbia,
since its organization in 1923, has made direct loans to farmers' co-operative marketing associations with membership
of approximately 385,000 individuals," according to Frank
H. Daniel, President of the bank. "In addition," Mr. Daniel
stated, "It has discounted more than 22,000 farmers' notes
given to local lending institutions, the proceeds of the loans
being used for agricultural or livestock purposes. These
notes were made to 14 agricultural credit corporations in
North Carolina, 29 in South Carolina, 22 in Georgia, and
eight in Florida and to 23 banks. Some of these farmers
have borrowed from these local institutions several times
during the last seven years. Mr. Daniel is further quoted
as follows in the "United States Daily" of Feb. 13:
"Agricultural credit corporations are now in the process of formation at
Columbia, S. C., Savannah, Ga., and Valdosta, Ga," continued Mr. Daniel.
"tin addition, at least several other communities are now considering the
organization of such corporations for the extension of agricultural credit.
"The tobacco growers co-operative, which has borrowed upon its notes
backed up by warehouse receipts on its tobacco, has an estimated membership of 40,000; the peanut co-operative, about 10,000 members; the five
cotton growers co-operatives, about 334,000, while the canned fruits and
vegetables association has a membership of about 200 farmers. Thus the
Federal Intermediate Credit Bank of Columbia has been of service to a
large number of farmers to date.
"During the last year it discounted farmers' notes for local institutions
amounting to $5,087,335, and its loans to co-operative marketing associations aggregated $15,584,250.
"Last year marked the greatest volume of business yet transacted by
the 12 Federal Intermediate Banks," Mr. Daniel concluded. "It totaled
about $218,000,000, about equally divided between loans to farmers'
co-operative marketing associations and discounts of farmers' notes given
to local lending institutions. This represented a large increase during the
year in loans to co-operatives and a constant growth in discounts."
Treasury Department Authorizes Acceptance of
Travelers Cheques in Payment of Duties.
By a recent decision of the United States Treasury Department in regard to Section 648 of the New Tariff Act,
Collectors of Customs of the United 'States are authorized
by law to receive at their discretion uncertified checks,
Including Travelers Cheques, in payment of duties. The
decision prohibits them, however, from receiving checks on
foreign banks, or travelers cheques issued by foreign organizations. According to George Weston, Vice-President and
Treasurer of the American Express Company, "this decision
clarifies the situation and authorizes the acceptance in payment of customs duties of Travelers Cheques issued by
recognized responsible American institutions. This will be
welcome not only to travelers returning from overseas, but
to the large number of tourists who by rail and motor cross
the Canadian and Mexican boundaries."
Mr. Weston is further reported as stating that it is estimated that more than 1,500,000 people each year safeguard
their travel funds through the use of Travelers Cheques.
It is further said:
This procedure has long been advised by banks, about 18,000 of which
sell Travelers Cheques as a part of their regular financial service to their
patrons. The habit of carrying Travelers' Cheques originated in the United
States 40 years ago, as a solution of the foreign exchange problem which
Americans faced in going abroad. Their use now is practically international. European visitors and visitors from the Far East or South
America coming to the United States are paying their bills in this country
with the same type of Travelers Oheques that Americans use when visiting
their lands. The business has greatly increased since the war and it is
estimated that, in the year 1930, between $400,000,000 and $500,000,000
worth of Travelers Cheques were used.
Directors of Omaha Grain Exchange Reduce Commissions
on Wheat Transactions.
The following is from the Omaha "Bee" of January 28:
The board of directors of the Omaha Grain Exchange Tuesdy afternoon
voted to reduce the minimum commission on wheat transactions from 1%
cents to 1 cent per bushel.
The reduction was prompted by the sharp decline in the price of the
commodity, grain men said.
Some idea of what the cut will mean to farmers marketing through
this primary center may be gathered from the fact that last year 44,664,000
bushels of wheat were handled at Omaha.
Pointing to the record-breaking movement last year, Charles H. Wright,
president of the exchange, said indications are that the 1931 crop, to be
handled through Omaha, will establish a new high mark.
New Regulations of Chicago Board of Trade for Handling
of Grain in Warehouses.
The members of the Chicago Board of Trade adopted on
Feb. 5 new regulations regarding the handling of grain in
public warehouses. The regulations virtually mean that
[Vou 182.
operators of public warehouses will guarantee the condition of the grain, according to an account from Chicago to
the New York "Times," which said: .
Receipts are to be registered with the Board of Trade custodian and in
case of grain getting out of condition the latter will notify holders of
receipts. Should the grain get out of condition the warehouseman has the
privilege of buying the receipts at prices fixed by a special committee or
he can arrange with the holders for exchanging for other grain under his
control.
Under the Illinois law the warehouseman is compelled to post grain
when out of condition. The rule is subject to sanction of the Illinois Commission of Commerce.
Creditors of Prince & Whitely Offered Plan of Composition—James M. Hoyt, Senior Member of Failed Firm,
Would Back Certificates of Indebtedness—Receiver
Sends Statements to Customers Who Had Accounts
When Firm Failed.
With reference to the affairs of the former New York
Stock Exchange firm of Prince & Whitely, against which
bankruptcy proceedings were brought on Oct. 9, 1930, the
New York creditors' committee of the failed firm on
Monday of this week, Feb. 16, announced a plan of composition providing for the payment to creditors of 25% of
their claims in cash and of the remaining 75% in certificates of indebtedness entitled to dividends from a liquidating corporation. The plan of composition provides that
all securities owned outright and identified as the property
of customers, with accounts showing no debit balance before liquidation, shall be returned to the owners. The
New York "Times" of Feb. 17, from which the above information is obtained, continuing said:
Claims of all other creditors are to be stated as of Oct. 9, any securities
long or short, being valued at prices obtainable at the close of business
that day as determined by the accounts for the receivers.
On confirmation of the composition, all the firm's assets, including
the rights of the firm against individual partners and all property in
possession of receivers, are, subject to court order, to be transferred to a
corporation to be known as the P. & W. Creditors Corporation or by some
similar name. This corporation is to liquidate the assets, paying from
the proceeds all costs of administration, including the expenses of the
creditors' committees, as determined by the court, and other expenses.
Within thirty days of confirmation the corporation is to pay to creditors 25% of their allowed claims in cash and within 60 days of confirmation it is to deliver to them non-negotiable certificates of indebtedness for 75% of their claims. These certificates will evidence the
right of the creditors to participate proportionately in the proceeds of
the net liquidation of the corporation's assets. They are to mature
three years from the date of confirmation unless holders representing a
majority in amount of claims shall elect to extend them; provided, however, that pro rata distribution shall be made from time to time to creditors as the corporation's directors deem advisable.
James M. Hoyt, senior member of the former Stock Exchange firm,
is to guarantee the certificates by an agreement with the corporation.
This guarantee will provide that in the event the corporation is unable to
pay the amount of the certificates within 60 days after maturity or
extended maturity Mr. Hoyt will pay to holders the difference between
the amount paid on account and the face amount of the certificates.
The certificates will contain a reference to this guarantee.
The firm is to obtain from creditors having claims of about $4,000,000
waivers of two-fifths of the first cash payment. These creditors will
receive from the liquidating corporation these payments, with 6% interest on the deferred amount, before any further payment is made by
the corporation to other creditors.
The claim of the Prince & Whitely Trading Corp., the amount of which
has been disputed, is to be allowed at $3,587,807, and except for certain'
alleged safekeeping securities the trading corporation is to release all
claims against the firm, the partners individually, the H. & J. Securities
Co., and J. M. Hoyt & Co. The value as of Oct. 9 of all alleged safekeeping securities not recovered is to be added to the amount of the general claim.
J. M. Hoyt & Co. are to reassign to the Prince & Whitely partnership all outstanding accounts formerly held by Prince & Whitely, but
now held by j. M. Hoyt & Co., aggregating $1,546,028, and any collateral held for such accounts. 5. M. Hoyt & Co. also are to release all
claims against the H. & J. Securities Co. and Prince & Whitely and to
any securities and assets of 5. M. Hoyt & Co. in the possession of
either the H. & J. Securities Co. or Prince & Whitely. With these exceptions the H. & J. Securities Co. and Prince & Whitely are to release
claims against J. M. Hoyt & Co.
The Prince & Whitely Trading Corp. held a promissory note for
$1,500,000 signed by J. M. Hoyt & Co. and endorsed by each partner
in Prince & Whitely.
The announcement lists in an "approximately correct" statement of
assets in the receiver's possession cash of $1,312,428, representing cash
on hand on Oct. 9, plus cash subsequently realized to Jan. 24, with no
effect given to receivership expenditures and subject to claims of undetermined amount.
The approximate value of securities in the hands of the receiver on
Jan. 24 was $6,748,000, the valuation on Oct. 9 having been $9,628,135.
There are unliquidated bank loans of $2,227,866, against which there was
collateral having an approximate value of $2,090,000 on Jan. 24. The
securities are subject to claims of undetermined amount.
Securities held by the receiver in which Prince & Whitely were closely
interested make a total of $1,317,000. Other assets, listed at $273,355,
may in part not be readily realizable, it was said, and there are other
contingent assets of undetermined amount. These listed assets give a
total of $9,650,784.
Against these assets are liabilities of $19,962,253. Customers' equities
amount to $16,634,594, including a $1,500,000 claim of the trading corporation. There are also contingent liabilities "the validity and amount
of which cannot be determined but which may amount to $2,000,000 or
more." These contingent liabilities include alleged oral guarantees, alleged improper valuations, pending suits and claims against the firm and
FEB. 21 1931.1
FINA_NCIAL CHRONICLE
other items. Liability for securities due to others is listed at $875,000
and other liabilities at $452,658.
"It is very difficult to state accurately the assets and liabilities of a
brokerage concern in bankruptcy," said the announcement. "Marginal
customers, who constitute by far the greater proportion of accounts at
the time of the failure are not creditors but debtors. They become creditors only upon the liquidation (either actual or by bookkeeping entries)
of the securities carried for or in their accounts. In order to arrive
at the status of such accounts, all securities in accounts, whether long or
short, are treated as having been closed out at the closing market prices
of Oct. 9."
The directors of the P. and W. Creditors' Corp. would be as follows:
Joseph E. Davies, former Chairman of the Federal Trade Commission
and Chairman of New York Creditors' Committee.
Philip DeRonde, President of Hibernia Trust Co.
Joseph T. Castles, formerly of Castles' Ice Cream Co., and member
of New York Creditors' Committee.
Clarence Dauphinot, President of Frederick H. Hatch & Co., investments.
One R. Kelley, President of County Trust Co. of New York City.
Lewis L. Clarke, formerly Chairman of executive committee of the
Irving Trust Co.
Moritz Rosenthal, Ladenburg, Thalmann & Co., bankers.
The plan explains that the H. & J. Securities Co. is owned by Prince
& Whitely and that J. M. Hoyt & Co. are owned entirely by Mr. Hoyt
as an individual. It is alleged that J. M. Hoyt & Co. had readily realizable assets of $158,000 on Oct. 9, are indebted to H. & J. Securities
and to Prince & Whitely in a large amount and that the general liabilities are about $600. The liabilities to Prince & Whitely and H. & J.
Securities are disputed by Hoyt & Co.
The accounts for the receivers charged certain losses against H. & J.
Securities, with which Hoyt & Co. had syndicate operations, and these
losses were in turn charged to Hoyt & Co. The latter firm disputes the
propriety of these charges and it is to avert litigation over these questions that the provisions of the composition involving these firms were
devised.
Recently the Irving Trust Co., receiver for Prince & Whitely, estimated that assets of the firm would amount to $11,698,832 and that
liabilities would make a total of $16,462,253. It was pointed out that the
creditors' committee's estimate referred to contingent assets of an undetermined amount and that stocks with which Prince & Whitely were
associated had been adversely affected by the receivership.
On Wednesday, Feb. 18, the Irving Trust Co., receiver
in bankruptcy of Prince & Whitely, announced that it had
prepared, and is forwarding to customers, statements of
all customers' accounts, except those in the firm's Chicago
office, according to the "Times" of Thursday, Feb. 19. The
statement, it was said, mentioned the plan of composition
submitted to creditors on Feb. 16, but made no recommendations as to whether it should be rejected or accepted.
We quote furthermore from the paper mentioned as
follows:
1343
Sheriffs Murphy and Goldstein on a civil order signed by
Supreme Court Justice Lyddon in a suit brought by the
Bohemian Union Bank of Prague, Czechoslovakia, for
$17,766. The New York "Times" of Feb. 17, from which
we have quoted above, went on to say:
The complaint alleges that on May 22 last the plaintiffs paid this sum
to the defendants for bonds of the B. F. Goodrich Company and that on
Tune 4, $21,000 of bonds of this company were delivered to the defendants for the plaintiff's account, but that the bonds were never
delivered to the Bohemian Union Bank. The brokerage house went into
bankruptcy last October.
John McHugh of Chase National Bank Finds Root
of Our Trouble Lies in Letting Debt Mount Too
Fast—Debt Burden of Agriculture Heavy—Exporters Feeling Effect of Shrinkage in Foreign
Loans and United States Tariff Policy.
In the view of John McHugh, Chairman of the Executive
Committee of the Chase National Bank of New York, the
United States "will not stay long on a level of business as
low as that of the winter of 1930-31, nor will the outside
world." "Part of our troubles," said Mr. McHugh, "are
the uavoidable consequences of valid causes. Part of our
troubles will not immediately disappear. But a large part
of our trouble is the consequence of a paralyzing fear, unreasonable, and partly unreasoning, and when this fear
gives way to reasoned calculation of facts business will
speedily become very substantially better." Mr. McMugh,
Whose speech from which we quote was delivered before
the Cleveland Chamber of Commerce, at Cleveland, Ohio,
on Feb. 17, declared that "the root of our trouble lies in
an old, old practice." "Plainly stated," he said, "we have
let debt mount too fast." "Agricultural credit facilities,
for example," he asserted, "had been so abundant in the
past decade in the United States that the debt burden of
American agriculture is very heavy. It is far better that
borrowers should be restrained, and should have too little,
than that they Ohould be unrestrained and have too much."
Mr. McHugh further said: "To-day our exporters are feeling the full effects of the shrinkage in foreign loans and of
our tariff policy. To-day we are seeing that if we do not
buy we cannot sell. Our foreign bond market is congested
and the debt service on foreign debt is heavy. The foreigner
must use such dollars as he can get, first, to pay interest
and amortization on existing debt to us, and then only what
is left is free to use in buying our goods." In full, Mr.
McHugh's address follows:
The statements to customers show transactions from Sept. 30, 1930,
the last date on which regular monthly customers' statements were issued
by the firm, to Oct. 9, the date the involuntary petition in bankruptcy
was filed.
Explaining the form of the statements, the announcement said:
"Any securities long in your account which were registered in your
name and unendorsed or which were registered in other names and assigned to you or your nominee have been shown separately on your
The present business situation has no parallel in American financial
liquidating statement and have not been included in determining the history. We never before had so severe and prolonged a business depression without first having had a period of acute credit strain in the business
liquidation value of the account;
"All other securities long in your account, if any, have been valued field, and without having an important body of business concerns in credit
on the basis of market prices prevailing at the close of business on difficulties. After more than a year of depression, the great body of our
Oct. 9, 1930, as determined by the receiver's accountants; if no value commercial and industrial concerns are in a strong position, with limited
is stated, no quetations for such securities were obtainable;
debt and a large volume of quick assets, including a great deal of cash.
"The value of securities short in your account, if any, have been This, although undoubtedly a source of strength, has quite possibly delayed
market prices pre- necessary
debited in your liquidating statement on the basis of
readjustments and thus contributed to prolong the depression.
vailing at the close of business Oct. 9, 1930, as determined by the In 1921
the situation was radically different. The money market was
receiver's accounts;
tight. Merchants and manufacturers were heavily in debt and creditors
"Securities which were set aside by Prince & Whitely in a separate were
pressing. The business man under pressure bad no option but to
vault for specific accounts have been designated in the liquidating statemake readjustments rapidly. Costs were scaled down rigorously. Unments by the legend `SK';
profitable activities were abandoned. Intensive study was made of the
"Only such dividends, if any, the record date for which was on or
possibilities in shifting activities. Past costs of production were forgotten
before Oct. 9, 1930, have been credited to your account, and
"Deliveries from and other adjustments in your account, if any, sub- and goods were sold for what the markets would pay. A rapid readjustwere
sequent to Oct. 9, 1930, and prior to Jan. 25, 1931, are shown on your ment was made in the whole price and oast fabric, and the decks
cleared for improving business which began to show itself in the third
liquidating statement."
quarter of 1921.
The letter to Prince & Whitely creditors and customers said the ReWe attempted, following the stock market break in 1929, to hold the lines
ceiver did not feel justified in estimating how many cents on the dollar
firm as a matter of collective policy. There should be no let-down in our
would ultimately be realized by general creditors.
The plan of composition submitted this week contemplated the ultimate industrial activities. Wages should not be reduced. Buying of equipment
payment of 100 cents on the dollar through an immediate payment of by the railroads and construction by the public utilities should be increased
The busi25 cents and payment of dividends totaling 75 cents by a liquidating rather than decreased, and prices generally should be maintained.
ness community in general acquiesced in this policy and loyally tried to
corporation.
Yesterday's (Feb. 18) letter contains a statement of assets and liabili- carry it out. The policy has failed, as was inevitable from the beginning.
ties of Prince & Whitely that is substantially the same as that issued The fact is simply that the business problems of a great community cannot
with the plan of composition. The plan of composition listed assets at be solved by collective policy. They must be solved piecemeal, each
$9,650,000 and liabilities at $19,650,784. Yesterday's statement gave community and each enterprise studying its particular problems and
assets and equities as $11,698,832 and liabilities as $16,462,253, but lists adjusting itself to the markets. Prices in the markets are the signposts for
contingent liabilities at $3,352,412. The items listed as contingent industrial action, and they are dependable sign-posts when the markets are
liabilities were included in the grand total of liabilities in Monday's open and the prices are free to move with changing conditions. But it is
statement.
not helpful to the traveler to find the sign-post unchanged when the road
detour is
Our last reference to the affairs of Prince & Whitely ahead is blocked and athe forced necessary. of 18-cent copper for many
maintenance
As an illustration,
appeared in the "Chronicle" of Oct. 18, page 2478.
months after demand had fallen off led to increased production of copper
the group maintaining prices, and led to a still
on the part of those outside
that a great accumuJames M. Hoyt, Felix T. Hughes and Gerald W. Hoyt, further reduction in consumer buying, with the resultobliged to break snare
place and the price was at last
Former Partners in the Brokerage House of Prince & lation of copper took have been necessary had the price been flexible from
violently than would
Whitely Arrested in Suit Brought by the Bohemian the beginning. The artificial maintenance of wheat at levels above the
got an undue
Union Bank of Prague, Czechoslovakia, Against Firm world market, beginning in 1929, meant that other countriesincreased. It
share of the export business, and that our accumulation
Released in $2,000 Bail Each.
—Later
want also that more wheat as planted in the United States than would have
James M. Hoyt, who formerly was head of the bankrupt been the case had the price been allowed to take its natural course.
markets are demoralized, concerted
in
In
brokerage firm of Prince & Whitely, together with his actionacute crises,the short periods when necessary. It was found useful
markets is sometimes
to steady
partners, Felix T. Hughes and Gerald W. Hoyt, were In the New Ycrk stock market for a short period in the autumn of 1929.
arrested on Monday of this week, Feb. 16, by Deputy But no effort was made in that connection to prevent prices from falling,
1344
FINANCIAL CHRONICLE
the effort was simply to make certain that at some price bids for stock
were available. Nor were the stocks accumulated by the so-called pool on
panic days withheid from the market when the panic was over. On the contrary, they were sold back to the market as rapidly as the market could
absorb them, and the pool closed its operations with no stocks on hand in
a short time after the panic. We all agree in recognizing the necessity for
occasional activities of this kind, but must differentiate this in the sharpest
possible way from concerted action to raise prices over substantial periods
of time, and keep them permanently above the level which the underlying
supply and demand situation justifies. Such policies prevent necessary
readjustments, lead to the accumulation of increasingly burdensome stocks
of goods carried on credit and finally compel more violent readjustment
than would have been necessary if the readjustment had been made in the
first place. We must keep markets open and leave individuals and individual enterprises free to make their own adjustments to them.
At the end of the war the slogan went around that "Labor must be
liquidated." Following the crises of 1929 the slogan was that wages must
be maintained, and with an astonishing unanimity the business community
accepted the slogan. American business has learned a great deal since the
war, and the relations of labor and capital have been enormously improved
In the interval. The attitude of 1929 and of 1930 on the part of American
business toward American labor represents a much higher order of humanitarianism and of enlightment. We have learned that the good will of labor
is an exceedingly valuable business asset. We have learned that high wages
and low costs may go together, if management is efficient, if capital and
equipment are abundant, and if a small volume of labor can be used in
conjunction with a large volume of capital in mass production. We have
learned that the efficiency of labor is greater when labor is well fed, comfortable, and has a valuable stake in the economic welfare of the country.
It is very logical to assume that while labor should have the maximum that
can be paid with safety to the business community it can be comfortable
and have greater purchasing power if it can have full employment at
moderately reduced wages than if it have but part time employment at the
old wage scales; otherwise to use a homely expression we may "kill the
goose that lays the golden egg." Wages, interest, rents, profits and taxes
all come out of the cash receipts of the industry, and these are dependent
upon the volume of the product sold and the prices at which the product is
sold. When markets recede and the demand falls off, prices and costs must
and do yield. In a general business slump, virtually all of the beneficiaries
of the corporation's gross income would normally expect to receive less. The
business pays lower prices to the purveyor of its raw materials, it pays
lower rates of interest to its bankers. The Government gets less taxes
from it. Profits for the stockholders are sharply reduced or disappear
entirely. If leases expire, they are renewed at lower rentals. If any of
these readjuetments are delayed, difficulties arise. If the business refuses
to reduce the prices of its products, its volume falls off very sharply and
much more sharply than necessary. If the producer of raw materials holds
obstinately to a higher price than is justified, the volume again must be
reduced, and similarly if labor holds to fixed wage scales, production goes
lower than would otherwise be necessary.
American business has surely maintained wages long enough in this
period of trouble to have earned the confidence and good will of labor with
respect to the matter. Surely it is not unreasonable to ask labor to join with
us in a re-examination of the economic fundamentals underlying wages with
the object in view that a mutually satisfactory conclusion will be reached
designed to reduce costs and to increase both employment and the buying
power of labor.
I propose, in what follows, to touch upon some of the high points in the
business and financial situation. The roots of our trouble go far back, but
it is less important for us to consider water that has already gone over the
dam than it is to consider the forces which are working at the present time,
and which may be subject to control. I want to give consideration to certain questions of present and future policy on the part of both of the business and banking communiky, and of the governments.
The world tried to escape from the evil effects of the war, and tried to
heal the wounds of the war, by an immense increase in debt, debt which
increased faster than production, debt much of which was incurred for consumption. We had a breakdown from this cause in 1920-21, since which
time a great deal of the impossible burden of debt that had been piled up
was simply wiped out by the collapse or depreciation of currencies ill many
of the belligerent states of Europe.
Following this collapse, we started afresh with the creation of a great
gold standard debt, which was designed to facilitate production, but which
did, in effect, run far beyond the increase in production and the increase
In productive capacity. This was made possible by the concentration of an
undue proportion of the world's gold in the United States, which enabled
us for over six years to expand credit at a very rapid rate, unchecked by
the need of paying attention to our gold reserves. Bank credits in the
/
2
United States expanded 141 billion dollars in loans and investments, and
131 billion dollars in deposits, between 1922.and early 1928. The expansion
/
2
by commerce, and it was not taken by commence. It went,
was not needed
Instead, into real estate mortgage loans, into instalment finance paper, and,
above all, into bank holdings of bonds, and collateral loans by the banks
against stocks and bonds. Our financial authorities supported this process
by their :edheount rate p.dicy, by open mArket purchases of Government
securities on a large scale, and by open market operations in acceptances
at very low rates.
Our position was so important that the whole world followed us in credit
expansion, using the dollar credits which they obtained in loans from us as
reserve money on the basis of which they could expand bank credit in their
own currencies in many countries.
With six years of easy money, during which speculators felt little or no
cheek from the money market, and during which security issues were floated
with great facility, the world's debt grew with startling rapidity. It must be
borne in mind, first, that the mere increase in bank credit constitutes an
Increase in debt. Bank loans and investments are debts of the public to
the banks, and bank deposits are debts of the bank to the public. But
further, bond issues represent increase in debt, and a flotation of bonds by
States, municipalities, and foreign governments and real estate interests
moved with great rapidity. One of the good things, and one of the fortunate
things that became clear during this period was the fact that our businesses issued stocks rather than bonds, on a great scale, in the latter part
of it, with the proceeds of which they actually reduced their debts in many
cases, so that they came into the depression of 1929-30 in very liquid position. This was true even though the holders of the stocks which had been
issued were in many cases carrying These with borrowed money and were
not in so fortunate a position when the stock market crash came.
The root of our trouble lies in an old, old practice. Plainly stated, we
have let debt mount too fast. We have made it too easy for people to get
into debt. Agricultural credit facilities, for example, had been made so
abundant in the past decade in the Uuited States, that the debt burden of
Vo- 132.
American agriculture is very heavy. It is far better that borrowers should
be restrained, and should have too little, than that they should be unrestrained and have too much. The quality of credit deteriorates when credit
is excessive. Many a country banker was a good banker in the old days when
he had hardly enough funds at his disposal to take care of the needs of his
customers. He had to study carefully the amounts that he could lend, the
credits that were good, the times when loans would be repaid, and the
problem of being ready with adequate cash to meet his peak needs. But
many a country banker found himself a poor banker when he had excessive
funds, more than his farmer customers needed for their seasonal needs and
when he was obliged to go out and compete with other bankers in the effort
to place his funds profitably. Having excessive funds. he tied them up in
an undue buying of real estate mortgages, in an undue buying of high yield
bonds with narrow market, and banks have gone under in the past year,
which would not have done so had they not had too much money at their
disposal a few years back.
The problem of credit control is the problem of proportioning the volume
of credit to the needs of trade. When we expand credit beyond that we
invite difficulties of the kind we have seen, and reaction such as we now
have. Oheap and excessive credit is one of the most dangerous things that
a community can face.
The next few years do not hold forth the prospect of rapid credit expansion
based on excessive gold. Most of the rest of the world has come back to
the gold standard and will compete for gold when trade revives. Central
banks all over the world and the Federal Reserve System will have to compete
for the newly mined gold, and will have to consider their reserve positions
in determining credit policy. Many people, used to the rapid credit expansion of recent years, are afraid of this. Sound thinkers welcome it. It
means merely a return to pre-war banking conditions, under which gold
itself exercised a wholesome check on undue credit expansion. The gold
standard is not an easy master. It is inconsistent with prolonged periods
of excessive credit. It requires liquidation of credit, makes us pause and
take stock, and re-evaluate the basis of credit from time to time. Those
of us who believe that the quality of credit is important are not afraid of
this. On the contrary, we find in it a safeguard.
One of the things that the great credit expansion which followed 1922
did for us was to permit our export trade to go on despite our high protective
tariffs. When not interferred with by other large factors, high tariffs
prevent the foreigner from getting dollars by sending goods to us, and selling those goods in our markets. Except as the foreigner can acquire dollars,
he cannot buy our goods, and our exports consequently decrease and in many
cases cease. But during the period of rapid credit expansion, and especially
In the period from the middle of 1924 to The middle of 1928, we loaned the
outside world so much money that our exports went out in great volume.
We loaned so much during that four-year period—approximately six billion
dollars on foreign securities publicly placed in our markets (not counting
refunding loans) that the foreigner could buy our exports and still have
surplus funds which he could lend back to us at high rates of interest during
the period when our stock market was booming most, in 1929, and call rates
were highest. We ceased taking foreign bonds in quantity in the middle
of 1928, but the influence of the very great lending to foreign countries
carried over for very nearly another year. The collapse in our export trade
came in the latter part of 1929.
To-day our exporters are feeling the full effects of the shrinkage in
foreign loans and of our tariff policy. To-day we are seeing that if we do
not buy we cannot sell. Our foreign bond market is congested and the debt
service on foreign debt is heavy. The foreigner must use such dollars as he
can get, first, to pay interest and amortization on existing debt to us, and
then only, what is left, le he free to use in buying our goods.
We intensified his difficulty in this matter by raising our tariff in 1930.
The time has surely come to forget whether we are Democrats or Republicans,
and think of this matter in business terms. This is no time to advocate
free trade, nor to advocate the sweeping away of the whole protective tariff
system to which we have so long been accustcrned. But it is time to consider downward adjustments designed to permit the foreigner to sell enough
goods in our market to put him in possession of dollars that in turn will
enable him to carry out the volume of exports which is necessary to keep
a balanced situation in the United States. Agriculture, first of all, is
bearing the penalty of our high tariffs. Our farmers' market abroad is
greatly injured. Our farmers' buying power in this country is consequently
greatly reduced. Farms are being abandoned and men are moving from
country to city because their markets are gone or impaired. Automobile
production is injured, oil and copper feel the pinch, many export lines are
affected, including very many manufacturing lines. Our people are trying
ot readjust themselves to this situation. In time they can do it. In time
perhaps enough farms will be abandoned and enough of our people will have
shifted from producing for foreign markets to producing for domestic markets, so that the balance will be restored and we can go on again. But
this is a painful and laborious process. We could cut through it, and could
make it unnecessary, if we courageously reduced our tariffs so that a substantially increased volume of imports could come in and give the foreigner
the necessary dollars to take our exports out.
Although all countries have been in some measure affected, there has been
extreme variation in the intensity of trade reaction in different countries.
France, Sweden and The Netherlands, for example, have suffered lees than
most countries, and have shown a steadiness in their business balance, though
not even they escaped reaction in the securities markets, and recently have
experienced a measure of business re-action. Certain countries heavily
dependent upon the export of their raw materials and heavily burdened with
foreign debt have had extremely bad conditions. There have been political
disturbances growing out of the economic distress in many parts of the
world. There has been unevenness in the extent to which readjustments
have been made and to which progress has been made in working through the
economic troubles. Recent reports from Japan, for example, would indicate
that the process is nearly, if not quite, complete, and that, in particular,
despite the great reduction in the price of silk, there has been an even greater
reduction in the cost of producing silk.
Germany appears to have completed a great many of the industrial
readjustments, and her export surplus—a particularly important factor
In the equilibrium of that debtor country—has held at substantial levels
through the year. The world picture is mixed, but it is by no means the
hopelessly black picture that many imagine it to be.
It is particularly gratifying to express confidence in the German outlook,
in view of the many apprehensions that have manifested themselves in the
securities markets and in general discussion regarding Germany. The
greatest apprehensions have been regarding Germany's political stability.
Germany's history does not justify these. Both the German people and
the German political leaders have far too much sense of the importance of
law and order and far too much disciplined intelligence to make fears of
this sort reasonable.
Despite the heavy payments which have been made during the current
FEB. 21 1931.]
FINANCIAL CHRONICLE
year, the German exchange rates have held firm, and the Reichsbank has
maintained an adequate reserve in gold and foreign exchange. The so-called
transfer problem does not really exist. Whenever Germany can raise funds
in marks for payments abroad, the transfers are easily made. If Germany
can borrow abroad, they will be made with foreign exchange borrowed, as
was the case for several years following the inauguration of the Dawes Plan.
When Germany cannot borrow abroad, it will make the payments by means
of the export surplus of goods, as has been the case since the middle of 1929.
The important difficulty in. the German situation has been not that of
transferring payments, but that of getting the marks inside of Germany
with which to make reparations payments. The tax revenues of the German
Government have fallen off, and expenditures have been increasing as a
result of the business depression and of special expenditures to relieve the
suffering which business depression causes. With the reduced revenues and
increased expenditures, a fiscal deficit occured. Governments often have
fiscal deficits in times of depression. Usually this is not serious, since
governmental credit is usually good and bond issues tide over the interval.
In Germany's case, the deficit was more serious because of the difficulty of
floating German Government securities. The answer is simply that the
German Government must have bank credits, both from German banks and
from foreign banks to tide over the period until revenues are adequate and
until securities can be absorbed by the markets. These necessary credits
the German Government is receiving and will receive. Meanwhile, despite
the threatened parliamentary difficulties growing out of the recent election,
the Government has courageously done its part by putting through the
Reichstag drastic financial reforms designed to curtail expenditures and
increase revenues. Germany will ride out the storm, and will be strong
and efficient when the storm is over.
In oanclusion may I say, some of us have been bankers for forty years or
more. We went through the difficult period of the middle nineties, some
as bankers in the distressed agricultural regions, some in the large financiaal
centers. We lived through the distress of the last half of 1893 and the
whole of 1894. We witnessed the brilliant but short-lived recovery of 1895
and the renewed distress of 1896. We witnessed the marvelous recovery
which began in 1897 and which continued with scarcely an interruption, so
far as business was coneernend, to the panic of 1907, though there were
distressing episodes in the stock market in 1901 and 1903. We witnessed
the strong recovery of 1909, the moderate reaction and relatively quiet
business of 1910-13, and we have, of course, gone through the crises of the
outbreak of the war, the war time and the post-war boom, the crises and
depression of 1920 and 1921 and the period of boom and reaction of
recent years.
Forty years' experiennce of this kind gives one a certain steadiness of
vision, a certain ability to look beyond the immediate situation. When
markets are booming and hope and enthusiasm run high and prices mount
with great rapidity, we do not trust them. We know that enthusiasms
will overdo themselves in boom times. We grow cautious and we exert our
Influence towards moderating the enthusiasm about us. When reaction and
extreme depression come, again we do not believe them. We know that
they are overcame. We know that men are needlessly depressed and that
exaggerated fears and absurd rumors make no proper basis for a judgment
of the future.
The United States of America will not stay long on a level of business
SR low as that of the winter of 1930-31, nor will the outside world. Part
of our troubles are the unavoidable consequences of valid causes. Part of
our troubles will not immediately disappear. But a large part of our
trouble is the consequence of s paralyzing fear, unreasonable and partly
unreasoning, and when this fear gives way to reasoned calculation of facts
business will speedily become very substantially better.
I am not disposed to think that we can dissipate fear merely by talking
cheerfully or that we can dissipate unreason merely by talking reasonably,
though both of these things help. Rather, my experience would teach me
that there is a certain rythrn in these matters, that there is a law in human
psychology of action and reaction. Fear and enthusiasm are largely emotional rather than intellectual. We get rid of them by going through them.
After a while they wear themseles out. The change comes, not with the
change in the fads, but merely with the rebound in our spirits. Business
is bad. It will get better. In time it will be very good again. And then
In all probability we shall build false hopes upon it. We shall probably
over-capitalize it. We shall probably erect unsound credits on the basis
of beliefs and hopes. And then, if we do as heretofore, it will get bad again.
I believe that we are about through the worst of the present depression,
and that better times are ahead of us.
1345
whether gold production keeps pace or not, but development will proceed
more smoothly and readily if protected from confusion. It is a great
thing that the world is united upon a standard of value, and it is very
desirable that whatever modifications or changes in methods or practice
affecting the standard may be necessary shall be accomplished with the
full understanding and co-operation of all important nations.
We know that important economies in the monetary use of gold have
been made in the past and are proceeding at the present time. The use
of paper currencies based upon gold reserves affects an important economy
over the hand-to-hand use of gold as a medium of exchange, and the use
of bank checks effects a further economy over the use of paper currency.
Paper currency as a form of money is hoarded more or less like metalic
money, and as long as currency is outstanding the time of presentation
is uncertain, but a check is issued for a particular purpose and usually
is quickly retired. Furthermore, since all business in the last analysis
is an exchange of services, it follows that if all payments were made by
paper instruments and you could promptly bring all those instruments
together they would practically offset and cancel themselves with very
little demand upon the reserve holdings.
That, in fact, is the tendency. The records show that the amount of
lawful currency in circulation tends to decline in relation to the volume
of business being handled. Money—legal tender money—has become the
small change of the business world. It is used for payrolls and retail
transactions, but in lessening quantity.
Furthermore, it used to be thought that large reserves of gold or other
legal tender must be kept against bank deposits, because the public might
suddenly start a run on the banks for cash. Of late years it has become
the rule to concentrate the final reserves of all countries in central banks,
one or more in each country, and since these banks are closely related
to the governments, and perform what has come to be regarded as a governmental function, in issuing currency, the public has little question, or
uncertainty, regarding these institutions or the currencies they issue. The
central banks of Europe all suspended gold payments during the war, but
continued to do business, and their currencies continued to circulate. The
currency notes issued by the Federal Reserve Banks are promises to pay
of the United States Government. There is no reason to think that the
people of the United States ever will make a run on the Reserve Banks
for the redemption of these notes in gold. The Bank of England does not
redeem its note in gold on ordinary demand. It is under no obligation
to redeem its notes in coin at all. It is required by law to sell gold bars
at the specified price in amounts of not Jess than 400 ounces, which in
value is about $8,000. That is the only redemption lawfully required,
and a similar situation exists as to the Bank of France. That provision
is to supply gold for export, and serves to maintain the parity of the
currency in the foreign exchanges, which is practically the only function
gold is now required to perform.
I have already said that gold has passed out of use as a circulating
medium, and venture to say that this inaugurates a fundamental change in
the use of gold in monetary systems. Gold is no longer required for any
monetary use, except for the settlement of balances, and that statement
may be limited to international balances.
Take notice of what a change this is from our old conceptions of gold
as a reserve against all currencies and bank deposits and the basis of all
contracts and business. How many times we have heard the orators
against the gold standard describe the vast sum of obligations of all
kinds that were resting upon a narrow base of gold—an inverted pyramid—
as they represented the situation.
In fact, trade does not rest upon gold—it is self-supporting. Normal
trade is what the word indicates—an exchange of goods and services, and
practically settles itself. The Southern States of this country ship out
their cotton crop and acquire bank balances, against which they draw
checks for the purchases which they desire to make of the products of
other States and countries, and so it is with all sections and countries.
Shall I follow through the process by which settlements are made in
this country? First, we have the use of currency in retail trade, where
gold is never seen. Then we have the checks given and received within the
area oi a city where the banks for mutual convenience have a clearing
house. These checks meet in the clearing house and nearly cancel out—.a
continuous process from day to day. The debtor banks on balance settle
by giving checks on the Federal Reserve Bank of the district, which
accomplishes transfers on the books of that bank.
The checks drawn on banks in other Reserve districts are deposited
with the Reserve Bank in the district in which they are received, and
finally the claims which the Reserve Banks have on each other are sent
to the office of the Gold Settlement Fund in the Treasury Building at
Gold No Longer Required for Monetary Use Except Washington, D. C., and a final clearing takes place there. The, Gold
for Settlement of International Balances Accord- Settlement Fund is made up of contributions from all Reserve Banks.
ing to George E. Roberts of National City Bank Each bank keeps enough gold there to settle any possible balances that
report for 1929, which is the
may
of New York—Transfers Through Bank of Inter- latestarise against it. The Federal Reserve
available, shows that the highest amount of gold in the fund at
national Settlements.
any date in 1929 was $689,000,000, and the lowest amount of gold was
In an address before the American Institute of Mining $511,000,000. Allowing the average to have been $600,009,000, that
would be approximately one-seventh of the country's stock of monetary
and Mettalurgical Engineers in New York, on Feb. 17, gold. That is the proportion of the countr7's gold stock actually being
George E. Roberts, Vice-President of the National City Bank used in handling the business settlements oi this country in the greatest
of New York, made the statement that "gold has passed out year of business ever known in this country-1929.
The total of all transactions through the Gold Settlement Fund in that
of use as a circulating medinm"; that "gold is no longer year was $8,100,000,000, while the aggregate of clearings through the 191
required for any monetary use, except for the settlement local Clearing Houses of the country in that year was $726,884,632,647—
Houses, against $8,100,of balances, and that statement," he added,"may be applied $726,800,000,000 settled through the local Clearing
000,000 settled through the final Clearing House—and the latter also
to international balances." Mr. Roberts noted the volume largely by offsets. Furthermore, a vast amount of checks never even
of transactions through the Gold Settlement Fund at Wash- reach a Clearing House or Reserve Bank. In small communities the banks
formality of having a
without
ington, and lie likewise referred to the plans developed for go through the clearing process and payeethe business with the same
do
Clearing House, and where par
the transfer of payments from Germany to the credit coun- bank, the transfers are made within that bank.
To this extent has the economy in the use of gold been carried in
tries through the Bank for International Settlements. "So
handling the internal business of the United States, and it may be
far as it may be possible to exercise control over general appropriately added that the volume of business done within the United
credit conditions the posibility exists," said Mr. Roberts, States is not very far from one-half of all that done in the world.
With this development of the clearing system within the United States
"In the central banks, which hold the final supplies of credit.
before our eyes we may have some idea of what was in the minds of
In view of the fact that what each one does affects all the Messrs. Owen D. Young, J. P. Morgan, and their associates in shaping
rest and that all are best served by a common purpose to what has come to be known as the Young plan of reparation payments,
when looking first for a means of transferring such payments from Germany
maintain stability, it seems highly desirable that means of to the
credit countries, •they planned the Bank for International Settleconference and co-operation shall be developed, and the Bank ments. They have caused to be organized a banking institution the stock
for International Settlements affords the organization." of which is widely distributed and control of which lies with the principal
central banks of the world. The board of directors consists of representaWe quote as follows from Mr. Roberts's address:
tives of central banks, all central banks being invited to participate.
It cannot be doubted that industry and trade will continue to develop, This institution formally invites all Central banks to use it as an agency
1346
FINANCIAL CHRONICLE
for accomplishing international transfers, suggesting that they advise
debtors having such transfers to make that payment into the Bank for
International Settlements which will be an acceptable method of discharging
their obligations.
Of course, this is not the first development of the clearing system of
settlements in international affairs. The Bank of England has long performed informally the functions of a world clearing institution, and
assuredly it will continue to perform that function on a great scale, but
the constitution of the Bank for International Settlements suggests more
Intimate and more co-operative relations between the banking systems of
all countries.
I have already said that in my opinion the maintenance of the common
gold standard is the most important op-operative undertaking in the
world. It is important to the stability of credit conditions that the
maintenance of the common standard shall be regarded as a co-operative
undertaking. The gold reserves of no country afford an absolutely firm
and immovable base. They are liquid, subject to influences that may come
from other countries. The state of trade, the level of wages and prices,
the relations between debtor and creditor, in all countries, are affected
by the movements of gold. All countries are interested most of all in
stable conditions. No country is interested in gaining more than that
share of the gold supply which makes for general prosperity and stability.
The history of business in the United States over the last 15 years affords
an ample demonstration of this. And since all derive benefits from the
common gold standard, all owe obligations to co-operate in maintaining
stability for it.
So far as it may be possible to exercise control over general credit
conditions the possibility exists in the central banks, which hold the final
supplies of credit. In view of the fact that what each one does affects
all the rest and that all are best served by a common purpose to maintain
stability, it seems highly desirable that means of conference and co-operation shall be developed, and the Bank for International Settlements affords
the organization.
In the discharge of their duties as members of the board of directors,
representatives of the central banks of the several countries will be meeting
there from month to month to consider and discuss the financial situation
over virtually the whole world. Too much must not be expected at once.
Relations of this kind are not of rapid development, but rapid development
Is unnecessary. Such relations grow in strength as opportunities arise and
as experience is gained; also as men become accustomed to conference with
each other, as they understand each other better and gain confidence in
each other. But given the condition of continual association the development of mutually advantageous co-operation may be counted upon as
Inevitable.
What I have said has not been intended to announce sudden and radical
changes to come, but rather to describe the tendency to increasing economy
In the use of monetary gold which has been developing for a long time.
Those of us who were in the banking business prior to the establishment
of the Reserve System can remember that exchange charges were regularly
paid between the principal cities of tide country and that legal tender
money, good in bank reserves, was being constantly shipped between
different parts of this country.
The general abandonment of gold as a circulating medium, the development of central banking, the improvement of the banking facilities everywhere, and particuarly by the development of clearing facilities, have been
marked features of this progress in comparatively recent years. The
fundamental principle, however, is that the business world is always
looking for the readiest and most economical methods for accomplishing
Its purposes. Mori over, the Increasing facilities for communication and
transportation are inevitably tending to develop more intimate and mutually
beneficial relations between the countries. We are gradually but surely
developing a world community, and will surely have all facilities that
will serve It.
Credit is already employed internationally on a great scale, and that
employment will increase. Already there is a large body of what may be
called international securities—that is, securities of well-known companies
of many countries which have a ready market in all the financial centers
of the world. As the world increases in Wealth this body of securities
will grow large, and these securities, moving readily between markets,
will be another factor, possibly more active than gold, in maintaining the
world equilibrium. As the countries grow into a larger knowledge of
mutual interests it is certain that there will develop a more general
appreciation of the importance of maintaining the world equilibrium which
is the basis of common prosperity.
With that knowledge we may believe that nations will no longer be
govemod by the old mercantilist theory that national prosperity is to be
gained by piling up claims or balances which will enable them to draw
gold from other countries, but by orderly trade and transactions, in the
aggregate settling themselves, and without the disastrous reactions with
which we are too familiar.
I have said that the fact that gold has passed out of hand-to-hand
circulation and that its use is now limited practically to the settlement
of balances has effected a radical change in the gold situation. I want
to refer to one change which I have not felt disposed to accept readily,
because it has seemed to conflict with what I have regarded as a fundamental principle. I have always in the past been disposed to regard it
as one of the strong arguments for a metalic currency that it required no
regulation or management. Gold production was free and distribution took
care of itself. Gold found its way to all countries, according to relative
demands or possibilities of profit. I have been distrustful of currency
systems which required management, twcause I was distrustful of political
or governmental management of that volume of money. It is evident that
to the extent that paper is substituted for standard money In circulation,
and reserves are relatively diminished, more reliance must be placed upon
the management of that currency.
However, it must be admitted that this is not a very recent development. Ever since credit began to be the predominating element in currency it has been evident that management had become a factor of increasing importance. The central banks all rely upon management, by means
of changes in the discount rate and voluntary operations in the money
market, to exercise control over the demands upon them for credit and
thus control the movement of gold. It has become a scientific practice,
and, to some extent, a competitive practice. Now that the hand-to-hand
circulation of gold has been definitely abandoned, and we are turning to
the use of gold only for the settlement of balances, new possibilities of
credit expansion appear and management looms up as of greater importance
than before. If there must be management, let us still bear in mind the
importance of maintaining an international standard, and endeavor to secure
International co-operation in maintaining its stability.
There remains one final objection to this idea of international management and International reserves, and that is the one which is raised on
[VOL. 132.
the ground that war may destroy the entire system. It has already been
seen, however, that war is destructive of all monetary systems and is a
menace to all use of credit. What has become of the pre-war credit structure of all the continental countries that were engaged in the war?
What is the value to-day of the pre-war credit wealth of Germany, or of
Austria-Hungary, or even of France, Belgium, or Italy?
Indeed, what use is there in planning for the future at all if we are
to have more war? It would seem to be time that all peoples fairly
grasped the fact that there is no place in modern, highly-organized society
for war. It disrupts all international relationships, cuts across all conceptions of a developing world society. It threatens the maintenance
of all private property rights. I am moved to say that I do not think
business men take the menace of war as seriously as they should. If we
are to continue to have wars, and they continue to be more destructive,
as they will, if we have thin], they will put an end to all progress and
destroy our civilization. It is not uncommon to hear it said that it is
impracticable to talk of doing away with war, but looking back over the
record of the last 16 years and counting the costs to this day, whatever
has proven to be more impracticable than the activities in which the leading nations of the world were engaged from 1914 to the latter part
of 1918.
Dealers in Bankers' Acceptances Deny They Displace Long
Term Foreign Financing—Disagree with Claims of Federal Reserve Banks at Hearing Before Senate Sub-Committee--R. H. Bean Executive Secretary of American
Acceptance Council Says 90 Billions in Transactions
Have Been So Financed.
The operations of the discount market in New York
City for bankers acceptances and the development of the
acceptance business in the United States generally since
the adoption of the Federal Reserve Act, were outlined to
the subcommittee of the Senate Banking and Currency
Committee Feb. 18 by Robert H. Bean, Executive Secretary
of the American Acceptance Council, and Robert M. Coon,
Assistant Treasurer of the Discount Corporation of New
York. According to the "United States Daily," Mr. Bean
told the Committee that the acceptance business of the
country is now at almost its peak of activity since the
origination of the Federal reserve system. From that
paper we also take the following:
The volume of acceptances created by the banks of this country (luring 1930 and so far in 1931, he declared, exceed those accepted in
almost any other period. From the beginning of the creation of this
type of paper by the banks, following the enactment of the Federal
Reserve Act, he stated, some $90,000,000,000 of transactions have been
financed by this method. In 1930 alone, over $9,000,000,000 in dollar
volume represents the total of acceptances brought into existence by
the approximately 150 accepting banks.
The total amount of bankers acceptances outstanding at the end of
January, 1931, Mr. Bean gave as $1,520,00000. This volume was
divided among the various types of acceptances permitted by the Reserve
Act, import acceptances accounting for $213,000.000; export acceptances,
$400,000,000; those drawn in cover of domestic shipments of merchandise,
$34,000,000; domestic warehoused goods, $257,000,000; those drawn to
create dollar exchange, $65,000,000, and those in cover of merchandise
stored abroad and shipped between foreign countries, $548,000,000.
Market Evenly Divided.
The market for the purchase of these acceptances, which are created
evenly divided
by a relatively small number of large banks, is about
Reserve
at the present time, Mr. Dean explained, between the Federal
Banks; the foreign correspondents of the Reserve Banks, mostly foreign
central banks; and the accepting banks themselves.
Only certain large and important banks create acceptances, Mr. Bean
told the Committee. A bankers acceptance he defined as a draft or
bill of exchange, drawn by a merchant, importer or exporter, and
accepted by the bank as his promise to pay at maturity. The average
maturity of outstanding bills he gave as from 55 to 60 days.
At the end of January, 1931, the accepting banks were carrying in
their pertfolios some $130,000,000 of their own acceptances, and some
$433,000 of the acceptances of other banks, according to the acceptance
council executive. The reason given by him for the large holdings of
bills at this time by these banks is that banks have a plethora of funds.
The Discount Corporation of New York was formed in 1918 by about
10 of the most important banks in the country, Mr. Coon told the
Committee, primarily to aid in the development of a satisfactory dis.
count market here. It confines its activities to the purchase and sale of
acceptances and of Governnient securities. Last year the corporation
bought some $1.800,000,000 of bankers acceptances, or about 20 per
cent of all those created. They stand ready to buy any and all prime
bills offered for sale, he stated, and in reply to a question, explained
that they were constant borrowers at banks to enable them to at any
time meet the offerings to them.
Bought From Many Sources.
Acceptances are purchased by dealers from a variety of sources, Mr.
Coon explained. The Discount Corporation and other dealers buy from
the accepting banks, from the merchants, importers or exporters who
draw the bills, from foreign exchange banks who handle the items for
customers abroad, from investors who desire to resell, and occasionally
from the Reserve banks themselves. The commission usual for such
transactions is one-eighth of 1% per annum, for the life of the bill.
There are seven recognized bill dealers in New York, Mr. Bean told
the Committee. The Discount Corporation of New York, he said, is the
only one of that type, owned by a number of banks in common. The
National City Company, the First National-Old Colony Corporation,
and the Shawmut Corporation, are subsidiaries or affiliates of some one
banking institution. Salomon Brothers and Hutzler operate an acceptance business as a department of their general bond and security business; the M. and T. Company, owned by the M. and T. Trust Company
of Buffalo, is really an independent bill dealer, and Alexander T.
Stephan, Inc., is the only independent bill dealer not tied in with any
bank or security house.
In San Francisco, Mr. Bean said, the American Security Company
does a bill business, as do some branches of eastern bill dealers. In
FEB. 21 1931.]
FINANCIAL CHRONICLE
1347
sent out by the probe committee. These statements were put in evidence
as follows:
Doubt Volume Can Be Cut.
"With regard to the large increase in the volume of acceptances drawn
from foreign storage and shipment between foreign countries," one
reply declared, "it appears that a substantial amount of this business
originates in Germany and other Central European countries and that
it results at least to some extent from a continued shortage of capital
and is not likely to be reduced until long term loans can be floated in
this country, or in London or Paris. If long term credit was readily
available, it is the belief that the amount of this class of bills would
be reduced to a considerable extent.
"It is undoubtedly true that the increases of acceptances arising from
foreign storage and shipment is to be explained by the curtailment of
capital exported to Central Europe, especially through 1929," it was
declared in the other response.
Seasonal Variation.
Mr. Beans had informed the committee of the division of the $1,520,The volume of acceptances moves along in regular seasonal fashion
the end of January.
from year to year, the Acceptance Council secretary told the Committee 000,000 of acceptances outstanding at
Explaining the fact that there is a great volume of foreign credits
and illustrated that statement by charts which were inserted in the
will always seek the cheapest
record. In a statement which he gave to the press yesterday, he ex- here now, Mr. Bean declared that credit
that category for many months,
plained, a decline in volume was announced, from the peak of December market and the United States has been in
it was not agreed by him
and January. Import acceptances fell off some $7,000,000, exports compared with the London market. While
goods in storage to any great extent,
$15,000,000, domestic warehouse paper $14,000,000, and those in cover that these foreign credits covered
least here are of necessity
of goods stored abroad and shipped between foreign countries, $15,000,000. it was indicated that as to some of this at
This decline, he explained, is normal, and will continue until June revolving credits.
Warned on Revolving Transactions.
or July, when the curve will start up again.
It was admitted by the witness that the Federal Reserve Board had
There is no necessity for any changes in the law or in the regulations
governing acceptances, both of the witnesses testified. Mr. Bean said issued a general injunction to the banks against entering upon such reit might help establish the market if banks were authorized to carry a volving transactions, since these did not indicate new transactions as
part of their reserves in the form of bankers acceptances, but added might otherwise be expected, but were in effect renewals that take on
that this would be at best an artificial prop, and there would have to the appearance of long-term loans. He said that he believed that the
be assurance that the paper was thoroughly liquid.
board and the Federal Reserve banks had done what they could to
check the use of revolving acceptances.
Acceptances Improve.
It was indicated before the Committee yesterday upon the appearance
Domestic storage acceptances are much cleaner and finer now than of Oscar Wells, Chairman of the board of the First National Bank of
they have ever been before, according to Mr. Bean. He gave considerable Birmingham, Ala., that there has been a substitution of domestic acceptcredit for this situation to the cooperation of the American Ware- ances for the usual direct loans by Southern banks to cotton farmers
houseman's Association. The curve of the volume of these acceptances and owners and that under the operations of the Cotton Stabilization
is a natural one and follows the same lines year after year, he told Corporation funds were being secured from Northern banks and acceptance
the Committee.
brokers and that much of this paper was "frozen" because of the lack
Warehouses which are independently operated and well regulated of an active consumptive demand for cotton.
can give satisfactory receipts for merchandise stored against which
"Suppose you had quite a considerable increase in acceptances against
acceptances are drawn, Mr. Bean declared. The uniform warehouse goods in storage in Europe, particularly Germany, and a considerable
systems of licensing warehouses. number of acceptances refunded for carrying wheat and cotton here at
receipts act has been helpful, as have
There is no need for a uniform trust receipt and a uniform trust receipts home," inquired Dr. H. Parker Willis, technical expert to the comact, Mr. Bean stated. The banks are watching these things as never mittee, "is that not likely to bring about the freezing of the liquidity
before, he declared, and there has been little duplication of receipts, or of our acceptances?"
other abuse.
While averring he had no hesitancy of going into the matter, the
Replying to a question from II. Parker Willis, the Committee specialist, witness failed to go into any great detail that would indicate any accord
Mr. Bean stated that the dealers' portfolio that is, the volume carried with either the statement of Mr. Wells or of the Reserve banks quoted.
by the bill dealers, averaged $59,000,000 in 1928; $66,000,000 in 1929;
Average Maturity 55 to 60 Days.
and $81,000,000 in 1930. Their holdings have been as high as $175,"I would not say they are frozen," he had previously commented in
000,000 to $200,000,000. In December, 1930, the figure fell to $52,000,response to an inquiry by Senator Walcott (Rep., Conn.), acting Chairman
000, which he described as not enough to take care of their overhead.
of the Committee, respecting cotton acceptances. "There is undoubtedly*
With Analysis
Disagree
a large volume of cotton acceptances, but I have always felt, and do
of the Reserve feel that is one commodity that will move rapidly as a rule. This Is
Dr. Willis read excerpts from statements from two
Banks. which had been made in reply to questionnaires sent out by the one of the years when it is going out slowly. I do notice that our
Committee, to the effect that the reason for the recent rise in the volume export acceptances are declining very normally, as they do every year.
of acceptances covering goods stored abroad and shipped between foreign For a period of ten years the total volume of bills is generally at its
countries, grew out of shortage of capital in Germany and other central peak December 31, and after that it begins normally to decline."
He explained that the average maturity of the outstanding bills is
European countries, which were resorting to this method of finance as
a substitute for long-term capital loans. Mr. Bean and Mr. Coon did somewhere between fifty-five and sixty days. In discussing the extended
not agree with this analysis of the situation, and declared it to be their trading in acceptances, Mr. Bean told of a speech made by W. R. Burbelief that the volume of acceptances issued to cover goods stored abroad gess of the New York Federal Reserve Bank before the American Acceptwas not substantial. Mr. Bean agreed with Dr. Willis that the capital ance Council, which, he averred, had the approval of the bank, to the
effect that the bank no longer would carry the bill market. Immediately
needs of Europe should not be financed by the acceptance method.
Mr. Bean told the Committee that there was little abuse of the acceptance after that, Mr. Bean continued, the distribution among outside banks
through the medium of renewals, and distinguished revolving credits, in was speeded up and he declared it to have been the "most helpful thing
which, he explained, the Reserve Banks were careful to assure themselves that ever occurred in the bill market."
that bills purchased by them represented a new shipment or transaction.
It was made very evident that domestic acceptances do not constitute
Dr. Willis asked if the liquidity of acceptances here might not be much of a factor in the general trade and the witnesses were of the
seriously infringed by an increase in the volume against goods stored opinion that it would make little difference if the provision of law recogabroad, and against warehoused cotton at home. Mr. Bean replied that nizing this type was deleted. Senator Glass has heretofore argued that
he did not fear an undue development of that nature because of the this provision never should have been adopted and there seems to he
character of the acceptance business and the watchfulness of the banks. quite a probability that it will be dropped whenever legislation is under"No investor has lost a dollar through acceptances since the Federal taken.
Reserve System began," Mr. Bean told the Committee, and stated that
The adoption of a uniform trust receipt just as there has been created
this was said in full knowledge of the Bank of United States situation. a uniform bill of lading and a uniform warehouse receipt, was recomMr. Coon explained that the market bad discriminated against the mended to the committee. It was also suggested that it would be better
acceptances of The Bank of United States, and said that the New York if the officials of the Department of Agriculture placed less stress on
Reserve Bank had not lost on those purchased by them due to the fact the importance of Federal licensing of warehouses and more upon the
that the bills were three name paper, with a responsible endorser. Dr. type of the warehouseman and the warehouse itself and cooperate more
Willis was of the opinion, he said, that the Reserve Bank should buy with the Warehousemen's Association.
only prime bills, regardless of endorsers, and stated that there must
have been some faulty credit analysis.
Mr. Coon told Dr. Willis, in reply to a question that he did not Big Holdings of Bankers' Acceptances by Banks Arouses
think the acceptances drawn by foreign makers were "finance" paper,
Interest in Market—Estimate over Half Billion in
without real commercial transactions behind them. Dr. Willis had referred to the fact that frequently a number of bills for odd amounts
Bank Portfolios.
added up to a round figure as "possibly suspicious."
Keen interest is being displayed by the acceptance market
Neither witness could see any reason, they declared, for permitting
bills by combusiness houses to sell their acceptances direct to the Reserve Bank. here in the marked expansion in holdings of
There is a better control, and a greater facility and convenience if mercial banks over the past few weeks. Such holdings
the Reserve Banks buy from the banks and the bill dealers, they declared.
expanded to a large degree during 1930, incident to the
Chicago the First National Company buys and sells bills, and in Fort
Worth the Forth Worth Company, an affiliate of the Fort Worth National Bank, is active in developing a bill market in Texas, be continued.
There is very little abuse of the domestic warehouse acceptance for
the purpose of "carrying" or "hoarding" merchandise, according to
Mr. Bean's testimony. There is now a large volume of cotton acceptances,
but they cannot be described as "frozen" in Mr. Bean's opinion. Cotton
is moving more slowly this year than normally, he explained.
The domestic acceptance has never taken hold and has never been
an important part of the acceptance market, Mr. Bean said, and it
perhaps would not do any damage to repeal the permission for banks to
create that type of paper, although in his opinion, there has been little
abuse of the power, just as there has been, he declared, little abuse of
the power to create dollar exchange acceptances.
It was stated by the Washington correspondent of the lowering of money rates, but the tendency has become
New York "Journal of Commerce" on Feb. 18 that the ex- accentuated since the turn of the year, says the New York
istence of differences of viewpoint between officials of the "Journal of Commerce" in its issue of Feb. 14 and then adds:
Federal Reserve system and representatives of acceptance
It is estimated that commercial banks now hold well Over $500,000,000
brokers, over the extent to which foreign acceptances are of bankers' acceptances in their portfolios. The larger part of these bills.
than the accepting institutions, but
believed, are held by banks
taking the place of the usual long term loans developed it is past few weeks has also seenother
an increasing proportion of new acceptthe
before the Committee.
ances being retained by the accepting banks, because of the paucity of othes
conditions. This involves
It was denied by both Messrs. Bean and Coon, said the commitments for their funds under prevailing has been an increasingly
which
the use of foreign acceptances had been re- the practice of "hoarding acceptances"
account that
common feature of the bill market latterly.
sorted to in any great volume for the financing of EuroEffect of Higher Rates.
pean enterprises, overcoming the lack of exported capital.
The heavy load of bills now being carried by the commercial banks has
quote further:
created considerable discussion in the market as to what would take place
From the same dispatch we
banks seek to dispose of a
"This was quite in contrast with assertions made by officials of two should money rates tighten and the commercial
of the Federal Reserve Banks, culled from answers to questionnaires
large amount of bills at any one time. The approach of the March 15
1348
FINANCIAL CHRONICLE
Government financing period is thought to make such a probability greater,
in view of the likelihood of a substantial short-term issue at that time,
which may be made at rates high enough to encourage switching on the
part of some banks from bills to Government securities, unless rates on the
former are allowed to advance sufficiently to forestall such a movement.
One element in the situation which is giving confidence to the bill market
is the rapid decline in acceptance holdings of the Federal Reserve banks.
These are now at the lowest level in 18 months, so that the bill market
Is getting along with a minimum of support from that quarter. The
maintenance of the Federal Reserve banks' buying rate above the open
market bill rate is tending to further reduce such holdings, so that the
Reserve institutions would be in a position to materially expand their
portfolio next month during the quarterly turnover period. In this way,
any sharp advance in bill rates resulting from possible heavy offerings from
commercial banks now carrying a particularly heavy portfolio might be
avoided entirely.
The possibility of increased offerings of Government securities in connection with large cash outlays under the compromise soldiers bonus scheme
now proposed in Congress further complicates the outlook for bill rates
over the next few months. If such offerings involve increased Government
financing, they will influence the bill market to the extent that they encourage member banks to replace acceptance holdings with the new offerings
of Governments.
FoL. 182.
Neither Joseph A. Broderick, State Superintendent of Banks, nor Lamar
Hardy, of Hardy & Hardy, attorneys for the Chelsea Bank St Trust Co.,
would confirm or deny this information.
Mr. Hardy announced yesterday the presentation to Mr. Broderick of the
plan for reorganization and reopening of the bank. The announcement
was made to newspaper men in the office of Mr. Broderick, 51 Chamber
St.
"The names of officials who are to head the reorganized institution
will not be officially revealed until Mr. Broderick approves the plan."
Mr. Hardy said. "I am not in a position, therefore, either to confirm or
deny the reports that Mr. Stillman is to head the new bank."
The same paper, in its Feb. 18 issue, said:
The Chase National Bank made it known yesterday that the selection
of its Second Vice-President, Howell 1VI. Stillman, to head the closed
Chelsea
Bank & Trust Co. did not signify that the Chase Bank was concerned in
the undertaking. To the contrary, the Chase Bank has no interest in the
matter in any way, it was stated
Mr. Stillman, who was inaccessible for further comment on his selection
to head the bank, is a loan officer of the Chase National Bank and has
been making his headquarters in the Federal Reserve Bank Building,
whore he represents the Chase Bank in the Clearing House organization
formed to handle loans made by a group of Clearing House banks to the
depositors of the closed Bank of the United States.
Prior to joining the Chase organization, Mr. Stillman was an officer
of the Interstate Trust Co., which was merged with the Chase National
Bank and the Equitable Trust Co. last spring. Before that he was Chief
Examiner of the Federal Reserve Bank of New York.
City Calls Upon Depositaries to Put Up Bonds—Acts
to Avert Any New Tieup Akin to $1,500,000 in
Bank of United States. '
The following is from the New York "Evening Post" of Nebraska Rejects Measure For Lower Bank Capital—
Feb. 6:
House Kills Bill to Permit Institutions to Operate
No more chances are being taken with deposits of city money, now that
on Stock of $15,000.
about $1,500,000 of municipal funds are tied up in the closed Bank of
United States, it was learned to-day. The Banking Commission, made up
From the Chicago "Journal of Commerce" we take the
of the Mayor. Controller and City Chamberlain, have required all banks following
from Lincoln, Neb., Feb. 9:
In which the city has money to post bonds equal to the amount on deposit.
After a lively debate, the Nebraska House has voted to kill a bill which
The charter contains a provision that the city may require its depositaries
to post bonds, but these have been required only in some cases. Nearly all would have permitted banks to be established in towns of 350 population
or less with a capital of $15,000. The present minimum is $25,000. Banker
of the 50 banks and branches now acting as depositaries have posted
municipal bonds in compliance with the ruling of the Banking Committee, members said that as the law limits deposits to 10 times the capital stock,
Controller Berry said. The step was not taken until after a number of an institution with $150,000 deposits could not earn a living for the operator
and probably would operate at a loss.
bankers had been Interviewed by the Controller.
Other members objected on the ground that this would be letting down
the bars to conditions that were responsible for many failures, that of
Country Buying at Least $5,000,000,000 of Goods insufficient capital, and that with the modern means of communication,
banking needs for
readily and better taken care
communities can
Annually on Instalment Plan, According to E. S. of in nearby townssmall strong banks. be
with
The Senate advanced to third reading a bill that makes loans to partnerGeorge of Department of Commerce—Comments by
in which bank officers or directors are interested a felony. This is to
A. J. Morris of Morris Plan System on Government ships objections
meet
found by the Supreme Court to the present law in criminal
Survey.
prosecutions.
Commenting on the Government's survey of the country's
enormous instalment credit business, which concluded with House Banking Committee Urges Limited Branch
Banking in Iowa—Bill Designed to Provide Service
the finding that "people pay their bills" even in periods of
to Towns Without Banks.
depression, Arthur J. Morris,President of Industrial Finance
The following from Des Moines, Feb. 16, is from the
Corp. and founder of the Morris Plan system of Industrial
Banking, declared that had the Government survey gone "United States Daily" of Feb. 17:
The first four weeks of the Iowa legislative session have brought out only
further, it would have discovered, among other things,
the
that: Young women were better credit risks than men, and one banking bill that has been approved in Committee, and measure(H. F.
123) permitting auxiliary banking facilities in towns
villages which
that young single men are better credit risks than married have no banks, and which was introduced by Representative G. J. Van
Buren, of Anamosa. It was favorably reported Feb. 12 by the House
men. "Although Morris Plan bankers, pioneers in industrial
credits in this country, have known for 20 years what the Banking Committee,
Limitations Involved.
Department of Commerce has just discovered, it was never- In effect, the measure proposes a restricted form of branch banking.
theless interesting to note the Government's disclosures Banks would be permitted to establish branch offices in towns within 25
confirmed our own private findings," Mr. Morris said. miles of the parent institution, but not outside the same county. These
branch offices would be permitted to receive deposits and pay checks,
Mr. Morris continued:
but all loans would be negotiated with the parent institution.
According to Edwin S. George, Chief of the Marketing Service Division
of the Commerce Department, the country is buying at least $ ,000,000,000
5
worth of goods annually on the instalment plan, while bad debts average
only 1.2%, which was pronounced as "a triumph of American business
acumen." Rather than a business triumph, I view such a record as a
triumph of character for the American consumer, who 20 years ago, was
regarded as untrustworthy for more than 30 days and seldom that long
unless he was quite a person in the community.
However, an analysis recently conducted by the Industrial Finance Corp.
holding company of a number of large Morris Plan Banks, for the purpose
of determining certain credit mortality factors in the making of hank loans
on a basis of character and earning power, revealed a number of facts which
upset popular beliefs. For example, it was found that married men,
generally supposed to be industrious, responsible and altogether the acme
of credit virtue, were really poorer bank loan risks between the ages of 25
and 31 than single men. However, between the ages of 31 and 55, married
men showed up as a better risk, but it was surprising to note that men of
more youthful years who, in a state of single blessedness, were popularly
supposed to be irresponsible and money rerkiess, were, to the contrary,
better money managers.
In the same age group. 25 to 31, women were better loan risks than men,
our survey diarlosed, and at the same time it was found that women making
between $25 and $40 weekly were poorer risks than those making less
than $25 weekly.
Permits for the branches would be issued by the State Banking Department, but only one such permit could be issued for any one village or town
and this would not be allowed to conflict with any local bank charter to be
sought later for the town in which the branch office was located.
The bill is designed to afford limited banking service for towns now Lacking
banking facilities.
Another banking measure still in committee is the proposal (S. F. 120)
of A. V. Blackford, of Bonaparte, which provides that depositors in closed
banks might receive debentures to the amount of their deposits and receive
credit on these debentures for general property taxes.
Alabama Governor Names Four for Banking Board.
Appointment of the personnel of the Alabama State
Banking Board, to serve as members of that body for the
next four years, has just been announced by Governor
B. M. Miller, according to Montgomery (Ala.) advioes,
Feb. 16 to the "United States Daily" as follows: Walter
Honley, Birmingham; J. B. Barnett, Monroeville; Frank
Callem, Clanton, and H. C. Armstrong, Selma.
Mr. Morris emphasized, however, that the figures were Loss to State of Indiana Seen in Dahling Bank Bill—
House Measure Affects Interest on Public Deposits.
not being used as a basis for extending bank loans at the
Morris Plan, but that each application for a loan was inThe following is from the Indianapolis "News" of Feb. 14:
A bill which was passed by the Indiana House of Representatives, 90 to 1.
variably judged on its individual merits. The survey was
this week, and
made only incidentally in the course of a statistical compila- of those who which is now before the State Senate, would, in the opinion
have examined it,
of
tion surrounding the $250,000,000 annual Morris Plan loan revenue to the State, but to everynot only result in a tremendous loss
unit of government.
The measure, introduced by Representative Fred Dahling (Dem.,
volume.
Plans for Reorganization of Chelsea Bank & Trust Co.
of New York.
The following is from the New York "Times" of Feb. 17:
It was learned in financial circles yesterday that Howell M. Stillman,
Second Vice-President of the Chase National Bank, will be the head of
the Chelsea Bank & Trust Co., following reorganization and reopening
of that institution.
Benton and White), a banker of Reynolds, would amend the public depository laws. It would require that the niimimum deposit of public funds
over a three-months' period should be used as the basis for computing the
2% interest banks pay for public deposits.
As it is now the daily average over a period of a month is taken as the
basis for computing the interest.
The Indiana Taxpayers' Association has expressed opposition to the
measure and William Cosgrove, Deputy Auditor of State. pointed out that
under such an arrangement the State would stand to lose approximately
$100.000 a year. He said that the public money which goes through banks
FEB. 21 1931.1
FINANCIAL CHRONICLE
1349
banks. The Federal Legislative Committee of the Association, he explainer],
interests itself in pending legislation before Congress, but it is a delicate
matter for them to take any action, because the Association represents
all classes of banks and all varieties of banking opinion, and whatever
they did might prejudice some section of the Association.
The Association President attributed the bank failures of recent years
more to fundamental economic conditions than to bad bank management.
Good roads and the automobile had contributed to the failure of many
small communities, he declared, and to the failure of many banks. Bank
customers can now go to county seat towns to transact their business, and
Uniform Banking Law for States Urged at Hearing they probably will never again give their support to the very small
Before Senate Committee—M. A. Traylor, of First rural banks.
Mr. Stephenson referred to the organization of regional clearing houses
National Bank of Chicago Opposes National Mem- being fostered by the Association as one method of improving banking
bership for All Banks—Federal Reserve Operation conditions, and stated that there have been organized 26 regional and
Praised—R.C.Stephenson,of American Bankers As- county clearing houses under the plan advanced by the Association. Bank
management conferences held under Association auspices have been helpful,
sociation,Says Group System Is Best Ever Devised. also, he declared.
A minimum capital of $50,000 for banks and a limit on the number of
The President of the American Bankers' Association,
by Mr. Stephenson.
Rome C. Stephenson, of South Bend, Ind., and the President banks according to population were proposedthe call-money market to any
The small banks of Indiana were not in
of the First National Bank of Chicago, Melvin A. Traylor, extent, the South Bend banker asserted. Most of their money was employed
a former President of the Association, appeared as wit- at home and in the paper of installment finance companies. Considerable
estate loans for building purposes. The loans of
amounts
nesses, Feb. 16, before the subcommittee of the Senate Bank- banks went into real loan associations on real estate will eventually turn
and building and
ing and Currency Committee at Washington. Mr. Stephen- out all right, in his opinion, as with returning business real estate values
son also represented a committee of the National Associa- will improve. The building and loan associations of Indiana are in sound
condition, he told the Committee. Many of them operate a savings bank
tion of Mutual Savings Banks. The "
States Daily," business, in effect, he added.
-United ,
in its account of the hearing on Feb. 16, said:
Eugene Meyer, whose nomination as Governor of the Federal Reserve
at the hearing, asked
The American Bankers' Association favors community-wide branch bank- Board is before the Senate, and who was present
considerable percentage of their
ing in metropolitan areas, and country-wide branch banking in the rural Mr. Stephenson if the banks loaned any
such as real estate bonds.
of securities
districts, according to its President, who read to the Committee a resolu- funds on real estate in the form
considerable sums were loaned on securities
tion on the subject adopted at the annual convention in Cleveland last The Indiana banker replied that
such as those Issued by S. W. Straus Co., and that some banks did a local
October.
letting their customers participate in the purHe added that the Economic Policy Committee of the Association is business of that character,
continuing its study of branch, chain, group, and unit banking, and that chase of iportgage certificates.
The American Bankers' Association resolution on branch banking folit may be able to report on Feb. 12, when the Chairman of the Commission, Rudolpf S. Hecht, President of the Hibernia Bank & Trust Co. lows in full text:
The American system of unit banking, as contrasted with the banking systems of
of New Orleans, is scheduled to appear as a witness before the Committee.
other countries, has been peculiarly adapted to the highly diversified community
life of theUnIted States. The future demands the continued growth and service of the
Favors Uniform Bank Law.
unit bank in areas economically able to support sound, Independent banking of this
Mr. Traylor told the Committee he would like to see a uniform banking type, especially as a protection against undue centralization of banking power.
law developed for the States, with minimum capitalization as one of its Modern transportation and other economic changes both In the large centres and
features. He opposed the idea of all banks belonging to a national system, the country districts make necessary some readjustment of banking facilities. unit
facts, this association, while reaffirming its belief in the
In
and considered it unnecessary for all banks to belong to the Federal Reserve bank,view of these a modification of its former resolutions condemning branch
recognizes that
System. Banks in the System should have a minimum capital of $250,000 banking in any form is advisable. The association believes in the economic desirato $500,000, he declared, although, under present conditions in some States, bility of community-wide branch banking in metropolitan areas and county-wide
branch banking in rural districts where economically Justifiable.
it might go as low as $100,000.
The association supports in every respect the autonomy of the laws of the separate
The uniform banking law, as conceived by Mr. Traylor, would permit States in respect to banking. No class of banks in the several States should enjoy
branch banking within the State, but for the first five years or so it greater rights in respect to the establishment of branches than banks chartered under
would be limited to the county, the development to State-wide systems the State laws.
Opposes Suggestion for One National System.
being gradually brought about. He would like to see this uniform law
At the afternoon session Mr. Traylor told the Committee that, generally
inhibit absolutely the operation in one State of a bank whose capital was
banking
owned or controlled outside of the State, and also inhibit the operation speaking, he was convinced the difficulties that have overtaken the
In one State of a branch of an outside bank. Group or chain banking which business in the last 10 years have not been those inherent in the banking
system, or in its supervision or management. They go very much deeper
crosses State lines should not be permitted, in his opinion.
Mr. Stephenson told the Committee he regarded the Federal Reserve than that, he declared, and involve the determination of questions much
overSystem as now in operation in the United States as the most perfect snore difficult. The conditions in banking are not unlike those that
especially the
financial system ever devised by any government, and that he would not took business generally, he added, but the banks, and
require longer to
want to see any radical change in the law that would in any way injure small banks, encountered them first, and perhaps will
It, but would welcome any that would strengthen it or make it more correct their effects.
"It may be admitted," declared the witness, "that for le or 15 years
useful to the bankers of the country.
inadequate to
"The period that has elapsed since the organization of the system," he prior to 1920 there had been organized banks with capital
there
continued, "has proven conclusively that under any and all conditions withstand periods of depression. They served a useful purpose. Had
it has stood the test. The men who are responsible for bringing it into not been a complete collapse of economic values, live stock, farm land, and
existence thoroughly considered every phase of its practical workings, and prices of agricultural products, many of them that have closed would be
it has been a conspicuous success. If we had not had the Federal Reserve functioning and serving their communities. I am not prepared to admit
System in 1914 and 1915 the result might have been the closing of all that incompetency, lack of judgment or of ability are responsible for their
failure.Industry as a whole including some of the most wisely managed
the banks in America."
In response to a question from Dr. H. Parker Willis, the Committee corporations are suffering from the same difficulties.
"But the situation is before us," he continued, "and the public welfare
expert, as to the attitude of the American Bankers' Association at the
time of the adoption of the Federal Reserve Act, Mr. Stephenson stated is to be served. We may differ as to the muses and as to the remedies,
but we all desire to serve the public good as expressed in human Welfare.
that he believed they Savored at that time a central bank, as proposed by
Senator Aldrich, but added, "however they may have felt then, bankers I have read with interest the suggestions that have been made to your
must admit to-day that the men responsible for originating the system Committee. I regret that I cannot agree with some of my very good
built better than we knew, and have given us a financial system of which friends who have suggested one national system of banks. I believe that
Americans should be proud, and one which has saved us from financial ruin such a proposal is fraught with more hazard to our political and economic
life than any suggestion seriously proposed in my lifetime.
several times,"
As a representative of the National Association of Mutual Savings Banks,
Favors Independent Unit Method of Banking.
Stephenson asked the Committee to consider the possibility of devisMr.
"I T€'mgiiize the trend of much modern thinking is toward consolidation
ing some plan whereby those institutions might become members of the
Federal Reserve System. Many of them would be glad to join, he declared. and federalization. In certain directions that may be excusable. Perhaps
They would borrow very little, he predicted, but stated that membership the public good is best served in some directions by that method. But I
should be accompanied by permission for them, in emergencies, at least, cannot subscribe to the theory that to put the credit facilities completely
Government would
to borrow from the Reserve Banks for periods of three or four months, with under the domination and supervision of the Federal
high-grade bonds as collateral. Their membership would substantially either effect the cures desired or fail to lead to political and economic
difficulties not easily surmounted.
strengthen the system, he declared.
"I believe in the independent unit system of banking which this country
Mr. Stephenson referred to the Economic Policy Commission of the
has always enjoyed. The thing to be feared most is the extent to which
American Bankers' Association as having under consideration some of the
matters with which the Senate Committee is dealing, and declared that in supposed emergencies we modify that system. My conviction is that if
such recommendations for changes in the law as are made should come we were to nationalize the banking structure (a political impossibility) the
from the membership of that Committee. One thing which they have been extension of branch banking would be inevitable and the development
studying, he continued, is broadening the base of eligible paper for redis- out of that situation would be in due course a very small number of large
count with Federal Reserve Banks. In a preliminary report on that units with complete control over credit facilities, a development which I
matter, May 7 1930, they opposed the use of railroad bonds and regard as extremely unfortunate."
"That all banks should be compelled to join the Federal Reserve System
municipal securities as collateral for borrowing at Reserve Banks, and
recommended further study be given to making installment finance paper I regard as equally dangerous," the speaker continued. He gave as his
opinion that not all of the small banks should belong, and suggested a
eligible.
smaller
While the report of the Economic Policy Commission has not been minimum capital for members of $250,000 to $500,000. The
which should be
adopted by the Association as a whole, Mr. Stephenson explained that he Institutions produce only a limited volume of paper
currency, he declared. They have
believed it to fairly represent the attitude of the entire membership. In eligible for discount and as a basis for
useful purpose. They
referring to the position of the Association on Branch Banking, the *wit- a distinct place to fill, he went on, and serve a
correspondent banks rather than
ness told the Committee that the Association stoold for the preservation should get their surplus credit from
his opinion.
of the State banking systems and State banking laws. He pointed out from the Federal Reserve Banks, however, in
"If the Federal banks and the National Banking System are to serve
that the resolution adopted at Cleveland stated specifically that National
"membership must be made to
their largest usefulness," he continued,
banks should not be given branch privileges not enjoyed by State banks.
mean a maximum of safety and security to depositors. We may theorize
Attributes Failures to Economic Conditions.
as we will about bank examinations, supervision and management, we
The membership of the American Bankers' Association numbers 20,000, know that it is difficult to make them effective, and that the hazard
Mr. Stephenson told the Committee, of which number 6,400 are National increases as the size of the bank decreases."
each year totals more than $200,000,000 and that the loss to all units would
be incalculable.
For instance, he said, at the beginning of the year, or shortly after taxpaying time, the deposits are large, but by the end of the first quarter they
have been depleted by withdrawals. Nevertheless, he pointed out, under
the Dahling bill the minimum, or lowest amount in the bank at any one
time over the three months'period would be used for computing the interest
payable by the bank to the governmental units.
1350
FINANCIAL CHRONICLE
Compulsory membership in the Federal Reserve System should come
from a public demand so strong that substantial banks could not stay
out, the speaker asserted.
Branch banking development should come slowly, Mr. Traylor asserted,
because bankers in this country do not know branch bank methods and
procedure. A banker, he declared, has a big enough job to take care of
things under his own roof. There could be no greater blow to the
country, he added, than nation-wide control of credit facilities.
Banking control should be within the State, according to Mr. Traylor.
He would prohibit ownership of more than 25% of a bank's capital by
interests outside the State. He would not permit a branch to be operated
outside the State of location of the parent bank. National banks, however,
should have the same rights within the State, in his opinion, that State
banks possess.
Senator Glass (Dem.), of Virginia, drew an analogy between nationwide correspondent banking and nation-wide branch banking, and asked
Mr. Traylor if they were not much the same. Mr. Traylor replied that
he could see no analogy, one being a voluntary relationship and the other
not. The correspondent relationship gives the city bank no authority over
the country bank nor responsibility for it other than a moral obligation.
The chief concern of the city bank is the safety of its loans. It is a
matter of mutual benefit, Mr. Traylor explained. Senator Glass stated
that the intention of the Feneral Reserve Act was to liberate country banks
from the necessity of maintaining balances with city correspondent banks.
The Chicago banker told the Committee that there was now little opposition to branch banking in Chicago. Those who formerly opposed it most
vigorously, he declared, are now its most ardent proponents.
Security affiliates are not wholly to be condemned, in Mr. Traylor's
opinion. "Quite the contrary," he declared. They should, however, be
stated, be examined, their statements should be made public, and they
should be definitely and sharply restricted in the ownership of their own
stock.
It is very difficult to use the rediscount rate to control stock speculations, Mr. Traylor told the Committee, and he doubted that it could be
successfully done. Some Federal Reserve credit undoubtedly got into the
speculative market, he declared. For instance, he told the Committee,
"we may have been rediscounting eligible paper for our customers, and
they using the proceeds to speculate with."
The Federal Reserve Board should have reported to it all dealings with
foreign banks on the part of the Federal Reserve Banks, Mr. Traylor stated,
In reply to questions. He was of the opinion, however, that as a matter
of efficiency in operation, the Federal Reserve Banks might join in having
the New York bank act as their agent in foreign operations.
Branch Banking Bill Pending Before Connecticut
Assembly.
From the "Wall Street Journal" of Feb. 11 we take the
following from Hartford, Conn.
A bill to permit branch banking in Connecticut, now expressly prohibited
by state laws, is pending in the General Assembly. The bill proposes to permit branch banking by banks with capital of $1,000,000 or more, in cities
of 100,000 or more population. Banks are to be allowed to operate one or
more branch banks within the limits of the localities where banks now
are chartered.
[VoL. 132.
Mr. Young states further tthat there is competition between the National
and State systems for organization of banks. Such is not the case In Texas,
because this department and the National Banking Department co-operate
In every way in seeing that bank charters are not granted where they should
not be, and also work closely to consolidate banks in communities where
there are too many of such institutions.
Bids on $150,000,000 91-Day Treasury Bills.
Supplementing the reference in our issue of a week ago
(pages 1154-1155) to the offering of $150,000,000, or thereabouts, of 91-day Treasury Bills, and the allotments of
the bills, we give herewith Secretary Mellon's announcement in full of the results of the offering:
The total amount applied for was $346,532,000. The highest bid was
99.783, equivalent to an interest rate of about 0.86% on an annual basis.
The lowest bid accepted was 99.671, equivalent to an interest rate of
about 1.30% on an annual basis. The total amount of bids accepted
was $154,281,000. The average price of Treasury bills to be issued is
99.695. The average rate on a bank discount basis is about 1.21%.
The bills are dated Feb. 16 and mature on May 18. They were offered
by the Treasury on Feb. 9.
Meeting in Washington of Federal Advisory Council of Federal Reserve Board—B. A. McKinney Re-Elected
President of Council.
Economic conditions throughout the country gradually
are improving, members of the Federal Advisory Council
reported at their first meeting of the year in Washington
this week. According to the Washington correspondent
(Feb. 18) to the New York "Evening Post" the session
was one of the shortest on record and so far as was learned
no recommendations were made. It was further stated in
the "Post" dispatch:
It was believed here that the Council members thought it advisable
to keep their ideas to themselves at the moment rather than give impetus
to any movement against confirmation of Eugene Meyer, whose nomination to the Board is under consideration by the Senate. Mr. Meyer
has a strong following among the Council members, and since he has
been serving as Governor of the Board under a recess appointment it
has been stated several times that he has sought collaboration of individual Council members on Board problems.
While the type of men who make up the Council are constitutionally
opposed to being specific on economic matters, it was said after their
meeting that most of them believed the low point of the depression had
been struck prior to January 1. Some of them were represented as
believing that improvement had begun at about December 1 last.
The following is from the Washington advices Feb. 17
to the New York "Times:"
Organization of the Federal Advisory Council of the Reserve Board
took place today with the re-election of B. A. McKinney of Dallas as
President and Walter W. Smith of St. Louis as Vice-President.
The elected officers are ex-officio members of the Executive Committee.
Other members are Howard A. Loeb of Philadelphia, Melvin A. Traylor
of Chicago, George H. Prince of Minneapolis and Walter S. McLucas
of Kansas City.
Other members of the Advisory Council present were: Robert H.
Treman of New York, Herbert K. Hallett of Boston, J. A. House of
Cleveland, John Poole of Richmond, J. P. Butler, Jr., of Atlanta and
Henry M. Robinson of San Francisco. Walter Lichtenstein was named
Secretary of the Council.
It was said there is no immediate prospect of any change in Federal
Reserve policy which continues to be directed toward keeping the money
market easy with low rediscount rates and purchases of Government
securities.
Texas Banking Commissioner Defends State Bank
Systems—Objections Advanced to Centralized
Plan Suggested to Senate Committee by Owen
D. Young.
Management and supervision are the important things in
banking, rather than the source of their charter powers, according to a statement by the Texas Banking Commissioner,
James Shaw. Mr. Shaw referred to the testimony of Owen
D. Young Feb. 4 before the sub-committee of the Senate
Banking and Currency Committee in Washington, and asserted that putting all banks into one system would not make
good banks out of poor ones. This is reported in Austin, W. E. Hope Resigns as Assistant Secretary of the Treasury.
Tex. advices Feb. 0 to the "United States Daily" which
Secretary of the Treasury Mellon announced on Feb. 13
went on to say:
that Walter E. Hope, Assistant Secretary of the Treasury,
Officers and directors of Federal reserve banks, the Comptroller of the had resigned, effective March 1, to resume the practice of
Currency, and the State supervisors of banking should work together, Mr.
Shaw declares, to see that all member banks of the respective systems obey law. The Associated Press accounts from Washington
the law. There is no competition in Texas, he added, between the national added:
and State authorities for the organization of banks, the Texas banking
department and the office of the Comptroller of the Currency co-operating
to see that bank charters are not granted where they should not be, and
that consolidations are effected where there is over-banking.
Human Element Discussed.
Mr. Shaw's Statement follows in full text:
The gloomy outlook pictured by Owen D. Young, of New York, before
the Senate Banking Investigating Committee in Washington Feb. 4 certainly does not apply to the State banks of Texas. It is my opinion that
State banks in Texas to-day, as a whole, are as sound as any banks in the
Nation. You cannot make all banks good by putting them into one system,
as Mr. Young suggests, whether national or State. The things that count are
that a bank be manned by the proper directors and officers, and that the
supervision be of such high order that failures will be reduced to the lowest
minimum. As long as we have humans in banks there are going to be some
failures.
Mr. Young failed to state In his testimony, in calling attenntion to the
preponderance of failures of State banks over national banks, that the State
banks of the United States greatly outnumber the national banks, and their
combined assets are likewise much greater than the national banks. He
stated in his testimony that Federal Reserve banks hesitate to require correction of undesirable practices indulged in by member Slate banks for
fear that such State banks might withdraw from the system.
It is my belief that officers and directors of Federal Reserve banks, the
Comptroller of the Currency and State Banking Supervisors should work
together to see that all member banks of the respective systems obey the law,
and boards of directors of the Federal Reserve banks are derelict in their
duties if they hesitate to require the resignation of any member State bank
that does not obey the law. This department and the Federal Reserve Bank
of Dallas work hand in hand to this end.
He [Secretary Mellon] said Mr. Hope had come to the Treasury
only for a short time when he was appointed November 1, 1929, and
that since the time had passed the Assistant Secretary felt he must return to private business. Mr. Hope, whose home is in New York, was
Eastern Vice-Treasurer for the Republican National Committee in the
1928 campaign and is a friend of President Hoover.
Gov. Roosevelt of New York, Names George S. Van Schaick
as State Superintendent of Insurance Succeeding Late
T. F. Behan.
Thomas F. Behan, who less than two months ago became
New York State Superintendent of Insurance, died at his
home in Albany on Feb. 16 following a short illness. On
Feb. 17 Gov. Roosevelt appointed as Superintendent
George S. Van Schaick,.of Rochester, N. Y.
Bill Providing for New Issue of $8,000,000,000 Liberty
Loan Refunding Bonds Passed by House.
The House of Representatives passed yesterday (Feb. 20)
the Hawley bill to authorize the issuance of $8,000,000,000
in bonds for refunding maturing Liberty Loan bonds. Reporting this, Associated Press advices said:
The measure which now goes to the Senate, would allow the Treasury to
Issue new bonds for 18,000,000,000, increasing the authorized limit of bonds
to 128.000.000.000.
FEB. 21 1931.]
FINANCIAL CHRONICLE
The new issue will enable the Treasury to meet $1,933,545,000 of First
Liberty Loan bonds callable in 1932 and $6,268,241,000 in Fourth Liberty
Loan bonds callable in 1933.
* Under the bill all bondsissued hereafter by authority ofthe Second Liberty
Loan bond act would be exempt from taxes, except those of estates and
Inheritance.
The measure does not increase the public debt.
Reference to the proposed legislation appeared in our issues
• of Dec.6,page 3598;Jan.10,page 221,and Jan.24, page 597.
1351
the statement of the examiners had been so satisfactory that the superintendent had not found it necessary to write to the bank about its affairs,
When Mr. Steuer handed Mr. Lewis the superintendent's critical report
for that year, Mr. Lewis said it was the first time he had heard of it or
seen it. Both he and Mr. Little said that if they had known of the true
conditions they would have asked the directors to demand the resignation
of the bank's officers.
Mr. Steuer then asked them if they knew that Marcus and Singer, as
the bank examiner reported, had purchased blocks of stocks of banks
before their absorption by the Bank of United States, and that they had
loaned money to the banks' affiliates and their subsidiaries for their own
enrichment, to which they replied that they knew nothing of it.
Mr. Cowen, in reply to a question, said that many of the subsidiaries
and "dummy" corporations employed in various transactions involving
the bank's funds, were utilized for the purpose of doing things which it
was illegal for the bank itself to do. "They were formed to deal in securities," said Cowen, "that the Bank of United States was not permitted
to deal in."
Former New York Bank Superintendent Van Tuyl
Denies Naming Bank of United States to Deceive
Public—Tells Max D. Steuer Washington Had No
Objection to Use of "U.S."
From the New York "Times"of Feb.18 we take the followGeorge C. Van Tuyl Jr., former New York State Super- ing:
intendent of Banks, who became a director and member of
All the witnesses were agreed in their testimony that Mr. Marcus and
the executive committee of the closed Bank of United States, aides had misled the directors as to the condition of the bank. This decepof this city, denied on the witness stand on Feb. 17 under in- tion, the testimony was, dated from the end of 1929 when the State Banking Department had begun
criticize the bank and its affiliates as to
terrogation by Max D. Steuer that he was responsible for the the conduct of their affairs.toMr. Van Tuyl corroborated the testimony
institution's name. Mr. Steuer has charged that the bank of Mr. Little and Mr. Lewis on this point.
The last named two witnesses testified that not only did they not know
was given its title deliberately to mislead and to attract large
of the $4,000,000 loans to each of the three affiliates, the Bankus, City
numbers of the uninformed with the impression that it was Financial and Municipal Financial, but that they had been under the
a government institution. The foregoing is from the New impression that the last two had been completely absorbed by the Butkus
York "Herald Tribune" of Feb. 18, which further gave as and had ceased to function. optimistic report as to the bank's condition
Mr. Little described an
follows the testimony brought out at the Feb. 17 hearing on given at a meeting of the board in October 1929, after the State Banking
Department had submitted a report to the officers criticizing the bank.
the affairs of the bank:
Mr. Van Tuyl Jr. asserted that while it was true he had approved the
name and granted the bank its charter, the title had been suggested by the
late Joseph S. Marcus,father of Bernard K.Marcus,President of the bank.
Van Tuyl added that he had written to various State and Federal auhorities, among them James C. McReynolds, then Attorney-General of the
United States and now Associate Justice of the United States Supreme
Court, asking is there were any onjections to the use of the name, and that
when no such objections were offered he granted the bank's charter. He
admitted editing the original suggestion by eliminating the "the" before
"United States," so that the legal title always has been "Bank of United
States."
Mr. Van Tuyl was one offour directors who were examined by Mr.Steuer
during the day. The others were Joshua Cowen, Colonel Arthur W.Little
and Edward B. Lewis. All declared themselves ignorant of many vital
phases of the bank's activities.
They knew little or nothing of the substantial loans made by the institution to its affiliates and the latter's sixty subsidiaries although they
were members of the Executive Committee whose special duty it was to
pass on such matters. They said they knew nothing of the existence of
the sixty subsidiaries, adding that they understood Municipal Finance
and City Financial Corporations, which took many millions from the bank,
had been absorbed by the Bankus Corporation and had ceased functioning.
In the examination of Mr. Van Tuyl, the latter said that he had been
Superintendent of Banks from May 1911 to May 1914, and that he became
a director of the Bank of United States in 1919. Mr. Van Tuyl said that
he entered the bank about a year after he had granted it its name and
charter.
"Did you see a painting of the Capitol Building [in Washington] on the
wall?" Mr. Steuer asked him.
"I did," said Van Tuyl.
"What did that indicate to you?" continued Mr. Steuer.
"Well, I presume," he replied, "that it was carrying out the idea of
the bank's name."
"Do you know," questioned Mr. Stoner, "of any locality in the world
where people would be more likely to be misled by that title than those
who resided in that locality, Delancey Street, in 1913?"
"I never looked at it in that way," replied Mr. Van Tuyl.
Mr. Van Tuyl here explained that the name was suggested by the late
Joseph S. Marcus,father of the President of the bank. When the application was made, Van Tuyl said he wrote to the Attorney General of the
State, the Secretary of State and the Attorney General of the United
States, and that no one objected to the name.
Questioned About Doubts.
"So you must have had serious doubts about the propriety of this name,"
commented Mr. Steuer. "The only question was, how far the public
was going to be misled. How was the Attorney General any better judge
of that than the Superintendent of Banks?"
Mr. Van Tuyl said that the nature of the name led him to make the
inquiries. The question of its being misleading, he declared, never came
into his head.
Mr. Steuer pointed out that representatives of Kuhn, Loeb & Co. had
protested at the time, saying that "you might as well give a monopoly to
a bank as to permit it to put up a sign in Delaney Street reading 'Bank of
Uhited States'." Mr. Van Tuyl said he didn't remember any such protest,
and that he thought he was justified at the time.
Mr. Van Tuyi was then questioned about the large loans made by the
bank to its affiliates. The witness said he knew nothing about them.
Mr. Steuer showed him a photostatic copy of the minutes of the executive committee which approved loans.
Mr. Stemmer referred to a meeting of Aug. 22 1929, in which date a loan
of $4,000,000 was made by the bank to the Municipal Financial Corp.,
the notation of the loan on the minutes of the meeting having been signed
by Van Tuyl.
"How can you deny knowledge of these loans?,' questioned Mr. Stetter,
"when that line of credit appears over your signature?"
After studying the record for a moment, Mr. Van Tuyl declared, "This
is humiliating, indeed. That is my signature, there is no doubt. All I
can say is that I was Secretary of the executive committee and I used to
sign minutes a week or so after they were written up. But I never saw
that item. I wasn't aware of it. If I was the loan would have been stopped."
"Isn't it a fact, then," rejoined Mr. Stoner, "that you were one of those
who signed on the dotted line?"
"It is not," replied Van Tuyl.
Colonel Little and Mr. Lewis, who were examined before Mr. Van Tuyl
declared that they had understood that the Municipal Financial and the
City Financial were non-existent.
Mr. Lewis told how Marcus had given the directors at a meeting in the
fall of 1929 a glowing account of the condition of the bank, saying that
"Mr. Marcus almost chuckled," said Mr. Little. "I think he did
chuckle. He said the examination of the State Banking Department had
been a great triumph for the bank. He said the superintendent had called
attention to some $600,000 or $700,000 of slow and doubtful loans which
he thought should be cleaned up, but he realized our reserves were several
times that amount, so he had given us a very clean bill of health. Mr.
Marcus said he had asked the superintendent to write us a letter to that
effect, so the directors could share his pleasure, but that the superintendent had said it was not his custom to write letters except when there
was criticism to be made,and we could take the absence of a letter as
high compliment."
Ask Vote of Thanks.
The directors took Mr. Marcus's statement at face value and then,
were even two complimentary speeches, Mr. Little said, one by Mr.
Lewis, "one of our most conservative and hard-boiled members who was
always from Missouri," and one by another director. Then Henry Loeb,
senior member of the board, about whom there was a standing joke that
he was the board's motion-maker, arose and made a motion for a vote of
thanks to the officers, Mr. Little testified. The motion was not seconded
and that was the end of it, he said.
Mr. Lewis's testimony and that of Mr. Van Tuyl and Mr. Cowen os
this point followed closely Mr. Little's. They all said none of the other
officers of the bank rose to challenge or correct Mr. Marcus.
All witnesses were also agreed that the mergers of the Bank of United
States with other banking institutions, which Mr. Steuer characterized as
the bank's unhealthy expansion and a source of enrichment for the bank
officers through manipulation of the stock of the merged banks before
consummation of the mergers, had been brought before the board as
accomplished facts and before they had had any chance to consider them.
Mr. Lewis appeared very shocked when Mr. Steuer permitted him to
read a report of examiners for the Banking Department charging self
enrichment by the officers. None of the witnesses, except Mr. Cowen,
were familiar with the managers' syndicate, the pool operated by Mr.
Marcus and Mr. Singer for trading in bank stock. They said that they
had learned of the existence of the syndicate from the newspapers aftm
closing of the bank.
Senator Caraway Apologizes to President Hoover for
Unkind Remarks on Drouth Relief.
The following (Associated Press) from Washington, Feb.
6 is from the New York "Times":
Senator Caraway said to-night that he was sorry if he had made any
unkind remarks about President Hoover.
The Arkansas Democrat who has been striving for relief for the people
4
of his home State, made the statement in a radio address over Station
WJSV on the drouth situation.
"I had been throughly convinced the people of my State and other
States were hungry and cold and threatened with disease and starvation,"
he said.
"Feeling this way. I fought with every weapon at any disposal for relief
for these people. But now that an agreement has been reached I am
laying down my arms, and if I have said anything unkind I am sorry and
want to apologize.
"I realized that Mr. Hoover was President and had his responsibilities,
But I felt relief snould be provided and I fought for it. If I said anything
waking about him I am sorry."
Senator Caraway said the relief agreement reached to-day by Senate
and House leaders was "satisfactory" to him.
Haiti's New Minister to U. S. Welcomed by President
Hoover
Dantes Bellegarde presented his letters of credence to
President Hoover on Feb. 16 as Minister of Haiti and expressed gratitude for the part taken by President Hoover
in aiding Haiti through the investigation of the Forbes
mission for governmental reforms and the assignment of
an American,Minister in place of a Marine officer as High
Commissioner. Mr. Bellegarde is the first Minister of the
newly elected government, said a Washington dispatch to
the New York "Times," which reports him as addressing
the President as follows:
1352
FINANCIAL CHRONICLE
"The events which have occurred in Haiti during the past year lend
to my mission near the Government of the United States an exceptional
importance. The legislative elections of Oct. 14 and the Presidential
election of Nov. 18 have shown clearly that the Haitian people are
thoroughly aware of their national obligations and deserve fully to enjoy
the right to liberty and independence which our country so heroically
achieved 127 years ago, thus creating, after your glorious republic, the
second sovereign State of America.
"In speaking of these events, I am happy to recall the personal part
which you took in their preparation, for which preparation the President and the government of the Haitian nation feel toward you the
most fervent gratitude."
In reply, President Hoover said in part:
"It has been most gratifying to roe to learn of the successful initiation
of the program recommended by the commission which I appointed to
investigate affairs in the republic of Haiti and of the recognition of
their international obligations by the Haitian people. I shall be glad to
have you say to your government that the government of the United
States will continue to extend to it in the fullest measure its sympathetic
and active cooperation in the progressive consummation of the plan
recommended by that commission."
U. S. Senate Confirms Nomination of Dr. Paul M. Pearson
-To Be Under Civilian
to Be Governor of Virgin Islands
Government.
The U. S. Senate on Feb. 14 confirmed the nomination of
Dr. Paul M. Pearson of Swarthmore, Pa., to be Governor
of the Virgin Islands. A statement made by President
Hoover regarding his intention to name Dr. Pearson to the
post, was given as follows in a Washington dispatch Jan.
30 to the New York "Times":
The Virgin Islands, which since their acquisition by this Government,
have been under naval administration, will soon have a civilian Government.
President Hoover made this announcement this afternoon:
"We have undertaken to reorganize the Government of the Virgin
Islands. The Navy Department has asked to be relieved of the
administration, and I am assigning it to the Department of the Interior.
"I am proposing to forward to Congress the name of Dr. Paul M.
Pearson of Pennsylvania for Governor. Other civilian officials will be
appointed in replacement of naval officers.
"Congress recently made special appropriations for reorganization and
developmental work in the islands, and the new organization is intended
to make these provisions more effective.
"Mr. Herbert Brown of the Bureau of Efficiency and Colonel Poop,
Director of the Budget, have drafted plans for new administration which
are being carried into action."
Dr. Pearson is the founder and first president of the Swarthmore
Chautauqua Associations, and is president of the Lyceum and Chautauqua
Managers Association of America. He has long been prominent in Red
Cross and social service work generally.
Captain Waldo Evans, retired, is now Governor of the islands.
Survey of Ernst & Ernst Shows Decline in Corporation
Inventories.
Inventories of 644 corporations in 27 different lines of
industry and miscellaneous at the close of 1930, amounted
to $1,016,213,746 and were in the aggregate 17.64% less
in dollar value than at tile close of 1929, and 5.65% less after
adjustment for estimated price recessions, according to a
preliminary survey made by Ernst & Ernst, accountants.
The dollar value of sales of the same companies for 1930,
the survey shows, was $6,411,904,456, a decline of 15.12%
from 1929. The study is of interest, it is said, in consideration of possibilities of any business improvement which might
come through a necessity of replenishing such inventories
as have been depleted below requirements for current business levels. No conclusions are attempted, the bulletin
states, because of the inadequacy of the data in some respects,
especially for certain lines of industry. The bulletin also
says:
In arriving at percentages of price decline for various industries, reliance
was placed upon estimates provided from within each industry by those who
contributed to the study. It is interesting t,o note that the composite or
average price decline resulting from the entire study, after applying the
individual percentages in each case, was 12.71%. This compares with a
decline of approximately 13% in Fisher's index for non-agricultural products
as between the same dates, and an almost identical decline in a similar
index figure published by the Bureau of Labor Statistics.
In reviewing the results of this study,consideration must be given to the
fact that annual figures of many representative companies are not yet
available (which accounts for the absence of certain industrial groups from
the summary), and also the point that the figures upon which the study is
based cover very largely manufactured products, with the result that due
weight is not given to stocks of raw materials in such industries as agriculture, mining and oil.
No attempt has been made to relate inventories to sales because of the
impracticability of placing the sales figures for the two years upon a comparable basis on account of various adjustments in sales prices which
occurred during the year 1930. It should also be mentioned that a later
study embracing a more complete list of corporations will probably show a
percentage decline in sales for 1930 compared with 1929 somewhat in excess
of the decline of 15.12% shown by this study. This conclusion is based
upon a review of operating data available at this time for a number of
large corporations whose final financial figures have not as yet been released.
It appears probable, however, that such subsequent studies will not affect
the percentage decline in inventories to the extent that the sales decline
percentage may be changed.
In the absence of comment to the contrary, most industrial groups in
the following table contain the various types of units,such as manufacturing,
wholesale and retail.
Evor.. 132.
CORPORATION INVENTORIES CLOSE OF 1930
-PRELIMINARY STUDY.
1930 Sales.
No.
Companies.
Automobile manufacturers and dealers
Auto parts and accessories
Beverage and confection
Building material and equipment
Cotton goods
Drugs and chemicals
Dry goods
-Wholesale
Electrical equipment
Food products-Miscellaneous
Foundries and forgings
Furniture and household furnishings
Groceries-Wholesale and retail
Hardware
-Wholesale and retail
Heating equipment and tanks
Hosiery and knit goods
Lumber prducts
Machinery and tools
Meat packers
Merchandising (retail and mail order)
Metal products
-Sundry
Paint and varnish
Paper products
Plumbing supplies and brass goods
Rubber products
Shoes
Wearing apparel
Woolen goods
Unclassified
644
Total
* Increase.
% Decl.
from1929.
Actual.
$387,447,114
113,517,798
79,849,655
81,477,068
64,225,168
105,305.530
74,334,447
69,741,030
104,480,250
10,327.732
23,094,673
46,063,672
44,942,127
14,580,363
81,318,909
52,251,536
148,474,070
2,583,500,334
1,181,347,641
91,725,922
142,863,665
41.201,714
30,341,630
169,493,062
171,217,342
63,221,941
25,294.722
410.265,341
19
29
13
23
23
17
12
17
17
12
25
14
14
16
17
29
49
24
38
31
11
21
10
9
17
22
8
107
Amount.
44.82%
39.52%
*4.35%
/5.88%.
21.56%
12.32%
18.50%
19.22%
5.96%
25.32%
25.99%
2.65%
20.61%
12.16%
8.55%
34.84%
19.22%
6.87%
7.49%
31.75%,
9.12%
21.43%
28.07%
17.58%
21.83%.
15.49%
29.13%
19.74%
86,411,904,456
15.12%
-PRELIMINARY STUDY.
CORPORATION INVENTORIES CLOSE OF 1930
1930 Inventories.
% Decline
from
1929,
Actual.
% Decline
from 1929
Ad1218.for
PriceFac'r
$54,563,106
18,828,599
10,941,093
16,387,220
16,893,386
19,768,903
14,165.490
10,820,674
13,422,266
1,107,509
5,238,250
6,783,677
11,031,168
4.131,823
16,130,003
17,910,640
54,295,122
273,548,420
185,042,247
22,015,636
26,959,574
7,276,292
7,596,979
37,072,033
40,902,640
9,393,833
11,083,295
102,903,778
31.78%
15.34%
15.67%
1.34%
25.35%
11.71%
19.56%
12.81%
14.89%
19.98%
20.10%
5.72%
13.68%
6.43%
30.71%
19.50%
5.54%
16.87%
19.18%
20.72%
14.47%
16.72%
12.65%
31.61%
11.33%
30.36%
29.58%
7.87%
28.50%
2.52%
5./1%
5.97%,
4.53%
6.04%
1.97%
4.58%
*5.03%
12.52%
11.91%
*10.07%
5.29%
*3.68%
15.20%
4.58%
1.02%
4.89%
4.62%
17.70%
5.70%
6.77%
*8.09%
8.33%
.29%
17.09%
17.72%
*6.38%
$1,016,213,746
17.64%
5.65%
Amount.
Automobile manufacturers and dealers____
Auto parts and accessories
Beverage and confection
Building material and equipment
Cotton goods
Drugs and chemicals
Dry goods
-Wholesale
Electrical equipment
Food products-Miscellaneous
Foundries and forgIngs
Furniture and household furnishings
Groceries--Wholesale and retail
Hardware-Wholesale and retail
Heating equipment and tanks
Hosiery and knit goods
Lumber products
Machinery and tools
Meat packers
Merchandising (retail and mail order)__
Metal products-Sundry
Paint and varnish
Paper products
Plumbing supplies and brass goods
Rubber products
Shoes
Wearing apparel
Woolen goods
Unclassified
Total
* Increase.
Number of Employees on Class I Railways in December
1930 Shows a Decline of 15.47% as Against the
Same Month in 1929.
According to the Inter-State Commerce Commission, the
number of employees of Class I steam railways at the middle
of the month for December 1930 totaled 1,356,724, a decrease
of 15.47% as compared with the corresponding month in
1929, and a decrease of 16.35% as against December 1928.
The Commission's statement follows:
NUMBER OF EMPLOYEES OF', CLASS I STEAM RAILWAYS AT MIDDLE
OF MONTH FOR DECEMBER 1930, AND PER CENT DECREASE
FROM DECEMBER 1929 AND 1928.
Croup.
Executives, officials, and staff assistants
Professional, clerical, and general
Maintenance of way and structures
Maintenance of equipment and stores_
Transportation (other than train, engine & yard)
Transportation (yardmaster's, switch tenders
and hostlers)
Transportation (train and engine service)
Total all employees
Number of
Employees
Dec. 1930.x
P. C. Decrease from
Dec. 1929. Dec. 1928.
16,088
239,522
274,584
375,173
168,974
5.41
10.96
21.86
16.12
11.77
4.65
10.95
21.64
17.79
13.33
19,028
263,355
11.64
14.32
12.85
15.73
1,356,724
15.47
16.35
x Includes estimate for Canadian Pacific Lines in Maine and Vermont.
Railroad Credit Rules Liberalized by Inter-State Coinmerce Commission.
Revised regulations liberalizing to some extent the rules
under which railroads may extend credit to shippers and
consignees for the payment of freight charges were promulgated on Feb. 16 by the Inter-State Commerce Commission
after an investigation initiated after a petition for that purpose had been filed by the National Industrial Traffic
League. The New York "Journal of Commerce" notes
this is advices from its Washington correspondent, and
further states:
The Shippers' League had asked that a longer period of time be allowed
within which to pay freight charges and the Association of Railway Executives had asked that the request be refused.
FEB. 21 1931.]
FINANCIAL CHRONICLE
The Commission says it has no authority to issue an order requiring the
carriers to grant any credit, but tha the law, as amended in 1927. gives it
additional freedom to prescribe rules permitting the carriers to depart
from the cash basis under certain conditions.
Whereas, the Commission's order of June 4 1920, fixed 96 hours as the
maximum time for which carriers should extend credit, the revised rules
provide for a period of 48 hours in ordinary cases. 96 hours under bonding
arrangements, and additional periods of 15 to 30 days for the presentation
of bills for additional charges,such as icing charges, demurrage charges, &c.
It is also provided that the 48 and 96
-hour periods of credit shall run
from the first 12 o'clock midnight following the delivery of the,freight
and that if shippers elect to have their freight bills presented by means of
the United States mails, the time of mailing by the carrier shall be deemed
the time of presentation of the bills, and that their time of mailing checks,
3co., shall be deemed to be the time of collection.
Inter-State Commerce Commission Orders Railroads
to Submit Earnings Data.
The Washington correspondent of the New York "Journal
of Commerce" states that the Inter-State Commerce Commission issued on Feb. 16 its annual order to the railroads,
requiring them to submit reports by May 31, showing
their net railway operating income for the calendar year
1930 and of the value of their property for the purpose of
showing whether or not they have earned in excess of 6%
on the value. The account continues:
1353
money is the tael, which is approximately an ounce of pure silver. The
sycee is the chief representative of money and medium of commerce and
trade. It is a piece of silver shaped like a shoe or slipper containing
50 taels.
Silver Coins Used in China
There are some silver coins in China. They are silver dollars minted and
issued by the Government of China and the Mexican dollar, each containing a similar amount of silver to the standard silver dollar of the United
States. In addition to these, there are subsidiary silver coins comparable
with the dimes, quarters and halves of the United States.
The value and purchasing power of the tael, sycee and silver coins is
the value of the silver contained therein, which fluctuates daily and is
determined by the daily quoted price of silver in London. A board of
brokers in London daily fixes the prices of silver, which is accepted
throughout the world.
The situation is even more serious than that arising from the silver
crisis in China. The same silver crisis exists in Mexico, South America,
India, Asia and all other such silver-using countries. Our exports to
these countries, from the same cause, have greatly decreased.
Export Declines by Nations.
During the same period as applied to China our exports to and our
imports from such silver-using countries decreased as follows:
South America—Decrease in export, 37%.
South America—Decrease in imports, 32%.
Mexico—Decrease in exports, 13%.
Mexico—Decrease in imports, 33%:
India—Decrease in exports, 19%.
India—Decrease in Imports, 30%.
If they have earned more than 6% they are directed to forward half
The people of these countries constitute over half of the population of
of the amount to the Commission under the provisions of the recapture the world and 90% of the nations of the earth. Their purchasing power,
clause of the Transportation Act. The value, under the order, is to be like the people of China, has been reduced to an alarming extent, their
computed "upon sueh basis as by the carriers is deemed equitable and in credit impaired, trade restrained, and utter ruin threatened.
accord with the facts." together with an explanation of the method. In
The price of silver has fallen one-half since January 1929. In January
the past, most roads have stated their value on such a basis that there 1929 the price of silver was 57%c.
an ounce.
have been comparatively few reports of excess income, but the Commission
To-day the price of silver is 261c, an ounce. The normal price of
/
2
Is working on its own valuations of the property and recently has issued silver,
that is, the average price for a number of years prior to 1929, has
from time to time tentative recapture reports, including both findings of been
approximately 59c. an ounce. The fluctuations were very slight and
value and readjustments of the reported net income, together with orders
did not interfere with credit or commercial liens, with the exception of
for the payment of half the excess unless a protest is filed.
the unusually high price of silver during the war period.
The pre-war price of silver, that is, in 1913, was 60c. an ounce. During
the years 1926, 1927 and 1928 the price of silver averaged 57%c. an ounce.
Report of Senate Committee Recommends InterThe sudden and unprecedented fall in the price of silver was not due to
national Negotiations to Effect Stabilization of overproduction.
The reports of the Director of the Mint disclose that
Price of Silver—Establishment of Silver Pool in annual increase in the production of silver has been much less on the
an
average than the normal increase of the average production of all other
Behalf of China Also Proposed.
commodities
Three recommendations for improving trade with China commerce. and is not commensurate with the increase in population and
and restoring the price of silver were made to the Senate
Silver Production by Years.
13
Foreign Relations Committee on Feb. 11 by a subcommittee 19The production for certain years is given as follows:
Year—
which has been studying the questions for a year. AssociOunces.
225,686.923
ated Press dispatches from Washington, summarizing the
240.169,264
11992238
254,869,163
recommendations, said:
1929 (during great prosperity)
261,265.718
225,000,000
Negotiations with Great Britain to suspend the policy of dumping silver 1930 (present estimates)
While there was no overproduction of silver, there was an oversupply
from India; an international conference to reach an understanding with
respect to the use of silver as money, and an international silver loan to of silver in the markets of the world.
The cause of the sudden, large and unprecedented fall in the price of
China, were the points urged.
Chairman Pittman simultaneously introduced in the Senate resolutions silver was the dumping upon the markets of the world of large and
unusual quantities of silver bullion derived from the melting up of silver
requesting President Hoover to carry out these reocrnmendations. He announced he would ask the Foreign Relations Committee to consider the coins by the Government of India and the debasement of silver coins by
Great Britain, France, Belgium, and other countries.
resolutions at its next session.
The British Government for India, since 1928, has dumped large quanti"The chief cause for the abnormal and sudden decrease in our commerce
with China during the latter part of 1929 and 1930 was the sudden great ties of such silver upon the markets of the world, and is continuing such
policy and practice, notwithstanding the alarmingly low price of silver.
and unprecedented fall in the price of silver," the Committee said, pointing
According to creditable reports, the Government for India dill has availout China's purchasing power had been cut in half by the metal's drop.
Not overproduction, but oversupply of silver, resulting from the dumping able fresn such source 400,000,000 ounces of silver that it can and will
of large quantities of bullion in India, and debasement of silver coins in dump upon the markets of the dorld unless said policy is suspended.
Great Britain, France and Belgium, was blamed for the situation.
Changed Policy Held Essential.
"It is impossible," the Committee reported, "to accomplish restoration of
It will be extremely difficult, if not impossible, to restore silver to its
the normal purchasing power of silver or to prevent its continued decrease
in purchasing power and its continued instability as a basis of credit unless normal price or to restrain further depressions of the price unless and until
and until the British Government for India announces a determination to the Government of India suspends its silver policy and practices.
Therefore, the Senate submits to the President these findings of fact,
suspend its present policy."
The silver loan to China was proposed as "an additioal and special together with reports, hearings and other data in eespra thereto, with the
respectful request that he shall, if he deem it compatible with the best
remedy for the depressed condition of our commerce with China."
"If we can aid China in her internal development," the Committee interests of the government, enter into discussion or negotiation with the
reported, "and furnish her people with employment, they will for years governments for India, Great Britain, France, Belgium, and other governfurnish us a mark for a large portion of our surplus production. It was ments, looking to the suspension of the policy, and practice of governments
for
testified before our subcommittee by exporters who know China and its melting up or debasing silver coins and sales by governments of silver, and
customs that with the pacification and revivification of China our entire that he take such other and further action in the premises as he may
wheat surplus would be consumed."
eliminate the abnormal fluctuations and depressions in
the prnegeggarY v u
i
The Committee suggested the loans to China be made on the basis of tieent ice of silver.
t
The Senate further suggests that the President, if be deem it compatible
ounces rather than silver dollars because of the difficulty of establishing
with the best interests of the Government, call or obtain an international
a price.
The New York "Times" noted that the report was unani- conference or international conferences to the end that agreements or
be obtained with respect to the uses and status of
mous, and was signed by Senators Pittman of Nevada, Chair- silver as dminoggmay
lver
money.
Text of the Second Resolution.
man; Johnson of California, ,Swanson of Virginia, VandenThe second resolution reads as follows:
berg of Michigan and Shipstead of Minnesota. Two of them
Resolved, That the Senate, having had under investigation and consideraare Democrats,two Republicans, and one a Farmer-Laborite. tion, through its Committee on Foreign Relations and a subcommittee
thereof, our commercial relations with China, the causes of the great and
The resolutions, as given in the "Times," follow:
sudden depression in such commerce and remedies for such depression, and
Resolved, That the Senate, having had under investigation and considera- such
committee having reported to the Senate, the Senate finds from
tion through its Committee on Foreign Relations and a subcommittee such report:
thereof, our commercial relations with China, the causes of the great and
The Government of China, according to the unanimous testimony subsudden depression in such commerce and remedies for such depression, and mitted to the Senate,
is a good government and is satisfactory to our citisuch committee having reported to the Senate, the Senate finds from such zens engaged in
trade and commerce with China.
report:
China for several years has suffered from internal strife and the demoralDuring the first 11 months of 1930, being the months for which we izing effects of war. The wars,
however, were not waged so much against
have statistics, our exports to China were 27% less than our exports the National Government of China
as against the administration of the
during the same period in 1929. Our imports from China during such government. The war lords were impatient because the
administration of
period in 1930 were 36% below our imports during the same period of the National Government of China did not, or was unable
to carry out
1929. The reports received from the Department of Commerce, so far as its pledges and programs for the development of China.
The masses of
they have been obtained for the months of November and December, disclose the people, who are normally peaceful, industrious, honest
and capable,
that our commerce with China continues to decrease, although war con- were compelled to enlist in artnies that they might
obtain food. The
ditions in China were greatly improved during those months.
National Government of China Ids been victorious and international strife
China is now and always has been a silver standard country. China has practically ceased except for raids carried on by bands
of bandits.
possesses only a negligible quantity of gold. The standard measure of
The National Government of China is without money to expeditiously
1354
FINANCIAL CHRONICLE
institute international development and furnish employment to its millions
of hungry and idle people. The revenues available to the governments of
China are largely hypothecated for national obligations. It is difficult,
If not impossible, by reason of treaties and internal conditions to greatly
Increase taxation under the present conditions in China.
Transportation Is Inadequate.
The development of China is retarded by lack of transportation facilities.
Such facilities are limited chiefly to the seacoast. There are only seven
or eight thousand miles of roads in China which would be termed in the
United States automobile roads. There are 7,500 miles of railroads.
Authentic reports indicate that 20,000 persons have died daily in China
from hunger and exposure. There must be work provided in China or
there will be continuous war.
The National Government of China cannot carry out its program of development and pacification without the moral, intellectual and financial support of those nations that prosper by virtue of trade with China and that
are able to render such aid.
The testimony before the Senate shows that with the pacification of China
and the establishment of transportation facilities, the commerce in China
would increase many fold in a very few years.
The people of Oriental and tropical countries are suspicious of paper
money. They have always used silver as money because it is practically
indestructible. They preserve it by burying it in the ground, by manufacturing it into jewelry and wearing it as ornaments, and by carrying
it in their loin cloths. They contend that paper money is subject to destruction, and, when placed in loin cloths, in a very few hours it is in a
condition beyond circulation.
Silver la Needed for Coinage.
'rhe wages are so low in China that a laborer would be compelled to
work for months before he could save a gold piece sufficiently large to
conveniently preserve. The conditions in China and the customs of its
people are such that, even if possible, it would require years to establish
a gold standard or any other standard than silver.
China, to meet the present emergency, requires silver. The advancing to
China of silver, for the minting into small coins to pay for labor and
buy materials for internal developments to be approved by those supplying
the silver, would bring about the pacification and prosperity of China and
an increase in her commerce with the United States and other countries.
China is the natural market of the United States. With the exception
of Japan, our country is China's closest powerful neighbor. Her people
admire and respect us, as we do them. Our friendship has existed from
time immemorial. They prefer our products and purchase them except
when compelled to purchase cheaper products through extreme poverty.
China has an area almost as large as the United States and Mexico
combined. It contains a population of approximately 400,000,000 of
industrious people. They seek an opportunity for peaceful employment.
If we can aid China in her internal development and furnish her people
with employment, they will for years furnish us a market for a large
portion of our surplus production. China, if and when pacified and
developed, will have ample resources to meet any advances that are wisely
used in such development.
Negotiations Are Requested.
Therefore, the Senate submits to the President these findings of fact,
together with the reports herein and other data in respect therto, with
the respectful request that he shall, if he deem it compatible with the best
interests of the Government, enter into discussions or negotiations with
the National Government of China and with such other governments that
have treaty relations with China, as China and the United States may
consider it advisable, looking to the moral, intellectual and financial aid
of the National Government of China; that it is suggested that the President, it he deem it compatible to the best interests of our government,
discuss and ascertain the advisability (a) of the establishment of a silver
pool or fund from which to supply the National Government of China with
silver for coinage, to be used for certain specified purposes and in certain
specified manner to be agreed upon and to be repaid at a time and in a
manner to be agreed upon; (b) to consider the practicability of utilizing
some of the standard silver dollars now in the Treasury of the United States
in connection with such silver pool, or the supplying of silver to China for
coinage purposes; (c) that he consider the practicability of supplying
such silver in kind without reference to its ratio to gold or its market
value, to be repaid in kind.
Group 2 of Pennsylvania Bankers Association Seeks
Cut in Rate on State's Inactive Deposits—Present
Payment Called Out of Line with Business Trend.
[Vox.. 182.
Suppression of Crime Wave.
In addition to the adoption of the State deposit interest rate resolution, other featnres of the meeting were addresses by Major Adams, W.
Walter Wilson, head of the Pennsylvania Bankers Association and President of the First Milton National Bank, of Milton, and George M.
Jones, Secretary and Trust Officer of the Pennsylvania Trust Company, of
Reading, and the election of C. Fred Beck, President of the First
National Bank of aiahanoy City, as Chairman of the group.
Major Adams told the bankers that the crime wave of recent years is an
economic problem of great importance; that it is responsible for a
large amount of tax levies, and that it would be cheaper to pay $4,000,000 a year for crime prevention through a big State police organization than it is to pay $7,000,000 annually, which he said was the cost
of prosecuting criminals and keeping those convicted of crime in Pennsylvania in penal institutions.
The head of the State's department of police also took up the subject of graft, which he said was nothing new, but which had been brought
prominently to the fore by prohibition and has reached into the courts.
He sees great harm also in the tendency on the part of many persons to
violate the sanctity of an oath.
Bankers' Spirit of Co-operation.
Mr. Wilson lauded the co-operative spirit shown by the bankers of the
Commonwealth in meeting the grave problems that arose as a result of the
business offset. He said that the officers and Council of Administration
of the association had received no% co-operation from the membership in
meeting the various problems.
He also discussed the subject of rates of interest on savings accounts,
saying That there is a growing demand on the part of banking institutions
throughout Pennsylvania for a reduction in the rate from 4% to 8%,
"The 4% rate is excessive when compared with the present return on prime
securities," Mr. Wilson said. "Many of us feel that the depositing public
Is fair and that it will agree to such a reduction, because they want the
banks ef this State run along conservative lines." . .
Officers and Committees.
Joseph E. Ferguson, Vice-President and Cashier of the Union National
Bank of Mahanoy City, was unanimously re-elected Secretary and Treasurer
of the group, which also elected the following to serve on the Executive
Committee:
G. Fred Berger, Vice President of the Norristown-Penn Trust Company
of Norristown; Walter K. Terry, Cashier of the First National Bank of
Perkasie; Edgar G. Wade, Secretary and Treasurer of the People's Trust
Company of Tamaqua; Walter Mast, Cashier of the Reading National Bank
of Reading; J. Ralph Freel, Assistant Treasurer of the Coatesville Trust
Company of Coatesville, and F. M. Pennypacker, Cashier of the Tinicum
Bank of Essington.
The following were appointed to serve on the group's Committee on
Federal Reserve Relations: Colonel J. A. G. Campbell, President of the
Delaware County Trust Company of Chester; Samuel P. Cloud, Cashier of
the First National Bank of West Chester, and Thomas N. Scott, Cashier
of the Farmers National Bank of Bucks County, Bristol.
Interest Rate on Deposits Reduced By Trenton, N. J.,
Banking Institutions.
The New York "Herald Tribune" reported the following
from Trenton, N. J., Dec. 23:
Banking institutions of Trenton, which made effective a 4% interest rate
for inactive accounts more than a year ago, have decided upon its abandonment and will return to the original 3%. The change will take place
April 1.
The reduction of the interest rate, it is explained, is made necessary by
the fact that the margin between the interest rate paid to depositors and
the rate obtained on loans was too narrow to afford a proper return on
investments.
Springfield (Mass.) Savings Banks Reduce Interest
Rate from 5 to 4%%.
Associated Press accounts from Springfield, Mass., Jan. 6,
stated:
The Springfield Institution for Savings announced today a reduction of
its interest rate from 5 to 4%%. The Springfield Five Cents Savings
Bulk predicted similar action. The Athol Savings Bank of Athol also has
reduced its rate to a like amount.
The local banks advanced the rate from 4,1i to 5% about two years ago.
Bank officials here said today that the movement likely would be State-wide.
Representatives of the leading banking institutions in the
-4% Paid by
six counties close to Philadelphia went on record on Feb. 12 New York Savings Banks Differ on Rates
14 Mutual Institutions,4% Retained by 13 Others
as favoring a reduction in the rate of interest being paid
in Manhattan.
on inactive deposits of the Commonwealth of Pennsylvania.
The Philadelphia "Public Ledger" of Feb. 13, in noting this,
In its issue of Jan.5 the "Wall Street Journal" printed the
following under the above head:
added:
While 14 mutual savings banks in Manhattan have reduced their dividend
The present rate, fixed by law, is 3% on such funds and is considered
by the bankers to be excessive in view of the low returns now being received or interest rate on deposits to 4%, the remaining 13 such institutions on
prevailing interest rates throughout the January 1 still paid the higher rate of4)6%. Some of the banks still paying
by them on investments and the
the rate which became so popular a year and a half ago, when money rates
United States.
savings banks were not so attractive to the public, will
A lower rate for such State deposits was expressed in a resolution that were all high and
reduce their payment to 4% as future declarations come due,
received the unanimous endorsement of upward of 600 representatives of undoubtedly
but several of them insist that they will continue to pay the 4,54% rate
banking institutions in Delaware, Chester, Montgomery, Bucks, Berks, and
indefinitely.
Schuylkill Counties at a meeting of Group 2, Pennsylvania Bankers' AssociaEighteen of the savings banks in Manhattan are now paying interest
tion, in the Bellevue-Stratford.
from day of deposit provided the funds are left until the end of the quarter,
The resolution follows:
four of them having just made this provision. They are the American,
"Resolved, That in view of prevailing low interest rates, members of Italian, Manhattan and United States savings banks. Seven institutions
Group 2, assembled in annual meeting, believe the statutory requirement go even further than this and compute interest from day of deposit to day
of the Commonwealth of Pennsylvania—whereby 3% interest, together with of withdrawal, while two more allow interest from the first of the month
a depository bond, is exacted of banks having inactive funds of the State to the end of the quarter.
on deposit—should be modified, and be it further
In Brooklyn all the savings banks paid 435% interest at the end of the
"Resolved, That the President of the Pennsylvania Bankers' Association Year, while 12 of them have announced that they will allow interest from
special committee to confer on this subject with day of deposit instead of from the first of the month, still requiring that
be requested to appoint a
the authorities at Harrisburg, with a view of effecting, as soon as the funds be left until the end of the quarter to draw interest. There now
possible, arrangements such as will prove fair both to the Treasury Depart- remain in Brooklyn nine savings banks which compute interest from first
ment and the depository banks."
of month to end of quarter, two which pay only on funds remaining the
The meeting also commended Governor Pinchot for having reappointed entire quarter, and one on balances for each Calendar month.
for Pennsylvania and Major
Peter G, Cameron as Secretary of Banking
In Queens nine savings banks paid 41i% and one paid 4% on January 1.
Lynn G. Adams as Superintendent of the Pennsylvania police department. Three of them will hereafter allow interest from first of month to end of
FEB. 21 1931.]
FINANCIAL CHRONICLE
quarter instead of quarterly as heretofore. Five others were already
allowing interest on the monthly to end of quarter basis. Two of them still
compute only quarterly.
None of the Bronx savings banks changed rates, all four of them continuing the 434% rate at the year end. One of.them computes interest
from day of deposit to end of quarter, one from the first of each month to
the end of the quarter, and the other two on a straight quarterly basis.
The two Staten Island savings banks are both on a 4% rate, and both
allow interest from the first of each month on funds which remain until the
end of the quarter.
Future Savings Bank Rates.
The following is from the New York "Times" of Dec. 28:
Ordinarily, a cut in interest rates to be paid on deposits by Clearing
House member banks does not necessarily presage a decline in the interest
rates of mutual savings banks. Securities in the portfolios of savings banks
Include many bonds taken on years ago, so that considerable leeway in
averaging up net returns is thus afforded. But recently savings bank
deposits have increased enormously, so that new investments must be
made at current price levels. With the spread widened between savings
bank and commercial bank interest rates, it becomes increasingly evident
that New York savings banks which did not drop their rate from 415 to
4% may be compelled to do so in the first quarter of 1931. Meanwhile
the efforts of small business concerns to use the savings bank as they would
a commercial bank in order to get the benefit of higher interest rates are
being combated by the savings institutions.
Interest Rate on Savings Deposits in Cleveland and
Atlanta Reduced.
Under date of Dec. 11 Atlanta press advices stated:
Announcement was made today by four of Atlanta's largest banks of a
reduction of 34 of 1% in their interest rates on savings deposits, effective
December 31.
This action was deemed advisable in view of the low rates of interest
which are now prevailing. The national banks will cut to 3from 334%,and
the leading State banks to 334 from 4%•
On Dec. 10 Cleveland press accounts said:
Interest rates on savings deposits are to be reduced 34 of 1%, the ruling
to become effective after January 1. The rate will be lowered from 4%
to 335%. Announcement to this effect was made today by the Clearing
House Association here.
The change was made because of the general downward trend in interest
rates throughout the country, it was said. Earnings of the banks do not
permit the continuation of previous rates.
Banks in Chicago Clearing House Reduce Interest on
Time and Demand Deposits.
Under date of Feb. 10, a Chicago dispatch to the New
York "Times" stated:
With deposits piling up and money "going begging" at abnormally low
interest rates, hanks here will reduce interest rates to-morrow on all deposits
except savings accounts. On Jan. 10 similar .cuts were made. The new
rates will be a full 1% below those that prevailed at the beginning of 1931.
Effective to-morrow, banks that are members or affiliated members of
the Chicago Clearing House Association will reduce the interest on all
demand deposits from 114 to 1%,and that on time deposits from 2 to 134%
The 3% rate on savings deposits will remain.
American Bankers Association Conference Discusses
Development of Trust Business—Address of F. W.
Ellsworth—Other Addresses on Subject.
The underlying principles of successful solicitation for
new business for the trust company or department were
specified as confidence, co-operation, centralized responsibility and concentration of effort by Fred W. Ellsworth,
Vice-President Hibernia Bank & Trust Co., New Orleans,
addressing the afternoon session of the twelfth midwinter
trust conference in New York, on Feb. 17. The conference
was held under the auspices of the Trust Company Division,
American Bankers Association, at the Hotel Commodore
The development of trust business is largely a matter of
personal contact, which means personal salesmanship, said
Mr. Ellsworth, but because fiduciary banking is relatively
new, direct personal solicitation will not suffice, he said.
An immense amount of preliminary education is essential,
provided by intelligent, continuous, informative advertising.
This advertising will be successful or otherwise, said Mr.
Ellsworth, depending upon the degree of confidence it
inspires.
Speaking of co-operation in the bank or trust company,
Mr. Ellsworth declared it is an established fact that
practically all commercial bankers are unacquainted with
the technical details of the trust department and therefore
are almost entirely unqualified to solicit or obtain trust
business. All officers of a banking institution should cooperate in the general program to obtain trust business. He
suggested that all the executive officers "go to school," with
one of the trust officers as the school teacher.
Mr. Ellsworth also urged placing the responsibility for
new business effort in the trust company on some certain
one of the trust company's officers. Remarking that what
Is everybody's business is generally nobody's business, he
said that an experienced trust officer, with a bent for new
1355
business, entirely divorced from daily routine of the department, and with the co-operation of 'his brother officers
throughout the bank, can build the business of his department in a very substantial manner. Mr. Ellsworth explained
that by concentration in trust solicitation he meant bearing
down on the relatively few prospects for trust business
instead of broadcasting to reach the multitude. Reliable
figures indicated, he said, that but 2% of all bank prospects are possible customers of the trust department, hence
the prospect list should be carefully selected. The maximum
of concrete results would be assured by concentration on
the most likely prospects, be declared, and a tremendous
amount of waste energy and useless effort would be automatically eliminated.
In an address on "Valuing and Paying for Trust New
Business," Frederick It.•Behrends, Vice-President California
Trust Co., Los Angeles, urged that before the trust company spend any money in advertising or in obtaining new
business It make sure it can handle the business when it
actually matures. He suggested that first the internal
organization be perfected and then a well-balanced program
be planned, preparing the way by general advertising and
direct mailing so that the man-power employed to do personal solicitation can make every moment count It is far
better, he pointed out, to employ one good man whose business will remain permanently with the company than two
mediocre men who may turn in apparently greater volume
of business in the course of the year but who have not done
their jobs sufficiently well to make that business stick. He
said that if it were possible to join the two words, the
trust company should be "aggressively conservative" in its
new business developinent program. Of the difficulty of
estimating the value of new business, Mr. Behrends said
that only a beginning in research work for guidance had
been made. Ile urged that all interested in trust business
join in compilation of pertinent information that might
eventually serve for general guidance.
"So far as it is humanly possible to do so," he said, "we
should determine what mortality table Should be used to
give us the expectation of life, both of the testator or trustor
and of the ultimate beneficiaries. We should have a definite
cancellation OT withdrawal percentage established for every
year from 20 to 30 up to 65 or 75. We should have information as to whether estates decrease or increase. These
fundamental facts should be established."
He suggested that a committee be appointed by the
Trust Division to consider these problems. "Until we have
been able to reduce or eliminate many of these unknown
factors," he added, "it twili be impossible for us to do
more than approximate the'present day valuation of any
piece of trust business. When the present-day value is
known, then and only then can we determine what we can
afford to pay for any particular piece of trust business."
Mr. Behrends said that although a report submitted a
Year ago by the Division showed an average profit of some
3
7%% of each dollar of fees collected by the trust company, he felt that this percentage was too high. He said
that when all proper expenses were taken into consideration
the probability would be that the actual net profit is
between 25 and 30% of the actual receipts. He thought
It safer to estimate on the lower of these two figures.
He suggested that trust companies insist on their new
business men obtaining a detailed inventory of all estates,
at least those of more than *100,000. In determining the
compensation to be paid the individual solicitor or new
business man, the character of business produced must be
considered as well as the aids the solicitor had in securing
It. As to the department as a whole, the said, an amount
of new business 1,500 times the expense of the new business
department has been considered excellent, but he said his
company was not satisfied with anything less than 2,000
times expense. As to individual salaries, he said in his
company it was estimated that to receive a salary of $300
a month in Los Angeles a trust advisor should put on the
books approximately a million dollars' worth of business a
month. He urged also that the new business trust solicitor
be required to make an effort to interest the prospect in
other varying services the institution has to offer.
"Under no circumstances should you spend money in
obtaining any but the best trust advisors obtainable," said
Mr. Behrends,"and they should be so sincere and convincing
•
1356
_
FINANCIAL CHRONICLE
in their approach that the prospect comes to a full realization that for the proper conservation of his estate he must
avail himself of the services rendered by the modern trust
company. If you have sane trust advisors and if you back
them up with real service in administering your trusts, you
will keep your lapsation percentage at a minimum level."
Walter Trescow, Assistant Vice-President Central Hanover Bank St Trust Co., New York, discussed training of
trust salesmen, and Frank Page, Vice-President and Associate Trust Officer Wachovia Bank & Trust Co., WinstonSalem, N. C., spoke on "Support of Trust Salesmen by Executive Officers." R. M. Sims, Chairman of the Executive
Committee of the Trust Company Division, who is VicePresident of American Trust Co., San Francisco, presided.
[Vot. 132.
On Tuesday, Feb. 24, the City Bank Farmers Trust,Co.
will move from its temporary quarters at 43 Exchange Place,
N. Y. City, to the new 54-story skyscraper on the block
bounded by William St., Exchange Place, Hanover St. and
Beaver St. in N. Y. City. This means going back to the
site occupied since 1866 by the company, when it operated as
The Farmers' Loan & Trust Co., prior to its affiliation with
the National City Bank of New York on June 29 1929. The
new building, in addition to housing the headquarters of the
trust company,contains a branch of the parent organization,
the National City Bank of New York, in which complete
banking facilities for individual depositors are provided.
Banking Situation in South and Middle West.
In the State of Arkansas, the reopening on Feb. 16, of
four banks in Boone County which had closed Dec. 1'7 was
reported in Associated Press advices from Harrison, Ark.,
on that date.. The institutions are the Citizens' Bank &
Trust Co. at Harrison; the Bank of North Arkansas at
Everton, the Bank of Alpena at Alpena, and the Bank of
Leadhill at Leadhill.
In the State of Missouri, the closing of two banks was
reported to the State Finance Department on Feb. 16, according to a dispatch from Jefferson City, Mo., by the
Associated Press on that date. The banks, small institutions in Southwest Missouri, are the Farmers' Bank of
Ash Grove in Greene County, with resources of $141,785,
and the Bank of Gerster in St. Clair County, with resources of $66,367. No reason for the closing was given
in either case. The advices went on to say:
The last published statement of the FarMers' Bank of Ash Grove
listed $20,000 capital, $13,600 surplus, $94,890 deposits, $108,669 loans
and $12,725 bills payable. W. C. Trogden was President and J. N.
Moore, Cashier. Truman Richards, a State Bank Examiner, has taken
charge for the Finance Department.
The Bank of Gerster had $10,000 capital, $4,000 surplus, $46,530
deposits, $57,810 loans and $5,000 bills payable. W. A. Shryer was
President and Clyde Poison, Cashier, George Freund will take charge
for the State Finance Department.
Harvey D. Gibson, Presiden- t of Manufacturers Trust Co.
of New York, announced that the Board of Directors, at its
meeting on Feb. 19, elected the following new directors:
Robert E. M. Cowie, President, Railway Express Agency.
C. L. Jones, Director, Vacuum 011 Co.
John P. Maguire/President, Textile Banking Co.
0. R. Palmer, President, Cluett-Peabody Co.
Harold E. Smith. Vice-President, Home Insurance Co.
Everett B. Sweezy, formerly;aWice-President of the First
B.
National Bank in New York,'died of heart disease at his
home in Riverhead, L. I. on Feb. 15.
T. Frank Scholl, head of th- e firm of T. F. Sch) & Co.,
37 Wall St., died on Feb. 16. Mr. Scholl who was a member
of the New York Stock Exchangelwas 45 years old. The
firm of T. F. Scholl & Co. was formed about two years ago
by Mr. Scholl.
Edgar D. Pouch, senior partner of the brokerage firm of
Pouch & Co., 14 Wall St., died on Feb. 17. He was 52 years
old. In 1907 Mr.Pouch,who was a graduate of the Sheffield
Scientific School of Yale, with Frank D. Potter and F. T.
Bedford formed the firm of which he was senior partner.
He was also a director of the American Dock Co.,the Central
Stamping Co., the Concrete Steel Co. and the Delewan Co.
and was a Vice-President and director of the&Westland Oil
Co.
With regard to the prospect- ive election of John C. Traphagen as President of the Bank of New York & Trust Co.,
Edwin G. Merrill, now President, but slated for the ChairIn Ohio, the Cantc. Bank at Canton was taken over by
the following statement
Banking Department on Feb. 16 to preserve manship of the Board, issued
the State
Feb. 10:
following the discovering of a $20,500 shortage
its assets
in its accounts and the arrest of C. A. Hanner, VicePresident of the institution, for alleged embezzlement, according to Canton advices by the Associated Press on that
date, which continuing said:
At a meeting of the Board of Truaees of the Bank of New York & Trust
Co. held on Tuesday, Feb. 10, John C. Traphagen, who was until recently
Vice-President of the Chase National Bank, was nominated for membership
on the Board of Trustees to fill a vacancy. Mr. Traphagen will be elected
a Trustee at the next meeting of the Board on March 10.
It is expected that shortly after that, Edwin G. Merrill, who has been
Officers of the bank issued a statement expressing belief that the inPresident of the Bank of New York & Trust Co. since its merger in 1922,
stitution is solvent and that all depositors will be paid in full through and
prior to the merger was President of the New York Life Insurance &
orderly liquidation.
be elected Chairman of the Board, and Mr. Traphagen will
Hanner was released en $25,000 bond. The bank's deposits, approxi- Trust Co., will
President.
mating $1,800,000, are believed to be protected by assets of about the be elected
Mr. Merrill as Chairman of the Board will continue in active service
same figure.
at the head of the institution, and under his direction and that of Mr.
dispatch from Columbus, Ohio, on Traphagen, as President, the general policies of the Company will be conAn Associated Press
the same date (Feb. 16) contained the following additional tinued without change.
Mr. Traphagen has had a long experience in executive work as Viceinformation regarding the closing of the Canton Bank:
President of the old Seaboard National Bank and the Equitable Trust Co.
Bank Superintendent Ira J. Fulton, in announcing he had
State
in close association with the late Chellts A. Austin prior to the merger of
taken over the Canton Bank, of Canton, Ohio, for liquidation, said the the Equitable Trust Co. with The Chase National Bank, and the Trustees
reason for the closing was the shortage charged against C. A. Hanner,
believe that the organization of the Bank of New York & Trust On. will be
Vice-President; gradual withdrawal of deposits and heavy withdrawal of
by the changes thus made. Mr. Traphagen is in entire
savings accounts on Saturday. The last report of the bank, December greatly strengthened
accord with the recently published statement of policy of the Trustees of
31, 1930, showed capital of $150,000 and total resources of $2,433,237.
the Bank of New York & Trust Co. to preserve the independent position
of the Bank and to continue its administration on the conservative and
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. safe lines which have been successfully followed through its long career.
The Bank of New York & Trust Co. is now the oldest bank in the United
Arrangements were reported made this week for the sale
States, the Bank of New York itself having been founded by Alexander
New York Stock Exchange memberships for $295,000 Hamilton in 1784, and the New York Life Insurance & Trust Co. having
of two
and $300,000 respectively. The last preceding sale was for been established in 1830.
$275,000.
E. S. MacDonald, Vice-Pres-ident in charge of the Queens
Arrangements were reporte- d made for the sale of a New Division of the Bank of Manhattan Trust Company of New
York Curb Exchange membership for $120,000 an advance York, announces the completion of the new Metropolitan
of $16,000 over the last preceding sale.
Avenue office building, located at Metropolitan and Flush-
A regular New York Produ- ce Exchange membership was
reported sold this week for $4,450, an increase of $150 ove
the last preceding sale.
The New York Coffee & Sugar Exchange membership
of Justus Ruperti was reported sold this week to E. M.
Richard for $10,000. The last preceding sale was for
$10,100.
Arrangements were reporte- d made this week for the sale
Irving
of the National Raw Silk Exchange membership of
Shlenker at $1,450, an increase of $150
Lewin to Simon J.
over the last preceding sale.
ing Avenues, Brooklyn. The building will be open to depositors and the general public for inspection to-day, Saturday,
Feb. 21st, from 2 to 6 P. M. At that time G. A. Wilson,
Manager, and other members of the staff will show visitors
through the new quarters. The office will be open for business at this location on Tuesday, Feb. 24. The building
which was formerly occupied by the Metropolitan Avenue
office will be torn down and the site leveled to provide
greater space for the increasing traffic through this section.
Juan F. Rivera, who since 1928 has been General Manager
of Cuban branches of The National City Bank of New York,
has been elected Vice-President of the International BankArrangements were reported made for the sale of a Chicago ing Corporation, owned by The National City Bank of New
Curb Exchange membership for $3,000 an unchanged price York; he sailed from New York on Feb. 16 to take charge
from the last preceding sale.
of the I. B. C. branches in Spain, located at Madrid and
FEB.'21 1931.]
FINANCIAL CHRONICLE
Barcelona. He will be succeeded in Cuba by Leopoldo Casas,
who has been Assistant General Manager since 1928. Mr.
Rivera was connected with Banco Nacional de Cuba in 1906
as Secretary to the President, later becoming Manager of
branches in Pinar del Rio and Cienfuegos. He resigned to
engage in business for himself. In 1919 he joined The
National City Bank of New York, serving as sub-manager
at Cienfuegos and Havana. Following this he again entered
the commercial field as local officer of an Havana concern
and later as a broker on his own account. He became associated with The National City Company in 1924 and was
named Manager of the Havana branch of the Bank and
representative of the company the following May. Mr.
Casas began his banking career 'in New York and returned
to Havana to become associated with the Banco Nacional
de Cuba from 1911 to 1916. For the next five years he
engaged in the sugar business on his own account. He
joined The National City Bank of New York in 1921 as
Manager of its Sancti Spiritus branch, serving also La Lonja
and Havana branches. He was made sub-manager in 1924.
The National City Bank of New York has 26 branches in
Cuba, scattered from Pinar del Rio to Guantanamo.
1357
11 stated that in a decision handed down on that day ViceChancellor Robert H. Ingersoll approved the sale of the
company's assets to the Tradesmen's Bank & Trust Co. of
Vineland and that the latter would take over the affairs of
the institution. We quote furthermore from the advices
mentioned as follows:
Due to opposition on the part of a group of stockholders and depositors
who had a different plan of rehabilitation, the matter had been pending in
the Courts for several months.
On June 11 the trust company was closed, and on Oct. 7 the Tradesmen's
Bank & Trust Co. made an offer to buy the bank's real estate. The Tradesmen's Bank also offered to buy the banking fixtures and equipment.
Vice-Chancellor Ingersoll in this decision to-day (Feb. 11) said "the
recommendation of Frank P. Smith, Commissioner of Banking and Insurance, together with the testimony of the value of the real estate, and
together with the statements made by interested parties conyince me it is
the duty of the Court to approve of the acceptance of the offer."
A dispatch to the New York "World" from Atlantic City
on Feb. 11 contained the following additional information:
When the application was filed a month ago it was said the transaction,
with other assets realized, would permit the payment of about 50c. on the
dollar to depositors. The Vineland Trust Co. had deposits aggregating
$1,400,000. It included $38,000 deposited by school children, all of whom
are to be paid in full.
Our last reference to the affairs of the defunct Vineland
Trust Co. appeared in the "Chronicle" of Jan. 10, page 231.
At a meeting of the Executiv- e Committee of the City Bank
Farmers Trust Co. of New York held this week, Alexander • The closing on Feb. 13 of the First National Bank of PairW. McGhee was appointed an Assistant Vice-President and chance, Pa., was reported in the following Associated Press
John M. Gaugenmaier was appointed an Assistant Secretary. dispatch from Uniontown, Pa., on that data:
The First National Bank of Fairchance closed its doors to-day, and
Examiner B. J. Bleakley took charge of the institution to conserve its
Eugene May, President of t-he First Federal Banking Cor- assets.
Dr. H. E. Heath, President, said he believed depositors would be
poration of 100 Broad Street, this city, a subsidiary of the paid in full. At the close of last year assets of $480,000 and deposits of
Bush Service Corporation, of which he was Executive Vice- $317,000 were reported.
President, died suddenly of heart disease on Feb. 5 at
On Feb. 9, the First National Bank of Birmingham, PittsRosano, Yugoslavia, it was learned here, said the New York
"Times" of Feb. 6. His age was 42. Mr. May sailed on burgh, Pa., capitalized at $100,000, was placed in voluntary
Jan. 4 for a business trip, said the "Times" which added: liquidation. As noted in our issue of Jan. 24, page 602, the
-Pittsburgh Trust
He suffered a heart attack in London a week ago, but proceeded to institution was absorbed by the Peoples
Rosani.
Co. of Pittsburgh.
A British subject, Mr. May had spent the last ten years here, devoting
most of his attention to imports and exports, and frequently going to
Europe. In 1930, when the service corporation was formed, and later in
the year, when control of the bank was acquired, he assumed the posts he
held at his death.
pale Brown, General Manager of the Cleveland Better
Business Bureau, Cleveland, Ohio, has been appointed
Assistant VicePresident of the Guardian Trust Co. of that
city, according to a Cleveland dispatch on Feb. 14 to the
"Wall Street Journal." Mr. Brown has resigned from the
Managership of the Better Business Bureau which he has
headed for the past eight years. He was to assume his new
duties on Feb. 16, the advices said.
Bennett De Beixedon, President of the Fort Greene National Bank of Brooklyn, N. Y., announced on Feb. 13 that
the Board of Directors has appointed an advisory board of
three members who will advise the directors regarding local
business conditions and supply pertinent information about
applicants for loans. The appointees, who will serve for a
Directors of the Aetna Trust & Savings Co. of Indianyear, are Dr. Edward Favero, Joseph Littman, President of apolis,
announced on Feb. 16 the promotion of Louis S.
the Crown Metal Products Co. and Fred Lehman, wholesale Hensley,
heretofore Assistant Secretary of the institution,
meat dealer at the Fort Greene Market.
to a Vice-President, according to the Indianapolis "News"
Effective Jan. 31, the LeRoy National Bank, LeRoy, N. Y., of Feb. 16. Mr. Hensley, who has been connected with the
with capital of $100,000, was placed in voluntary liquidation. company for the past eight years, has had considerable
It was taken over by the Bank of LeRoy.
experience, it was stated, in the real estate business, particularly in appraisals.
Announcement was made on Feb. 13 of the proposed
consolidation of two Middletown, N. Y., banks, the First
That the Citizens' State Bank of Hartford City, Ind.,
National Bank and the Merchants' National Bank, accord- has acquired the assets and business of the Union Trust
ing to Associated Press advices from Middletown on that Co. of that place, was reported in the following advices
date. The new organization, which will be known as the from Hartford City on Feb. 16 to the Indianapolis "News":
The Union Trust Co., a $200,000 institution here, to-day (Feb. 16)
First Merchants' National Bank & Trust Co., will be headed
announced it had sold its assets and business to the Citizens' State Bank
by F. W. Murray of Goshen, N. Y., as President, the dis- of this
city, which took immediate possession. All deposits, checks, certipatch said.
ficates, savings and other forms of savings of the Union Trust Co. will
Consolidation of the Merchants' Trust Co. and the Peoples'
Bank & Trust Co., both of Waterbury, Conn., to become
effective immediately, was reported in the "Wall Street
Journal" of Feb. 16. The consolidated institution, it was
stated, will have combined capital, surplus, undivided
profits and reserves of approximately $1,500,000.
A proposed consolidation of the Blackwood Trust Co. of
Blackwood, N. J., with the First National Bank & Trust Co.
of Blackwood was announced by the respective Presidents
of the institutions on Feb. 11, according to the Philadelphia
"Ledger" of Feb. 12. The merger, it was said, will give the
First National Bank & Trust Co. total resources of more
than $2,000,000, making it one of the largest banks in Camden County, outside of the City of Camden. Oscar B. Redrow is President.
be honored by the bank. The trust company was formed three years
ago. James ash
is
Jr., is President of the Citizens' State Bank and
H . Hall
Cashier.
The Exchange National Bank of Polo, Ill., capitalized at
$65,000, was placed in voluntary liquidation as of Oct. 20
1930. It was succeeded by the First National Bank of Polo,
a new bank chartered by the Comptroller of the Currency
on Oct. 18, as noted in our issue of Oct. 25, page 2642.
According to the Indianapolis "News" of Feb. 11, Samuel
Mueller, Vice-President and a director of the East Washington State Bank of Indianapolis since its incorporation
in 1922, was appointed President of the institution on Feb.
10 to succeed Albert E. Metzger, whose death occurred the
previous week. At the same meeting, Walter S. Greenough,
Assistant to the President of the Fletcher Savings & Trust
Co. of Indianapolis (which controls the East Washington
State Bank through stock ownership) was made a ViceWith reference to the affairs of the Vineland Trust Co., President to succeed Mr. Mueller. Mr. Greenough is also
Vineland, N. J., which closed its doors on June 11 last, a director of the East Washington State Bank. Mr.
Mueller,
Associated Press advices from Atlantic City, N. J., on Feb. the new President, is Secretary of the Great
Western Fur-
1358
FINANCIAL CHRONICLE
niture Co. of Indianapolis, President of the Furniture Association of Indianapolis, a director of the Indianapolis
Chamber of Commerce, and a former President of the Bast
Washington Street Merchants' Association.
--•-Effective Jan. 13 the Continental National Bank of
Indianapolis,Ind., was placed in voluntary liquidation. The
institution, which was capitalized at $400,000, was taken
over by the Indiana National Bank of the same city.
[voL. 132.
The Kentucky National Bank of Catlettsburg, Ky., capitalized at $75,000, was placed in voluntary liquidation on
Jan. 24. It was succeeded by the Kentucky-Farmers' Bank
of the same place.
On Feb. 4 William J. Bramman, formerly a Vice-President of the Mississippi Valley Trust Co. of St. Louis, was
promoted to Executive Vice-President of the institution.
As of Feb. 3, the Plano National Bank of Plano, Tex., was
on, which was
of placed in voluntary liquidation. The instituti
Nine new directors were elected at the annual meeting
.
$65,000, was succeeded by the First National
capitalized at
stockholders of the Wisconsin Bankshares Corp. (holding
Bank of Plano.
company of the First Wisconsin National Group of banks),
Feb. 10. The new members include:
held in Milwaukee on
The Ferris National Bank of Ferris, Tex., with capital
L. M. Mudd, Chairman of the Board, First National Bank, Madison; of $65,000, was placed in voluntary liquidation on Jan. 23.
Hagan,
T. R. Hefty, President, First National Bank, Madison; Milo C.
Perry, Chair- The institution was absorbed by the Farmers' & Merchants'
President, University Avenue National Bank, Madison; R. P.
Kispert,
man of the Board, the Reedsburg Bank, Reedsburg; George J.
State Bank of Ferris.
Nichols, President,
Cashier, Farmers' & Merchants' Bank, Jefferson; W. E.
—•-Orden, President, Bank of
First National Bank, Portage; L. S. Van
A charter was issued on Feb. 3 by the Comptroller of the
Director, First National Bank, Madison,
Baraboo, Baraboo; H. L. Russell,
President, Citizens' Currency for the First National Bank of Hemphill, Tex.,
State Bank of Wisconsin, Madison; Conrad G. 1Viesler,
Reedsburg.
capitalized at $25,000. R. C. Downs is President of the new
State Bank,
ers'
The directors met immediately following the stockhold
bank, and R. A. Smith, Cashier.
meeting and reappointed all the old officers, as follows:
The Farmers' National Bank of Italy, Tex., with capital
President, Walter Kasten; Vice-Presidents, Louis Schriber,
B. Luhman; of $40,000, was placed in voluntary liquidation on Feb. 9.
Fred K. McPherson, Robert W. Baird, George
by the First National Rank of
Vice-President and Treasurer, Edward A. Bacon; Secretary, The bank was absorbed
M. Scud- Italy, Tex.
William H. Correll; Assistant Secretaries, Charles
der and Francis W. Dickey, and Comptroller, William F.
The Marlin National Bank, Marlin, Tex., and the Citizens'
Style. George C. Dreher and S. B. Way were appointed National Bank of the same place, both capitalized at
members of the Executive Committee to fill the vacancies $100,000, were merged on Feb. 9 under the title of the
caused by the resignation of Albert C. Elser and the death Marlin-Citizens National Bank, with capital of poo,000.
of Fred T. Goll.
On Feb. 9 the First National Bank of Atlanta, Atlanta,
A dispatch by the Associated Press from Minden, La., on Ga., formally opened its handsome new banking home at
Feb. 11, stated that the People's Bank & Trust Co. had Peachtree and Marietta Streets, that city. An attractive
opened for business on that day. The institution is a new booklet profusely illustrated with pictures of the interior
bank organized by business men to take the place of the of the banking quarters has been issued by the bank to
Bank of Webster, Minden, which suspended operations on commemorate the occasion. A brief outline of the bank's
Dec. 13 1930, the dispatch said.
history contained in the booklet says, in part:
charter
The First National Bank of Atlanta traces its origin to the
National Bank of Genoa, Colo.,
Bank on
Effective Feb. 3, the First
granted by the Federal Government to the old Atlanta National
with capital of $25,000, was placed in voluntary liquidation. Sept. 14 1865. It is older than any National bank in Georgia, North
Mississippi, or Louisiana.
It was taken over by the Limon National Bank at Limon, Carolina, South Carolina, Florida, Alabama, with the American National
In 1916 the Atlanta National Bank combined
Colo.
to be operated as the Atlanta
Bank, the enlarged institution continuing
The Lincoln National Bank & Trust Co., Lincoln, Neb.,
capitalized at $200,000, was placed in voluntary liquidation
on Nov. 4 1930. The institution was absorbed by the Continental National Bank of the same city. Items with reference to the merger of these banks appeared in our issues of
Sept. 27 and Oct. 4, pages 2007 and 2170, respectively.
On March 1 next, Walker Brothers Bankers of Salt Lake
City, Utah, will change its title to Walker Bank & Trust Co.
An announcement by the banking firm says:
This will be a change in name only, and will involve no alteration in
corporate structure, ownership, management, accounts, business relations or
in any other respect
The proposed name is more suitable as a corporate and banking title,
and will give due recognition to our important and growing Trust
Department.
Walker Brothers Bankers began business in 1859 and at
the present time has resources of more than $26,000,000.
The officers are: E. 0. Howard, President; John H. Walker,
A. Bering, A. C.
F. A. Fisher, H. M. Chamberlain, Edgar
and John M. Wallace (and Trust Officers), ViceSullivan
E. Holt, Assistant Trust
Presidents; J. J. Kelly, Cashier; R.
and J. B. Christenson, Assistant Cashier.
Officer,
of Pawhuska, Okla.,
The Citizens-First National Bank
was chartered by the Comptroller
with capital of $100,000,
C. Tucker is President of
of the Currency on Feb. 12. W.
Keith, Cashier.
the new bank and J. W.
"Banner" of Feb. 13,
It is learned from the Nashville
of the directors
the regular meeting held that day
that at
Banks, Inc., of Nashville, B. Kirk
of the Fourth & First
organization to sucRankin was appointed President of the
who tendered his resignation as
ceed James E. Caldwell,
made by the Board
President on Feb. 9. Other appointments
Percy D. Maddin as Vice-Presiat the same meeting include
as Vice-President and General Counsel; Edwin Warner
Secretary and Treasurer. Mr.
dent, and Robert McNeilly as
of the "Southern
Rankin, the new President, is the publisher
prominent in Nashville finanAgriculturist" and has been
cial circles for several years.
was combined with
National Bank. In 1924 the Atlanta National Bank
of the Atlanta &
the Lowry Bank & Trust Co. of Georgia, taking the name
of the trust busines.
Lowry National Bank, and continuing the operation
Trust Company of
the
under the old State charter and under the name of
the oldest trust comGeorgia—which to-day has the distinction of being
pany in the State.
combined with the
On Nov. 20 1929 the Atlanta & Lowry National Bank
First National Bank of
Fourth National Bank under the name of the
well feel proud of its
Atlanta. The First National Bank of Atlanta may
of four strong
family history, for ft represents the splendid traditions
record of service
banking institutions, each with a long and distinguished
at different times
to this community. The combination of these banks
and
represented, in each instance, the desire to provide for Atlanta larger
.
better banking facilities. .
of
It is a long way from a bank beginning business with a capital
an
$100,000 in a city of less than 10,000 population to a bank with
of more than
invested capital of more than $12,000,000 and resources
$100,000,000 serving a community of nearly 400,000—but sad is the
growth
record of the First National Bank of Atlanta, which represents the
of this bank and the growth of this city.
The principal officers of the First National Bank of
Atlanta are as follows: Thos. K. Glenn, Chairman of the
Board; Jehn K. Ottley, President; Robert F. Maddox, Chairman of the Executive Committee; James D. Robinson, Executive Vice-President; H. Warner Martin, Robert Strickland, Jr., Henry W. Davis, R. Clyde Williams, A. M. Bergstrom, William T. Perkerson, J. Sherrard Kennedy, James
F. Alexander,'Stewart McGinty, R. B. Cunningham, Harry
H. Johnson, E. A. Stubbs, W. C. Adamson, and Dameron
Black (and Comptroller), Vice-Presidents, and Frank M.
Berry, Cashier.
The net profit of the Swiss Bank Corp. (head office,
Basle, Switzerland) for the year ended Dec. 31 1930 (including the carry forward of £40,770 from the previous
year) amounts to £683,267 against 1724,343 for 1929 (including a carry forward of £28,611). At the annual general
meetting to take place on Feb. 27, the Board will recommend the allocation of £20,000 to the pension fund, the payment of a dividend of 8% as for the preceding year, the
placing of £80,000 to the reserve fund, and the carrying forward of £41,017. The reserve fund, including the £80,000
now carried forward, will thus reach a total of 12,160.000,
i.e., 33%% of the paid-up share capital of 16,400,000.
FEB. 21 1931.]
FINANCIAL CHRONICLE
1359
THE WEEK ON THE NEW YORK STOCK EXCHANGE. of the utilities. In the early trading, motor stocks attracted
The New York stock market this week has again moved to considerable speculative attention, but most of the morning
higher levels, though with occasional sharp reactions. The gains were reduced or lost in the final hour. The market
weekly statement of the Federal Reserve Bank, issued after again moved upward on Thursday, copper shares, steel
the close of the market on Thursday, showed a further stocks and specialties coming to the front with gains ranging
advance of 823,000,000 in brokers' loans in this district. up to 5 or more points. Copper stocks were especially active
Call money renewed on Monday at 1%%, continued un- and strong following the marking up of the price of metal.
changed at that rate throughout the week. The movements Anaconda led the upswing with a block of 5,000 shares and
of the stock market were somewhat dull and irregular during soon sold up to 40 closing at 393/s, followed by substantial
the greater part of the abbreviated session on Saturday. gains in American Smelting, Cerro de Pasco, Granby, Howe
There was a brief rally toward the closing hour, but the Sound, American Metals and International Nickel. Steel
advances were short and made little impression on the early stocks improved all along the line and sharp gains were
losses. Some buying was apparent in the amusement shares registered by United States Steel which advanced 2% points
with Loew's leading the group with a gain of 38% points to to 1488%, followed by Youngstown Sheet & Tube, Republic
60%. Caterpillar Tractor was active and improved 3% Iron & Steel, Bethlehem, Ludlum and Inland Steel. Other
%
points to 46% and Union Pacific moved sharply forward noteworthy gains were Air Reduction 23 points to 100%;
and closed at 202 with a gain of 2 points. United States Allied Chemical & Dye 3% points to 167%; American Can
33% points to 171%;
Steel was higher for a short time, but failed to hold its gain. 4 points to 123%; Eastman Kodak
Brooklyn Union Gas 2% points to 1188%; Byers Co. 634
Following rumors of a possible merger with Pillsbury Flour,
/
Gold Dust moved up a point to 38% and a few of the public points to 647g; J. I. Case Threshing Machine Co.4% points
%
Consolidated Gas and Peoples Gas to 1238 ; Johns-Manville 2 points to 72, and Worthington
utility issues such as
Pump 6% points to 1028%. In the railroad group, the gains
reached higher levels.
Stocks moved briskly upward on Monday and while some were generally short except New York & Harlem which made
of the market leaders were inclinded to hold back for a short a sensational jump of 208% points to 2108%.
The market moved briskly forward on Friday and more
time during the early trading, they eventually participated
The public utilities were especially than 150 active issues broke into new high ground for the
in the general advance.
active, American Water Works surging forward to 68% at year despite the occasional outbursts of pre-holiday profit
its top for the day, followed by American Power & Light taking. Public utilities were again up with the leaders and
7
which gained 2% points to 53/s, and Electric Power & moved ahead under the guidance of Standard Gas which
/
%
.
Light which forged ahead 2% points to 5315 Auburn reached 763 at its top for the day and closed at 75 with a
Motors again furnished the sensational feature by soaring net gain of 2% points. Other strong stocks of this group
to a new high for the year above 200. The heavy buying in included American Power & Light, Consolidated Gas, Colthese shares stimulated the market all along the line and umbian Gas, Electric Power & Light, and Public Service
advances ranging from 2 to 4 or more points were recorded of New Jersey. In some cases a part of the gains were lost
In the general list, and up to 30 points among some of the in the late recessions, but with few exceptions the closing
more active speculative favorites. Among the noteworthy prices were on the side of the advance. New highs for the
advances were the railroad stocks, particularly New York year were recorded during the session by such pivotal stocks
Central which ran upward about 4% points at its top for as United States Steel, American Can, Bethlehem Steel and
the day and closed at 128% with a net gain of 334 points. General Electric, and substantial gains were scored by such
Dye,
Atchison, Delaware & Hudson, Baltimore & Ohio, and Erie active issues as Air Reduction, Allied Chemical &
3 points and gains of a point or more Auburn Motor, Byers Company, and Radio Corporation.
advanced from 2 to
were recorded by many other important members of the Motors attracted considerable speculative attention and
Chrysler,
group. Other noteworthy advances included such active substantial gains were recorded by Mack Truck,
Hudson and Hupp. New York & Harlem added 11 points
stocks as Worthington Pump 2% points, Vulcan Detinning
Tex. &
5% points; Allied Chemical & Dye 3% points; American to its 20 point gain of the previous day, and N. 0.,
Rolling Mill 3 points; Caterpillar Tractor 5 points; Inter- Mex., a comparatively inactive stock, shot upward 16%
national Business Machine 734 points; and Byers Co. 3 points to 115.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
points. American Can advanced 2% points to 119%; WestDAILY. WEEKLY AND YEARLY.
inghouse 13i points to 98%, and General Electric 1%
/
Total
United
State,
Railroad,
Stocks,
Bond
points to 49%.
States
Week Ended
Runk
-teal &
ctc..
Number of
Sales.
Bonds.
Peen Bonds.
Feb. 20 1931.
Bonds.
Shares.
Stocks moved sharply forward for a short time during the
3775.000 55,666,000
1,092,656 33,142,000 51,749,000
early trading on Tuesday, but a later reaction sent many Saturday
778,000 8,968.000
2,313,000
5,877,000
Monday
3,170,040
628,500 7.740,500
2,128,000
4,984,000
3,986,480
Tuesday
prominent stocks down for good size losses. Some of the Wednesday
743,000 8,634,000
2,407,000
5,484,000
2,842,506
151,000 10,065.000
3,159,000
6,755,000
2,476,970
242,000 7,618,000
more active shares showing losses at the close were Allied Thursday
1,927,000
.5,449,000
Friday
3,833,575
Chemical & Dye 3% points to 163; American Can 234
17,402.227 $31,691,000 813,683,000 53.317,500 848,691,500
Total
points to 1173.1; American Tel. & Tel. 2% points to 192;
Jan. 1 to Feb 20.
Saks at
Week Ended Feb. 20
New York Stock
Auburn Motors 1034 points to 1883 ; Westinghouse Electric
%
1930.
1931.
1930.
1931.
Exchange.
37/ points to 94/g; Utah Copper 754 points to 117%;Timken
g
7
116,560,790
84,421,018
18,493,850
17,402,227
Stocks
-No,of shims_
Bonds.
Roller Bearing 234 pts.to 54% and Columbian Carbon 33% pts.
514,758,100
$31,954,400
Government bonds_ -- $3,317,500 $2,368,000
104,051,500
94,102,500
13,683,000 11,343,000
to 102%. There were also a few of the popular speculative State & foreign bonds. 31,691,000 42,115,000 262,118,000
253,157,000
Railroad & misc. bonds
issues that held their gains to the end of the session. The
$398,123,900
5362,017,600
$48,691,500 855,826,000
Total bonds
list included among others, Industrial Rayon 5 points; Pere
PHILADELPHIA AND
DAILY TRANSACTIONS AT THE BOSTON.
Marquette 2% points; Shell Union Oil preferred 3 points;
BALTIMORE EXCHANGES.
Allegheny Steel 3 points and Newton Steel 2% points.
Baltimore.
Philo:140UL
Boston.
Week Ended
The market resumed its advance on Wednesday though
Bond Sates. Shares. Bond Sales. Shares. Bond Sales.
Shares.'
Feb. 20 1931.
it reacted downward as the day progressed. The principal Saturday
843,000
$12,000 a16,880
22,536
483
961
50,500
517,000
5,000 a38,803
40,855
Monday
changes on the side of the advance were American Can 2 Tuesday
741
41,000
13,200
5,000 a53,631
47,816
40,100
3,200
1,180
a28,380,
0
45
Wednesday
39 694
to 1198%; American Water Works 23.1 points to 69%; Thursday
points
64,000
2:348)
1 50 0
18 000
400
9,000 a25,0351
.
9,402
1,000
10,775
Caterpillar Tractor 2 points to 113; Western Union Tel. Friday
6,8031 $55,400
198.6811 532.000 172,131 8238,600
2 points to 142, United States Tobacco 4% points to 68; Total
'
Standard Gas & Electric 2 points to 72; Devoe & Reynolds Prey, week revised 249,230' 549,100 250,849 8243.500 .5,603 $61,700
a In addition, sales of rights were: Thursday, 100.
2% points to 18, and Byers Co. 33% points to 598%. Copper
Sales of warrants were: Saturday, 100; Monday, 100; Tuesday, 100; Wednesday,
shares were steady and somewhat higher and so were most 100; Thursday, 100.
1360
EVIL. M.
FINANCIAL CHRONICLE
PRICES ON BERLIN STOCK EXCHANGE.
THE CURB EXCHANGE.
Closing quotations of representative stocks on the Berlin
A reactionary movement on Tuesday caused a break in
prices in an otherwise generally firm week on the Curb Stock Exchange as received by cable each day of the past
Exchange. A pronounced recovery followed the next day week have been as follows:
Feb. Feb Feb. Feb. Feb. Feb.
16.
17.
15.
19.
20.
14.
and the market continued firm thereafter. Industrials
Per Cent of Par
97
97
96
96
98
Alig. Deutsche
97
as the week closed. Berlin Hendels Credit(Ades)(8)
and miscellaneous issues led the market
120
120 118 119 119 119
Gee.(12)
109
108
110 109 109 109
Affiliated Products was an active issue and advanced from Commers-und-Privat Bank (11)
138 137 136 135 134 135
Darmetadter it. Nationalbank (12)
107
107 106
106
106
106
18 to 20%, the close to-day being at 20%. Aluminum Co. Deuteche Bank u. Dlseonto Ges.(10)
107 10614 106
106 106 106
Dreedner Bank (10)
(12)
com. rose from 159 to 163% and rested finally at 1633'. Reichsbank Kunstslide Unie(Aku)(18)._ 148 14914 162 151 152 153
73
____ 72
72
73
Algermeine
70
Continental Shares on the passing of the dividend broke Allg. Elektr. Gee.(A.E.0.)(9) (11) 101 101 101 102 102 103
80
81
82
82
82
Deutsche Ton- und Steinzeugwerke
80
18914 18914 ____ 183 18411
186
sharply the cony. pref. from 514 to 40 and the pref. B Ford
___ 78
75
76
78
76
Gelsenkirchen gergwerk (8)
108
108 103 112 111
111
Gesfuerel (10)
from 51 to 39. The final figures to-day showed a recovery Hamburg-American Lines(Rapal)(7)
62
63
64
63
65
64
____ 108
107
107
108
108
Co.
to 443 for the cony. pref. and to 41 for the pref. B. Deere Hamburg Electric(5) (10)
72
71
70
Hayden Chemical
44
44
44
45
__-- ;i_6
Harpener Bergbau (6)
47
dr Co. corn. advanced from 33% to 38 and closed to-day at Hotelbetrieb (12)
96
97
98
97
98
98
132 134 135 136 138 139
Farben
nine points to 413/i 1.0.Chemle Indus.(Dye Trust)(14)
37. Driver-Harris corn. gained over
4
Kali
103102 101
101
(7)
ii-- lig
Karstadt (12)
61
65
65
64
and ends the week at 40%. Ford of Canada cl. B was Mannesmann Tubes (7)
65
65
66
66
67
67
64
64
66
66
68
_
North German Lloyd (8)
conspicuous for an advance from 44 to 623j though it reacted Phoenix Bergbau (614)
____ 55
54
55
55
56 _150 150 151
142 146
151.
Co. corn. ran up from Poly phonwerke(20)
finally to 50. Mead, Johnson &
132 132 133 134
__
131
Rhein-Weetf. Elektr. (R.W.E.) (10)
82
80
80
80
81
80-86% to 987g, the close to-day being at 97%. Among Sachsenwerk Licht u. Kraft (714)
174 177
177
178
Siemens & Reinke(14)
174 174
utilities Elec. Bond & Share corn. moved up from 483 to Leonhard Vets (10)
10934 112 114
111
113
106
57
3
53%. Amer. & For. Power warrants improved from 195 Ver. Stahlwerke (United Steel Works)(6) 58 57shares). 56 57 59
% *Ex-rights
(new Relelusbank and Golddiskontbank
to 243 and rested finally at 243. Amer. Gas & Elec.
com. gained 43/i points to 81% and reacted finally to 80.
-PER CABLE.
ENGLISH FINANCIAL MARKET
Duke Power dropped from 145 to 122 and sold finally at
The daily closing quotations for securities, &c., at London,
129, Northern States Power, corn. declined from 133% to
130. Changes of importance in oil shares was confined to as reported by cable, have been as follows the past week:
Wed.,
Tues.,
Thurs.,
Art.,
Mon.,
Sal.,
few issues. Humble Oil & Ref. sold down from 68 to 63%
Feb. 14. Feb. 16, Feb. 17. Feb. 18. Feb. 19. Feb. 20.
•.
recovered to-day to 67%. Vacuum Oil lost a point to Silver, p. oz_d. 1214
but
127-16
12 3-16
1234
1214
1234
643' and to-day sold to 67, the close being at 66. Gulf Oil Gold,p.fine oz.84s.11 Md. 848.1114d. 848.1114d. 848.1011d. 84s.1114d. 848.1114d.
5534
55
551.
Consols, 214s._ 5514
5514
5514
of Pa. fell from 703/ to 67%, and to-day recovered to 71%, British, 5s_ _ ____
10234
10214
10234
102
103
the final transaction being at 713'.
10014
9914
101
British. 414s_ _ ____
9914
101
A complete record of Curb Exchange transactions for the French Rentes
88.10
88.30
(In Paris)-fr. ---87.90
88.30
week will be found page 1390.
French War L'n
•
DAILY TRANL3AcTION8 AT THE NEW YORK CURB EXCHANGE.
(In Paris)Jr. ____
101.50
106.60
101.80
101.60
The price of silver in New York on the same days has been:
Bonds (Par Value).
Week Ended
Feb. 20
Stocks
(Number of
Shares).
Rights.
Foreign
Domestic. Government.
Silver in N. Y., per or. (cts.):
Foreign
2534
2534
26
2634
27
2634
Total.
COURSE OF BANK CLEARINGS.
Bank clearings this week will show a small increase as
compared with a year ago, but this is due to the fact that
Washington's Birthday fell in this week last year, while
2,899,425
23,900 $13,629.000
$737,000 $14,366,000 the present year it falls in the coming week. Preliminary
Total
figures complied by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
PRICES ON PARIS BOURSE.
ended to-day (Saturday, Feb. 21) bank exchanges for all
Quotations of representative stocks on the Paris Bourse the cities of the United States from which it is possible to
as received by cable each day of the past week have been obtain weekly returns will be 1.0% above those for the
as follows:
corresponding week last year. Our preliminary total stands
Feb. 14. Feb. 16. Feb. 17. Feb 18. Feb. 19. Feb. 20
1931. 1931. 1931.
1931.
1931. 1931.
at $8,961,446,850, against $8,868,823,270 for the same week
Francs. Francs. Francs. Francs. Francs, Francs,
in 1929. At this centre there is a loss for the five days ended
18,900 19,100 19,000
19,300 19,200
Bank of Fr.:Ice
Friday of 10.4%. Our comparative summary for the week
1,290 1,305
1,320
Banque Nationale de Credit-. 1,321
2,420 2,450 2,440 follows:
- 2,470 2,460
Banque de Paris et Pays Bag
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
287,825
567,600
644.700
420,000
388,300
591,000
Banque de Union Parisienne---- 1,450
1,130
Canadian Pacific
17,100
Canal de Sues
2,390
Cl.Distr. d'Electricitie
2,810
Cie Generale d'Electricitie
536
Cie Ole Trans-Atiantique
596
Citroen B
Comptolr Nationale d'Esoompte 1,730
710
Coty, Inc
1,162
Courrieres
Credit Commerciale de France-- 1,250
2,700
Credit Lyonnais
2,760
F.aux Lyonnais
985
Energle Electrique du Nord
Electrique du Littoral-- 1,310
Energle
241
Ford of France
549
French Line
145
Gales Lafayette
701
Kuhlmann
1,200
L'Air Liquids
1,574
Lyon (P. L. M.)
2,220
Nord Tty
1,426
Orleans Ry
155
Paths Capital
2,260
Pechlney
88.30
Rental 3%
137.20
Rentee 5% 1920
104.40
Rectes 4% 1917
101.90
Rental 5% 1915
103.20
Rental 6% 1920
3,220
Royal Dutch
3,700
Saint Cobin,C.& C
1,820
Schneider & Cie
2,755
Societe Lyonnais
925
Societe MarseMalee
Tubize Artificial Silk. pref
293
Union d'Electricitie
1,130
Union des Mines
Wagons-Ltta
367
1,600 $1,752,000
3,400 2,206,000
2,500 2,699,000
7,800 1,972.000
3.500 2,611,000
5,100 2,389,000
1,440
1,130
16,900
2,360
2,790
533
590
1,770
720
1,140
1,250
2.670
2,700
988 Roll1,315 day
239
530
141
670
1,180
1,570
2,200
1,430
168
2,250
88.30
137.10
104.40
101.60
103.10
3,210
3,675
1,820
2,735
925
330
1,110
585
360
$135,000 $1,887,000
121,000 2,327,000
76,000 2,775,000
134,000 2,106,000
71,000 2,682,000
200,000 2,589,000
1,410
1,130
16.800
2,350
2,750
530
570
1,720
700
1,110
1,240
2,650
2,670
975
1.300
233
530
144
649
1,150
1,565
2,180
1,410
159
2,190
88.10
136.70
104.40
101.50
103.20
3,180
3.640
1,800
2,650
925
330
1,080
570
328
1,420
1,150
17,000
2.375
2,810
535
586
1,740
710
1,120
1,250
2,660
2,680
985
1.319
239
534
145
659
1,170
1,560
2.180
1,420
147
2,210
88.30
137.00
104.40
101.80
103.30
3,180
3,630
1,805
2,680
925
330
1,080
560
339
1,180
16,800
2,770
573
1,720
710
2,660
2,680
237
536
148
85Z
1,170
2,180
2,180
87.90
317.10
104.40
101.60
103.40
3,180
1,100
550
Clearings-Returns by Telegraph. •
Week Ended Feb. 21.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities,5 days
All cities, 1 day
•
1930.
$4,932,646,081
370,155,997
364,000,000
319.000,000
82,113,416
84,900,000
137,675.000
Will no longer
125,217,186
• 117,540,709
93,279,138
65.496,326
39,303,696
•
Twelve cities, 5 days
Other cities, 5 days
Per
Cent.
1931.
$5,507,000,000
543,849,871
503.000,000
395,000,000
116,150,175
114,100,000
174,903,948
report clearings
146,281,124
158,371,014
112,419,606
85,260,278
63,053,000
-10.4
-31.9
-28.1
-19.2
-29.3
-25.6
--21.3
36,671,327,549
796,544,826
$7,912,392,106
956,431,164
-15.7
-16.7
$7,467,872,375
1,493,574,475
SR nal 441', gsn
$8,868,823,270
Holiday
-15.8
TA MIR 5192 97A
1_1
-14.4
-25.8
-17.1
-23.2
-25.9
n
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
-the week ended Feb. 14. For
results for the week previous
that week there is a decrease of 19.7%, the aggregate of
clearings for the whole country being $7,718,847,851, against
$9,606,900,775 in the same week of 1930. Outside of this
city the decrease is 26.3%, while the bank clearings at this
centre record a loss of 15.7%. We group the cities now
FEB. 21 1931.]
FINANCIAL CHRONICLE
according to the Federal Reserve Districts in which they are
located, and from this it appears that in the New York
Reserve District, including this city, the totals show a
loss of 15.8%, in the Boston Reserve District of 29.6%
and in the Philadelphia Reserve District of 30.6%. In the
Cleveland Reserve District the totals are smaller by 17.5%,
in the Richmond Reserve District by 16.5% and in the
Atlanta Reserve District by 17.4%. In the Chicago Reserve
District, the contraction is 30.5%, in the St. Louis Reserve
District 32.4% and in Minneapolis Reserve District 18.4%.
The Kansas City Reserve District has a decrease of 25.8%,
the Dallas Reserve District of 20.3% and the San Francisco
Reserve District of 25.6%.
In the following we furnish a summary of Federal Reserve
districts:
811MM ARY OF BANK CLEARINGS.
Ine.or
1929.
Week End, Feb. 14 1931.
Dec.
1930.
1928.
1931.
--$
$
Federal Reserve Oists.
%
II
S
515,208,822
481,749,432 -29.6
In Boston.... 12 cities
339,016,3E8
524,986,960
210.3 Nea 'York 12 5,193,306,786 6,171,020,584 -15.8 8,526,624,848 6,123,581,295
581,635,039
555,380,658 -30.6
5rd PbUndel la _10 "
523,790,563
385,273,034
423,734,281
4t0 Cleveln.mi... 5 403.823,038
381,419,811 -17.5
314,690,392
5th Richmond . 6 "
177,074,895
165,355,322 -16.5
180,568,997
538,023,977
181,495,373
168,281,176 -17.4
8th Atlanta_ _ _ _II "
138,902,264
190,028,232
812.419,311 -30.5 1,343,386,251
7th Chicago ._20 939,723,253
564,857,870
229,751,909
196,906,655 -32.4
8th St. Louie__ 8 "
230,063,557
133,143,276
114,294,694
101,783,080 -18.4
8th Minneapolis 7 "
114,619,705
83,066,174
196,038.561
186,222,369 -25.8
10th KansasCity ii "
194,317,923
138,140,421
78,238,284
59,398,457 '-29,3
lltb Dallas.___ _ 5 "
71,769,773
47,344,96.5
374,193.056
326,963,920 -25.6
12th Blin Frau...113 "
374,611,295
243,122,303
focal
125 cities 7.718,847.851 9,606,900.775 -19.7 12,458,616,013 9,872,892.656
Outside N. V. City..... 2,639,246,360 2,581,164,603 -26.3 4,092,764,700 3,892,334,492
21 nit h.
176 n'rq •anA
355.022.815 +5.5
426.801.780
383.943.554
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended February 14.
Clearings at
1931.
1930.
3
First Federal Reserve Dist rIct-Boston
Me.
634,543
-Bangor_ _
573,893
Portland
3,644,312
2,730,722
Mass.-13oston_ _ 298.000,000 430,519.869
Fall River_ _ _ _
1,247,536
899.313
Lowell
978,263
448,645
New Bedford
1,059,571
803,358
4,371,374
Springfield.
4,255,700
Worcester
3,358,764
2,886,387
Conn.
13,8013.075
-Hartford
10,677,696
7,085,322
New Haven_ _
6,503,072
14,269,500
R.I.-Providence
10,612,500
776,303
N.H.-Manchea'r
625,122
Total(12 cities)
339,016,388
Inc. or
Dec.
1929.
1928.
-9.6
-25.1
-30.8
-27.9
-54.1
-24.2
-2.7
-14.0
-22.7
-8.2
-2523
-19.5
587,481
3,997,872
455,000,000
1,448.006
1,463,919
1,417,894
5,958.738
3,918,358
16,445,873
8,153,007
16,057,200
780,474
588,058
3,245,787
470,000,000
2,140,781
1,162,496
1,286,544
5.286,751
3.170,775
14,659,591
7,840,456
15,003.700
602,021
481,749,432 -29.6
515,208.822
524,988,960
Second Feder al Reserve D IstrIct-New
6,782.462
N.Y.
-Albany _ _
5,106,263
1,218,276
1,124,240
Binghamton_ 47,571,847
Buffalo
35,755,547
991,018
1,062,032
Elmira
1,389,218
Jamestown..._
949,940
New York_ _ -- 5,079,601,491 6,025,736,172
12,458,093
8,319,384
Rochester
4,8.55,324
Syracuse
3,831,754
Conn.
3,061,151
-Stanford.
3,129,654
N. J.
-Montclair
759,665
587,170
Newark
31,016,627
27,172,647
Northern N. J.
35,200,731
26,686,664
York7,106,332
-24.5
6,571.600
1,360.847
-7.7
1,355.500
55,933,612
-24.9
47.538,043
1,333,826
886.285
+7.2
1,243,928
1,288,491
-31.7
-15.7 8.365,851,313 5,980,558,164
13,602,432
11,935,696
-33.3
6,500,381
5,800,000
-21.1
3,123,854
3,617,890
+2.2
630,311954,262
-22.7
25,160,300
27,807,446
-12.4
38,736.251
41,312,599
-24.3
Total(12 cities) 5,193,306,786 6,171,020,584 --15.8 8,526,624,848 6,123,584,295
Third Federal Reserve Dist rIct-Philad elphlaPa.
-Altoona...1,179,531
1,296,139
1,375.959 -14.4
1,389,592
Bethlehem_ _ _ _
3,151,536
4,091,033
4,401,743 -28.4
5,705,081
Cheater
1,368,428
1,118,141
723,951
1,092,770 -33.8
Lancaster
1,792,384
2,197,585
+7.3
1,670,091
2,114,882
Philadelphia_
343,000,000 529,000,000 -35.2 549,000.000 481,000,000
Reading
2,604,313
3,388,326 -23.1
4,491,452
3,906,974
Scranton
3,850,903
4,732,323 -18.6
6,570,709
5.921,022
Wilkes-Barre_ _
2,442,323
3,484,249 -29.9
3,938,078
3,867,733
York
1,847,113
2,139,197 -13.7
2,224,347
1,971,482
N.J.
-Trenton...
4,681,000
4,098,000 +14.3
5,000,054
18,252,870
Total(10 cities)
385,273,034
555,380,658 -30.6
Fourth Feder al Reserve D IstrIct-Clev eland
Ohio-Akron.
2,967,000
5,528,000 -46.3
Canton
3.472.475
5,168,508 -32.8
Cincinnati_ _ _
53.162.743
60.926,312 -12.7
Cleveland
92,305,574 133,314,598 -30.7
Columbus
12.539,2130
15,257,000 -17.9
Mansfield
1.409,244 -25.4
1,052,436
Youngstown
3,775,504
4,422,487 -25.8
Pa.-PIttsburgh _ 145,415,460 155,393,662 -8.3
581,835,039
8,044,000
5,409.886
74.464.228
135,829,355
17.876,400
1,951,732
5,683,508
155,563.989
381.419,811 -17.5
423,734,281
404,823,098
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'n
582,291
1.058,893 -45.0
Va.-Norfolk _ _
.4,000.000
5,495,327 -27.2
Richmond _
31,855,000
41,035,000 -22.4
-Charleston
1,000,611
2.023,750 -50.6
B.C.
Md.-Baltimore.
75,902,581
91,200,782 -16.8
D,C,-Washing'n
24,683,494
24,541,570 +0.8
1,177,928
5,134.264
44,838,000
*2.400,000
95.867,164
27,657,539
1,327,214
5,293,655
43.198,000
2,300,000
102,655,944
25,794,184
185,355,322 -16.5
177,074,895
180,568,997
Sixth Federal Reserve Dist rIct-Atlant a-Knoxville
.2,000,000
3,300,000 -39.4
'Tenn.
13,905,966
21,713,399 ---36.0
Nashville
34,862,563
44,840,985 --22.3
Ga.-Atlanta. _
1,460,310
2,02(3,729 --27.9
Augusta
768,736
1,433,891 --46.4
Macon
13,105,668
Fla.-Jack'nvIlle.
16,01)1,028 --18.1
12,484.535
Ala.-131rm1ng'1fl
22,986,073 ---45.8
1,313,747
1.941,990 ---32.4
Mobile
1,398.000
1,983,175 --29.5
Miss -Jackson..
148,019
259,494 ---42.9
Vicksburg
57,454,720
51,794,412 +10.9
La-New Orleans
3,878,353
24,649,016
55,766,877
2.171.768
1,787,933
16,562,871
22,496,189
1,641.608
2,284,000
489.200
49,767,558
3,800,000
23,636,069
52,563,161
1,963,320
1,978,984
18,797,148
24,943,006
1,523,883
2,337,000
442,200
58,044,061
181,495,373
Week Ended February 14.
Clearings al
1931.
Inc.or
Dec.
1930.
Total(20 cities)
564.857,870
812,419,311 -30.5 1,080,266,251
Eighth Federa 1 Reserve Dis trict-St. Lo nis--Evansville,
Ind.
3,414.258 -6.8
3,188,842
Louis
83,300,000 118,500,000 -29.7
Ky.-Louisville
39,430,683 -36.6
25,065,028
739,101 -41.2
Owensboro_
434,985
Tenn.
-Memphis
20,999,099 -36.6
13,301,496
12,365,021 -42.6
Ark.-LittleRock
7,106.238
III.-JacksonvlIle
151,988
234,000 -35.1
1,224,493 -51.5
594,699
Quincy
Total(6 cities).
Total(11 cities)
314,690,392
138,023,977
138,902,264
188,281.176 -17.4
1928.
939.728,258
4,986,374
140,300,000
44,530,029
524.338
23,143,131
14,504,912
372,275
1,430,850
5,126,447
145,400,000
41,276,411
513,879
22,009,379
14,119,709
307,463
1,310,219
196,906,655 -32.4
229,791,909
230,063,557
Ninth Federal Reserve DIs trict-Minn eapolls
Minn.
-Duluth_ _
3,889,967 -2.9
3,677,646
Minneapolis_
69,119,762 -17.2
57,202,389
St. Paul
16,581,174
22,687,616 -26.9
N. Dak.-Fargo_
1,794,724
1,722,020 +4.1
8 D -Aberdeen_
749.142
985.218 -24.0
Mont.
645.289
-Billings 644,997 +0.1
Helena
2,415,830
2,733,500 -11.7
5,720,904
73,461,322
28,763,927
1,899,629
993,096
640.816
2,815,000
5,731,414
71,963,076
30,413,140
1,937,715
1,092,115
6313.241
2,846,000
101,783,080 -18.4
114,294,894
114,619.705
Tenth Federal Reserve DIs trict-Mans as City
Neb.-Fremont.
305.764 -33.2
204,387
Hastings
501.707 -18.0
411,579
Lincoln
3,404,385 -17.1
2,821,878
Omaha
40,812,344 -23.2
31.348.730
Kan.
-Topeka _ _
3,049,975 -15.6
2,804,818
Wichita
7,240,910 -23.4
5,443,668
MO.-Kans. City
88,747,707 122,362,532 -27.5
St. Joseph_ _ _
5,765,682 -35.2
4,367,040
Colo.
1,167,951 -12.5
1,022,565
-Col.SM.
a
a
a
Denver
1,611,119 -27.5
1,168,309
Pueblo
339,684
605,933
4,239,344
39.978,072
3.184,435
7.519,140
130,638,653
6,563,072
1,442,290
a
1,527,938
340,439
581,102
4,717,538
41,147,588
3,332,924
7,923,395
126,740.911
7,132,954
1,098.862
a
1,302,210
186.222,369 -25.8
196,038,581
194.317.923
les--21.7
-14.4
-28.5
-37.9
-38.3
1,862,956
51,847,962
12.754,177
5,035,000
6,758,189
1,436,086
47,142,893
11,958,570
5,186,000
6,046,244
59,398,457 -20.3
78,258,284
71,769,773
Total(8 cities).
Total(7cities)_
Total(11 cities)
133,143,278
83,066,174
138.140,421
-Da
Eleventh Fede re! Reserve District
1,822.201
Texas
1,303,497
-Austin..
39,767,476
Dallas
34,035,629
8.954,223
Fort Worth.- 6,401,990
3,363,000
Galveston
2,01)0,000
La.
-Shreveport.
5,691,557
3,513,850
Total(5 cities) _
47,344,966
Twelfth Feder al Reserve D strict
-San Franc. seta-51,177,437
Wash,
-Seattle..
33,873,568 +2.8
34,834,931
11,095,000
Spokane
10,186,000 -23.1
7,848,000
1,321,101
Yakima
1,242.397 -33.4
827,148
34,812.073
31,783,797 -35.5
Ore.-Portiand_ 24,035,024
Utah-S. L. City
15,648,008
15,935,886 -24.3
12,065.612
Cal.
7,348,345 -27.3
8,491,087
-Long Beach
5,344,782
Los Angeles... No longer wi I no longer re port cle stings.
18.495,446
Oakland
14,173,395 -15.5
11,989,751
8,456,107
6,248,612 -10.3
Pasadena
5,814,364
Sacramento...
6,442,287
6,877,073 -13.7
5,936,268
San Diego_ _
7,208,002
5,977,348 -34.2
4,591,108
Ban Francisco_ 122.889.670 184,234,358 -33.3 201,982.211
San Jose
2,807,708
3,330,119 -24.3
2,522,245
Santa Barbara_
1,850,231
1,919.763 -12.3
1,678.009
Santa Monica.
2,224,159
1,879,283 -12.6
1,642,391
2,182,200
Stockton_
1,959,000 -33.
1,303,000
44.631,556
12.459,000
1,333.034
34,483.103
15,935,946
8,334.589
19,082,038
7,401,197
6,617,616
5,519,426
209,571.000
2,932.964
1,745,248
2.239,300
2.325,300
Total(16 cities) 243,122,303 326,963,920 -25.6 374,193,058 374,611,205
Grand total (126
Cities)
7 718,847,851 9,608,900,775 -19.7 12458,616.013 9,872,892.656
Outside N. York_ 2,639,246,360 3,581,164,603 -26.3 4,092,764.700 3,892.334,492
Week Ended February 12.
Clearings al
1931.
Inc.or
Dec.
1930.
1929.
1928.
$
$
Canada
%
$
$
Montreal
156,166,889 122.520,180 +27.3 136,329,040 129,345,792
Toronto
113,347,8913 115.232,754 -1.7 153,999,127 126,620,625
41.284.521
41,945.251
Winnipeg
33.626,318 +13.1
33,042,049
19,717,607
22,555.859
18.143.501 -20.7
Vancouver
14.392,718
7,185,890
8,872,611
Ottawa
6,634.018 -20.0
5,309,500
5,651,884
5.283,390
Quebec
5,246,007 -17.8
4,310.528
3.619,521
2.789,624
3,240,471 -21.2
Halifax
2,485,11
5,613,225
6,316,028
5,268,784 -16.4
Hamilton
4,403,443
11,497,692
10,615,175
9,933,275 -24.2
Calgary
7,526,946
2,826,287
2,228,351
2,156,794 -14.6
St. John
1,842,261
2,730,186
2,258,462
2,124,163 +30.1
Victoria
2,763.891
2,704,437
2,603.195
2,381.428 +12.0
London
2,667.746
5,266,164
5,046,864
6.516,956 -37.2
Edmonton
4,094,166
4,391.516
4,651,830
4.228,849 -27.2
Regina
3,082,487
479,814
453,285
427,479 -24.4
Brandon
323.395
576,904
593,214
492,388 -8.7
449,329
Lethbridge
2,004,008
1,828,460
1,838,783 -17.3
1.521,017
Saskatoon
1,049,500
1,056,635
884,624 -18.0
Moose Jaw
725,398
1,283,098
1,165,635
990,714 -10.5
886,823
Brantford
787,185
806,092
665,351 -8.1
Fort William...
611,661
781.164
724,401
689.599 -15.2
584,652
New Westmln.ster
383,017
335,830
259,724 -22.0
202,535
Medicine Hat_ _ _
1,193,128
765,499
778,883 -10.3
696,945
Peterborough....
840,875
774,507
817,503 -22.5
633,226
Sherbrooke
1,309,280
1.101.397 -11.3
1,224.428
977.613
Kitchener
4,941,455
4.478,424 -38.3
4.527,240
2,782,102
Windsor
384,364
372,806 -10.4
334,163
363,717
Prince Albert
1,186.190
785,995 -27.9
566,832
817,054
Moncton
755,426
603,852 -7.4
559,038
685,884
Kingston
602,416
723,803 -19.7
581,639
803,791
Chatham
660,284 -24.2
789,386
Sarnia
500,356
524,640
1,201,710 -40.0
721,129
Sudbury
190,028,232
Total(8 cities).
1929.
Seventh Feder al Reserve I)istrict-Chi cagoMich.
144,641
-Adrian .
204.227 -28.2
270,097
289,359
Ann Arbor_ __ _
792,133 +8.8
862,018
908,216
872,213
Detroit
101,763.939 145,763,904 --31.8 195,856,6713 170,175.394
4,033,049
Grand Rapids.
4,957,476 --18.6
8,554,522
7,526,932
Lansing
2,513,840
3,378.400 --25.6
3.094,940
2,498,881
Ind.
2,438,106
-Ft. Wayne
3,730,908 -34.6
2,992,117
3.517,166
Indianapolis...
20,680.000 --18.6
16,844,000
24,151,000
22,731,000
South Bend_ _ _
2,355,610 -21.3
1,852,671
2,959,596
2,795,100
3,935,164
Terre Haute.
5,302.840 --25.8
4,948,832
5,124.186
Wis.-Milwaukee
32,019,486 -24.4
24,216,983
36,938,635
42,825,090
2,702,643 --10.2
Iowa-Ced.Rap_
2.428,868
2,717,168
2,580,281
5,809,271
Des Moines..
9,416,299 --38.3
9,188,287
8,592,704
3,842,784
6,440,520
Sioux City
6,816,246
6,343,006
1,614,956 --54.2
Waterloo
740,28
1,621,454
1,256,804
1,204,63
1,729,574 --30.4
1,959,510
1,514,688
Chicago
559,168,188 --31.3 742,770,191 849,076,802
383,921,88
1,264.715 --29.8
Decatur
887,80
1,352,771
1,247,024
4,854,463 --36.3
3,094,920
Peoria
5,913,640
5,006,630
3,396.990
Rockford
3,736,823
2,150,58
3,565,058
2,645,979 --17.9
2,990,507
2,172,92
Springfield_
2,714,991
523,790,563
7,673,000
5,404,227
72,438,880
141,674,221
18,373,200
1,903,32
6,333,02
169.934,40
1361
Total(32 cities)
374,073,386
355,022,815
a No longer reports weekly clearings.
+5.4
Estimated
426,801,780
383,943,554
1362
Alt;
Cominertialand p, cellatuottsnews
Breadatuffs figures brought from page 1452.-A11
the statements below regarding the movement of grain
receipts, exports, visible supply, &43., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Corn.
Wheal.
Rye.
Barley.
Oats.
5413.156lbs.trush. 60 lbs. bush.5615,. bush. 32lbs.lbush.48lbs bush.561bs.
19,000
Chicago
3,000
188,000,
170,
533,000 1 204 00
58,000
329.000'
Minneapolis_
102,000
2,035,000
31,000
8,000
32,0001
3,000
Duluth
1,219,000
2,000
30,000 100,111
164,000
Milwaukee13.
245.000
1,
565,000
16,000
Toledo
140,000
2,000
6,000
8,
Detroit
22,000
492,000
158,
62,000
Indianapolis_
38,000
560,0001
563,000
St. Louis_ _
648,000
134,000.
105,000j
85,
485,000
139,000
Peoria
68,000
70,006
88,000.
851,000
1,552,000
Kansas City_
02,006
654,000
703,000
Omaha
80,000,
439,006
250,000
St. Joseph_
2,000
38,006
71,000
207,000
Wichita
3
68,000'
,
46,000
14,000
Sioux City_
Total wk.1931
Same wk.1930
Same wk.1929
riroL. 132.
FINANCIAL CHRONICLE
387,000
410,000
495,000
7,898,000
4,732,000
6.029.000
5,186,
7.279.000
8,371,000
2,339,000 442,
1,898,000 801,000
2,579,000 1,290,
235.000
109,000
207,000
Since Aug.112.305,000 289,444,000110.304,000 75.439.00036,714,00016,181,000
1930
12,594,000274,970,000,155,247,000 91,014,00651,483,00020,197,000
1929
14,217,0003(34.140.0001184.895,000 95,112,000 78,303,000 20,855,000
1928
CHARTER ISSUED.
Capital.
Feb. 12
-The Citizens-First National Bank of Pawhuska, Okla--$100,000
President: W.0. Tucker; Cashier. J. W. Keith.
VOLUNTARY LIQUIDATIONS.
25,000
Feb. 9
-The First National Bank of Alvord, Texas
Effective Jan. 20 1931.
Liquidating Agent: Wm. Covington, care of Alvord National Bank, Alvord, Tex. Absorbed by Alvord National Bank, Alvord, Tex., No. 12671.
40,000
Feb. 9
-The Farmers National Bank of Italy, Texas
Effective Feb. 4 1931.
Liquidating Agent: Whit George, Italy, Texas. Absorbed
by The First National Bank of Italy, Tex., No. 5663.
Feb. 9
-The First National Bank ofBirmingham,Pittsburgh. Pa. 100,000
Effective Jan. 19 1931.
Liquidating Agent: C. F. Beech, 1201 Carson St., Pittsburgh, Pa. Absorbed by The Peoples Pittsburgh
Trust Co. of Pittsburgh, Pa.
60,000
Feb. 10
-The Farmers National Bank in Plano. Texas
Effective Jan. 23 1931.
Agent: R. A. Davis, Plano, Tex. Succeeded
Liquidating
by The First National Bank of Plano,Tex.. No.13511.
25.000
Feb. 12
-The First National Bank of Genoa, Colo
Effective Feb. 3 1931.
Liquid. Agent: C. II. Stramp, Genoa, Colo. Absorbed
by The Limon Nat'l Bank, Limon, Colo., No. 11619.
_
65.000
Feb. 14
-The Exchange National Bank of Polo, Ii
Effective Oct. 20 1930.
Liquidating Agents: L. A. Beard, H. J. Donaldson and
M.E. Schr3rver, care of liquidating bank. Succeeded
by The First National Bank of Polo. Ill., No. 13497.
75.000
Feb. 14
-The First National Bank of Lenoir, No. Caro
Effective Jan. 28 1931.
Dysart, Lenoir, N.C. Succeeded by
Liquid. Agent:L.A.
The Union National Bank of Lenoir, N.C., No.13523.
-Among other securities, the following
Auction Sales.
not actually dealt in at the Stock Exchange were sold at auction
Total receipts of flour and grain at the seaboard ports for in New York, Boston, Philadelphia and Buffalo on Wednestho week ending Saturday, Feb. 14 follow:
day of this week:
By Adrian H. Muller & Son, New York:
Corn.
Oats.
Barley.
Flour. I Wheat.
Rye.
Receipts as
-
bbts.11:Wm itrush.60 lbs. bush.56 lbs. bush. 32lbs. bush.48lbs bush.561bs.
42,000
42,000
750,000
2,000
New York.... 205.000
1,000
215,000
57,006
Philadelphia.
1,004)
23,000
212,000
Baltimore_
7,000
23,000
2,000
Norfolk _
21,000
57,000
9,000
New Orleans •l
19
1
Galveston 620,
St.John, N.I3
17,000
16,
31,000
Boston
370,- 0-06 1,841,006
Total wk.1931
10,145.
Since Jan.1'31 2,637
100,000
587,000
25
217
9,000
47,000
13,000
70,000
97,006
Week 1030.1 419,000 1.378,000
4,000
614
490,0001 106
Since Jan.1'301 3,125,000 7,833,006
39,000
grain passing through New Orleans for foreign ports
• Receipts do not include
on through bills of lading.
Baltimore Stock Exchange.-Reeora ox transactions at
Baltimore Stock Exchange, Feb. 14 to Feb. 20, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Range Sit ce Jan. 1.
Low.
High.
75c
40
60
30%
12
24
750
40%
60
31
13
2434
50
825
45
241
320
150
75e
38
60
30
12
24
Jan
Jan
Feb
Jan
Feb
Feb
1
42
60
3214
1314
2434
Feb
Jan
Feb
Jan
Jan
Feb
118
22
23
24
92
112
110
10311
3
118%
22
23
24
94
112
110
104
3
11
5
9
100
712
35
13
84
110
118
21
2114
24
82
110
10854
10231
2
Jan
Jan
Jah
Jan
Jan
Jan
Jan
Jan
Jan
118%
2314
314
2
24
94
112
110
104
3
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
10
•
Eastern Rolling Mill
3234
EmereonBromoSeltzerAwl
Mdelity&Guar Fire Corp10 2834 27
159
50 160
Fidelity & Deposit
10
Finance Coot Amer A .• 10
44
First National Bank w 1_
1034
3234
2834
160
10
44
7%
106
110 31
372 2434
85 132
42 10
7 41
Jan 1034
Jan 3254
Jan 30
Jan 160
Jan 1034
Jan 45
Feb
Jan
Jan
Feb
Jan
Feb
17
4'3
1313
8%
3231
31
35
3231
2434
534
18
4%
1334
7
3544
3134
41
3314
2444
534
61
61
34%
6131
59
5
3234
0734
38
8414
5934
5
37
9714
Appalachian Corp
• 40
Arundel Corn
Baltimore Brick Pref
Baltimore Trust Co.....10 3014
• 13
Black & Decker com
2434
Preferred..
Ches & Pot Tel of Bait
100 118%
Preferred
Commercial Credit pref 25
25
Preferred B
Comfier Credit NO pref.Consol Gas. El Lt & Pow.' 94
6% preferred series D100
534% pref wiser E.100
100
5% preferred
3
Consolidation Coal.....100
Houston 011 pref new.-Mtr Finance corn vol tr_25
25
1st preferred
25
2d preferred
Maryland Cali new when las
Maryland Trust Co new w 1
May 011 Burner
Meech & Miners Transp_ •
Monon W Fenn P 8 pref 25
Mort Bond ar Tire w 1_
Mt Vernon-Woodb Mills
100
Preferred
New Amsterdam Caa Ins__
Penns Water & Power_ •
50
Union Trust Co
United Rya & Electric...50
U S Fidelity & Guar new 10
•
West Mcl Dairy Inc pref.
Bonds
Baltimore City Bonds
40 Second Sew (Cpn) '64
45 Park Loan
1955
3318 Public Impt_ _1940
Bait Trac N Balt Div 50'42
Mies & Pot Tel of Va 50'43
Consol GEL & P434.'35
1934
Finance Co654s
Maryland Electric Ry1st & ref 6148 ser A 1957
North Ave Market 68_1940
Silica Gel Corp 8148
United Ry & Elea lat 4s 49
Income 40
1949
Funding 5s
1936
lilt 88
1949
•No par value.
1712
434
133.3
3534
36
37
9716
47
100
20
120
702
50
6
325
20
5
h
690
107
59
20
1,121
118
15
Jan
331 Jan
12
Jan
4% Jan
25
Jan
3034 Jan
35
Feb
3234 Jan
24
Jan
534 Feb
60
$3,000 101
101 101
200 101
101 101
101% 101% 3,700 101%
7834 7834 4,000 7634
1,000 103
103 103
1,000 100%
101 101
1.000 101
101 101
5531
0531
49
50
84
9214
4794
22
40
5844
sag
5.000
1,000
84
9531 5,000
20,000
48
2214 8.000
1,500
42
5814 1,000
Jan
Jan
32
5834 Jan
52
Jan
4
Jan
2534 Jan
94
Jan
50
84
9214
4234
1934
37
50
18
414
14
7
3514
32
41
33%
25
73
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
8134 Feb
38
6434
82
8
37
98
Feb
Feb
Jan
jeu
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
101
1014
10131
7834
103%
101
101
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
5531
88
95%
4934
25
4214
65
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Shares. Stocks.
$ per Sh.
15
3Evans Wallower Lead pref
20 Mahoney Ryan Aircraft, panic.
receipts (bearer ctfs.) no par-$31 lot
700 Union Cigar of Md., par $10.$37 lot
100 Chicago Nipple Mfg., cl. B.
$48 lot
par $50
50 Southern Ste. of Fla., corn. B.
$185 lot
no par; 50 7% cum. pref
500 Amer. Industries Corp., temp.
10
ctf., no par
710 Invest. Co. of Am. $35 opt.
$2,200 lot
warrants
250 Colonial Tire & Rub. Co. of
$35 lot
Ind., corn., par $10
50 Hayden Auto'bile Co., pref.$2,500 lot
$ per share
Shares. Stocks.
400 Keystone Instant Food Co.,
$10 lot
par $10
255 New Engl. Motor Sales Co..
$12,750 lot
Prof
500 Rickard Texas Oil Co., Inc.,
$30 lot
par $5
3 Jerome Verde Devel.Co., par
50c.; 105 Westchester-Texas Oil
$2 lot
di Refining Co., par $1
Per Cent.
Bonds.
$105,000 Hoffman Bldg., Inc., 6%
mtge. leasehold guar. gold bonds,
due Feb. 1 1944, Feb. 1 1931.
$5,431.411ot
coupon attached
By Wise, Hobbs & Arnold, Boston:
$ per share.
Shares. Stocks.
82
50 First Nat. Bank, par $20
Associated Textile Co.. as follows:
5 at 35; 5 at 35: 5 at 35; 5 at 35;
5 at 35;5 at 35;5 at 35:Sat 3834•
19 Second National Bank, par $25,139
83
20 Medford Trust Co., par $20
100 Federal Nat. Bank, par $20..... 80
63
6 Medford Trust Co., par $20
11 Federal Nat. Bank, par $20....._ 85
5936
10 Bates Mfg. Co
200 Warosutta Mills
84
5 Naumkeag Steam Cotton Co
10 Dennison Mfg. Co.7% Pre
95
60 Great Northern Paper Co., Par
3931-3931
$25
3 First Nat. Stores, Inc., let pref-108
per share.
Shares. Stocks.
4 Haverhill Elec. Co. (nndep.),60
par 325
100 Springfield G. Lt. Co. V. t. c.,
5434
Par 325
50Bangor Hydro-Electric Co.,com4534
mon,par $25
94
18 DeDIL18011 Mfg. Co.,7% pref
-110 ex-div.
40 U.S. Envelope Co.. pref.
80 Brockton G. Lt. Co. v.1. 0., par
40
$25
Rights39 Lynn G,& E. Co
Bonds
$5,000 Liggett Bldg.,
Aug. 1952
Per right.
731
Per cent.
Ina., asie,
02 & Int._
By R. L. Day & Co., Boston:
$ Per S.
per Sh.
Shares. Stocks.
72
ores..
5 Municipal Service Co., pref
Associated Textile Coo. as follows:
18 Alliance Realty Co.6% Pref.-- 88
5 at 35; 5 at 35; 5 at 35; 5 at 35;
38% 6 New England Pub. Sent. $7 met 91
Sat
.
50 Nat.Shawmut Bank, par 325- 6114 18 Pub. Serv. of New Ramp.$13pf 98
45 13-20 Federal Nat.Bank. par $20 80 11 Springfield Gas Lt. Co., par $25- 5234
zo
75 8 units Finn Peoples Trust
20 Haverhill(Mass.)Trust Co
5531
7834 50 Gamewell Co.,common
30 Pepperell Mfg. Co
Sound Pow & Lt. Co..6%
13 William Whitman & Co.. pref..- 5255 25 Puget
preferred
154 Naumkeag Steam Cotton Co.- 80
23-1 100 J. R. Whipple Corp., common
12 Dwight Mfg. Co., par $25
25c
trust ctf
Protein Products Corp.,corn., vtc.$37 lot
20
14 units First Peoples Trust
95
4 Dennison Mfg. Co., pref
First Peoples Trust 3
18 special units
15 Mass. Bonding as Ins. Co.. par
81% 14 Mass. Bonding & Ins. Co., par
$25
81%
25-32 $25
134 2-3 Nat. Service Co., pref
4931
99
10 Draper Corp
5 Royal Weaving CO
105 10-100 Mass. Investors Trust-. 3334
46 John Reardon & 80118 Corp
5
Per Cent.
15 Shove Mills, old; 25 Fall River
Bonds.
8400,000 Jacksonville Trao. Co.,
Acceptance Corp.A;50 Fall River
let cons. M.50, March 1931.._....20 flat
Acceptance Corp., prof.; 15 J. W.
Gerry & Co.; 300 Maine Glove
$415,000 Jacksonville'Frac. Co., let
.20 flat
Varnish Co.; 10 North American
cons. mtge. 55, March 1931Aviation;8 Low's Boston Thea$400,000 Jacksonville Trao. Co., let
tre Co.. par $25: 17 Seabrook Encons. mtge. 55, March 1931-20 flat
$ per Right.
gineering Co., A
Rights.
$500 lot
714..7 3-10
10 John Reardon & Sons Corti
a 4 Lynn Gas & Elec.Co
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
2 Phila. Nat. Bank, par $20
117
2 Cumberland Nat. Bank, Bridge590
ton, N. J
80 Commercial Nat. Bk. & Tr.,
18
Par $10
100 Adelphia Bk.di Tr. Co.. par MO 814
8 First Camden Nat. Bk.& Tr.Co.,
95
Camden, N.J., par $25
100 Central Tr.& Savings, par $10.. 14
15 Continental-Equitable Title &
25
Trust Co., par $5
._ 90
30 Integrity Trust, par $10
$ Per Sh.
Shares. Stocks.
25 Pa. Co. for Ins. on Lives, &c.,
8231
Par $10
10 Real Est.-Ld. Title & Tr. Co.,
35
par $10
40e
90 Arcadia Cafe Corp
$2 lot
100 Arcadia Cafe CorP
40c
75 Arcadia Cafe Corp
2231
100 Fire Assoc.of Phila
43
13 Delaware RR
1400 Nat. Dept. Stores, 2d prof- 1034
3134
9 Phila, Elec. Power Co., pref
4833
85 Mitten Bank
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
200 Cardinal Petroleum
Par $10
1,000 Area Mines, par 31
$ per Sh.
$ per Sh.IShares. Stocks.
$3.50 lot
100 Peer Oil, no par
Corp.,
$7.50 lot 300 Castle Trethewei Mines, Par $1 18c
.
2c
DIVIDENDS.
Dividends are grouped in two separate tables.' In the
first we bring together all the dividends announced the
current week. Then wo follow with a second &table, in
-The following information'regarding which we show the dividends previously announced, but
National Banks.
National banks is from the office of the Comptroller of the which have not yet been paid.
The dividends announced this week are:
-urrency, Treasury Department:
42
FEB. 21 19311
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed,
Days Inclusive.
Railroads (Steam).
Atlanta & Charlotte Air Line Ry
*4M Mar. 2 *Holders of rec. Feb. 20
Atlanta at Charlotte Air Line Ry
*414 Sept. I *Holders of rec. Aug. 20
Beech Creek (quar.)
*500. Apr. 1 *Holders of roe. Mar. 16
Chesapeake Corp., common (quar.)
*75o. Apr. 1 *Holders of rec. Mar. 7
Chesapeake & Ohio. common (quar.)... *6234e Apr. 1 *Holders of rec. Mar. 7
Preferred
.314 July I *Holders of rec. June 8
Chestnut Hill (Van)
75c. Mar. 4 Feb. 21 to Mar. 3
Columbus & Xenia (guar.)
*21.10 Mar. 10 *Holders of rec. Feb. 25
Consolidated RIVs of Cuba, pref. (quar.) 134 Apr. I Holders of rec. Mar. 10a
Cuba Northern Rye., common
$1.43 Mar.30 Holders of rec. Mar. 30a
Cuba RR., common
800. Mar.3 Holders of reo. Mar.300
Delaware & Bound Brook (Wan)
Feb. 20 Holders of rec. Feb. 17
2
Maine Central, common (quar.)
•1M Apr.
*Holders of rec. Mar. 16
Pere Marquette, common (quar.)
*Holders of rec. Mar. 7
'134 Apr.
Preferred and prior preference (Qum'.) *1M May
*Holders of rec. Apr. 4
Phila. Germantown dr Norristown (au.). $1.50 Mar.
Feb. 21 to Mar. 3
Southern Pacific Co. (guar.)
Holders of rec. Feb. 21a
13.4 Apr.
Public Utilities.
American Electric Power, $7 pref. (qu.) 21.75 Mar. 16 Holders of rec. Feb. 28
$6 preferred (quar.)
$1.50 Mar. 2 Holders of rec. Feb. 20
Amer. Teleg. di Cable
114 Mar. 2 Holders of rec. Feb. 18
(Qum.)
Amer. Telep. & Teleg. (guar.)
23( Apr. 15 Holders of rec. Mar.
Bangor Hydro Elec. Co., 7% pref. (qu.) *13( Apr. 1 *Holders of rec. Mar. 14
10
6% preferred (guar.)
si 34 Apr. 1 *Holders of rec. Mar. 10
Boston Elevated, corn.
*134 Apr. 1 *Holders of roe. Mar. 10
(Van)
Second preferred
*3% Apr. 1 *Holders of
rec. Mar. 10
Canadian Natural Gas, Light, Heat dr
Power, pref. (quar.)
• ji Mar. 1 *Holders of rec. Feb. 16
Central State Elec., corn.(In corn.stk.) tf$
July 1 *Holders of rec. June 5
7% preferred (quar.)
*1% Apr. 1 *Holders of rec. Mar. 5
6% preferred (guar.)
*1% Apr. 1 *Holders of rec. Mar. 5
Convertible pref. series 1928
o$1.50 Apr. 1 'Holders of rec. Mar. 5
Convertible pref. series 1929
051.50 Apr. 1 *Holders of rec. Mar.
Cities Service Pow.& Lt.,$7 pf.(mthly.) 58 1-3c Apr. 15 Holders of row. Apr. 5
la
86 preferred (monthly)
50e Apr. 15 Holders of roe. Apr. la
$5 preferred (monthly)
412-3c Apr. 15 Holders of rec. Apr. la
Coast Counties Gas& ELlst&2d
'
PL(qL) 134 Mar. 16 *Holders of roe. Feb. 26
Connecticut Elec. Service
*75c. Apr. I *Holders of rec. Mar. 15
Coru3ol. Gas,Elec. Light &(guar.)
Pow.,Balt.Common (guar.)
*900. Apr. I *Holders of rec. Mar. 14
5% Preferred series A (quar.)
*15i Apr. I *Holders of rec. Mar. 14
6% preferred series D
'13.4 Apr. 1 *Holders of rec. Mar. 14
(guar.)
534% preferred series E (quar.)
61% Apr. 1 *Holders of rec. Mar. 14
Consolidated Public Service
*62 Jan. 25 *Holders of rec. Jan. 5
Duquesne Light,5% 1st prof.
034 Apr. 15 Holders of rec. Mar. 16
(guar.)
Electric Bond & Share, common
fl
Apr. 15 Holders of rec. Mar. 7
$6 Preferred (guar.)
61.50 May I Holders of we Apr. 4
25 preferred (guar.)
$1.25 May 1 Holders of rec. Apr. 4
Empire Gas dr Fuel,8% prat. (monthly) 66 2-3c Apr. I Holders of roe. Mar. 140
7% Preferred (monthly)
58 1-3e Apr. 1 Holders of rec. Mar. 140
63.4% Preferred (monthly)
541-8c Apr. 1 Holders of rec. Mar. 14a
6% preferred (monthly)
500. Apr. 1 Holders of rec. Mar. I40
Engineers Public Service,
600. Apr. I Holders of rec. Mar. 17
win.(quan)-26 preferred (quar.)
$1.50 Apr. I Holders of rec. Mar. 17
$5.50 preferred (quer.)
$1.375 Apr. I Holders of rec. Mar. 17
$5 Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 17
Feather River Power, pref. A (guar.)
*1)4 Apr. 1
Federal Power & Light,
•134 Feb. 16 *Holders of rec. Jan. 31
Prof.(qua!)
Frankf.& Sol wark Phila. Pass.
$4.50 Apr. I *Holders of rec. Mar. 1
Ry.
(q.)•
Houston Gulf Gas, pref. A
•13( Mar. 2 *Holders of roe. Feb. 14
.k B (quar.)
Huntington Water,7% pref.(quar.)
' Mar. 2 *Holders of roc. Feb. 20
134
Illinois Power Co.,6% pref.(quar.)
1% Apr. I Holders of rec. Mar. 16
7% preferred (guar.)
13.4 Apr. 1 Holders of roe. Mar. 16
International Railway,
sui Mar. 1 *Holders of rec. Feb. 25
7% Prof
Laclede Gas Light, common
Mar. 16 Holders of rec. Mar. 2
2
(gnat%)
Memphis Natural Gas,common(quar.). *15c Apr. 15 *Holders of roe. Mar. 31
Preferred (quar.)
111.75 Apr. I *Holders of rec. Mar. 20
•1
Middlesex Water, common
ar. 1
Mar. 2 *Holders of rec. Feb. 20
Minneapolis Gas Light,7%(qMX.)
Mar. 'Holders of rec. Feb. 20
pref.(qu.)
6% Preferred (guar.)
*1% Mon 1 *Holders of rec. Feb. 20
Mutual Teter..(Hawaii)(monthly)
*Efe Mar. 2 *Holders of roe. Feb. 16
New Brunswick Power. let prof
$4
Mar. 1 *Holders of rec. Feb. 19
New England Tel.& Tel.
2
Mar.31 Holders of rec. Mar. 10
(guar.)
N.Y.&Queens ELLAP.,com.(qual )..•31.50 Mar.14 'Holders of rec. Feb. 27
Preferred (guar.)
.0134 Mar. 2 *Holders of rec. Feb. 20
North Amer. Crafty Sea. let pref. MO- •21.50 Mar.15
Northwestern Pub. Ser.7% pt.(MO
•134 Mar. 2 *Holders of roe. Feb. 20
*134 Mar. 2 *Holders of rec. Feb. 20
pref.(guar.)
Ohio Public Service,7% pref.(mthly.) 581-Se Apr. 1 Holders of rec. Mar. 140
6% preferred (monthly)
500. Apr. 1 Holders of roe. Mar.14a
5% Preferred (monthly)
41 2-3e Apr. 1 Holders of rec. Mar. 140
Oklahoma Gas& Elec..6% pref.(111.)134 Mar. 16 Holders of rec. Feb. 28
7% preferred (guar.)
IH Mar. 16 Holders of rec. Feb. 28
Oregon(Wash.) Water Serv.,$8 pt.(qu)*$1.50 Mar. 1 *Holders of rec. Feb. 16
Otter Tall Power (guar.)
'
32.25 Mar. 1 *Holders of rec. Feb. 15
Pacific N. W.Pub. Ser., pr. pt.(flu.)... '134 Apr. 1 *Holders of rec. Mar. 14
6% first preferred (quar.)
'134 Apr. 1 *Holders of rec. Mar. 14
6% second preferred (quar.)
Mar. 2 *Holders of rec. Feb. 14
7.2% first preferred (guar.)
•
31.80 May 1 *Holders of rec. Apr. 15
26 preferred (guar.)
•21.50 Mar. 2 *Holders of roe. Feb. 14
Penna. Gas & El. Corp. 27 pt.(quar.) •
$1.75 Apr. 1 *Holders of rec. Mar. 20
7% preferred(guar.)
01M Apr. 1 *Holders of roc. Mar.20
Pennsylvania Water & Power (quar.)
750. Apr. 1 Holders of rec. Mar. 13
Philadelphia Co., $6 pref. (quar.)
81.50 Apr. 1 Holders of rec. Mar. 2
$5 preferred
$1.25 Apr. I Holders of rec. Mar. 2
((Mar.)
Pub. Serv. of Col., 7% pref. (monthly). 58 1-3c Apr. 1 Holders of rec.
Mar. 14
6% preferred (monthly)
50c Apr. 1 Holders of roe. Mar. 14
5% preferred (monthly)
41 2-3c Apr. 1 Holders of rec. Mar. 14
Puget Sound Power & Light, common
- Divide nd omit ted
Preferred (quar.)
$1.50 Apr. 15 Holders of rec. Mar. 20
Prior preferred (quar.)
$1.25 Apr. 15 Holders of rec. Mar.20
Second & 3d St., Phila. Pass Ry.(qu.)_. *53
Apr. 1 *Holders of roe. Mar. 1
Southern Nat. Gas,$7 pref.(quar.).
•$1.75 Mar. 2 *Holders of roe. Feb. 20
*31
Standard Gas & Elec., pref.(guar.)
Mar. 16 *Holders of rec. Feb. 28
Syracuse Lighting,8% pref.(guar.).
Feb. 14 *Holden of rec. Jan. 31
- *2
6 A% preferred
'13.4 Feb. 14 *Holders of rec. Jan. 31
((Mar.)
6% preferred (quar.)
t13,4 Feb. 14 *Holders of rec. Jan.
31
Tawny-Palmyra Bridge, conk. (quar.)_ _
Mar. 31 *Holders of rec. Mar. 10
Class A (guar.)
*75c. Mar. 31 *Holders of rec. Mar. 10
Union Natural Gas (Canada)
350. Mar. 1 Holders of rec. Feb. 28
Bonus
50. Mar. 1 Holders of rec. Feb. 28
United Corporation, pref. (quar.)
*75o. Apr. 1 *Holders of rec.
•1yi Mar.16 *Holders of rec. Mar. 5
Washington Water Pow.,6% pt. (qu.)
Feb. 28
634% preferred (guar.)
•1M Mar.16 *Holders of rec. Feb. 28
Western Massachusetts Cos.(quar.)
*
68M0 Mar.31 *Holders of rec. Mar. 17
Banks.
Grace National
lire Insurance.
Importers dr Exporters (quar.)
North River (quar.)
*
5
Mar. 2 *Holders of rec. Feb. 27
•$1
Mar. 2 *Holders of roe. Feb. 21
*500. Mar. 10 *Holders of rec. Mar. 2
Miscellaneous.
Acme Glove Works. Oat pref.-Dividend omitte d.
Adams Express, common (guar.)
*40c. Mar. 31 *Holders of rec. Mar. 14
*134 Mar. 31 *Holders of rec. Mar. 14
Preferred (quar.)
Allegheny Steel, corn. (monthly)
*15e. Mar. 18 *Holders of rec. Feb. 18
750. Mar. 1 Holders of rec. Feb. 20
Allen Industries. Preferred (gear.)
Alpha Portland Cement. prof. (guar.)._ *134 Mar. 14 *Holders of rec. Mar. 2
*134 Mar.31 *Holders of rec. Mar. 20
American Chain, pref. (qual.)
*350. Mar. 31 *Holders of rec. Mar. 12
Amer. Colortype, common (guar.)
*1% Mar. 1 *Holders of
Preferred (Wax.)
roe. Feb. 15
„
*1)4 Apr. 1 *Holders of rec. Mar. 21
American Felt. prof.(guar.
)
$1.50 Mar. 31 Holders of rec. Mar. 144
American Surety, common (guar.)
Amer. Utilities & Gen. Corp., 01. A (qu.) 3234c Mar. 2 Holders of rec. Feb. 20
Clan B-Dividend Passed
750 Mar. 2 Holders of roe. Feb. 20
$3 preferred (guar.)
Name of Company.
1363
Per
When
Cent. Payable.
Books Closed.
Days Inc'stsive.
Miscellaneous (Continued).
Amer. Locomotive, common (qual.)
*50e. Mar. 31 *Holders
Mar.
•15.‘ Mar. 31 *Holders of reo. Mar,13
Preferred (guar.)
of roe.
13
Anglin-Norcross, Ltd, com• (guar-)
Mar. 15 *Holders
6334 Mar. 15 *Holders of rec. Feb. 28
Preferred
of rec. Feb. 28
Anticosti Corp., pref.-Dividend omitte
Armour & Co. of Del.. prof. (quar•)- ' Apr. 1 "Holders of reo.
134
Mar. 10
Armour & Co.of Illinols-Dividend omit ed
15i Apr. 1 *Holders of ree. Mar.
Arnold Print Works, 1st prof.(quar.)... •
20
7% ()aril°. pref.(quar.)
Mar. 1 *Holders of rec. Feb. 20
'87340
Associated Rayon Corp., pref. (quar.)__ y154 Mar. 1 *Holders of rec. Feb. 25
Associated Investment Co., corn.(guar.) $1
Mar. 31 Holders of rec. Mar.21
Common (payable in common stock)_ _ /21
Mar. 31 Holders of rec. Mar. 21
Preferred (quar.)
15 Mar. 31 Holders of roe, Mar.21
,
4
Autocar Company, pref. (guar.)
2
Mar. 15 Holders of rec. Mar. 5
Bankers National Invest. class A (CM.). *25e. Feb. 25 *Holders of rec. Feb. 13
Class A (payable in class A stock).... *el
Feb. 25 *Holders of rec. Feb. 13
Class B (guar.)
*250. Feb. 25 *Holders of roe. Feb. 13
Class B (payable in class B stock).
Feb. 25 *Holders of roe. Fog. 13
- *el
Barker Bros.
-Dividend omitted.
Beneficial Loan Society (quar.)
*So. Mar. 1 *Holders of rec. Feb. 20
Bohn Aluminum & Brass (quar.)
"37340 Apr. 1 *Holders of rec. Mar. 12
Bovril, Ltd.
Am.dep. refs. for def. reg. shares.... •w8
Mar.20 *Holders of roe. Feb. 10
Am.dep. refs. for ord. reg. shares.
-- *334 Mar. 20 *Holders of roe. Feb. 10
Brill Corp., class A (quar.)
"34c. Mar. 16 *Holders of rec. Mar. 2
Preferred (quar.)
*134 Mar. 2 "Holders of roe. Feb. 20
British-Amer. Tob. ord.(bear.)(interim) 10d Mar. 31 Hold. ofnote on
see coup r.139
Registered stock (interim)
Budd Wheel, corn. (guar.)
•25c. Mar.31 *Holders of rec. Mar. 10
Participating preferred (quar.)
*154 Mar. 31 *Holders of rec. Mar. 10
Participating preferred (extra)
*75c. Mar. 31 "Holders of rec. Mar. 10
Burns
27 pref.-Div. deferred.
4,134 May 1 *Holders of .
Byers(A. 21.) Co., pref.(quar.)
Bros.,
rec. Apr 15
California Ink, class A & B (guar.)
*50e. Apr. 1 *Holders of rec. Mar.21
Canada Bread
*25e. M ar. 2 *Holders of rec. Feb. 20
Canada Cement, pref. (guar.)
134 Nfar. 3 Holders of rec. Feb. 28
Canada Iron Foundries,common
13( Mar. 1 Holders of rec. Feb. 18
Preferred
3
M ar. 1 Holders of rec. Feb. 18
Canada Paving & Supply, pref.(quar.).. 13.4 5tar.
Holders of rec. Feb. 20
r.
Canada Permanent Mtge.(quar.)
3
A
Holders of rec. Mar.15
Canadian Internat. Invest. Tr., pl.(qu.) 134 Mar.
Holders of rec. Feb. 14
Canadian Silk Products, class A (guar.). 3734e Mar.
Holde of rec. Feb. 15
Holders
Carnegie Fin. & Inv., pref
54
Feb. 28 *Holders of rec. Feb. 20
Case (J. I.) Co., common (guar.)
*1.34 A pr. 1 *Holders of roe. Mar. 12
Preferred (guar.)
•134 APr. 1 *Holders of rec. Mar. 12
Central States Inv. Trust. corn. (guar.) *15c. Mar. 2 'Holders of rec. Feb. 23
Preferred A (guar.)
*37 34e Mar. 2 *Holders of rec. Feb. 23
Chain & Genii Equities, Inc., pre!
'551 Feb. 27 *Holders of rec. Feb. 19
Champion Fibre. 1st pref.(guar.)
•13i APr. I *Holders of rec. Mar.20
Chapman Ice Cream (guar.)
*3134c A pr. 15 *Holders of rec. Mar.25
Chesebrough Mfg. Consol.,corn.(qu.). $1
M ar. 31 Holders of rec. Mar. 90
Common (extra)
50c. Mar. 31 Holders of rec. Mar. 90
Chic. Cold Storage Whse., pref.(qual.). •
far. 2 *Holders of rec. Feb. 25
134
Chicago Yellow Cab (monthly)
"25c. A pr. 1 *Holders of rec. Mar.20
Monthly
*250. 2
lay 1 *Holders of rec. Apr. 20
Monthly
*250. Jtine 1 *Holders of rec. May 20
Chrysler Corp., common (guar.)
25e. Mar.31 Holders of rec. Mar. 2
*3
Cincinnati Land Shares
Mar. 16 *Holders of rec. Mar. 2
Cincinnati Land Shares
•3
Sept. 1 *Holders of rec. Sept. I
Cincinnati Rubber Mfg.,6% pref.(qu.)
Mar. 1 *Holders of roc. Mar. I
6% preferred (guar.)
*134 June 1 *Holders of rec. June 1
6% preferred (guar.)
•1
Sopt. 1 *Holders of rec. Sept. I
6% preferred (guar.)
Doe. 15 *Holders of rec. Dee. 1
4.3
5tar. 1 *Holders of rec. Feb. 15
Cincinnati Wholesale Grocers
Cities Service, common (monthly)
234c Apr. 1 Holders of rec. Mar. 144
Common (payable in common stock).. 135 Apr. 1 Holders of rec. Mar. lta
Preference B (monthly)
50. Apr. 1 Holders of rec. Mar. 14a
Preference and pref. BB (monthly)_ _
50e. Apr. 1 Holders of reo. Mar. 140
City Ice Co.(Kansas City)
'13.4 Mar. 1 *Holders of rec. Feb. 15
(guar.)
Columbus Auto Parts, pref. (guar.)
50c. Mar. 1 Holders of roe. Feb. 20
Commercial Invest. Trust, corn.(q11a1
50e. Apr. 1 Holders of rec. Mar. So
%).
7% first preferred (guar.)
134 Apr. 1 Holders of rec. Mar. Sa
63.4% first preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 50
Cony. pref. opt,series of 1929(qual.).
Apr. 1 Holders of rec. Mar. 50
Como!. Invest. Corp. of Can.. pf. ((lu.) '134 Mar. 2 *Holders of rec. Feb. 17
Consolidated Paper (quar.)
100.* Mar. 1 *Holders of rec. Feb. 18
Continental Security Holding, pf.(qu.). • yi ndar mit 'Holdersof rec. Feb. 16
1
M o 2 iked.
.
Ho
Continental Shares, Inc., corn.(quar.)- Divide
6% pref.. pref. ser.B & cony. pt.(qu.)-DM dend o miffed.
Crane Co., common (guar.)
433i e Mar. 16 Holders of rec. Feb. 28
Preferred (quar.)
134 Mar. 16 Holders of rec. Feb. 28
Croker Mdlwain Co., corn.
*S1.50 Feb. 2 *Holders of rec. Jan. 27
(War.)
Preferred
*53.5 Feb. 2 *Holders of roe. Jan. 27
Crosse & Blackwell, pref.
87340 Feb. 28 *Holders of rec. Feb. IS
(guar.)
Crown Overall Mfg., pref.
*2
Mar. 1 *Holders of rec. Feb. 15
(guar.)
Crown Willamette Paper, 1st pt. (flu.).. $1.75 Apr. 1 Holders of rec. Mar.13
Secondpreferred (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 13
Crucible Steel, pref. (quar.)
134 Mar.31 Holders of rec. Mar.161
Crunden-Martin Mfg
•
334 Aug. 3 *Holders of rec. Aug. 3
Dennison Manufacturing, deb.eta.(qu.) 2
May 1 Holders of rec. Apr. 18
Preferred (quar.)
134 May I Holders of rec. Apr. 18
Denver Union Stock Yards, pi. (qu.)... •1 i4. Mar. 1 *Holders of rec. Feb. 20
3
0e
Dr.Pepper Co.,common
Mar. 1 Holders of rec. Feb. 14
(guar.)
Common (guar.)
300. June 1 Holders of rec. May 15
Common (guar.)
Sept. 1 Holders of roe. Aug. 15
Common (guar.)
30e. Dec. I Holders of rec. Nov.15
Dominion Engineering Works (guar.)
Apr. 1
*60e. A . 15 *Holders of rec. Mar. 31
Dominion Glass, own. & pref. (quar.).. •154
*Holders of rec. Mar. 16
Douglas Aircraft
550e. Apr. 20 'Holders or rec. Mar. 11
*Holde
Extra
Apr. 15
*25e. Feb. 20 *Holders of rec. Mar. 11
Douglas (John) Co., prof. (guar.)
*111 Mar.. 14 *Holders of rec. Feb. 10
Du Pont(E. I.) de Nem.& Co.,com.(qu 61
ec
Holders of r.Feb. 26
)
Debenture stock (guar.)
134 Apr. 25 Holders of rec. Apr. 10
Electric Controller & Mfg.
*S1.25 Apr. 1 *Holders of rec. Mar.20
Ely & Walker Dry Goods, (guar.)
corn. (quay.) *12340 Mar. 2 *Holders of rec. Feb. 18
Equitable Office Bldg. Corp.. corn. (qu.) 6234c Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
2 Holders of rec. Mar. 14
1
134
Equity Investors Corp., com.(qual.)... 623.40. Mar,15 Holders of rec. Feb. 16
Preferred (quar.)
750. Apr. 1 Holdersof rec. Mar. 16
Ewa Plantation (quar.)
'Holders*Holders of rec. May 5
*60c. May
Federal Mining & Smelt. prof. (quar.)- '154 Mar. 16 'Holders of rec. Feb. 26
Smelt..
Feltman & Curme Shoe
pr. (qu.) *15( Apr. 1 *Holders of rec. Mar. 2
Fidelity Invest. Associates (guar.)
Mar. 1 *Holders of rec. Feb. 25
red
*El
First Amer. Bancorp.. clam A-Divides d defer
First Chrold Corp
•50e. Feb. 18 *Holders of rec. Feb. 11
Florence Stove, eom. (guar.)
*50c. Mar. 2 *Holders of rec. Feb. 18
Preferred (guar.)
*1)4 Mar. 2 *Holders of rec. Feb. 18
Franco Wyoming Oil
50o. Mar. 10
Gatnewell Co.. common (guar.)
21.25 Mar. 16 Holders of rec. Mar. 6
Preferred (guar.)
21.50 Mar.16 Holders of rec. Mar. 6
General Amer. Invest.,6% pref. (qual.) 134 Apr. 1 *Holders of rec. Mar.20
'
Globe Discount & Fin. Corp., pref.(qu.) '8734c Mar. 15 *Holders of roe. Mar. 1
Gold Dust Corp., pref. (guar.)
*$1.5 Mar. 31 *Holders of rec. Mar. 17
Goldsmith (L.) Inc.. 7% & 6% pref.-D ividen ds passe d
Granger Manufacturing (qual.)
1
. 2 *Holders of rec. Feb. 25
*1)i
Green (Daniel) Co., prof. (quar.)
Holders of rec. Mar. 20
134 Apr.
Gulf States Steel. let prof. (guar.)
•134 Apr. 1 *Holders of rec. Mar. 16
Hall (C. M.) Lamp (quar.)
*10c. Mar. 16 *Holders of rec. Mar. 2
Harbauer Co., common (guar.)
450.
. 1 Holders of rec. Mar.23
•
1
Preferred (guar.)
*Holders of rec. Mar.23
Apr.
Harnischfeger Corp., prof. (guar.)
•134 Apr. I *Holders of rec. Mar. 14
Harris Brothers Co.. prof. (guar.)
Feb. 2 *Holders of rec. Jan. 10
Harvey System, Inc., prof
Mar. 1
Hathaway Mfg.
-Dividend omitted
Hickok Oil Corp., class A
Mar.30 'Holders of rec. Feb
1
Hillcrest Collieries, pref. (quar.)
Apr. 15 Holders of rec. Mar. 31
Honolulu Consol. 011 (guar.)
Mar. 16 *Holders of rec. Mar. 5
Hudson Motor Car (guar.)
Apr. 1 *Holders of rec. Mar. 11
Hungarian Discount & Exchange Bank
American shares
62.44
Holders of rec. Mar. 5
1364
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
bliscellaneous (Continued).
Industrial Loan & Inv., pref. (guar.)._ *14 Feb. 1 *Holders of roe. Jan. 30
100. Mar, 1 Holders of rec. Feb. 27
Insuranshares Certificates, corn. (guar.)
International Harvester, corn. (guar.)._ *1323be Apr. lb 'Holders of rec. Mar. 20
Internat. Mtge. & Invest., pref. (guar.) *14 Mar. 2'Holders of rec. Feb. 20
25c Mar. 16 Mar. 1 to Mar. 16
Internat. Petroleum, reg. abs. (quar.)-25o Mar. If Hold, of coup. No. 28
Bearer shares (guar.)
750 Apr. 1 Holders of rec. Mar. 16a
International Salt (guar.)
134 Apr. 1 Holders of roe. Mar. 126
International Silver, pref. (guar.)
Interstate Amiesite Co., pref. (guar.)._ *14 Mar. 1 'Holders of roe. Feb. 20
*150 Feb. 16 *Holders of rec. Feb. 5
Iron Cap Copper. preferred
*25c Apr. 2 *Holders of rec. Mar. 20
Irving Air Chute (guar.)
*62340 .Apr. 1 *Holders of roe. Mar. 20
Kalamazoo Stove (guar.)
*lbo Mar.30 'Holders of rec. Mar. 21
Kalamazoo Vegetable Parchment(qU.)
•150 June 30 *Holders of rec. June 20
Quarterly
*15c. Sept. 30 *Holders of rec. Sept.19
Quarterly
*15c. Dec. 31 *IIolders of tee. Dec. 21
Quarterly
50c. Mar. 14 Holders of rec. Feb. 28
Katz Drug Co., coin.(guar.)
11.625 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 10
Kaufmann Dept.Stores, pref.(guar.).
_ *750. Apr. 1 *Holders of rec. Mar. 20
Kemper-Thomas Co., corn. (guar.)_
July 1 *Holders of rec. June 20
•750.
Common (guar.)
1 'Holders of rec. Sept. 20
*75c. Oct
Common (guar.)
•750. J'n 132 *Holders of rec. Dec. 20
Common (guar.)
*1% Mar. 1 *Holders of rec. Feb. 20
Preferred (guar.)
'134 June 1 *Holders of rec. May 20
Preferred (guar.)
•134 Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
"14 Dec. 1 *Holders of roe. Nov. 20
Preferred (guar.)
Mar. 12
Kimberly-Clark Corp.,com.(guar.)-- - - 6234e. Apr, 1 Holders of rec. Mar. 12
134 Apr. 1 Holders of rec.
Preferred (guar.)
30e. Mar. 16 Holders of rec. Mar. 2
Lake Shore Mines (guar.)
*2
Apr. 1
Lotus & Bros., pref.(guar.)
July 1
*2
Preferred (guar.)
Oct. 1
*2
Preferred (guar.)
24
Le Blond-Schacht Trtmk, pref.(guar.).- "134 Mar. 1 *Holders of rec. Feb. 14
Feb.
Legare(P. T.) Co.. Ltd., Pref.(guar.).- "14 Mar. 1 *Holders of rec. Mar. 12
75c. Apr. I Holders of rec.
Corp., pref.(qu.).-Lehigh Valley Coal
•90c. Mar. 31 Mar. 13 to March 31
Lehigh Valley Coal Sales (guar.)
Feb. 2 *Holders of rec. Feb. 15
Lewis(B.L.) Corp.,8% pref.(quar.).-- "2
*14 Apr. 1 "Holders of rec. Mar. 10
(guar.)._
Liggett & Myers Tob., pref.
*3734e Mar. 16 *Holders of rec. Feb. 24
Lily Tulip Cup Corp.. corn. (guar.).
Mar.31 'Holders of rec. Feb. 24
Preferred (guar.)
*50c. Mar. 1 *Holders of rec. Feb. 20
Lindsay Nunn Pub., pref.(quar.)
75c. Mar. 31 Holders of rec. Mar. 14
Loew's, Inc., corn. (guar.)
24 Apr. 1 Holders of rec. Mar.170
Lord k Taylor, corn.(guar.)
Mangel Stores Corp., pref.-Dividend d eferred
Marbelite Corp. of Amer., pref.-DWI& nd oral ttecl
•50c. Feb. 1
Matson Navigation (guar.)
Mar. 2 *Holders of rec. Feb. 24
El
Marsh (M.)& Son, class A (guar.)
(Oscar) & Co., 1st pref.(guar.).- •1% Mar. 2'Holders of rec. Feb. 24
Mayer
*2
Mar. 'Holders of rec. Feb. 24
Second preferred (guar.)
"50c. Mar. 16 *Holders of rec. Mar. 2
Mayflower Associates, Inc. (guar.)
4.6234c May 1 *Holders of rec. Apr. 20
McCall Corp., corn. (guar.)
McClatchy Newspaper, 7% pref. (gu.). "14 Mar. 1 "Holders of rec. Feb. 27
"$1.50 Mar. 2 *Holders of rec Feb. 18
Mead Corp., pref. (guar.)
$1.50 Mar.31 Holders of rec. Mar. 4a
Mergenthaler Linotype (Oust.)
*50c. Mar. 1 *Holders of rec. Feb. 25
*El
Mar. 1 "Holders of rec. Feb. 25
(gnat.)maelial corn.(aunt.))
Preferred
Merri
•8734c Mar. 1 *Holders of rec. Feb. 20
Metal Textile Corp., pref. (guar.)
Miller (I.) & Sons, corn -Dividend omitted
*14 Mar. 1 *Holders of rec. Feb. 19
Preferred (guar.)
14 Mar. lb Holders of rec. Feb. 28
Montreal Cottons, com. (guar.)
134 Mar. lb Holders of rec. Feb. 28
(guar.)
Preferred
3
Mar. 16 Mar. 1 to Mar. 16
_
Montreal Loan & Mortgage (guar.)
1
Mar. 16 Mar. 1 to Mar. 16
Bonus
25e. Mar. 1 Holders of rec. Feb. 16
Supply,corn.(guar.)_
Morison Electrical
*lc. Mar. 1 *Holders of rec. Feb. 24
Mt.Diablo 011 Min.& Devel.(guar.)...
10c. Mar. 1 Holders of rec. Feb. 18
Mulrheads Cafeterias, corn
25c. Mar. 1 Holders of rec. Feb. 18
Preferred
Fob. 13
Nashua Gummed & Coated Paper (qu.). *50c. Feb. 1 *Holders of rec.
25e. Mar. 16 Holders of rec. Mar. 2
Nat.Bond & Share Corp.(guar.)
National Brick. pref.-D1v. omitted.
*30c. Mar. 15 *Holders of rec. Feb. 27
National Casualty Co.(Detroit) (qu.)
Feb. 10
Nat'l Industrial Bankers, pref. (guar.)._ *7.5c. Feb. 2 'Holders of rec. May 13
May 31 *Holders of rec.
National Lead.common (guar.)
'134 May 1 'Holders of rec. Apr. 17
B (guar.)
Preferred
•250 Mar. 16 *Holders of rec. Feb. 28
National Transit (guar.)
Naugle Pole 8( Tie. pref.-Div. not deals red.
Mar. 1 *Holders of rec. Feb. 20
Co., corn. (annual)... es
Neiman-Marcus
*1% Mar. 1 "Holders of rec. Feb. 20
Preferred (guar.)
e.1% June. 1 *Holders of rec. May 20
Preferred (guar.)
*14 Sept. 1 *Holders of rec. Aug. 20
Preferred (quar.)
'134 Doe. I *Holders of rec. Nov. 20
Preferred (guar.)
*50c Mar. 1 *Holders of rec. Mar. 1
Meter, corn. A & B (guar.).
Neptune
"250 Mar. 2 *Holders of rec. Feb. 18
New Bedford Cordage,common
"14 Mar. 2 *Holders of rec. Feb. 18
Preferred (guar.)
*$1.25 Mar. 1 *Holders of rec. Feb. 20
New Bedford Investment Trust
*10c Mar. 1 *Holders of rec. Feb. 20
North Amer. Oil Consol. (monthly)
American Provision, pref. (guar.) *134 Apr. 1 *Holders of rec. Mar. 10
North
14 Apr. 1 Holders of rec. Mar. 10
North Central Texas011 (guar.)
O'Connor, Moffatt & Co.. Cl. A (guar.).'3734e Mar. 2'Holders of rec. Feb. 14
*25c Mar. It "Holders of rec. Mar. 10
(guar.)
Ohio Elec. Mfg.
Oneida Community, Ltd., corn. (guar.). *25c Mar. 14 *Holders of rec. Feb. 28
"434c Mar. 14 *Holders of rec. Feb. 28
Preferred (guar.)
•3734c Feb. 21 *Holders of rec. Feb. 14
Orange Crush Co. (Ills.) (guar.)
-Div. omItte d.
Pacific American Fisheries
*$1
Mar. 27 'Holders of rec. Mar. 17
common (guar.)
Paraffine Cos.,
*30c Mar. 2 *Holders of roc Feb. 16
Parker Trading, claw A & (quar.)
*3735c Mar.1 *Holders of rec. Feb. 28
Pavonia Building Corp
Mar. 31 *Holders of rec. Mar. 20
Peabody Engineering, pref. (guar.)._
,
1
•13 June 3i 'Holders of rec. June 30
Preferred (guar.)
"19i Sept.31 *Holders of rec. Sept.20
Preferred (quar.)
•13i Doe. 31 *Holders of rec. Dec. 30
Preferred (quar.)
*Holders of rec. Feb. 16
Pennsylvania Bankshares & Sec., Pf.(qU)'624 Mar. 1 *Holders of rec. Feb. 20
"18
Feb. 28
Perfection Stove (monthly)
*184 Mar. 31 *Holders of rec. Mar. 20
Monthly
3734c Apr. 1 Holders of reo. Mar. 11
Pet Milk Co.,common (guar.)
134 Apr. 1 Holders of rec. Mar. 11
Preferred (Guar.)
*400 Mar. 2 *Holders of rec. Feb. 14
011 & Gas Co
Petroleum
*134 Mar. 1 *Holders of rec. Feb. 23
Pierce Mfg. (guar.)
*500 Feb. 1• *Holders of roe. Feb. 10
Pittsburgh Bond &Share (guar.) °mine
-Div.
Plymouth Rubber, class B
*50c Mar.31 *Holders of rec. Feb. 28
Prairie Oil& Gas (guar.)
.75c Mar.31 *Holders of rec. Feb. 28
Prairie Pipe Line (guar.)
14 Mar. 31 Holders of rec. Mar. 2
Pressed Steel Car, pref. (guar.)
4,1% Mar. 1 "Holders of roe. Feb. 21
Public Elec. Light. pref. (guar.)
pref. A (guar.)._ 87340 Apr. 1 Holders of rec. Mar. 2a
Radio Corp. of Amer.,
$1.25 Apr. 1 Holders of rec. Mar. 2a
Preferred B (guar.)
12340. Mar.16 Holders of rec. Feb. 26
Railroad Shares Corp
*Holders of rec. Feb. 24
(qu.) *8734 Mar.
Railway & UM.Inv. Corp.,7% Pf.
*Holders of rec. Fob. 24
*750 Mar.
6% preferred (guar.)
$1.21 Mar. 'Holders of rec. Feb. 24
American shares
Rand Mines,
650 Mar. 16 Holders of rec. Feb. 28
Raybestos-Manhattan, Inc. (guar.).-.
1 *Holders of rec. Feb. 28
Reeves (Daniel), Inc., corn. (quar.)_ _ _ *3734c Mar. 1 *Holders of rec. Feb. 28
Mar.
634% preferred (guar.)
"14 Apr. 1 *Holders of rec. Mar. 20
Reliance Mfg. of Ills., pref.(guar.)
*100 Apr. 1 *Holders of rec. Mar. 10
Reo Motor Car (guar.)
75c Mar. 2 Holders of tee. Feb. 16
Research Investment Corp., common_
750. Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
500 Mar. 16 Holders of rec. Feb. 28
Schiff Co., common (guar.)
134 Mar. 16 Holders of rec. Feb. 28
Preferred (guar.)
*25c Apr. 1 "Holders of rec. Mar. 20
Shattuck (F. G.) Co. (guar.)
- *25c Mar. 1 'Holders of rec. Feb. 28
signal Oil & Gas, class A & B (guar.).
Feb. 16 *Holders of rec. Feb. 14
Sioux City Stock Yards. corn. (quar.)_. '2
Feb. 1 'Holders of rec. Feb. 14
*4
Common (extra)
Feb. 1 *Holders of rec. Feb. 14
*2
Preferred (guar.)
Feb. 16 *Holders of rec. Feb. 14
'4
(extra)
Preferred
$1.75 Mar. I Holders of rec. Feb. 20
South American Rys., pref
of rec. Mar. 12
spang, Chalfant & Co., pref. (guar.)... •134 Apr, 1 *Holders
common No actio n take ii
Standard Dredging,
1
Standard Steel Constr., cl. A (guar.).- *75c. Apr.
(You 132.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*1234c Mar. 1 *Holders of rec. Feb. 21
Standard Utilities (guar.)
Mar. 16 *Holders of rec. Mar. 2
$1
State Street Exchange (guar.)
25c. Mar. 1 Holders of roe. Feb. 14
Slit. Baer ds Fuller. corn. (guar.)
'750. Apr. 15 *Holders of roe. MarA17
Stone dz Webster, Ino. (guar.)
Stromberg-Carlson Teter,. Mfg. (guar.) •250. Feb. 16 *Holders of roe. Mar. 2
'12340 Feb. 16 *Holders of roe. Mar. 2
Extra
•1,.‘ Feb. 16 *Holders of rec. Mar. 2
Preferred (guar.)
Sullivan Packing, pref.-Dividend omit ted
Superior Portland Cement,01. A (mthly) *2734c Mar. 1 *Holders of roe. Feb. 23
*75o. Apr. 1 'Holders of rec. Mar. 6
Texas Corporation (guar.)
Mar.16 Holders of rec. Mar. 2
$1
Texas Gulf Sulphur (guar.)
250. Mar.31 Holders of rec. Mar. ID
Teton Oil ez Land, common (quar.)---40c. Apr. 1 Holders of rec. Mar.20
Thatcher Manufacturing, corn. (guar.).
Feb. 20 *Holders of rec. Jan. 25
Thew Shovel Co
*50c. Mar. 1 *Holders of rec. Feb. 25
Thomson Electric Welding (guar.)
Mar. 1 *Holders of rec. Feb. 25
Extra
Thomson-Gibb Elec. Weld., Cl. A (No.1) *50c. May 1 'Holders of rec. Apr. 21
'$3.50 Feb. lb "Holders of rec. Feb. 15
Thunder Lake Lumber, pref
Mar.20 "Holders of rec. Mar. 5
*al
Todd Shipyards Corp.(guar.)
Mar. 2 *Holders of rec. Feb. 28
'2
Traders Building Ass'n ((MO
no.Feb. 15
Trustee Food Shares (No. 1)
'69c. Mar. 1
Twentieth Century Fixed Trust
Underwood-Elliott Fisher Co..com.(qu)_ $1.25 Mar.31 Holders of rec. Mar. 12
134 Mar.31 Holders of rec. Mar.12
Preferred (guar.)
Underwritings & Partic., class A (guar.) *750. Mar. 2'Holders of rec. Feb. 16
01734c Mar. 1 'Holders of rec. Feb. 18
Unexcelled Mfg. Co. (guar.)
,
United Artists Theatre Circuit, pfd.(qU.) 4 1u Mar. 16 *Holders of rec. Feb. 28
United Founders Corp., corn stock-Div Wend omitted
United Guaranty Corp., class A (quar.)_ "2734e Feb. 16 *Holders of rec. Feb. 2
Feb. 16 *Holders of rec. Feb. 2
*2
Prior preferred
*50c. Mar. 1 *Holders of roe. Feb. 14
United Milk Crate, class A (guar.)
Mar. 16 Holders of rec. Mar. 2
El
United Stores Corp., pref.(guar.)
*50c. Apr. 1 *Holders of rec. Mar. 16
Universal Products (guar.)
*250. Mar. 2 "Holders of rec. Feb. 16
Upson Co., class A and B
'm Mar. 1 *Holders of rec. Feb. 17
Valley Mould & Iron, Prof.(guar.)
'234 Feb. 10 *Holders of rec. Feb. 2
Vapor Car Heating, corn. (guar.)
•600. Mar. 15 *Holders of rec. Mar. 1
Viking Pump Co.. pref.(guar.)
*60o. Apr. 1 *Holders of rec. Mar. 20
Vortex Cup Co., corn. (guar.)
•6240 Apr. 1 *Holders of rec. Mar. 20
Claw A (guar.)
Walker (Hiram) Gooderham &
25c. Mar. 16 Holders of rec. Feb. 20
Worts (guar.)
•250. Mar. 16 *Holders of rec. Mar. 5'
Walworth Co., corn. (guar.)
"75c. Mar. 31 *Holders of rec. Mar.20
Preferred (guar.)
Feb. 16 *Holders of rec. Feb. 16
*2
Watab Paper, Prof. (guar.)
Mar. 1 *Holders of roe. Feb. 1
*4
Weill (Raphael) dr Co., pref
West Michigan Steel Foundry (guar.)._ - *25c. Mar. 16 *Holders of roe. Mar. 2
*434c Mar. 2 *Holders of rec. Feb. 16
Preferred (guar.)
134 Feb. 16 Holders of rec. Feb. 2
West Va. Pulp & Paper,6% prof.(flu.)134 May 15 Holders of rec. May 1
6% preferred (guar.)
134 Aug. 15 Holders of rec. Aug. 1
6% preferred (guar.)
134 Nov. 16 Holders of rec. Nov. 2
6% preferred (guar.)
350. Mar. 16 Holders of rec. Feb. 28
Western Can. Flour Mills, corn.(guar.).
134 Mar. 16 Holders of rec. Feb. 28
Preferred (guar.)
Mar. 1 *Holders of rec. Feb. 23
*al
Western N. Y. Motor Lines, corn
Mar. 1 *Holders of rec. Feb. 23
*4
Preferred
•500. Mar. 5 *Holders of rec. Feb. 25
Western Pipe & Steel (guar.)
50c. Apr, 30 Holders of rec. Mar. 31
Westinghouse Air Brake (guar.)
*13234c Mar. 31 *Holders of rec. Mar. 20
Wilcox-Rich Corp., clam A (quar.)
*3734c Mar.2 *Holders of rec. Feb. 24
Wilson-Jones Co. (guar.)
"20a. Feb. 16 *Holders of rec. Fob. 2
Wise(Wm.H.)& Co.,8% pref. (quar.)
Wood Newspaper Mach.,pr. pfd.(guar.) *14 Mar. 1 *Holders of tee. Feb. 20
Woods Manufacturing, pref.-Dividend ornitt eel
Mar. 2 *Holders of rec. Feb. 20
Worumbo Mfg., pref. (guar.)
Woolf Bros., Inc., 7% pref. (quar.)- -- •131 Mar. 2 *Holders of rec. Feb. 20
Wright (Oscar) Co., corn. A (guar.).-- *750. Feb. 20 *Holders of rec. Jan. 3
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.
Rooks Closed.
Days Inclusive.
Railroads (Steam).
A teb.,Topeka & Santa Fe.com (quar.). 24 Mar. 2 Holders of tee. Jan. 300
Mar. 2 Holders of tee. Jan. 17a
Baltimore & Ohio,common (guar.)
Mar. 2 Holders of MO. Jan. 17a
1
Preferred (guar.)
88c. Apr. 1 Holders of too. Feb. 28a
Bangor dr Aroostook, corn.(guar.)
134 Apr. 1 Holders of rec. Feb. 250
Preferred (guar.)
Mar.31 *Holders of rec. Feb. 28
*2
Boston & Albany (guar.)
6234e. Apr. 1 Holders of rec. Mar. 20
Canadian Pacific. ordinary (guar.)
Apr. 1 Holders of rec. Mar. 2
2
Preference
Mar,31 Holders of rec. Mar. 20
Chicago & North Western, corn.(guar.) 1
15( Mar,31 Holders of rec. Mar. 2a
Preferred (guar.)
•13,4 Mar. 2 *Holders of rec. Feb. 16
New Oil. dr Tex. Pac., pref.(guar.).
Cm.
Cleveland & Pittsburgh, guar. (guar.). 8735c. Mar. 2 Holders of tee. Feb. 10a
500 Mar. 2 Holders of roc. Feb. 10a
Special guaranteed (guar.)
234 Mar.20 Holders of rec. Feb. 260
Delaware & Hudson Co. (guar.)
Feb. 28 *Holders of rec. Feb. 20
Si
Hartford & Connecticut Western
194 Mar. 2 Holders of rec. Feb. 6a
Illinois Central, common (guar.)
Mar. 2 Holders of rec. Feb. 60
3
Preferred
134 Mar. 2 Holders of rec. Feb. 16
Maine Central, pref. (guar.)
Apr. 10 *Holders of rec. Mar.31
'2
Pennsylvania (guar.)
Maryland &
*81.25 July 9 *Holders of rec. July 8
Mill Creek & Mine Hill Nay. & RR
194 Mar. 31 Holders of roe. Mar. 56
MIssouri-Kansas Texas. pref. A (guar.)131 Feb. 28 Holders of rec. Feb. 13a
(guar.).-New Orleans Texas & Mexico
.
N.Y.Chic.& St. Lou.,corn.& Pf A Mu) 134 Apr. 1 Holders of rec. Fob. 16a
13a
ree.
N.Y. N. H.& Hartford, corn.(gnat.).. 134 Apr. 1 Holders of ree. Mar. 60
Mar.
134 Apr. 1 Holden of
Preferred (guar.)
Feb.
Norfolk dr Western. common (quar.)__.. 23.3 Mar. 19 Holders of rec. July 250
20
North Carolina RR.,7% guar. stock... *353 Aug. 1 *Holders of rec.
Feb. 25 Holders of rec. Feb. 16
31
North Pennsylvania (guar.)
Mar. 1 *Holders of tee. Feb. 18
Northern RR.of New Jersey (gust,)
Feb. 28 Holders of roe. Feb. 2a
$1
Pennsylvania (guar.)
•134 Apr. 1 *Holders of tee. Mar.25
Peterborough ItR
Youngs. dr Ashtabula, pref.(qui 151 Mar. 2 Holden of roe. Feb. 200
Pittsb.
50c Mar. 12 Holders of rec. Feb. 19a
Reading Co., lot pref. (guar.)
Bt. Louis-San Francisco.8% pref.(go.). 134 May I Apr. 12 to May 12
134 Aug. l Holders of tee. July la
6% preferred (guar.)
134 Nov. 2 Holders of tee. 00t. to
8% Preferred (guar.)
May 1 Holders of tee. Apr. la
Southern Ry common (guar.)
1.65 Aug. 1 Holders of roe. July la
Common (guar.)
234 Apr. 1 Holders of rec. Mar. 2
Union Pacific, corn. (guar.)
AM'. 1 Holders of rec. Mar. 20
Preferred
United N.J. RR.& Canal Cos.(gust.)- "234 Apr. 10 "Holders of roe. Mar. 19
Public Utilities.
51.75 Apr. 1 Holders of rec. Mar. 14
Alabama Power. $7 pref.(lum.)
$1.50 Apr. I Holders of rec. Mar. 14
$6 Preferred (guar.)
$1.25 May 1 Holders of roe. Apr. 15
$5 preferred (guar.)
Alabama Water Service, $6 prof. (gliar.) •$1.50 Mar. 1 *Holders of rec. Feb. 20
25e. Mar. 2 Holders of rec. Feb. 14a
Amer. Power & Light, corn. (gust.)....
$14 Apr. 1 Holders of rec. Mar. 140
$5 preferred stamped (guar.)
El
Apr. 1 Holders of roe. Mar. 140
$5 Preferred (guar.)
11.50 Apr. 1 Holders of tea. Mar. 10
$6 preferred (guar.)
American Water Works & Electric
$1.50 Apr. 1 Holders of rec. Mar. 12a
$6 1st preferred (guar.)
*2
Apr. 1 *Holders of rec. Mar. 24
Arizona Power, 8% pref.(guar.)
•14 Apr. 1 'Holders of rec. Mar. 24
7% preferred (guar.)
$1.25 Mar. 16 Holders of tee. Feb. 16
Associated Gas & Elec. $5 pref.(quar.).$1.50 Mar. 2 Holders of tee. Jan. 31
$6 preferred (guar.)
51.625 Mar. 2 Holders of rec. Jan. 31
$6.50 preferred (guar.)
50c. Mar. 14 Holders of rec. Feb. 23
Barcelona Trae., It,& Pow., corn
Birmingham Water Works,6% Pref.(qU.) *134 Mar.16 *Holders of roc. Mar. 2
2
Mar. 2 Holders of rec. Feb. tia
Brooklyn Edison Co., Inc.(guar.)
,
'
Bryn:Manhattan Trap.. pf.set. A (ilu.) 51.50 Apr. 15 Holders of rec. Apr. Its
81.25 Apr. 1 Holders of rec. Mar. 20
Union Gas (guar.)
Brooklyn
FEB 21 1931.]
Name of Company.
FINANCIAL CHRONICLE
-
Per
When
Cent. Payable.
Books Closes
Days inclusive.
Public Utilities (Continued).
Canada North. Pow. Corp., corn.
20c Apr. 25 Holders of rec. Mar.31
Preferred (guar.)
•144 Apr. 15 *Holders of rec. Mar. 31
Canadian Hydro-Elec., Id pref. (qu.)
'144 Mar. 1 "Holders of rec. Feb. 2
Canadian Western Natural Gas, Light
Heat & Power, preferred (extra)
*25e Mar. 2 *Holders of rec. Feb. 14
Preferred (extra)
*250 June 1 *Holders of reo. May 15
Cent. Ark. Public Service. pref.(guar.). 144 Mar. 2 Holders of rec. Feb. 16a
Central Gas & Elec., $6.50 pref.(guar.)* $1.625 Mar. 1 'Holders of rec. Feb. 13
Central Indiana Power. pref. (quar.)144 Mar. 2 Holders of rec. Feb. 20
Cent. Miss. Valley Elec,Prop..Pref.(all) 4.1% Mar. 2 *Holders of roe. Feb. 14
Cent.Pub.Serv., cl. A (140th 0.A stk.)
Mar. 15 'Holders of rec. Feb. 23
$7 Preferred (guar.)
*$1.75 Apr. 1 *Holders of rec. Mar. 12
86 preferred (attar.)
4$1.50 Apr. 1 'Holders of rec. Mar. 12
84 preferred (guar.)
Apr. 1 *Holders of rec. Mar. 12
. $1
1
.
Central & S. W.Utilities, corn.(qua?.). 11)4 Apr. 15 Holders of rec. Mar. 31
Chicago Rap.Tr., pr. pref. A (monthly). *65c. Mar. 2 *Holders of rec. Feb. 17
Prior preferred B (monthly)
*1300. Mar. 2 *Holders of rec. Feb. 17
Chic. Sou. Shore & Sou. Bend RR.
Preferred A (guar.)
144 Mar. 2 Holders of rec. Feb. 14
Cities Serv.Pow.Sr Lt.87 Dr.(mthly.)_ 8 1-3e Mar. 16 Holders of rec. Feb. 250
86 preferred (monthly)
50c Mar.26 Holders of rec. Feb. 28a
$5 preferred (monthly)
4 1 2-3c. Mar. 16 Holders of rec. Feb. 28a
Citizens Gas of Indianapolis, pref.(qu.). *I3i Mar. 2 *Holders of rec. Feb. 20
Cleveland Elee.111., pref.(quar.)
144 Mar. 1 Holders of roe. Feb. 16
Commonwealth & Southern, corn.(qu.)
15c. Mar. 2 Holders of rec. Feb. 60
$6 Preferred (guar.)
81.50 Apr. 1 Holders of rec. Mar. 50
Commonwealth Utilities. pref. C(quan) 31.625 Feb. 28 Holders of rec. Feb. 20
Community Water Sexy.,$7 1st pf.(quO $1.75 Mar. 2 Holders of rec. Feb. 20
Connecticut Power (guar.)
*6244c Mar. 2 *Holders of rec. Feb. 15
Consumers Power Co.,85 pref.
81.25 Apr. 1 Holders of roe. Mar.14
(goar.)
6% Preferred (guar.)
..
1)4 Apr. 1 Holders of rec. Msr.14
6.6% preferred (guar.)
1.65 Apr. 1 Holders of rec. Mar. 14
7% preferred (guar.)
144 Apr. 1 Holders of roe. Mar. 14
6% preferred (monthly)
500. Mar. 2 Holders of roe. Feb. 14
6% Preferred (monthly)
ago. Apr 1 Holders of rec. Mar. 14
55c. Mar. 2 Holders of roe. Feb. 14
6
.6% Preferred (monthly)
85e. Apr. 1 Holders of rec. Mar 14
6.6% Preferred (monthly)
Consolidated Gas of N. Y.. corn.(qu.)- $1
Mar.16 Holders of rec. Feb. en
Consolidated Gas Utilities, class A (qu-) 55e, Mar. 2 Holders of rec. Feb. 14
Detroit Edison Co.(guar.)
Apr. 15 Holders of rec. Mar. 20a
2
Eastern Minn Power, 36 pref. (guar.).- $1.50 Mar. 2 Holders of rec. Feb. 14
East.Shore Pub.Serv.,8644 pfd.(au.). $1.625 Mar. 1 Holders of rec. Feb. 16
$6 preference (guar.)
81.50 Mar. 1 Holders of rec. Feb. 16
East Kootenay Power Co., pref.(quan) 144 Mar.16 Holders of rec. Feb. 28
Empire & Bay State Telegraph (qua?.).- 4.1
Mar. 1 "Holders of rec. Feb. 18
Empire District El. Co., pref.(mthly.).
50c Mar. 2 Holders of ree. Feb. 146
Empire Gas & Fuel Co..8% pt. (rattily 6 6 2-3e Mar. 2 Holders of rec. Feb. 140
7% Preferred (monthly)
5 8 1-3c Mar. 2 Holders of rec. Feb. 140
6)4% preferred (monthly)
5 4 1-6c Mar. 2 Holders of rec. Feb. 14a
6% preferred (monthly)
50e Mar. 2 Holders of rec. Feb. 14a
Federal Light & Tract., corn.
37340 Apr. 1 Holders of rce. Mar. 130
Common (payable in cons. Mari-- .
Apr. 1 Holders to rec. Mar.I3a
stock)- --- /1
Preferred (guar.)
81.50 Feb. 28 Holders of ree. Feb. 140
Federal Water Service, COM. A (qua?.).
60c Mar. 1 Holders of rec. Feb. 20
Florida Power Corp., Prof. A (quar.)._. 144 Mar. 1 Holders of rec. Feb. 16
7% pref.(par 850)(QUan)
8744c Mar. 1 Holders of rec. Feb. 16
Gary Rys. Co., pref. A (guar.)
1.8 Mar. 2 Holders of rec. Feb. 20
Gas& Elec.Securities,corn.(monthly)-.
500 Mar. 2 Holders of rec. Feb. 14
Common (payable In common stock). 144 Mar. 2 Holders of rec. Feb. 14
Preferred (monthly)
53 1-3 Mar. 2 Holders of rec. Feb. 14
Gas Securities Co.. corn.
g)i Mar. 2 Holders of rec. Feb. 14
Preferred (monthly) (monthly)50c. Mar. 2 Holders of rec. Feb. 14
General Gas & Elec., el. A
1744e. Apr. 1 Holders of rec. Feb. 274
(Quan)
$6 pref. series A & B
$1.50 Mar. 16 Holders of rec. Feb. 166
(guar.)
$7 Pref. series A (guar.)
$1.75 Apr. 1 Holders of rec. Feb. 27a
$8 pref. series A (guar.)
Apr. 1 Holders of rec. Feb. 27a
32
Great West. Power (Calif.),
7% Pfd-( ) *144 Apr. 1
5u
8% preferred (guar.)
*134 Apr. 1
Green Mtn. Power. $6 pref.(guar
)- - 81.50 Mar. 2 Holders of reI. Feb. 14
'Mots Water Service, prt.f.
144 Mar. 1 Holders of rec. Feb. 20
Ind lanapolis Vt, ater Co., pref. A (qu.)_.. 134 Apr. 1 Holders of rec. Mar. 12a
Indiana Service Corp.7% pref.(guar.)
- 144 Mar. 2 Holders of rec. Feb. 14
6% Preferred (guar.)
Holders of rec. Feb. 14
144 Mar.
Intercontinents Power,$7 pref.(guar-)
Holders of rec. Feb. 16
$1.75 Mar.
Ironwood & Bessemer Ry.& Lt., pf.(qu.) *144 Mar.
*Holders of rec. Feb. 15
Keystone Telep. of Phila.$4 Pf. WO
Holders of rec. Feb. 18
$1 Mar.
c15.4 Mar. 2 *Holders of rec. Feb. 13
Key West Elec. Co., pref.(quar.)
Lake Superior Dist.& Pow.,7% pf.(qu.)
Mar. 2 *Holders of rec. Feb. 15
*134 Mar. 2 'Holders of rec. Feb. 15
6% Preferred (guar.)
Lexington Water Service, pref.(guar.).144 Mar. 2 Holders of rec. Feb. 20
Louisville 0.& E.(Del.) corn A&B (qu.) 43340 Mar. 25 Holders of rec. Feb. 286
Middle Western Telex... class A (gu.) - *43440 Mar.15 *Holders of rec. Mar. 5
Midland United Co., corn.(quar-)
1134 Mar. 24 Holders of rec. Feb. 28
Convertible pref., series A (quar.)- - .175c Mar. 24 Holders of rec. Feb. 28
Milwaukee Elec. Ry.& Lt
7% Preferred (series(1921)
*144 Mar. 2 *Holders of reo. Feb. 16
6% pref. (series 1921)
*134 Mar. 2 *Holders of rec. Feb. 16
Mississippi Valley Pub-Serv., pf.(411.)•
nzi Mar. 2 *Holders of rec. Feb. 18
Monongahela West Penn. Pub.Serv.7% preferred (quar.)
43440 Apr. 1 Holders of rec. Mar.14
Mutual Telco.(Hawaii)(monthly)
.8c. Feb. 28 "Holders of rec. Feb. 18
NationalPower & Light common(qua
250. Mar. 2 Holders of rec. Feb. 14a
National Public Service, common A (qu.)
40c. Mar. 15 Holders of rec. Feb. 27
Common B (guar.)
40c. Mar. 1 Holders of rec. Feb. 10
$3.50 preferred (guar.)
8734c Mar. 1 Holders of rec. Feb. 10
$3 preferred (guar.)
750. Mar. 1 Holders of rec. Feb. 10
N.Engl.Pub.Serv.,$7 pr.lien pfd.(qu.) $1.75 Mar. 15 Holders of rec. Feb. 28
$6 prior lien pref. (guar.)
$1.50 Mar,15 Holders of rec. Feb. 28
New Rochelle Water pref. (guar.)
144 Mar. 2 Holders of rec. Feb. 20
N.Y.Steam Corp., new,corn.(No. 1)-650 Mar. 2 folders of reo. Feb. 16a
N. Y. Water Service Corp.. pref.(guar.) 144 Mar.15 Holders of rec. Mar. 5
North American Co.,corn.(quar.)
1234 Apr. 1 Holders of rec. Mar. 5a
Preferred (guar.)
750 Apr. 1 Holders of rec. Mar. 50
North American Edison. pref.(guar.)-- 81.50 Mar. 2 Holders of rec. Feb. 160
Northern N. Y.Telephone Corp.(qu.),.. O244 Apr. 15 *Holders of ree. Mar.31
Northern States Power, pref. (guar.).
134 Mar. 2 Holders of rec. Feb.
Nova Scotia Light & Power, pref.(guar.) "144 Mar. 2 *Holders of rec. Feb. 20
14
Ohio Power, pref. (guar.)
"144 Mar. 2 "Holders of reo. Feb. 9
Ohio Public Service, 7% pref. (mthly.) 58 1-30 Mar. 2 Holders of rec. Feb. 14
8% preferred (monthly)
50c Mar. 2 Holders of rec. Feb. 14
5% preferred (monthly)
412-3e Mar. 2 Holders of rec. Feb. 14
Penna. Power Co.. 86.60 pf.(mthly 550 Mar. 2 Holders of roe. Feb. 20
38 Preferred (Quan)
$1.5 Mar. 2 Holders of rec. Feb
Pennsylvania State Water pref. (quar.)- $1.7. Mar. 2 Holders of rec. Feb. 20
20
Philadelphia Company, 5% prof
$1.25 Mar. 2 Holders of rec. Feb.
Philadelphia Sub. Water. pref.(guar.).- 135 Feb. 28 Holders of reo. Feb. 10
12a
Potomac Elec. Power.6% prof.(guar.). 1)4 Mar.
'
*Holders of rec. Feb. 12
5)4% preferred (guar.)
*Holders of rec. Feb. 12
'134 Mar.
Pub. Berv. of Col.7% prof.(mthly..)
8 1-3c. Mar. 2 Holders of roe. Jan. 15a
6% preferred (monthly)
50e. Mar.
Holders of rec. Feb. 14a
5% preferred (monthly)
4 1 2-3c. Mar.
Holders of rec. Feb. 140
Public Service Corp. of N.J., COM.(qu.)
850. Mar.31 Holders of rec. Mar. 2a
$5 preferred (guar.)
$1.25 Mar. 31 Holders of rec. Mar. 2a
7% preferred (quar.)
144 Mar. 31 Holders of rec. Mar. 20
8% preferred (quar.)
Mar.31 Holders of rec. Mar. 2a
2
6% preferred (monthly)
500. Feb. 28 Holders of rec. Feb. 2a
6% pt. (monthly)
150c. Mar.31 *Holders of rec. Mar. 2
Public Service Elec. & Gas. 7% Pf ((111.)
Mar.31 *Holders of rec. Mar. 2
6% preferred (guar.)
*1/4 Mar.31 *Holders of rec. Mar. 2
Quebec Power (guar.)
62)4e. Apr. 15 Holders of rec. Mar.23
Rochester Gas & Elec.7% pref. B (qu.). ,144 Mar. 1 *Holders of rec. Jan 30
6% pref class C & D (guar.)
*144 Mar. 1 *Holders of rec Jan 30
Seaboard Public Serv., $6 pref.(quar.)
81.50 Mar. 1 Holders of rec. Feb. 10
$3.25 preferred (quar.)
814(c Mar. 1 Holders of rec. Feb. 10
Shawinigan Water & Power (guar.)_
630 Apr. 10 Holders of rec. Mar. 16
Southern Calif Edison. prof. A (guar.) 43)4c Mar. 15 Holders of rec. Feb. 20
Preferred B (guar.)
37440 Mar. 15 Holders of rec. Feb. 20
Southern California Gas. pref. (guar.).. *$1.625 Feb. 28 *Holders of rec. Jan. 31
Southern Colorado Power, corn. A (qu.).
50c Feb. 23 Holders of rec. Jan. 31
7% preferred (guar.)
144 Mar. 16 Holders of roe. Feb. 28
Southwest. 11011 Te101- Prof.(quar.) . 144 Apr. 1 Holders of rec. Mar. 20
1.
Name of Company.
1365
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Stand.Pow.Sr Light,corn. Sr corn. B(au) 50e. Mar. 2 Holders of roe. Feb. 11
Tenn. Elec. Power Co.,5% Pf.(.111.)
144 Apr. 1 Holders of rec. Mar. 14
6% first preferred (guar.)
134 Apr. 1 Holders of rec. Mar.14
7% first preferred (guar.)
144 Apr. 1 Holders of rec. Mar.14
7.2% Mat preferred (guar.)
1.80 Apr. 1 Holders of rec. Mar.14
6% first preferred (monthly)
50e. Mar. 2 Holders of rec. Feb. 14
6% first preferred (monthly)
500. Apr. 1 Holders of rec. Mar.14
7.2% first preferred (monthly)
600. Mar. 2 Holders of rec. Feb. 14
7.2% first preferred (monthly)
600. Apr. 1 Holders of reo. Mar. 14
Tide Water Power,$6 pref.(guar.)
$1.50 Mar. 1 Holders of rec. Feb. 18
Toledo Edison, 7% pref.(monthly)_
58
_ 1-3c Mar, 2 Holders of rec. Feb. 14a
6% preferred (monthly)
50c. Mar. 2 Holders of rec. Feb. 146
5% preferred (monthly)
412-3c Mar. 2 Holders of rec. Feb. 140
'Fri-State Tel.& Tel..6% pref.(qua?.).. 015e. Mar. 1 *Holders of rec. Feb. 14
United Gas Corp.,$7 pref.(guar.)
$1.75 Mar. 2 Holders of rec. Feb. 14
United Gas Impt.,corn.(guar.)
30e. Mar.31 Holders of roe. Feb. 28a
$5 preferred (guar.)
$1.25 Mar.31 Holders of rec. Feb. 28a
United Light & Rys.,7% pr. pfd.(mthly) natio Mar. 1 *Holders of rec. Feb. 15
"530 Mar. 1 *Holders of rec. Feb. 15
6-3
0% Prior Prof. (monthly)
6% prior pref. (monthly)
*500 Mar. 1 *Holders of rec. Feb. 15
Va. Elec. Sr Power,6% prof.(quar.). 114 Mar. 20 Holders of rec. Feb. 27a
Washington Ry. Sr Elec., com.(quar.).. •131 Mar. 2 *Holders of rec. Feb. 14
5% preferred (guar.)
*134 Mar. 2 *Holders of rec. Feb. 14
Western Continental UtaltiesClass A (3244c. or 1-40th share class A stock) Mar. 1 *Holders of rec. Feb. 10
West Ohio Gas, pref. A (guar.)
in Mar. 2 Holders of rec. Feb. 14
Wheeling Electric Co.. pref.(guar.).
*134 Mar. 2 "Holders of rec. Feb. 9
Williamsport Water, $6 Prof. (guar.)
*14 Ma?, 2 Holde of rec. Feb. 20
.
$19 50 A , 1 Holders
Wisconsin Elec. Pow.,644% pref.(qu.)
'Holders of rec. Mar.16
6% preferred (guar.)
"134 Air. 1 *Holders of ree. Mar. 16
Wisconsin Pub. Serv., 7% pref.(guar.). 134 Mar.20 Holders of rec. Feb. 28
6)4% preferred (guar.)
11)4 Mar. 20 Holders of rec. Feb. 28
6% Preferred (guar.)
134 Mar,20 Holders of roe. Feb. 28
Trust Companies.
Continental Bank & Trust (guar.)
4
10c Mar.15 *Mar. 7
to
Mar.15
Miscellaneous.
Abbott Dairies, Inc., corn.(guar.)--- "500 Feb. 28 *Holders of rec. Feb. 14
First and second preferred (guar.)
stai Feb. 28 *Holders of reo. Feb. 14
Agnew-Surpass Shoe Stores, pref.(guar.) 151 Apr. 1 Holders of rec. Mar.16
Allegheny Steel pref.(guar.)
*144 Mar. 1 *Holders of rec. Feb. 14
Preferred (guar.)
June 1 *Holders of ree. May 15
*1
•Di Sept. 1 'Holders of rec. Aug. 15
Preferred (quar.)
Preferred (guar.)
Doe. 1 "Holders of rec. Nov.13
Alliance International, $3 pref.(guar.).- *750 Mar. 2 *Holders of rec. Feb. 20
Alliance Realty, pref.(quar.)
144 Mar, 1 Holders of roe. Feb. 21
Preferred (quar.)
134 June 1 Holders of rec. May 20
Preferred (gear-)
144 Sept. 1 Holders of rec. Aug. 20
Preferred (guar.)
1)4 Dec. 1 Holders of rec. Nov.20
Aluminum Industries (guar.)
*37340 Mar.16 *Holders of rec. Feb. 28
•134 Mar. 2 *Holders of rec. Feb. 14
Aluminum. Ltd., pref.(guar.)
American Arch (guar.)
*750 Mar. 2 *Holders of rec. Feb. 19
American Bank Note, corn.(gust.)..
- 500 Apr. 1 Holders of rec. Mar. 90
Preferred (guar.)
75c Apr. 1 Holders of rec. Mar. 90
Amer. Brake Shoe Sr Fdy.. Com.(guar.) 600 Mar.31 Holders of MO. Mar. 20e
Preferred (guar.)
144 Mar.81 Holders of roe. Mar.20a
Amer. Brit. Sr Cont Corp., let Pt.
'l
(411-) $1.50 Mar. 2 Holders of rec. Feb. 16
Amer. Capital Corp. prior Prof. (guar.) $1.375 Mar. 2 Holders of rec. Feb. 16
Amer. Chicle (guar.;
500. Apr. 1 Holders of rec. Mar. 126
Extra
25e. Apr. I Holders of rec. Mar. 12a
American Dock, pref. (guar.).
Mar. 1 *Holders of rec. Feb. 20
*
2
American Envelope, 7% prof. (quar.).. *144 Mar. 1 *Holders of rec. Feb. 25
7% Preferred (guar.)
*144 June 1 *Holders of rec. May 25
7% Preferred (guar.)
*144 Sept. 1 *Holders of rec. Aug. 25
7% Preferred (guar.)
"1U Dec. 1 *Holders of rec. Nov.25
Amer. Sr Gen'l /*cur. Corp.,corn. A(qu.) 12140. Mar.
Holders of rec. Feb. 14
$3 first preferred (guar.)
Holders of rec. Feb. 14
750. Mar.
Amer. Home Products Corp.(monthly).
35c. Mar. 2 Holders of ree. Feb. 144
Amer.Laundry Machinery,corn.(qu.).- *750. Mar. 2 *Holders of rec. Feb. 20
Amer. Manufacturing CO..
Mar.81 Holders of reo. Mar.15
earn.(guar.) 1
Common (guar.)
July 1 Holders of roe. June 15
1
Common (guar.)
Oct. 1 Holders of roe. Sept.15
1
Common (guar.)
Dec. 31 Holders of rec. Dec. 15
1
Preferred (guar.)
144 Mar. 31 Holders of roe. Mar.15
Preferred (guar.)
1(4 July 1 Holders of reo. June 15
Preferred War.?
1)4 Oct. 1 Holden of rec. Sept.15
Preferred (guava
114 Dee. 31 Holders of roe. Dec. 15
American Metal, preferred (guar.)
144 Mar. 2 Holders of rec. Feb. 170
American News (bl-monthly)
50c Mar, 14 Holders of rec. Mar. 40
Extra
50c Feb. 23 Holders of rec. Feb. 180
Amer.Rad.&Stand.San.CorP.. com-(Q11.)
25c Mar.31 Holders of rec. Mar. 1111'
Preferred (guar.)
134 Feb. 28 Holders of ree. Feb. 1441
American Smelting Sr Berg., pref. (0111
134 Mar. 2 Holders of rec. Jan. 800
•)6% second preferred
134 Mar. 2 Holders of rec. Jan. 30a
(guar.)
American Stores, corn. (guar.)
50e Apr. 1 Holders of rec. Mar.14a
American Sugar Refining,cora.(qua?.).. 144 Apr. 2 Holders of rec. Mar. 50
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 50
American Tobacco, corn, & corn. B (qu) 81 25 Mar. 2 Holders of rec. Feb. 10a
Common and common B
81
Mar. 2 Holders of rec. Feb. 10a
Artloom Corp.. preferred (extra)
144 Mar. 1 Holders of rec. Feb. 130
(guar.)
Associated Dry Goode, 1st Pref.
134 Mar. 2 Holders of rec. Feb. 70
(
guar.
)
Second preferred (guar.)
pi Mar. 2 Holders of roe. Feb. 7a
Atlantic Refining, coin. (guar.)
25c. Mar. 16 Holders of rec. Feb. 21a
Atlantic Securities Corp., pref.(quar.)..
750. Mar. 2 Holders of rec. Feb. 20
Atlantic Steel, corn.
*144 Mar. 31 *Holders of rec. Mar.20
(guar.)
Atlas Powder Co., corn.
81
Mar. 10 Holders of rec. Feb. 270
(guar.)
Atlas Stores, corn,(quar.)
250. Mar. 2 Holders of rec. Feb. 180
Common (pay.in com.stook)
113( Mar. 2 Holders of reo. Feb. 16a
Atlas Utilities Corp.,$3 prof.
75c. Mar. 2 Holders
rec. Feb. 16
Auto Gear Works, cony. pref.A (guar.). *4144c Mar. 2 Holders of rec. Feb. 20
of
(guar.).Balaban Sr Kats, common (Qua?.)
*75c. 51st. 27 "Holders of rec. Mar. 16
Preferred (guar.)
11% Mar. 27 *Holders of roe. Mar. 16
Bamberger (L.) Sr Co., Prof.
- 144 Mar. 2 Holders of rec. Feb. 13
Barker Bros. Corp., pref. (guar.).
'134 Apr. 1 'Holders of rec. Mar. 14
(quar.)
Bastian Blessing Co.
•750. Mar. 2 Holders of roe. Feb. 14
(guar.)
Beacon Participations, Inc., A (quar.)
"25c. Mar. 2 *Holders of rec. Feb. 16
Beaton Sr Caldwell Mfg.
(monthly)---- "25c. Mar. 2'Holders of rec. Feb. 28
Monthly
*25c. Apr. 1 "Holders of rec. Mar.31
Belding Corticella, Ltd., pref. (auar.)
144 Mar.14 Holders of rec. Feb. 28
Best Sr Co., corn.(guar.)
50c. Mar. 16 Holders of rec. Feb. 254
Bethlehem Steel, coin. (guar.)
$1.50 May 15 Holders of rec. Apr. 17a
Preferred (guar.)
144 Apr. 1 Holders of rec. Mar. 66
Blayney-Murphy Co., pref. (guar.).- '154 Mar. 1 *Holders of rec. Feb. 15
Blaw-Knox Co.(guar.)
3744c. Mar. 2 Holders of rec. Feb. 16a
Bliss(E. W.). oom.(pay.In corn.stook)- /2
Apr. 1 Holders of ree. Mar.20
Common(payable In common stook)._ 13
July I Holders of rec. June 20
Common(Payable in common stock). 12
Oct. 1 Holders of roe. Sept.20
.
Bloch Bros. Tobacco. preferred (guar.) - *1)4 afar. 31 *Holders of reo. Mar.25
Blue Ridge Corp., pref. (guar.)
/750. Mar. 1 Holders of rec. Feb. 5
Borden Co.. corn. (guar.)
750 Mar. 2 Holders of ree. Feb. 144
Bower Roller Bearing (guar.)
*25e Mar. I *Holders of rec. Feb. 16
Brach (E. J.) Sr Sons (guar.)
*50c Mar. 2 "Holders of rec. Feb. 14
British Sr Foreign invest.. pref.(guar.) *112
Apr. 1 *Holders of rec. Mar is
Brown Fence Sr Wire, class A (quar.).. 600 Feb. 28 Holders of rec. Feb. 15
Class B (guar.)
150 Feb. 28 Holders of rec. Feb. 15
Brown Shoe, corn.(guar.)
75c Mar. 2 Holders of rec. Feb. 26a
Buckeye Pipe Line (guar.)
$1
Mar. 14 Holders of rec. Feb. 20
Bucyrus-Erie Co.. corn.(quar.)
25e Apr. 1 Holders of rec. Feb. 200
Preferred (guar.)
144 Apr. 1 Holders of rec. Feb. 200
Convertible preference (guar.)
6234c Apr. 1 Holders of rec. Feb.
Bulova Watch Co., Inc., corn. (guar.).- 8734c Mar. I Holders of rec. Feb. 250
164
Convertible preferred (guar.)
87440 Mar.
Holders of rec. Feb. 16
811 Apr. 1
Barger Bros a% Peel (gear.)
8% preferred (guar.)
*81 July 1
8% preferred( uar )
*31
Oct. 1
Burroughs Adding Mach. (guar.)
25c. Mar. 5 Holders of rec. Feb. 9a
Bush Service Corp., pref. A-Dividend rescind ed.
Byliesby Eng.Sr Managment Corp., pref
25c. Mar. 2 Holders of rec. Feb. 10
Byron Jackson Co.(guar-)
*12140 Mar. 1 *Holders of rec. Feb. 16
California Packing.common (Quar.)
$1 Mar.16 Holders of rec. Feb. 284
Name of Comyand.
[You 182.
FINANCIAL CHRONICLE
1366
Pet
When
Cent. Payable.
Books Closed.
Days Inclustre.
Name of Company,
When
Per
Cent. Payable.
Books Close.
Days Indust*.
Miscellaneous (Continued).
Miscellaneous (ConantMd).
500. Apr. 1 Holders of roe. Mar. 20
First Security Corp.(Ogden) A & B (qtt.)
Apr. 1 *Holders of rec. May 14
•$1
Cambria Iron
$1.50 Mar. 14 Holders of rec. Feb. 28
Follansbee Bros.. prof.
Campbell. Wyant & Cannon Fdy.Food NIarhinery Corp..
% of.(mthly) •50e. Mar. 15 *Holders of rec. Mar. 10
25c. Mar, 1 Holders of rec. Feb. 14a
Common ((luar.)
•50o. Apr. 15 'Holders of rec. Apr. 10
64% preferred (monthly)
400. Mar. 2 Holders of rec. Feb. 14
Canada Vinegars (guar.)
•50c May 15 "Holders of roe. May 10
Feb. 28
64% preferred (monthly)
Mar.15 Holders of rec.
Canada Wire & Cable, class A (goat.).. $1
*50o. June 15 *Holders of rec. June 10
(
6 4% preferred (monthly)
43,c Mar. 15 Holders of rec. Feb. 28
Class B (guar.)
*50e. July 15 *Holders of rec. July 10
% preferred (monthly)
15 Holders of rec. May 31
June
$1
Clam A (guar.)
*50c. Aug 15 *Holders of rec. Aug. 10
% preferred (monthly)
Sept. 15 Holders of rec. Aug. 31
$1
Class A (quar.)
•500. Sept.15 *Holders of tee. Sept.10
614% Preferred (monthly)
Dec. 15 Holders of rec. Nov. 30
81
Class A ((luar.)
•500 Apr. 1 'Holders of rec. Mar. 15
Formica Insulation (uuar.)
of rec. Mar. 14
12,4c Apr. 1 Holders
Canadian Canners. corn. (guar.)
Fuller (George A) Co., panic. pr. pf.(gu) 114 Apr. 1 Holders of rec. Mar. 10a
1 ,4 Apr. 1 Holders of rec. Mar. 14
First preferred (guar.)
1.11 Apr. 1 Holders of rec. Mar. 100
Partic. prior pref. (panic. diva
20c Apr. 1 Holders of rec. Mar. 14
Convertible preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 10a
14
Panic.second pref.((uar.)
44c Feb. 28 Holders of rec. Feb.
Canadian Car & Foundry, cont.(quer.)770. Apr. I Holders of rec. Mar. 10s
Partic. second pref. (partic. diva
Apr. 1 Holders of rec. Mar. 20
2
011 Cog., Ltd.. pref. (guar.).Canadian
'8714c Mar. 1 'Holders of rec. Feb. 15
Galland Mercantile Laundry (guar.).
Carman & Co., Inc., class A (guar.)---- •50c Feb. 28 "Holders of roe. Feb. 13
*87 Sic June 1 'Holders of rec. May 15
Quarterly
14 Mar. 15 Holders of rec. Mar. 10
Carter (William) Co.. pref. (guar.).- - *8714c Sept. 1 'Holders of rec. Aug. 15
Quarterly
750. Feb. 28 Holders of rec. Feb. 141
Caterpillar Tractor (guar.)
'8714c Dec. 1 *Holders of rec. Nov. 15
Quarterly
250. Feb. 28 Holders of rec. Feb. I45
Extra
Gas Light & Coke Co.
Central Cold Storage, corn.(gar.) - - - *40c. Mar.31 *Holders of rec. Mar. 25
w2 4-5 Mar. 6 'Holders of rect. Jan. 27
Amer dep rcts, for ord. shares
15e. May 16 Holders of rec. May 6
Centrifugal Pipe (guar.)
75c. Mar. 16 Holders of rec. afar. 20
General Asphalt, corn. (quar.)
150. Aug. 15 Holders of rec. Aug 5
Quarterly
1, Mar. 2 Holders of no. Feb. 200
General Cigar. Prof. Mar.)
15c Nov. le Holders of rec Nov 5
Quarterly
Holders of rec. Feb. 20
General Empire Corp.(guar.)
Holders of rec. Feb. 20a
144 Mar. 2
Century Ribbon Mills. pref. (guar.). 2 e r . 1
75
31 5c Nfar. 12 Holders of rec. Feb. 14a
General Motors, corn. (guar.)
Champion Coated Paper
Ma. 1
$I.25 Feby 25 Holders of rec. Apr. es
$5 preferred (guar.)
- -- *144 Apr. I 'Holders of rec. Mar. 14
First pref. and special pref.(guar.)
Holders of rec. Feb. 104
Feb. 2
General Refractorks (qoar.)
Chartered Invaitors, Inc.. pref.(quara_ •151.25 Mar. 2 *Holders of rec.
1
Mar. 2 *Holders of rec. Feb. 21
5
150. Mar. 2 Holders of rec. Feb. 20s Gen'l Theatres Equip.. pfd.(qua (No. 1) :7Le Apr.
Checker Cab Mfg.(monthly)
*Holders of roe. Mar,20
Gibson Art Co.. common Mar.)
•30c. Apr. 1 *Hollers of rec. Mar. 21
Chicago Flexible Shaft (quar•)
•250. Feb. 16 'Holders of roe. Feb. 5
Feb. 20
Gilbert(A.C.)Co..own. Mar.)
Chicago Investors Corp.. pref. (guar.)._ "75c. Mar. 1 *Holders of rec. Feb. 14
r
50 0
. c A pr. *Holders of rec. Feb. 20
*$3.5 Ma.
Globe American Corp
•lq Mar. 2 'Holders of rec.
Chicago Towel, corn. (quer.)
1, Mar. I Holders of rec. Feb. 20
Globe-Democrat Publishing ((luar.)-1 *Holders of rec. Mar. 20
*1 Apr.
Preferred (guar.)
'Holders of rec. afar. 20
Globe Grain & Milling. corn.(goat.)....
25e Mar. 2 Holders of rec. Feb. 20
Yenow Cab (monthly)
Chicago
: r
0 Ap
"44, A pr.. 1 'Holders of rec. Mar. 20
First preferred (guar.)
60e. Mar. 10 Holders of rec. Feb. '200
Childs Co.. corn.(guar.)
*Holders of rec. Mat.20
20a
Second preferred (guar.)
lH Mar. 10 Holders of rec. Feb.
Preferred (guar.)
30
4 0
:5c.. July 25 *Holders of rec. July 7
50e. Mar. 30 Holders of rec. Mar. ea Globe Knitting Works, prof
Chile Copper Co. (guar.)
Mar.10 *Holders of rec. Feb. 28
Golden Cycle Corp. (goar.)
*35c. May 15 *Holders of rec. May 1
Churngold Corp. (guar.)
Holders of rec. Feb. 250
Goodyear Tire at Rubber. pref. (gar.).
*35c. Aug. 15 'Holders of rec. Aug. 1
Quarterly
'folders of rec. Mar. 13a
Apr
1
31415 A pr ..
Goodrich (B.la) Co., pref.(guar.)
"35c. Nov. 18 'Holders of rec. Nov. 1
Quarterly
50:.
40
. . Mar. 21 Holders of rec. Feb. 16
se
*Holders of rec. Feb. 14
Mar. 12
Gorham Mfg., common (guar.)
Cincinnati Wholesale Groc
Holders of rec. Feb. lea
75c. Mar.
214c. Mar. 2 Holders of rec. Feb. 140 Grand Union Co.. 83 pref. (gust.)
Cities Service. common (monthly)
Judy 31
154 Mar. 2 Holders of rec. Feb. 14a Grant Lunch Corp.. COM
Common (payable in common stock).*Holders of rec. Feb. 3
*51.50 NarMar.l.
Sc. Mar. 2 Holders of rec. Feb. 140 Great Atlantic & Pacific Tea, corn.(qua
Preference B (monthly)
•1X
*Holders of rec. Feb. 3
Preferred (guar.)
50e. Mar. 2 Holders of rec. Feb. 140
Preference and pref. BB (monthly)--Prof... '21-1 Apr. 1 *Holders of rec. Mar. 31
15
Cities Service Bankers Shares(mthly.)_'22.46c Mar. 1 *Holders of rec. Feb. 140 Great Britain & Canada Invest.,
.750. Mar. 2 *Holders of rec. Feb. 20
90e. Feb. 28 Holders of rec. Feb.
Great Northern Paper (guar.)
City Ice & Fuel. corn.(guar.)
Mar. 16 Holders of rec. Mar. 2
144 Mar. I Holders of rec. Feb. 14s Grier (S. M.) Stores, Inc., pref. (guar.) $1.75 Mar. 1 "Holders of rec. Feb. 20
Preferred(quara
•50c.
50c. Mar. le Holders of rec. Feb. 27a Gruen Watch. common (guar.)
Clark Equipment Co., corn. (guar.).•250. Mar. 1 *Holders of rec. Feb. 13
Hale Bros. Stores ((uar.)
750. Mar. I Holders of rec. Feb. 14
Cleveland Quarries (quara
15c. Feb. 28 Holders of rec. Feb. 10
Hamilton Watch corn.(monthly)
250. Mar. I Holders of rec. Feb. 14
Extra
14 Mar. 2 Holders of rec. Feb. 10
Preferred (guar.)
25c. Apr. 15 Holders of ree. Apr. 4
Coca Cola Bottling (quarterly)
Feb. 16
Hancock 011of Calif., el. A & B (quar.) _ •I5c. Mar. 1 *Holders of rec. Mar. 5a
250 July 15 Holders of rec. July 3
Quarterly
rec.
Holders
Hanna (NI. A.) & Co.,$7 pref.(guar.)
250. Oct. 15 Holders of rec. Oct. 5
- 51.75 Mar. 20 Holders of rec. Feb. 20a
Quarterly
of
Mar.
Harbison-Walker Refract., cont. (guar.)
144 Apr. 1 Holders of reo. Mar. 10a
-Peet. pref. (quar.)
Colgate-Palmolive
2
11• Apr. 20 Holders of rec. Apr. 104
Preferred (guar.)
•30c. Feb. 28 *Holders of rec. Jan. 31
Collateral Trustee Shame
. 1
*y 29 "Holders of rec. Feb. 15
0.150c.
Collins & Alkman Corp., Prof. ((liien).- I, Mar. 2 Holders of rec. Feb. 190 Hart-Carter Co., pref. (guar.)
*Holders of roe. Feb. 13
25e. Feb. 25 Holders of rec. Feb. 10a Hart, Schaffner & Marx, corn. (gust.)..
Colorado Fuel & iron. corn. (guar.)."Holders of rec. May 14
May
Common (guar.)
Feb. 25 Holders of rec. Feb. 10a
2
Preferred (guar.)
8
0
.•
NA v 2
Feb.uog 31 'Holders of rec. Aug. 15
Apr. 3 *Holders of rec. Mar. 2
Common (oar.)
Columbia Pictures Corp.,corn.(In stock) e12
*Holders of rec. Nov. 14
Common (guar.)
750. Mar. 2 Holders of rec. Feb. 13a
Preferred (guar.)
Feb. 14
5c
7
Hathaway Bakeries, Inc., cl. A (oar.).... ,00.. Mar. 2 Holders of rec. Feb. 14
.60c. Feb 25 *Holders of rec. Feb. 15
Columbus Mtge.& Title (Newark)
Mar. 2 Holders of rec.
81.75
Preferred (gust.)..
1234e Mar. 31 *Holders of rec. Mar.26
Community State Corp class B (quart •
Feb. 28 Holders of rec. Feb. lia
Hawaiian Pineapple (guar.)
•1344c Dec. 31 *Holders of rec. Dee. 26
Cass B (guar.)
"50c. Mar. 2 *Holders of tee. Feb. 16
"500. Mar. 14 *Holders of rec. Feb. 28
Hazeltine Corporation (quar.)
Compressed Ind. Gases (guar.)
*$2.50 Mar. 15 "Holders of rec. Feb. 15
Reda Mining
•134 Mar. 1 *Holders of rec. Feb. 18
Congoleum-Nairn,Inc., prol. (qua
Feb. 14
Holders of rec. Feb. 14
$3 pref. Mar.) 75c. Mar. 1 Holders of rect.
Helena Rubinstein, Inc.,
Consolidated Cigar, 7% pref.(quar.)_-131 Mar. 2
Ifibbard. Spencer, Bartlett at Co.
•25c. Jan. 2 *Holders of rec. Dec. 24
Consolidated Dry Goods
25c. Feb. 27 Holders of rec. Feb. 20
Monthly
25c. Apr. 1 Holders of rec. Mar. 14
(quar.)- Consolidated Laundries, corn.
250. May 27 Holders of rec. Mar. 20
81.875 May 1 Holders of rec. Apr. 15
Monthly
Preferred (guar.)...
Mar. 1 Feb. 19 to Mar. 1
2
750. Mar. 1 Holders of rec. Feb. 15
Higbee Co., 2d pref.(guar.)
(gU.)
Continental Chicago Corp.,cony.ruf.
50e. Mar. 2 'folders of roe. Feb. 14
50e. Mar. 1 Holders of rec. Feb. 20
E.) Co., corn. A. (guar.)
Hires (Charles
Corno Mills ((uar.)
1 "Holders of rec. Feb. 16
Hobart Manufacturing, corn. (guar.).- - .621ic Mar.
Corporation Securities of Chic., corn...-. 1144 Mar. 20 Holders of roe. Feb. 18
Sc. Feb. 25 Holders of rec. Feb. 11
Hollinger Consol. Gold Mines (monthly)
Allotment ctfs. for common stock.- 1144 Mar. 20 Holders of rec. Feb. 18
•45c. Mar. 2 *Holders of roe. Feb. 9
18 Holders of rec. Feb. 28a Holt(Henry)& Co., Inc. (guar.)
000. Mar.
Crown Cork & Seal. Inc., corn.(guar.).50c. Feb. 25 Holders of rec. Feb. 2041
870. Mar. le Holders of rec. Feb. 28a Homestake Mining (monthly)
Preferred (guar.)
Mar. 1 *Holders of reo. Feb. 5
Hooven & Allison Co., pref.(quar.)_.
Crown Zellerbach Corp. pf. A & B(qu.)__ $1.50 Mar. 1 Holders of rec. Feb. 13
144 Mar. 2 Holdera of rec. Feb. 10
(guar.)._
75e. Mar. 2 Holders of rec. Feb. 11
Horn & Hardart (N.Y.). prof.
Crows Neat Pass Coal(guar.)
•50c. Mar. 31 *Holders of rec. Mar. 17
Mar. 31 Holders of roe. Mar. 21
2
Humphreys Mfg., pref.(guar.)
Crum & Forster, preferred (guar.)
•30e. Apr. 15 'Holders of rec. APr. 3
of
Minot% Brick (guar.)
3
Crum & Forster lo,. Shares, A & B (go.) +25c. Feb. 28 'Holders of rec. Feb. 18
•30c. July 15 *Holders of rec. July 2
rec. Feb. 18
Feb. 28 'Holders
Quarterly
Preferred ((oar.)
•30c. Oct. 15 *Holders of rec. Oct.
500. Mar. 16 Holders of rec. Feb. 28
Quarterly
Cumberland Pipe Line ((luar.)
1244c Mar. 2 Feb. 15 to Mar. 1
Imperial 011, Ltd.. reg. (guar.)
Cuneo Prow. Ina..84% Pref.(guar.).- 0134 Mar. 15 "Holders of rec. Feb. 28
12 4c Mar. 2 Holders of coup. No. 28
50c. Mar. 2 Holders of rec. Feb. 20a
Coupon stock
Curtis Publishing. corn.(monthly)
Mar. 1 *Holders of rec. Feb. 1
Industrial & Power Securities (gust.)... •25o. June I *Holders of rec. May 1
*50c. Apr. 2 *Holders of rec. Mar. 20
Common (monthly)
•250.
Quarterly
81.75 Apr. 1 Holders of rec. Mar 20a
Preferred (guar.)
•250. Sept. 1 *Holders of rec. Aug. 1
Quarterly
"$1.75 July 1 *Holders of rec. June 20
Preferred (guar.)
•25c. Doc. 1 *Holders of rec. Nov. 1
Mar. 1 *Holders of rec. Feb. 13
Quarterly
Cnshman's Sons, Inc., corn.(guar.).- .81
Mar. 2 Holders of rec. Feb. aa
134 Mar. 1 Holders of rec. Feb. 130 Ingersoll Rand Co., common (guar.)--- $1
e% preferred (guar.)
Mar. 2 Holders of rec. Feb. 134
51
Mar. 1 Holders of rec. Feb. 13a Inland Steel (guar.)
82
$8 preferred (guar.)
pref. (guar.) $1.50 Mar. 2 Holders of rec. Feb. 19
!mull Utility Investments,
Daniels & Fisher Stores,64% Pf. (r111.) '154 Mar. 1 'Holders of rec. Feb. 18
1, Mar. 2 Holders of rec. Feb. 14a
•I
Mar. 2 *Holders of rec. Feb. 9
faternat.Agricultural Chem.,pr. pf.(qua
Dartmouth Mfg., corn. (guar.)
10 Holders of rec. Mar. 200
*14 Mar. 2'Holders of rec. Feb. 9
Internat. Business Machines(quar.)-. 81.50 APr. 2 Holders of rec. Feb. 50
Preferred (guar.)
56c. Mar. 16 Holders of rec. Feb. 28
International Harvester. pref.(guar.) -- 144 Mar.
David & Frere. Ltd.. clans A (quaraof rec. Feb. 18
Internat. Milling. 7% pref. (goat.).... 144 Mar. 2 Holders of rec. Feb. 18
Prof. (guar.).- '134 Mar. 1 *Holders of rec. Feb. 20
Decker (Alfred) & Cohn,
Mar. 2 Holders
1
•144 June I *Holders of rec. May 20
6% ear. A, preferred (guar.)
Preferred (guar.)
I5c. Mar.31 Holders of rec. Mar. 2a
•
134 Sept. 1 *Holders of rec. Aug. 20
Internat. Nickel of Canada Mara
(guar.)
Preferred
rec. Feb. 13a
30c. Apr. 1 Holders or rec. Mar. 14
Internat.Safety Razor,class A (gust.).. 60e. Mar. 2 Holders of roe. Feb. 13a
Deere & Co., new corn. (guar.)
60c. Mar. 2 Holders of
13.4 Apr. 1 Holders of rec. Mar. 14
Class B Mar.)
Old common (guar.)
250 Mar. 2 Holders of reo. Feb. 1341
35e Mar. 2 Holders of rec. Feb. 14a
Class B (extra)
Preferred (guar.)
300. Mar. 2 Holders of rec. Feb. 14
•250 Apr. 1 'Holders of rec. Mar. 20
Internat. Securities Corp.. corn. A (col.).
De Long Hook & Eye (guar.)
144 Mar. 2 Holders of rec. Feb. 14
Apr. 1 'Holders of roe. Mar. 20
84% preferred (guar.)
Denver Union Stock Yards. oom (Qua._ •$1
1(4 Mar. 2 Holders of rec. Feb. 14
*30c Apr. 1 *Holders of rec. Mar.21
B (qu.)_
6% preferred (goar.)
De Yoe & Reynolds, class A &
14
*144 Apr. 1 *Holders Of rec. Mar.21
International Shoe, pref.(monthly)-- •500. Mar. 1 *Holders of reo Feb. la
First and second pref.(guar.)
•50e. APr. 1 *Holders of roe. Mar.
•350 Mar. 2 *Holders of rec. Feb. 14
Preferred (monthly)
Dexter Co.,corn.(guar.)
•500. May 1 *Roeder. of rec. Apr. 15
Holders of roe Feb 13
60e Mar. 2
Preferred (monthly)
Dictaphone Corp.. corn. (guar.)
•50o. June 1 *Holders of rec. May lb
2
Mar. 2 Holders of rec. Feb. 13
Preferred (monthly)
Preferred (guar.)
1 *Holders of rec. Feb.
interstate Petroleum, Prof. A (guar.)--- •50c. Apr. 1 *Holders of rec. Mar. 20
)
Dreeser (S. IL) Mfg.. class A (ddar. - -- •8714c Mar. 1 *Holders of rec. Feb. 18
31
18
*50c Mar.
Investment Trust of N. Y., coll, to shs-- •300. Feb. 28 *Holders of rec. Jan. 14
Class B (guar.)
•40c. Mar. 1 *Holders of roe. Feb.
Mar. 2 Holders of rec. Feb. lea Iron Fireman Mfg., corn.(guar.)
$1
Drug. Inc. (guar.)
3144c Mar. 1 Holders of rec. Feb. le
•50c Mar.31 *Holders of rec. Mar.20
Jaeger Machine (guar.)
Early & Daniel Co., corn. (guar.)
Apr. 15 Holders of rec. Apr. 1
$1
•144 Mar.31 *Holders of rec. Mar.20
Jewel Tea. Inc., com.(guar
Preferred (guar.)
Feb. 14
60c Mar. 2 Holders of rec. Jan. 31
Johnson-Stephens-Shinkle Shoe Mara _ 6214c Mar. 2 Holders of rec.
Eastern Theatres, Ltd.. corn.((Iliac.)..Mar. 2 'Holders of rect. Feb. 13
•1
2 Holders of rec.
Jones & Laughlin Steel, corn.(gnat.....
Eastern Util. Investing.$6 Pref.(guar.)- 81.50 Mar. 2 Holders of roe. Jan. 30
1, Apr. 1 'folders of roe. Mar.134
Preferred (guar.)
$1.75 Mar.
Jan. BO
$7 Preferred (guar.)
20c Mar.31 Holders of rec. Mar.d14a
Kellogg (Spencer) & Sons (guar.)
$1.25 Apr. 1 Holders of roe. Feb. 27
$5 Prior preferred (qUar.)
114 Mar. 1 Holders of rec. Feb. 100
Kendall Co.. partic. pref. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. Sr
Eastman Kodak, corn.(guar.)
25c Apr. 1 Hollers of rec. Mar.200
75c Apr. 1 Holders of rec. May 60 KInneY (G. R.) Co., corn.(guar.)
Common (extra)
Mar. 2 Holders of rec. Feb. lea
2
14 Apr. 1 Holders of rec. May 6a
Preferred (guar.)
Preferred (qttar.)
•25e Apr. 1 'Holders of rec. Mar.20
Mein(D. Emil) Co.. corn.((uar.)
40c. Mar. 2 Holders of rec. Feb. 20
16
East Sugar Loaf Coal
- 1, Mar. 2 Holders of rec. Feb. Ils
Mar. 1 Holders of rec. Feb. 5
Kobacker Stores, Inc., pref. (guar.).
Electric Shareholdings, corn. (guar.)--- /144
40c Mar.31 Holders of rec. Mar.
Mar. 1 Holders of rec. Feb. 5
Kresge(S. S.) Co., corn.(guar.)
Pref.($1.50 cash or 4 sh. corn, stock)
1, Mar.31 Holders of rec. Mar. ha
Preferred Mar.)
k75c. Mar. 1 Holders of rec. Feb. 10
Empire Corp., $3 pref.(guar.)
144 Mar. 2 Holders of rec. Feb. 21a
Kuppenheicner(B)& Co.. Inc., pt. Ma
250. Mar.le Holders of rec. Mar. 2
Employers Group Associates (guar.)---Mar. 2 *Holders of rec. Feb. 14
411
Mar. 1 "Holden of roe. Feb. 20
Lackawanna Securities
- *$1
Feb. 14
Faber. Coe & Gregg common (guar.)
Lake of the Woods Milling. pref. (guar.) 1, Mar. 2 Holders of rec. May 5
450. Mar.31 Holders of rec. Mar. 12a
Fairbanks. Morse & Co., corn.(guar.)
75c May 15 Holders of roe.
134 Mar. 2 Holders of rec. Feb. Ila Landis Machine common (guar.)
Preferred ((uar.)
of rec. Aug. 5
75c Aug. 15 Holders
1
Common (guar.)
Faultless Rubber Co..common (guar.)._ 824c Apr. 2'HoldersMar. 17Feb. 21
75n Nov. 15 Holders of rec. Nov. 5
of rec.
Common (guar.)
Federal Compress dr Warehouse (guar.)- •40c. Mar. *Holders of
Mar. 15 *Holders of rec. Mar. 5
rec. Apr. 15
Preferred (quer.)
June 5
Mills, corn. (guar.).-- *62 Sic May 1
Federal Knitting
'134 June 15 *Holders of roe. Rept. 5
Preferred (guar.)
• 12.40. may 1 *Holders of rec. Apr. 15
Common (extra)
•144 Sept. 15 *Holders of roe.
ler Mar.30 Holders of rec. Mar. 13a
Preferred (guar.)
Fifth Ave. Bus Securities (guar.)
"Holders of rec. Dec. 5
•
134 Dec. 15
*34 Mar. 2 *Holders of rec. Jan. 20
Preferred (guar.)
18a
Fink (A.)& Sons. pref
144 Feb. 28 Holders of rec. Feb. 18a
Lanston Monotype Machine(quara -144 Mar. 2 Holders of reo. Feb. 13a
Firestone Tire & Rubber. pref. (goat.)..
25e Feb. 28 'folders of rec. Feb.
of rec. Mar. I6a
Extra
of rec. Feb. 18
Stores, Inc., corn.(guar.) 8214e Apr. 1 Holders
First Natlonal
'75c Mar 2 *Holders
Laura Record Candy Shops (gull.)
•144 Apr. 1 *Holders of rec. Mar. 16
1st preferred (guar.)
30c Feb. 28 Holders of rec. Jan. 31
Lehigh Coal & Navigation (guar.)
•20c Apr. I *Holders of rec. Mar. 16
of rec. Mar. 14a
8% preferred ((liar.)
Lehigh Portland Cement. pref. (gust.).. 1, Apr. 1 Holders of roe. Feb. 140
DockFits Simons & Connell Dredge &
75o Mar. 1 Holders
Lehn &Fink Inc.,(guar.)
1 Holders of rec. Feb. 20
.60c Mar.
Common (gust.)
Mar. 2 'folders of rec. Feb. Se
corn B(qua SI
Liggett & Myers Tob.com.&
134 Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
Mar. 2 Holders of rec. Feb. 91
$1
Common and corn. B (extra)
75c Mar. 1 Holders of rec. Feb. 140
llorsheim Shoe, corn A (guar.)
•62140 Apr. 1 "Holders of rim. Mar. 15
37440 Mar. 1 Holders of rec. Feb. 140 Glineetone Products, 7% pref. ((lilac.)...
Corn B (guar.) _
600. Mar. 1 Holders of roe. Feb. 14a
Link Belt Co., nom.(guar.)
$1.50 Apr. 1 Holders of ran. mar. len
Preferred (quer.)
FEB. 21 1931.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
1367
Books Closed.
Per
When
Books Closet.
Name of Company.
Days Inclusive.
Name of Company.
Cent. Payable.
Days IncWON.
Miscellaneous (Continued).
Miscellaneous (Continued).
Andsay(C. W.)& Co., Ltd., corn. (gu.)
250. Mar. 2 Holders of rec. Feb. 14
Pillsbury Flour Mills, corn.(qua?.)
50e. Mar. 2 Holders of roe. Feb. 14e
Preferred (guar.)
144 Mar. 2 Holders of rec. Feb. 14
Pines Winterfront Co.(guar.)
•25e. Mar. 2 *Holders of rec. Feb. 16
..oblaw Grocerterlas Co., Cl. A & B (qu.) •200. Mar. 2 *Holders of rec. Feb. 14
Pitney-Bowes Postage Meter (guard
'Sc. Apr. I *Holders of rec. Mar.24
.ock Joint Pipe Co.. corn.(monthly).- •660. Mar.31 *Holders of roe. Mar.31
Pittsburgh Steel, Prof. (Otter.)
154 Mar. 1 Holders of rec. Feb. 70
Common (monthly)
*67e. Feb. 28 *Holders of rec. Feb. 28
Pittston Company,common(guar.).380. Apr. I Holders of rec. Mar.184
Preferred (guar.)
*2
Apr. 1 *Holders of ree. Apr. I
Poor & Co., class A (guar.)
•3799.3 Mar. 1 *Holders of roe. Feb. 18
Preferred (guar.)
*2
July I *Holders of tee. July 1
Powdrell & Alexander. pref. (quar.)........ •1e4 Apr. 1 *Holders of rec. Mar.
18
Preferred (guar.)
*2
Oct. I *Holders of rec. Oct. 1
Pratt dr Lambert, Inc.(guar.)
0$1
Apr. 1 *Holders of rec. Mar.
Preferred (guar.)
Dec. 31 *Holdup of rec. Dec. 31
*2
Procter ex Gamble,6% prof.(gUar.)...... ig Mar. 14 Holders of rec. Feb. 16
260
lemdon Canadian Investment. pref.(qu) 1M Mar. 2 Holders of roe. Feb. 15
Public Investing Co. (guar.)
23e.
lOrd & Taylor, 1st pref. (guar.)
IM Mar. 2 Holders of rec. Feb. 170 Public Utility Holding Corp.. pref.(gu.) •75c. Mar.16 Holders of rec. Feb. 16
Apr. 1
:mellow Mfg. Associates(guar.)
244 Mar. 2 Holders of rec. Feb. 7
Purity Bakeries Corp., common (guard_
$1 Mar. 1 Holders of ree. Feb. 131
Lunkenheimer Co., corn. (guar.)
•37.40 Mar.14 *Holders of rec. Mar. 4
Quaker Oats, pref. (guar.)
•1M Feb. 28 *Holders of rec. Feb. 2
Preferred (guar.)
•1M Apr. 1 *Holders of rec. Mar. 21
Radio Corp. of Amer., pref. A (guar.).- 874e Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
•154 July 1 "Holders of rec. June 20
Preferred B (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 24
Preferred (guar.)
•144 Oct. I *Holders Of rec. Sept..21
Railway Equip & Realty. lert pref.(on.). •37440 Mar. I *Holders of rec. Feb. 1
Preferred (guar.)
•144 Jan P32 *Holders of rec. Dec. 22
Rapid Electrotype Co. (guar.)
*50e. Mar. 15 *Holders of rec. Mar. I
11actadden Publications, corn.(guar.)._
50c Apr. I Holders of rec. Mar.14
Reed Roller Bit (guar.)
•25c. Mar.31 "Holders of rec. Mar.21
Magnin (I.) & Co..8% pref.(guar.).- •144 May 15 *Holders 01 rec. May 5
Reliance Internat.. $3 conv. Mock (BI.).
75e. Mar. 2 Holders of roe. Feb. 20
6% preferred (qua?.)
•14e Aug. 15 'Holders of rec. Aug. 5
Republic Saintly Co. (guar.)
75e. Apr. 15 Holders of res. Apr. I
*14 Nov. 15 *Holders of rec Nov. 5
(guard
vie, July 16 Holders of rm. July I
Quarterly.
5% Preferred
Manhattan Shirt, common (guar.)
25e Mar. 2 Holders of roe. Feb. 18a
Quarterly
760. Oct. 15 Holders of rm. Oct. 1
Preferred (guar.)
154 Apr. 1 To be redeemed Apr. 1
Revere Copper ,k Brass, pref. (guar.). *134 May 1 *Holders of rec. Apr. 10
Wanisebewitz (B) Co.. corn.(guar.).- •6234c Mar. 1 *Holders of rec. Feb. 20
Reynolds Metals. corn. (guar.)
50e. Mar. 2 Holders of rec. Feb. 16e
Preferred (guar.)
•144 Apr. 1 *Holders of rec. Mar.20
Rich's. Inc., pref.(guar.)
'1)4 Mar.31 *Holders of rec. Mar.le
Marathon Razor Blade, the.(monthly) '3340.Mar.15 'Holders of roe. Mar. 1
Rolland Paper,6% pref.(quard
"194 Mar. I *Holders of ree. Feb. 15
Monthly
•3440 Apr. 15 *Holders of roe. Apr. I
Roxy Theatres Corp., clam A (guard- 4
.8744c Feb. 28 'Holders of rec. Feb. 14
Monthly
ogrso May 15 *Holders of rec. May 1
8t.Joseph Lead Co.(guar.)
50o. Mar.20 Mar 10 to
Mar.20
Monthly
•3340 June 15 'Holders of ree. June 1
St. Louis Car Co.. corn.(quard
60c. Mar. 1 Holders of tea. Jan. 81
Monthly
sato July 15 *Holders of reo. July I
Saranac Pulp & Paper (in stock)
Mar. I *Holders of rec. Feb. 16
*e5
Monthly
*3990 Aug. 15 *Holders of tee. Aug. 1
Stock dividend
Sept. 1 *Holders of rec. Aug. IS
"6
Monthly
•3140 Sept.15 'Holders of tee. Sept. 1
Savage Arms com.(guar.)
50c. Mar. 2 Holders of rec. Feb. ids
Monthly
•3440 Oct. 15 'Holders of rec. Oct. I
Second preferred (guar.)
•14$ May 15 'Hollers of rec. May 1
Monthly
•34$e Nov.16 *Holders of roe. Nov. I
Sears, Roebuck & Co. Mock die.(Qua- e1
May I Holders of res. Apr. 84
Monthly
*394e Dec. 15 *Holders of roe. Dee. 1
Sbeaffer W. A.) Pen Co.. common.... 91
'
Mar.15 'fielders of rec. Mar. 1
Marine Midland Corp.(qua?)
300 Mar.31 Holders of rec. Mar. 2a
Common (extra)
•50e Mar. 15 *Holders of re°. Mar. 1
Marshall Field & Co.,corn.(qua?.)
6244c Mar. I Holders of roe. Feb. 140
Common
Sept.15 "Holders of tee. Sept. 1
•$1
Material Service Corp.(guar.)
*50c Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
Apr. 20 *Holders of rec. Mar. 30
•2
Maud Miller Candy.corn.(guar.)
25e Apr. 1 Holders of rec. Mar .15
Preferred (guar.)
July 20 "Holders of res. June 30
*3
Hay Department Stores, corn,(guar.)... 6299c Mar. 2 Holders of rec. Feb. 160
Preferred (guar.)
Oct. 2 *Holders of reo. Sent .30
•2
WeCallan (W. J.) Sugar Refining &
Shell Union Oil, pref.(guar.)
1.44 Apr.
Holders of rec. Mar. 104
Molasses, pref. (guar.)
1% Mar. 2 Holders of rec. Feb. 18a Shepard-Niles Crane & Hoist (guar.)...
*Holders of rec. Feb. 13
•$1.25 Mar.
MeColl-lerontenae011(guar.)
15c Mar. 19 Holders of rec. Feb. 14
Sherwin-Williams Co.. pf. AA (qu.)
Holder's of tee. Feb. 14
154 Mar.
McCrory Stores Corp.Shippers Car Line Corp., pref.(guar.)... 144 Feb. 2 Holders of roe. Feb. 13
Common and common B (guar.).50e Mar. 2 Holders of rm. Feb. 20
8Immons-Boardman
*Holders of rec. Feb. 19
McIntyre Porcupine Mlnew (guar.)
250 Mar. 2 Holders of rec. Feb. 20 Simon (Franklin) & Publ.Co.$3Pf.(qu.) *75c. Mar.
Co.. Prof. Mari
Holders of roe. Feb. 18e
154 Mar.
McWilliams Dredging (guar.)
'3734c Mar. 1 'Holders of rec. Feb. 20
Simon (H.) & Sons, common (guar.).- 624ec Mar.
Holders of rec. Feb. 20
Medan (Fred) Mfg., common
50c Mar. 1 Holders of ree. Feb. 16
Preferred (guar.)
144 Mar.
Holders of rec. Feb. 20
Mengel Company, pref. (guar.)
im Mar. I Holders of tee. Feb. 140 Smith
(Howard) Paper Mills. Pf.(ge.)
144 Mar.
Holders of rec. Feb. 20
Merrimack Mfg., preferred
244 MM, 2 Holders of rec. Jan. 9
Southern Pipe Line (guar.)
Holders of rec. Feb. 14
Mic. Mar.
Merritt-Chapman & Scott, tom.(qua?) •400 Mar. 1 *Holders of rec. Feb. 15
Spalding (A.0.) dr Bos., corn,(guar.).50e. Apr. 1 Holders of rec. Mar.314
Preferred (guar.)
•1f9 Mar. 1 *Holders of roe. Feb.
First preferred (guar.)
Holders of rec. Feb. 194
I% Mar.
Metro-Goldwyn Pict. Corp.. pf.(au.) _ 4744c Mar. 14 Holders of tee. Feb. 15
27a
Second preferred (guar.)
Holders of rec. Feb. 14
Mar.
2
!demon. Paving Brick.'tom.(guard-50e Mar. 1 Feb. 16 to Feb. 28
Spear & Co., let & 2d pref.(guar.)
Holders of roe. Feb. 16e
154 star.
Preferred (quard
144 Apr. 1 Mar. 16 to Mar.31
Spooner Oils, Ltd., (No. I)
Holders of rec. Mar. 1
6c Mar. I
Miekelberrys Food ProductsStandard Coosa Thatcher, pref.(gum.) •14e apr. 1 *Holders of rec. Apr. 15
Common (Payable In corn. stock).-- "124$ May 15 *Holders of me. May 1
Standard Oil (Calif.) guar.)
6254. Mar. 1 Holders of rec. Feb. 16a
Common (payable in corn, stock).- _ •1244 Aug. 15 *Holders of rec. Aug. 1
Standard Oil (Indiana)
•50e. Mar. 1 *Holders of rec. Feb. 18
Common (payable In corn. stock)....
'/2342guar.)
18 'HoldersNv.
oov. 2
f roe. N
5c Mar. 1 Holders of tee. Feb. 214
Standard 011 (Kamm) qua?.)
Miller & Hart, Inc.(quard
*8740 Apr. 1 *Holders of reo. Mar.15
Standard Oil (Nebraska)(qua?.)
50e Mar,2 Feb. 28 to Mar. 20
Miss Val Utilities Investment Co.Standard 011(N.J.)cons.($2.5 par)(gu.) 25e 'Mar. I Holders of roe. Feb. 164
$7 preferred (guar.)
$1.75 Mar. 2 Holders of reo. Feb 14
Common ($25 par) (extra)
25c Niel*. I Holders of rec. Feb. 166
Missourl-Kansas Pipe LineCommon ($100 par) (guar.)
Mar. 1 Holders of rec. Feb. 164
1
Class A (one-fortieth sh.cl. A stock).Mar. 3 *Holders of ree. Feb. 10
Common ($100 par) (extra)
'fa?. 1 Holders of tee. Feb. 164
1
Clam B (1-800th sh. class B Mock).Mar. 3 *Holders of rec. Feb. 10
Standard 03 of N. Y.(guard
40c Mar. 1
Holders of rec. Feb. 2011
Mohawk !Mining (guar.)
25c Feb. 28 Holders of rec. Jan. 31
Sterling Securities Corp.
Montgomery Ward & Co.. class A (qu.). .$1.75 Apr. 1 "Holders of reit. Mar. 21
Convertible first preferred (guar.).- 19.4 Mar.
Holders of rec. Feb. 13
Moreland 011 Corp., class A
*250 Feb. 28
let preferred (guar.)
Holders of reo. Feb. 134
76e Mar.
Morrell (John) & Co.. Inc.(quar.),
$1.1 Mar.16 Holders of rec. Feb. 21
Preference (guar.)
30c Mar.
Holders of tee. Feb 134
Morristown Securities Corp.(guae4---260 Apr. 2 Holders of rec. Mar. 16
Strawbridge& Clothier (guar.)
*Holders of tee. Feb. 14
Motor Wheel Corp., core.((uar.)
'134 Mar.
3734 Mar. 10 Holders of rec. Feb. 20a
30r Mar.
Holders of rec. Feb. 104
MunaIngwear, me.,corn.(guar.)
750 Mar. 1 Holders of rec. Feb. Ila Studebaker Corp.. corn.(guar.)
Preferred (guar.)
Holders of rec. Feb. 10e
134 Mar.
Murphy((J.C.)Co. 54,10e.:Ms oom.9111 1
400 Mar. 2 Holders of rec. Feb. 19
Sun Oil Co., corn. (guar.)
Holders of roe. Feb. 266
260 Mar. I
Muskegon Motors Specialties, Cl. A(gu ) 50e Mar. 1 Holders of rec. Feb. 17
Preferred (guar.)
Holders of tee. Feb. 104
$1.51. Mar.
Its Mar. 2 Holders of tee. Feb. 186
Muskogee Company 6% pref.(qua?.)
Telephone Inv. Corp.(monthly)
*Holders of rec. Feb. 20
•20c Mar.
National Baking, pref.(guar.)
'154 Feb. 28 *Holders of rec. Feb. 10
Tennessee
1255. Mar.1 Holders of rec. Feb. 280
National Biscuit, corn.(guar.)
700 AM% 1 Holders of rec. Mar. 20a Tennessee Corp.(guar.)
Preferred (guar.)
lee Feb. 2 Holders of rec. Feb. 13n Thompson Products corp., eom.(guard .25. Apr. I 'Holders of roe '
lAls In
Products, pref. (quard
*Holders of me Feb. 20
•144 dar.
gao Apr.
Holders or rec. Mar. 10a
National Dairy Products, corn.(guar.)._
Thompson-Starret Co.. prof. (guar.)-_ 8744. tor.
Holders of tee. Mar. ha
Preferred A and B (guar.)
15e Apr.
Holders of roe. Mar. 10
TImken-Detrolt Axle pref.(quit.)
Holders of rec. Feb. 20e
144 Mar.
Nat'l Family Stores, pref.(guar.)
*50e. Mar.
*Holders of rec. Feb. 20
Timken Roller Bearing (guar.)
Holders of rec. Feb. 180
76c Mar.
Nat'l Industrial Loan Corp.(stk. div.)....
*el Mar. 1 "Holders of rec. Feb. 28
Tobacco Products Ethorte Corti
Holders of rec. Feb. 20
10, Mar.
Monthly
*ft. Atm. I *Holders of rec. Mar.31
Tonawanda Shares, prior pt.(quar.)---* 31.625 Mar.
*Holders of rec. Feb. 20
National Lead, pref. A (guar.)
15e Mar, 1
Holders of rec. Feb. 27e
First and second prof. (guar.)
*Holders of rec. Feb. 20
•$1.75 Mar.
es3.50 man
National Linen Service, $7 pref
*Holders of rec. Feb. 20
I'ruscon steel cont.(pay, in oom.stock)
Holders of rec Jan Sa
dar. 1
18
National Sugar Refining (guar.)
60c. Apr.
Holders of rec. Mar. 2
Holders of ree. Feb. 19
Preferred (guar.)
1 h Mar.
Neptune Meter Co., pref.(guar.)
2
May I Holders of roe. May la Trustee Standard
*Fielders of rec. Jan. 81
Oil fibs. el. B
*30e Mar.
Preferred (guar.) ,
2
Holders of rec. Aug. la Union
Aug. 1
Holders of reo. Feb. 164
40e Mar.
Preferred (guar.)
2
Nov.1 Holders of rec. Nov. la UnitedTank Car (guar.)
Amer. Uttlitles. class A (guar.)
Newberry (J. J.) Co., corn.(guar.)
Holders of rec. Feb. 9
3254. Mar.
•27390 Apr.
*Holders of rec. Mar. 18
United Biscuit of America (guar.)
Preferred (guar.)
Holders of tea. Feb. 184
50r Mar.
•1Se Mar.
*Holders of roe. Feb. 16
United Chemical. $3 pref.(guar.)
Newport Co., corn.(guar.)
*Holders of rec. Feb. 16
•75c Mar.
260. Mar.
Holders of ree. Feb. 210
Class A (guar.)
Holders of fee. Apr. 104
75e. Mar.
Holders of rm. Feb. 216 United clam Stores 0.: Amer.,prof.(au ) lys tlay
Preferred (Qum.)
New York Transportation (guar.)
Holders of rec. July 104
*50c. Mar.2 'Holders of rec. Mar.
191 tug.
Preferred1oy.
Nineteen Hundred Corp., el. A (guard- *500. May I *Holders of rec. May 13
(gum.)
Holders of rec. Oct. to
1
4 'g
I
United Elastic. Corp. (guar.)
Class A (guar.)
40c Mar,2 Holders of rec. Mar.12
•500. Aug. 1 *Holders of rec. Aug. 1
United Fruit ((luar.)
Class A (guar.)
Holders of rec. Mar. 20
*50o. Nov. 1 "Holders of rec. Nov. 1
Apr.
$I
North American BecurItlee
United Piece Dye Works.corn.(quiz.)..
Holders of roe. Apr. 164
e34Mar.
Holders of rec. Feb. 1
KM- May
Common (guar.)
Northern Discount, pref. A (mthly.)-.* 662-3c Mar.
Holders of rec. July 1fta
50c Aug.
*Holders of rec. Feb. 15
Preferred A (monthly)
Common (guar.)
Holders of tee. Oct. lets
•66 2-3c Apr.
60e Nov.
'Holders of rec. Mar. 15
Preferred A (monthly)
Preferred (guar.)
•66 2-3c May
Holders of roe. Mar. 20.
154 Apr.
*Holders of rec. Apr. 15
Preferred A (monthly)
Preferred (quiz.)
Holders of rec. June 200
•66 2-3c June
*Holders of rec. May 15
134 July
Preferred A (monthly)
Preferred (qua?.)
•66 2-3c July
: 19:
S m: 19
E et
ers ()off
n
11 jOaetn.i.3
,
*Holders of tee. June 15
Preferred A (monthly)
Preferred (guar.)
tee.
Holders
•66 2-3c Aug.
'Holders of rec. July 15
United Wall Paper Factories. pr.p1.(gu.) •19‘ Mar.
Preferred A (monthly)
*Holders of tee. Feb. 18
•68 2-3c Sept.
*Holders of rec. Aug. 15
Preferred A (monthly)
Preferred (quit,)
•66 2-30 Oct.
'154 Mar. *Holders of rec. Feb. 18
112
Preferred A (monthly)
* 66 2.3c Noe. 'Holders of rec Scpt.
.)....25o Apr..1 *Holders of rec. Mar.26
51.25 m ar
•
f ree. Oct.
.
U. S.
Preferred A (monthly)
'Holders of rec. Feb. 19
I uct ( luar)(g
•66 2-3c Dee.
d i c ass A
l el .
*Holders of rec. Nov. 15
y
First preferred (guar.)
Preferred A (monthly)
*Holders of roe. Feb. 19
•66 2.3c Janl'3 *Holders of roe. Doe,
s$1.75 Mar.
15
Preferred C (monthly)
Mar. *Holders of rec. Feb. 19
preferred (qua?.)
•1
Mar.
*S2
*Holders of rec. Feb. 15
U. S.
Preferred C (monthly)
•1
Mar. "Holders of rec. Feb. 14
Apr.
*4
*Holders of rec. Mar. 15
Preferred CI (monthly)
Common (extra)
4.1
Mar. "Holders of roe. Feb. 14
*4
May
*Holders of rec. Apr. 15
Preferred 0(monthly)
*Holders of rec. Feb. 14
Preferred
•344 Mar.
"1
June
*Holders of rec. May 15
U. S. Gyi
Preferred 0
Mar. 14
*Holders
.co (qua?.)
"400
•1
(monJuly
'Holders of rec. June 15
thly)•154 Mar. 31 *Holders of rec. Mar. 14
Preferred C (monthly)
of rec.
Mar. 31
•1
Aug.
efrinilm(quarm.).
*Holders of rec. July
15750
U.S. Realty & lomat.(guar.)
Preferred C (monthly)
Mar. Is Holders of rec. Feb. 166
*1
Sept. *Holders of ree. Aug. 16
Preferred C (monthly)
United States Pipe it Fdy.,corn.(gu.)__
•1
500 Apr. 20 Holders of rec. Mar.316
Oct.
'Holders of tee, Sept.15
Preferred C (monthly)
Common (guar)
50e July 20 Holders of roe. June 300
'1
Nov. *Holders of rec. Oct. 15
Preferred C (monthly)
Common (quiz.)
60e Oct. 20 Holders of rec. Sept. 306
*1
Dee.
'Holders of rec. Nov. 15
Preferred C (monthly)
Common (guar.)
60c Jn20'32 Holders of rec. Doe. 31a
*1
J'n 1'3 *Holders of tee. Dee. 15
Ohio OIL common (qua?.)
30c Apr. 20 Holders of tee. Mar. 316
(quiz.)
25o. Mar.1
Holders of rec.
Firgt preferred
yirst
Preferred (guar.)
4
.194 Mar. 1 *Holders of rec. Feb. 16a
300 July 20 Holders of rec. June 30a
Feb. 1
6First preferred (guar.)
Ogilvie Flour MUM, pref. (guard
30c. Oct. 20 Holders of rec. Sept. 30a
134 Mar.
Holders of rm. Feb.
1930c.
Firm preferred (guar.)
011stooks, Ltd.. class A it B (guar.)._ *100. Mar.3 *Holders of
,1n20'32 Holders of roe. Dee. 3Ia
tee. Mar. le
United States Steel Corp.. corn.
Holders
28a
Omnibus Corp.. prof.(guar.)
)
2
Apr.
Holders of reo. Mar.
(Cluar- - 134 Mar. 30 Holders of nso. Feb. 31s
Pngerred (guar.)
of tee. Jan.
Oshkosh Overall prof.(guar.)
14e Feb. 27
*50c. Mar. 'Holders of rm. Feb. 13a
21
United States Stores, lat pref.(guar.).- $1.75 Mar. 2 Holders of reo. Feb. 18a
Owens Illinois Glass. prof. (guar.)
194 Apr.
Holders of rm. Mar. 16
Vacuum 011 Co. (qua?.)
Mar.20 Holders of rec. Feb. 28
$1
Packard Motor Car (guar.)
15e. Mar. 1
Holders of ree. Feb. 14a
Valvollne Oil. corn. (guar.)
Page-Ilerehey Tubes, corn.((uar.)
14$ Mar. 17 Holders of rec. Mar.14
$1.25 Apr.
Holders of rec. Mar. 20
Apr. 1 *Holders of rm. Mar. III
*2
Preferred (guar.)
Preferred (guar.)
$1.75 Apr.
Holders of ree. Mar.
Virginia-Carolina Chemical,
Paramount Publix Corp., corn.(guar.).- $1
pf.(9116) 131 Mar. 2 Holden of rms. Feb. 164
Mar.2 Holders of rec. Mar.20
So Vogt manufacturing (guar.)Pr.
*50c. Apr. 1 'Holders of rec. Mar.14
Patterson-Sargent Co., common (qu.)... 50c. Mar.
Feb. 17 to Feb. 28
Vulcan Detinning. corn. (guar.)
Apr. 20 Holders of tee. Apr. 74
$1
Fender (David) Grocery. el. A Mt.).- 8795c Mar.
Holders of rec. Feb. 20
Preferred (quiz.)..
154 Apr. 20 Holders of tee. Apr. 74
Penick it Ford, Ltd.((ear.)
25e. Mar. 1
Holders of rm. Mar. 20
Wagner Electric Co..corn.(qua?.)
3734c Mar. I. Holders of tee. Feb. 12
Pennroad Corn
20c. Mar. 1
Holders of roe. Feb. 13
Walalua Agrte.. Ltd. (guar.)
.50e. Feb. 28 .11oldera of rec. Feb. 20
Pennsylvania Investing, class A (guar.). 6294e Mar.
Holders of roe. Jan. 31a
Waitt & Bond. Inc., class A (quar.)
*50c. Mar. 2 'Holders of rec. Feb. 16
'134 Mar.
Pfaudler Co. pref. (guar.)
*Holders of rec. Feb. 20
Waldorf System. corn.(guard
3734e Apr. 1 Holders of rec. Mar.20e
Phoenix Hosiery, 1st it 2nd pref.(guar.) 144 Mar.
Holders of rec. Feb. 14a
20c. Apr. 1 Holders of roe. Mar.20
Preferred (guar.)
Photo Engravers it Electro (guar.)
60e. Mar.
Mainers of rec. Feb. 14
*50e. Apr. 1 *Holders of roe. Mar 33
Pierce Arrow Motor Car, class A (guar.)
60e. Mar.
Holders of rec. Feb. be Waltham Watch. 6% Pref. (guar.)
6% preferred (Qua?,)
*50c. July 1 *Holders of rec. June 22
Preferred (guar.)
154 Mar.
Holders of roe. Feb. 10a
6% Preferred foliar.)
*50e. Oct. 1 *Holders of rm. Sept
-2I
Dcaririytako.
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Mar. 1 Holders of rec. Feb. 9a
Warner Bros. Pictures, Inc., pref. (q11.)Wayne Pump Co., pref.(quar.)
•874ic Mar. 1 *Holders of rec. Feb. 15
Weber Showcase & Fixture, 1st pref.(qui *50c. Mar. 1 *Holders of rec. Feb. 15
25c. Feb. 28 Holders of rec. Feb. 16
Welch Grape Juice, common (guar.).—
Feb. 28 Holders of rec. Feb. 16
$1
Common (extra)
Feb. 28 Holders of rec. Feb. 16
Preferred (quar.)
Mar. 2 Holders of rec. Feb. 140
$1
Weason Oil & Snowdrift, pref.(quar.)_
75c. Mar. 2 Holders of rec. Feb. 18
Western Auto Supply, corn. A & B (qui
Mar. 1 Holders of rec. Feb. 90
Western Dairy Products, class A (guar.) 31
.31.50 Mar, 2 *Holders of rec. Feb. 9
$6 preferred (qur.)
Western Reserve Investing, Pr.
134 Apr. 1 Holders of rec. Mar. 14a
.Pi.(qu.)25c. Apr. 1 Holders of rec. Mar. 19a
Weston Electrical Instrument,corn.(qui
50c. Apr. 1 Holders of rec. Mar. I9a
Class A (quar.)
500. Mar. 2 Holders of rec. Feb. 16a
Westvaco Chlorine Products, corn.(qui
145 Mar. 2 Holders of reo. Feb. 16
White(J. G.)& Co., Inc., pref.(quar.)
15•1 Mar. 2 Holders of rec. Feb. 15
White(J. G.) Engineering. pref.(guar.)Apr. 1 Holders of rec. Mar. 14a
W/alto Rock Mineral springs. corn.(Qui $1
500. Apr. 1 Holders of reo. Mar. 140
Common (extra)
155 Apr. 1 Holders of rec. Mar. 14
first preferred (quar.)
Apr. 1 Holders of reo. Mar. 14
5
econd preferred (quar.)
245 Apr. 1 Holders of reo. Mar. 14
Second preferred (extra)
Apr. 1 Holders of rec. Mar. 16
Will & Baumer Candle Co., pref.(quar.) 2
1)4 Mar. 1 Holders of rec. Feb. 15
Windsor Hotel, pref. (quar.)
*245 May 1 *Holders of rec. Apr. 15
Winsted Hosiery, corn. (guar.)
*2;5 Aug. 1 *Holders of rec. July 15
Common (quar.)
,
•255 Nov. 1 *Holders of reo. Oct. 15
Common (quar.)
*1% Mar. 2 *Holders of rec. Feb. 13
Wolverine Tube, pref. (quar.)
60o. Mar. 2 Hoidens of roo. Feb. 100
Woolworth (F. W.) Co., corn. (guar.)
15( Apr. 1 Holders of rec. Mar.100
Worthington Pump & Mach.,pLA (qu.)_
hl 34 Apr. 1 Holders of rec. Mar. 100
Preferred A (acct. accum. dive.)
155 Apr. 1 Holders of rec. Mar. 10a
Preferred B (quar.)
hl 34 Apr. I Holders of rec. Mar. 10a
Preferred B (acct. accum. diva)
60o Mar. 2 Holders of rec. Feb. 20a
Wrigley (Wm.) Jr. Co.(monthly)
250. Apr. 1 Holders of reo. Mar.200
Monthly
I
• 5„i
Apr. 1 *Holders of rec. Mar.20
(guar.)
Wurlitaer (Rudolph). Pref.
*151 July 1 *Holders of rec. June 20
Preferred (quar.)
500. Apr. 1 Holders of rec. Mar. Ila
Yale & Towne Mfg.(quar.)
has ruled that
•From unofficial sources. f The New York Stock Exchange
until further notice.
stock will not be quoted ex-dividend on this date and not
Exchange Association has ruled that stock will not be quoted
/ The New York Curb
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dito.dend.
d Correction. e Payable In stock.
h On account of accumulated
f Payable In common stock. g Payable In
dividends. I Payable In preferred stock.
1-16th share common stock.
k Empire Corp. dividend is optional either cash or
and scrip at rate
I Gen'l Gas et Elec. class A dividend is payable in class A stock received prior to
of $5 per share unless notice of holders election to take cash is
March 10.
time for paym All transfers received in London on or before March 3 will be in
ment of dividend to transferees.
in tom. stock at
Commercial Invest. Trots cony pref. dividend will be paid March 16 of his
rate of 1-52 shares unless holders notify company on or before
cash.
desire to take
81.50 in cash or
o Central States Elec. cony. pref. series of 1928 div. payable corn. stock.
share
3-32d. share tom. stock; series of 1929, $1.50 cash or 3-64ths
1931 of the holder's desire
15
8 Unless written notice is received on or before Feb.
stock
to receive cash, Blue Ridge Corp. pref. stock dividend will be paid in common
at rate of 1-32d share for each share of preferred.
to Less deduction for expenses of depositary,
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,339,600 to surplus and undivided profits, $151,290,000
to the net demand deposits and $104,711,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
FEB. 14 1931
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
Clearing House
Members.
*Capital.
Bank of N.Y.& Tr. Co_
Bank of Manhat. Tr. Co.
Bank of America, N. A__
National City Bank_ __ _
Chemical Bk.& Tr. Co__
Guaranty Trust Co
Chat.Phen.N.B.&Tr.00.
Cent. Han. Bk.it Tr. Co
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk. & Tr.Co
Chase National Bank
Yitth Avenue Bank
Bankers Trust Co
Title Guar. dt Trust Co
Marine Midland Tr. Co..
Lawyers Trust Co
New York Trust Co_ _
Com'l Nat.Ilk.& Tr. Co
Harriman N.B.& Tr.Co
Public N. D.& Tr. Co
Manufacturers Trust Co
$
6,000,000
22,250,000
36,775,300
110,000.000
21.000.000
90.000.000
16 200.000
21,000,000
15,000,000
10,000,000
50.000.000
6,000.000
148,000.000
500,000
25,000,000
10,000,000
10,000.000
3,000,000
12,500,000
7,000,000
2.000,000
8,250.000
27,500,000
Clearing Non-Member.
Mech. Tr. Co.. Bayonne
500,000
*Surplus and
Undiaided
Profits.
Net Demand
Depostts
Average.
Time
Deposal,
Average.
$
$
67,182,000
14,178,200
250,080,000
54,439,900
158,210,000
40,579,700
114,554,300 21.014,934,000
241,894,000
43,426,000
207,442,800 6924,613.000
157,474,000
20,086,300
429,708.000
87.278,200
183.808,000
35,431,300
258,578,000
114,009,500
391,599,000
85.390,500
12,398,000
11,353,100
209,775,900 c1,417,120,000
27,921,000
3,842,100
86,887,300 d490,087,000
37,608,090
24,830,000
44,608,000
9,527,100
17,818,000
4,622,500
181,254,000
35,554,700
46,767,000
9,992,600
28,132,000
2,811,900
39,500,000
13.729,300
111,790,000
23,610,300
$
14,392 000
54,106000
54,405'000
195,930'000
2
9,512'000
148,935000
34,817,000
79,099,000
37,085,000
32,240,000
52,892,000
750,000
200,190.000
3,338,000
79,599,000
1,201,000
4.920,000
2,372,000
54,585,000
3,745,000
6,554,000
34,070,000
70,641.000
2,771,000
5,255,000
924,800
1,206,633,000
658.475.300 1,254,278,300 6,535,854,000
MARIA_ _ _ _ _ _ _
1930; State, Dee. 31 1930; Trust
• As per official reports: National, Dec. 31
Companies. Dec. 311930.
3274,423,000;(b) $121,798,
Includes deposits in foreign branches as follows: (a
000; (c) $131,715,000; (d) $54,590,000.
[vol. 132.
FINANCIAL CHRONICLE
1368
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 Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Feb. 11:
OF
INSTErUTIONS NOT IN CLEARING HOUSE WITH CLOSING
BUSINESS FOR THE WEEK ENDED WEDNESDAY, FEB. 11 1931.
NATIONAL AND STATE BANKS—Average Figures.
Loans,
Dint. and
Invest.
OtherCash Res. Dep., Dep, Other
Gross
Gold. Including N. Y. and Banks and
Bk.Notes Elsewhere. Trust Cos. DeposUs.
$
$
Manhattan—
2,263,000 69,000
Bryant Park Bk_
Grace National__ 19.469,766 3,000
Brooklyn—
Brooklyn Nat'l__ 9,613,700 17,000
6,740,000 5,000
Peoples Nat'l___
a
$
$
$
292,000
1,766,000
78,000
62,993 2,088,616 1,569,478 19,699,671
120,500
104,000
550,700
473.000
676,900
190,000
6,786,900
6,760,000
TRUST COMPANIES—Average Figures.
Loans,
Disc. and
Invest.
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos
$
$
$
Manhattan—
88,181
697,485
Bk. of Europe & Tr_ 14,238,984
76,640,200 *3,915,900 10,172,400
Empire
148,258 1,037,234
15,684,473
Federation
18,277,700 *2,361,900 2,255,200
Fulton
69,274,396 3,600,000 12,046,794
United States
Brooklyn—
122,113,000 2,286,000 22.545,000
Brooklyn
28,295,425 2,107,697 4,762,318
Kings County
Bayonne, N.J.—
632.593
409,887
8,494,506
Mechanics
Gross
Deposits.
$
$
12,878,900
3,356,900 78,581,500
168,819 15,240,791
17,837,200
55,573,424
1,278,000 125,863,000
25,588,984
305,828
8,394,029
•Includes amount with Federal Reserve Bank as follows: Empire $2,445,500;
Fulton, $2,198,200.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS:
weet Ended
Feb. 18
1931.
Changesfrom
Previous
Week.
Week Eruka
Feb. ii
1931.
Week Ended
Feb. 4
1931.
3
$
$
$
94,075,000
94,075,000
94,075,000 Unchanged
Capital
96,982,000
96.982,000
99,982,009 unchanged
Surplus and profits
1,030,079,000
LOShii.dLsols & investle. 1,023.454,000 —2,230,000 1.025,684,000 628,653,000
621,490,000 +3,223,000 618,267.000
Individual deposits
165,380,000 —5,246,000 170,626,000 165.378,000
Due to banks
274,775,000 —2.275,000 277,050,000 279.648,000
Time deposits
9,247,000
8,446,000
—504,000
7,942,000
United States deposits
19,167,000
16,539,000
18,960,000 +2,421.000
Exch.for Clearing House_
+1,701,000 115,400,000 117,747,000
Due from other banks.... 117,101.000
83,861,000
83,325,000
81,218,000 —2,107,000
Res've In legal depositles.
6,027,000
5,922,000
—446,000
5,476,000
Cash in bank
3,809.000
3.629,000
—741,000
2,888,000
Ree've in atoms in F.R.Bk
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Resprve with Legal Depositaries' and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
.
Week Ended Changes from Week Ended
Feb. 7
Previous
Feb. 14
1931.
Week.
1931.
lVeek Ended
Jmi. 31
1931.
$
$
$
$
82,534,000
82,534,000
82,534,000 Unchanged
Capital
258,305,000 258,365,000
258,365,000 Unchanged
Surplus and profits
Loans. diens. and Invest_ 1,460,362,000 —4,553.000 1,464.915,000 1,459,853,000
28,945,000
28.807,000
30,206.000 +1,399,000
Exch. for Clearing House
154,433,000 +5,945,000 148,488,000 148,969.000
Due from banks
+974,000 247,103,000 242,459,000
248,077,000
Bank deposits
729,020.000 +2,229,000 726,71)1,000 737,944,000
Individual deposits
413,933,000 +3,304,000 410,629.000 398.695,000
Time deposits
39
1,391,030,000 +6,507,000 1,384,523,000 1, 7 ,098,000
Total deposits
Reserve With F.It. Bank_ 117,171,000 +2,065.000 115,108,000 117,501.000
FEB, 21 19311
FINANCIAL CHRONICLE
1369
Weekly Return of the Federal Reserve Board.
l'he following Is the return issued by the Federal Reserve Board Thursday afternoon, Feb.19 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 1323, bang the ftrst item in our department of "Current Events and Discussions."
comBINEc, RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 18 1931
Feb. 18 1931. Feb. 11 1931
Feb. 4 1931. Jan. 28 1931.1.1an 21 1931. Jan. 14 1931. Jan. 7 1931. Dec. 31 1930. Feb. 191930.
a
s
$
$
:
$
3
852017BCIIS.
8
S
1,713,789,000 1,752,459,000 1,724,459,000 1,784.009,000 1,763,219,000 1,740.589,000 1,691,189.000 1,730.439.000
0010 with Federal Reserve agents
1,663,332,000
34,167,000
34.467,000
34,844,000
Gem redemption lead with U.S. Treas.
35,284,000
35.008.000
36.288,000
37.126,000
31,911,000
55,109,000
.3010 held etclusively aged. P. IL note, 1,748,256,000 1,786.926,000 1.759,303,000 1,819,293,000 1,798,887,000 1,776,877,000 1,728,315,000 1.765,350,000 1.718,441,000
Gold settlement fund with P. R. Board.. 480,497,000 470,484,000 419,179.000 418,335,000 421,588,000 447,140.000 483,560.000 417.740,000 627,763,000
855.655,000 820,081,000 897,930,000 854,080,000 853.673.000 834,56,0.000 781.641.000 758.129,000 631,314,000
Gold and gold certificate/ held by banks
3,084.408,000 3,077.491,0003.076.412,000 3.091314.000 3.074.148.000 3.058.577.000 2,993.516,000 2,941.219,000
Total gold !swerves
2,977,518,000
181,995,000 176,855,000 184,445,000 186,718.000 180.136.000 172.878.000 153,832,000 140,298,000 199,412,000
Reeen es other than gold
3,266,403,000 3,254,346,000 3,260,857,000 3,278,432,000 3,254.284,000 3,231,455.000 0.147.348.000 3.081,517,000 3,176,930,000
Total reserves.
82,298,000
76.649,000
Non-teeerve cash
78.119,000
86,539,000
85,071,000
84,498,000
81,652,000
79,932,000
69,602,000
Wilt discounted:
66,101,000
79,396,000
74.578,000
eecurod by U. 8 Govt. obligations
68,206,000
89,421.000 204,930,000
79,612.000
86,750,000 115.501.000
133.722,000 142,793,000 148,339,000f 146,931,000 150,273,000 156,590.000 176.884.000 161,977,000 172,013,000
Other bills diecounterl
Total bills discounted _
BIN bought in open market-.
U, 8. Government securities:
Bonde__
Treasury notes
Orrtificates and bills
Total U.8. Government securitiesOther securities (see sole)
Foreign loans on gold
Total bills and securities (sae sole)clew held abroad
Due irons foreign banks(see sets)
Uecollected Item.
Federal Reserve notes of other benks
Bank premises
All other resources
Total resources
LSABILMRS.
F. R. note,in actual circulation
Deposits:
Member bants-reserve account
Government
Foreign banks (set sole)
Other deposits
Total delImits
Deterred availability items
Capital paid in
ilefelue
All other liabilities
199,823,000
93,995,000
78,971,003
80,906.000
196,215,000 192,121.000
324,488.000 336,593,000
599,674,000 609,620.000
isms]to Federal Reserve Banks
Hew Secured
By gold and gold certificates
Clold redemellon fund
Gold fund--Federal Reserve 1)oard
By eligible Paper
222,917,000!
104,275,0001
I
83,728,000,
190.190,000,
333.593.0001
215.137.000
120,241.000
229.885,000
151.625.000
243,340,000
106,180,000
292.385.000
265,456,000
251.393,000
363.844.000
376,943,000
281,057,000
82.980,000
190,135,000
336,762,000
90.632.000
181.452.000
346,507,000
105,419,000
189,439,000
349.459,000
114,982,000
201.369,000
342.550,000
163,785.000
226,473.000
339,209,000
69
,770,000
200,532,000
210,313,000
609,511,000! 609,877,000
150.000
624.591.000
650,000
644.317.000
5,550,000
658.901,000
6.558,000
729,467.000
7,143.000
480,615,000
14,280,000
I
893,492.000
919,548,000
930,703,000, 945.405.0001.006.751,000 1.089,387,000 1,233,300.000 1.351,852030 1,152,895,000
699,000
15,332,000
513.097,000
58,191,000
19,336,000
711,000
17.785,000
444,122,000
58.098.000
19,243.000
704,000,
702,000
712.000
22,875,0001 22,300,000
26,194,000
467,135,000 445,328,000 507.312,000
58,039,000
58.034.000
58.034,000
19,028,000, 18,042,000, 19,032,000
1
708.000
20,015,000
568,311,090
57,924,000
20,403.000
712.000
704,000
25,468.000 584,783,000
521.013.000
21,993,000
57.845,000
57.843,000
20.890,000
22.024.000
722,000
24,896,000
627,028,000
58 388 000
, .
13,826,000
4,848,848,000 4,790,502,000 4,843.460,000 4.855,382,0004,957,390,000 5,078,701,000 5.078.228,000 5.200,648,000 5,124,287,000
I
1.419,756,000 1,481,006.000I1,476.742.000,1,478,302,00011,517.843,000 1,552,702,000 1,624.898,000 1,663,538,000 1,656,161,000
1
1
l
2,379,736,000 2,364,686,000 2,378.800,000 2.424.906,000 2.430.730,000 2,463,596,000 2,443,859.000
2,470,583,000 2,315,411,000
35.248,000
23,913,000
51,792,000
34.629,000
22,650,000
32.202.000
24.689.000
18,819,000
48,987,000
5,261,000
5,306.000
5,456.000,
6,357,0001
6,040,000
5.758.000
5,779,000
5.761,000
8,226,000
19,305.000
18.445,000
18,744,000
18.583.000
18,734,000
19.752.000
25,390,000
21,970,000
13,297.000
2,439.550.000 2,417,350,000 2.454,798.000 2,484,475,000 2.488,154,000 2,521,308,000 2,499,717,000 2.517.133.000 2,390.921,090
502,628.000, 450,473,000, 455,356.000 435,879,000 494,734,000 547.803,000 496,970,000
169,265,000' 169,296,000, 169.361,000 169,531,000 169.712,000 109,807,000: 169.668,000 564.007,000 611,818,000
169,840,000 171,591.000
274,636.0001 274,636,000 274,630,000 274,636,000 274,636,000 274,636,000, 274,636,000 274,036,000 276,936,000
13,013,0001
12,741,000
12,567.000
12.559,000, 12,311,000
12.445,0001
12.339,000
11,694,000
16,860,000
,
1
1,848,848,00014.790,502,000 4,843,460.000 4
,855.382,000 4.957,390.000 5,078.701,0005.078.228.000 5.200,648.000 5.124,287.000
Total liabilities
It.st10 of gold reserves to deposit', and
79.3%
F. R. note liabilltlee combined
Ratio of total reserves to deeper+ and
84.0%
F. IL note liabilities combined
Centingent liability on bills mach/wed
143,637,000
for foreign oorresnecaonla se
3
Distribution by A(aferean-24,352,000
1-15 day bills bought In open market._
123,265,000
1-15 days hills 0lsenu. led
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
25,642,000
15-30 days bine bought In open market...
18,283.000
15-30 days bills dismounted
11530 days U. B. certlf of Indebtedneen.
15-30 days municipal warrants
51-60 days bills bought 10 open market33,436,000
28.841,000
51-80 days bills dismounted
111-60 days U.8. certif. of Indebtedness_
51-50 days municipal warrants
01-90 days bills bought Moven market10,215,000
01-00 Gays bills discounted
17,575,000
01-90 days U. 8 certif. of Indebteduess.
22,000,000
01-90 days munlolhal warrants
market
Over 90 days bills bought In oven
350,000
User 90 days bills discoontod_
11,854,000
302,488,000
Vete 90 days certif. of indebtedness
giver 90 days municipal warrauta
F. R. notes received from Comptroller.-W.It. notes held by F.R. Agent
222,189,000
87,739,000
78.9%
78.2%
78.0%
76.7%
75.1%
72.6%
70.3%
73.5%
83.5%
82.9%
82.7%
81.2%
79.3%
76.3%
73.7%
78.5%
445.684,000
448,382,000
448.809,000
440.326,000
$
32,460,000
139,548,000
25,607.000
442,435.000
4
45,372,000
131,600,000
448,607.000
$
22,097.000
140,520,000
26,007.000
$
71.089,000
147,597,000
$
102,715,000
156,008.000
5
141,785.000
203.724.000
15,686,000
20.099.000
13.314.000
19,927,000
17.745,000
18,931.000
25,007,000
27,266.000
19,316,000
26,107,000
37,931,000
20,661,000
169,000
60.355,000
21.889.000
35,734,000
29,801,000
33,740,000
30,618.000
32.927,000
3
0.584.000
21.502,000
29.710.000
24,853,000
31.647,000
20.107,000
13.866,000
19,439,000
2.
3 831.
000
20.844,000
23.341.000
21,021.000
29.926,000
20,414.000
29,722,000
21.755.000
350,000
12,330,000
309,986.000
930.000
11,980.000
309,986,000
856.000
13,001.000
311.155,000
1.242.000
12,342,000
320,400.000
954,000
13,267,000
333.352,000
12.000
34.434,000
31,489,000
24,182.000
3,000
27,929,000
22,799,000
953.000
12.484.000
318,368,000
674,000
439.288.000 513,664.000
$
$
219,272.000 150,444,000
175,501,000 284,604,000
2.425,000
185.000
62,413,000
63,062,000
24,845,000
17,659.000
61,102,003
29,000
59,899,000
47,249.000
36,363,000
20.966.000
24,182.000
15,000
28,129.000
8.123.000
22,191,000
19,459.000
1,132.000
11,813,000
312,002.000
614,000
30,000
173,000
8.940,000
149,211,000
3,449,193,000
1,382.813,000
1,858,540,000 1,897,944,000 1,902,134,0(10 1,986,829,000
2,031,901,000 2,068,736,000 2,101,889.000 2.093,625,000 2,066,380,000
619.559,000 652,729.000 582,729,000 610,629,000
625,539,000 636,409,000 630.009,000 621.009,000 418,112,000
1 094.230,
.
000 1.099,730,000 1,141,730.000
1.143.383,000 1,137,680,000 1.101,180,000 1,055.180.000 1.109.430.000 1,245,220,000
252,991.000 265,920.000 282,149,000 292.060,000
336,319,000 391.968,000 508,820,000 507,788.000 621,369.000
Total
1,966,780.000 2,018.379.000 2.006.608.000 2 076 nno non 0 non K•2C nnn o ,,,,, non', qnn nag flan 2 238
57
227 000 2.285.201.000
-Beginning with the etatement of on. 7 1020. two new items were added In
NO Ch.
order to
to foreign correspondents. in addition, the caption, -an other earning assets," previously made show separately the amount of balanewe held abroad and amounts due
up of Foreign Intermediate Credit Bank debentures, was changed 10
110ther /maul:Ries." and the caption, "Total earning assets" to "Total bills and securities."
The latter Item was adopted al a more &emirate description of the total of
the discounts. sooeptauces and gocurities aeouired under the provision of Sections 13 and 14 of
the Federal Reserve Act. whloh. It wee stated, are the only Items Included
therein.
WEEKLY STATEMENT 01, RESOURCES AND LIABILITIES OF EACH OF TIM 13
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 18 1931
Two (Speer'(00) OrAtilei.
Federal &seise Bank ofTotal.
Boston. New York. Phila, Cleveland Richmond A
Uanta. Chicago. St. Louis. Aftaneap fCan.C(4 Dallas. San has,
--------- - 1CHSOURCRS
$
$
s
$
s
$
s -s
$
s
s
$
s
Sold with Federal Reserve Agents 1,713,789,0 144,917,0 366,919,0 160,000.0 187.550,0 84,030,0
129,900,0 191,000,0 77,785,0 48,025,0 67,000,0 25,850,0 230,763,0
with U.S. Tress.
Sold red'n fowl
34,407,01 1,310,0
13,660,0 1,277,0 2,694,0 1,140,0 1.631,0 4,037,0 1,555,0
484,0 1,415,0
781,0 4.483,0
.
Gold held excl aget.F.R. notes 1.748.256,01146 227,0 380,579.0 161,277,0 190,244,0
85,220,0 131,531.0 105,037,0 79,3.10.0 48,509,0 68,415,0 26,631,0
/old settle's fund with F.R.Board 480,497.0 27.235,0 160,011,0 37,233,0 47,704,0 12,396.0 11,190,0 98,712,0 17,871.0 8,322,0 13,192,0 13,255,0 235,210,0
/old and geld etfabeld by banks- 855.655,0 36.876,0 533,014,0 27,545,0 69,103,0 5,764,0 7,982,0 102.509,0 11,839,0 6,217,0 13,160,0 6,927.0 33,323,0
29,059,0
---3,084.408,0 210,333,0 1,078,604,0 226,105,0 307,051,0
Total gold reserves
103,380,0 150,703,0 396,318,0 109,053,0 63,048,0 94,767,0 413,813,0 298,228,0
other than gold
181,995.0 15,926,0
tecerve
49,846,0 11,660,0 13,112,0 11,465,0 9,501,0 24,693,0 12,101,0 6,042,0 8,751,0 8,584.0
10,314.0
--3,260,403,0 226,264,0 1.128,450,0 237,765,0 320,163,0
Teta]reserve(
114,845,0 160,204,0 421.011,0 121,154,0 69,090,0 103.518,0 55,397,0308,542.0
82.298,0 9,265,0
Ion-reeerveutsh
20,120,0 4,530.0 6,253,0 5,347,0 5,036,0 11,343,0 5,363,0 2,309,0 2,087,0 3,660,0
6,335,0
11111 discounted:
66,101,0 3.644,0
sec. by IL 8. Oovt. obligations
14,109,0 8,454,0 12,361,0 1.459,0
428,0
723,0
571,0 8,250,0 3,122,0
163.0
133,722,0 6,551,0
23.532,0 15,131,0 10,454,0 15,886,0 21,346,0 10.839,0 5,619,0 3,526,0 11,082.0 5,687.0 12,812,0
Other bills 111100unted
4,069,0
-199,823,0 10,195,0
37,611,0 23,585,0 22,815,0 17,315,0 21,917,0 19,039,0 8,741,0 3,954.0 11,810,0 5,850,0
Total bills discounted
93.995,0 7,930,0
1119 bought in open market
32,606,0 2.857,0 8,335,0 2.121.0 5,829,0 14,151,0 4,287,0 2,685,0 4,270,0 2,333,0 16,881,0
6,485 0
L B. Government securities:
78,971,0 1,820,0
33,178,0 1,353,0 1,161,0 1,531,0
Bonds
692,0 5,351,0
235.0 22,191,0
679,0
400,0
196 215 0 15 353 0
44,151,0 19,931,0 26,046,0 5,571,0 4,305,0 21,144,0 13,222,0 9,253,0 11,316,0 10,380,0
7seasury note,
6,473,0 19,450,0
324,488,0 29.331,0 106,599,0 29,280,0 31,152,0 10,159,0
7ertificatee and nuts
3,197,0 38,509,0 10,237,0 11,734,0 22,033,0 12,534,0 19,623,0
'ntal U.S. Gov't !enmities
599,674,0 46,554,0 183,928.0 50.564.0 .58.359 0 17.261 II 7 737 0 81 844.0 24.151.0 26 338 0 34 028 0 90
d17 fl
.004.0_
[Vora. 132.
FINANCIAL CHRONICLE
1370
nd.v..ttlIcChn (t..oaststere)Tee @inhere (DO) °mined.
Total bills and emeriti=
Due from foreign banks
Uncollected Items
Jr. R. notes of other banks
Bank Premises
All other resource,
Cleveland Riannend .aiento. Chtcaco
Mich
$
8
$
$
Other securities
Foreign loans OD gold
New York.
Ronan.
Mal.
$
$
$
3
minas
San Prau,
$
Si. Louis Iiinstme gan.Cite
8
8
$
$
254,175,0 77,006.0 89,509,0 36,727.0 35,483.0 115,084,0 37,179.0 32,977,0 50,114,0 37,670,0 62,839,0
48,0
21.0
20.0
16,0
25,0
28.0
71.0
25,0
69,0
95.0
228,0
352,0 1,500,0
831,0
577,0
922,0
156.0 1,094,0 1,669,0 1,147.0 2.393,0
4,466.0
141,110.0 44.990,0 49,120.0 38,283.0 15,167,0 62,715,0 22,281,0 9,023.0 28,520,0 19.977,0 26.741,0
15,240,0 2,614,0 7,065,0 3,365,0 2,573,0 8,061.0 3,635,0 1,926.0 3,803,0 1.830,0 4,621,0
487,0
854,0
365,0
531,0
306.0 1.172.0 1,187.0 4,033.0 1,269,0 1,973,0
6.970.0
893,492.0 64,729,0
53,0
699,0
225,0
15.332,0
513.097.0 55,170,0
58,191,0 3,458,0
189,0
19,336,0
119,761,0 411,113,0
Total resources
4,848,848,0 359,353,0 1,570,759,0 367,486.0 474,447,0 201,451,0 224,268,0 621,971,0 192,532.0 116,449,0 189,253,0
le. R. notes in actual circulation_ 1,449.756,0 123,435,0 261,572,0 136,686,0 180,095.0 82,589,0 130,457,0 147.002,0 78,920,0 48,319,0 66,347,0 26,854,0 167,480,0
Deposits:
Member bank-reserve awl-- 2.379.736.0 144,419.0 1,006.920,0 141,997.0 196,518,0 60,210,0 58,588,0 337.816,0 70,652,0 46,203,0 80,988,0 57,177.0 173,248,0
979.0 1,953.0 1,105.0 1,037,0 1,760,0
Government
5,227,0 1,811,0 2,032,0 2,942,0 1,124.0 12,500.0
35.248.0 2,778.0
391,0
173.0
167,0
132,0
201.0
Foreign bank
581.0
570,0
230,0
1,401.0
777,0
207.0
431,0
5,261.0
24,0 5.756.0
253.0
172.0
393,0
Other deposits
271,0 1,677.0
75,0
9,612,0
592.0
421,0
59.0
19.305,0
Total deposits
2,439,550,0 147,687,0 1,023.160.0 144.649.0 200.808,0 63,457.0 60.340.0 351.685,0 72,225.0 48,460,0 82.513.0 58,411,0 186,155.0
Deferred availability items
502.628,0 54,874,0 136,937,0 42,104,0 47,698,0 36,773,0 15.354.0 61,207,0 24,616,0 8,612,0 27.006,0 20,548,0 26,899,0
65.674,0 16,773,0 15.857,0 5,576.0 5,270,0 20,062,0 4,876,0 3,056.0 4,258,0 4.343,0 11,461,0
Capital veld In
169.26.5,0 11.879,0
Surplus
80.575.0 27.065,0 28,971,0 12,114,0 10.857.0 39,936.0 10.562,0 7,144,0 8,702.0 8,936,0 18,475,0
274.636,0 21,299,0
432,0
643,0
609,0
858,0
209,0 1,018,0
All other liabilities
2.841,0
762,0 1.990.0 2,079,0 1,333.0
179.0
13,013,0
Total liabilities
4,848,848,0 359,353,0 1,570.759.0 367,486,0 474,447,0 201,451,0 224,268,0 621,971.0 192,532,0 116,449,0 189,258,0 119,761,0 411,113,0
Messoranga.
69.5
87.2
65.0
71.4
84.5
80.2
84.1
78.6
87.8
84.4
84.0
Reserve ratio (per cent)
83.5
84.0
Contingent liabllIty on bills pur148,403,0 44,297,0 45,192,0 17,893,0 16.108.0 60.405,0 15.660,0 10,291,0 12,976,0 13,423,0 30,426.0
chased for foreign oorrespondle 448.637,0 33,558.0
FEDERAL RESERVE NOTE STATEMENT
/vertu Reserve Apes* at-
New York.
Banton
Total.
$
$
$
Two Ciphers (00) omittedFederal Reserve notes:
Issued to F.R. bk. by F.R.Agt- 1,858.540,0 152,227,0
Held by Federal Reserve bank. 408,784,0 28,792,0
St Louis hfissecip Han.Cith. Dallas. &arras.
3
s
$
$
s
385,769,0 169.578,0 213.776,0 96,939,0 154,873.0 200,561,0 87.355,0 52,992,0 79.035,0 31,537,0 233.898,0
124,197,0 32,892,0 33,681.0 14,350,0 21,416,0 53,559,0 8,435,0 4,673,0 12.688,0 4,683.0 66.418,0
261,572,01136,686,01180,095,0 82,589,0 130,457,01147,002,0 78,920,0 48,319,0 66,347,0 26,854,0 167,480,0
In actual circulation
1,449,756,0 123,435,0
collateral held by Act,as security
for notes Issued to bank:
619,559,0 35,300,0
Gold and gold certificates
1,094,230,0 109,617,0
Gold fund-F.R.Board
252,991,0, 16,013.0
=able Dame
Total =Lateral
Ma. Cleveland. Memo= +=eta. Chicago
$
$
I
$
$
1.968,780.0 160,930.0
351,919,01 38,700,01 12,550,0 10,080,0 7,900.01 68.000,0
15,000,0 121,300,0 175,000.0 74,000.0 122,000,0 123,000,0
57,344.0 20,816,01 26,292,0 17,982,0 26,011,0 29,280,0
_.1
424,263,0 180,816,0 213,842.0 102,062,0'155,911,0 220 280,0
9.300,0 60.000.0
13,985,0 11,825,0
63,800,0 38,200,0 67,000.0 16,550.0 170.763,0
10,833,0 5332,0 14,883.0 6.944,0, 21,161,0
88,618,0 53,457,0 81,883,0 32,704.0 251,924,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figuresfor the latest week appears in our department of "Current Events and Discussions." on page 1323, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
exchange or drafts sold with en-
LieginnIng with the statement of Jan. 0 1929. the loan figures exclude "Acceptances of other banks and bills of
dorsement. 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 loupe, and some of the banks included mortgages in investments. Loans secured by U.S. Government obligations lee
no longer shown separately, only the total of loans on securities being given. Furthermore borrowing at the Federal Reserve Is not any more 'redivided to show the amount secured by U. S. obllgations and those secured by commercial prim*, only a lump total being given. The number of reportomitted.
even this has been omitd.
M
ing bank" is now omitted:In its place the number of mtles included (then 101) was for a time yen, but beginning Oct.
The figures have also been revised to exclude a bank in the San Francisco district with loans and investments Of 3133.000.000 on Jan. 2 which recent'y
are now given in round millions Instead of In thousands.
purged with a non-member bank. The figures
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS FEB. 11 1931 (In mfflions of dollars).
Total.
,
"get= Rellieree Dt41 144-
New York
Bolos
$
3
$
*9,175
1,470
22,659
6,331
1,074
15,605
IMO Alla inveetments-tosal.........
IIDA--101A1
PAWL
Cfe,eiun4 Richmond AttasSa
II
1,312
$
2,227
853
1,439
Chicago. St. Lewis. lifianeap. Kas.CiM. Dallas. Ban Fran,
630
352
635
434
$
1,931
2,403
453
223
385
316
1.270
132
289
1,183
1.220
187
266
77
146
106
279
91
225
374
896
184
153
895
177
129
250
118
661
431
464
42
135
64
65
106
144
68
50
328
333
621
574
$
3,298
437
421
3
1
$
8
1
1
),,, securities
111 other
7,319
8,286
3,441
419
655 • 2,890
453
400
689
750
reit:Lents-total
7,054
396
2.844
459
788
3.5. Government securities._
Met securities"
3,355
3,699
146
250
1,479
1,365
170
289
333
405
76
103
• 62
91
serve with F. IL Bank
sh In vault.
1,786
234
98
14
857
68
86
15
137
26
40
17
39
10
260
33
46
I
23
5
55
12
33
7
112
20
13,672
7,175
80
877
517
8
6,409
1,774
16
755
374
7
1,119
991
8
333
246
5
302
220
8
1,844
1,296
12
365
237
200
150
451
195
1
274
151
5
743
1,024
10
1,778
3,826
110
151
159
1,409
128
255
158
382
100
123
89
113
288
525
111
134
84
83
189
222
121
129
241
300
I 6.1=110 dellicede
ne deposits
'women. deposits_
e from ban=
e to banks
167
270
_
16
2
f)
5
5
4
68
5
=wings from F. R. Bank
10
•Exclusive of figures for one beak In New yore my.cloned Dec. 11. Last report of bank showed loans and Investments of about 8190,000.000.
12
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Feb. 18 1931,
In comparison with the previous week and the corresponding date last year:
ResearsesGold with Federal Reserve Agent
Gold federal). fund with U. S. Treasury
Gold bald exclusively ages. T. R. notes
Gold settlement fund with P. R. Board.
Gold and gold certificate' end by bank
Total sole reserves
Reserves other than gold
Feb. 18 1931. Feb. 11 1931. Feb. 19 1930.
$
366.919.000 396.919.000 238,594,000
13,650.000
13,660,000
16,148,000
410,570,000
148.320,000
503.994,000
254,742,000
214,545,000
390,487,000
1,078,604,000 1.062,899.000
49.085,000
49,846,000
859,774,000
60,364,000
380,579,000
160,011.000
538,014.000
1,128,450,000 1,111,984,000
Total e(story el
15,770,000
20,120,000
Non-reserve cash
Blatt dietiounted25,302.000
14,109,000
Peered by U. 8. Govt. obligations-.
26,159,000
23,532,000
Otner bele discounted
920,138,000
15,033,000
37,641,000
32.606,000
51 461,000
27,756,000
88,787,000
85,358,000
33,178,000
44,151,000
106,599,000
35.178 000
42,609,000
116,141,000
11,615,000
108,357,000
96,656,000
183,928.000
193..928,000
216,628,000
12,250,000
Total eins demounted.
Bills bought In open market
U. IL Govetoinent emeriti=Bonds
Treasury doles
Certificates and bills
Total U.S. Goesrament securities.Other seourttioN (Cu aced
Foreign loans on gold
69,110,000
19,677,000
ltmourees (Conolvded)Gold held abroad
Due from foreign banks (flee Had
Uncothioted Items
Federal Reserve notes of other banksBank premises
All other resources
Tots'resources
Feb. 18 1931. Feb. 11 1931, Feb. 19 1930
$
$
$
228.000
4,466,000
141,110.000
15.240,000
6,970.000
Total linbUities
238,000
8,747,000
169,427,000
15,664,000
4,400,000
1,570,759,000 1,544,189,000 1,536,670,000
Ltestittle•Fedi Reserve not= in actual circulation. 261,572,000
Deposita-11mb= bank, reserve sees- 1,006,920,000
5,227,000
Government
1,401,000
Foreign bank (See Nets)
9,612,000
Other deposits
Total deposits
Deferred availability Item
Capital paid in
Surplus
All other liabilities
241.000
5.230.000
115,609,000
15,240,000
6,970,000
273.976,000
992,741.000
7,529.000
1,446,000
8,466.000
235,702.000
916,080.000
32,012,000
4,380.000
7,606,000
1,023,160,000 1,010,182,000 990,078,000
136,937,000 111,004.000 158,735,000
67,496,000
65,657.000
65,674,000
80,001,000
80,575.000
80,575,000
4,658,000
2,795.000
2,841,000
1,570,759,000 1,544,189,000 1,536,670,000
Ratio of total reserves to deposit end
75.1%
86.6%
Fed') Bee vs DOM =beetles eorabised_
87.8%
Conthigent liability on DUI* purchased
148.403,000 145,442.000 171,440,000
for foreign correspondence
securities (See Nets).- 254,175,000 273,145.000 403,023.000
Total bills and
_
rod amounts due to
NOTE.
-Beginning with the statement of Oat. 7 1925, two new Items were added In order to ohs separately the amount of balanoes held abroad (Mewled to "Other
BAIA debentoree ma.
Heel= 001TOD iondenta In isedidon, the caption "All other earning meets." previously made up of Federal Intermediate Credit
toe total of the discount
to "Total bills and securities." The latter term rye •I opted AA A tOre 1,ne.inite deiced:10os of included therein.
eticaulties." sal the siaption, 'Total earning assets"
eeceptances and ieourities two tired under the provisions of Sections 13 and 14 3f the Federal Reserve Act /Web. It mac stated. ari Me only Ite0:11
FEB. 21
FINANCIAL CHRONICLE
19311
1371
Daily Record of U. S. Bond Prices. Feb. 141Fe5 164'0 17 Feb 18'Feb. 19 Feb. 20
- ---101n3, 101"31
First Liberty Loan'High 101"3: 1015,33 101,7n
,
334% bonds of 1932-47_ _ iLow- 101"3, 101' 33 1011.32 1011.3, 101"33 101"3,
Close 101"3, 1011.3 10117n 101",, WM: 101..33
(First 344s)
18
60
117
6
1
3
Total sale* in 31 0)0 units_
Wall Street, Friday Night, Feb. 20 1931.
- Converted 4% bonds of( High
-The review of the
-{Low1933-47 (First 4$)_
Railroad and Miscellaneous Stocks.
(Close
Stock Market is given this week on page 1359.
Total sales in $1,000 untts_ --102w; 16=i;
-.
(
Converted 431% bonds High 102 °L
are sales made at the Stock Exchange this
The following
1022,3,
of 1932-47 (First 4448)i Low- 1022.3, 1025'3 1025.3,
.1021.32 102iiss 102us, 1022,s, 102nir
(Close 10211
week of shares not represented in our detailed list on the
13
16
13
8
2
7
Total sates in $1,000 units_ _
_
Second converted 4q%(High
pages which follow:
___.
bonds of 1932-47(First{ Low(Close
Second 44(s)
Range Stnce Jan. I.
Range for Week.
Sales
Total sales in $1,000 units-STOCKS.
103 ; 1032i; 103=iL 103Ws
- -2;s: 103
-17
-.
for
Founts Liberty Loan
Week Ended Feb. 20.
H1g11 103
,,
Highest.
Lowest.
Highest.
Week.
Lowest.
.3, 1031'12 103‘.33 1031.si 103,133 103 ,,
Low- 1032
434% bonds of 1933-38
.3, 1032,3, 103",, 1031in 1032
.3, 1035.3,
Close 1035
(Fourth 41(s)
178
Par. Shares. $ per share.' $ per share.' $ per share.$ per share.
57
238
220
172
72
RailroadsTotal sales in $1,000 units __Jan 61
Feb 16 60
Feb 16 61
20 61
,
111"3, 111.33 111.3,
Fel, Treasury
(High 111.'3, 111 32 111
Canada Southern_ _ _100
, 111.31
53: 111.3, 111.3
111.32 110"3, 110.
(Low
Caro Clinch & Ohio414s, 1947-52
111.1, 111.3, 111.3,
Feb 100
Feb 20 98
Feb
20 99% Feb 17 100
_ _ _10
Ctfs
(Close 111.31 111'32 111
2
20
21
50
Feb 60
Feb 17 59
234
Feb 17 59
10 59
Colo&South 1st pf_ _100
siampecl54
Jan
Total sales in $1,000 units_ -,
Jan 44
Feb 14 35
50 42% Feb 20 44
100
,
Feb
Cuba RR pref
(High 107"4, 107 3, 107 3, 107'ss
107
107.33 1071.33
Feb 17 131 Feb 17
Havana Electric Hy._*
200 1
,
i/ Jan 1% Jan
4s, 1944-1954
SLow_ 107 3, 107
Feb 114
107 3, 107.32 1071.32 107.sts
,
Feb 20 108
Ill Cent pref
100
Feb
Feb 20 108
200 108
,
Close 107 3, 107
3
300
2
205
55
Feb 19 3011 Feb 20 2634 Feb 30% Feb
Interb Rap Trans ctf100
113
300 30
Total sales in $1,000 units_ _ _
105.3, 105"3,
Tot Rys of Cent Amer-High 105",
Jan 5544 Feb
Feb 16 44
- 105.3, 105"31
20 50 Feb 18 51
Preferred
100
334s, 1946-1960
Low_ 105",
Jan 7844 Feb
105.31 105'.11
Hudson & Manh pf_100
100 76% Feb 18 my, Feb 18 72
Close 105".
25
100
130
Total sales in $1,000 units_10111
;
102.3,
% Jan 344 Feb
7
Market St Ry
100 1,050 13.4 Feb 16 3% Feb 17
1.3
{High 102", 107 ,
Jan 10% Feb
1
310 9% Feb 16 10% Feb 17 8
Preferred
3%s, 1943-1947
Low _ 102'.3 1015,33 101503, 101",,
1011.3,
Jan 6% Feb
2d preferred
100
130 6% Feb 17 6% Feb 17 3
Close 102'.3 101"31 101",, 102.3,
25
222
Jan 115
Feb 20 100
Feb
Feb 20 115
New On Tex & Men 100
165
20 115
161
Total sales In $1,000 units...
6
Jan 1144 Jan
Feb 19 8
Feb 19 11
1012211 101,13
Pacific Coast lot pf _100
60 11
(High 102.3, 102
Feb 8
Feb 19 5
,
Jan
100
20 7 Feb 19 7
2d preferred
331*, 1940-1943
11,0w. 102.3, 10lion 1017n 101' 3 101'.11
Feb 163
Feb 16 163
13 101.13,
Feb
Pitts Ft W & Chic pf100
10116ss 101.
10 163 Feb 16 163
,
(Close 102 33 102
Jan 76
15
Feb 16 70
128
Jan
Feb 14 76
41
South Ry M &0ctfs100
Total sates in $1,000 units....
700 75
1
35
Vaulters' Gazeitt.
Indus. &
800 40
Allegheny Steel
Am Agri Chem (Del)_ _* 4,900 2444
Am Chain pref
100
300 84
American News
•
30 52
Am Rad&Stand Santy
Preferred__ _
100
301413(
Am Wat Wks& El ctfs• 7,700 6231
Art Metal Construct _10
500 20
Asso Dry Geis 1st pf 100
100 95
Austin Nichols pr A _ _•
20 2134
Austrian Credit Anshalt
300 5131
Barnet Leather
Certain-Teed Product
1st preferred
100
Chile Copper
25
City Stores class
Colo Fuel & Iron pf lii
Comm Cred prof (7)_2
Corn Inv Tr pi(631) lii
Consol Cigar
Prior pref ex-warn._
Preferred
10
Crown Cork & S pf___•
Crown W'mette let pi.*
Cuban Dom Sugar_ __•
Cushmans Sons
Frei 7%
100
Fash Pk Assoc pf__ _100
Fed MM & Smelt_ _100
Preferred
100
Fuller Co 2d pref
*
Gen Baking pref
Gen Cigar pref
100
Gen Gas & El pf A (8)_•
Pref A (7)
Gen Printing Ink
•
Preferred
Gen Ry Signal pref _100
Gold Dust pref
Gotham Silk Hosiery
Prof ex-warrants _100
Grand Stores pref__100
100
65
77
34
6744
45
46%
29%
85
5344
Feb 16 14131
Feb 14 70%
Feb 18 20%
Feb 18 95
Feb 17 21%
Feb 18 51%
134 Feb 19
100 16
120 34%
40 24%
20 114
170 21%
100 102
10
11
700
10
1,500
Feb 16
Feb 18
Feb 16
Feb 14
Feb
Feb
Jan
Feb
Feb 16 141
Jan 145
Feb 18 5431 Jan 7031
Feb 14 20
Jan 20%
Feb 18 85
Jan 97
Jan 23
Feb 17 21
Feb 17 5134 Feb 5134
Jan
Feb
Jan
Feb
Jan
Jan
131 Feb 19
Feb 17 16
Feb 19 35
Feb 20 2431
Feb 18 114
Feb 19 22
Feb 20 102
Feb 18
Feb 20
Feb 16
Feb 20
Feb 14
46%
29%
88
5344
Feb 20
Feb 19
Feb 14
Feb 17
65
77
3434
6744
44
40
20
84
50
131
Feb 16 11
Feb 19 26
Feb 20 20
Feb 18 10031
Feb 17 20
Feb 20 102
Feb
Feb
Feb
Feb
Feb
18
20
20
20
17
Jan
Jan
Feb
Feb
Jan
134 Feb
,
Jan 17
Jan
Jan 35
Jan
Jan 25
Feb
Jan 114
Feb
Jan 2344 Jan
Jan 10231 Jan
59% Feb 69
64% Jan 78
31% Jan 34,%
6755 Feb 68
31 Jan 1%
Jan
Feb
Feb
Jan
Jan
11010331
100 18
100 80
100 94
30 65
Feb 16 10531
Feb 20 18
Feb 18 80
Feb 20 94
Feb 18 65
Jan 106
Feb 20 100
Feb 20 1531 Jan 20
Feb 80
Feb 18 80
Feb 94
Feb 20 94
Feb 65
Feb 18 65
Feb
Jan
Feb
Feb
Feb
500 109
300 116
60 91
10 85
60 2531
120 69
90 109
30011131
Feb 18 10934
Feb 14 11631
Feb 18 91
Feb 20 85
Feb 16 27%
Feb 17 73
Feb 19 110
Feb 16 11131
Jan 110
Feb 18 98
Feb 18 10731 Jan 116%
Jan 91
Feb 18 75
Jan 90
Feb 20 72
Feb 27%
Feb 17 19
Feb 76
Feb 20 67
Feb 18 10431 Jan 11244
Jan 111%
Feb 16,104
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan 55
Feb
Feb 20 52
70 5331 Feb 19 55
100 7954 Feb 16 793-4 Feb 16 79% Feb 79% Feb
*
100 3944 Feb 17 3944
Hamilton Watch
60 40
Feb 14 4031
Hawaiian Pineapple_20
Houston 011 new._ _25 36,400 1034 Feb 14 1231
__
Indian Motocycle pf 100
20 21
Feb 17 25
Int'l Silver pref___ A00
50 7831 Feb 18 80
Kresge Dept Stores_ _.•
100 534 Feb 16 534
Kresge (SS) Co pi_ _100
1011034 Feb 1711034
MacAndrews & Forbes
40 99
Preferred
Feb 20 99
100
10 234 Feb 16 234
Nunnally Co
100 80% Feb 16 8031
Omnibus Corp pf_ _100
Feb 17 37% Jan 41
Feb 18 39% Jan 42%
Feb 17 8% Jan 12%
Feb 25
Feb 17 21
Feb 20 73% Jan 90
Feb 16 4% Jan 6%
Jan 110%
Feb 17 107
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan 99
Feb
Feb 20 95
Feb 16 234 Jan 2% Jan
Jan 80% Feb
Feb 16 68
Pac Gas & Elec rights._ 40,700 244 Feb 14 23-4 Feb 16 2
10 12531 Feb 16 12534 Feb 16 124
Pao Tel dc Tel pf.,_ 100
200 5% Feb 19 53,4 Feb 19 4
Penn Coal de Coke__ _50
600 70% Feb 19 7131 Feb 19 63
Pierce-Arrow Co pf_100
Pub Flory of N J rights_ 38.300 1-128 Feb 14 1-64 Feb 14 1-128
% Feb 20 131 Feb 20
500
Punta Alegre Sug ctfs 50
44
Feb 19 8
Reo Motor Car ctfs_ _10 6,100 7
Feb 18 7
Feb 19 36
20 36
Sloss-Sheff St & Sr Pf100
Feb 19 29
100 4
Feb 14 4
Spear 4.; Co
Feb 14 244
Jan 244
Jan 125%
Jan 5%
Jan 72%
Feb 1-64
Jan 1%
Feb 834
Jan 36
Jan 4
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Note.
-The
above table includes only sales of coupon
bonds.
Transactions in registered bonds were:
1,
3 1st331s...101 to 1011,
141
27 4th 4Xs103",,to 1039ss
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.8534(4
4.8531 for checks, and 4.85 19-32©4.8531 for cables. Commercial on
banks, sight, 4.S531@4.85 5.16; sixty days, 4.82 15-16; ninety days,
4.81 13-16, and documents for payment, 4.82 7-16@4.82. Cotton for
payment, 4.85, and grain for payment, 4.85.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91 13-16
@3.9134 for short. Amsterdam bankers guilders were 40.1014@)40.1134
for short.
Exchange for Paris on London, 123.94; week's range, 123.94 francs high
and 123.91 francs low.
The week's range for exchange rates follows:
Cables.
Checks.
Sterling, Actual4.85 15.16
High for the week
4.8531
Low for the week
4.8534
4.8534
Paris Bankers' Francs
3.92
High for the week
3.92
Low for the week
3.9134
3.9131
Germany Bankers' Marks
High for the week
23.7631
23.76
Low for the week
23.75
23.73
Amsterdam Bankers' Guilders
40.1234
High for the week
40.12
Low for the week
40.1134
40.10
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 1360.
A complete record of Curb Exchange transactions for the
week will be found on page 1390.
CURRENT NOTICES.
-At a meeting of the directors of William B. Nicholes & Co., Inc.,
48 Wall St., N.Y. City, Walter S. Mack Jr. and James K.1\orris of N.Y.
City and Henry Morland Williams Jr., of Boston, were elected VicePresidents. Mellor Hargreaves of New York was elected Treasurer of the
Company.
-Garner, Devlet & Co.. brokers in municipal and land bank bonds,
announce that Varnum S. Evans has been admitted to partnership in their
firm as of Feb. 16 1931. Mr. Evans will be identified with the Chicago
office. The firm maintains offices in New York. Philadelphia, Boston and
Chicago.
An extensive comparative analysis of Automobile common stocks
has been prepared by Paul Weber of Dyer, Hudson & Co.,for distribution.
share earnings for 12 years
Tob Prod Div ctfs 13_ _•
700 3% Feb 19 431 Feb 19 3
Jan 444 Feb The analysis gives the split up equivalent per
United Business Pub..
Feb 16 5
10 5
Feb 16 5
Feb 11
Jan of all important companies together with other data on the motor stock
United Dyewood pf _100
10 40% Feb 17 4031 Feb 17 4031 Feb 4044 Feb situation.
Feb 1610531 Feb 16 102
230 105
United PD Wks pf _100
Jan 10531 Feb
-prank L. Sherrer and Frederic M. Halsey, former general partners of
Unlv Leaf Tob pref _100
Feb 19 107
10 107
Feb 19 102
Feb 107
Feb
former special partner
30 11744 Feb 1712-53.4 Feb 14 100
Utah Copper
10
Feb 12431 Feb Harvey Fisk & Sons, and Charles S. Eytinge, a
VanRaa Ito
*
Feb 14, 10
Feb 14 10
310 10
Feb, 14
Jan thereof, have been admitted to the firm of Morrison & Townsend as general
let preferred
100
Feb 141 23
Feb 14 2231 Feb' 27
50 23
Feb partners and special partner respectively.
Walgreen Co pref._ _100
Feb 18. 90
100 90
Feb 18 90
Feb, 92
Jan
*
-Thomas H. McKoy Jr., formerly Vice-President of Hambleton & Co..
Wilcox-Rich el A
Feb 16 22
100 22
Feb 16 20
Jan' 22
Jan
Inc., has become associated with West & Co. Mr. McKoy was one of the
principal executives in Flambleton & Co., having been associated with that
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. firm
for more than 16 years.
swim dollars for Mars)
Go
Post & Flagg, members of the New York Stock Exchange announce
the opening of a branch office in Cleveland at 1637 Union Trust Bldg..
IMW.
list.
Maturity.
Rai..
514. Asketi 1
maturity.
&us.
did. Asko/. under the management of L. L. Parish with Frank W. Morrow Assistant
Manager.
June IS 1931... 231% 100ign 10017n Sept.15 1981-32 3 A % 100s.,
James Talcott, Inc., N. Y. City, has been appointed factor for the
June 15 1931.- 154% 1004ss 100in Mar 15 1931 32 354% 100As
23e% 100wsi 10015n Dee 15 1931-32 314% 1011In 101w., Shepperd Mfg, Co.. Philadelphia, Pa., manufacturers of pile fabrics and
1931._
Sept 16
,,
, 100 4 t
Dee. 16 1931- 114% loots
for Thomas Mills, Inc., High Point, N. C.. manufacturers of hosiery.
Albert Frank & Co. announce the appointment of John J. Cahill,
United States Liberty Loan Bonds and Treasury formerly president of the advertising firm of John J. Cahill, Inc., of Denver,
Col., as manager of their Los Angeles office.
Certificates on the New York Stock Exchange.
-Below
Blyth A Bonner, N. k. City, announce that Paul H. Quinn and
we furnish a daily record of the transcations in Liberty Laurence E. Crosby, formerly with Palmer & Co., are now associated with
Loan and Treasury certificates on the New York Stock Ex- them in their bank stock department.
-Everett G. Harding has become associated with Clark Williams A Co.
change. The transactions in registered bonds are given
as manager of their investment department. Frank F. Crossman has also
itt a footnote at the end of the tabulation.
become associated with the firm.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages----Page One
For sales during the week of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Feb.14.
Monday
Feb. 18.
Tuesday 'Wednesday
Feb.17.
Feb.18.
Thursday
Feb.19.
Friday
Feb. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan.1
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1930.
Highest.
Lowest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share I $ per share $ Per share Shares
Railroads
Par $ per share $ per share S per share $ per share
1977 1987 198 201
8
8
19834 200
199 20012 199 2003 19914 20012 7,000 Ate!' Topeka & Santa Fe_ _100 17812 Jan 2 20238 Feb 10 168 Dec 24213 Mar
8
105 8 1055 1055 1055 10814 1064 *10553 10612 106 106
5
8
3
8
10612 106/8
700
Preferred
100 10212 Jan 2 1067 Feb 20 100 Dee 1083 Sept
8
4
.114 11614 114 114
110 114
110 110
106 110 *110 113
1,400 Atlantic Coast Line RP,__.J00 105 Jan 2 120 Jan 23
9514 Dec 17512 Mar
8112 8214 8212 841 4 823 8414 823 811* 83
4
443
2 84
8
813 21,600 Baltimore & Ohio
4
100 6818 Jan 2 843 Feb 20
4
5538 Dec 1223 Mar
8
80 .795 80
4 80
3
7912 *7914 7912 7912 7912 *7912 793
*79
2,3.00
Preferred
100 7214 Jan 2 SO Feb 19
7014 Dec 845 July
8
*60 8 63
5
*61
*6213 63
63
*61
63
*61
63
63
500
8
Bangor & Aroostook
637
60 5612 Jan 6 64 Jan 30
5018 Dec 8412 Mar
*112 113 *112 113
112 112
113 113 *112 113 *112 113
80
Preferred
100 108 Jan 13 113 Feb IS 10612 Dec 11614 June
06212 68
68
*6212 66 .60
68
*60
*63
65
64
66
200 Boston & Main.
100 59 Jan 9 66 Feb 20
44 Dec 112 Feb
*81
9 12 *9
912 *9
9 2 09
,
912 *9
2
Brooklyn & Queens Tr_No par
912
94 Feb 9
688 Dee 157 May
8 Jan 14
8
*51
5212 5212 53
5212 *51
5212 *51
5212 .51
*51
200
Preferred
5384
53 May 6612 May
No par 5212 Feb 11 55 Jan 28
4 634 644 63
6112 62
8 614 633
6118 62
614 617
6484 17,100 Ilklyn-Manh Trail v 1 e No par 051 J aii 21 644 I ebb 1 9
.8 1
8 jai i 17 217 F
5
5518 Dee 7838 Mar
4
*913 94
4
4
3
*903 93 4 9114 9114 923 933 *924 9312 923 9212
4
500
8
Preferred v t c
No par
83 Dec 983 Sept
4
814 812
812 83
83
4
4 9
812 8 2
2,000 Brunswick Term & Ry Seo_100
9
,
9
83
4 9
912 Feb 10
512 Jan 20
514 Nov 335 Apr
8
4338 435
45
7
8 4313 444 43 8 4412 43 8 4418 44
7
4412 443 24,709 Canadian Pacific new
4
25 3812 Jan 16 45 Feb 19
3514 Dec 5214 May
4312 4412 44
45
4413 443
454 44
8 41
45
44
447 35,600 Cheepeake & Ohio new
8
Feb 10
25 3912 Jan 2 4612
323 Dec 513 Sept
8
8
*13
4 17
13
8 .15
4
17
4
2 2
13
4
8 13
13
4 17
8 *15
8 2
1,000 Chicago & Alton
7 Jan 2
8
58 Dec 110038
2 4 Jan 12
3
100
118
1
114
1
113 114
114
1
113 1 18 .1
114 2,200
Preferred
Je
77 1 an 10
1 8 ,b 2
14 Ati 2
100
l
938 J: ll 2
Dec
Apr4
714
7
7 12 *7
7
7
714
714 712
7
718 713 2,100 Chicago Great Western_ _1O0
434 Dee 1734 Mar
23
244 23
23
23
23
25
23 4 227 213
3
8
3 233 233
4
4 6,900
Preferred
12 Dee 523 May
100 1914 Jan 14 25 Feb 16
8
734
84 83
814 84
8
818 8 2
71
,
78 8
714 712 5,500 Chicago Milw St Paul & Pao_ _
314 Jan 2
Jan 23
88
7
414 Dec 263 Feb
8
1312 1332 145
8
13
8 133 1414 1314 134 125 1333 13
8
131 18,700
912 Jan 2 153 Feb 10
8
Preferred new
73 1)ec 4614 Feb
4
4212 4314 423 433
44
4
43
4
4 44
4333 423 4312 4312 41
6,700 Chicago & North Western_100 33 Jan 2 443 Feb 10
4
2812 Dec 897 Feb
8
•112 114
114 114
11412 115 *112 117 *110 117 1 4 112 117
'
300
Preferred
100 103 Jan 8 115 Jan 29 101 Dec 1403 June
4
*5712 5912 5914 60
5912 615
61
8 61
60
6
012' 6312 8012 5,900 Chicago Rock NI & Paciflo_100 4714 Jan 2 6512 Jan 27
4514 Dee 1254 Feb
993 *99
4
*99
993 *99
993
4
4 9914 994 991* 9912' loo loo
500
3
92 Dee 1103 Mar
7% Preferred
100 94 Jan 3 100 4 Jan 28
8
86
86
*83
*83
85
85 .34
36
58
86
87
87 I
60
6% Preferred
81 Dec 10418 Mar
100 84 Jan 3 90 Jan 28
4312 *25
*25
*25
48
48
*25
48
*36
43
*26
48
Colorado & Southern
4012 Dec 95 Feb
100 4018 Jan 2 48 Jan 9
38
38
•37
*37
38
3912 3914 3914 39
4018 49
40
1,100 Consol RR of Cuba wet__ _100
Jan3 4018 Feb 19
Jan 2
30 Dec 62 Apr
*15018 152
15014 155
154 154 4 *152 155
3
154 155 *15312 167
2,100 Delaware .8 Hudson
155 Feb 16 13018 Dee 181 Feb
34
100 14114
.9212 94
94
95
94
96
96
94
9412 9412 .9212 951s 1,000 Delaware Lack & Western 100 80 Jan 2 102 Jan 8
6913 Dec 153 Feb
40 40
38
*3818 41
38
38
38
*374 41
.377 407
8
8
400 Deny & Rio Gr West prof..100 2712 Jan 2 453 Feb 10
4
2518 Dec 80 Mar
34
3412 3413 393
367
8 35
35
4
38
36
3612 757 357
8 5,500 Erie
8
2218 Dec 633 Feb
100 28 Jan 2 37 Feb 10
4
*413 43
*42
4
43
4212 434 43 43
4212 4213 423 423
8
8
800
First preferred
27 Dec 673 Feb
100 39 Jan 19 45 Jan 5
8
4
*3512 393 *37
4
393 *3512 393 *3582 393
4
393 *3612 393 *36
4
4
4
Second preferred
100 40 Jan 5 4012 Jan 5
26 Dee 6212 Feb
674 677
8 8753 68
683 6912 6812 6912 68
8
6812 674 6814 9,200 Great Northern preferred_ _100 5812 Jan 2 6912 Feb 10
51 Dee 102 Mar
2012 2012 2118 2318 227 2714 25
8
*2481 2512 3,200 Gulf Mobile & Northern
257 *29
8
26
1018 Nov 464 Feb
100 1612 Jan 19 2714 Feb 17
60
.5618 71
*57
583 583 *59
4
4
71
*58
71
*57
63
100
Preferred
553 Nov 984 Mar
8
100 5112 Feb 10 75 Jan 9
*43
44
44
*43
43
4412 4314 4314 *4314 433 *42
4
4314 1,700 Hudson & Manhattan
347 Dec 533 Mar
8
100 37 Jan 15 4413 Feb 17
8
8213 83
837 85
8
83
84
85
84
8514 86
8614 8614 4,600 Minis Central
4
653 Dec 1363 Apr
4
100 6958 Jan 2 883 Jan 30
4
60
*58
*58
60
60
60
58
58
57
58
*57
58
80
RR Sec stock eertificatta--. 57 Jan 19 61 Jan 2:1
58 Dec 77 May
273 273
4
8 273 29
2912 295
4
8
4 30
4 283 293
313
2 293 305 12,900 Interboro Rapid Tran v t 0.100 2411 Jan 43 3138 Feb 17
2
2
203 Jan 3912 Mar
8
44
*4113 45
43
437 445 *42
8
8
44
*42
44
*43
45
800 Kansas City Southern
2
34 Dec 853 Mar
100 35 Jan 2 413 Feb 17
8
64,
3 63
,
83
*623 6418 *623 6418 623 623
8
6314 63 4 *63
3
8
8
400
Preferred
53 Dec 70 Apr
100 53 Jan 2 64 Feb 9
55
,
*4912 59 2 *4912 57
55
*5212 55
*5213 547
8 55
55
400 Lehigh Valley
40 Nov 847 Mar
50 53 Jan 6 61 Jan 9
8
10914 1097 10918 109, 136 10612 10618 10613, 1,100 Louisville &
8
8
1107 1107 109 109
2
4
84 Dec 13812 Apr
Nashville
100 9018 Jan 2 111 Feb 9
36
35
353
8 35
36
35
35
363
8 36
374 3512 36141 7,60( Manhat Elev modified guar100 3259 Jan 28 373 Feb 6
8
24 June 4212 Sept
4
22
3
20 2 20 8 20
3
*2112 23
204 213 2131 22
*2112 23
900 Market St Ry prior pref._100 15 Jan 3 22 Feb 18
13 Dec 2513 Feb
*3
8
3
4
3
4
*1'2
*3
3
4
8
*12
3
4
*3
8
3
4
*4
34 Jan 12
3
4
14 Oct
Minneapolis & St Louis_ _ _100
12 Jan 7
218 Apr
1112 10
113 1112 *10
2
1012 11
*10 12
1114 *103 11
4
1,300 Minn St Paul.888 Marle_100
814 Dec 35 Feb
83 Jan 2 1112 Feb 10
4
*423 45
4
45
473 *42
•423 45
4
4
473 .42
*43
*4234 45
4
Leased lines
41 Nov 5912 Feb
4218 Jan 10 4312 Jan 26
4
8
243 2438 244 25 4 2412 2553 233 2414 237 2414 233 2414 8,900 Mo-Kan-Texas RR___ _No 100 20 Jan 2 263 Jan 20
8
3
4
1478 Dec 665 Apr
pa
4
8
8 8214 823
824 8218 823
3 823 83
8212 82
8112 8112 82
8
2,800
60 Dec 1083 Mar
Preferred
8
100 70 Jan 2 85 Jan 16
*40
4112 *3912 4012 *40
4012 4112 42
4112 *3918 4112
39
800 Missouri Pacific
2038 Dec 9812 Mar
100 3012 Jan 2 42 Feb 16
1053 1053 105 105
4
1013 105
4
4
105 105
105 105
105 106
2,400
79 Dec 14513 Mar
Preferred
100 8612 Jan 2 107 Feb 11
*75
80
SO
*75
80
*75
*75
80
80
.75
*75
80
70 Dec 132 Mar
Nash Chatt & St Louis_ _ _ _100 73 Feb 3 7918 Jan 16
*3
8
12
1.
*33
*4
12
58
"8
*3
8
28 Jan 3
3
8
3
8
*4
13 Jan 5
Nat Rys of Mexico 2d pref _100
112 July
14 DecDee
126 12912 12618 12914 125 1273 126 128
4
124 125
1273 1287 22.800 New York Central
4
8
4
100 113 Jan 2 12912 Feb 16 1051g Dee 1923 Feb
*85
88
88
*85
88
*85
88
*S5
88
*85
*85
83
NY Chic & St Louis Co
73 Dec 144 Feb
100 7714 Jan 10 88 Feb 11
*90
95
95
*90
95
*90
94
95
*90
*9012
*90
94
Preferred
4May
75 Dec 1103
100 85 Jan 21 893 Jan 26
4
1884 194
18912 18912 190 2193 2133 222
4
*180 18812 183 192
4
1,520 N.Y.& Harlem
50 165 Jan 2 222 Feb 2(1 152 Dee 324 Feb
89
89
88
8714 88
88
8714 904 90
8782 88
9012 7,000 N.Y. N.II. & Hartford_ _ _100 75 Jan 2 9112 Feb 10
6753 Dec 12818 Mar
11912 11912 11918 11918 11918 11912 1,200
*11812 11912 *119 1193 119 119
4
Preferred
110 Jan 3 11912 Feb 18 10812 Dec 13511 Mar
*85
75
8
*67
8 712
65
8 7
7
64 7
78
,
7
7
1,200 N. Y.Ontario & Western_ _100
53 Jan 2
8
8 Jan 9
4
33 Dee 1714 Mar
8 *114 15
1 14
8 *114 15
114 *1
153 *I
•118 15
8
113
100 N. Y. Railways pref __No par
1 Jan 2
15 Feb 11
8
1
Oct
418 Jan
75
8 *7
77
8 *7
77
8 *7
*7
74 *7
77
8 *7
77
8
Norfolk Southern
100
6 Jan 3
412 Dec 3312 Feb
814 Jan 9
21212 212 2 2133 3.133 2133 2133
,
20912 21412 20914 20914 .20912 214
4
4
4
4
900 Norfolk .8 Western
100 200 Jan 19 215 Feb 10 1814 Dec 265 Feb
9213 9212 *91
92
92
92
*91
924 *91
9212 *91
92:2
20
Preferred
100 89 Jan 8 9212 Jan 13
83 Feb 9212 Oct
58
58
2
5714 567 584 581 1 59
5712 5812 5612 5812 5,900 Northern Pacific)
56
100 4714 Jan 2 804 Jan 27
423 Dec 97 Feb
8
53
4 64
6
54
6
*43
*6
4 57
612 1.000 Pacific Coast
8 *5
578 *5
100
4 Jan 10
64 Feb 18
312 Dec 197 Apr
8
635
4 62
8 624 624 623 624 6218 627 24.000 Pennsylvania
3
824 633
6212 63
8
50 557 Jan 1 64 Feb 10
8
53 Dec 808 Mar
1114 *5
1114 *5
1114 .5
*7
1114 *5
1114 *6
1012
Peoria & Eastern
582 Jall 7
100
912 Jan 9
412 Dee 2412 Mar
84 .77
84
•77
84
*78
84
•77
80
*77
80
83
500 Pere Marquette
100 76 Jan 3 85 Feb 10
7613 Dec 16413 Apr
9018 9018 90'8 •91
92
9013 9018 904 .90
.90
*91
92
60
prior preferred
100 86 Jan 20 9018 Feb 16
90 Dec 101 May
80
80
77
*7712 80
80
*7712 89
.7712 80
*7712 78
170
Preferred
100 77 Jan 6 80 Jan 8
9112 Oct 99 Apr
*78
*78
80
80
80
*75
*75
80
80
*75
*75
80
Pittsburgh .8 West Virginia 100 60 Jan 3 86 Jan 9
4812 Dec 1213 Feb
4
9613 *90
953 *92
4
*92
91
95
*86
9712 •90
*36
94
Reading
50 79 Jan 2 9712 Feb 11
73 Dec 14112 Feb
46
.41
*41
*4012 46
46
46
*41
46
•4612 46
*41
First preferred
50 46 Jan 5 49 Jan 5
4418 Mar 53 Feb
4
4 45
4
4
4512
*4512 464 *4512 463 *4512 493 *4512 463 *4512 463
200
Second preferred
46 Dec 57 Feb
4
59
59
6218 583 5934 5914 60
60
563
6012 10,800 St Louis-San Franclaco___ 50 44 Jan 10 47 Jan 16
3 56
56
_100 43 Jan 2 623 Jan 27
8
4
393 Dec 1187 Mar
4
725 723 *72 4 73
8
,
7212 7314 7212 733
4
73
723 *70
4
*70
4 1,000
First preferred
Apr
100 637 Jan 2 78 Jan 27
6212 Dec 101
8
3212 *3113 3212 *31
8
3212 327 *30
3282 1.100 St.Louis
33
*31
32
*31
Southwestern_ _ _ _100 23 Jan 2 3312 Jan 9
4
1712 Dec 763 May
59
*43
*43
*43
50
59
*43
59
69
*40
59
*40
Preferred
100 45 Feb 9 60 Jan 6
35 Dec 9434 July
7
8
7
8
7
7
8
8
34
7
2
7
8
7
8 4,700
3
4
7
8
7
8
12 Dec 1212 Feb
100
12 Jan 2
13 Jan 12
8
138
2 112
112 112 1,000 Seaboard Air Line
2 *13
8
13
13
114
1.12
114
13
8
.114
Preferred
13 Dec 28 Feb
1 Jan 2
100
218 Jan 12
8
1074 1075 107 1073 10712 1073
107 108
4
10512 107
10514 108
4 4,400 Southern Pacific Co
88 Dec 127 Feb
100 023 Jan 2 10012 Feb 11
4
8 61
8
614 61
614 5,800 Southern Railway
6112 6314 6212 6312 807 627
62
62
4612 Dec 1363 Jan
4
100 4734 Jan 2 657 Feb 10
2
811 *81
8112 81
81
4
4 813 813 *81
813
4
4
4
300
813 813 *81
Preferred
76 Dec 101 Mar
100 80 Jan 9 83 Feb 10
090 100
*90 100 .90 100
*90 100 .90 100
*90 100
Texas & Pacific
85 Dec 145 Apr
100 95 Feb 9 100 Jan 14
8
8
*8
9
*712 Si
9
*712 818
818 84 *8
900 Third Avenue
4 Dec 1512 Mar
94 Jan 30
100
918 Jan 5
154 153
8 5,210 Twin City Rapid Transit_ 100
174 1512 1514 *1518 16
153 1712 15
4
133 15
3
718 Oct 3112 Jan
9 Jan 22 174 Feb 17
*594 62 I *5918 62
60
*59
60
*59
62
62
40
*60 62
Preferred
443 Dec 79 Feb
4
100 4114 Jan 17 62 Feb 9
2023 2023
,
20112 203 2 201 20212 201 202
4
4 4,500 Union Pacific
20112 203
199 202
4
4
100 1793 Jan 2 20312 Feb 17 16612 Dec 2423 Mar
s552 857
86
8 86
8614
900
4 8512 8512 *85
8814 8814 86 86,
Preferred
8214 Jan 883 Sept
2
100 8358 Jan 5 8853 Feb 13
1814 1914' 187 19
19*
8
1912 19
1812 1812 183 194 19
2,900 Wabash
8
1114 Dec 6739 Apr
100 17 Jan 29 29 Jan 9
40
*40
41
40
40
40
41
40
40
9001
40
41
*39
Preferred A
39 Dee 8914 Apr
100 3814 Jan 31 51 Jan 9
3 174 1814 175 185 20,500 Western
8
4 1714 133
8
2 173 187
1714 173
8 171.1 183
10 Dee 36 Mar
Maryland
100 1314 Jan 2 1914 Feb 10
•1612 19
*18
19
19
1812 •16
*16
I Second preferred
*1712 19
*1612 19
1114 Dec 38 Mar
100 16 Jan 6 19 Jan 6
*123 14
4
1212 1212 .124 14
14
4
400, Western Pacific,
137 134 133
8
*1212 14
8
712 Dee 3012 Mar
100 10 Jan 3 147 Feb 9
303 *30
4
3034 *30
303
3112 *30
200' Preferred
*303 3112 3114 31 12 *30
4
23 Dee 531/ Star
100 26 Jan 15 3112 Jan 28
8
1014 114 1014 1014 less 11 18 103 107
10
10
4
93 1034
40 40
40
394 391* 39
,
4012 4081 40 2 42
*3912 42
*2812 32
33
321 *28
3312 .28
3314 32
*2714 3118 31
*100 101 *100 101 *100 101 *100 101 *100 101 *100 101
8
8 215 224 224 227
4 2114 217
8
217 2212 2112 223
215 22
8
90
90
88
90
90
*88
88
83
89
89
*373 89
4
*233 24
4
4
*233 24
*2314 24
24
4 234
3
2318 2318 23 4 233
4
*223 23
223 23
4
4
*223 23
4
*223 23
4
*223 23
*2212 23
41
4.8
418 483
418 43
4
459 5
43
3 514
8
414 43
19
19
19
1914
19
20 4 19
,
8
*17
1312 187 2012 18
5
8
12
12
12
12
12
12
4.38
I.
12
*38
12
974 1004 101 1043
8
4 9812 1007
2 9714 101
977 99
9814 1013
8
9
93
4
914 1018
814 81:.
818 853
813 84
8% 8 3
,
3
8
14
4 914
914
U
83
83 9
--Sig -4853 9
Industrial & Miscellaneous
9,4001 Abitibi Power & Paper_No par
9 Jan 3 1212 Jan 9
2,4008 Preferred
100 39 Feb 19 47 Feb 3
1,100 Abraham & Straus_ _ __No par 25 Jan 22 3312 Feb 17
Preferred
100 100 Jan 8 10112 Jan 8
25,300 Adams Express
No par 1613 Jan 2 23 Feb 11
650
Preferred
100 8312 Jan 5 90 Feb 19
700 Adams Millis
No par 2218 Jan 14 2512 Jan 27
300 Addressograph lot CorpNo par 2112 Jan 15 2312 Feb 2
17,900 Advance RumelY
512 Feb 11
27 Jan 29
2
100
4,900
Preferred
100 1112 Jan 29 2012 Feb 16
3,000 Ahumada Lead
3 Jan 14
4
3 Jan 6
8
1
50,200 Air Reduction Itta____No Par 9212 Jan 19 10412 Feb 10
11,400 Air-way Eleo Appilance.V0 Par
738 Jan 3 1018 Feb 20
6,200 Max Rubber Inc
84 Jail 2
13 Jan 5
No par
19,900 Alaska Juneau Gold Min_ _ _10
97 Jan 23
8
7 Jau 2
•Bid and asked prices: no sales on this day. c60% stock dividend paid. z Ex-dividend. y Ex-rights.
a Ex-dividend and ex-rights.
8
36
21
102
1414
8018
21
24
218
1014
84
8712
612
Dec 4218 Apr
Nov 3613 Apr
Dec
6
Nov 131076:: Aug
Mar
Dec
Dec 94 Sept
Oct 32 Mar
4
Dee 343 June
Dec 2314 Jan
lec 4114 Jan
i c
DOC
1 8 Mar
,
Doe 15638 June
6
Dec 32,8 Mar
ar
n
413 June
912 Jan
1373
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW HALE PRICES
Saturday
Feb.14.
Monday
Feb.18.
Tuesday
Feb. 17.
Wednesday
Feb.18.
Thursday
Feb.19.
Friday
Feb. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
per share
per share $ per share
Per share
$ per share S per share $ per share $ per share $ per share I $ per share Shares Indus. & Miscell.(Con.) Par $ 6% Jan
8
813 Feb 10
No par
6 Dec 15% Feb
300 A P W Paper Co
8 7%. 07
8 718 *67
2 7%
8 *67
*7
8
7
7
*651 67
734 Jan 2 1238 Feb 17
No par
5% Dec 35% Mar
4 111* 11781 1112 117 117,900 Allegheny Corp
2
1114 12% 1034 113
1034 1114 1114 1214
3614 Dec 107% Feb
Pref A with $30 ware__ -100 3934 Jan 2 5812 Feb 17
58
811 1 *581 eo
1,100
59
4
5812 *58
5612 5612 56
5714 58
374 Dec 9934 Apr
Fret A with 340 warr____100 3934 Jan 2 59 Feb 11
100
5512 5512 *51
58
58
*52
56
5712 *55 62 *54
*54
.
4
Pref A without warr_ _100 497 Jan 23 5418 Feb 11
848 Oct 9614 Feb
481*
57 I *46
66 *48
5434 *503 567 *48
4
*5038
*50 55
4
8
16212 165 164 1691 16212 170% 163 158 1643 1687 1688 178 84,100 Allied Chemical & Dye_No pa 1531 Jan 19 17912 Jan 7 17014 Dec 343 Apr
100 122 Jan 3 124 Jan 7 120% Dec 1261 Apr
4
Preferred
400
3
31123 12312 123 123 12312 12312 '123-- 12314 12314 *123
3114 Dec 68 Mar
41 3818 39% 43,000 Allis-Chalmers mre_No Par 3278 Jan 2 394 Feb 20
8 3834 373
35% 37% 3514 163
36
341 3512 35
9
1412 Jan 13 1878 Feb 9
1112 Dec 424 Mar
1734 17% 1718 17
17121 1714 1714 1,200 Alpha Portland Cement No pa
17
17% 17
17 *17
164 Dec 3112 June
No Par 1712 Jan 2 21 Jan 5
1912 1,000 Amerada Corp
19
194 184 1912 1912 19121 19
20 20
• 3119 20
1
4512 Nov 97% Mar
548 Jan 3 6234 Feb 13
58
5834 60% 2,000 American Bank Note
5912 59% LS
59 59
60 61
5912 60
50 62 Jan 7 65 Jan 29 6014 Nov 66% Jan
Preferred
70
65 65
*6412 05 *6412 65 *6412 65 *6412 65 *6112 65
434 Jan 9
2% Dec 12 Jan
*324 4
*37
4
100 American Beet Sugar-No Pa • 24 Jan 26
4
4
4
*3
4
4
*3
*3
30 Dec 54% Mar
3612 3612 3512 3612 37
2,000 Am Brake Shoe & Fdy..No par 32 Jan 2 37 Feb 20
36
367 1136
2
36
36
•
35 36
100 118 Jan 13 12212 Jan 26 118 July 128 Feb
Preferred
10
4
4
•12134 12212 *12134 1221 1213 1213 *12134 12212 *12134 12212.12134 1221
Ws Jan 2 1214 Feb 20 64 Oct 21% Apr
4 104 1114 1114 1214 20,400 Amer Brown Boyer/ El_No par
108 1012 101
1034 114 10 102 10
38 Oct 84 Sept
100 4514 Jan 12 63 Feb 20
Preferred
240
5334 *54
5512 *5434 5712 *55% 5712 5713 63
54 5413 57
25 10614 Jan 19 12512 Feb 20 104% Dec 15612 Apr
8
116 118 118 12034 117 12034 118 12188, 1192 12314 12312 1251 245,800 American Can
8
100 145 Feb- 4 149 Feb 15 14014 Jan 1507 Oct
Preferred
4
14734 1473 148 148
14814 148% *1483 149 1 149 149 *149 1491 A1,000
4
241 Dec 824 Feb
4 3318 3312 34
34% 357 36% 2,300 American Car & Fdy__No par 27 Jan 2 36% Feb 20
3278 32% 327k 3314 3312 331
70 Dec 116 Jan
100 74% Jan 5 8112 Jan 26
Preferred
80 80
*75
7918
400
75 80
80 80 *75 80
•
75 80 *
27 Dec 69% Apr
8
No Par 297 Jan 20 38 Feb 10
3312 34 I 3312 35
2,700 American Chain
*3514 38% 3514 3514 3434 35% 33% 34
35 Dec 5114 Apr
4
No Dar 3814 Jan 2 453 Feb 20
4538 447 4534 4,900 American Chicle
4334 4412 45
43% 44% 4334 4412 4414 45
1578 Dec 22 Oct
19
1512 1512 16 I 16
1,700 Amer Colortyce Co-_ _No par 1414 Feb 3 1912 Jan 2
1512 *15
1512 *15
1512 1512 15
9 Nov 33 Jan
9 Jan 17 144 Feb 16
123 12%. 123 12% 28,809 Am Comm'i Alcohol_No par
2
s
4 1218 13
1134 1214 1334 1412 12% 133
8 Nov 30% Mar
9 Jan 8 1338 Feb 10
121 127 *1118 12181 11% 118
k
600 Amer Encaustic Tiling_No par
11
13141 11
•12% 13 *12
17 Dec 5912 Mar
2712 *28
2812 28% 29 I 283* 2912 1,700 Amer European Sec's-No Par 19 Jan 2 294 Feb 20
2778 27781 2712
28 28
25 Dec 10134 Apr
41141 4114 4234 363,000 Amer & For'n Power__ _No par 2634 Jan 19 4234 Feb 20
2 40
413
35 4 37% 3718 4012 3314 4134 39
3
84 Dec 11112 Apr
4
No par 8514 Jan 3 973 Feb 20
Preferred
97
9712 973 973
4
4 1,200
96% 961
9612 9612 *988 100 *97 100
631 Dec 10034 June
2d preferred
No par 6712 Feb 6 7434 Jan 23
74 • *7312 75 I 73
7312 2.403
72 7312 73
72
70
71
70
73 Dec 101 May
$6 preferred
No par 74 Jan 3 86 Feb 29
85
85% 86
2,200
85
84 841
8 84% 848 8212 85
8412. 343
51 Dec 3338 Mar
10
7 Jan 2 10% Jan 9
84 84
9
9
83
700 Am Hawaiian S 8 Co
4 83
4
*8
81
8
8
8 14 83
4
7 Apr
14 Dec
314 Feb 11
1% Jan 7
American Hide & Leather_100
8 312 *2513 3121 *234 312
*212 31
8 312 *238 312 *23
*23
8
812 Dec 347 Apr
100 1012 Jan 8 1312 Feb 10
Preferred
2
1414
4
•1034 141 *1034 1418 *103 1418 *104 14, *1034 14181 *13
464 Dec 6934 Mar
7
58
7
59
57% 5718 58
3,900 Amer Home Products-No pat 47 8 Jan 2 59 Feb 20
563
4
5612 5512 57 57
5712 571
244 Dec 417e Mar
No par 2334 Jan 19 31% Feb 9
30
33
2934 31
2918 30
3.400 American Ice
30
31
298 30
*2912 301
Apr
r
Dec
No par 1812 Jan 15 23 Feb 20
4 2212 23 43,700 Amer Internet Corp
2118 2212 2112 22% 2114 2214 2138 1'.23
20% 211
la
14 Jan 9 " Dec 54538
8
38 Jan 5
*4 1
1
114 2,700 Amer L France & Foarnite_10
7
1
.1.
%
7
2
72
7
%
7 Dec 35 Feb
100
7 Jan 5 12 Jan 9
*512 93*
9
912
30
Preferred
*7
91
4 *512 9
9
9
934 *7
1814 Dec 105 Jan
8
2512 2512 27% 261 2714 5,600 American L000motive_No par 203 Jan 2 2714 Feb 19
4
*2534 26
2534 2534 253 2612 25
100 7214 Jan 3 81 Jan 23 6814 Dec 1184 Mar
Preferred
900
80 8012 *797 80% *787 8312 80% 8012
SO 80
80
BO
4
293 Dec 45 Sept
41
4012 41
31 Jan 2 41% Feb 17
34,300 Amer Mach & Fdy new _No pa
3834 393
3912 4114 40 418 3912 4118 40
3 Dec 1412 July
54 Jan 2
312 Jan 13
40 Amer Mach & Metals_No par
48 41*
4
41
41* 41
*414 412 *414 412 *41s 4141
134 Dec 5112 Feb
224 Feb 20
2018 2138 214 2212 3,30 Amer Metal Co Ltd__No par 16% Jan 30
183* 2014 19% 20
1938 198 193* 20
80 Dec 116 Feb
100 8912 Feb 5 8913 Feb 5
3
182
Preferred(6%)
89 I *734 89
.80 89 *8014 89
*75 89 *731 89
20 Dec 95 Mar
27% 2878• 27
2878 1,600 Amer Nat Gas pref____No par 22% Feb 11 39% Jan 20
30
24% 2438 2518 26
294 28
28
197
8 pr
3618 Dec 1873 Apr
5434 5634 213,400 Am Power & LightNo par 45 Jan 2 5634 Feb 20
55
538 547
513* 52
5518 53
5234 541* 33
89
107
90 Dec 1074 Mar
No par 94% Jan 2 99 Feb 20
*977 98
98
98
99
98
Preferred
2,600
9712 98 *9632 98
9734 98
Sept
7412 Dec
No par 78 Jan 5 80 Jan 8
Preferred A
100
.7912 80
7972 7972 *7912 80 *7912 80 *7912 80 1*7912 80
Sept
No par 80 Jan 3 81 Jan 9
4
743 Dec
Prof A stamped
5 1,000
8018 802* 8012 80%, 80 803
*8014 8012 8014 8012 *80 801
8
9; Apr
15 Dec 3: May
81 183 191 87,900 Am Rad & Stand San'y_No par 1512 Jan 2 1912 Feb 16
8
1814 19'8 1814 187
1818 1834 1818 191/ 183 191
*
5% Dec 37 Mar
7 Jan 13 10% Feb 13
*924 912t
94 101
4,000 American Republics__ _No par
914 10
934 10
93 1018 10
4
1018
25 2638 Feb 7 3738 Feb 20
28 Dec 100% Feb
335 36141 3614 3734 133.000 American Roiling Mill
*
2918 3012 397 34
3178 35'4 3212 35
5212 June
641
Safety Razor_No par 57 Jan 2 as% Feb 11
62 02 1 63
6.900 American
6234 63
62 62s 62 62'2
623 63
1
9 Feb 13
5 Dec 2612 Feb
612 Jan 30
Amer Seating v t o____No par
8%1 *78 8%
*71
81
*7% 9
*718 88 *71
*78 9
12 Dec
1 Jan 9
84 Jan 2
*78 1
*93 1
1
1
800 Amer Ship & Comm___No par
1
1
1
1
1
1
35 Dec 5412 June
*3914 40
70 Amer Shipbuilding new _No par 37 Jan 16 42 Jan 6
39% 391 113914 40
1139 40 *39
39
40
39
531 28,400 Amer Smelting & Refg_No par 4012 Jan 2 012 Feb 20
AApprr
3713 Dec
5112 5212 52
49 4934 4934 50
4912 508 4918 511
100 129 Jan 9 133 Feb 18 131 Dec 1479112
4131132 135
Preferred
300
4
41132 1321 *132 133 1323 1323 133 133 13234 1323
4
93% Dec 103% Aug
8
100 9312 Jan 3 1007 Jan 26
6% cum 2d pref
8
8
*10038 1001 •10034 10013 *10038 10012 31100 1001 *1003 100121 *997 100
3578 Dec 43% Jan
25 37 Jan 2 41 Feb 18
40 40 I 41
41
1,000 American Snuff
40 41
40 40
4012 4012 *40% 41
100 105 Jan 20 107 Feb 3 10018 Jan 112 Sept
150
Preferred
107 107 '105 110 *105 110
*106 107 107 107 106 107
412 Feb 16
2 Dec 2212 Mar
24 Jan 2
*33
4 4
4
4% 1.500 Amer Solvents & Chem_No par
334 4
418
312 334
4
3 4 412
3
912 Feb 10
9
912 1,200
3
6% Jan 15
5 4 Oct 3314 Mar
No pa
Preferred
934 934 •814 812
912 912
9
9% 912
9
234 Dec 5214 Mar
2' 2912 3114 18,600 Amer Steel Foundries-No pa
25 Jan 15 3114 Feb 20
27 274 2714 28
2734 2812 277 2812 2
10
10 110 Jan 13 113 Feb 20 110 Dec 116 Feb
Preferred
112' 112 1111112 11212 *11112 11212 11212 113
011114 112 *11134 112
3612 Dee 554 Apr
44 44
1,630 American Storm
37 Jan 7 44 Feb 17
1143 45
No Pa
4312 44 *43 46
43 43
43 43
3914 Dec 6978 Mar
100 4234 Jan 5 5414 Feb 20
4
5212 5212 52% 5212 533 5414 2,800 Amer Sugar Refining
5134 513
52 53
513 52
95 Nov 110 Apr
300
100 96 Jan 2 10412 Feb 16
4
Preferred
*10412 105 103 1041 *10212 105 103 103 *1033 105 •10334 105
5 Nov 2634 Feb
1012 3.400 Am Sumatra Tobacco__No pa
8 Jan 12 1118 Feb 13
912 10'4 *10
85* 912
934 10
10
10 8 103
3
1012
15 Dec 2712 Feb
223
4 2018 2218 1.800 Amer Teleg & Cable Co
100 154 Jan 12 2312 Feb 18
2018 2212 x2212 2312 20
17% 17% 1712 20
100 1764 Jan 2 19734 Feb 20 170% Dec 27414 Apr
4
19138 19512 192 19334 1923 19412 195 19734 47,050 Amer Teiep & Teleg
191 19314 192 195'2
98% Dec 127 Sept
115 11512 *114 11512 11514 11514 115 11614 3,600 American Tobacco new w I 2 104 Jan 2 11614 Feb 20
114 114
115 116
8
19,900
11634 118
Common class B new w I_2 104% Jan 2 1184 Feb 9 9914 Dec 1307 Sept
2
4
114$4 11612 11612 1133 11514 11712 11612 1173 11614 117
• 400
Preferred
10 1244 Jan 3 12812 Feb 4 120 Feb 129 Sept
12818 12734 12818 *12712 12812
4
*12712 128% *1273 12818 *12712 12818 *1274
44 Apr
3
200 American Type Founders 100 90 Jan 24 105 Jan 16
95 Nov 1114 JIdy
100 100 *97 100 *97 100
3198 10014 99 99 *97 100
10
Preferred
100 105 Jan 21 107 Jan 30 10312 Nov
10634 1063 *10512 107 *10512 107 *106 107 *106 107 *106 107
4
47% Dec 124% Apr
677 713 69
714 69% 71% 68.600 Am Water Wks & Eleo_No par 54 Jan 15 7134 Feb 18
4
63 65% 635* 6812 6614 703
800
1st preferred
4
10114 Jan 29 105 Jan 9 98 Nov 10818 Oct
4
*1013 102 102 10212 1024 1023 10234 1023 102% 102% 102% 1023
8
9% 94 1,80 American Woolen
5% Nov 204 7.10i
9 Feb
6% Jan 2 11% Jan 12
100
4
9
87
8 918
91
*912 92
9
9%
914 914
8,100
15% Nov 44% Feb
8
Preferred
100 21 Jan 2 353 Feb 9
3112 3314 32
3318 3234 34
4
33% 333
4 33% 34* 333 34
40 Am Writing Paper ctfs-No Par
8
4 Jan 23
13 Dec
2 Jan 3
22* 234 *234 312
*212 3
31238 3
224 3
*238 3
10
18
1018 Dec 44 4 Feb
Preferred certificates_100 14 Jan 13 18 Feb 20
18
3
18
*1514 17 *1514 20 *17 20 *17 20 •17
678 Feb 20
4% Jan 2
5% 6% 6,40 Amer Zinc Lead & Eimelt_25
3% Dec 17 4 Feb
7
*512 53
4
*512 57
512 6
5% 57
4
53
4 53
3514 38
60
2634 Dec 79% Jan
Preferred
25 26 Jan 10 38 Feb 20
3218 3218 3234 323 •
4 3212 333 *33 34 *333 34
3878 397 116,10 Anaconda Copper MinIng_50 29% Jan 2 40 Feb 19
25 Dec 81% Apr •
36% 373
8 36% 373
4 3614 3723 3612 3814 39 40
90 Anaconda Wire & Cable No par 22 Feb 4 2618 Jan 13
19 Dec 5314 Feb
23 24 *23 24 23 23 2318 2312 *2312 24 24 2455
3334 34
9,50 Anchor Cap
34
24 Dec 51% Apr
27 Jan 2 34% Feb 20
30
293 317
4
8 31
31
No par
3012 31% 30
31
177 177
8
400 Andes Copper Mining_No par 13% Jan 12 1814 Feb 11
1038 Dec 37 Apr
14
*1534 1712 *153 1714 1714 177
4
168 1678 *1534 1712
1738 177
8 5,000 Archer Daniels Midi'd_No Par 1512 Jan 3 18 Feb 4
1714 1714 1724 1714 171
134 Dec 2914 Apr.
17
17% 17
1714 17
62 62
1,400 Armour & Co.(Del) Pref 100 6014 Jan 23 72 Jan 7 60 Dec 828 June
62 63
6138 617 *62 631
8
62 63
*
64 05
3
31
318 314 80.200 Armour of Illinois eines A25
3% 314
334 314
234 Nov8% Mar
3
33
8
318 33*
44 Jan 6
3 Jan 28
218 212 8,500
2% 21
2 5 21
218 234
2% 218
Class B
11* Nov4e Mar
218 2 4
2% Jan 7
25
2 Jan 2
301 3814 9,200
8
8 30 31
317
8 303 313
2514 Nov65 June
Preferred
3234 3234 32 324 31
100 30 Feb 19 47 Jan 6
3
53
*5% 53
514 514 *5
53c 1,300 Arnold Constable Corp_No par
34 Dec 1334 Apr
5
5 18
514 5%
5% Feb 16
5
3
3% Jan 2
*712 73
60 Artioom Corp
*vs 73
7
7
4
434 Dec 20% Apr
*7
13
4 .8
73
4 *7
74
3
7 4 Feb 3
3
5 Jan 13
No par
2618 2718 5,900 Associated Apparel Ind_No par 241g Jan 5 287 Feb 10
26
253
26% 2614 273
8 Ms 263
20 Nov461k Mar
*2614 263
4 26
8
2612 271
2634 28
257 263
9,700 Assoc Dry Goods
19 Dec 5012 Apr
4 2614 261
26
26% 2534 267
No par 22 Jan 2 28 Feb 20
*31
31
31
31
35
31
30 35
30 Associated Oil
30 Dec 51 June
*30 35
3130 35 •
25 2612 Jan 2 31 Feb 18
36
30 *33
35 *33
*33
35 *33
Atl 0 & W I El 13 Line_No par 31 Jan 28 39 Jan 7 33 Dec 803 Jan
*33 36
*33 36
52 *50 52
48 Dec 654 Feb
300
50 50 *50
5112 *50 5112 50% 501 *50
3
Preferred100 49 4 Jan 29 5312 Jan 21
21% 217 x2138 223 34,300 Atlantic Refining
4
s 2114 217
163* Dec 51% Apr
2218 2318 2134 2212 21% 223
25 18 Jan 2 2312 Feb 13
51
49 51
51
*49
51
5211 1,500 Atlas Powder
42 Dec 106 Mar
53 *49
5114 52 *51
No par 4512 Jan 5 54 Feb 11
99% 99%
997 997 *97 100
8
30
97 Nov106 Mar
*97 100
1197 100 *97 100
Preferred
100 95 Feb 4 99% Jan 16
121
1112 1112
11
11
800 Atlas Storm Corp
7 4 Dec 37 May
3
*124 1312 *1212 131s 12% 1212 3111
No par
8% Jan 2 1312 Feb 10
31
*3
*3
2% Oct
31
334-_ _ Atlas Tack
812 Mar
312 *3
312 *3
34 Jan 5
•
2% 312 *3
278 Feb 9
No par
6038 Nov263 4 Apr
189 1933 187 201 116.400 Auburn Automobile_No par 10112 Jan 14 205 Feb 17
3
181 20012 18512 205 184 194
176 181
*2
218
*2
21
2
2
134 Deo
218
300 Austin Nichols
7 May
*134 2
2
24 Jan 23
912 *2
2 Jan 5
No par
78 Dec 1038 Mar
2
218 21
2% 2,000 Autosales Corp
8 *2% 21
2% Feb 16
2
2
2 3
8 2%
234 23
1 Jan 2
No par
57
412 412
*412 si
12 Dec 25 Mar
412 41
412 Feb 17
412 412
100
*4
*414 5
Preferred
2 4 Feb 3
3
50
97 Apr
44 434 21,700 Aviation Corp
414 438
414 4%
414 4 8
414 4 8
3
4% 43
8
3
43 Jan 23
4
23* Dec
3 Jan 2
No par
04 0
4
2432 251 .12534 12138 56,700 Baldwin Loco Works-No Pa
5
1938 June 38 Feb
2034 Jan 2 2534 Feb 16
23% 24% 24 2534 2418 2534 2418 251
97 97
84 Dec 116 Jan
9412 95
9418 9418 94
947
9514 96
310
8812 Jan 2 97 Feb 11
9514 9514
Preferred
100
•103% 1071 31105% 107 *1054 107 *10511 107 3110512 107
Bamberger(L) di Co pref _100 104% Jan 3 107 Feb 11 103 Dec 11012 Feb
*712 812
*718 81
7
8 Nov 2034 Mar
714
210 Barker Brothers
7 Feb 14 10 Jan 2
No pa
7
8
3155
62
71
62
*55
10
58 Dec 91 Mar
55 55 *57 62 *55
54 Feb 10 5712 Jan 10
Preferred
*55 62
10
13
1334 14,400 Barnsdall Corp class A
13% 12% 13% 1234 127
85 Dec 34 Mar
1312 1334 13% 13% 13
*
1114 Jan 2 1438 Feb 13
2
23 Nov 65 Feb
2978 Jan 5 33 Jan 19
Bayuk Cigars Inc
No Pa
*3212 331 *3212 3312 *3212 33% 133212 33% *3212 331 *3212 3312
91
91
*90 91 *90
*90
*90 91
*
90 91
First preferred
100 874 Jan 2 8712 Jan 2 89 Dec 101 July
*90 91
74
757
767
8 73 761
76
62 Dec 92 Apr
4
79% 113,600 Beatrice Creamery
7012 71% 713 7714 74
50 65 Jan 2 7938 Feb 20
*109 - *109 -___
500
10824 108% 3110814 10812 10812 109 *109
Preferred
100 108 Jan 15 10914 Feb 5 10114 Mar 10914 Sept
58 *55 58
58 *55
4
57 573
4 573 58 *55
4634 Nov 704 Jan
400 Beech-Nut Packing Co____20 50 Jan 15 60 Feb 11
57
*56
37
*312 37
*312 31
218 Dec
4
4 Jan 30
33
4 33
4 *312 37
312 33
218 Jan 15
37
8
500 Belding Hem•way Co_-No Pa
6% Jan
7838 783
7614 Dee 8512 Mar
4
4
4
78 Jan 5 803 Jan 22
700 Belgian Nat Rye part pref _*7814 7914 13783 79% *7814 7914 7914 791 *7914 80
23% 2318 2434 131,900 Bendiz Aviation
20% 223
23
4 21118 233
22 23
1414 Nov 5734 Apr
16% Jan 2 2434 Feb 20
8
213 221
40 401
40 4038 4038 41
39% 414 3912 41
303 Dec 5614 Apr
15,300 Best & Co
No par 324 Jan 13 4114 Feb 16
383 3
4 91
6114 63
63% 644 157,203 Bethlehem Steel Corp
4
593 617
3
5712 587 5914 60% 5934 63
45% Jan 19 6414 Feb 20 47 2 Dec 11014 Apr
aa
121% 121% 121% 121% 121% 1217 12118 1213 12118 1213
4 1.000
10 1144 Jan 5 123 Feb 2 11234 Dec 134 Mar
Preferred(7%)
121 12214
26% 267
267 2734 6,700 Blaw-Knox Co
23 Oct4112 Apr
8
24 Jan 2 2734 Feb 20
No pa
2614 26% 2157 2612 2534 26% 2614 27
17
17
161k Dec 297 Apr
171
17
4
1612 Jan 5 20 Jan 12
64, Bloomingdale Brothers_No Pa
4
*163 2012 *163 20% *1714 201* *1714 201
4
*S6
92 92
92 *86
92
92 *86
92
95 Dec 104 Oct
10. Preferred
100 92 Feb 19 95 Jan 9
92 *86
86
*
4
74 Feb 90 Apr
1118212 873 *8212 95 *82% 873 *82% 873 *8212 8734
Blumenthal & Co pref
100 7512 Jan 15 7512 Jan 15
*
8212 85
3312 34
30% 327
31
3012 317
2912 3012 30
20% Jan 2 34 Feb 20
7,700 Bohn Aluminum & 13r_No pa
154 Nov 69 Apr
29% 30
*vs 8,
•Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-rights.
1374
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preced110.
III 'II A VD LOW SALE PRICES
-PER 511.45E, NOT PER CENT
Saturday
Feb.14.
Monday
Feb.16
.
Tuesday i Wednesday
Feb.17
.
Feb.18.
Thursday
Feb. 19.
Frtdav
Feb. 20.
Sales
far
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
PER SHARE
Range for Previous
Year 1930.
Highest.
Lowest.
Illuhest.
Lowest.
per share 3 per share $ per share 3 per share S per share S per share Shares Indus.
& Miscell.(Con.) Par $ Per share $ Per share 3 per share 3 per share
6012 61
*6014 62
*604 611 4 62
62
63
63
63
63
600 Bon Anti class A
No par 60 Jaa 8 63 Feb 19
5912 Oct 78 Apr
*134 2
2
2
2
23
8
2
*13
2
4
23
2
8 3
2,500 13ooth Fisherim
par
8
ar
3 Feb 20
No loo
13 Jan 2
5 Mar
Oct
1
.10
15
10
10
104 10 2 '10
,
15 .10
12
15
174 1 100
st preferred
514 Dee 3314 Jan
7 Jan 9 1733 Feb 20
72
727
s 723 7314 7212 7338 7212 7318 123 733
4
8 7314 747 39.300 Borden Co.
4
8
25 6712 Jan 15 744 Feb 20
6018 Jan 904 May
2112 25
247 2512 251 273
8
8
4 2712 3018 291s 3018 2812 293 132,500 Borg-Warner Corp
4
3
10 20 4 Jan 2 3012 Feb 18
15 Nov 5012 alar
4
,152 2
.15
8 2
*15
8 2
.14 2
.152 2
*14 2
Botany Cons Mills class A__50
15 Jan 27
2
• Dec
5 Mar
112 Jan 28
1712 174 173 134 18
4
1934 1912 2112 203 2114 203 213 263,200 Briggs Manufacturing_No par 1612 Jan 1.5 2112 Feb 18
2
4
8
1218 Oct 2538 July
1812 184 1912 193
4 20
213
4 2212 2314 .23
234 223 24
4
5,000 Briggs & Stratton
par 1611 Jan 14 24 Feb 20
1514 Nov 3512 Apr
.313
34
3,8 314
3 4 314
34 35
,
312
353
8
34 34 2,500 Brockway Mot Truck_..No par
37 Feb 20
8
r
No
15 Dec 2214 May
8
2 Jan 2
19
19 .20
25
25
26 .20
25
8
2018 22 1 205 21
160
Preferred 7%
13 Dec 85 Apr
4
100 153 Feb 9 26 Feb 17
.115 117
118 119
11512 120
116 118
118 118141 11712 11832 7,300 Brooklyn Union Gas_No par 103 Jan 2 120 Feb 17
9818 Dec 17814 Mar
.3314 31
*3312 337
8 3312 334 .3312 31
34 1 .3312 3412
34
300 Brown Shoe Co
No par 323 Jan 22 3512 Jan 5
333 Nov 42 Feb
4
4
.1412 15
1412 1412 1412 1412 .1312 1412 .1313 1412 .1312 144
700 Bruns-Balke-Collender_No par 1018 Jan 2 15 Feb 13
10 Dec 304 Mar
1712 18
1814 19
18
1914 1812 184 1814 204 219
2018 13.900 Bucyrus-Erle Co
8
114 Dec 317 Mar
10 1414 Jan 16 207 Feb 19
8
3114 323
8 32
32,
2 3214 335
8 32
3212 323 31 i 23312 334 4,709
4
Preferred
8
21 Dec 43 Mar
10 25 Jan 13 347 Feb 10
•11212 114 *11212 114 •11212 114
8
11212 11212 .1125 114 *1103 114
4
30
Preferred (7)
100 1113 Jan 3 1134 Feb 2 1074 Jan 117 Sept
4
*43
4 5
43
4 5
*43
4 5
.43
8
4 47
43
4 44
44 47
2
800 Budd (E 0) Mfg
514 Feb 3
No par
3 Dec 163 Apr
4 Jan 2
8
11
1114 1114 113
8 107 11,
1078 117
81 1112 1218 23.600 Budd Wheel
8
8 1014 11
No par
9 Jan 2 1218 Feb 20
84 Oct 144 Feb
154 1518 215
15
147 15
8
15
15
15
15 1 1414 1412 2,500 Bulova Watch
812 Dec 43 Mar
No par 1114 Jan 2 154 Jan 30
1818 1814 1312 21
1918 214 20
2012 1912 20331 20
2041 10,600 Bullard Co
No par 113 Jan 2 214 Feb 17
4
07 Dec
8
74 Apr
.2612 33
*27
2912 .27
27
253 2612 2652 265
4
8
2912 27
600 Burns Bros new clAcconNo par 253 Feb 19 51 Jan 7
4
2512 Dec 11018 Apr
*514
6
6
6
6
54 54 .512 6
6
6
500
New class B com
No par
5 Jan 3 10 Jan 7
3 Dec 35 Apr
•____ 78
78 .____ 78
73
73 .40
70
70
70
20
Preferred
100 70 Feb 20 85 Jan 20
713 Des 100 Feb
4
2912 30
294 304 283 304 2914 30'8 295 307
8
8 293 3053 14.200 Burroughs Add Mach__No pay 2112 Jan 16 324 Feb 9
8
4
183 Dec 514 Mar
8
*29
31
3014 3012 30
3 3012 3012 30
30
30,
2 3033 30,
1,000 Bush Terminal
No par 2314 Jau 22 3012 Feb 13
2111 Dec 4812 Mar
101 101 .101 10312 10118 101 18 10114 1014 .101 10312 *101 10312
30
Debenture
97 Nov 110 Mar
100 10018 Feb 11 104 Jan 23
110 110 .110 11012 *110 11012 110 110 1.110 11014 .410 11018
140 Bush Term Bides prof
Oct 118 Apr
100 109 Jan 3 11112 Feb 3 108
.118 13
8 .1 15 114 *118
,8
14 14
114
114 *118 114
13
4 1.200 Butte At Superior Mining___10
7 Dec
8
13 Feb 20
4
1 Jan 7
54 Jan
13
4 17
8
8 13
4
13
4 13
4 .14 13
4 13
8 *15
14 15
600 Butte Copper & Zino
4
4
13
14 Dec
2 Jan 29
112 Jan 5
5
412 Feb.
*13
1412 1412 1412 *127 137
8
8
8 131* 13121 137 14
134 14
1.100 Butterick Co
10 Nov 293 Feb
100 123 Jan 20 18 Feb 9
4
8
537
52
8 543 57.
8
553 60 2 55
6012 60
8
644 85
,
693 241,200 Byers & Co (A M)____No par 375 Jan 2 693 Feb 20
4
4
3318 Dec 112$,8 Apr
8
102 104
10112 10412 *10112 105 *10112 103
106 108 .100
90
Preferred
8
100 997 Feb 10 105 Feb 19 103 Dec 114
Jan
49
48
50
53
5014 521
8 504 5012 4912 4912 4912 4912 5.200 California Packing ____No par 424 Jan 19 53 Feb 16
4114 Dec 7712 Mar
•7
2 1
.
7
8 1
1
1
1
1
1
500 Callahan Zinc-Lead
118 Feb 6
58 Jan 8
• Dec
2 2 Feb
,
10
*3312 394 391z 3912 3918 393
397 .3914 40
8
4 39
40
495
8 1,400 Calumet & Arizona Mining_20 363 Feb 7 404 Feb 20
285 Dec 897 Jan
8
4
8
94 912
94 934
91 10'8
912 93
4
93 1012 8,800 Calumet & Becht
94 913
4
74 Dec 3338 Jan
8 Jan 2 1012 Feb 11
25
14
1412 1512 144 15
4 145 1514
144 1412 143
8
143 15
4
7,600 Campbell W 3c C Fdry_No par 113 Jan 2 1512 Feb 18
10 Nov 30 Mar
4
4
333 344 343 354 344 354 344 33
4
347 354 35
8
3614 5 900 Canada Dry Ginger Ale No par 297 Jan 19 3814 Feb 20
304 Dec 7338 Mar
8
.197 2012 •197 2018 .20
8
8
204 2018 204 1912 1912
204 .20
800 Cannon Mills
1618 Dec 3414 Mar
4
No par 173 Jan 2 203 Jan 9
4
•1312 137
14
14
3 137 137
8 13
1312 133 133 •1314 14
8
4
4
600 Capital Adminls al A No par
912 Jan 3 14 Feb 9
712 Dec 283 Apr
4
33 .32
*31
33
33
*33
38
35
33
33
3414 3414
400
Preferred A
2912 Dee 42 Mar
60 30 Jan 10 38 Feb 17
11414 1175 117 125
11918 130 4 11712 125
8
1193 1243 1233 1264 365,600 Case(01 Co)
,
4
4
4
8312 Dec 3624 Apr
4
100 813 Jo 19 13014 Feb 17
111 11114 111 111
112 112
113 113 *111 113
113 113
590
Preferred certificatea__ _100 111 Feb 10 I1412 Feb 13 113 Dec 132 May
47
44
4812 5112 4914 5212 4812 5112 497 51
8
5012 52 125,800 Caterpillar Tractor__No par 267 Jan 2 5212 Feb 17
4
22 Dec 793 Apr
s
*33
4 412 .334 412 *33
4 412. *33
•33
4 412 *33
4 4
4 412
312 Jail 13
Cavanagh-Dobba IneNo par
112 Dec 137 Jan.
218 Jan 5
8
.2212 25 .23
25
23
2318 .2318 26
25 .23
*23
26
10
Preferred
24 Dec 75
100 23 Feb 17 25 Feb 5
Jan
•12
12
1312 12
1218 123
13 •13
131 4 •123 13
4 13
4
1,300 Celanese Corp of Am__No Par 11 Feb 4 1312 Feb 10
918 Dee 203 Oct
8
*814 9
818 8,8 .84 9
838 87
8 ...els 914
914 914
800 Celotex Corp
3 Dec 80 Mar
512 Jan 2 10 Feb 10
No par
*512 714 *502 71
*512 712
712
6,
4 614 •614
031
500
73
,
Certificates
778 Feb 10
412 Jan 2
3 Dec
No par
12 Sept
27 .28
.26
*26
27
27
27
*26
*28
27 .26
27
Preferred
1714 Dec 814 Apr
No par 2214 Jan 5 2934 Jan 15
23 23
2312 23
2314 23, .23
4
23
23 .23
23
2312 1,800 Central Aguirre Asso_ _No par 20 Jan 2 244 Jan 9
18 Dec 3012 May
.312 4 8 •312 43
8 *312 412 *33
,
4 47
4
8
44 5
4
1,700 Century Ribbon MIlls_No par
5 Feb 9
214 Dec
212 Jan 6
814 Mar
.
.59
*59
65
65
*62
85
65
65
67
6712 .6014 0712
110
Preferred
51
Jan 8 6712 Feb 19
Feb 697 July
8
27
26
26
264 25
257
,
8 25 8 273
2 274 284 2712 2312 16.500 Cerro de Pasco Copper_No 100 59
par 22 Feb 6 284 Feb 11
21 Dec 653 Jan
,2
8
3
58 34
*312 33
34 34
34 47
4
8
412 43
2 •414 412 3,800 Certain-Teed Products_ No par
44 Jan 12
2 Dec 154 Feb
214 Jan 2
36 .3614 36 2 3612 3612 3612 3612 3612 37
36
*3612 37 1 1,400 City lee & Fuel
,
324 Dec 49 Feo
4
No par 353 Jan 27 37 Feb 13
•80
80
80 8 80
,
80
8112 .80
804 8114 81
82
8141
203
Preferred
8
79 Oct 984 Feb.
100 7718 Jan 14 817 Feb 20
20 4 21
3
21
223
4 2112 224 21
217
8 21
221
225 24.700 Checker Cab
8
2112
144 Dec 6778 Mar
No par 173 Jan 15 2314 Feb 7
4
4812 4914 4812 50
4818 504 48
4812 49
49
494 50 I 10.800 Chesapeake Corp
8
3214 Dec 8212 Mar
No par 40 Jan 2 503 Feb 1(
11
1118 11
113 117
12
8
8
8 1114 1178 1112 11 12 117 13
11,600 Chicago Pneumat Tool_No par
912 Feb 5 13 Feb 20
74 Nov 37 Mar
.28
2812 2314 28 4 2812 294 .29
,
2914 3012 3512 3012
30 2 .
,
70'0
Preferred
2218 Nov 557 Mar
No par 233 Jan 2 3012 Feb 20
4
8
*20
24
.20
24 .20
24
25 .20
*2312 24
.21
24 1
Chicago Yellow Cab___No par 2033 Jan 31 23 Jan 9
2012 Dec 32 Mar
*11
113
1114 1114 .1118 1112 *11
4 11
11
113 *113 113
8
4
4
200 Chickasha Cotton 011
1012 Dec 3212 Apr
8
10 11 Jan 16 117 Jan 23
313 315
8
2
3114 3234 3114 323
8 313 32
4 324 327 23214 324 4,100 Childs Co
8
2278 Dec 6758 June
No par 254 Jan 2 334 Feb 10
193 20,
8
8
3 20
8 20, 2114 204 213
217
8 2012 2114 203 2218 293.900 Chrysler Corp
4
1418 Doe 43 Apr
8
No Par 157 Jan 2 2218 Feb 20
33
4 33
334 33
35
8 37
8
4
4
33
4 37
8
34 33
34 33
4
4 2,200 City Storm new
44 Feb 11
212 Dee
No par
24 Jan 10
1314 Apr
20 .18
.18
20 20
20
.1812 36 .1812 36
.1812 25
100 Clark Equipment
154 Dee 444 Apr
No par 18 Jan 14 2014 Jan 21
*33
3414 3418 3418 .3114 35 .3114 343 .3114 34
*3114 36
4
100 Clitett Peabody & Co No par 243 Jan 12 3418 Feb 17
21
Dee 60 Apr
4
.95 102 •100 102 *100 102 •100 10112 •100 101 12 100 100
10
Preferred
9114 Jan 105 Apr
100 95 Jan 28 100 Jan 5
.162 1624 1833 1647 18114 16812 162 162
8
8
16234 16314 163 166
5,800 Coca Cola Co
No par 14218 Jan 2 1667s Feb 11 13314 Jan 1913 June
8
,
5111 5114 5112 511 •513 5112 *513 51 2 514 514 .5114 5112
8
8
500
Class A
4812 Jan 53 Mar
No par 5012 Jan 2 5112 Jan 29
48
48
473 4812 .48
43
4
48
484 4814
4312
4318 1912 1.400 Colgate-Palmollve-Peet
44 De, 647 May
47 Jan 20 494 Feb 7
8
N4 Par
104 104 *103 1037 1037 1037 •903 104 *10314 10312
•10212 104
8
8
8
200
6% preferred
97 Mar 104
100 102 Jan 15 101 Feb 16
Dec
io3 117
8
4
1018 10 2 1012 11
8 113 1212 113 12
4
1112 1212 9,500 Collins & Alkman
,
12 Oct 353 Feb
No par
9 Jan 30 15 Jan 6
4
73 .____ 73
73
73
73 .71
73
7212 *71
73
7212
300
Preferred non-voting___ _100 72 Jan 20 74 Feb 3
Jan 92 May
73
. 2 97
9,
912 97
2
2 .912 10
5912 10
*912 10 2 .912 10
,
300 Colonial Beacon 011 Co_No par
912 Jan 2 1014 Jan 8
8
84 Dec 203 Apr
27
26
294 3214 20
293
2634 2718 29
4 28
30,
315 34,100 Colorado Fuel & Iron
8
100 217 Jan 2 344 Feb 19
8
183 Dec 77 Apr
4
2
101 1033 103, 10712 1027 110
8
1024 107
1034 1054 1044 10714 32.400 Columbian Carbon v t oNo par 734 Jan 2 110 Feb 17
4
6518 Dec 199 Mar
8
8 39, 413
8
. 3914 40
394 40
393 41 104.200 Columbia Gas & Elea-No Par 3314 Jan 16 423 Feb 11
4
,2 393 415
4 394 401
8
30% Dec 87 Apr
1054 1054 103 108
•105 106
107 107
106 106
107 107
700
Preferred
100 1004 Jan 2 107 Feb 19
99 Nov 110 Apr
1012 113
8 107 117
8
3
11
10
8 19 4
52 II
1114 1218 184,500 Columbia Oraphophone
1114
718 Dee 373 Apr
74 Jan 16 1218 Feb 20
2
183 184 183 194 19
4
8
4
2012 21
2012 197 2114 2012 21
13,600 Commercial Credit____No Par 184 Jan 2 2114 Feb 18
1512 Dec 403 Apr
4
344 3412 .3412 35
35
35
35
3512 3514 3514 *35
36
500
Class A
50 34 Jan 2 3512 Feb 9
301z 1)ec 4432 Apr
24
24
2414 2114 2312 233 .2312 2114 21
24
.2312 24
4
210
Preferred B
25 2112 Jan 20 2414 Jan 6
2012 Dec 28
Apr
83
83
84 .34
*8212 83
84
84
85
83
84
85
70
lot preferred (655%) --100 7612 Jan 29 85 Feb 20
7814 Jan 9512 Sept
8
3018 3018 30, 304 30
304 30 307
8 3018 304 304 3012 7,536 Corn Invest Trust____No par 25 Jan 2 31 Feb 11
213s Dec 55 Mar
.82
84,
8 8418 8514 85
853* 85
85,4 8512 8512 4,900
854 85
Cony preferred
No par 82 Jan 20 00 Jan 26
80 June 87 Mar
4,352
412 412 .5
412 47
*35
8 47
8 .5
8
6
6
400
Warrants stamped
5 Feb 9
24 Jan 7
213 Dec
6 Oct
1512 19
191 2012 1912 2012 194 20,
8
8 194 2014 193 2012 135.400 Comm Solvents
4
par 1518 Jan 2 204 Feb 16
No
14 Dec 38 Apr
93 104
934 10
8 104
97 10
978 10
8
4
97 10
8
81.400 Commonvelth & Son-rn No par
8 Jan 2 104 Feb 11
713 Doe 2014 Apr
975 937,4 •
8
97
974 98
93
9812 9718 984 9
*97
8
93 8 3.000
,
$e preferred serles No par 9113 Jan 2 9932 Feb 9 8812 Dee 104112 June
*34
37
3414 3414 3414 3414 *34
35
37
*34
*34
37
400 Conde Nast Publica
No par 33 Jan 16 344 Feb 16
3113 Dec 57 Mar
8 107 11 13 11
912 10 2 1018 103
4 104 113
3
912 9 4
11, 40,000 Congoleuna-Nairn Ine_No
3
3
4
par
64 Jan 2 114 Feb 18
558 Dee
194 Mar
294 2918 29
29
2918 297
8 2918 29,
8 29
29
2912 1.700 Congress Cigar
`9
.
'
No par 22 Jan
8
1814 Sept 567 Mar
8
315 314 314 313
8
8 34
4 3212 365
8
3018 30,8 30, 31
37
5,900 Consolidated Cigar._ No par 2512 Jan 13 297 Feb 16
8 37 Feb 20
8
245 Dec 593 Mar
6318 64
8
65
6618 3618 674
65
65
6.5
65 2
,
69
.66
370
Prior preferred
100 55 Jan 2 6512 Feb 13
53 Dec 80 Mar
14
144 14
15
1414 14
8
14,
127 124 127 134 14
8
2 9,100 Consol Film Indus___ _No par
94 Jan 2 15 Feb 17
8
74 Dec 273 Mar
4 1712 1814 5.200
183
s IR
153
8
175 174 1752 184 1818 187 *18
8
Preferred
No par 153 Jan 2 1833 Feb 17
4
1212 13ec 2814 Jan
8
8
,
4 96 2 9712 111.500 Consol Gas(N Y)
,
2
9318 947
8 943 964 9412 97 2 915 9712 957 97,
No par 8218 Jan 2 9712 Feb 17
8
7814 Dec 1367 Apr
,
4
4
8
4
4
104 10418 1033 1033 103,4 1033 102, 103 4 1024 1027 .10212 103
3.900
Preferred
No par 102 Jan 2 1044 Jan 29
3
4
9912 Jan 1051214411st
*5
8
'4
5
8
3
4 3.900 Consolidated Textile
5
8
5
8
3
8
No par
Jan 2
78 Jan 12
2
318 Dec 22,2
4 Drr
714 714
714 74
718
73
8 72
73
8'
718 718
,
7
4 73
8 2,800 Container Corp A vot _.No par
612 Jan 22
84 Jan 9
Feb
4 *212 234 •212 214 *212 24 1.600
,
212 212
25
8 2 8 .24 23
Class B voting
No par
23 Jan 2
8
3 Jan
2 1)ec
84 Feb
293
8 27
28,2 2718 274 2712 28
26
264 2618 2812 27
32,100 Continental Bak' al A_No Dar 173 Jan 2 2938 Feb 12
4
17
163 Dec 5212 Feb
4
27
2.8 3
8
3
314
3
3
38
,
3
8,700
ChM:4 It
No par
214 Jan 2
33 Feb 2
4
2 Dec
7 Feb
•75
75
7512 1.900
753 *74
3
4
4 75
7414 75
74
754 75 4 753
Preferred
62 Dec 917 Feb
8
584 58
533 68.600 Continental Can Ine__No 100 674 Jan 3 784 Jan 23
4
2
5212 54
54
56 8 55, 574 554 5318 57
,
par
4312 Dec 715 Mar
s
1212 1212 121g 127
8 2.100 Cont'l Diamond Fibre.No par 47 Jan 2 534 Feb 19
124 127
134 134 1212 1314 •124 13
8
1012 Jan 2 14 Feb 9
4
49,
4912 493
5:100
4 433 49'8 494 504 5014 5033 4 200 Continental Ins
,2 49
4 494 50
10 41 Jan 2 507 Feb 11
8
37 1)ec 37 MA pr
213 1)ee 7 % a
:
312 312
312 314
318 34
314 314
3 4 34
,
34 34
Continental Motors___No par
418 Feb 10
24 Feb 5
24 Nov
814 Feb
8 104 1058 1012 1114 17.400 Continental Oil
1012 107
8 1012 11,
,
104 1114 10 2 11
N Par
852 Feb 2 12 Feb 13
73 Dec 3012 Apr
2
94 1033 10
1012 42.550 Continental Shares____No par
94 11 8
103 1012 1012 1114
2
94 03
1
812 Jan 2 1152 Jan 9
812 Dee 407 Apr
8
8512 864 857 8618 14,100 Corn Prod cts
8
8
8 847 86
8312 843
4 8418 8412 8412 863
Refining__25 7612 Jan 2 864 Feb 17
65 Dec 1114 Apr
,
•14712 148
80
148 148 *14714 1434 *14714 149 4 •1434 14914 14714 14714
Preferred
100 1467 Jan 6 1497 Jan 6 140 Feb 15114 001
8
8
1334 1352 134 8,200 Coty Inc
4
133 14
8
133 144 133 1414 1312 138 13
4
No par
16 147 Feb 10
8
814 Jan
718 Dec 33 Feb
9
297
8 293 2978 2,100 Cream of Wheat
4
8 294 294 29
295
*2914 293
4 293 293
4 29
4
No par 27 Jan 14 31 Feb 7
54
p 39 laar
n 2 3 1,,
2512
18 4
,
163 •16
4
163 •16
4
163 .18
•18
4
Ores Carpet
163 .16
4
163 •16
4
100 147 Jan 26 1612 Feb 10
8
Mar
Jan
•514
71, •63
8 712
• 4 712
63
7
400 Crosley Radio Corp___No par
7
*6
612 7
713
8 Feb 10
412 Jan 2
Dp
3314 I er 322p,, JApran
1 )c
36
37
3412 35
37
35
353
4 36
3,200 Crown Cork & Seal_No par 31 Jan 16 37 Feb 19
35
•33
34
34
.44 5
*44 5
*43
.5
43
100 Crown Zellerbach
514
4 5
.45
8 54
5
5
,
No par
4 Feb 6
67 Jan 12
8
43 Dec 1812 Feb
4
61
6112 61
62,2 •31
290 Crucible Steel of America_100 55$3 Jan 15 63 Feb 11
6212 .81
1,59
62,2 624 6212 •57
% D
522 I): 9139:
130
104, 10414 104 104, 10414 10433 104 104,4 10412 10414 •104 10414
4
4
Preferred
100 103 Jan 23 106 Jan 3 10112 Dec 117 Mar
1
5
5
43
4 IS
*412 43
*434 5
1,300 Cuba Co
4
43
4 43
4 *414 5
No par
May
4 Jan 6
15711 Jan 8
4.112 172 *112 15
13
4 14
lss
200 Cuba Cane Products_ .No par
8 •442 152 •112 15
8
.
252 Jan 8
l's Jan 2
4.
4
4
48
4
,
1.100 Cuban-American Sugar_ ___10
4
414 *4
418 418 .4
413
514 Jan 8
3 Jan 6
27
30
27
27
30 .
120
2712 27,2 02714 30 .27
30 .27
Preferred
fe
65 l‘ ab
274 F r
100 2212 Jan 5 35 Jan 9
20
2
45
4312 1,900 Cudahy Packing
435 43
8
4412 4412 4512 45
4
4412 45
53 433 44
50 41 Jan 2 454 Feb 20
291
9112 Leon Curtis Publishing Co___No par 897 Jan 12 100
914 92
92
93
92
1214268144 1%,,,,,j4laaary°
9112 92 .92
92
.91
2
Feb 7
850
1173 118 •118 119
8
11814 118 11812 118 118 •11.7 119
11814
Preferred
No par 11314 Jan 15 11/112 Feb IS 18358's jt1)nee
1)
12 I ec
414 41 3 27.400 Curtim-Wright
8
4 4 43
,
414 412
8
414 43
414 412
44 44
8
No par
252 Jan 2
134 Dec 147 Apr
45 Feb 10
8
64 63
4 4.600
64 63
4
63
Clam A
4 67
8
6,2 0'2
612 64
64 63
4
4
.100
34 Jan 2
3 Dec 193 Apr
7 2 Feb 10
,
4
36
3112 31 12 323 35 I 6,600 Cutler-Hammer Mfg_No pa
36 4 3412 35,2 324 34
3
3014 33
3014 Feb 1
35 Dec 0012 Mar
41 Jan 7
1912 214 15,100, Davison Chemical
1814 17
163 1612 1678 20
8
164 164 1612 17
No pa
1312 Jan
8
214 Feb 20
10 Dec 435 Mar
I
1-,ct
O)ecee
•Bld and asked prices; no sales on this day. z Ex-dividend.
Ex-dividend and ex-r1g,bta.
1375
New York Stock Record-Continued--Page 4
For sales dulllg the week of stocks not recorded here. see fourth page preceding.
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Feb.14.
Monday I
Feb.16.
Tuesday 'Wednesday 1 Thursday 1
Feb. 19.
Feb.18.
Feb 17.
Friday
Feb.20.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest. fl
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
Per share $ per share
share
$ per share $ per share $ per share 1 $ per share $ per share I 3 per share Shares Indus.& Miscell.(Con.) Par $ Per share $ Per Jan 28
oh Dec 30 Apr
Debenham Securities._.._5 Sch 10 Jan 12 1212
*10
16
16
*10
16
*10
16
*10
16
*10
*10
15
/
1
20 204 Jan 28 22 Jan 5
20 June 2A4 May
Co pref new
2114 2114 2114 2114 2114 2114 2112 22 I 2134 21% 21% 21% 1,300 Deere aL
3
100 175 Jan 14 195 Feb 11 161 Dec 255 4 Apr
100 Detroit EdLson
4
.
0180 190 *183 188 *180 18514 1843 184% *185 189% *180 187
1113 Dec 42% Mar
1612 19181 1814 1838 184 18% 4,100 Devoe & Raynolds A_No par 13 Jan 3 1918 Feb 18
1613 1612 •153 1614 158 157
4
No par 14% Jan 15 223* Feb 9
4
2012 20% 20 4 2112 193 21141 193 20%1 2014 21 I 203* 2114 38,700 Diamond Match
4
3
4
8
25 243 Jan 7 253 Feb 20
700 Preferred
2512 2512 •2538 2534 2512 254, 2512 2512' 2512 2513 2534 25%
8
8% Jan 2 113 Feb 7
6% Jan 10% Sept
No par
8
3 103 10% 2,200 Dome Mines Ltd
4
11
11
1034 107
8 103 10341 10% 1014' 103 103
4
/
4
12 Nov 30% Apr
No par 141 Jan 2 195 Feb 20
19 I 19
19% 8,000 Dominion Stores
1734 1814 1814 19
1812 19 I 1812 1841 19
4
57% Dec 87% Mar
No par 614 Jan 2 713 Feb 20
8
!
4
4
711e 8912 7012 893 70141 703 713 21,200 Drug Inc
70
71 x6912 70 4 69
3
514 Jan 22
614 Feb 10
/
1
4
5 Dec 43 Apt
614
500 Dunhill International_No pa
61 618I *6
/
4
6121
*57
6
6
6
*53
4 6
6
4
13 Oct 19 Sept
133 Jan 16 143 Feb 9
No Pa
200 Duplan Silk
4
4
.
314
1434 1334 14
*1312 143 *1312 1134' •134 143 *1313 143
*1033* 10412
800 Duquesne Light 1st pref---100 102 Jan 5 1044 Feb 5 100 Jan 106% Oct
10112 10412 10412 10412 *104 10112 *10318 10812 *10314 10412
614 Dec 2512 Jan
712 Jan 7 1134 Feb 19
No pa
108' 1013 113
4 11
1134 3,100 Eastern Rolling Mlll
*9
1012 *834 10'8 *834 1018 *9
8
166 1683 169 1704 16614 173% 1684 172141 169 17112 170% 17214 19,500 Eastman Kodak Co-No pa 1433 Jan 19 17378 Feb 17 1424 Dec 25514 Apr
4
4
100 1283 Jan 8 13114 Feb 20 120% Feb 134 Nov
120 6% cum pref
8
s
130 130 *12914 130 *12914 1301 13018 1303*! 1307 1307 13114 13114
11% Dec 3714 Feb
4
133 Jan 2 194 Feb 20
.No pa
8i 183* 1918 45.400 Eaton Axle & Spring...
1618 1614 16
1714 1618 1738 16% 18141 184 187
8012 Dec 1454 Apr
20 84 Jan 15 984 Feb 20
8
9234943* 9318 9514 913* 9512 913 9414 923 9514 9513 9814 65,000 E I du Pont de Nem
/
4
100 118% Jan 9 1211 Feb 20 11412 Feb 123 Sent
600 0% non-vot deb
12114 12114 1203* 1203* *1203* 12114 12114 12114 •12114 12112 12112 12112
218 Oct 1078 Feb
34 Jan 2 1118 Feb 17
No pa
39313 104 6,300 Eitingon Schild
393
94 10 I ' 8 10381 '
8% 8%
878 10
912 1118
35 Nov 62 Feb
100 3513 Jan 5 69 Feb 18
4,400 Preferred 034%
67 I 65 65
6514 69 I 85
60 6312 65 65
60 66
5838 Jan 15 6478 Feb 20
33 Oct 114% Mar
No pa
8
8
8 601 8214 6218 64% 92,600 Electric Autollte
59 60
80 6134 587 823
3 593 613
3
100 10814 Jan 21 110 Jan 7 10312 Oct 110% Jan
30 Preferred
*108 10814 *108 10814 10314 10314 10314 10314 *10814 109 ,•108 109
218 Dec
37 Jul5
934 Mar
213 Feb 9
No par
3
4 2,200 Electric Boat
2 4 2% *23
3
2'
4 3
2* 2e
/
1
4
/
1
81 537 551 193,800 Electric)Power & Lt
No par 384 Jan 2 55 Feb 20 34% Dec 1034 Apr
/
4
5418 523 537
5078 513
4 52
4 5112 5412 513* 543
99 Dec 112 Apr
No par 100 Jan 6 107 Feb 11
1,000 Preferred
'1057 107 I 107 107
3
107 107 11
•106 107 *1064 107 *10612 107
84% Dec 102 Sept
4
No par 86 Jan 3 943 Feb 10
03' 037
8
8 034 931
8 9312 934, 9312 934 9312 937
1,900 Preferred (6)
933 933
4
14
2I 59 60% 4,300 Elm Storage Battery__ _No par 50% Jan 2 8038 Feb 20 4713 Nov 79 Feb
41 59 59
5812 581
4 59 593
59
59
59
593
512 Mar
12 Dec
118 Jan 15
1 Jan 9
2
*1
Elk Horn Coal Corp___No par
2.1 *1
*1
2
*1
2
*1
2
*1
714 Jan
48 Dec
112 Jan 12
1 Jan 5
*Ds 2
100 Emerson-Brant el A__No par
44 11
'
31.4 2
*113 2
*112 2
•118 2
8
367 Dec 59% Jan
1,200 Endloott-Johnson Corp____50 30 Feb 10 41 Jan 7
3614 3614 3614 3714 *3612 37
37
3512 351
37 37
37
4
100 10S3 Feb 20 113 Feb 10 10712 Jan 116 Nov
600 Preferred
3109 10912 10834 109
4
11012 1101 11018 11018 1091 1093 10914 10914'
4
3678 Nov 674 Apt
4414 1,600 Engineers Public Serv_No par 38 Feb 5 45 Jan 15
4313 45 I 4312 4413 42
*41
/
4
42 42
44 *411 44
80% Dec 107'.May
86 I
No par 81 Jan 2 87 Jan 27
86
86
86
300 Preferred $5
87
87 *86
87. *86
*86 87 *
86
8
No par 85 Jan 19 8934 Feb 2 8918 Dec 1047 Apr
87
200 Preferred OW
8
*87 893 *863* 89 *863 89% 8614 8812 *8512 88 I •82
50% June
3512 De
8
8 313 3212 3,200 Equitable Office Bidg_No par 303 Feb 16 351 Jan 12
4
303 3112 3138 313
4
313* 32
30 32
18
32 32
638 Oct 43% Mar
9 Jan 5 11% Feb 20
1 11
117
8! 3,200 Eureka Vacuum Clean_No par
10
10 1 10
10
10
10
93
4 97
*9% 9 4
3
4 Oct 8034 Feb
614 Feb 13
5
4 1 Jan 2
,
57
3 64' *612 6% *613 04! 1,000 Evans Auto Loading
4 6
53
6
6
53* 53
21% Dec 2712 Sept
2213
40 Exchange Buffet Corp_No pa
20 Jan 31 25 Jan 7
2112 2112 2112 *20
221 *20
2114 2114 •
20
217 *20
9% Jan
1% July
Feb 13
2
Fairbanks Co
25
1 Jan 3
*14 2 1 *114 2 1
'
3114 2
4,114 2
*13
•13
8 2
s 2
312 Dec 39% Jan
7 Jan 28
10 Preferred
6
6 1 *6
100
54 Jan 6
63*
83
4
67
3 *6
*513 6% *
67
*6
6
1912 Dec 5013 May
22 Jan 31 284 Feb 20
2512 25
2612 1.900 Fairbanks Morse
24
24
No pa
23
• 22 8 2278 *21
7
2234 23 23
8
180 Preferred
100 103 Feb 14 1097 Feb 2 102 Jan 11112 Slay
103 10314 *103 104 104 101 104 101 *103 104 I 104 104 I
213 Dec 2714 Feb
53
53
6
900 Fashion Park Assoo.-__No pa
6 Feb 19
Ps Jan 21
6
6 1
6
5% 53
/
4
*
6
74 *812 71
4334 Dec 9014 Mar
*42
46
7
48
Fepeefene
elrral Llght & Trats
46 *42
15 41 Jan 22 46 3 Feb 10
*42
•43 47 *42 48 *42 46
87 Jan 6 9113 Feb 9 85 Dec 98% Apr
*89
91
*89
91
No par
*89
91
91
*89
•89 91
90 *89
533 Nov 1214 Feb
61, Jan 2
712 Jan 5
100 Federal Motor Truek No par
713
71
*714 74 *74 74 *7
•71s 73
8 *7
74
74
10 Dec 2512 Sept
8
10 Jan 2 14 Feb 20
1212 1212 1318 1378 137 14 1 1.500 Federal Screw Works_No par
•13
1314 *123* 13 *12% 127
/
1
4
1712 Dec 43 Mar
285 283* 28% 287
8' 2,700 Fed'I Water Sem. A.__ _No par 22 Jan 2 30 Jan 31
284 283
284 29
2814 287
8
287 29
124 Dec 38 Apr
8
20 *18
2012 1,300 Federated Dept Stores-No Par 1512 Jan 5 2114 Feb 17
201 •18
•17
19
1834 20% 2012 211 •19
4214 Dec 8934 Mar
4
547 55 ' 1,800 Fidel Phen Fire Dm N Y...,_10 4614 Jan 2 553 Feb 11
5514 5514 514 55
5514 5512 554 5513 554 551
/
1
6% Dec 104 Apr
813 Feb 17
84
813 81
*
8
9
*7
9
*8
9
200 Fifth Ave Bus
No par
s
67 Jan 16
*
8
812 *8
16 Dec 4012 Jan
22
320
22 •17
yw
30 '
Filene's Sons
No l ar 16 Jan 27 16 Jan 27
30 *20
30 •17
•17 30 •17
89 Dec 1004 Sept
90
90
90
90 Preferred
8514 Feb 10 92 Jan 6
8614 90 *88
88 88 *
.
3
84 90 *8314 90
15% Oct 331s Jan
173 173* 1713 1/3
8
1738 173
800 Firestone Tire & Rubber-.10 17 Jan 13 1818 Jan 26
•17
12 1734 1718 1718 *1714 18
8
595 60
594 5912 2,400 Preferred
100 5612 Feb 6 63 Jan 8 53% Oct 877 Mar
80 601 *59 60
57 61
58 58
3
383 Dec 61% Jan
50
507 5318 16,100 First National Storeallo par 41 Jan 2 5313 Feb 20
8 483* 50% 4912 5112 4912 508 50
484 483
54 Apr
/ Dec
1
4
0
4
34 Jan 2
12 Jan 5
3
41 6,200 Fisk Rubber
No par
38
3
4
53
34
5
8
3
4
5
8
6
8
3
4
11 Dec 21 Apr
/
4
3 Feb 7
212 27
81
2 Jan 2
210 1s1 preferred
100
3
212 212 *24 278 *213 2%
2% 233
3
14 Dec 21% Aln'
213 212
3 Jan 6
/
1
213 212
100 1st pref convertible
2 Jan 5
100
*214 21
*214 212 *214 212 *24 212
8
33 1
*3113 32 1 *32
400 Florsheim Shoe class A No Par 31 Feb 7 3513 Jan 3 30 Dec 527 Mar
32 32 *314 32
*3112 32
32 32
94 Dec 10012 Oct
110 Preferred 6%
100 97 Jan 6 102 Feb 19
010012 1011 *10012 10112 10012 10012 10112 10112, 10134 132 *1034 lope
8
12 Dec 507 Mar
/
1
1714 17141 1,100 Follansbee Bros
15
1512 154 16
No par 12 Feb 9 1714 Feb 20
16
4
4 18
153 153
15
15
3713 Dec 10412 June
No par 414 Jan 2 643 Feb 20
3
583 6018 6014 6212 5914 63 4 594 62 I 6014 62% 6318 6438 103.600 Foster-Wheeler
91
34 Dec 28% Apt
9%1 1012 1012'
(100 Foundation Co
1012 10'2
4 3 Jan 5 124 Feb 3
7
11
11 •1012 1113 11
11
1814 Dec 50 Apr
8
4
/
4
3018 30e 304 304 30 30% 29% 3014! 301 3041 303 3134! 7.200 Fourth Nat Invest w w-No Par 2214 Jan 2 313 Feb 20
3
1618 Jan 57as Apr
8
37121, 364 374 363 377 16,2200 Fox Film class A
4
8
No pa
253 Jan 2 3838 Feb 17
3613 38% 36
38% 38
3512 371
/
1
244 Dec 554 Apr
4012 404 42 I 47,900 Freeport Tease Co
2813 Jan 2 42 Feb 20
No pa
363 367
8
36
8 364 38% 374 38121 38
36
75 Dec 054 Mar
Fuller Co prior pref--No pa
75 Jan 6 82 Feb 6
87 •80 85 *804 85 1 *8012 85
•8018 85 *8012 85 *8012
2 Nov 1134 Apt
/
1
4
513 614, 2,800 Gabriel Co(The)CI A _No pa
614 Feb 20
5
/ 6 1
1
4
43
4 514
313 Jan 6
8
1% 43
*1% 434
1412
50 Oct 80 Mar
504 Jan 5 58% Feb 20
No pct
5513 5714 55% 55
5512 56
7
7% Feb
1 Nov
56's 5712 •114 57; '1.1'4 5810
7 0 G
0
7
: 1; 550 Gard nerlI C°
amewe Motor
78 Feb 2 2 Jan 3
118 118 5713 1 2
5
114 114
14 11
*114 112
34 Dec 1612 Feb
612 613 2.100 Gen Amer Investors
655 Feb 11
4 Jan 15
/
1
4
64 Ps
64 614
No Par
638 (11
61 61
/
4
612 613
74 Dec 105 Apt
Preferred
100 80 Jan 21 83 Feb 9
80 90 *80 90 *80 90
90 *
•80 88 *80 90 *80
534 Dec 111% Apt
697 22,300 Gen Amer Tank Car---No Par 5738 Jan 2 707 Feb 16
701
9
683 68% 69
8
68
6814 6918 68% 70% 69
22% Dec 7112 Apt
4313 4518 30,404 General Asphalt
/
1
100 244 Jan 2 4518 Feb 20
4312 434 45
384 3912 37% 3912 3712 3834 38
518 Dec 3812 Feb
913 Feb 16
614 Feb 6
4 9 13.500 General Bronze
83
812 9
812 9
NC par
81 9
/
4
8
/ 913
1
4
713 8
8
818 813 1,000 General Cable
64 Dec 344 Mar
913 Feb 20
7 Jan 2
•715 8
8
No par
*7
8
/
4
8% *71 8
134 Dec 74% Feb
600 Class A
181: 1812
/
1
4
18
18
18
18
No par 15 Jan 5 20 Jan 7
1812 *1714 18
•1714 20 *1714
36 Dec 109% Apr
440 7% cum pref
48 I
48
49
100 4014 Feb 3 65 Jan 12
494 491 *48
464 50
47
4912 48 50
30 Dec 61 Mar
2,200 General Cigar Inc
45 45
Nmoo psr 34 Jan 3 4812 Feb 10
4434 444 4412 4414 45
46
464 4414 45% 44
414 Dec 9538 Apr
par 414 Jan 19 5114 Feb 20
5013 504 5114 275,100 General Electric
41,
4 47% 4938 47% 49%
47% 4812 4812 493
111 Oct 12 Aug
/
4
11% 117
8 4.300 Special
5
10 115 Jan 3 1218 Jan 27
117 12
8
12 *11% 12
11% 11% 12
41178 12
5
6
14% Dec 6114 Ma,
514 53,300 General Foods
No pa 473 Jan 2 55 Feb 19
52% 52% 52% 5314 52% 53% 52% 54% 0438 814 54
s
3% Dec 183 AP
738 778 93,600 Gen'l Gas & Elee A....No par
814 Feb 19
Jan 2
44
7%
5.8 7%
57
8 6
54 8
3
Pk 5%
38 Dec 10812 APT
3 69% 695 4.100 Cony pref ser A
Napes? 54 Jan 2 70 Feb 11
6614 6714 67 6812 67 6712 67 0914 6713 601
28% Dec 4483 Feb
500 Gen Rai Edison Elee Corp..... 3118 Jan 12 335* Feb 19
4
4
341 .
3313 3412 *3313 3412 *334 342 33% 333 *333 34
*3312
5933 Apr
3
4 2,100 General Mills
4(5344612 463
46
45 45
*4513 45% 45
No Par 44 Jan 31 48 4 Jan 9 4018 Jun
/ 46
1
4
457 45
8
98% Dec
89 Jun
••6612 98
9712 9712 9812 1,000 Preferred
*97 98
*97
100 96 Jan 19 9812 Feb 20
98 98
98 98
5414 Apr
3112 No
437 ‘82,800IGeneral Motors Corp
8
4 4173 4212 43
10 3514 Jan 2 4414 Feb 11
4134 4238 424 4312 4112 43% 4134 423
91% Doe 100% Sent
2.000 $5 preferred
9914 993 100 100
4
No par 95 Jan 2 10014 Feb 17
99% 1004 997 100
9934 100
9934 993
2038 Dec 414 Apr
8
400 Gen Outdoor Adv A____No par 217 Jan 2 28 Jan 28
8 267 267
8
2514 267
2678 *2518 26
.
25 26% *25
.25 26% •
5 Sept 2184 Apt
7 Jan 5
/
1
4
94 Feb 17
.84 838
94 9 2 1,000 Common
,
9
/ 91
1
4
/
4
No par
912 912
94 9
We 914
1234 Dec 52% Apr
1914 19% 1914 1912 7,500 Gen Public Service
1478 Jan 16 195* Feb 18
.*1814 18% 1812 1918 1812 1914 18% 19
No Pa
3
7134 76
76
8014 7,100 Gen Ry Signal
7518 75
743 75
4
751
7512 75 2 75
No par 68 Jan 15 8014 Feb 20 56 Oct 1067 Mar
,
5.3„ 6
34 Dec 19% Apr
54 6
573 6
*57
8
Ms Jan 9
3,900 Gen Realty & UtIlities_No par
6
6
534 6
54 Jan 2
Apr
3134
66
85 65 *0312 66 '
800 $6 preferred
83 65
62 62
61
54 Jan 2 66 Jan 9 49 Dee 100 Mar
61
51
524 511 513* 5112 53
89 Dec 90
/
4
8
527 531
9,900 General Refractories--N par 40 Jan 2 55 Feb 16
8034 51
:a
N
50% 55
80 Dec 101 Mar
851 *78
7913
Gen Steel Cast 16 pref_No par
891 *78 .8518 *78 8518 *78
.70 8912 *78
5 Dec 10 Ds*
/
1
4
14
15
14
151
1413 151
1411 1514 61,566 GenThcatrea Equip newNo Par
614 Jan 2 1513 Feb 18
1378 1454 1412 151
18 Dec 10618 Jan
327 54,200 Gillette Safety Razor-No par 2113 Jan 2 34 Feb 11
314 3234 3112 321
32
3012 33
8012 317
8 3178 331
3
5614 Dec 70 4 Nov
Feb 11
673
4
68 681
67
6712 6712 7,000 Cony preferred
0818 69
613*
No par 823 Jan 21 6914
4
68 68% 8818 (183
7
414 Dec 20 8 AP?
7% Feb 18
413 Jan 2
6
67
73
3
74 75 29,700 Gimbel Bros
614 77
7
No pa
64 67
032 614
39 Dec 8212 Apr
46
46
47
4712 4712
Jan 3 4712 Feb 20
45
45
*15
600 Preferred
44
44
100 88
42 42
7 Dec 38 Mar
133 164 1518 IA
1514 1618 17,500 Glidden Co
8% Jan 2 1618 Feb 20
1218 14
8
113 11% 1118 12
No Par
6312 Dec 10518 Mar
6512 701
7178 717
4 704 73
6612 67
8'
SOO Prior preferred
67 67
100 6434 Feb 13 78 Jan 15
415 66
3 Dec 19 Feb
/
1
4
9 Feb 16
8
83*
73
4 83* 33,101 Gebel(Adolf)
4 Jan 2
2
'712 83*
2
No par
7
14 814
8
814
8
29 Dec 477 Apr
/
4
3114 Jan 2 391 Feb 17
3834 384 394 89,000 Gold Dust Corp v t e__No Pa
3714 3918 373 3918 38
39
8738 384 38
15 Oct 5814 Mar
/
1
4
154 Jan 21 18% Feb 20
17
17 2 1718 174 1712 183* 13,800 Goodrich Co(B F)
,
1714 1714 1714 17% 1718 177
-..No Pa
62 Dec 10412 Mar
Feb 10
65 05 *63 88 *63 68 *63 67 1
100 Preferred
•
100 60 Jan 19 68
•63 69 *63 68
3518 Oct 96% Mar
45
463
4 458 464 468 487 29,400 Goodyear Tire & Rub--No par 3838 Jan 22 48% Feb 20
46
4718 45 473
4514 48
7814 Oct 10214 Apr
883 •88
4
8814 89 *88
883* 88
883
4 1.500 1st preferred
NNooppffar 81 Jan 21 89 Feb 11
1
88 89
89 89
334 Dec 2878 Mar
1012 Feb 20
812 9
4% Jan 5
918 10121 5,300 Gotham Silk Hoe
8
812 812' 812 812
854
*7
12 8
Apr
55
55 *55
52 .
353
55 •53 55
65 I
52
90 Preferred
55
100 50 Jan 26 55 Jan 9 50 Nov 8212 Apr
*52
8
4 Dec 153
6% Feb 6
414 Jan 5
412 412 *412 512
512
5
5
*412
700 Gould Coupler A
5
54
No Par
*5
54
3
3 Dec 13 6 Apr
3
514 Feb 9
47
45
412 43*
3% Jan 2
43
4
8 1331 8,600 Graham-Paige Motors-No par
412 41
413 4%
43* 43
312 Nov 1034 Apr
8
4 4 Feb 9
40
45
*3
*3
434 *2
4 Jan 7
*3
4
*3
43
41
•34 4
Certificates
No Par
12 Nov 59% Apr
20
18
18% 173* 1812 18
1912 201 11,700 Granby Cons M Sm & Pt_100 1518 Jan 16 20% Feb 20
1
194 19
1818 181
16 Dec 52 Apr
2318 2414 2312 2312 23
237
2314 233
4 8,000 Grand Silver Stores
No Par 1912 Jan 3 24% Jan 17
8 22% 24
22% 227
2038 Feb
10 Jun
144 1512 14% 163* 1518 1513 153* 1618 11,800 Grand Union Co
/
1
1478 151
No Par 10% Jan 16 1638 Feb 18
8
*143 15
31 Dec 44 Aug
4
4012 4013 393 4012 •303 403 • 4012
Napes? 36 Jan 15 4113 Feb 10
4
,000 Preferred
2
4014 401 *3912 41
18 Dec 503s Apr
8 24
24'2 2378 237
28 I 2518 2638 4,100 Granite City Steel
2314 2314 23
No Par 20 Jan 2 208 Feb 20
aPar
23
23
26% Dec 43 Jan
7
32
32
32
32'2 32
3213 4,300 Grant
3238 3155 32
No par 2534 Jan 2 32 8 Feb 13
(W T)
8 32
3214 323
3
1712 Dec 25 8 Ms:
/
1
4
21
2114 21
2114 2114 211 3,10001 Nor Iron Ore Prop_No Par 19 Jan 2 2114 Feb 11
*207 21
8
/
4
2034 20% 2054 21
7 Dec 344 Jail
*65* 93*
784 Jan 2 11% Jan 8
1.900 Great Western Sugar---No Par
912 912
94 912
913 94
illy 9%
9
/ 9%
1
4
9612 Jan 8 85 Dec 120 Mar
96
95 I *95
100 85% Jan 2
96
*95
95
96 I
90 Preferred
95 98 *95
•95 96
212 Dec 28 June
3
47 Feb 13
278 Jan 2
414
418 114 38,100 Grigsby-Grunow
4
4
412
4
No par
44 43
44
,
4% 4%
4 Feb
4 Dec
113 Jan 8
7' •54
7
% Jan 6
300 Guantanamo Sugar----No Par
7
8
'55
3
4
"8
%
os
3
4
3
4
15 Dec 80 Feb
No par 18% Jan 2 3114 Feb 18
30 I 2912 2912 4,100 Gulf States Steel
303
30 3012 3114 3114 30
28
264 283
4
14.314 Dec 109 Apr
100
_- 85 1
--Preferred
85 *---- 85 *__ 85 *--- 85
85 •__ _
•__ _
26 Jan 88 July
25 2718 Jan 21 28 Feb
4
2934'
28 •2714 293 *2714 293 *28
100 Hackensack Water
28
30
30 *28
•
28
612 Dec 2314 Apr
884 Feb 11
6% Jan 2
814
75
8
8
8
Ps
83 10,100 Hahn Dept Stores... .No per
8
8
854
83*
734 8
5312 544 55
100 50 Jan 3 56 Jan 28 454 Dec 854 Apr
55 I *55
58 I
700 Preferred
5318 5318 5318 55
*534 58
16 Dec 31% Mar
Jan 10
10 16 Jan 15 17
16
16
16
16
900 Hall Printing
16 •1534 16
16 •1534 1618 16
16
•
-dividend. I Ex-rights, 0 Ex-dividend. ex-rights.
•
Bid and asked prices: no sates on this day. s Es
1376
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb.14
Monday I
Feb. 16 I
Tuesday
Feb.17.
Wednesday
Feb.18.
Thursday
Feb.19.
Friday
Feb. 20
Sales
, for
the
Wech.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Si, ce Jan. I.
On basis of 100-share Iota.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share $ per share I $ per share ! $ per share I a Per share 1 $ per share; Shares Indus. & Miceli.
(Con.) Par $ per share $ per share $ per share
per share
*10212 10514 10212 1021.5
/ '1021 10514' / 10514 *10212 10514 *10212 1051
4
/
4
51021
4
/
4
10 Hamilton Watch pref____100 1021 Feb 16 103 Jan 6
/
4
99 Jan 10518 Oct
93 93
93 93
93
937 *93
81
94
94
94 t 94
94 1
220 Hanna pref new
No par 8912 Jan 8 94 Feb 19 85 Jan 98 Apr
43 43% 43 444 43 44 I 4258 4318 4215 43141 4212 427 18,200 Harbison-Walk
8'
Refrao.No par 39 Jan 6 4414 Feb 16
38 Dec 72 Apr
/
1
4
3% 3%
413 412
478 47
614
5
634 73 32,000 Hartman Corp claw B_No par
7 I
8
334 Jan 2
738 Feb20
2 Dec 20 Feb
/
1
4
*9 10
*9
10
934 97
912 1034 10
1013' 3,890
1034 10
Class A
No par
9 Feb 4 10% Feb 9
714 Dec 23'g May
4
418
414 434
414 458
4
/ 434
1
4
/ 45
1
458 434' 4
4
6,300 Hayes Body Corp
312 Josi 2
47 Feb 9
No par
278 Nov 1734 Apr
*88 110
90 90 *91 110
100 100 *96 100 1 .96
9713
200 Heime (13 W)
7715 Dec 9258 Feb
25 82 Jan 17 100 Feb IS
/
1
4
*14
15 •14
15
15
15 .14
10 '
15
18
515
161 1,200 Hercules Motors
/
4
Noar 141 Jan 15 1614 Feb 20
No
1313 Dec 31 AN
*50 5312 *55
57
55 55 *50
54 *50
55'8 *50
54 1
100 Hercules Powder
ppar 523 Feb 3 55 Jan 7
50 Dec 85
4
11818 118% 118% 11818 11814 1181 11812 11812 *1181 119 a'11812 11913
/
4
/
4
60 Hercules Powder $7 ours of 100 1164 Jan 2 119 Jan 30 1164 Nov 1233 Jan
/
1
/
1
4June
90 8 91
7
91
93
9312 9434 9314 934 93
/
1
9434 933 9413 4,500 Hershey Ch000late
No par 87 Jan 19 943 Feb 17
70 Jan 109 May
*9614 97
961 97
/
4
98
99
98 9814 97
9712 1,800
97
97
Preferred
No par 93 Jan 2 99 Feb 17
8312 Jan 1083
4June
*613 8
*7
712
7
7
*6
8
*612 8
7
7'
200 Hoe (R)& Co
No par
8 Jan 14
5% Jan 7
4 Dec 2514 Feb
30 31
/
1
4
3034 31
3034 3114 301 303
4
53012 31 I 1,400 Holland Furnace
31 '
4 31
No par 26 Jan 3 3112 Feb 10
2614 Jan 4114 Mar
1014 1012 1018 1018 10
101z
9 8 10
7
*95 10
10
10
8
1,300 Hollander & done(A)
-No Par
5 June 1234 Jan
538 Jan 2 1012 Feb 13
*8312 8512 8512 8512 8512 8513 88 88
8512 8518 *85
88 I
400 Homestake Mining
100 81 Jan 6 88 Fob 18
72 July 83 Seat
8
6'
2
6
54 6
3
6
7
634
65
3 6%
63 714' 19,600 Houdaille-Hershey el B No par
414 Jan 2 714 Feb 20
4 Dec 29 Feb
*60 61
3 6014 61
*60 61
*on 61 6018 6034 *59
611a
300 Household Finance part IN-50 59 Jan 19 6212 Jan 23 49 Mar 687 Oct
3
4918 517 52 547
8
/
1
4
8 5218 57
4
533 553
5234 56
4
4 543 58% 38,400 Houston Oil of Tex tem Mrs 100 3514 Jan 2 587 Feb 20
8
294 Dec 1167 Apr
2438 25
2334 25
2413 2412 2414 2534 254 2678 265 27381 12,200 Howe Sound
/
1
8
No par 21 Jan 13 2734 Feb 20
20 Nov 4178 Feb
2114 211 21% 217
/
4
8 20 4 2134 2078 2134 2034 2114 2114 2334 36,000 Hudson Motor Car..
3
18 Nov 6278 Jan
-No Par 185 Feb 4 26 Jan 3
3
10 103
4 1012 1214 1118 1214 1158 1218 115 12
1134 1234 116,000 Hupp Motor Car Corp_-__10
738 Jan 2 12% Feb 20
7% Dec 2658 Apr
2% 2%
27
3
27
3% 34
314
333 *318 358. 5,900 Indian Motooyele
3
No par
2% Jan 2
3 8 Jan 5
3
2 Nov 17 Mar
4% 412
37
35
414 414
418 418
4
33
4 33
4
37
31 5,900 Indian Refining
358 Feb 20
458 Feb 11
10
3 Dec 2855 Mar
773 811 80
6812 71
6812 7034 7014 76
/
4
8218 79
8238' 45,400 Industrial Rayon
No par 45 Jan 15 8238 Feb 20
31 Oct 124 Jan
*165 17112 170 171
170 170
171 171
170 172
170 17012' 1,700 Ingersoll Rand
par 164 Jan 31 182 Jan 3 14714 Nov 239 Apr
*63 64
84
64 84 .6312 05
4 65 68
4
643 643
68': 70 I 1.300 Inland Steel
5938 Jan 14 70 Feb 20 58 Nov 98 mar
9% 938
938 912
914 10
912 078
10
103
4 1014 1034 6,900 Inspiration Cons Coppea.
p
NN
_
:
63 Dec 30% Feb
4
714 Feb 4 103 Feb 19
3
818 814
834 834
8% 87
9
9 I
812 87
834 9
31 2,500 Insuraushares Ctrs Ino_No par
9 Feb 9
634 Jan 13
5 Dec 13 July
/
1
4
77
77
*7% 812
814 812
73
4 8
834 9
8% 878; 2,600 Iasuranshares Corp
57 Jan 2
No par
9 Feb 19
4 Dec 173 Mar
s
315 as
s
3
*2 8 312 .312 312
5
3
*3
314
3
3I
900 Interoont'l Rubber...
378 Feb 3
2 Jan 2
113 Dee
-No Par
7 Apr
/
1
4
14% 14% *14
147
1412 1412 *1414 1412 1414 14141 1414 1414,
600 Intonate Iron
oo
1114 Dec 287 Apr
12 Jan 3 15 Jan 28
/
1
4
3
*312 4
*312 334
*3
/ 4
1
4
31
31
. 34 413
414 4% 3,500 Internet' Agrioul
35 Dec
318 Jan 17
415 Feb 19
No pa?
81* Are
*47
491 *4612 4714 *4612 4714 4612 4612 47
4714 481z 481
/
4
/
4
900
Prior preferred
/
1
4
100 4613 Feb 18 49 Jan 19
4214 Oct 6714 Apr
16312 163 1654 17212 16712 169
/
4
/
1
169 1731 170 172
/
1
4
17214 175 I 5.100 Int Businesa Machines-NO
Feb 20
/ Jan
1
4
Oct19718 MaY
*11
12
1113 1134 11% 113
4 11% 1118 1114 1114 1114 Ills 1,800 Internet Carriers Ltd__No Par 1457 Jan 14 175 Feb 9 131 Dec
pa
8%
2 1218
98
1934 Mar
58% 5812 5913 61
5734 60 8 573 5914 5814 597
7
4
8 59% 597
r 7.500 International Cemont__No pa
4953 Jan 16 62 Feb 10
49 Dec 7534 Apr
/
1
4
/
1
4
312 33
4
3
/ 31
1
4
314 31
312 3 8
314 315
5
318 334 6,800 Inter Comb Eng Corp_No pa
4 Feb 2
1% Jan 2
11 Dec 1413 Mar
/
4
87 37
357
4
/ 3938 393 *38's 37 *35
1
4
35
36
36
361
2,200Preferred
100 241 Jan 21 395 Feb 16
13 Des 78 Apr
/
4
k 5518 577
52% 5414 544 557
/
1
4
553 5714 5618 5713 5734 5818 49,500 Internal Harvester____No pa
48 Jan 16 5818 Feb 20 45 Dee 1153 Apr
/
1
4
4
1403 14
3 0% 142 142
142 142 *142 14212 14113 142 *141 14214'
600
Preferred
100 131 Jan 2 142 Jan 31 133 Dec146 SeIN
/
1
4
2818 291 2814 2958 2814 2914 283 29
28 28
/
4
284 2934 15,800 Int Hydro-El Sys Cl A_No Pa
/
1
s
29
515 Jan 2 68%
2 8
5
*8512 66
6613 6714 6418 67
65
86's 65 6614 6573 66141 3,700 International Match pref___35
Feb 19 58 De " AIw
7
12:4s pec 92 Apr
*1512 16
*153 16 *1534 16
4
*154 16
/
1
*153 16
16
16
100 lot Mercantile Marine etfa_100 153* Jan 8 1812 Jan 5
15 Nov 33 Apr
1618 16% 1618 16% 1614 1714 1614 1714
1714 18% 1818 191 298,900 lot Nickel of Canada__No pa
125 Dec 444 Apr
13% Feb 2 1913 Feb 20
/
1
121
11912 120 120 120 *120 121 *120 121
*11918
120 120
700
Preferred
100 114 Jan 9 120 Feb 16 114 Dec 123
391 *31
*36
391 '3418 3712 *36
3713 36
36
*36
3712'
40 Intermit Paper prof (7%)_100 31 Jan 12 40 Feb 7 26 Dec 86 Apr
91
9
Apr
4 9
*813 9
*83
*834 9
8
/ 8
1
4
/
1
4
8
8
/ 1,000 Inter Pap & Pow ol A__No pa
1
4
87 Jan 3
918 Feb 14
512 Dec 31l Mar
/
.512
*512 6
*5
518 *5
534 *5
5
534
512
300
MIAs B
No pa
6 Jan 26
5 Jan 5
338 Dec 223 Apr
4
334 37
3% 3%
334 334 *358 334
334
334
334
334 3.90
Class C
418 Jan 23
2 Dee 18 Apr
No par
238 Jan 2
35
37 37
36 8 37
38
*3712 38
*3712 377
36
36
2,40
Preferred
100 2618 Jan 2 40 Jan 30
21 Dee 80 Mar
1258 143 *1234 1312 *1318 131z 1312 1313 *1313 1434
*12
143 .
10 Sot Printing Ink Corp__No pa
11 Jan 2 15 Jan 9
10 Dec 585 Apr
*45
54 *50 54
54 *54
54
55
54 54
54 54
4
Preferred
100 54 Feb 11 65 Jan 13 55
393 4118 39
39% 397
394 40
/
1
404 3914 40
/
1
39% 397 45,00 International Salt new._ _ _100 37 Jan 20 42 Feb 9 31 Dec 101 Apr
/
1
4
Oct4534 June
*4758 481
*47% 48
4712 48
4718 4718 *47% 48 *47 48
50 International Shoe....
.No Pa
47 Jan 10 48% Jan 23 47 1)ec 62 Jan
/
1
4
34
37
34
35
*33
/ 34 *30 34 *30
1
4
34
*3014 34
45 International Silver
100 331s Jan 6 41 Jan 27
26 De 119 Feb
293
29% 321
29
304 321
/
1
30 8 32
5
311 33
/
4
338 351 344.90 Inter Telep & Teleg__ _ _No pa
7 Feb 20
1834 Jan 2 35
174 Dec 773 Apr
/
1
1878 19 18% 20 1912 2034 1012 2118 2034 2114 2034 2134 45,10 Interstate Dept Stores_No
8
16 Jan 8 213 Feb 20
1418 Dec 40 Feb
Pa
9 59
58 58
63 63
6212 65 *63 65 *63 631z
25
Preferred ex-warrants_100 58 Jan 26 65 Feb18
5858 Dec 80 Aug
*17
171 •1738 171
17
173
17
17
*1712 18
18
18
50 Intertype Corp
No par 16 Jan 5 18 Feb 20
12 Dec 32 Apr
818 81
81
8
8
9
8
8 14
8
/ 8
1
4
7
812 812 1,90 Investors Equity
No par
9 Feb 10
4 Dec 29 Feb
/
1
4
5 Jan 2
29
29
29
29
29
29 *2818 30 *28
30 *28
30
40 Island Creek Coal
25 Oct43 Mar
/
1
4
1 27 Jan 2 31 • Jan 14
54 55
5318 5418 53
5414 55
5434 5414 55
5518 5555 3.90 Jewel Tea Inc
No par 3914 Jan 3 5718 Feb 11
87 Dec CO's Apo
89% 72
7115 73% 6858 7414 6914 7234 70
7213 72
/ 7434 59,30 Johns
1
4
-Manville
No par 52% Jan 2 747 Feb 11
4834 Dec 1483 Feb
8
8
•124
*122 --- *122
•124
*124 125 1 125 125
2
Preferred
100 118 Jan 3 125 Feb 20 117 Dec 1233 Nov
8
4
1203 120g 121 121
121 121
1211 1211 *121 12113 4
/
4
'121 1211
/
4
140 Jones & Laugh Steel pref..100 11912 jan8 1211Feb 2
1 Jan 2
0
F
: e 18 11814 Dec 1231 : Apr
2
3
51
sti
3
4
3
53
4
%
5
8
%
3
4 1% 6,900 Jordan Motor Car
No par
12
Oct
*114 11412 *114 1141 *114 1141 •114 1141 1144 11413 *114 11412
/
1
10 K C E & Lt let pi ser B No par
Jan 6 11412 Jan 29 108 Jan 116 Nov
*57
*534 618
6% 6s
6
6
*6
64
6
6
61
/
4
500 Karstadt(Rudolph)
55 Jan 15
1412 Dec 1312 Jan
7 Jan 5
17
/ 171 *1712 18 *17
1
4
174 18
*17
18
18 '
517
18
500 Kaufmann Dept Store:11_312.50 14 Jan 6 18 Feb16
14 Dec 204 Mar
/
1
4
/
1
2018 221
5
20 3 2238 2134 225
2118 22
208 211
2134 2214
244 Dec 4112 Jan
/
1
/
1
4
*__ 40 a__ 40 *___ - 40 *____ 40 74,500 Kayser (J) Co v t a__ __No par 1618 Jan 2 22 Feb 16
40
Keith-Albee-Orpheum -NO Par
81
Jan 45 Apr
*90 10012 .95 102 *93 100 *93 100 *93 100 '
593 100
Preferred 7%
100 9014 Jan 24 10112 Feb 9
5 Jan 150 Apr
17
17
178 17
2
134 2
8
178 2
17
178 178 3,100 Kelly-Springfield Tire-No Par
138 Jan 2
2 Jan 7
1 Dee
818 Apr
*1212 16
*1212 16
13
•12
/ 16
13
1
4
*1212 16
1314 14
150 8% preferred
9 Jan 5 1638 Feb 5
/
1
4
100
29 Dec 42 till11
340 *36
3912 *36
391 *36
*34
/
4
391 *36
39
/ 5
1 136
4
3913
6% preferred
100 85 Jan 12 35% Feb 10
17 Dec 55 Jan
2738 2634 271
/
4
2834 261 27
2612 27's 27
2712 27
/ 2734 4.400 Kelsey Hayes Wheel___No par 2153 Jan 2 2814 Feb 9
1
4
9% Oct 3912 Apr
1134 1134 11% 1134 1112 12
111 1175 12
/
4
13
1234 1314 60,100 Keivinator Corp
No par
834 Jan 2 1314 Feb 20
273 Nov 2655 Apr
3512 355 3834 3838 38
3218 321
3014 31
31
31
387
190 Kendall Co pref
No par 20 Jan 6 381 Feb 20
25 Dec 89 Mar
26% 2714 2634 273
21312 2734 2634 281
2812 2912 29
293
No par 22 Jan 2 2934 Feb 20
/
1
4
2018 Dec 6254 Feb
3814 3814 *381z 40 *3812 40 *384 40 *3812 40 *39 40 94,100 Kennecott Copper
/
1
100 Kimberley-Clark
No par 3814 Feb 14 41 Jan 9 38 Dec 59 Mar
19
19 .17
'
17
17
17 .1713 20 *17
/ 20 *1712 20
1
4
100 Kinney Co
No par 17 Feb 17 20 Jan 9
/
1
4
17 Dec 404June
/
1
4
7 60
/
1
*60 67 *58 61
57
57
59 *55 68 *55 68
150
Preferred
100 50 Jan 2 70 Jan 21
51 Dec 97 Apr
11
14 11
118 us
/
4
1% 11
/
4
114 114 3,200 Holster
118 Ile
Radlo Corp-- _No par
7 Jan 2
1
112 Jan 9
12
3
*32
*12
12
*12
3
4
3 Dec
4
2
4
•i2
312 Apr
2
4
•12
3
4
100
Certificates
12 Jan 10
78 Jan 9
3 July
27
14 Dec
2714 2738 275e 27
2718 27
27's 27 27
263 2712 5,400 Kresge(SS)Co
4
10 25 Jan 29 27 8 Feb 9 26% Oct 364 Jan
7
5312 53
552% 537 *52
*5014. 54 '
/ 5312 *53
1
4
55
.5412 5412
300 Kress Co
No par 45 Jan 28 544 Feb 20
/
1
39 Nov 70 Jan
2418 237 2434 237 2414 231 2414 24% 2434
2418 24
238
26.000 Kreugor & Toll
2078 Jan 13 2458 Feb 20
2053 Dec 353 Apr
8
263 2814 2634 2818 2612 2734 2612 2718 2718 2734 29,600 Kroger
26
4
/ 27
1
4
Gros & Bak-___No par 18 Jan 2 287* Feb 9
1718 Dec 481 Jan
4
4 823 8378 81
8334 81
82 823
823
4 813i 827
8112 824 16.200 Lambert Co
No par 77% Jan 2 85 Jan 30
/
1
4
1212 1212 *13
14 *1213 14
703 Nov 113 Apr
13
4
13
13 ' / 14
13
513
1
4
400 Lane Bryant
No par 11 Jan 29 1718 Jan 6
17 Dec 2212 Oct
31
*33
4 4
*35
*33
8 4
4 4
35
8 334 *354 37
3a
7
300 Lee Rubber & Ture.....-No par
318 Jan 7
4 Jan
1712 173
3% Nov 11 Mar
*1715 18 *1713 18
8 18
4 1734 177
18
18
18
1.400 Lehigh Portland Cement...50 1318 Jan 2 1814 Feb 27
11
*99% 102 *9934 102 *9934 102 *993 102
11 Dec 42 Apr
*9934 102
4
*9934 102
Preferred 7%
100
Jan
718
*7
985 Dec 10813Ma7
6% 8
8
7
4
7
*613 63
67
3 7
653 634 5,200 Lehigh Valley Coal____No par 9812 Jan 2 10132 Feb 3
534
5
Ps Jan 14
414 Dee 171 Mar
*15
*15 21
21
21
*15
21
21
/
4
21
21
*64 7 I
/
1
300
Preferred
50 20 Jan
147 Dec 37% Mar
64 65 8 64 644 64
3
/
1
63 6314 6334 64
647
8 65% 66
9,100 Lehman Corp (The)__ _No par 54 Jan 8 21 Jan 14
2 66 Feb 20
3112 31% 3134 3114 3112 3134 325
514 Dec 9714 Apr
/
1
3114 3114 3012 3112 31
8 4.300 Lehn & Fink
No par
*133 144 14
21 Oct 36 Apr
1412 1378 1412 1378 1414 *14
1414 14
144 1,800 Libby Owens GlassNo par 24 Jan 2 33 Feb 11
/
1
'
10% Nov 311 Mar
8712 88
/
4
88 88
88
8814 8814 87 87141 1,700 Liggett & Myers Tobabso25 1118 Jan 28 1514 Feb 9
88
*87 • 88
87 Jan 8 91 Feb 7
7612 Dec 11314 Apr
8734 8812 87% 8812 8713 883
/ 88 89
1
4
89
89
3
887 89
s 7.800 (Berke B
25 83 Jan 2 9158 Feb 7 7814 Dec 1143 Apr
3
514114 14212 *14114 14212 *14112 14213 *14138 142%.
014034 14212 *141 14212'
Preferred
/
4
3 30
297 3012' 2,300 Lima L000mot Works_ _No 100 1371 Jan 7 1411t Feb 2 12718 Dee 146 Sept
30
2912 3058 3014 3014 297 297
*30 31
par 23 Jan 2 3358 Jan 9
/
1
4
1812 Oct 4914 Feb
*32
33
32
33
532
33 '
*32
34
*32
32 I
300 Link Belt Co
No par 2814 Jan 20 33 Feb 11
28 Dee 453 Feb
5112 49 50 4 50
3
51
5112 49
47 47
48
5134 543 13.800 Liquid Carbonic
No
4138
39 Dec 8178 Mar
5812 604 6014 6313 59% 623
4 5918 6212 61% 63
61% 623 235,500 Loew's Incorporated__ _No par 4514 Jan 2 545 Feb 20
4
par
Jan 2 6312 Feb 16
413 Dec 953 Mal
4
59818 103 *9818 103 *9813 103
4
1
4
597
*99 103 ' / 103 '
*97 102
Preferred
No par 86 Jan 2 98 Feb 4
855 Jan 11238June
8
98 98
99
*9715 100 *97 100 *9712 100 *98
9712 97
/
1
4
400
Pref ex-warrants.
par
43
78', May9934 Oet
5
4% 43
434 Vs 16.000 Loft Incorporated __.No per 83 Jan 2 98 Feb 7
418 414
44 412
414 434
No
2 Jan 2
/
1
4
5 Feb 7
212 Dee
838 Feb
*318 4
1
/ 32
1
/ *3
4
1
313 3
4
334 314
312 312 *314 3 2
500 Long Bell Lumber A__No par
7
3 Feb 16
/
1
4
4 Jan 6
3 Dec 153 Mar
*5158 51% 51% 5318 517 537
5458' 11,000 Loose-Wiles Biscuit
5214 53% 5212 5355 53
25 43 Jan 2 5455 Feb 20
/
1
4
/
4014 Dec 70 Apr
1
4
1613 17
1612 17
163 18 92,400 Lorillard
4
167/ 1718 17
17% 1612 1712
25 115* Jan 2 18 Feb 20
8% Dec 2818 Mar
41
41
4% 418 *418 414
4% '434 414 *4% 414
4%
500 Loureitenre5
pis ara011
NO pas
334 Jan 2
4 Feb 10
/
1
4
3 Dee 12 Apr
/
1
4
*501/4 60 *5012 60
O5012 60 *5012 60 *5012 60 '
55012 60
50
3234 3134 3253 3218 33 10,400 Louisville G dr El A___No 100 27 Feb 4 55 Jan 15 60 Dec90 Sent
30 30% 31Se 32
/
1
4
32
We 32
/
1
4
pa
Jan 2 3312 Feb 20
25 Dec 5114 Apr
18% 1758 1858 37,100 Ludlum Steel
16% 1714 1718 18
1634 1834 1614 1712 17
No pa
11 Jan 2 18% Feb 17
94 Dec 447 Mar
52141 46% 4618 4014 4812 45
48
45
48
50
52
47
2,400
Preferred
No pa
35 Jan 3 5214 Feb 17
3434 Dec 99 4 Mar
3
23 23
24
24
24
24 *23
24
23
23
241 244
/
4
/
1
700 McAndrew,& Forbee_No pa
19 Jan 9 241 Feb 20
/
4
/
20 Dec 39 Apr
1
4
4038 4114 4018 4238 4014 4234 4012 417
3914 40
8
s 4114 427 27,600 Mack Trucks Ine
No per 354 Jan 2 42 Feb 20
/
1
/
1
4
3353 Dec 8813 Mar
95 9614 97 10078 9618 10012 961z 9813 96% 9712 97
/ 983 11,300 Macy Co
1
4
4
No pa
8
83 Jan 29 1007 Feb 16
815 Dec 15914 Feb
8
aly 53
4 453
4 634 *512 534
55
511 512
2 534
*314 31
500 Madison Sq Garden._.No pa
57 Jan 27
5 Jan 3
4% Dec 1153
3.111138
2478 2614 2512 26
25
2338 23% 23 23
2314 2334 24
4,100 Magma Copper
No pa
2014 Feb 4 264 Feb 19
/
1
/
1
194 Dec 5234 Jan
4
313 313 *313 33
314 314
314 33, *334 312
Ng aailis infill R) de Co No pa
*314 3 2
3
N nstn s scar
2 Jan 14
3 Feb 19
/
1
/
4
1
4
134 Dec 13 July
213 2%
3
3
3
3
212 218 '
3
3
5212 25
81
100
4 Jan 8
% Jon 2
12 Dec
8 Jan
*512 7
.512 7
50
*512 7
Preferred
314 Jan 2 1274 Jan 8
100
*5211 7
514 Dec 50 Jan
*512 7
6'2 6
6
*5
6
500 Manuel Bros
*514 6
/ 77
1
4
*514 6
5
/ *514 6
1
4
51
NO par
5 Jan 22
/
1
4
6 Feb 14
5 Dec 15 Jan
101 2101z 1012 '
*10
900 Manhattan Shirt
1018 10/8 1018 1034 1018 lO's
11
510
25
714 Jan 2 11 Feb 7
618 Dec 244 Jan
/
1
312 3s
33
*3
4 *8
33
4 *3
33
'521 4
/
4
*21
4
300 Maracaibo 011E/rotor-No Par
31 Feb 14
218 Feb 2
134 Dec 10% Mar
2212 221
8 2234 23'i 6,640 Marine Midland Corp
2215 2334 2212 2278 22
/
1
/ 223i 224 225
1
4
10 19% Jan 2 23% Feb 16
/
1
4
173* Dee 32 Aug
'26
28
28
027
3112 2,900 Marlin-Rockwell
29% 30
28
26% 27
27
27
NO par 23 Jan 2 3113 Feb 20
/
4
211 Dec 55 Feb
6
6
*618 6
6
/ 814 4,500 Marmon Motor Car...No par
/
1
4
1
4
6
618 612
612 *618 61
5 Jan 2
/
1
4
8 Feb 20
/
1
4
4 Dec 307 Apr
/
1
4
5
2958 303
294 30
/
1
/
4
31's 3014 311 3114 314 18,100 Marshall Field & Co
1
29 4 30 s 30
3
No par 2318 Jan 21 3255 Feb 10 24 Dec 481a Apr
*25
4 3
.
24 3
234 23
2 4 24 *24 3 1
5
4 *2% 3
300 Martin-Parry Corp..._No par
2 Jan 15
/
1
4
818 Jan 80
8 Oot
214 Dec
•Bid and asked prices; no sales on Ude day. s Ex-dividend. y Ex-dividend. ex-righta.
New York Stock Record-Continued-Page o
For sales during the week of stocks not recorded here, see sixth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday I Monday
Feb.14.
Feb.16.
Tuesday
Feb. 17.
Wednesday
Feb.18.
Thursday
Feb.19.
Friday
Feb. 20.
Sales
for
the
'Peek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share LOU.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share $ per share $ per share I $ Per share $ per share 5 per share Shares Indus. & Miscell.(Con.) Par $ per share $ per share $ per share $ per share
2714 284 37,200 Mathleson Alkali WorksNo par 2318 Jan 28 3112 Jan 3 3018 Dec 5153 Mar
245 25
2514 263
3 2534 27's 2512 263* 2614 27
100 119 Feb 20 123 Jan 5 115 Jan 136 Oct
Preferred
100
*121 12912 *120 123 *120 . 123 *12012 129 *120 1204 119 120
28% Jan 2 3578 Feb 11
2
27% Dec 6152 Jan
8,700 May Dept Stores
3412 3412 3412 34
35
34 3414 334
353
8 31 354 34
8% Feb 13
534 Jan 2
812 812
No pa
5 Nov 23 Mar
100 Maytag Co
*814 9
*814 9
*814 9
*8
87
8 *814 9
1812 Jan 2 204 Jan 12
1418 Nov 4012 Apr
No pa
Preferred
400
3
1912 1912 *185 19 4
1712
8
19 *17
*1812 19
19
1834 19
66 Jan 31 68 Jan 8 68 Dec 8412 Mar
No pa
Prior preferred
100
6718 6718 *66 68 *66 68
*6612 68
*6612 68 *6612 68
3274 Jan 31 38 Jan 7
33 Deo 50 Apr
No pa
8
700 McCall Corp
34 *33 347
34
34 34
34 34
*33
34
*33 34
4
49 4914
37 Dec 74 Jan
34 Jan 24 513 Feb 17
550 McCrory Stores class A No pa
48 5014 5112 5112 513* 5134 5112 5134 49 50
35 Jan 19 51% Feb 18
3814 Dec 70 Jan
Class B
No pa
320
5112 4914 49 2
*49
51
,
48 5014 5112 514 *51
514 51
78 Oct 97 Mar
76 Jan 22 90 Feb 16
10
Preferred
10
4
893
4
*85
90
90 90
4
*80 893 *82 894 *8212 891 *82
27 Dec 44 Ate
28 Jan 30 2834 Jan 31
300 McGraw-Hill Publioa's No pa
29
29 *28
29 *28
2818 284 28
284 *28 29 *28
1452 Jan 20 3 Deo
3
4 223 222
5
2234 228
4
* 1,700 McIntyre Porcupine Mines-5 20 4 Jan 2 2418 Jan 23
4
*2214 23
2234 234 223 227
8 223 22
4
61 Jan 8912 June
783* 791s 791* 81
7914 8114 797 8018 791 8012 81% 8438 14,700 McKeesport Tin Plate-No Par 7112 Jan 2 8458 Feb 20
1012 Nov 375 Apr
2
8 3,600 McKesson & Robbins-No Par 13 Jan 13 17 Jan 30
1414 1412 143* 143* 144 147k 1414 1412 141* 141* 142 147
25 4 Oct 4914 Apr
5
50 31 Jan 13 354 Jan 27
Preferred
800
35
35
347 347
8
8
3484 35
343 3434 3434 3434 35 35
4
94 Feb 17
6 Dec 2014 Jan
No par
7 Jan 20
3,800 McLellan Stores
8% 9
914 914
8% 91
814 84
9%
914
88
9
25 Nov 42 Apr
No par 29 Jan 3 32 Feb 8
500 Melville Shoe
3112 3112 32 32
31% 3113 32 32 *30 321
32
32
818 Feb 10
5 Dec 23 3 Mar
5
8 Jan 15
No par
1,000 Mengel Co(The)
7
7
*612 7
7
7
7
7
7
7
7
7
23 Dec 2634 May
26
400 Metro-Goldwyn Pie pref _ _ _27 2512 Jan 7 2618 Jan 23
*2512 261 *257 2612 2618 2618 2512 2512 254 2618 26
8
37 Apr
934 Nov
1738 181 66,400 Mexican Seaboard 011-No par 1058 Jan 2 1812 Feb 13
17
177
8 164 174 1634 1712 1684 178
1714 177
93 101
4
7 Dec
3372 Feb
712 Feb 6 1018 Feb 20
5
,000 Miami Copper
914 10
914
9
8% 9
9
913
*9
9
33 Arc
No par 1312 Feb 6 1644 Jan 8 11 Dec
8,300 Mid-Cont Petrol
14% 153
145 15
1512 157g 143 1512 1412 143
4
4 1412 15
53 Feb
No par 21 Jan 2 go Feb 20 1512 Nov
25 2558 2538 2778 26
2534 258 2612 298 291* 3078 17,600 Midland Steel Prod
28
92
2,200 8% cum 1st pref
100 84 Feb14 92 Feb 20 74 Nov 110 Feb
88
87
8514 8514 84 81
85
84 85
85 86
763 Mar
3
100 Minn-Honeywell Regu_No par 38% Jan 2 5812 Feb 9 37 Dec
7
*49
5712 58
*4914 58 *4914 58 *4914 57 8 *4914 58
58
772 Feb 10
287 Mar
3
718 3 200 Minn-Moline Pow Imp'No par
3 Dec
14
7
412 Jan 19
64 6%
61
6
6 14
6
614 614
6% 612
9214 MAY
431 44
No par 40 Jan 20 44 Feb 19 44 Dec
Preferred
*4212 46
300
*4212 48 *4212 48
427 428 *4212 441
40 Jan
9 Dec
53
1614 16 2 2,100 Mohawk Carpet Mills-No par 104 Jan 3 1813 Jan 23
,
1618 164 16
1612 161 *1612 17
10
16'2 16
2,500 Monsanto Chem Wks_ No par 20 Jan 19 25 Feb 9 1838 Dec 6355 Apr
23% 25
23 2312 23 23
23 23% 237 23% 238 24
4973 Jan
/ 2412 173,700 Mont Ward Co Ill Corp No par 15% Jan 2 351,7 Feb 17 1518 Dec
1
4
2414 23% 24% 23
23
2414 237 2458 2312 2514 23
8
72 Feb
7
No par 51 Jan 3 58 Feb 16 48 2 Oct
300 Morrell(J)& Co
8
574 *547 574
53 58 *56
57
*56
57
58 *56
53
34 Feb 20
2 Jan
12 Dec
12 Jan 6
2,900 Mother Lode Coalition_No Par
3
4
1
4
5
8
/ /
1
4
/
1
4
NI
5
8
5
8
52
/ /
1
4
1
4
53
112 Oct
1153 Apr
34 Jan 3
212 Jan 2
278 3
7,200 MotoMeter Gauge& EQ No Par
3
3
318
3
*23
284 27
4 27
258 3
8
81 Apr
30 Jan 16 43 Feb 17 25 Dec
4112 4214 3,300 Motor Products Corp No pa
42
4
4240 42 *41
3
*39 4012 408
34 Mar
8
8
No par 147 Jan 2 197 Feb 18 1414 Dec
191 31814 187 11,600 Motor Wheel
*153 1614 1612 1712 ??12 tg12 171 1972 19
4
14
5
64 Nov
20 2 Feb
84 Jan 2 1514 Feb 20
No par
4 95 11
, 8
141* 1514 10,000 Mullins Mfg Co
4 1312 145
11
1238 11
1234 1278 143
647 Jan
2
36 Feb 10 60 Feb 19 3512 Dec
720
Preferred
No pa
55 60
59
594
47 55
*3778 43
43 40
45
45
6312 Feb
27 a Jan 20 8114 Jan 26 2518 Dec
8
No pa
800 Munsingwear Inc
8
4 303 304 284 297
*30 31
31
31
*30 3114 *30 308
2513 Apr
9 Nov
No par 114 Jan 2 1612 Feb 13
1412 1812 151 1814 1824 1612 41,300 Murray Body
1314 1334 1313 1413 14
148
4912 Mar
No par 40 Jan 3 4278 Jan 24 34 Oct
40
401*
800 Myers F & E Bros
*4012 4112 *4012 4112 41
4012 4012 *38 40
41
5812 Jan
par 2714 Jan 2 37% Feb 20 2114 Dec
3412 3412 375 44,100 Nash Motors Co
*
347
8 34
3312 3414 34
35
34
3513 34
554 Dec
2613 Feb
74 Jan 2 1014 Feb 10
No
914 3.900 National Acme stamped__ __lO
84 812
9
84 9
84 918
84 9
813 9
6 Dec 3953 Apr
84 Jan 5 12 Feb 20
No par
12
100 Nat Air Transport
12
12
12 *11
•1014 12 *1084 12
12 *11
*11
75
8 Feb 2
214 Dec 20 Apt
71
314 Jan 2
No par
71* 78 10,300 Nat Bellas Hess
73
7
63
4 6%
612 87
64 7
8
1312 Dec 82 Jan
100 17 Jan 3 2812 Feb 20
2812 2812.
200
Preferred
28 *2812 35
28
*2612 30 *2612 35
*2612 35
10 78 Jan 22 8314 Feb 20 88% Nov 93 May
811 83141 42,500 National Biscuit new
/
4
821
79% 804 8014 8114 80 8234 8034 8218 81
/
1
100 146 Jan 8 151 Feb 19 14212 Jan 152 Oct
500
7% oum pref
•14912 1511 154,2 15 *15014 1503 15012 150% 151 151 *1504 15112!
, ,
0
4
,
012
12
275 Dec 83 Feb
8
353 3658, 28.200 Nat Cash Register A w(No par 29 Jan 2 38 Feb 10
4
361
34% 343
341* 3514 35
3412 357
35 Dec 62 June
No par 3814 Jan 2 4714 Feb 20
464 47141 59,700 Nat Dairy Prod
8 4538 461
45 458
4518 4618 45 4612 45 468
7 Feb 19
3% Dec 244 Feb
4% Jan 2
6% 61* 2,800 Nat Department Stores No par
512 512
612 7
538 84
512 64
*513 7
90 Jan
100 50 Jan 26 60 Jan 9 60 De
55 *45
55
30
Preferred
55 *45
*55
59
55 55 *40 55 *45
1818 Dec 3911 Feb
1934 Jan 8 344 Feb 20
2912 3414 14,800 Nat Distil Prod ctfs____No pa
2612 26'2 2612 27
2512 2618 264 28
251* 26
174 June 33 Mar
1s
2612 *25 2614 2614 27% 4,600 Nat Enam & Stamping-100 21 Jan 21 27% Feb 20
*2512 2612 2512 2718 25 2e4 2534
100 11812 Jan 22 132 Jan 9 114 Dec 1894 Feb
1,100 National Lead
•1254 1297 *12514 1297 128 127 *12514 1284 1254 12814 12514 126
8
8
100 136 Jan 2 14014 Jan 21 135 Dec 144 Sept
150
Preferred A
8
*140 1407 *140 1407 *140 140% *140 1407 14018 1404 *140 1404
8
100 118 Jan 8 120 Jan 14 116 Jan 120 Nov
Preferred B
'118 11912 11912 119%
50
*118 11912 *118 1191 •118 11912 *118 11912 4
31% Jan 2 41% Feb 18
30 Nov 585 Alm
2
No pa
2
8 4014 41% 226,700 National Pr & Lt
364 3712 37
8
38's 375 401* 4018 417 405 413
118 Feb 3
413 Jan
12 Dec
1
5 Jan 1
8
No pa
*6
8
7
2
3
4
3
41 2,300 National Radiator
3
8
3
4
5
8
3
4
5
8
7
4
Jan
153 Dec 11
218 Jan 7
2% Jan
*114 34
No pa
Preferred
*114 318 *114 212
*114 214 *114 21
43 Jan 2 58 Feb 20 41 Nov 62 July
3'4 57
58 46,000 Nat Steel Corp
8
No Pa
55 55 4 5114 57
,
5318 5414 538 56
4
5412 57
68 Feb 11
60 Dec 12454 Apr
*64
65
64 64
50 x59 Feb
800 National Supply
65 65
*63 65
647 647
65 65
110 Feb 17 10612 Aug 116 July
100 10738 Feb
4
4
90
Preferred
10912 10912 *10912 1093 1094 110 *10912 10914 *10912 1093 1093 1093*
50 4154 Jan 2 57 Feb 19 85 Dec 98% Mar
2,100 National Surety
55% 5512 557 57 *5712 58
543 56
8
55 55
54
53
3
13 Dee 411 Feb
21
2034 203
* 4,100 National Tea Co
No par 1512 Jan 6 21 Feb 19
1912 1012 1914 20
4 20
1914 2012 1914 193
20 Dec 54 Apr
300 Nelsner Bros
No par 1912 Jan 27 2514 Feb 9
231s 2318 2412 2413 23 23 I 22 23 *2218 23 *2218 23
53
9 Dec 32 Jan
1184 1288 12
1253 1218 1284 1234 133* 1212 1338 33,400 Nevada Consol Copper_No par 1014 Jan 14 13% Feb 19
1212 12
1512 Dec 1714 Dec
*15
16
No par 15 Jan 22 18 Jan 2
300 Newport Co
*1514 16
*1512 16
1534 1534 157g 1578 *1512 16
30 Dos 85 Mar
8
Clam A
50 4214 Jan 8 47 Feb 13
200
*4612 47 *4612 47
4612 4612 *4212 471 *4258 4612 *417 461
2
115 Dec 58 Apr
2212 24
7,300 Newton Steel
No Par 1414 Jan 2 24 Feb 20
4
1818 178 178
17
17
1712 174 18
2112 Dec 47 Feb
1,500 NY Air Brake
223'4 223
18 ' 22 4 23 231
No Par 21 Feb 14 25 Jan 23
23
21
2234 2234 23 23 *2212 23
22 Dec 48 Apr
3
*26
32
700 New York Dock
28
28
100 2214 Jan 8 375 Jan 29
32
*27 32 *27
*27
33 *28
32
7712 Dec 8812 Apr
100
100 85 Feb 14 80 Jan 28
Preferred
65 65 *60 68
*60 68 *60 68 *___ - 65 *---- 65
912 Dec 32 Apr
. 5,800 N Y Investors Inc
No par 10 Feb 16 1218 Jan 27
2
1014 10 8 10
3
1014 1038 1012 1012 1012 1014 105
230 NY Steam pref(6)
10
18
No pa 100 Jan 7 103 Feb 9 98. Dec 10612 Sept
10212 10212 1.021 10211 10212 10212 10211
103 103 1013 10212 10212
8
5
let preferred (7)
5
No pa 1114 Jan 3 115 Jan 9 108 3 Dec 117 Aug
114 114 *11412 117 11412 1141
•11414 117
11414 11414 *11414 117
8312 847 76,300 North American Co__ __No pa
s
5712 Dec 1327 Apr
62 Jan 2 84% Feb 17
844 8118 1 83's 8184 8312 *54
81
8412 81
8018 811
541j 2•,200
51 Jan ST June
Preferred
50 83 Jan 5 55 Jan 27
5418 5414 5414 5412
54
5418 5438 54
541
*54
7
414 Dec 14 2 Apr
834 Feb 20
32,000 North Amer Aviatton_-No Pa
77
433 Jan 2
814 8%
81
812
8
8
83*
74 8
3
500 No Amer Edison pref-_No Pa 102 Jan 2 104% Feb 10 994 Dec 10513 Oct
8
'4 8 4
/
4
*10418 1045 310334 1043 *10314 10414 104 104 *104 10414 *104 104,1
8
3
North German Lloyd
2478 Jan 15 3112 Feb 6 281 Dec 8534 June
*3018 311 *30% 311 *3118 3212 *3118 3212 *311* 323* *3118 32
50 Northwestern Te1egraph___50 43 Jan 31 46 Jan 5 4113 Dec 501s Mar
*4314 45 *4314 45 *4314 45
45 45
44
45
*4314 44
*7
8
1
4 Mar
7
8
4 Dec
1,000 Norwalk Tire & Rubber____10
7
8
1 Feb 14
4 Jan 9
1
1
1
1
1
1
1
1
1614 1678 9,900 Ohio Oil Co
No par 1558 Feb 4 191 Jan 8 16 Dec 32 Aug
171
1612 1634 1612 16% 1612 11332
1718 177 z17
553 Feb 3
414 43* 2,500 Oliver Farm Equip New No par
488 488
33 Jan 29
8
414 414
414 412
4
14 43*
414 438
200
5
1253 Dec 90 2 May
Preferred A
Nova? 1812 Jan 2 26 Jan 12
1914 191 *1712 20 *1712 20 *1612 20 *1612 20 *1612 20
58
253 Oct
85 Mar
3
6 Feb 17
512 584
53
4 7.000 Omnibus Corp
No par
538 512
3 3 Jan 8
5
514 51
518 54
534 6
400 Oppenhelm Coll & Co_ _No par 22 Jan 16 25 Feb 20
25
22 Dec 56 Apr
25
2414 2412 *2312 25
23 23 *23 25 -.2212 25
120 Orpheum Circuit Ino pref..100 6012 Jan 30 65 Jan 7 60 Dec 9972 Apr
62 62
*62 65 *62 65
*62 65
63 64 *63 65
55
2
8,800 Otis Elevator
5414 5513 54
55 4 5318 541
3
53% 548
54
No par 5214 Feb 5 5812 Jan 12 4814 Nov 805 Mar
543 55
4
5
40
*121 12611 12413 12458 *12412 12612 *12412 12612 *12412 12612 12612 12812
8
Preferred
100 1245 Feb 16 12714 Jan 28 11818 Jan 128 4 Sept
1313 14
14
154 1514 157 16.600 Otls Steel
/
1
8
9% Dec 3812 Mar
1312 1414 1312 143
1312 131_
4
-No par 10 Jan 2 157 Feb 20
10
*62
6412 *62
6412 *62 6412 *6212 641 *6234 643
75 Dec 99 Apr
61
61
4
Prlor preferred
100 60 Feb 11 6912 Feb 2
3814 1,900 Owens-Illinois Glass Co____25 334 Jan 2 3934 Jan 20
2
32 Dee 607 Feb
*38
3912 *3612 3812 3712 3812 *3712 3812 374 3714 *37
2
47
4778 4788 4814 4784 4772 4818 4812 14,900 Pacific Gas & Electric
467 4714 47 48
8
25 4514 Jan 15 50 Jan 7 4012 Dec 747 Mar
593
58 607
5912 59'2 5914 6212 13,100 Pacific Ltg Corp
46 Dec 10773,Mar
5812 5812 6012 58
58
No Par 5014 Jan 2 6212 Feb 20
*21
2134 2012 21
2134 23
2414 241 *2312 25
22
470 Pacific, Mills
15 Dec 90 Feb
22
100 1612 Jan 7 2414 Feb 19
4
760 Pacific Telep & Teleg
*12614 12712 12614 12612 127 12712 12714 12784 12712 1273 12772 12834
100 11612 Jan 2 1284 Feb 20 11412 Dec 178 Feb
3
714 Nov 233 Mar
8 1014 1038 103* 1032 1012 1058 103* 105* 103* 1112 99,300 Packard Motor Car_ ___No par
1018 103
834 Jan 2 1112 Feb 20
43
35
35
42 Nov 6414 May
100 Pan-Amer Petr & Trans
*33 43 *33 43 *33
-50 34 Jan 29 35% Jan 29
37 *3212 37 *3212 37
34 *3318 37 *34
9
100
*3212 368 34
Class 13
50 32 Jan 2 3612 Jan 9 30 Dec 6713 May
*812
5 Dec 3554 Apr
8
8
*73
4 812 *8
9
*818 812
100 Park & Tilford Inc
8 Feb 10
*73
4 9
No pa
53* Jan 2
47 Jan 21
4
4
414
4
2% Dec 264 Mar
418
4
4
414 414 1,300 Parmelee Transporta'n_No par
*4
4
4
3 Jan 2
A3% 314
318 37
8
3
312
314 314
154 Dec 1232 May
314 314
314 314 1,200 Panhandle Prod & Ref_No 77a
41 Feb 13
21* Jan 28
13
48
4913 475 483
4 48
10 34% Dee 77 Mar
4813 497
48
/ 432 4912 123,200 Paramount Publix
1
4
48
498
36% Jan 2 50 Feb
No Pa
Vs Apr
118 Dec
1% 13*
112 112
*13* 112 *13* 112
112 153
158 Jan 24
153 153 1,600 Park Utah CM
13 Feb 7
8
1
112 Dec
9 Apr
17
17
17
2
17
2
272 Feb 20
1% 2
8
18 27 19,200 Pathe Exchange
1% 17
112 Jan 17
No pa
2% Dee 1953 Apr
5 Feb 20
33
4 3%
33
4 33
4
37
5
312 312
3% 33
4
38 4
11,300
Class A
3 Jan 16
NO Da
8% Dec 3272 Feb
1212 1238 1412 0,500 PatIno Mines & Entretir__--2
1058 Feb 3 1412 Feb 20
1112 1112 1112 1214 1112 1112 1112 1218 12
12 314
*312 4
3 Nov 14 Feb
412 Jan 9
334
334
312 312
33
4 334 *312 33
4 *3
300 Peerless Motor Car
3% Feb 17
5
26% Jan 55 Apr
4338 4513 4312 45% 453 4612 45
8
4614 20,400 Penick & Ford
44 4418 44 447
No ow 3714 Jan 2 4812 Feb 19
377
2754 Dec 80% Jan
3712 395* 3718 3818 3714 38
35
373 3838 22,700 Penney (J C)
3458 353
No Par 284 Jan 2 395 Feb 17
90 Dec 10154 Sept
Feb 16
95 95
94 95 *9412 95
9812
8.93
94
*95 964 *95
300
100 90 Jan 8 95
Preferred
214 Dec 12 Mar
43
4
/ 4
1
4
/
1
4
412 434
412 5
412 434
478 4%
43
512 Feb 10
312 Jan 2
• 1,600 Penn-Dixie Cement -No Par
*223* 2712t *2234 271
16 Dec 994 Mar
2318 2418 2354 24
26
Jan 2 29 Jan 30
26 •24
500
*24
Preferred
100 17
2114 Dec 6018 Apr
30 *29
30 •29
30 *29
30
29 29 I
30 *29
100 People's Drug Stores. No Par 23 Jan 2 29 Feb 20
*29
1,500 People's 0L & C(Chlo) 100 20012 Jan 2 250 Feb 16 18514 Dec 325 May
246 249 24914 250 247 2492 *245 249 *245 249 24514 247
17 Dec 224 Aug
1714 *17
17
17 *17
1714 *17
.164 171
1714 *17
1714'
200 Pet Milk
No par 1653 Feb 6 174 Jan 30
94 912
fog
57 Dec 2714 June
2
914 94
938 94
kg 11.100 Petroleum Corp of Am_No Par
918 912
912 9%
8 4 Jan 2 1034 Feb 13
3
19% Dec 444 Apr
221* 22'l 207 2214 22 2314 228 237
2312 24 I 4.300 Phelps-Dodge Corp
Jan 13 24 Feb 11
25 19%
. 22 2214
170 Oct 24838 Apr
Philadelphia Co (Pittab)-50
*150 200 *140 200 *150 200 *140 200 *140 200 *140 200
6018 Jan 5778 Sept
54121
55 *53 55
5312 5312 *53
5312 53% *53
4.5312 55
200
6% preferred
50 524 Jan 5 5472 Jan 26
512 Dec 2518 May
8
1114 1012 III8 28,000 Phil& & Read C& I_ __-No Par
714 Jan 2 117 Feb 17
4
103 1118 107 113g 1013 1178 105* 113g 11
814 Jan 1552
1112 *1018 1118 1014 10% *103* 11
eoo Phillip Morris & Co L3d10 9 Jan 6 1138 Feb 16 1014 Dec 2778 Mar
*1012 1118 1118 113* *10
Feb
22
*11
22 *11
22 •11
1134 *113 20
4
1112 1112 *11
100 Phillips Jones Corp___-No Par 11 Jan 5 1178 Jan 5
5312 *49 531_ *49
53 2 *4914 5312 *4914 531
,
55 *49
Phillips Jonas pref
100 52 Jan 3 52 Jan 3 52 Dec 76 Feb
*49
1112 Dee 44% Apr
8
8
131* 14
134 1378 133 14
4
No par 1214 Jan29 185 Jan 5
54,600 Phillips Petroleum
14% 1434 133 1415 1338 14
7 Dec 20% Apr
9 Feb 14
9 Feb 14
15
*7
15 *10
15 •10
15
*7
*10
15 I
100 Phoenix Hosiery
5
9
9
18 Dec 33 Apr
251
20 *25
25 25
*2512 26
23
26
25
1,000 Pierce-Arrow class A_ __No par 19 Jan 15 2714 Feb 11
*2512 26
24 Mar
1 Feb 13
4 Dec
38 Jan 7
3
4
7
2
7
8
3
4
%
78
*3
4
7
5
7
8
7a 3.000 Pierce Oil Corp
%
25
74 Dec 32 May
141 *12
9 Jan 2 15 Feb 13
1412 *1112 131
1412 *12
•
200
IOU
Preferred
1312 1312 1312 1312 *12
13 Dee
8
3% Feb 13
134 Jan 2
712 Apr
23
4 28
23
278
7
234 27
28
4 231 3.900 Pierce Petroleum
234 27
No par
2% 318
8
ns 30 I 1,300 Pillsbury Flour Mills-No par 26 Jan 2 3153 Feb 13 25% Dec 37% Apr
/ 297 3014 3013 3018 30 30
1
4
3014 30
31
31
3012 Dec 507 Feb
317 Jan 2 39 Feb 10
2
8
s
40 *39
40
393 *39
4
Pirelli Co of Italy
•3814 3914 *383* 3914 *383 3912 *39
•Big au/ asked Deem:on Wee on this day. b Ex-divlden0 snd ex-rights.
Ex-dividend. y Ex-rights
1378
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, se* seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb.14.
Monday
Feb. 16.
Tuesday
Feb.17.
Wednesday
Feb. 18.
Thursday
Feb.19.
Friday
Feb. 20.
Sales
for
the
Wee.k
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
Highest.
Lowest.
$ Per share $ per share
per share $ Per
4 per share 9 per share Shares Indus.& Mlscell.(Con.) par
per share
Per share $ per share $ Per share
.24% 2812 .2612 2812 .2414 2712 *2414share .2414 267 *2414 261
s
8
s
261
Pittsburgh Coal of Pa
18 Dec 7812 Jan
100 22 Jan 2 2812 Jan 12
.783 7812 .77
8
2
7812 .7712 7812 *753 777 *77
771g *767 77%
8
Preferred
/
1
4
66 Dec 110 Jan
100 57 Jan 3 80 Jan 27
1414 1414 143 143 .1414 15
4
4
1414 15
*1414 15
•1414 15
2001 Pittsb Screw & Bolt_ __No par 14 Jan 2 143 Feb 16
8
1312 Dec 227 Feb
4
84 .84
.84
85 .84
85 .84
8412
8412 8412 8412 84
100j Pitts Steel 7% cum pref
8412 Dec 103 Jan
100 8314 Feb 10 87 Jan 15
.1412 15
1412 1412 1414 141 1418 1418 1412 141 *1412 15
/
4
/
4
5001 Pittsburgh United
11 Dec 1914 Oct
25
13 Jan 3 14% Feb 10
*96 100
96
7 100
96
.961 100
*96 100
*95
•96 100
10
Oct
9112 Dec 103
Preferred
100 9312 Jan 2 96 Feb 16
7
.1714 1912 *1714 1912 *171 1912 *1714 1012 .1714 1912 .1714 1912
/
4
Pittston Co
8
1814 Dec 227 Apr
No-par 1712 Jan 13 1814 Jan 5
*914 10
97 1112 103 11
10
10
10
11
11
1034
4
2,900, Poor & Co class B
4
1018 Dec 3438 Mar
8% Feb 4 133 Jan 10
No Par
2312 233
24
4
24% 234 24
/
1
2312 2312 24
241 2,600 PortoRican-AmTob clANo par 16 Jan 8 25% Feb 6
/
4
24
24
143 Dec 303 July
4
8
54 6
3
614 612
61 6%
/
4
64 63
/
1
612 64 2.000
. 64 6%
4
Class B
Oct 2714 Mar
714 Feb 6
No par
4% Jan 19
•35
357
8 35
3,512 35
3512 3514 3512 3534 3512 3512 3612 3,500 Postal Tel 6. Cable 7% prof 100 25 Jan 2 3912 Jan 9
20 Dec 103
Jan
15
15
1514 153
1512 157
15% 15% 157 17
4 1512 16
12,000 Prairie Oil & Gas
11% Dee 54
Apr
8
25 12% Jan 15 187 Jan 3
2214 2214 2214 23
2234 24
2238 237
/
1
17,300 Prairie Pipe Line
2334 234 234 24
16% Dec 601z Feb
25 17% Jan 28 24 Feb 17
5% 514
6
5
718
5 14
61
8 6% 15.800 Pressed Steel Car
8
514 63
514 514
74 Feb 19
/
1
/
1
4
4 Jan 2
3 Nov 16% Feb
No par
*39
40
40 40
42
45
42 .40
45
1,900
4734 4358 447
26 Dec 7612 Feb
Preferred
100 3518 Jan 22 47% Feb 19
69
697
8 69
8 693 7018 6,800 Procter Gamble
4
7018 693 7014 69% 70
8934 697
4
52% Jan 787 June
8
No par 63 Jan 2 7014 Feb 17
512 5%
47
47
5
5
*414 43
8 *414 47
500 Producers & Refiners Corp_ _50
48 .4
5% Feb 13
1 Dec 117 Mar
8
212 Jan 2
15 s 15 4 .15
3
3
1512 .15
1512 *15
1512 .15
1512 .15
1512
100
1112 Dec 40 Mar
Preferred
8
8
50 117 Jan 2 157 Jan 27
8314 84% 84% 8814 8334 863
8 83% 8 % 8412 86% 8514 86% 23,650 Pub Ser Corp of N 3..
6
65 Dec 1233 Apr
4
.No par 72 Jan 15 86% Feb 20
9712 973
4 9712 97
12 97% 9712 9712 9712 0712 07% 9723 9712 1,400
$5 preferred
9l3 June 100
4
Oct
No par 95 Jan 2 08% Jan 12
•115 11518 115 115111 115 115
11518 11518 *115 1157 1153 1153
4
400
6% preferred
4
109 4 Jan 3 1153 Feb 20 104% Dee 117 Sept
3
100
*13234 134
1323 1333 •13278 1333 •1327 131
1321 134 *1333 134141
8
4
4
4
4
200
7% preferred
Jan 13514 Oct
100 12814 Jan 3 134 Feb 19 121
*150 15514 150 15514 •150 15314 15014 15314 *152 15512 *152 156
200
8% Preferred
100 148 Jan 6 15314 Feb 18 142 Dot, 158 June
1101 1103 110% 1103 •110 8 11114 11018 110% 11012 11012.11012 11114 1,500 Pub Serv Elm dr Gas pref. 100 10914 Jan 5 11013 Feb 19 1074 Feb 112 May
8
8
3
8
/
1
5212 533
5412 52% 54
53
4 5214 52% 5234 53
543 20,600 Pullman Inc
4
47 Dec 893 Jan
8
3
No par 49 4 Jan 2 58 Jan 9
*118
3
1% 118 •1%
13*
114
134
114 114 •118 13
112,
400 Punta Alegre Sugar
2 Jan 9
812 Jan
% Oct
38 Jan 8
50
1012 103
4 10 8 10 8 10
7
3
1012 *1018 1014 10
1012' 7.50 Pure 011 (The)
1034 10
7% Dec 2714 Apr
8
8% Jan 2 117 Jan 5
25
.6312 99
9912 9912 .9812 99
99
99
9812 9812 99
99 I
8% preferred
50
9011 Dec 11414 Apr
8
100 95% Jan 2 1017 Jan 8
453 46% 453 48% 4618 48
4
4738 473
4
4
4 4612 47% 463 4814, 7.900 Purity Bakeries
36 Dec 887 Feb
8
No par 38 Jan 2 49% Feb 11
17% 1812 17% 19
177 1914 18
8
18% 1818 183
4 19
203 356,200 Radio Corp of Amer_ _.No par
4
11% Dec 6938 Apr
3
12 Jan 2 20 4 Feb 20
52 52
.5012 52% .5012 5212 .5112 5212 5113 51% .5012 5213
300
47 Dec 57 Apr
Preferred
50 48 Jan 7 5314 Feb 4
52
4 49% 5018 5018 5234 5112 547
53% 52
5314 50% 533
8' 4.400
3118 Dec 85 Apr
Preferred B
No par 3412 Jan 2 55% Feb 9
20 8 2118 207 22% 203 223
3
4
8
4
213 2134 213 223 247.200 Radlo-Kelth-Or1, el A_ _No par 153 Jan 2 223 Feb 17
8
4 203 22
4
143 Dec 50 Apr
8
4
4
24
25
24% 24
26
25
26
2514 241 2534 2412 2518 7,800 Raybestos alanhattan_No par 18% Jan 2 26 Feb 16
167 Dec 581 Apr
8
/
4
30
3018 2812 29% 2918 2918 29
2912 28
29
28
284 2,700 Real Silk Hosiery
/
1
2212 Dec 64% Mar
g
10 25 Jan 5 397 Feb 10
87% 90
•841s 90
*84% 90
*87 8 90 •87% 90 .875 90
3
*
Preferred
100 82 Jan 3 90 Feb 3 83 Dec 100 Mar
13
2 .118 112 *118 112 •118 1% *118
112
112 •1%
114
100 Reis(Robt)& Co
1% Jan 8
6 Dee
8
5% Feb
78 Jan 5
No par
*9 4
•914 27
*914 27
*91 27
/
4
.914 27
•9% 27
4
8 Nov 37 Jan
First preferred
100 11 Jan 6 123 Feb 3
15% 1614 16
16% 1618 17% 167 183
8
5 173 181
8
IT114 54,100 Remington-Rand
14% Nov 4612 Apr
8
15% Jan 2 183 Feb IS
No Far
8018 81
817 82 .83
8
•83
85
85
*83
85 .83
85
400
84 Nov 1007 Mar
First preferred
8
100 801s Feb 14 88 Jan 7
*9018 9712 *90% 071 *9018 9712 .9018 9712 •5512 0713 .0012 9712
95 Jan 104 July
Second preferred
100 90% Jan 29 98 Jan 6
83
9
9
918
91
9
9
91/
9 18
9
81
8 8% 17,800 Reo Motor Car
7 4 Dec 147 Mar
3
8
10
814 Feb 6 Hp, Feb 11
18% 1912 193 2212 20 4 23% 2114 22% 218 2434 233 243 144,900 Republic Steel Corp__
8
3
4
10% Dec 79% Apr
4
.No par 12 Jan 2 243 Feb 20
*45
46
46
4918 5112 49
49% 49
53
54
5112 5312 22,300
28 Dee 55% may
Preferred cony 6%
100 2912 Jan 2 54 Feb 19
1112 .11
1112
11
1112 1112 *1112 12
12
12
*12
12% 1,100 Revere Copper & Brass No par
514 Dec 30 Jan
Jan 6 13 Jan 2
4
73
29 4 29% *2912 3214 112912 3214 *2912 3214 2912 2912 *293 31
3
8
200
34 Dec 72 Jan
Class A
No par 27 Jan 6 30 Jan 6
18
181s z1714 183
4 18
183
18
4 18
1818 181
18
1818 4,000 Reynolds Metal Co
10 Dec 343 Apr
No par 1112 Jan 2 19 Feb 6
4
*514 10
*514 10
*514 10
512 5%
61
614
714 7
/
1
4
400 Reynolds Swing new_ _No par
512 Feb 18 10 Feb 5
45
4514 45
4
4514 443 45 8 44% 4514 45% 46
3
457 483 30,900 Reynolds(R J) Tob class 15_10 40% Jan 2 46% Feb 20
8
40 Dec 583 Mar
8
75
*70
75
•70
7412 75
74% 75
7512 7512 7512
75
130
Class A
70 June 80 Jan
10 70 Jan 13 75% Feb 19
478 5
47
4% 518
47
4% 5%
4% 51s
5
5 68,300 Richfield 011 of Calif..
6% Jan 5
4% Dec
.No par
2% Jan 15
9 4 Dec
1
8
818 8%
81
/
4
818 814
814 8%
8
8 18
8
85
8 6,000 Rio Grande 011
834 Feb 10
5 Dec 253 Apr
4
3
5 8 Jan 15
No par
*31
3214 *31
32 .31
32
32 32
*304 3212 3212 33
400 Ritter Dental Mfg
253 Dec 59 4 Feb
8
3
No par 27 Jan 6 33 Feb 20
2212 2212 23
23
23% 2318 25
23% 24
247
2412 2518 11,000 Rossia Insurance Co
143 Dec 483 Mar
4
10 1818 Jan 2 2518 Feb 20
4114 413
4114 413
8 407 413
8
4
40 4 41$8 *4012 4114 4114 413
3
4 3,800 Royal Dutch Co (.11 Y shares) 37% Jan 2 42% Feb 10
36% Dec 5813 Apr
28
2814 2814 29% 27% 293
2914 27% 30
4 28
28
303 32,300 St Joseph Lead
1914 Dec 5714 Feb
2
10 243 Jan 2 3038 Feb 20
54
57
57% 623
4 5712 61% 5818 66% 5914 607
8 60% 63 31,000 Safeway Stored
38% Dec 1223 Jan
s
38% Jan 15 63 Feb 20
No pa
.90
92
92
92
92
92 .9112 92
92
92
92
92
100
84 Dec 99% Feb
Preferred (6)
100 86 Jan 19 92 Feb 16
*102 103
103 103 .10214 103 •10214 103 •10214 103
10212 103
40
95 Oct 1097 Mar
Preferred (7)
8
100 98 Jan 21 103 Feb 16
1614 1614 516
1712 1612 17 .163 17 •16% 1612 16
4
1684 1,600 Savage Arms Corp
1214 Dec 31% Apr
13 Jan 13 18 Feb 9
No pa
5% 51
5
/ 512
1
4
512 512
512 512
514 512
513 53* 3,900 Schulte Retail Storee__No par
4
4 Dec 13% Jan
53 Feb 13
4 Jan 13
50
50 .50
60 •5014 60 .5014 60
*5014 .58
•5014 60
100
35 Jan 75 Jan
Preferred
100 40% Jan 22 55 Jan 29
.6
/ 7% 'fps 73
1
4
2 .6% 734
*64 7% .612 7%
714 734
300 Seagrave Corp
734 Feb 9
6% Jan 29
5% Dec 1414 Mar
No Par
5414 553
4 5514 58's 56
5814 55% 5712 553 57
4
5613 573 40,400 Sears, Roebuck & Co No par 44% Jan 2 5514 Feb 17
43% Dec 100% Jan
*512
53
5 3 512
3
534 .51
512 5%
4
512 53,
512 53* 1,500 Second Nat Investors No par
6 Feb 11
214 Dec 23 Feb
318 Jan 3
•5012 54
49 49
51
4912 4912 •47
55 •47
•47
55
4
200
35 Dec 823 Mar
Preferred
No pa
40 Jan 2 503 Feb 10
4
112 112
114 1% •114 112 .114 134
114 112
112 112 1,400 Seneca Copper
is Feb 11
4
3% Jan
I Dec
Jan 2
1%
No par
7
714
65
7
8 73
63
7
8
4 714
6% 6%
73
8 818 46.800 Serve) IOC
3% Nov 1312 Apr
/
1
4
8 Feb 20
418 Jan 2
No par
26
263 2718 2618 27
8
26
2814 27
264 267
8 26% 2912 15,200 Shattuck (Y (3)
20% Nov 52 Ala'
22% Jan 2 29% Feb 20
No pa
8 1312 133
•1214 123
4 1312 131
13% 13% 1234 1318 13
13% 2,400 Sharon Steel Hoop
9 Dec 323 Feb
8
No par 10 Jan 2 137 Feb 18
4
1512 173
16
1712 1612 17
•16
/ 1712 .17
1
17
4
4
8 163 1714 5,900 Sharp & Dohme
11% Dec 27% Mar
/
1
4
No pa
12 Jan 16 17 Feb 0
56
58 .56
8018 *56
8018 *56
6012 •56
6018 56
56
Jan 633 Mar
200
54
4
Preferred
Jan 23 56 Feb 10
No Par 5314
9% 9 4
3
914 9118
03
5 93
912 93
4
914 9
10
4
3
913
19,100 Shell Union 011
5 Dec 2512 Apr
/
1
4
7 8 Jan 2 10% Jan 12
3
No pa
75 75
78
*75
.75
78
78
773
78
75
78
75
55 Dec 106% Apr
500
Preferred
100 58 Jan 2 78 Feb 17
7
5% 8,900 Shubert Theatre Corp
814 7
63
5
4 6%
1g 6
612 Vs
63
4 6%
4% Nov 35 Apr
814 Feb 20
43 Jan 2
8
-No Par
18% 1914 193 2014 1814 191k
17% 1918 1818 19% 18% 1912 43,800 Simmons Co
11 Nov 94% Jan
3
8
143 Jan 2 20 4 Feb 10
No pa
9
13 9%
912 912
91e 914
913 9% 1,900 Simms Petroleum
912 9 4
914 914
3
53 Dec 37 Mar
8
10
714 Jan 3 1014 Feb 13
12% 131s 121 13
1214 127
8 1214 123
4 1214 125
8 1214 13
34,100 Sinclair Cons 011 Corp_No Pa
9% Dec 32 Apr
1018 Jan 2 13% Feb 13
*10212 1023 .10212 1023 •10212 1023 10212 10212.10212 1023
*10212 1023
4
4
4
4
4
100 Preferred
88 Dec 112% Apr
100 95 Jan 9 1021 Jan 31
101g 11
1012 1012
912 1018
9% 93
918 918
8
9
% 1014 11,400 Skelly Oil Co
81: Jan 16 127 Jan 7
25
8
1018 Dec 42 Ayr
54
54
533 54
51
4
5312 5114 5212 1,100
*51
533 533
4
4 51
42 Dee 99% June
Preferred
100 4212 Jan 2 62 Jan 8
31
37
*3
4 4
314 434
312
*312 414 *33
*33
4 4
2.300 Snider Packing
43 Feb 16
4
No par
112 Nov
2% Jan 21
8 Jan
.1212 1312 1314 1512 .1312 16
14% 15% *1312 1412 13% 1312
700
8
Preferred
No par
8 Jan 9 153 Feb 18
8 Dec 363 Feb
4
0012 91
90
91
91
91
91
907 90% *90
8
9112 •30
1,300 Solvay Am Inv Trust pref _100 90 Feb 16 (t4% Jan 7
90 8 Dec 12112 Apr
3
/
1
15 8 15% 1414 154 14
3
143
8 1418 1514 143 153 21,700 So Porto Rloo Sugar__.No par 12 Jan .5 174 Jan
3
4
143
4 14
1018 Dec 30 4 Jan
3
10712 10712 10712 10712.100 108 *102 108 .102 108 •102 108
100
Preferred
100 103 Jan 2 112 Jan 8 103 Aug 121
Jan
49 4 5012 49 4 5012 50 503
3
3
4 5012 5112 51
51% 51
517
8 7,600 Southern Calif Edison
25 45% Jan 2 81% Feb 20
404 Dec 72 Apr
8 43
4 .414 43
4 *414 43
*414 4% *43
412 412
4 *414 43
4
100 Southern Dairies al B.
.No par
4 Jan 3
43 Feb 13
.4
3% Jan
9 Mar
*33
3412 3412 •33% 35
35
*331 45 .3318 35 •33% 35
100 Spalding Bros
No par 34 Jan 10 36 Jan 6
32 Dec 45 Mar
*111% 115 *11112 115 *11112 115 *11112 115 •11112 114 •11112 114
tst preferred
100 111 Jan 13 111 Jan 13 108 Jan 115 Aug
2514 2514 *2518 2714 2714 2712 *253 2714 0253 27 .253 27
8
8
8
100 Spang Chalfant&Colno NO Par 25 Jan 2 27% Feb 17
19 8 Jan 373 June
7
4
*9112 92
92 92
92 92
•9112 92
.9112 92 •9112 92
20
Preferred
924 Jan 21
/
1
92 Jan 96 Jab
1012 1034 1012 117
10
8 1114 113
10
4 113 117 28.200, Sparks Withington_ __No 100 9112 Jan 23
8
4 1114 113
8
par
.
8% Jan 2 12 Jan 9
8 Dec 30% Apr
101 *1018 1012 .1018 1012 .1018 1014 •1018 1014 10
*10
1018
300. Spencer Kellogg & Sons No Par 10 Jan 3 117 Jan 9
8
83 Dec 25 Apr
4
/
1
4 144 143
4 144 1412 143 144 15
3
8
13 4 14% 13 4 143
4
17
3,000 Spicer Mfg Co
No par 1012 Jan 10 17 Feb 20
7% Dec 36% Feb
311, 35
*3112 35
*3112 35
*3112 35
3212 3212 33% 3313
200
Preferred A
No par 2614 Jan 6 3312 Feb 20
25 Dee 451s Mal
88 9
7
84
1
8
8
8%
11 73
. 4 814 .78 8
8% 87
s 2,800 Spiegel-May-Stern Co_No par
9 Feb 11
4% Dee 62 Feb
5% Jan 13
4
18% 1912 187 19% 19
8
183 1918 1812 19
185 19
8
19% 137,650 Standard Brands
No par 1614 Jan 2 19% Feb 18
1418 Nov 2914 Feb
120 8 120% 12014 12014 .12014 12012 .12014 12012 12012 12012 *12012 121 1
3
600
Preferred
No par 118 Jan 5 12013 Feb 7 114 Nov 12112 Sept
312 •312 31
3
/ .3
1
4
312 *3
.3
*312 3%.
*3
312
Stand Comm Tobaoco_No par
2 4 Feb 9
3
4 Feb 10
2% Dee
7% Feb
7214 70
7212 69
68
/ 70
733
1
4
70
7112 7314 7
3
76381 73.400 Standard Gas & Eleo CoNo par 68 Jan 2 7638 Feb 20
53% Dec 129% Apr
6312'
*6114 6212 6214 82% 6212 6212 6212 6212 *6212 6318 63
800
Preferred
50 50% Jan 3 83% Feb 20
55 Dee 67 May
.671 9712 97
1
9712
•97
98
99 .97
99% .97
*97
97%i
100
46 corn prior pre(
....._No par 9212 Jan 15 97% Feb 7
92 4 Dec 104 saps
3
*105 10714 •10518 10714 *10614 10714 *106% 10714 10614 10014 *106 10714'
100
$7
9312 Dec 11414 Sept
415 414 1.300 Standcum prier pret_. No pa 101% Jan 10 10614 Feb 19
418 418
418 4%
418 *418 414
4
4% 414
Investing Corp_.No par
112 Nov 151, Mar
4% Feb 13
2 Jan 2
4
103% 1043 •1033 104
8
104 104 •104 10412 103% 1033 *103% 104
50 Standard 011 Export pref _ _100 102% Jan 6 104% Feb19
98 Feb 1063 001
8
4912 48% 4915 4918 50 4 16,900 Standard 011 of Calif....No
49
4818 50
4914 5018 z493 50
8
3
42 Dec 75 Apr
/
1
4
4
par 45% Jan 2 513 Feb 13
8
17
1612 1612 1612 1612 1612 1612 5163 173
17
8 1.300 Stand 011 of Kansas
•18% 17
8
25 145 Feb 2 19 Jan 5
143 Dee 49 Apr
8
4 48% 4912 497 513 1 72,200 Standrad 011 of New Jersey.25 45% Jan 19 52 Feb 13
50 5012 Z49'2 501
8 4812 5034 4812 493
4312 Dec 84% APT
253
2514 2518 253* z251 253 24.000 Standard Oil of New York._25 2212 Jan 2 25 Feb 10
8 25
25% 25 4 2518 2512 25
4
3
1034 Dec 403 Apr
8
3
4 30 8 31 1 3012 3134 311 312,100 Starrett Co(The) L 8...No Fa
323
283 2912 29 4 32
30
4
3
19 Dec 473 Apr
2112 Jan 2 3n Feb 17
47
514
538
538
5% 5%
3
5% 5 4
'
54 512 3,200 Sterling Securities el A_No par
3
5% 5 8
57 Feb 10
8
2% Dec 2012 Mar
3 Jan 2
9
912 1,500
9
.9
912
.
1
4 . 8% 912 *9
914 93
*87
a 914
Preferred
93 Feb 16
612 Jan 2
20
1434 Mar
5 De
3712 37% *38
38% *371 39 1
33 Jan 2 3311 Feb 11
.36
3812 *3712 37% 37% 38
400
Convertible preferred __
48 Mar
30% No
157 17% 167 19
2
1818 183
8 1818 1812 28,400 Stewart
8
1511 15 8 163 163
8
3
8
-Warner Sp Corp
It) 14% Jan 27 1918 Jan 9
143 Dec 47 Ape
4
8 441 461 433 45% 55.200 Stone & Webster
/
4
/
4
4
40 8 42
7
41
4214 4018 42% 4012 447
No pa
8
3712 Dec 113% Alm'
3758 Feb 2 473 Jan 9
8
22
8 23% 244 2312 24% 31,400 Studeb'r Corp (The)___No pa
22% 2218 22
22% 22% 223 243
4714 Feb
8
2014 Feb 2 247 Jan 9
1818 No
13115 11814 *11518 11814 *115 11814 115 115 *115 11814 *115 11814'
10
Preferred
Jan 125 Mar
100 115 Feb 10 118 Jan 2S 116
is
Is
1% Mar
Submarine Boat
14 Jan 6
la Dec
No pa
% Jan 2
*42% 45
15
;i3F4
43
---200 Sun 011
39 Dec 70 Apr
39 Jan 2 45 Feb 13
/
1
4
No pa
*10212 10312 .10212 10312 .103 103% .10212 10312 *10312 104 I 104 104
100
Preferred
100 1007 Jan 2 10412 Feb 2
8
973 De 10812 Sept
4
377 397
39% 33
8
39% 3812 39
5.400 Superheater Co(The)
8 3712 393
4 3914 3914 39
33% Jan 2 40 Feb 9
4514 July
30 No
5s
.No pa
112 11
91, May
. 134
1% 1% 1.900 Superior 011
11
1% 1%
1% 1%
4
112 13
34 Dee
h Jan 2
14 Feb 17
No pa
11
1112 5,900 Superior Steel
3 11
*83
4 9%
8
94 11% 1034 111g 10
/
1
11781 11
534 Dec 293 Mar
618 Jan 2 11711 Feb 19
10
1312 1312 1312 13% 133
*123 13
4
1,100 Sweets Co of America
1212 1212 1212 1212 13
8% Jan 15% Mar
8
50 117 Jan 7 133 Feb 20
4
4 2
1%
4 2
17
•13
.134 2
.112 214 •13
300 Symington
7 Apr
*13
4 2
1 Feb 4
13 Dec
3
218 Feb 2
No pat
.5% 614
/
1
300
Clam A
5 3 63
7
8 *512 612 *512 614 *514 6% *54 6
4 Dee 17% Apr
414 Jan 13
61: Jan 28
No pa
•1812 1912 1012 1912 *18
8 193 20
23
1912 1912 1938 193
700 Telautograph Corti
15% Jan 2614 Apr
-No Par 17 Jan 2 2014 Feb 9
9
4
812 83
85* 914
8 9
915 7.700 Tennessee Corp
734 Dec 17 Apr
83
4 8%
812 Feb 9
8 4 8% .81
8
912 Jan 5
No par
3412 33 4 3138 3234 3414 33
34
4
33% 3418 333 343 32,800 Texas Corporation
34
3
8
2814 Dec 6012 May
25 304 Jan 13 357 Jan 7
.5014 513
527
8 5313 5434 26.300 Texas Gulf Sulphur__ __No par 455 Jan 191 543 Feb 20
8 52
8 50% 52% 5114 53% 5114 521
4014 Dec 67% Mar
8
4
51
57
57
512 53
512 2,200, Texas Pacific Coal 4c OIL_ 10
4
4 Dec 1412 Mar
s *518 512
412 Jan 21
514 53
*514 512
612 Jan 9
1618 17
153 163 70,700. Texas Pat, Land Trust
8
8
4
167
1614 1718 15
8 15% 1614 1512 16
10 Dec 323 Mar
*
1 Ills Jan 21 175 Feb 13
• Bid and asked prices; no sales on this day. x Ex-dIvIdend, p Ex-tigbts‘
New York Stock Record-Concluded-Page 8
1379
Foa sales during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Feb. 14.
Monday
Feb. 143.
I
Tuesday
Feb. 17.
Wednesday
Feb. 18.
Thursday I
Feb. 19.
Friday
Feb. 20.
Sales
Jot
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ per share I$ per share $ per share 5 per share 15 Per share Shares Indus. & Miscell.(Concl.) Par
144 15
/
1
4 173 18
1451 15
1512 163
15
15
15
8
No par
15
3,000 Thatcher Mfg
/
4
3812 .331 3612 .35
.34
363
8 363 363
8
8 3612 3612' 3612 3612
300
Preferred
No par
.22
2112 22 1 .2112 23
23
22
*22
23
22
22
600 The Fair
22
No par
.105 106 .105 106 .105 106
105 105 .105 10612 .105 10612
100
10
Preferred 7%
8
9
858 9
83
8
8
8
8,
2.
8
712 814 28,300 Therrnotd Co
9
No par
24
2478 25581 2512 2612 2,000 Third Nut InvestorsNo par
2518 25
8
251
: 253 255 .2412 25
8
028
30
3112 .3012 311
30
8
:
25
700 Thompson (J It) Co
3014 3012 317 .3012 32 .29
.15
1512 151 153
1714 17
16
1741 17, 1712 4.400 Thompson Products Inc,Vo par
16
:
8
4 16
.4
/ 47
1
4
8
43
8 43
4
5
8
5
43
4 43
45
8 45
4
43
4 41
/
4
900 Thompson-Starrett Co_No par
27
27
4
294 .2714 293 .273 293
2612 2612 27
4
4
No par
600
27 .27
33.50 cum pref
8
8
814
734 734
8
73
4 8
7
/ 8 I
1
4
77
8 8
0.300 Tidewater Assoc 011
N0 par
6318 64 .6312 65
4
6612 643 6434
66 .64
100
400
Preferred
:
631 6312 .64
•1212 1314 *12
13
.11
13
13 .11
13 .11
Tide Water Oil
13 .10
100
.80
82
82
82 .80
801 .80
/
4
80
300
80 80 .80
82
Preferred
100
1012 10
114 12
/
1
/ 104 1112 105 1118 10 4 1114 104 11
1
4
3
8.500 Timken Detroit Axle
/
1
10
8
523 5412 5312 5712 5418 59
4
56
57
/ 24,900 Timken Roller Bearing_No par
1
4
3
/
1
x5318 554 543 57
3
3
3
2
/ 2
1
4
2
/ 3
1
4
3
/ 4,400 Tobacco Products Corp20
1
4
3
3
3
3
124 1212 12
20
12 .1112 1214 1214 1214 1214 1214 0-100
Class A
1214
12
13
1312 1314 13
4 134 14
/
1
37,4001 Transamerica Corp
/ 133 14
1
4
25
8
134 1312 134 133
/
1
8
11,4001 Transue & Williams St'l No par
/ 133 134 131: 14
1
4
13
'
10
8 1214 1338 13
10
/ 10
1
4
/ 147
1
4
1018 1014 101 103
/
4
8
/
4
1014 1014 1018 101 105 103 16.900 Tri-Continental Corp__No Par
4 104 11
9251 921 92
92
/
1
4
93
93
93
/
4
1,200
93
93
6% preferred
/ 923
1
4
93
100
93
8 93
4 3718 4251 26,500 Trico Products Corp---No Par
/
4
35-4 35
37
/ 371 393
1
4
35
4 36
3714 3514 363
912 10
800 Truax-Traer Coal
*912 10
/
1
951 94 .94 10
No par
912 912
*91: 10
.22
221 23
/
4
2212 2218 221 .22
23 .224 23
603 Truscon Steel
10
:
23 .22
1434 144 15
/
1
/
1
•143 164 •143 1618 .14
/ •154 18
1
4
4
/
1
/ 1618
1
4
4
400 Ulen & Co
/ 15
1
4
No par
7014 15,000 Under Elliott Fisher Co No par
66
67
/
1
6512 653
4 66
67
6512 6814 6512 664 66
.10
11
1014 1218 124 131 2.000 Union Bag & Paper Corp._100
/
4
10
.1012 11
1034 10
.10
8 6512 663 91,900 Union Carbide & Carb_No par
623 64
3
4
/
1
/ 644 6414 653
1
4
633 641 6218 644 62
8
/
4
/
1
25
8 7,600 Union 011 California
/
1
4
25'z 253 2512 2418 25
/
1
8
2414 244 243 244 2412 247
25
.23
2318 2318 2318 1,000 Union Tank Car
24
2312 .23
x23
No par
2314 23
2314 .23
3114 3218 3234 3334 3112 3414 3112 3312 324 3318 3312 341 301,200 United Aircraft & Tran.No par
/
4
.5312 55
5512 5512 55
55
55
2,200
553
4 5418 5412 .5418 55
Preferred
50
/
1
•I8
19
900 United Am Bosch Corp No par
/
4
/ 211 .2012 22 .204 25
1
4
.16
/
1
/
4
1938
194 211 .20
3914 393 40
.39
4
39
3934 .3812 3912 38
2,100 United Biscuit
39
39
/ 39
1
4
No par
*11111 114 .11114 114 .11114 114 .112 114 .112 114 .112 114
Preferred
100
2512 283
254 2514 261 32.100, United Carbon
/
4
8 25
4
8 26
2712 343 257
No par
273
2 24
51 51
/
4
54 518
/
4
5
8
51 512
5 14
/
4
54 54 5,600' United Cigar Stores- - _No par
54 53
/
1
.62
687
687 .65
8
69 .63
100
Preferred
6612 6612 .65
69
89 .64
100
223 23
8
4 234 244 276,300 United Corp
/
1
8
22
/ 233 233
1
4
/ 237
1
4
8
8 221 244 227 23
No par
/
4
4912 49
/ 4912 491 495 493
1
4
8 4912 4934 493 491 9,500
4
/
4
/ 497
1
4
Preferred
4 49
No par
8
/
4
7
74
7
7
7
714 8
718
718 718
/
1
4
718 7
4,500 United Electric Coal...No par
8' 7,400 United Fruit
/ 6212 6112 62
1
4
6118 6112 614 617
/ 6118 80
1
4
604 6118 60
No pa
14 31 I 61.900 United Gas & Improve_No par
293 3018 293 304 29
4
/
4
8 30
: 291 303
8
297 301
4
/
1
/ 31
1
4
997 100
8
100 1004 10014 10014 100 10014 1004 10018 010014 1001s 2,400
Preferred
No par
.23
4 312 .23
4 312 .234 31:
4 31
United Paperboard
100
: .234 312 .234 312 .23
2618 2651 2651 2713 3812 2712 .261 1 2712 267 313
4
4 293 31 I 25,700 United Piece Dye wka_No par
8
714
712
712 814
4 8% 11,900 United Stores cl A____No par
73
/
1
4i
714 7
714 7
8
/
1
4
73
s 73
47
4714 .46
477' 48
8
47
483
8 1,200
47
47
Preferred class A__ _ _No par
.43
46
46
30
30
3014 304 304 304 291 2912 .29 301 2918 2941
:
500 Universal Leaf Tobacco No par
.3418 38
35 .2912 38 .2912 36
50 Universal Pictures 1s1 l'fd_IOO
3412 344 3518 3518 35
14 31
3
4 3,400 Universal Pipe & Rad__No par
/
4
,
31 33
/
4
. 314 3 4
34 31
312
313 315 *3
311 32
/
4
3312 344 37,100 U. S. Pipe & Fdy
/
1
8
321 334 321s 335; 323 3351 3234 34
/
4
20
/
1
•19
20 .19
20 .19
20 I
20 .19
1s1 preferred
20 .19
20
No par
.19
.712 10
.751 10 I
10
US DIstrib Corp
.7
10
.7
10
.7
10
*7
No pa
•1
14 ---- ----- U S Express
100
251 2514 2514 --254 3,100 US Freight
/
4
- a
4 •26 4 273
,
No par
261 1 2414 20
4 25
.104 10 4 1012 1151 10% 111
/
4
/
1
1114 111 111 3,900 US & Foreign Secur_ _No pa
11
/
4
3
11
: 11
.86% 8834 .8618 8834 8834 90
•88
90 .8812 90
88
88
500
Preferred
No par
.42
42
4214 424 4,600 1/8 Gypsum__
4212 4211 4212 42
4212 42
/
1
21
4312 42
9
.8
9
9
400 U Snort Mach Corp_No par
/
1
4
83
4 8
9
9
84 .84 9
8
673 681 14.800 US Industrial AlcohoL _1o0
8
/
4
68
/ 6812 87
1
4
68
663
4 6712 684 6818 694 65
4 1,400 US Leather
51 5
/
4
54 51
/
4
5% 553
No par
54 512
/
4
01 1 514
51.
1 51 .
.94 10
100
.9
Class A
10
No pa
.81
: 97
3 *9
975
8i2 8089 82
9 •75
9
.75
80
80 .75
80
500
Prior preferred
79
80
82 .75
100
334 32
333
81 4,800 US Realty &'mut_ __ No par
3318 33
337 34
8
x3234 334 3334 334 33
/
1
a 1413 154 23,200 United States Rubber
13
/ 1378 133 141 14
1
4
/
1
8
8 1418 1412 1414 143
147
/
4
10
:
8' 8,600
2618 263
/ 271 2752 274 293
1
4
27
1st preferred
8 2812 27
2714 2812 27
100
21
2112 3,800 U S Smelting Ref & Min___50
.
•20
21
207 204 20
8
/
1
2014 2014 2014 204 21
.4414 45
300
.441 4612 .444 4612
/
4
/
1
4
/
1
/ 48
1
4
.4414 4612 454 45
Preferred
46
50
:
1444 1454 14512 1471 1443 1484 1443 14714 14512 1481 11712 149 ,242,700 United States Steel Corp__100
/
1
/
4
8
/
1
4
/
4
1
/
1
'
4
1464 14714 1464 14812 14612 14612 14812 14812 1463 1464 1461 1483 I 1,900
Preferred
100
200 U 8 Tobacco
/
1
4
671/4 67 .6614 69
68
68
68
*633 68 .6412 68 .65
1
No pa
271: 271 2814 2718 2812 2714 2854 27 2 283
8 27
/ 2918 44,600 Mille* Pow & IA A__No pa
1
4
27
,
12
8 1.
78
14 17
,
184 13
4
11 11
/
4
/
4
11 11
/
4
/
4
/
4
15
8 11 8,140 Vadsco Sales
No par
2813 .241 29
2412
800
*24
21
Preferred
24
261
: 24
2512 25
.24
28
100
. 6914 711 7114 7314 731,400 Vanadium Corp
/
4
4
6051 63
/ 73
1
4
/ 663 721
1
4
637 6612 67
3
No par
3,200 Virginia-Caro Chem
312 31 4
23
4 3
8 24
2
/ 24
1
4
23
/
1
212 24
4
/
1
2
/ 23
1
4
No par
17
900
•16
6% preferred
17
153 153 .1512 15 .154 153
4
4
/
1
4
/
1
4 157 17 .18
8
100
7% preferred
100
.7014 72 .68
7112
714 *69
.70
71
70 .68
72
70
100
40 Virginia El & Pow pf (6) No par
104 104 •10314 103 .10314 1037 •10312 104
10314 10314 10314 10351
/
1
4
8
591 5912 613 66
/
4
4.440 Vulcan DetinnIng
8
/ 67
1
4
/ 69
1
4
/ 6818 67
1
4
6518 694 6413 67
100
24
241 2413 2618 2518 27 8 25
/
4
251 39,600 Waldorf System
/
4
8 25
7
263
4 2514 263
No par
133 133
8
8 1314 14
1412 26,800 Walworth CO
137 145
8
14
8 13
141 14
/ 15
1
4
/
4
No par
22 22
.298 221 22
3
/
4
22
2218 22
20
20
211 224
/
4
/
1
620 Ward Bakeries class A..No par
6
/ 612
1
4
61
: 61
618 2.100
: 6
651
6
6 12
6
6
6
Class B
No par
54
54
.48
53 .46
100
54 '52
541 .52
/
4
541 •52
/
4
547
8
Preferred
10a
18
1812 184 1944 183 203
/
1
8
8 184 10 4 19
8
/
1
3
4
191 183 197 483,900 Warner Bros Pleturea__No /ma
/
4
•30
40 .36
40 .39
381 381
40
: :
*3812 40 .3812 40
100
Preferred
No par
613 7
64 61 .614 6
: 612 812 •814 61 1,200 Warner Quinlan
/
4
/
4
612 81
/
1
4
No par
3914 4012 4012 43
4134 44
411 427
:
8 4112 4312 523 434 25,300 Warren Bros new
8
/
1
No par
.4614 47
/ 4614 4814 4812 49
1
4
461 4712 4712 4712 48
:
/ 49
1
4
620
Cony pref
No par
.2612 274 .263 2714 27
2714 2738 28
4
28
/ 31
1
4
31
32
2.400 Warren Fdy & Pipe__ No par
.3
/ 43
1
4
8 •3
/ 4
1
4
.3
/ 4
1
4
.34 4
4
54
54 5
,
4 2,400 Webster Elienlohr
25
224 2214 22
22
8
2214 2214 22
2214 217 22
217 22
8
1,500 Wesson 011 & Snowdrift No par
5612 561
: 5812 581 •5612 57 .5612 57
:
.5512 57 .56
563
4
400
Preferred
No par
140 110
140 1421 140 142
1397 142
/
4
8
139 14214 143 14351j 8,100 Western Union Telegraph 190
*341: 35
3418 34,
2 34
341. 341 354 4,800 Westingh'se Air Brake_No par
344 34
3418 34
/
4
,
4
9678 98% 9858 10112 947 1005
8 951 987
8 97
985
; 9812 1007 387,000 Westinghouse El & mfg__ _50
1103 111
8
11018 110'8 109 111
1103 111
8
111 111
111 112141
600
151 preferred
50
8
8 25
*2512 257
4 241: 257
/ 257
1
4
/
1
8 2412 254 243 253
8 2514 27
4,200 Weston Elea Instruml_No par
.3412 35 .34
.34
36
3512 .34
3514 .34
3412 .34
3514
Class A
No par
•1011 4 10134 •101 1013 .10112 1013 10112 10112 10212 10212 102 102
4
4
180 West Penn Elec class A_No par
•10112 107% 1044 10412 1041 1061 •104 106 .104 106
4
: /
105 1057
/
1
4
8
150
Preferred
100
96
98 .954 98
96 .96
: 9(1
954 951
/
1
97
9812 07
100
Preferred (8)
100
11712 11712 .116 119
11614 11614 •116 11714 116 1184 •116 1164
/
1
/
1
50 West Penn Power pre
100
•10812 11051 10851 110 .1081 11014 10912 10912 .10812 11014 110 110 I
:
70
8% preferred
100
.35
38
37
38
37 .35
37
3812 40 401 40
/
4
4412 2,500 West Dairy Prod cl ANo par
8
814
8
814 83
8
8
818 97
8
914
912
914 1018 10,000
Class 11
No par
*2718 27% 2275 273
4
4 263 263 .241 27 .25
:
27 .^'
27 I
200 Westvaco Chlorine ProdNo par
14 11)
1
13*
118 11
/
4
1
118
1
118
I
14 14.800 Wextark Radio Stores_No par
2212 227
8 2312 233
.2212 23
4 2312 2414 237 24
8
23
/ 24121 3.600 White Motor
1
4
No par
46
45
48
45
45 .
.45
46 .45
44
46
4512 4512 1,400 White Rock Min Spring ctf.50
312 3
/
1
4
31 312
/
4
3
/ 3
1
4
/ .3
1
4
/
1
4
312 334 1.600 White Sewing 51achine No par
312 3
312
.714 10
.714 9
.714 9
.814 9
.814 9
878 9 I
500
Preferred
No par
.612 71: .612 7
.61
. 7
.612 7
.612 7
.612 7 I
Wilcox Oil & Gas
No par
54 512
54 512
514 534
514 514
514 53
8
518 513. 18,300 WIllys-Overland
5
(The)
451 .41
/
4
444 443 441 .41
/
1
8
/
4
47
.444 50 .40
45
46 I
500
Preferred
IGO
.31, 31 1
314 3
/
1
4
3
/ 33
1
4
4
312 3 8
,
314 3 4 .3
,
3 8 312 5.400 Wilson & Co Inc
No par
912 912
94 101
/
1
: 1014 103
4
93 1014 1018 1014 1018 10141 4.000
4
Class A
No par
5013 5014 5012 51
513
4 50
50
5138 51
51
•49
5114' 1,900
Preferred
100
8 617 633
8
4 623 633
8
8 6218 63% 6312 643 59.800 Woolworth (F W) Co
604 6114 6034 623
4
10
022s 0414 934 9738 931 1 102
.
/
1
94
99
97 10234 1023 105 248,500 Worthing P & M
2
100
95 .85
95 .85
95 .85
95 .90
95 .85
.90
95
Preferred A
100
83
82 .78
784 783 .7812 82 .7812 81
/
1
*78
4
*Ms 82
100
Preferred B
100
21
.2018 2212 .20
25 .21
25
/
1
20
20
1014 194 21
220 Wright Aeronautical _ __No par
/
1
/
1
/
4
/
4
744 731 744 721 7412 7218 7312 724 734 27378 7412 12,200 Wrigley(Wm)Jr (Dell_No par
73
8
*2712 30
0274 30 .277 30
28
30
28
28
.27
28
200 Yale & Towne
25
12
1212 1214 1212 1212 14
123
91,300 Yellow Truck & Coach cl 11.10
113 1214 1218 124 12
4
80 .75
80 .75
80
75
75 .75
80
RO .75
.75
30
Preferred
100
2412 2512 25
/ 25
1
4
2514 251 28
/
4
244 2418 241/ 23
244
9,200 Young Spring & WireNo par
75 .75
77
.75
74
77 .75
81
75
76
74
.72
800 Youngstown Sheet & T.No par
3"
4
/
4
.332 418
33
33
44 41
4 .33
4'8
4
1,100 Zenith Radio Corp____No par
4
• BM and asked prices; 55 +ales on Ulla day
x Ex-ditddend.
y Ex-rights
PER SHARE
Range Since Jan. I.
On basis of 100
-share leis.
Lowest.
Highest.
$ Per share $ per share
134 Jan 3 18 Feb 20
35 Jan 2 3712 Jan 9
213 Feb 31 23 Jan 9
8
105 Jan 28 105 Jan 28
9 Feb 13
5 Jan 2
:
1818 Jan 2 261 Feb 20
25 Jan 3 3178 Feb 17
113 Jan 2 1712 Feb 20
.4
514 Jan 6
4 Jan 2
2412 Feb 4 2812 Jan 18
9 Jan 7
613 Jan 2
55 Jan 2 68 Jan 8
1012 Jan 31 15 Jan 6
6914 Jan 2 8018 Feb 18
9 Jan 2 12 Feb 20
/
1
4
43 Jan 2 .59 Feb 17
3 Feb 14
214 Jan 16
/
1
4
103 Jan 14 12 Feb 13
8
/
4
1214 Feb 5 141 Feb 10
/
1
7 Jan 3 144 Feb 16
/
1
4
612 Jan 2 11 Feb 11
923 Feb 9 93 8 Jan 9
8
,
8
297 Jan 2 4214 Feb 20
812 Feb 3 10 Jan 20
21 Jan 5 23 Feb 20
4
1412 Feb 10 173 Jan 23
,
5112 Jan 2 70 4 Feb 20
/
1
4
/
1
4
9 Feb 4 13 Feb 20
4
554 Jan 19 663 Feb 20
22 Jan 2 204 Feb 13
23 Jan 27 254 Jan 3
8
2212 Jan 2 317 Feb20
46 Jan 2 553 Feb 17
4
/
4
16 Jan 16 211 Feb 17
334 Jan 2 494 Feb 10
/
1
11314 Feb 2 11314 Feb 2
4
184 Jan 2 283 Feb 11
/
1
512 Feb 10
4 Jan 2
6014 Feb 2 67 Jan 20
Ma Jan 2 244 Feb 17
/
1
444 Jan 2 497 Feb 6
8
8 Feb 10
3 Jan 2
.514 Jan 2 6212 Feb 17
273 Jan 2 31 Feb II
8
9812 Jan 30 10214 Jan 6
3 Jan 19
314 Jan 7
/
1
2318 Jan 2 314 Feb 19
838 Feb 20
518 Jan 26
8
37 Jan 5 483 Feb 20
/
1
4
28 Jan 2 31 Jan 12
/
1
3112 Feb 9 354 Feb 17
4 Feb 9
24 Jan 2
/
1
274 Jan 2 344 Feb 20
1818 Jan 3 197 Feb 5
8
8 Jan 3
714 Feb 2
11 Jan 7
/
4
1 Jan
17 Jan 2 29 Feb 10
/
4
8
73 Jan 2 111 Feb 20
80 Jan 8 90 Feb 17
/
1
4014 Feb 5 434 Feb 11
5 Jan 2 10 Feb 9
/
1
4
/
1
4
54 Feb 5 69 Feb 10
614 Feb 11
34 Jan 2
7 Jan 2 10 Feb 11
69 Jan 7 804 Feb 2
/
1
4
/
1
2614 Jan 2 344 Feb 11
8
111 Jan 6 155 Feb 20
/
4
8
20 4 Jan 2 293 Feb 20
3
1812 Feb 2 22 Jan 9
42 Jan 5 48 Feb 16
/
1
4
1371 Jan 2 149 Feb 20
/
4
14318 Jan 2 14818 Jan 27
6018 Jan 6 68 Feb 18
2112 Jun 2 294 Feb 20
11 Feb 14
/
4
h Jan 2
1712 Jan 7 28 Feb 16
3
451 Jan 19 73 8 Feb 17
/
4
314 Feb 20
2 Jan 2
1112 Jan 5 17 Feb 19
4
6712 Jan 2 714 Jan 7
9814 Jan 2 104 Feb 14
,
4111 Jan 2 693 Feb 17
2212 Jan 15 277 Feb 17
8
12 Jan 2 15 Feb IS
134 Jan 6 2714 Jan 30
/
1
312 Jan 2
8 Jan 30
/
1
4
45 Jan 3 5712 Jan 30
13 Jan 2 20% Feb 17
38 Jan 19 4012 Jan 9
74 Feb 4
414 Jan 16
2718 Jan 2 44 Feb 17
414 Jan 26 4912 Feb 9
24 Jan 3 32 Feb 20
5.4 9*'!) 19
314 Jan 2
/
1
4
214 Feb 7 22 Jan 9
5413 Jan 14 5718 Feb 11
130 Jun 2 149 Jail 9
/
1
33 Jan 3 354 Feb 20
823 Jan 19 1011e Feb 16
8
/
1
4
1033 Jan 21 112 Jan 3
4
2012 Jan 15 27 Feb 20
33 Jan 5 3014 Jan 6
/
1
4
99 Jan 14 102 Jan 20
Jan 13
103 Jan 30 108
/
4
95 Jan 9 971 Jan 30
114 Jan 5 11914 Feb 11
10312 Jan 2 1104 Feb 6
2412 Jan 27 4412 Feb 20
434 Jan 2 10'8 Feb 20
28 Feb 13
197 Jan
23 Jan 3
8
I Jan 14
22 Feb 5 2814 Jan 12
39 Jan 7 48 Feb 11
378 Jan 8
212 Jan 3
9 Feb 20
6 Jan 5
74 Jan 6
64 Jun 6
6 Jan 2
8
47 J811 15
4414 Jun 30 5214 Jail 2
4 Feb 10
212 Jan .
4
618 Jan 3 103 Feb 17
40 Jan 5 5154 Jan 12
4
543 Jan 2 643 Feb 20
8
593 Jan
4
105 Feb 20
893 Feb 9 90 Feb 10
8
Jan 8 82 Feb 10
70
1112 Feb 4 21 Feb 16
/
1
6634 Jan 2 744 Feb 16
25 Jan 6 30 Jan 23
94 Jan 2 14 Feb 20
75 Jan 5 75 Jan 5
8
223 Jan 29 28 Feb 20
73 Feb 9 76 Feb 20
44 Feb 10
24 Jan 2
/
1
PER SHARE
Range for Previous
Year 1930,
Lowest.
Highest.
5 per share $ per share
1212 Dec 364 ADD
/
1
35 Dec 48 Mar
2114 Dec 32
Jan
102 Jan 110 Feb
3 Dec 267 May
/
1
4
8
1512 Dec 464 Apr
/
1
23 Dec 4712 Mar
10 Nov 393 Apr
8
312 Dec 187 Mar
8
234 Dec 494 Mar
/
1
57 Dec 173 Apr
8
4
53 Dec 89 Mar
/
1
4
12 Dec 31
Apr
68 Dec 941 Apr
/
4
8 Oct 21 14 Apr
4018 Dec 8914 Apr
2 Dec
61 Jan
:
7 8 Jan 1314 July
3
103 Dec 25 Sept
8
/
1
4
612 Noe't
D
283,20 14 Ape
jan
pe
51/4
8914 Apr 964 Sept
2614 Oct 4134 Mar
912 Dec 22 Mar
2034 Nov 37 Mar
/
1
4
144 Dec 24 Sept
49 Dec 138 Mar
84 Dec 19 4 Sept
,
8
5212 Dec 1063 Mar
2018 Dec 50 Apr
23 Dec 3812 Apr
184 Dec 99 Apr
4
413 Dec 773 Apr
4
/
4
1518 Dec 541 Feb
4
3212 Dec 583 May
115 Oct142 May
1418 Dec 84 Apr
812 June
314 Dec
Jan 68 June
26
131 Dec52 Apt
/
4
4312 Dee 534 Apt
/
1
4
24 Dec19 Feb
Jan
4612 Dec 105
8
244 Dec 493 Ma3
97 Jan 10412 Oat
212 Des 14 Mat
/
1
2018 1)ec 324 API
44 Jan 147 June
8
1512 Jan 50 4 July
3
194 Aug39 Mal
/
1
27 Dec76 Ma)
9 Api
2 Dec
184 Jan 3814 Api
153 Jan 21 Ma)
8
7 Dec 203 Jar
8
41 Am
/
4
/ Dec
1
4
1612 Dec 103 A pi
6 Dec 327 Mal
/
1
4
8
73 Dec 101 Mai
5 Dec 30 Mai
/
1
4
/
1
4
5012 Dec 139 Jar
/
1
314 Dec 154 Arm
514 Dec 26 Api
6414 Dec 94 JODI
25 Dec 7512 Ma
Oct 35 Ap
11
/
1
4
1912 Dec 63 Api
1712 July 3612 Jar
40 Dee 5312 Jar
1343 Dec 19334 Api
8
140 Jan 15114 Sep
59is Dec 68 Fel
/
1
4
1914 Dec 45 API
74 Ma
/
1
4 Oct
121 Dec 697g Ap
.
441 Nov 1434 A9
/
4
11 Dec
/
4
87s AP
9 Dec 344 Ap
6712 Dec 824 AP
100 Dec 1074 Oc
/
1
3618 Dec 158 Ma
217 Dec 3144 Api
8
1012 Dec 424 AP
12% Dec 54 Ma
3 Dec 153 AP
8
45 Dec 771s AP
9 Dec 8014 Ma
/
1
4
31 Dec 704 Ma
414 Dec 27 AP
264 Dec 634 Ap
404 Nov 56 Sep
2212 Dec 4312 Ma:
9 Ma
/
1
4
212 Dec
8
193 Dec 297 Ma
8
5012 Jan 5911 Ap
1224 Dec 2193* Fel
3114 Dec 52 Fel
8818 Dec 20112 AD
1075 Nov 19734 Ap
3
1712 Dec 4878 Ma
Jai
33 June 36
95 Dec 110 Ap
/
4
102 Nov 1121 Sep
9014 Dec 104 Jul:
11311 Jan 11812Jun
10314 Dec 1114 Sep
20 Oct50 Ma
44 Nor 244 Ap
/
1
18 Dee 5912 Fe
/ Dec 21
1
4
Ja
211 Dec 43 AD
/
4
/
4
'12 Dec 541 Ms
2% Dec 137 Ma
8
4 Dec 3978 Al
612 Dec 21
Al
33 Oct 11
4
Ap
4512 Nov 85 Al
17 Dec
8
74 Ma
/
1
4 Nov 13 Ms
/
1
4
35 Dec 5412 Ms
5112 Dec 724 Ja
47 Dec 169 Al
88 Jan 107 ar
63 Dec 93 Me
1012 Dee 5912 Ms
65 Dec 80 Jul
25 Dec 77 Ms
812 Nov 324 At
/
1
50 Dec 105 Al
19 Oct 47 kir
6912 Dec 152 Al
2 Dec 161 Jur
4
1380
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
ion. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-arcept for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 20.
-.a.
Price
Friday
Feb. 20.
Week's
Range or
Last Sale.
te(%
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE,
Week Ended Feb. 20.
t
Price
Friday
Feb.20,
Week's
Range or
Last Sate,
U. S. Government.
High No. Low
Bid
Ask Low
High
Bid
Ask Low
First Liberty Loan
Cuba (Republic)(Concluded
Slaking fund 5365 Jan 15 1953.3 J 97 Sale 983
ID 101214 Sale 101144101"n 203 1010
42102in
/
4
334% of 1932-47
4
Cony 4% of 1932-47
Public wits 5368 June 30 1945.3 D 79 Sale 754
/
1
in
1001034Nov'30
Cony 434% of 1932-47
JD lO22I Sale 10221321020033 53 1025 10313;8 Cundinamarea (Dept) Colombia_
;
2d cony 454% of 1932-47
563 Sale 56
4
Externals f O34s
102 102
Jan'31
_ 102
JD
Fourth Liberty Loan
4
51
19 A O
Czechoslovakia(Rep of) 88_1959 MN 1103 Sale 11018
4
4
Sinking fund fis ser 13 _1952 A 0 1093 110 1093
AO 1030032 Sale 103143210324n 888 1025 21044n
454% of 1933-38
Danish Cons Municip 85 A_1946 F A 106 10614 10818
Conversion 3s coupon
100 Sept'30
J J
10711
Treasury 454a
1946 F A
; a 185 series B
1947-1952 AO lll8n Sale 1100733111344 356 1093411130
8
Treasury 45
-year extl Os_ _1942 J J 10014 Sale 1057
1944-1954 JD 1071033 Sale 107 1071133 678 105234410933, Denmark 20
Treasury 35as
External g 5 Hs
1955 F A 101 Sale 101
/
4
8
1946-1956 MS 105 105103 1055n 1051042 230 104;8 1071
Treasury 334e
External g 4Hs_ _Apr 15 1962 A 0 964 Sale 9614
/
4
1943-1947 JD 101212 Sale 101203210210n 579 101742 103332
Treasury 336s June 16 1940-1943 J D 1011042101003 101713 102033 220 1013221023
%2 Deutche Bk Am part elf 65-1932 M S 9812 Sale 984
9836 Sept'30
Panama Canal 3s
Dominican Rep Cust Ad 5348'42 M S 9214 Sale 92
1961 QM
8712 87
State and City Securities.
lst ser 534s of 1926_ _ -1940 A 0 85
NY C 334% Corp st_Nov 1954 MN
25 sales sinking fund 5348 1940 A 0 86 Sale 86
92 Nov'30
4
4
336% Corporate et.„May 1951
Dresden (City) external 78_1945 M N 863 Sale 863
8514 Aug'29
N
48 registered
-59; licitz Dutch East Indies exti 65_1947 J J 10214 Sale 10218
9912 Jan'31
1955 MN
1962 M S 102 Sale 102
94 Feb'30
45 registered
40-yr external 68
1956 MN
1953 M S 101 102 1014
975 June'30
8
4% corporate stock
30-yr external 5344
102
1957 MN
1953 MN 101 10212 10114
1061y Feb'31
434 corporate stock
30-yr external 536s
10612 1073
8
1957 MN
4
10711 Jan'31
107% 10712 El Salvador (Republic) 8s 1948 J J 101 10112 1003
434% corporate stock_ _..-1957 MN
101 100 Mar'30
Estonia (Republic of) 75-....1967 J .1 5918 84 6018
4% corporate stock
1958 MN
10014 Jan'31
4% corporate stock
100 100'4 Finland (Republic) extl 631-1945 M S 89 Sale 8818
1959 MN
4
100 July'30
External sinking fund 78_1950 M S 943 Sale 9412
-434% corporate stock_
1931 AO
3
10014 1004
External sinking fund 6348 1956 M S 90 4 Sale 8918
43-1% corporate stock _ -1960 MS 100's--..- 10012 Jan'31
10204 Nov'30
External sinking fund 5 As 1958 F A 8112 Sale 8112
434s
1964 MS
90
9912 OcV29
Finnish Mun Loan 6Hs A 1954 A 0
% corporate stock _.._1972 AO
91
10814 Nov'30
_
External 0348 aeries B -1954 A 0 ____ 92
434% corporate stock_ -.1971 JD
10614 Dec'30
Frankfort(City of) at 0945_1953 MN 79 Bale 76
1963 MS
434% corporate stock.
8
10511 Dec'30
1941.3 D 12612 Sale 263
JD
French Republic ext 73481108
434% corporate stock _--1985
1942.3 D 12114 Sale 204
10718 Nov'30
External 78 of 1924_
434% corporate stock July 1967 J J
10414 June'29
German Government Internahiew York State 48 canal Mar 58 M
8
101 June'30
tional-35-yr 5)65011930..1965 J D 774 Sale 753
1961 ii
Canal Inapt 45
4
Jan'31
102
112 ifi" German Republic extl 7s- _1949 A 0 103 Sale 010
1963 MS
4348
109 July'30
Graz (Municipality) 84- -1954 M N 10012 Sale 004
1964 J J
4345
4
Gt l3geriitster&
a
Foreign Govt. & Municipals.
(UK of) 5365_1937 F A 1063 Bale 0614
04
10
63
F A
6738
Registered
51
Agile Mtge Bank 816s
1947 PA 6218 65 63
4
61
5
50
65
Sinking fund Os A_ _Apr 15 1948 AO 6014 64 60 8
e4% fund loan £ opt 1960..1990 MN iiir2 Sale 854
8
e5% War Loan E opt 1929.1947 1 D e9918 Sale 987
9412 9612
9612 18
Akersbus (Dept) ext 58.-1963 MN 0612 Bale 9614
4
62 60
60
57
65
Antioquia (Dept) col is A_ A945 ii 57
Greater Prague (City) 7S4s_1952 M N 106 Sale 06
0
13
58
External s I 7s ser B
Greek Government at ser 78 1964 M N 101 Sale 00 8
5114 65
1945 J J 56 Sale 56
3
1
58
577 58
8
External s 7s ser C
Sinking fund sec 633____ 1968 F A 8814 Sale 85 4
53% 63
1945 J J 55
3
1952 A 0 95 Sale 95
/
4
570
4
External s f 75 ser D
1945 ii 561 Sale 56
Haiti (Republic) a 131a
52
64
3
53
1948 A 0 82 Sale 80 4
527
8
533
4 20
External a I 7s 1st eer
1957 AO 50
54 8 Hamburg (State) 65
7
44
9512 94
5312 23
55
External sees f 731 25 ser_1957 AO 50 Sale 49
Heidelberg(Germany)extl 730' 0 J J 91
44
5
874 8712
2
43
5514 Heisingtore(City) ext 630.-1960 A 0 87
53
54
55
External sec s f 7s 3d ser.1957 AO 50
90 88
1005
8
Antwerp (City) external 58_1958 JD 1005 Sale 100
9614 101
Hungarian Muni()Loan 7348 1945 J J 88
8 30
10
Sept 1 1946 J J 82 Sale 80
91
8
Argentine Govt Pub Wks68.1960 AO 9114 915 90 8
5
89% 91%
External s 17s
8
Argentine Nation (Govt of)
Hungarian Land M Inst 7343)'61 M N e9278 Bale 927
9112 30
Sink fund Os of June 1925_1959 in 9112 Sale 9012
90
91%
Sinking fund 7345 ser 13_1961 MN 87 Sale 85
8
7368_1944 F A 101 1017 01
9112 72
Esti s f 65 of Oct 1925_1959 AO 9112 Bale 9012
89 4 9134 Hungary (Klngdof)af
3
2
2
913
4 24
Sink fund 13s series A____ 1957 MS 9112 Sale 90%
8918 92
Irish Free State extl
As--1960 M N 1027 Sale 027
/
4
9112 31
External 6s series B-Dec 1958 Jo 9114 Sale 91
8912 9112 Italy (Kingdom of) extl 7s._1951 J D 991 Bale 9512
96
59
9112
Eat! s f Os of May 1928._1980 MN 9112 Sale 9012
893 9112 Italian Creel Consortium 78 A '37 M S 96% 97
4
9118 13
External 51 tie (State Ry)-1960 MS 91 Sale 9012
897 91%
2
Extertial sec s I 7s ser B _1947M S 93 Sale 93
8912 9112 Italian Public Utility extl 78.1952 J J 9112 Sale 9114
3
9111 86
Eat' Sanitary Works.__1961 FA 9114 Sale 90 4
(Se
9112 136
Extl Os pub wks(May'27)_1961 MN 91 Sale 90%
8912 91% JaPaneseGovt30-year s 16 Hs 1951 F A 10518 Sale 0412
8
23
4
87
Public Works eat! 534s_1962 FA 8512 Sale 8512
83
87
Exti sinking fund 534s_.1965 M N 945 Sale 933
10
86
83
8712 83%
Argentine Treasury 5s B-- _1945 MS 84
86
Jugoslavia (State Mtge Bank)
4
246
3
68
/
1
4
1957 A 0 813 Sale 80 4
56
76
Australia 30-yr 58_ _July 15 1955ii 57 Sale 56
Secured at g is
6712 145
1947 F A 86% Sale 804
55
External 5501 1927_ _Sept 1957 MS 57 Sale 55
75
Leipzig (Germany)s f 78
9912
81
62
External g 434s of 1928_ -1956 MN 55 Bale 5212
5212 69
/ Lower Austria (Prov) 7348_1950 J D 991a 100
1
4
/
1
1063
8 24 1033 10612 Lyons(City of) 15-year 65-1934 MN 105 Sale 044
1943 in 10512 Sale 105
4
Austrian (Govt) a f 78
4,
9612 157
9612 Marseilles(City 00 15-yr 62-1934 M N 105 Sale 0 4
90
International s I 7s
1957 Ji 0614 Sale 9618
8712 18
Bavaria (Free State)634s-1945 FA 86 Sale 86
78 . 8712 Medellin (Colombia)0345- _1954J D 4612 4812 48
814
1073 Jan'31 8
Belgium 20-yr s f 8s
1941 FA
1073 10778 Mexican Irrlgat Asstng 4 He_1943
8
26
35 107% 110
25
-year external 636s
1949 M S iio Sale 10912 110
Mexico (US) extl 55 of 1899 £'45 („i .1
10312 73 101% 104
1945 -- 104 Sale 10
External s f 6s
1955 J J 10312 Sale 103
Assenting Is of 1899
65 11012 114
4
93 1112 11
External 30
-year a I 7s_1955 JD 114 Sale
Assenting 58large
4
714 63
105 1073 111
111
4
7
Stabilization loan 7s
1956 MN 1103 Sale 110
4
Assenting 4s of 1904
812
6 100% 10112
10112
84 Sale
Bergen(Norway)25-yref Os 1949 AO 10114 Sale 10114
Assenting 4s of 1910
8
9612
97
large.........
Oct 15 1949 AO 9618 97
95
Eat's 58
Assenting 48 of 1910
97
7
9
9512
4
9412 07
96
12
1960 MS 953 96
Extl s 1 5s
Assenting 4s of 1910small.....
1012
26
4
80
J
7018 80
Berlin (Germany) s I 630-1950 AO 80 Sale 783
Tress 6s of'13 assent(large)'33
8
7238 20
66
7358
External sink fund 68--1958 JD 72 Sale 7118
Small _ _
7
8278
83 82
Bogota (City) extl s 1 8s- _1946 AO 81
76
8478 Milan (City.Italy) extl 6 Hs 1952 A 0 87 Sale 8618
s
9,,
4114 30
N 40 Sale 40
54% Minas Geraes(State) Brazil:
33
Bolivia (Republic of) eat'68_1947
53 Sale 53
3012 23
25
36%
External securities 7s
1958 Ji 30 Sale 30
External s 6344 277
8 31
External s 1 7s
1969 MS 2512 Sale 2512
2514 34
Ext1 sec 634s series A __1959 M S 55 Sale 55
21 1033 105
3
8 105
,_1052 J D 85 4 8911 85
MN 105 Sale 1043
Bordeaux (City o1) I5-yr 613_1934
4
Montevideo (City of) is..
76
7712
38
85
series A_ __ -1959 M N
71
Brazil (0 S of) external 8s._1941 JD 86 Sale 8512
External s
92
65 224
119552 AF S
8
8
External at 614s of 1936_1957 AO 627 Sale 6112
6914 Netherlands 33s (flat prices)_-19977 114 0A 106 107 106
55,
2
56 Sale 55
4
6312 101
pr
Extl sf634e of 1927
694 New So Wales(State)(nal5e
1957 AO 6312 Sale 613
50
551y Sale 5512
18
65
1952 JD 65 Sale 65
• 7s (Central Railway)
7612
Externals 1.5s
50
1995 AFF 0AA 10512 Sale 10512
119424
43
-year eat'68
993 102
4
734e (coffee seeur) £(11a0-1952 AO 101 104 102 Feb'31
Norway 20
965
8 31
90
Bremen (State of) extl 731_1935 M S 964 Sale 96
t 10512 Sale 10512
-year external 58
97
20
9 54 7212 30-year external 65
6178
1024 1024 10214
Brisbane (City) a 1 55
1957 MS 54 Sale 54
603
4
4 19
1965 J D 103 Sale 1023
53 69
Sinking fund gold 531
1958 FA 53 Sale 53
40-yeur 81530
727
8 19
67
20 years I(is
1950 JD 7012 Sale 67
83
External s 54- _Mar 15 1963 M S nu lova 101
713
4 42
• Budapest (City) extl at 13a_ _1962 in 7112 Sale 7012
64
71%
Municipal Bank exit s f 5s 1967 J D 10011 10034 10038
10
90
901 89
89
80
902
4
/
4
Buenos Aires(City)634s2 B 1955 J
Municipal Bank ext1331 55.1970 J D 1011 10212 10178
8
19 2 F A
5
84% 8458 Nuremburg (City) m3168_1946 F A 7512 Sale 7314
External a f (is ser C-2._ _1960 AO 84% 100 845 Feb'31
2
82
83 82
803 85
4
4
External s i Os ser C-3_ __ _1960 AO 81
M N 103 10312 1023
Oslo(City)30-years
69
71
62
71
993 101
4
Buenos Aires (Prey) ext." 6s.1961 MS 69 Sale 69
993
4
Sinking fund 5345
23
71
62
71
1961 F A 7014 Sale 6918
8
Exti s 16345
8
Panama (Rep) cad 5368.- 1953.3 D 1013 10214 1013
2
694
693
4
8
6511 70
Bulgaria (Kingdom) a f 7s 1967 J J 693 70
Eat's 5s ser A May 15 1983 M N 87 Sale 87
7912 31
7812 Sale 78
7912 Pernambuco (State of) esti 7' M S 58 Sale 58
69
Stabirn a 1 7343) Nov 15 '68
8 47
8
64
633 62
5912 66
Peru (Rep of) external 78.--1959 M S 49 Bale 49
Caldas Dept of(Colombia)734s'46 JJ 62
4 10014 10012
10014
Canada (Dominion of) 55.--1931 AO 10014 Sale 10014
Nat Loan exti ef fle 1st ser 1960
D 30 Sale 30
54 10312 10612
4
1952 MN 1053 Sale 1054 106
Nat Loan extl s f 2(1 Set-1961 A 0 29 Sale 29
533
10212 94 10008 10213 Poland (Rep of) gold 62
1936 FA 10218 Sale 102
4344
1910 A 0 684 Sale 6814
6 103 108
4 108
1954 ii 108 1091 1073
1947 A 0 8114 Sale 80
Carlsbad (City) a 1 83
Stabilization loan a 7a
7
64%
6512
65
00
68
External sink fund g 84-1950 J J 90 Sale 8714
Cauca Val(Dept) Colom 7348'46 AO 64
71
73
Porto Alegre(City of) 8s_ -1961 J D
Central Agile Bank (Germany)
13
87
784 4374
Ext1 guar sink fund 7345-1966 J J 564 Sale 5678
Farm Loan at 7e.Sept 15 1950 MS 8614 Sale 8512
797
8 71
..1 79 Sale 78
68
80
Prussia (Free State) esti 6342 '51 A 0 8014 Sale 79
Farm Loans f 6s_July 15 1960
4
4
79 4 116
,
7
6812 80
Externals 6s
1952 M S 74 8 Sale 7414
Farm Loan s f 633_0ct 15 1960 A 0 783 Sale 773
8612 65
4
783 87
4
Queensland (State) extl 13178 1941 A 0 87 Sale 8615
Farm Loan()seer A Apr 15 1938 AO 843 Sale 8314
9712 29
8818 9712
1942 MN 96 Sale 96
25-year external(is
1947 F A 74 Sale 74
Chile (Rep)-ext s f 75
8014 78
72
83
7412 68
Rio Grande do Sul extl st84-1946 A 0 69
External sinking fund 64_1960 AO 7914 Sale 79
14
81
73
83
7914 Sale 7914
1961 F A
External sinking fund Os....1908J D 4314 Sale 4218
External s f Os
.2 7912 Sale 7912
9
81
713 83
4
/
1
4
Externals 178 of 1926_ -1966 M N 5312 Sale 5018
1961
Ry ref eati s f (is
16
80
72
8322
8
/
1
1961 M S 793 797 794
External 3175 munlc loan-1967 J D 4912 527 52
Exti sinking fund (is
45
4
81
7472 83
7812 76
Rio xte aul s t6ms
Ede Laeiro25-year 5188.1946 A 0 76
4
1962 MS 793 Sale 793
Eatl sinking fund 65
80 2 33
3
MN 794 Sale 7914
2
1953 F A 5914 Sale 58
71, 8212
Eati sinking fund 6
5
1963
14
744 gg
86
4
Rome (City) extl 6348
1952 A 0 88 Sale 863
Chile Mtge Bk 6348 June 30 1957 J D 844 Sale 84
7
86
78
8612 Rotterdam (City) eat' Or -1964 M N 10412 _--- 1043
4
S 1 634s of 1920.. June 30 1961 1 D8412 851 8412
7613
69
794 Roumania(Monopolies)78-1959 F A 8114 Sale 800
8
784 46
/
1
8
Apr 30 1961
Guars 68
11
79
72
77
8118 saorpruec en y ity,44_mar 19 2 01 N 8312 85 86
N
Saa bauiokcit Cs t 6
,J J
93
5
( (
) )
1982
Guar s f 88
24
82
4
72
693 Sale 693
4
4
82
3
1960 MS 80 4 82 803
Chilean Cons Mimic 7a
260 28
4
27 Feb'31
27
4
4
External 11 1 6 Hs of 1927-1957 M N 543 Sale 543
Chinese (Hukuang Ry) 58_1951 J D 24
3 100 103
San Paulo (State) exti 51 85.1930.3 .1 8614 Sale 86
Christiania (Oslo) 30-yr a f 6s '54 M S 10118 102 101% 102
8212 13
7214 8212
1950.3 J 71 Sale 71
External sec s f 841
Cologne(CityGermany 8345 1950 M S 8212 Sale 78%
6612 69
6812 49
703 684
4
J 6612 Sale 07
External s f 7s Water L'n_1956 Id S 65
COlombla (Republic) 6.4.- _1981
33
68
56
69
.1 47 Sale 45
1968
External abs
External a f Os of 1928_1961 AO 67 Sale 6612
7
63
5214 63
1940A 0 8212 Sale 814
65 6212
Secured s 7s
Colombia Mtg Bank 634s of 1917 AO 63
3
55
8
655
8
67
Santa Fe (Prov Arg Rep) 70_1942 M S 8012 8312 8012
4
Sinking fund is of 1926-1946 M N 6518 660 645
10
63
65
8
65
56
653 Saxon State Mtge Dist Ts_ -1945 J D 8714 877 877
4
Sinking fund 75 of 1927.1947 FA 63
64
964 100
Sinking fund g )4s_ _Dec 1946 J D 8714 Sale 8218
D 100 Sale 9912 100
1952
Copenhagen (City) 513
5
9514 97
9314 9514 Seine, Dept of (France)extl 78'42 J J 10712 Sale 10714
1953 M 1.4 9514 Sale 94 8
25-yr g 434s
5
5712 69
6418
6712
4
Serbs. Croats & Slovenee 88_1962 M N 92 Sale 913
65
Cordoba (City) extl a f 78_1957 PA 64
4
64
83
4
83
3
1962 M N 803 Sale 80 4
Extemal sec 7s ser 1.1
85 82
Externals 1 7a___Nov 15 1937 MN 83
13
7311 80
79
1955 F A 67 Sale 66
Sydney (City)s 5 Hs
Argentina 7a '42 .5 1 7812 Sale 7812
Cordoba (Prov)
73
7914 Silesia (Prov of) ext1 78
31
1958 J D 6212 63 63
78
0
7618 784 77 8
Costa Rica (Repub) extl 78.1951 141 N
72 Sale 70
6
95
98
Silesian Landowners Assn 65.1947 F A
5
95
98
Cuba (Republic) 5a of 1904_1944 MS 95
118 100
21
100
Solssons (City of) extl 65._ _1938 M N 10514 106 10514
98
A__
External 5801 1914 ser A.1949 F
1946 F A 9418 Sale 94
85% 87
Styria (Prov) external 7s
4
,
External loan 434a ser C_1940 F Al -8512 87 4 853 Feb'31
c Cash 'ale. e On the Muds of 55 to the £ sterling. s Option sales.
82 sare
Ni
,
1
11
High No
9712
7912
95
67
575
8 27
1103
4 20
1093
4 19
Feb'31
Jan'31
10614 16
10112 45
9714 151
9812 19
28
93
87
21
23
88
3
863
4
10212 11
10214 19
Feb'31
10112 25
6
101
Feb'31
19
89
7
943
4
903
4 20
8234 21
91
4
2
91
81
18
127
126
1217 132
8
Range
Since
Jan. 1.
Low
High
963 99
4
81
72
46% 6012
1093 111
4
1093 1103
4
4
1074 10814
1074 1073
4
1047 10714 •
8
10012 102
93 8 9714
3
96
984
88
93
85 90
84
89 4
3
7912 4663
4
10112 10212
101 102%
100 4 102
3
100 4 10211
3
99 10214
52
62
84
8914
9312 98
88
90%
78
823
4
87
92
893 9214
4
69
81
1251a 127
120 1217
s
7714
103
10113
107
Apr'30
8812
100
108
10112
8814
9512
8212
Dee'31
8712
91
82
92 8
7
87
102
103
094
9612
9614
9112
10514
943
4
584
293
.14
388
6914 77
/
1
4
99 103
/
1
4
964 10112
105 107
191
23
4
11
118
4
45
0
-8512
813
4
8634
Feb'31
105
105
49
Feb'31
Apr'30
101a
Feb'31
63
4
812
8
718
Feb'31
Feb'31
87
31
5
1
5
23
1
5
27
118
290
5
33
54
212
176
27
15
25
11
1
5
5
8
21
5812 26
13
58
2
8612
4
78
5
106
62 8 133
7
6214 31
25
106
1053
4 29
10258 16
10338 83
1011 36
/ 11
4
urn
3
1017
8
9
753
4
12
104
11
100
10214 28
17
88
5912 15
533
4 30
3324 Ill
323
4 28
22
69
8114 126
55
90
Feb'31
.6112
9
8014 27
33
75
9014 128
83
79
7012 13
4512 47
5518 20
3
52
2
77
6112 120
145
88
Feb'31
76
83
1
86
17
71
11
62
861
9
9
74
16
687
24
47
159
84
9
813
9
88
55
843
1070
a 45
9214 24
61
82
30
70
44
65
25
72
7
10512
5
94 14
age 1007a
104 106
99 102
83
8814
0312 9612
79 8212
94
94
5014 5712
8114 91
72
82
8242 egg%
82
873
4
9912 102
1014 104
9272 993
4
93
12 9612
85
9514
78
9214
102 10514
/
1
4
913 94
4
/
1
4
7634 82
773 88
4
98 8 100
0
103 4 105
0
1034 105
40
534
84 2454
10
11
63
4
812
8
63
4
10
8
753
4
"lc
113
2
9
/
1
4
10 4
3
1014
93
4
13
/
1
4
1314
87
14
47
05
45
65
74
884
74
80
10518 106
55
6911
5512 6812
10412 10614
1043 1064
4
101% 1023
4
1013 1033
4
2
10012 10112
1004 101
10018 loos
66
753
4
10012 104
Ms 101
10012 10214
9112
87
42
67
41
604
284 4014
284 40
6334 70
7518 8114
82
90
597 770
8
3
52
654
7211 8014
6812 7512
8612 99
875
2
74
79
65
394 5112
4813 65
47
593
4
80
65
82
40
8812
78
103 1054
/ 83
1
4
73
8312 88 4
8
85
63
4612 621a
91
84
65
83
5512 7812
3914 63
72
841
4
78
8211
784 89
4
744 843
10612 1075
s
Ma 9214
8412
77
66
78
5813 68
60
7212
103 10512
90
9524
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 20.
.11
Price
Friday
Feb.20.
Week's
Range or
Last Sale.
Foreign Govt. & Municipals.
Ask Low
Bid
Sweden external loan 530_1954 M N 10512 1054 1054
Switzerland Govt exti 548_ _1946 A 0 1054 Sale 1055
8
Tokyo City 58 loan of 1912_1952 M S 8012 81
8014
Externals 1 548 guar_ _ __1961 A 0 9234 Bale 9214
Tolima (Dept of) en'78_ _ __I947 M N 6234 Bale 58
'Frondhjem (City) 1st 548_1957 M N 9818 99 9812
4
,
Upper Austria (Prov) 75.___1945 J D 99 4 10014 993
Externals 8145 June 15 1957 J D 8934 Sale 8934
,
Uruguay (Republic) extl 88.1946 F A 101 8 Sale 1014
External !Kg
1960 M N 8012 Sale 8014
EAU 86 68
,
May 1 1964 M N 80 82 80
Venetian Prey Mtge Bank 78 '52 A 0 9612 Sale 9612
Vienna (City of) exti B f 68__1952 MN 88 Sale 8713
Warsaw (City) external 7s__1958 F A 63 Sale 6218
Yokohama (City) esti 68-1961 J D 981g Bale 9712
Railroad
Ala CIL Sou let cons A 58___1943 J D
1st cons 48 ser 13
1943 J D
Mb & Susq 1st guar 354s_1946 A 0
Alleg & West 1st g gu 4s___ _1998 A 0
Mies Val gen guar g 48
1942 M 5
Ann Arbor let g 4s_ _ __July 1995 Q
Atch Top & S Fe—Gen g 0.1995 A 0
Registered
A 0
Adjustment gold 48_ _July 1995 Nov
Stamped
July 1995 M N
Registered
MN
Cony gold 48 of 1909
1955 J D
Cony0of 1905
1955 J D
Cony g 48 issue of 1910
1960 J D
Cony deb 434s
1948• D
Rocky Mtn Div 1st 48_ _1965 J .1
Trans
-Con Short L let 48_1958 j 3
Cal-Ariz 1st & ref 4345 A_1962 M S
AU Knoxv & Nor 1st g 58 1946 2
AU & Chad A L ist 44s A 1944 J J
1st 30
-year 5s series 1.1 _1944 J J
Atlantic City 1st cons 48
1951 j
All Coast Line 1st cons 48 July '52 M B
Registered
MS
General unified 4948 —1964 J 13
L & N coll gold 48 _Oct 1952 MN
AU & Dan lat g 4s
j943 .T
2d 4a
1948 j
All & Yad 1st guar 48
1949 A0
Austin & N W 1st gu g 58.-1941• J
Balt&°Moist g 4s_ _ July 1948 A 0
Registered
July 1948
20
-year cony 410
1933
Registered
M B
Refund & gen 58 series A 1995 J D
Registered
J D
1st gold 58
July 1948 A
Ref & gen Miseries C
_1995 J D
PLEA W Va Sys ref 48__1941
N
Southw Div 1st fis
1950 J J
Tol& Cln Div 1st ref 48 A.1959
Ref & gen 5s series 13.....2000 M 9
Cony 4345
1960 F A
Bangor & Aroostook 1st 58_1943 J J
Con ref 4s
'951 J J
Battle Crk & Stur 1st gu
D
-1989
Beech Creek let gu g 4s 3, 1936
1
2d guar g 53
1938 J J
Beech Crk ext 1st g 34 s_1951 AO
Belvidere Del cons gu 348_1943 j j
Big Sandy let 48 guar
1944 D
Boston es Maine 1st 58 A C.1967 M S
1st m 58 series 2
1955 M N
Boston &N Y Air Line let 48 1955 F A
Bruns es West 1st gu g 49-1938 J J
Buff Rocffes Pitts gen g 58_ _1937 M S
Consol 448
1957 MN
Burl C R & Nor 1st & coil 68.1934 A 0
sq,
Range
Since
Jan. 1.
High No. Low
High
106
19 1044 106
106
7 10538 107
80 8 14
5
774 8114
884 9284
923
4 27
834 56
404 65
984
5
974 99
100
9
9812 100
9014 13
87
912
4
103
12 98 104
82
61
75 843
4
8014
5
75
8413
97
12
934 98
8814 61
834 89
6414 45
5512 6414
9814 40
95 984
10314 ___ 103 Nov'30
-- 948 Oct'30
4
905
8
4
61
2 -aElia - -8914 Bale 894
86 864
,
86 4 ___ 8614 Feb'31 ____
9818 9818
4 9812 984 Jan'31
961 80 Feb'31 ____
80 81
79 4 804
,
991 144
975 9912
9878 Bale 984
8
97 Feb'31 ____
96 98
e 9612
1
9478 97
961
964
961
67
944 9714
96 Sale 95
8718 9412 9118 Sept'30
95
964 --- 96 Feb'31 ____
96
9414 974
97 96
964 93 ---- 9214 Oct'30
1214
136 iI
1194 Sale 119
121
97
27 94 97
95 974 9412
9714
7 95 9714
9714 Sale 9614
1041
24 102 105
1044 105 103
10318 - - 1034 Feb'31 ____ 10312 10312
9813 103 98 Jan'31 ____
- 974 98
,
1034 10412 1044 Feb'31 ____ 103 104 8
1
90 944
904 9212 9034
903
98
, 21
9513 9714
963 Bale 96
4
9212 May'30
9934
e 99 4 100
6 99 102
,
91
34 89 9212
91 Sale 9012
1
3 4 40
42 51
9
48
54 48
51
3018 38 40 Feb'31
71
1
65 71
68 7
5 71
10314 —__ 10114 Jan'3110114 10114
977
30 96 984
973 Sale 9712
8
9512
_ 9512 Feb'31
9512 9512
101
9954 101 8
,
5.1 10112
9314 99 3
103i8 Sale 10932 D104 ,
- 102 4 Aug'3
ioirs 11112 lova 10838
10914 110 10918
9758 Sale 9612
10412 Sale 10414
86 Bale 8514
104 Sale 10313
964
10633 807e 104
94 4 1 al
90 Bale 8778
4
67 713 624
984 9912 9812
- 100
85 3
,
894
9514 -9712
10213 Sale 101
10214 Sale 1004
8313 85 8218
9614 98 961
10212 102 4 10112
,
e 8814
4
1018 10214 10214
1091
973
1041
861
104
97
104
90
Dec'30
Jan'31
Jan'30
854
'42
-
2 -aLEa 8514
103
39
10314 143
85 2
Dec'30
Jan'31
90
21
10214 14
6
Canada Sou cons gu As A...1962 A 0 10613 10711 10613 1064
994 20
Canadian Nat 4 48..Sept 15 1954 M S 9834 Sale 9834
30
9914 80
8
,
-year gold 410
1957 .1 J 98 4 Sale 985
99 Bale 99
994 28
Gold 4145
1968 j
Guaranteed g 58____JulY 1969 J J 10514 Sale 10518 10512 11
Guaranteed g 58 __Oct 1969 A 0 10512 Sale 10514 10512 55
Guaranteed g 68
1970 F A 10514 Bale 10514 10538 11
Guar gold 448___June 15 1955 J D 1014 Bale 1014 10134 57
.Canadian North deb ef 7s-1940 J D 11114 1114 1114 11112 25
25
-year 51 deb 645
8
4 10
1946 J J 1173 118 11714 1173
11314 Jan'30
Registered
10-yr gold 414s___Feb 15 1935 F A i6i
10114 34
101
Canadian Pao Ry 4% deb stock.. J J 8714 Bale 87
874 42
Col tr 44a
10111 11
1946 M S 1004 10112 101
Se equip trot!.
1944 J J 10418 Bale 10418 104 4 27
,
Coll tr g 5s
Dee 1 1954 J D 10314 10312 1034 10314
3
Collateral trust 4 348
1960 J J 09 Bale 984
9914 66
Carbondale & Shaw 1st g 43_1932 M 8 97
- 9832 Oct'30
Caro Cent 1st cons g 48 _ _1949 J J 75 5171e 75
- 75
3
Caro Clinch &0 1st 30-yr58_1938 ID 102
___ 102
7
103
18t & con g 6s ser A Deo 16'52
1083 109 10818 109
4 9
Cart 'e Ad 1st gu g 411
1981 J 13 85
88 91
Jan'31 ____
Cent Branch U P 1st g 48
1948 D 82 83 82 Feb'31 ____
Central of Ga 1st g 58—Nov 1945 F A 10114 104 10114 Feb'31 __
Consol gold 5s
1945 M N 100 Sale 100
100
7
Registered
MN --------100 Feb'30
Ref & gen 548 aeries B.__1959 A 0 99 Bale 99
994
9
Ref & gen 5s series C
1959 A 0 9012 034 9114
92
10
Chatt Div pur money g0 1951 ID 87 Bale 87
87
5
Mac & Nor Div 1st g 58-1946• J 1004 ____ 1004 Feb'31 --__
Mid Oa & Atl Div pur m ba '47 J J 10112 -.-- 10212 Sept'30
Mobile Div 1st g 53
9818 ___ 104 Oct'30
1946 J
Cent New Eng 1st g11 411-- —1961 J J 86 88 8614
88
10
Cent RR & Bkg of Oa coil 59 1937 MN 99
9912 9812 Feb'31 __
Central of NJ gen gold 53.-1987 J J 1124 Sale 11212 113
31
Registered
1987 Q J 109 112 11413 Jan'31 ____
General 48_
1987 J 1 95
9812 98 Feb'31
Cent Pao 1st ref gu g 4s__1949 F A 96% 9718 963
8
97
75
Registered
96 8 95 Sept'30
,
F A 05
_Through Short L 1st gu 48 1954 A 0 90
963 9618 Jan'31
4
Guaranteed g 58
1960 F A 1043 Sale 10414 1044 13
4
Charleston & Say% 151 78_1936 1 j 10818 ____ 108 Dee'29
Cbes Jr Ohio 1st eon g 5a.- _ -1939 MN 105
___ 105
105
1
Registered
1939
N 10314 1044 10318 Jan'31 ____
1992 M S 10413 10578 1044 1057 158
General gold 430
8
Registered
M S 100 10014 10112 Oct'30
-1993 A 0 10134 Bale 1004 1017
Ref & Impt 4;ie.__ _
8 87
• J 10112 Sale 101
Ref &'mot 4 48 ser B —1995
10134 97
Craig Valley 1st 58._hfay 1940• J 10214 105 10214 Jan'31
4 ___ 90 Nov'30
Potts Creek Branch 1st 48-1946 J J 938
3
9712 95 4 Feb'31
R& A Div lat con g 48-1989• 5 96 1989
924 ___ 9413 Jan'31 _-__
2d consol gold 4s
101 107 1014 Dec'30
Warm Spring V 1st g 511-1941 M
Cheap Corp cony 58..MaY 15 '47 M N 10018 Sale 9934 1004 180
72
Chic & Alton RR ref g 38-1949 A 0 72 Sale 71
12
69
72 69 Feb'31 ____
CU deP stPd Oct 1930 int-___
7614 79 4 2
Railway first lien 334s...1950
,
704
131v 330_1949 2 .1 91 - -,- 91
91 4
9114
Chic Burl &
6
91
J
Jan'31 ____
Registered
1949 J J 9814 Sale 9714
974 21
Illinois Division 4s
1958 al 5 984 9812 97
984 31
General 48
103 Sale 102% 103
1977i F
8
1st & ref 4 49 ser B
10912
let & ref 5s series A ...1971 F A 10912 Sale 10914
9
Option gales.
sCash sales.
10114 1041±
8
15 ioii Riffs
30 10711 1104
4
57 9512 4983
41 10212 10513
7 83 864
42 101 4 104
,
183 9213 c99
1 103 104
51
8613 90
-5;08
9912 103
994 10314
81
85
• BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 20.
1381
Price
Friday
Feb.20.
t
1Veek's
Range or
Last Sale.
Range
Since
Jan. 1.
Rid
Ask Low
High No.
Chicago & East Ill 1st 65._A934 A0 101
102 Dec'30
CAR Ill Ry (new co) con 58 .1951 MN 45 Sale 4314
4512 41
1982 MN 10518 107 105
C1113 & Erie let gold 5a
10518
Chicago Great West 1st 43..1959 MS 69 Sale 6818
6914 94
Chic Ind & Louisv ref 6L-1947 J J 10512 111 110 Jan'31
Refunding gold 58
1947 21 100 10312 10112 Feb'31 _
Refunding 48 series C__.A947 21 90
9314 93 Nov'30
let & gen 58 series A
1968 MN 82 88 4 87
,
7
8814
1st & gen 65 ser II _May 1966 J J 9812 Sale 984
98 4 23
,
Chic Ind & Sou 50-yr 48
1956• J 9213 9814 95 Feb'31
Chic L S & East let 448-1969 ID 984 10214 10034 10014
1
Ch 111 & St P gen 48 A_May 1989 J J 8612 87 4 86 4
, ,
86 4 11
,
Registered
@
84 Oct'30
Gen g 34s ser B.---MaY 1989 J J 75 Sale 75
75
6
Gen 4
series C .May 1989 J J 92 4 97 4 96
, ,
96
7
Gen448series E_May 1989 33 96 Bale 9512
26
96
Gen 4%seedsF __ _ _May 1989 J
9912 100 9912 10038
9
Chic Milw St PA Pee 58_1975 FA 7214 Sale 70
73321 327
Cony adj 5s
Jan 1 2000 A0 2912 Sale 2733
3134 757
Chic & No West gen g 390_1987 MN 78 4 Sale 7838
,
79
J F 72
Registered
78 77 June'30
General 48
1987 MN 8914 91
91
91
11
Stpd 48 non-p Fed Inc tax'87 MN 8914 9212 91 Feb'31
Gen 443stpd Fed inc tax_1087 MN 103 -_
10238 Feb'31
Gen 58 stpd Fed Inc tax-1987 MN 10912 Bale 1084 10912 10
MN
Registered
106 10512 July'30
Sinking fund deb 5a
1933 MN 10178 1023 10178 10178
4
3
MN 1004 102 4 99 Feb'30
Registered
,
15
-year secured g 850_1936 MB 10812 Bale 10818 10812 22
1st ref g 58
May 2037 J D 103 Bale 102
103
10
1st & ref 4345
May 2037• D 9212 9312 9212
9318 21
let & ref 434s ser C May 2037 21) 9212 93 93
7
93
Cony 448 series A _ _1949 MN 91 4 Bale 90
,
91 4 77
,
Chic R I & P Rahway gen 48 1988 J
Registered
Refunding gold 48
A
1934 A 0
Registered
Secured 430 aeries A _1952 M
Cony g 448
1960 M N
Ch St L & N 0 bs_June 15 1951 J D
Registered
J 13
Gold 3348
June 15 19511 D
Memphis Div let g 4a____1951 J D
Cb fit L & P 1st cons g 58.__1932 A 0
Registered
A 0
Chlcogu &13o East lat 58_1960 J
in TH 50
Dec 1 1960 M B
Chic Un Sta'n let gu 430 A_1963 J J
1st 58 series B
J
1963
Guaranteed g 58
1st guar 6545 series C —1943.1.1
196411 13
Chic & West Ind con 49
1952 J J
1st ref 548 aeries A
1962 MS
C1109 Okla & Gulf cons 59_1952 M N
Cin H & D 2d gold 44s— —1937 J J
C I St L & C 1st g 4s_Aug 2 1936 Q F
Registered
Aug 2 1936 Q F
01nLeb de Nor let con gu 0_1942 MN
Cin Union Term 1st 434s.2020 J J
Clearfield & Mall 1st gu 5s..1943I J
Cleve CBI Ch & St L gen 43-1993 J D
General bs series B
19931 D
Ref&impt 63serC
1941 J J
Ref & impt Si see D
Revirhe misst ger E.- —1977 I
f ds in ptu 43
d
19 3 J
6
Cairo Div let gold 43..--1939 J
trlstgg448132:1199990 J
1
Cin Wa 1st coil
Bt L Dly M
M
Spr & Col Div 1st g 4s..1940 M
c c c A al eniYom g
W W Vi AD e lst g
.1
4
: 93 1
1 40
J
N
S
.1
3
i614 I6 4 Cley Lor & W con 1st g 53..1933 A 0
m112 C 0
83 05-4
9
2
Clevel & Mahon Val g 58_ __ _1938 J J
CI& Mar 1st gu g 4;0
1935 M N
105 10812 Cleve & P gen gu 44s ser B _1942 A 0
98 99 4
,
9714 99
Ber: 44
ri9 B 3 48
le A
9
11
.1
NE
974 994
Series C 34s
o:
N
48
. 11
m 11
104 10512
Series D 3349
1034 10512
Gen 414s SOFA
104 106 Cleve Shor Line 1st gu 4
1003 102 8 Cleve g tn1 n Tie, 1st 5
8 ,
mt U 5 se er
Union
48.1972 A 0
11018 11112
13
11511 118
1st f guar 448 series C— I9P
S
, ut3i y lsAgu 44_ma:1935 .1 D
R
n,,
ilEr lh rseref tAext s _ _ 915 Ai N
ts
;15111 16112 CCOaceki)
864 8914
Col & H V Ist ext g
102 1054 Col & Tol 181 ext 4s48
9 34 1911
9
10112 10412 Conn & Protium Itly 1st J99945 ANF A0
948°8 NO
5 3 AI
984 100 Cows! Ry non-cony 4s _1954 J J
Non-cony deb 48
"fi- Non-cony deb 48
102 103
Non-cony debenture
.1 3
119556 1 4
1074 1094 Cuba Nor Ry 1st 530 45_199555 0 D
1942 J
01
91
Cuba RR lat 50
-year 56 g _ _1952 J J
80 82
let ref 748 aeries A
101 10114
let lien & ref 83 ser 13 —19 J
36I
1936
9912 10112
Del & Hudson lat & ref 0_1943 M N
166- . 30
-year cony 5s
90
9518
15
-year 54a
193 A
193 MN
5
7
87 87
D RR & Bridge 1st gu g 4a-1936 F 0
A
100 101
Defl&RGlstcoflsg4s_.19363 J
Consol gold 454s
Den & G West gen 5s_Aug 1955 I A
9 F I
36
-61 88
Ref & impt 58 ser
1978
9612 9812 Des 1 & Ft D 1st gu13.Apr 1935 A 0
49_
J J
11218 116
Certificates of deposit
110 11412 Des Plaines Val lst gen 448_1947 MS
9713 98
Det & Mae let lien g0
1955 ID
9512 9712
Gold 4s
J D
Detroit River Tunnel 4;0_1 61 MN
995
-5E4 664 tool Micaabe es Nor gen 58 1941 J J
102 105
Dul & Iron Range 1st 5s.1937 A 0
Dul Sou Shore & All g
_1937 J J
10424 100 East Ity Minn Nor Div58_ _ 48'48 A 0
1st
101 1034 East T Va & Ga Div 1st 55 1956 MN
1034 10678 Elgin Joliet es East 1st g 58_1941 MN
El Paso
1965 A 0
lat fs
-66is 10234 Erie 1st& W 48 prior
cony g
1996 I J
994 1024
Registered1996 J J
10214 10214
1st consol gen lien g 43_ _ _1996 J J
Registered
1996 12
. 663
4
Penn coil trust gold 48 _1951 F A
924 9413
50-year cony. 48 series A 1953 AO
Series B
1953 AG
-6E8 166-4
Ret & in vp4 ssertes D
Genco m tas
14
1953 AO
6711 73
M N
69
70
Ref & Inuit Ls of 1930.. 1977 AO
99
5
79 4 791
,
Erie & Jersey islet (is _1955 J .1
4
90 92
Genesee River 1st s f 88_1957 J .1
91
01
Erie & Pitts gu g 348 ger 13._1940 J J
984 9812
Soles C 354s
J I
967 9812 Fla Cent & Pen 1st cons g 58'49• J
8
1913
100 10314 Florida East Coast let 448_1959• D
10734 110
1st & ref 58 series A
.1974 MS
9312 45
914
Jan'31
91
9914 202
99
98 Nov'30
9238
9312 77
888
4
90'4 203
99 Dec'30 ---102 Mar'30 _ __ _
-833s
81 July'29 -,
8018 92 90 8 Dec'30 _10112
10134 Feb'31
101
101
1
8612
8612
8614
1
70
73 Feb'31
10314 6. - 10312 1034 10
1 2
1
105%
10518 10514
b
105 Sale 105
1054 15
11518 11614 11518
11518
4
9018 Bale 8914
9012 65
105 Bale 105
10512 lb
102 4
10218 Feb'31
,
98 - 1- 98 Jan'31
114
98
98 Jan'31
9012 98 94 Oct'30
964 Nov'30 __ _ _
9414
10412 Sale 10378 iO412 24
98
100 July'28
66
95 - - 94
95
78
11218 11378 1094 110
8
10412 105 105
105
1
104 8 1043 1045g 10434 10
,
4
100 4 Sale 10014 101
,
144
10112 Jan'31
9618 98 984 Feb'31
93 94 924
9214
/
1
904 927 9214 Feb'31
8
9514
9534 Feb'31
93 98 9518 Oct'30
103 4
,
10414 Jan'31
10134 Jan'31
10114
1014
101
Jan'31
101
99 4 101 101
,
2
10113
98 Dec'30 _ —_
8918
87 Mar'29 __
10112
10114 No7'30 ___
89
924 Jan'31
89
8618 May'30 ___ _
104 Bale 104
1044 23
10312 10412 1034 10412
8
109 4 110 1091
,
4 109 4
,
1
10612 10735 107 Feb'31
103 Sale 10234 1033
8 38
9514 10
9514 Sale 9514
10112 Bale 10138 10158 43
95 9514 94,4
958' 46
96 9614 95 4
,
95 4
,
1,
9512 96 9518
1
9518
_ , 90 Dec'30
72121
7118 - -- 7114
7414 16
714 7278 7112
3
7112
714 7413 70 Feb'31
7118 7314 70 Jan'30
4512 56
45 Sale 4314
63 Sale 6112
¢153
8 40
7214
73
6
72 4 77
,
82
70 65 Feb'31
924 Sale
927
g
2914 Bale
9314 Sale
8912 Sale
102
1
9612
9712
10112
101
10412 1045
4
98 Feb'31
97
9778
99 4 100
,
8112
8214
82
824 85 82
913
247g Sept'30
_ ___ 20
10
194 15 Dec'30
_ _ 99 Nov'30
9418
43 Dec'30
- 78 38 Dec'30
41_
104 Sale 104
104
1034 Dec'30
104
103 I0312 103
10314
- 60 60 Feb'31
9618 964 9618 Oct'30
10718 110 107 Feb'30
104 Sale 104
104
10212
- 103 Feb'31
8611 Sale 8618 87
8112 8312 82 Feb'31
75 Bale 75
76
68 Dec'30
9814 162 - 99 Jan'31
77 4
,
76
78
78
72
777 78 Feb'31
8
7034 7378 7012 Feb'31
831±
8234 Bale 8112
83
83 Bale 80
11018 11012 11014 11014
109 112 109
109
9212 Nov'30
923
4
857 Oct'29
8
92 4
,
8512 89 89 Feb'31
794 80 80
80
2414 Sale 24
25
10119 90214
97 1919
10434 10514
98
974 Sale
99 4
,
Low
High
-66- 16"
10418 106
6318 69 4
,
110 110
100 4 10214
,
87 90 i
3
9614 100
94 954
100 1004
831$ 8634
. 3Y14
9313 96
9312 961
4
974 101
6814 76
26 35
76 81
86 91
4
86 91
102% 10314
10634 10913
100" NIG
ioii. 109
101 103
92 96
91 4 958
,
7
874 93
9158 96
91
91
9818 sigh
"ii
953
8612 924
101 10134
101 101
8312 864
5978 73
102 8 105
,
10438 106
104 10512
11438 11634
8718 92
10212 10518
10134 103
98 98
98 98
ioi" 10
4
-iii4 967
1094 110
103 is 105
,
10312 105
9813 1015
4
100 1015
4
9712 98 4
1
.91 . 93
9214 92 8
7
9514 95 4
,
Jai,fa.;
10154 1014
101 101
10013 101
—
- .
1115
2
101 1004
10214 1944
10814 110
1054 107
1011g 1044
9514 99
101 101 4
,
93 97 4
,
92 95 4
,
931: 9518
-6914
68
70 •
884
4012
537
8
70
69
71 4
,
70
70
47
65 8
,
78
65
64 9514 97 8
5
6 10013 10113
3 1034 1034
98
98
80 95 99
9712 100
10
7815 8214
42
1
2
6
102 1631
4
80
601.
10424 166'4 104 10411
10218 10314
so 8414 asu
35
82 82
7214 7914
-egg foir
37
94
27
1
7414 7812
734 73 8
7
704 72
4
773 8412
77
84
109 11012
10618 110
"ii"
1
371
1'
77
80
2018 31
New York Bond Record-Continued-Page 3
1382
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 20.
t
Price
Fridati
Feb.20.
Week's
Range or
Last Sale.
' Range
Since
Jan. 1.
g
cci
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Feb. 20.
1 3!
3
-
Price
Friday
Feb.20.
Veek's
Range or
Last Sale.
g
2
824
Range
Since
Jan. 1.
Mak
High No. Low
Ask Low
Bid
High No. Low
High
Ask Low
Bid
212 Dec'30
1
26
24
2812 Mex Internat 1st 45 asstd__ _1977 M S
26
2518 26
Fonda Johns& Glov 1st 4%s 1952 MN
8
- 1003 997 Feb'31
8
Mich Cent Det&Bay City 581931 M S
Fort St U D Co 1st g 434s-1941 J J 9312 ---- 964 Aug'30
Jan'30
_ _ 100
QM
Ft W & Den C 1st g
___196I J D 1064
/
1
-- 105 Dec'30
4
1 16572 10:43"4
4
RegisteredMichi.in e 48
1940 .1 J 9718 983 973 Jan'31
Frem Elk & Mo Val 1st 6s_ -1933 A 0 10312 Sale 10312 10312
1951 MS 834 ---- 79 hlay'26
5 10012 10012
Jack Lans&Sag3j4s
OH&SAM&P1s5s.1931 MN 1003 1003 10012 10012
8
4
8914 11
1952 MN 8918 --- 89
Ist gold 340
10018 1003
4
2d extens 58 guar
8
1931 J
1003 1007 1003 Feb'31
4
4
/
1
4
10212 24 102 104
Jan'31
Ref & Inlet 4748 ser C_ _ _ _1979 J J 10212 Sale 102
98 100
Galy IIous & Hood 1st 5s
1933 A 0 9934 100 100
1
57 2
,
55
5712 MldofNJ 1st ext Ss _____ _ _1940 A 0 8712 9414 94 Nov'30 - Ga & Ala Ry 1st cons 5s Oct 1945 J .1 56
5712
60
98
9912 10 "iii2 9938Mil & Nor let ext 440(1880)19343 D 994 -- - Ga Caro & Nor 1st gu g 58 '29
97
9912
9912 10
8
95
1934.9 D 9912 Sale 9914
95
98
92
85
Cons ext4;is(1884)
Extended at6% to July 1_1934 -1 J 91
95
95
95 Feb'31
Jan'31
73
Mil Spar & N W 1st gu 48_ -1947 M S 9212 96
73
73
Georgia Midland 1st 3s
1946 A 0 ___ 75
90 A pr'28
Mllw & State Line 1st 3348-1941
4
Gouv & Oswegatehle Ist 5s_ _1942 J D 10018 10412 983 Feb'24
J
8 -1712 -We
1818
1818
io
2 "Hge IOC" mtim& St LouisLouis1st cons 66_1934 M N "" 30
101
10018 1003 10078
4
Gr R & I ext Ist gu g 4 Hs-1941 J
1818 21
17 Feb'31
30
20
4
1934 M
11112 31 11018 1113
Ctfs of deposit
Grand Trunk of Can deb 73_1940 A 0 11112 Sale 111
6
9
718
83
4 712 7
1949 M S
10712 30 10514 1073
4
1st & refunding gold 43
15
1936 M 5 107 Sale 107
-years f 6s
83% Dec'30
10
Ref & ext 50-yr 5s ser A _ _1962 Q F • 8
Grays Point Term 1st 58_ _1947 J D 9018 - --- 96 Nov'30
10 Nov'30
15
212 bOle 11154
1113
4
Certificates of deposit
Great Northern gen 78 sec A1936.9 .1 11112 Sale 111
883
4 31 -83"
Jan'31
M St P & SS M con g 4s int gu '38 J
_
881s Sale 88
109
109 109
Registered
3 D
8814 88
/
1
4
8
32
1938.3 .1 __-- 847 8812 Feb'31
. 101
99 1017
8
Ist cons 58
Ist & ref 4)4s series A__ -1981 J J ioois 101 100
94
/
1
4
1
93
92
93
9312 94
1093
4 34 1073 III
8
1st cons 53gu as to Int _ _ _1938 J
8
4
1952.9 J 1093 Sale 1087
General 540series B
9814 100
53
/ 100
1
4
8
10612
6 10312 10812
4
18t& rrf 011 trus
0-yeae,8erieg
c8
_ _ -1931 hi S 997 Sale 99
1973.9 J 10612 Sale 1053
General 58 series C
5
89
81
87
1946.3 .1 854 92 87
9812 Sale 981,
9812
7
97 100
/
1
4
General 4448 series D
1976 J J
3
024 67
6614
1949 M 5 6614 Sale 6218
/
1
96
25
97
/
1
4
984 63
994
-year 5748
General434sserlesE
1977 J J 9812 99
97
99 4
3
9812 37
9712 Sale 9712
1978 J
70
70 Dec'30
1st ref 54 ser B
0
,
Green Bay & West deb ctis A-- _ _ Feb 67
95 8 Dec'30
5
Jan'31
15 If"
19
20
1st Chicago Term s f 4s_ _ _1941 MN 95
17
Feb
Debentures ctfs B
97
Jan'31
"io"
____ 95
_ 91 Aug'30
/
1
4
Mississippi Central 1St 58.-1949 .7
Greenbrier RI 1st gu 4a___ -1910 M N
8
60
654
65
9712
-E1712 997 Mo-II1RR lat 5s ser A
10593 .1 65 Sale 8412
9518--- 9712
Gulf Mob & Nor let 5343-1950 A 0 9612 99
6
8814 92
8712
903
8
8
92
9012 87
3
87
Mo Kan & Tex 1st gold 4s.._1990 .1 D 903 Sale 90
1950 A 0 87
let 54 58 series C
8 100 103
/
1
4
/
1
4
104
104
3 10314 104
Mo-K-Tr 4 series R ser A-1962 J .1 10218 10312 10318 10312
0-yea RR prllen58
8
ter 58.Feb '52 .7 J 103
Gulf & 8 I 1st ref &
90
3
87
891
/
4
8
104
14 10118 1067
1962 .1 .1 893 Sale 89
8
8
Hocking Val 1st cotall g 4;43_1999 J J 10418 1057 103
7
943 97 .
4
9812
9612
1978.9 J 9712 98
Prior lien 4 sser D
1999 J J
- - 100 Nov'30
Registered
95
,
10018
10018
5 99 10018 Cum adjust 55 ser A_Jan 1967 A 0 94 Sale 9334 9412 51 89 100
Housatonic RI cons g Ss-.-.1987 MN 100 -6
944
95
/
1
4
9712 95
101 Feb'31
100 101
MGPae la is ref 5sser A _ _1965 F A 96
0 enera it &
& T C 1st g 68 Int guar_1937 J J 101
101
69
75
72
Feb'31
1975 M S 72 Sale 71
10014 101
8
Elouston Belt & Term let 58_1037 J J, 1003 _ _ -- 101
93
99
/
1
4
943 255
4
4
Feb'31
100 8 101
3
1977 M 8 943 Sale 94
__- 101
let & ref 5s aeries F
Houston E & W Tex 1st g 6s-1933 MN 101
9478 57
9314 99
1978 MN 944 Sale 94
100 10112
hat & ref g 5s ger
lat guar 5s redeemable_ _ _1933 MN IOUs - - 10112 Jan'31
93 101
99 4 77
3
4
100
1949 M N 993 Sale 9914
70
98 101
Cony gold 54is
let 58 eer A_I957 F A 100 gale 9914
Hud & Manhat
9314 99
94
/ 72
1
4
8
1980 A 0 943 Sale 94
7812 28
74
79
lst ref g 5s series H
AdjustmentIncome65 Feb 1957 A 0 7812 Sale 7714
95
95
14
951 232
9514 Sale 95
1981 F A
let & ref 5s sec
/
1
4
95
/ 95
1
4
8
_
95'.'---- 98 Dec'30
8
Mo Pac 3d Meat at4% July 1938 SIN 963 - - 955 Jan'31
4s-1951
J
1111nols Central lst gold
- 100 Mar'30
85 Feb'31
"ii" "81" Mob &Bit prior lien g 5s.- _ _1945 J 1 97
1951
J 8412 88
1st gold 3 As
97
Jan'31
97
97
_
8614 Jan'31
Ws 8614
J J
J
Small
Registered
8412 8912 8912 Dec'30
4
,
1945 3 J 883 90 4 84 Dec'30
1st M gold 4a
Extended 1st gold 370-1951 A 0 7582 Dec'30
73 Mar'30
1951 M S
Small
1st gold 38sterling
Oct'30
17 -90
92
8
96
85 - 95
M
Mobile & Ohlo gen gold 4s.._1938 -1 I 75
Collateral trust gold 48.-1952 A 0 911.1 9319 915
"ooi, 114"
87/2 Mar'30 _ _ _
13
106- 10- 4 102 Feb'31
A0
Montgomery Div 1st g 59_1947 F A .
Registered
9412 Oct'30
92
7-- 92
3.
04 1/4
1955 51
2 92
-9
1977 M S _ _ _ 81
Ref & lmpt 4 Hs
Ist refunding 48
8012 21
84
86
84
8412
2
80
19623 .1 84
1938 M S 8012 Sale 7712
lines 3745
Sec6% Motel
Purchased
1
914 92
9118
8914 16
83
894 Mob &Ma u O gold 481991 M S 9114 9412 9118
_
C
Collateral trust gold 477-1953 MN 8814 8914 88
str
105 108
108
90 Aug'30
1937 J J 10812 10912 108
MN
Mont let gu
Registered
4 10214 10214
10214
10214
105 Sale 1041. 105
10412 106
10218 _
1955 51 N
57
1937 J J
lst guar gold 58
Refunding 53
8514 8412 Feb'31
8414 80
10918 Sale 10814
10918 36 107 110
Mco88tr Essox8ert gu 3%s _ _2000 J D 8412 orr18 & m38 ls A
16-year secured 8Xsg_ - --1936
3
7 107 108 4
973
4 94
955 100
8
1955 MN 10818 Sale 10712 10814
Aug 1 1966 F A 9712 Sale 97
-year 448
40
1023
4 26 101 103
Jan'31
93
93
92
4
19503 D 9012
1955 MN 1023 Sale 101
Constr M 4%seer B
Cairo Bridge gold 48
7514 Nov'30 _ _ _ _
Litchfield Div 1st gold 38..1951 J J
/ 95
1
4
93
_ _ -823 8411 N i,laChatt t. 3 ser A_ _1978 F A 94
4
953 9412 Feb'31
4
Nash k s is& 73tg s
8 Ls4
Loulsy Div & Term g 3Yrs 1953 J J 843 8514 8412 Feb'31
10218 1024
Jan'31
77
78
78
1937 F A 10214 -- 10214 Jan'31
Omaha Div 1st gold 3a _ _1951 F A 7618 78
18 July'28
78
754 78
9
.1 7612 79
78
Nay ity of Mex pr lien 4 As- _1957 J J
St Louis Div & Term g 38_1951
1231 July'28
844 8414
783 85
8
8414
8414
12
1951 J
Gold 3Hs
July 1914 coupon on
-Is;
312
4
85
s
85
85
,
85
9
:
31:
2
Springfield Div 1st g 3%8_1951 J J 84 2 _ _
G u ia; cas sw u rct No.4 on -1 j
ts ,_ enib far
nty
9014 Jan'31
904 9014
Western Linea 1st g 48_ _ _1951 F A 8812 __
1977 ,et
-___ - 878 Aug'29
31, 413 412 Feb'31
_
9212 Apr'31)
F A
A went cash war rct No. 5 on
Registered
_3512 July'28
Nat R14 Mex pr lien 434s Oct'28.1i
Ill Cent and Chic St L & N 0
7
5
102
8
99 10214
21
--5 8 - - 512 Feb'31
-1Assent cash war rct No. 4 on
Joint lat ref &series A _ --1963 J D 10112 1017 10114
94
943 9434
4
9578 17
9412 96
1963J
-------- 22 Apr'29
1st conso148
;g:
3 Feb'31
8
913 913
8
3
3
Assent cash war rct No. 400
Ind Bloom & West lst ext 417_1940 A 0 9212
9312 Non331
9 % jy 0
1
a:
8
__ - 88 Aug'30
1950
J 953
82
Ind III & Iowa lat g 48
Naugatuck RR 1st g
99* 10118
.
8612 Sale 8612
8612
'2
843 8812 New England RR cons 5s- _1 944
4
4 1 55
J 1003 105 10012 l'el) 31
489
fnd & Louisville let gu 43
1956
88 ow,
4
9012
1035
8
- 10314 1)ec'30
_
9012
92
-1965 J
1945J .1 90
Union Ry gen 5s ser A.
Ind
Congo'guar 4s
10412
__ 10412
8 1033 10B- NJ June RR guar 1st 4s. _1986 F A 90
4
19653 J 1035
2
913 92 Nov'30
4
Gen ar ref 514 series B
88
Oct'30
88
8-13
78
89
944 95
/
1
N O&N E let ref & Impt 44BA'52 J J
lot &Grt Nor lat 6sser A-1952 J J 8614 89
65
7 ;Oa4
37
8
95
934
65
.1 9318 Sale 925
1953
Idjutitment 68 sec A_July 1952 A 0 643 Sale 5981
New Orleans Term lat 4s
81
84
78
19503 .1 81
18
65
81
1st 58 series B
/
1
4
98 100
80
8012 743
4
8
1956
19
J 80
80
65
& Mex n-c Inc 58_1935 A 0 98 10038 1003 Jan'31
g &series C
N 0Texas
1st
9218 93 4
3
Feb'31
9312 18
70
69
69
7
1954 A 0 ___ 92 s 934
70
Ist 5s series 13
lot Rya Cent Amer let 68-1972 P4 N 69
8912 94
/
1
4
Feb'31
75
75
8912
71
9112 19
1941 MN
784 82
1956 F A 8912 90
1st fis series C
1st coil tr6% notes
7218
1947 F A
7218 Sale 7218
69
1956 F A 82
885s 89 Dec'30
1312
lstlien & ref8 Ms
1st 4 Hsseries D
55- 97 1011p
15 Feb'31
10018
1618 19
16
1954 A 0 97 Sale 97
14
Iowa Central 1st gold 577---1938 J D
Ist 540series A
9714
98 100
2
1312 Feb'31
9714
9814 100
14
15
,
13 2 15
,
Certificates of deposit
N & C Mae gen guar 4348_ -1945 J
/
1
1013 1014
4
4
518 Feb'31
414
5
A 0 101 1023 1013 Jan'31
8
1951 M S
3
/ 6
1
4
Refunding gold 43
N YB& MB let con g 5s..1935
/
1
4
7 10618 107
107
967 NY Cent RR cony deb 6s _ _ _1935 M N 107 Sale 107
8
987
8
94
James Frank & Clear 1st 45-1959 J D 9411 9814 9614
97
/
1
4
02
95
96
1998 F A 96
9612 9512
_ 10014 Apr'29
1938.9 J KalAd2ORlstrug 5s
series A
Consol 4s
101 51 100 104
Sale 100,
Jan'31
8
1)2
4
9219
00
1990 A 0 90
9212
Kan & M Ist gu 4a
Ref & Impt 470series A _ -2013 A 0 1007
10712 49 108 1054
9814 62
,
Ref & Impt 58 series C___ _2013 A 0 107 Sale 10678
K C Ft & M Ry ref g 48-.1938 A 0 973 Sale 9712
953 98 4
4
14
8438 87 4
1
86
7912 '22
/
1
4
s
77
/ 81
1
4
Kan City Sou 1st gold 38-- _1950 A 0 787 7912 78
NY Cent& Hod Riy M 3 Ms 1997 .1 J 8514 Sale 8514
4
/
1
4
847 85
8538 Feb'31
19913 J 8218 88
4
41
Apr 1950 3 .7 1013 Sale 10012 102
993 102
8
Registered
Ref & impt 5s
7
g 89 100 1098
1934 MN 1003 Sale 10012 1007
4
953
8 33
4
Debentyre gold 48
Kansas City Term 1st 4s_ - _1960 J J 9511 sale 943
0314 ost2
97
/ 913 1
1
4
7
3
987
8
1942 1 J 9873 Sale 9878
out 9412 30-year debenture 48
94
9314
9314
14
Kentucky Central gold 471.._ _1987 J J 93
13
84
8212 85
92 Sept'30
Lake Shore coil gold 34gs.._1998 F A 8312 8412 83
Kentucky & Ind Term 4348_1961 J .1
78
8212
94
1948 F A 7812 843 8214 Jan'31
s
8
94
1061.9 J 893 94
5 "Oa" IC"
Registered
Stamped
86
/
1
4
83 8 28
7
82
96 --__ 89 A pr'30
1961 J J
Mich Cent coll gold 3AS_ _19981F A 834 8412 8311
Plain
84
8214 Jan'31
80
1998IF A 81
84
99 4
3
a 9712 1110
1937
10118 103 10118 Feb'31 _
10118 103
4
Chic l St
Lake Erie & West lift g 58-1937 J
N YRegis eredL let g 4s._ _ _193 kA 0 _9912 993 9934
. 100
.
_
9311 hfar'30
1941.9
10012 103 1001
1 10014 10038
Registered
2d gold 58
8512
2 "iii, 1002.
8514 86
8512
10014
1931 MN 1004 Sale 10014
8412 8718
7
Lake Sh & Mich So g 3Sie --1937 J
-year debenture 4s
25
997 102
8
10112 23
1932 A 0 101 12 1011 10111
1997 .1 D 8112 ____ 85 Jan'31
85
/
4
85
Registered
8% gold notes
102 107
4
1974 A 0 10418 10514 10312 1033
1931 MN 10014 Sale 10014
1003
s 11 10014 100 8
5
series A
26
-year gold 4a
Refunding 5
8718 93
93
Si N
581
10014 June'30
1978 M S 9212 sale 91
Registered
Ref440series C
105
1 102 10314
1 9 3 1. A
5 ..
0
2
0334
2 104 105
10212
ipu 444s A-193 F A 10412 103 10212
Y
Leh Val Harbor Term gu 58_1954 F A 103 10712 105
100 10112 N letConnectseries B
/
1
5 10418 105
1041%
10414
Leh Val N Y 1st gu g 4 Hs_ _ _1940 J J 1004 10312 1005s Feb'31
guar 58
7
4
883
4 so
ss, 901s N Y & Erie 1st ext gold 48_ _ _1947 MN 9214 - - - 9234 Dec'30
Lehigh Val(Pa) cons g 46-2003 M N 883 Sale 87 4
M N
Jan'31
- 86
86
1933 M 8 9812
_ 100 June'30
86
-3d ext gold 4 Ms
Registered
2003 M N 160 16614 98
10014 31
9714 100 4
3
General cons 434s
971r
90
96
4
9814 96
Lehigh Val RR gen 5e series.2003 MN 10512 Sale 10434 10618 31 103 10814 N Y & Greenw Lgu g 5s._ _ _1946 M N 96
102
102 10412 N Y & Harlem gold 3
_
_2000 M N 8412
- 80 Dec'30
Leh V Term Ry lat gu g 577-1941 A 0 10112 10412 102
9018
904
853 9018 N Y Lack & W 1st & ref gu 58'73 M N 10212 -- 974 Oct'29
4
Lehigh & N Y 1st gu g 48--- -1945 Si s 9018
Jan'31
_1093 110
4
MN 10138.... 102 Dec'30 _
,
1st & ref gu 4 Asser
Lex &East Ist 50-Yr ba gu---1965 A 0 10914 11314 110
8918 ____ 93 Nov'30
8
101
16 10012 1616
1932 F A 101 1014 1007
1st 574
Little Miami gen 48 series A.1962 MN
10518 Jan'31
ioi" f6S1-1 N Y & JerseyBranch gen 48_.19411M S
885 Aug'30
8
1935 A 0 10518
1 N Y & Long
Long Dock consolg 6s
8
101 101
9 28
'
,
75
NY & N E Bost Term 4a _ _.19391 A 0 - - - - -- 8914 July0 9
Isld 1st con g Ss. July 1931 Q J 1005 ____ 101 Feb'31
Long
4 -aV
___ 98 Sept'30
/
1
4
417-A947 M S 9018 Sale
let consol gold 48 _ _ _July 1931 Q J 1003
fic, Non-cony debenture
"OK I NYNII & H u-c deb 3358-1947 M S 8012 85 8312 8312 7 911 8312
D 9612 98
89614Jan'31
/
4
1938
General gold 4s
9812 9812
79
/
1
4
73
8
1932.9 D 9812 _--- 9812 Feb'31
/ 8012 795 Feb'31
1
4
Non-cony debenture 370_19541A 0 78
Gold 4s
87
9238 93
4
923 Jan'31
83
1949 M S 90Non-cony debenture 4s._19554 J 8614 _ _ _ 8512 Feb'31
Unified gold 4a
Jan'31
101 101
8012 87
863
4 33
1934 J D 10112 102 101
Non-'cony debenture 4s._ _1956 M N 863 Sale 8534
8
Debenture gold 58
7011'
102
9812 102
26
70
7912
79 2 50
,
1956.9 J
1937 MN 10114 Sale 101
Cony debenture 3Sis
78
/ 80
1
4
20
-year p m deb 58
93 8
7
92
4
8
94
5
4 64 11412 1183
8
4
1949M
937 Sale 937
Cony debenture 88
1948 J J 1163 Sale 11512 1163
Guar ref gold 48
Ij
8
/
1
114 114
8
Jan'31
7 1004 1007
114
1007 _--- 10018 1007
8
Oct'32 Q
Registered
Nor Sh B Ist con gu 68
61
/
1
4
4
9 1043 108
894 38
7112
1053
4
Collateral trust6s
1910-1 0 Kl5i4 gale 10558
j
Louisiana & Ark lst baser A _1989 J J 6814 Sale 68
4
94
713 77
9614
9512
6
7512
7512 13
De
benture 48
77
1957,M N 78
Louis &Jeff Bdge Co gd g 46_1945 M S 9514 Sale 9514
914 95'44
57
95
__- 1043 Oct'30
1st & ref 474s ser of 1927_ _196713 D 9412 Sale 94
Louisville& Nashville 5a _ _ _1937 MN 103
/
1
4
99
89's 92
3
38
4
924
iTe 9913 Harlem R & Pt Chas 181 481954 M N 92 Sale 92
1940.9 .1 983 Sale 9814
Unified gold 4s
4018 4642
9412 Nov'30
4212 15
N Y0& W ref
J
1992, M S 4212 Sale 42
Registered
311 3812
/
4
10114 mit, 1 101 coif, General 48 g 48 June
4
3612
37
1955.11
364 38
Collateral trust gold 5s_.1931 MN lair, gale
10612 23 10412 10612 NY Providence & Boston 48 1942 A 0
Oct'30
92
let refund 674s series A....2003 A 0 10612 Sale 100
105
10 "ii; 96
2 1044 106
96
N Y & Putnam 1st con gu 48_1933 A 0 9512
9512
2003 A 0 105 Sale 105
1st& ref teseries B
78
70
99 10214 N V Susq & West 1st ref 59_1937
8
74
4 46
4
J 74 Sale
2003 A 0 10012 1013 10018 1003
1st& ref 444s series C
__ 95 Dec'30
2d gold 4;is
19371 F A ____ 8278 75 Mar'30
Paducah & Mom Div 4s_ ,,1946 F A
aa
-a5- 67
14
Feb'31
60
68
1940$1 A 60
,
60
General gold Ss
8812 67
9358-St Louts Div 2d gold 3s _ _1980 M S 65
10(13 1005
8
8
9812 Dec'30
99
1943 M N 97
/
1
4
Terminal 1st gold 5s
- 00 Feb'31
Mob & Montg 1st g 448_ _1945 M S
32 "iii; W8912
86
86
2
93
N Y W'ches & 13 1st ser I 4 %8 4613 J 86
8
8612 855
8912 893
South Ry joint Morton 4s_ 1952 J J 1001/4- - 4 8912
/
1
4
3 10612 32 105 107
8914 9814 Nord By ext'l sink fund 83-48 1950;A 0 10612 Sale 1063
9614 10
/ 9814
1
4
Atl Knoxv & Cin Div 4s_ _1955 M N 95 4 97
3
38
45
9
Jan'31
100 100
401
/
4
447 40
8
Norfolk South 1st & ref A 58_1961;F A 41
100
Loulav Cin & Lea Div g 4748'31 54 N 100
77
77
Jan'31
56_1941M N 81
,
83
77
Norfolk & South 1st gold
8
_ 1007 10114
Feb'31
10114 10114 Norfolk & West RR gen
4
_1931 M N 1003 1007 101
0114 Feb'31
8
hiahon Coal RR lat 58
1934.9 J 10114
_
4
8
75
737 7714
8
Improvement & ex t 6s._.1934 F A 1037 _ _ 1014 Aug'30
Manila RR (South Linea) 48_1939 M N 74 - 7 7418
71
;
June'30
67
70
New River 1st gold 6s_ _1932 A 0 10114
70 Feb'31
1st ext 4s
80
1959 M N 67
- 10214
984 132 "Rik 99
/
1
8
N & W Ry 1st cons g 4s_ _ _1996 A 0 983 Sale 9712
984 9912
9912 Feb'31
Manitoba SW Coloniza'n 517-1934 J D 9912
on,
971 1 Jan'31
1998 A 0
Registered
Man0 & N W lat 3SO_ ..1941 J J 91
- - - - 8914 Oct'30
Cash sale. r Option sale.
-
_ -
----
-___
-
1383
New York Bond Record-Continued--Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 20.
71: •
4
Price
Friday
Feb.20.
Week's
Range or
Lan Sale.
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE.
Week Ended Feb. 20.
6.
Price
Friday
Feb.20.
Range
Since
Jan, 1.
Week's
Range or
Last Sale,
High
Ask Low
Rid
High No. Low
48
5412
4812
95
2
Seaboard Air Line 1st g 4s_ _1950 AO 45% 49
40.15 5439
48
1950 AO 45 Sale 4312
40
Gold 4s stamped
414 6
8
Oct1949 F A
4
Adjustment 5a
2012
17 Sale
16
1959 AO
--13
Refundin2: 48
7
14
1614 Sale 1614 n4)'11 74
17 4
1945 51 S
19
15
7
1st & cons 6sseries'A
4712 61
8
Atl& Birm 30-yr let g 4s_d1933 51 S 50 Sale
1013
12 Sale 00
12
5212 11
844 1214
Seaboard All Fla 1st gu 68 A-1935 FA
10
Jan'31
014 40
7% 12
1935• A
Series B
90 Nov'30
96
Seaboard & Roan let 55 extd 1931 J J 90
102
8
Oct'30
1936 FA 1013
S Az N Ala cons gu g 58
10918
-103
iarg 110
Gen cons guar 50-yr bs_ _ _ _1963 AO 108 1 - 4 10918
8 ao
967
8
97
92
.
So Pac coil As(Cent Pac coil) 1 49 J D 967 Sale 063s
3
10114 88
3
99 102 4
1st 4548(Oregon Lines) A_1977 MS 10114 Sale 100 4
10214
5 102 103
1934 3D 10214 Sale 10214
20
-year cony. 5a
23
954 9912
1968 MS 98% Sale
Gold 41(8
83
8
9
9
8
9 ; 195
8
8
973 100
1989 MN 987 Sale 9 8
Gold 4348 with war
8 25
96 3
9413 97
1950 AG 96 Sale 96
San Fran Term 1st 9s
87 Dec'30
AO
Registered
10212
102 10213
N 10212 gife 10212
So Pac of Cal 1st con gu g 5s 1937
So Pac Coast Ist go g 481937 J J 9512 ___ 96 June'30
9754
951
4 81
973
1955 ii 9714 Bale 963
So Pac RR let ref 45
_
95 Sept'30
J J
Registered
_
9212 May'30
_
tax).1955 j
Stamped (Federal
47 iaiig 111
Southern Ry let cons g Os__ _1994 .1 3 110- Sale 10812 110
8,
80
10814 0cC34
J
Registered
ifs Wit
139
8812 Sale 8712
53
45
Devel & gen 48 series A___1956 AO
8 110% 11314
954 97
1956 AO 11314 Sale 11218 11314
Devel & gen Gs
11712 12 116 1174
101 1011,
1956 AO 11712 Sale 116
Develop & gen 638e
10018 10018
1996 J J 102 106 100 Dec'30
Mem Div 1st g -is
:
921 Feb'31
lO's 021,
8
104 1067
1951 j
St Louis Div 1st g 45
3
4
903 09 4
993* 10
4
10633 10714
___ 993
East Tenn reorg lien g bs_ _1938 NI S 101
954
04
03
37
10112 103%
1938 Si S 9339 Sale 93
Mob & Ohio cull tr 48
4412 47
47 Feb'31 ____
05
57
92
Internet 1st g 55.. _ _1955 J J 47
Spokane
_
Oct'30
87
9812 9812 Staten Island Sty 1st 4%a _ _ _1943 3D
___ 95 Apr'28
98
8
993 Sunbury & Lewiston 1st 45_ _1936 .1 3
92
89
92 Feb'31
92
99
98
91
_1947 AO 98Tenn Cent 1st 65 A or B _ _ _
9912 1601/
Term Assn of St L 1st g 438s.1939 AO 1004 1013* 10012 10012
105 10514
105 cnin;
4
1944 F A 1043 ____ 10514 Jan'31
1st cons gold Os
9118 1)314
13
93
10112 105
1953 J J 927 Sale 923*
Gen refund a f g 9s
4 16 10214 106%
1053
109 11114 Texarkana & Ft 81st 514e A 1950
4
10514 1053 1054
107% 110
6 100% 102%
__ 10012 10214
1943
Tex & N.0corn gold 5s_Aug
31
109 113
10914 10914 Texas & Pac 1st gold be
112 11212 11213 Feb. _
2000• D 102-104 1053
4
_ 95 Mar'29 _
21) inc5s(Mar'28 cpon)Dec2000 Ma
300
9918
07 f6696
21
99
8
087 99 4
1977 AO 95-- 3 981
Gen & ref 5e series B
97% 100
9839 44
1979 AO 9812 Sale 9713
Gen & ref Se series C
95% 99%
9812 167
9812 Sale 9714
1980 J
& ref 5s series D
Gen
971 9739 Tex Pac-Nlo Pee Ter 5 M._ _1964 51
g
1007 10612
.
106 1065s 108 Feb 31
89% 89% Tol A Ohio Cent let gu 56...A935 J J 10118 __ 10118
I 101 10112
10118
8939
100% 10014
3 100 100
100
1935 A0 10014 ____ 100
Western Div 1st g 5s
95
92
_
1935 J D 10014 ___ 1007 Oct'30
Gen gold 55
94
100 102
8
94
92
90
1950 AG
Tol St I.& W 50-yr g 95
8
Jan'31
100 100
987 10212 T0lVITV&Ogu438sA
100
1931 J J
80
0018
88
195,
1933 J 3 98%
1st guar 4343 series B
8
_
Jan'31 _
W_
1942 51 S
1st guar 4s
9113
iiio" 103 Toronto Hamseries C 1st g 951946 .113 05%1
90
1;3 90
80
90
& Buff
10312 10514
92
__
95% Ulster & Del let cons g 55_..1928• D 871s
9039 Jan'31
3
90 9 90%
7973
83
98 10112
75
76
3
79%
79%
Stpd as to Dec'28 &J'ne '301st
7312 80
97
4
983
731:
73% 78
76
6
1st cons &Jetts of dep
10912 10912
60
Jan'31
53
53
1952 AO 5018 54
let refunding g -le
3
100 4 61
(16 1004
994 Sale 9914
Union Pac 1st RR & Id gr 49_1947
23
25
9814
9612 98%
b
9814
J J
Registered
4
9312 98
8 25
963
June2008 Si S 96 Sale 953
In lien & ref 4s
94
93
13
102
99% 10214
1967.33 102 Sale 10139
Gold 438s
9212 9412
June2008 51 S 112 Sale 11112 1124 77 110 113
1st Ilen & ref 50
9312 953
4
924 94%
9418 120
1968• D 93% Sale 934
40
-year gold 4s
101 10112 UNJRIt&Cangen 4a
Jan'31
98
98
1944 MS 9712 991 98
99 1013 Utah & Nor let ext 48
4
100 Sept'30
1933 J J
08
97 Nov'30
06
Vendetta cons g 4s series A _ _1955 FA
957 IEF8
8639 98
98 Feb'31
1957 MN 9612 98
Cons a f 9s series 11
5 41
45
5
4% Feb'31
Vera Cruz & P assent 4 M.._1934
34 5
100 100
100 Feb'31
1931 MS 10018
Virginia Mid 55 series F
.--97 102
Jan'31
1936 MN 102 1021/ 97
General 5s
---99 10012
10012
13
Va dr Southw'n let 11U 55_ __ _2003 J J 97 10014 100
67% 77
72
1
67%
6712
1st cons 50
1958 AO 65
-year 5s
100'4 10014 Virginia Ry 1st 55 series A_ _1982 MN 10718 10712 10611 10712 30 105% 108%
108 1103
4
99 102
__
4
lst 51 4348 series B
1962 MN 100 1023 99 Feb'31
5
8 16 102 s 105
1037
4
Wabash RR 1st gold 5a-1939 MN 103% 104 1033
p912 10211
18
2d gold 58
4
1939 F A 1013 Sale 1011. 1017
14
97 10212
3
99 4 18
9914 Sale 99
Ref & gen 5 f 5%s ser A _1975 51
984 May'29 _ _
Deb 6s series B registered_ 1939 J
864
8612
8812 9412
lot lien 50-yr g term 4s
1954 33
2 102 102
Det& Chic ext 1st 58
1941 • j 102
91
Feb'31
Des Moines Div lot g 49_1939 J J 90
91
9312 91
8214 821:
4
Omaha Div 1st g 3%5_ _ _1991 AO 873 9012 8712 Jan'31
7
9232 92 4
_
Tol & Chic Div g 48
.
921 Feb'31
1941 MS 9214
9611
92
92% 15
Wabash Ry ref & gen 5s 13 _1976• A 92 Sale 92
8912
84
21
80
Rd & gen 4%8 series C_ _1978 A0 86 Sale 85
75
75
91% 96
4 48
92 3
1980 A 0 9218 Sale 92
Ref & gen 55 series D
8712 8713 Warren let ref gu g 3 M _ _ _20114 FA
_ 81 Nov'30
98
53 -- -5;
5
95
8
8
a
883*
Wash Cent 1st gold 4s
8839
1948 (5 NI 8812 92
100% 10318 Wash Term 1st go 338s
1
91
904 9114
9112 91
90
1945 FA
100% 103
88 Dec'30 _ _
1st 40-year guar 48
1945 FA 0413
4
783 If
08
82
WeaVn NlaryLand 1st 4s.__ _1952 AO 82 Sale 8012
9213 96%
---14 10
96
let & ref 514s series A_ _ 1977 J J 95 Sale 95
8
2 1023 10312
10314
---- ---- West N Y & Pa Ist g bs
8
1027
1937 3.1 103
0218 98
---- ---35
96
4
4
Gen gold 4a
1943 AO 953 Sale 953
97
9412 64
92
---94% Sale 94
Western Pac 1st be ser A. ..i016 M
.
.
97 Feb 30 _
M
Registered
-63" 163- West Shore 1st 45 guar
1
4
1 -9i- 134;
9312
9312 9312
92
2361 j
80
85
92
4
90
91%
9014
91
2361 .33 90
Registered
9812 100% Wheel & L E ref 4%8 ser A_ _1966 51 S 9218 93% 9038
9139
90
1
90%
90 101 10114 Nov'30
51
Refunding be
8512 "02 RR 1st consol series B 1966 94 S 88 92 89% 8934 5 86 1634
1949
S
48
_
14
42% 53
57% 50 Feb'31
Wilk & East let go g5a
1942 J D 51
8812 90
10212 Sept'30
_
WIII & El F 1st gold 5s
1938 31) 101
02
83
1
92
92
Winston-Salem 8B let 4s_ _ _1960 Ji 914
101 101
4
513 6812
6812 29
4
Wis Cent 50-yr let gen 48.._ _1949 J J 653 Sale 6512
10014 10012
80
75
3
7613
76
7612 83
Sup & Dul div & term let.03'36 MN
4
903 Sept'30
.1
Wor & Conn East 1st 4%a_ _1943
High
High No. Low
Ask Low
Bid
Norfolk & West (Concluded)
97% 99
9S12 12
8
976
99
J 98
DWI 1st lien Az gcti g 48-1944
96 100
9712
5
4
963
1941.1 D 974 98
Pocah C & C joint 9e
___. 107 Nov'30 North Cent gen & ref 58 A_ _1974 M S 107
62 2
1- -14
8 103
1017
1974 M S 102
Gen & ref 43 ser A
97
90
Jan'31
4
953 92
North Ohlo 1st guar g 58-1945 A 0 91
97
93
9512 155
9518 Sale 9418
North Pacific prior lien 49_1997 Q
9212 05
9212
92%
93
2
92
Q
1111.Registered
6718 6914
s 50
083
Gen lien ry & Id g 3s_Jan 2047 Q F 6814 Sale 67%
67
65
65 Feb'31
66
65
Jan 2047 Q
Registered
4
973 101
4 35
093
4
kr Ref & impt 4 Sis series A _ _2047 J J 993 Sale 99
8
113% 74 1104 1133
11218
11314 Sale
Ref & Mut 65 series B_ _ _2047 J
10214
7 1023* 10512
8
Ref & impt Os series C _ _2047 J .1 1015 10418 1024
10412
8 102 10512
D__ _2047 .1 J 10212 Sale 102
Ftet & impt Is series
105 10512
105
_
'Nor Par Term Co 1st g 6s-1933 J .1 1051.,.... 105
8 102% 10212
8 10212
Nor Ry of Calif guar a 56_1938 A 0 102 105 1023
76% 77
77
3
8
767
77
J
03441,Chem lot gu g 48_ _ _1948
-Ohio Connecting Sty 1st 4s_ _1943 NI S 9511 -_- 9414 Dec'30
1017 11.11-7- 8
1936 J D 101% - - 1017 Feb'31
-Ohio River RR lst g bs
102 102
- 102 Feb'31
1937 A 0 102
General gold 5s
97%
92
9538
2
135
-Oregon RR & Nay con g 49_1946 .1 IL) 9514 - .12 95%
108
6 107 108
108 110 107
Ore Short Llne 1st cons g 59-1946
10818
5 107 10914
10818 Sale 10818
1946.1
Guar stud Cons 58
4
9212 953
95
43
9512 94
-Oregon-Wash 1st & ref 48_ _1961 J J 95
Pacific Coast Co let g 5s_ _1946 J D
Pac RR ot 5Io let eat g 48-1038 F A
1938.1 .1
2d extended gold 58
•Paducah & 1118 let st g 414s_ _1955 J J
Paris-Lyons-Aled ItR extl 68 1958 F A
Sinking fund external 78_ _1958 51 S
Paris-Orleans RR ext 5%s_ _1968 M
Paullsta Ity 1st & ref t 7e_ _1942 M
Pennsylvania RR cons g 48_1943 M N
1948 M N
Con-sol gold 48
95 sterl stpd dollar_Nlay 1 1948 111 N
Registered
Consol sink fund 450_1960 F A
General 494s series A __ _ _1965 J 1)
1968 J D
General Os series 11
1936 F A
I5
-year secured 63s
F A
Registered
40
-year secured gold 55.. _ _1964 51 N
1970 A 0
Debg4%s
Pa Co gu 3%e con tr A reg _ _1937 MS
Guar 3%5 coil trust ser B_1941 F A
1942 J D
Guar 3148 trust etts C
1944 J D
Guar 314 trust ctts D
-25
Guar 15 -yew golds 45_ _1931 A 0
Guar 4s see E trust Ws__ _1952 M N
1963 MN
Secured gold 4%e
Pa Oblo & Det 1st & ref 4 AsA'77 A 0
Peoria & Eastern 1st cons 48.1940 A 0
April 1990 Apr
Income 45
Peoria & Peldn Un 1st 5389_1974 F A
Pere Marquette 1st ser A 58.1956.1 J
1956 J J
1st 98 series 11
1980M 8
lst g 4 Yie Berle& C
Wash lst g 48-1943 Si N
Phila Bait &
1974 F A
General Os series 13
45 Feb'31
45
97
97 Sale 97
10112 10112
1
10138
_ 10018 Feb'31
10015
105 Sale 104% 105
10714
10
10712 Sale 106%
10312 11
103 10312 103
93 Feb'31
94
93
9812
3
98% ---- 9812
99% 84
99 Sale 9812
99
4
98% Sale 98%
9314 May'30
105% 26
10514 1051 105
4 10312 32
102 Sale 1013
10913 40
109% Sale 10914
109% 89
4
1093 Sale 10914
10914 Feb'31
105
4
105 Sale 1043
70
9812 224
98 Sale 9712
95 Sept'30
_
91
86% -_ 8912 Dec'30
8
894 --_ 973 Jan'31
89% Feb'31
89
1001s
1001
1004
9314 Feb'31
8
3 95
93 8101% Sale 10112 101% 63
10012 10
10018 Sale 100
88
88 Sale 85%
13
20 Dec'30
20
103
103
105T8
2
104% 23
10914 EKIe 10418
95% 95
93
8 20
953
100 Sale 100
10014 35
97 Feb'31
5
108% ---- 10912 1091
Phllllppine Ry 1st 30-yr 5 f 4s '37.1 2
1932.1
Pine Creek reg let 6e
Pitts & W Va 1st 4%8 per A-1958 .1 D
1959 A 0
let NI 438s series 11
1960 A 0
let 51 4}-29 9erke C
P C C& St L au 4%a A__ _ _1940 A 0
1942 A 0
Series B 4348 guar
1942 SIN
Series C 4 M guar
1945 NI N
Series D 4s guar
Series E 338s guar gold_ _1949 F A
guar gold-1953.1 D
Series F 45
1957 Si N
Series 4s guar
1960 F A
Series II cons guar 45
Series I eons guar 4385.-1963 F A
Series J cons guar 438s..1964 MN
General 51 .58 series A.- _1970 J 1)
.1 D
Registered
Gen true guar Os ser B__1975 A 0
1977.1 J
Gen 4;is series C
Pitts Mc14 & Y 1st gu 65-1932 J J
1934 .1 .1
21) guar 69
Pitta Sh & L E 1st g 58-1940 A 0
1943.1 J
lat consol gold 513
1943 Si N
Pitts Va Az Char 1st 48
D
Pitts Y & Ash 1st 413 see A-1948
1962 F A
lat gen be series B
1974.1 D
1st gen La series C
Providence Secur deb 49_ _ _1957 M N
Providence Term 1st 4s__ _ -1956 M S
Reading Co Jersey Cmn col: 48'51 A 0
Gen & ref 4%a series A..1097 J .1
Gen & ref 4385 serkm 13_1997 J .1
Rensselaer & Saratoga Ge_ -1941 M N
1948 St N
Rich & Meek 1st g 4s
Mehra Term Ry 1st au 50-1952 J .1
Rio Grande Jund 1st gu 58_ .1939.1 D
Rio Grande Soo let gold 48. _1949 J J
Guar 45 (Jan 1922 coupon)'40 J .1
Rio Grande West 1st 801(149_1939 J J
1st con & coil trust 4s A.-1949 A 0
.
RI Ark & Louie Isl 438s...1034 M 8
-Canada 1st go a 45.-1949 J J
Rut
Rutland let con g 438s...1911 .1 1
St Jos & Grand 181 1st 98.-1917 J J
St Lawr & Adir let g 58- _ _1996 .1 .1
1996 A 0
2d gold 6s
& gen con g 59.1931 A 0
St L 1r
1931 A 0
Stamped guar 5s
1933 M N
,
Rh & Div 1st ir 48
St L-San Franc pr lien 48 A_ _1950 J
1978 M
Con 51 442e Beries A
When issued
1950.1 1
Prior lien 58 series B
St LouW & San Fr Ry gen 68_1931 J .1
1031 J .1
General gold 5s
J
St L Peor & N W let go 5s_ _1948
St Loule Sou 1st gu g 43_ _ _1931 PA 14
St L S W 1st a 48 bond etts_1989 SIN
2d g 48 Inc bond ctts Nov 1989 J .1
1932 J D
Como' gold 48
1st terminal & unifying 55_1952 J .1
Paul & K C Sli L 1st 4 As_1911 F A
St
St Paul & Duluth let 5e_ _ -1931 F A
1968.3 D
1st consol gold 4s
St Paul K (ir 'Irk 1st 4 Ms_ _1947 .1 J
St Paul Minn & Man con 43-1933 J J
1033.1 J
let cense! g 68
Ss reduced to gold 4 Ss_ _ _1933 J
J J
Iteglacred
1937.3 1)
Mont ext 1st gold 4s
Pacific ext guar 4s (sterling)'40 .1 J
St Paul Un Dep 1st & ref 59_1972 .3 .1
g A & Ar pass 1st gu g 4s_ _ _ _1943 J J
Saida Fe Pres & Pheu 1st 59.1942 M S
Bay Flat& West let g 8e._1934 A r
1934 A 0
let gold 5s
N
Scioto V Az N E 1st gug4s 1981)
231
2212 2312 2314
3
10238
10212 Dec'30
93 Feb'31
_
9412 97
939413 Feb'31
94
94 Sale 9312
10114 -- 10112 10112
3
10234 Sale 102% 1023
4
.
9713 Dee 29
10118
95% Jan'31
.
90% ___ 95 June 30
96% Dec'30
97 Aug'30
97 Nov'30
10014 Nov'30
103
_ 10014 Feb'31
103
10918 111 108 Feb'31
4
1073 Mar'30
2
100l 1104 1083
8 109
154
102
102 Sale 10114
103 Dec'30
1024
10339 Feb'31
10318 Jan'31
101
103
4
___ 1003 Aug'29
103
.1
923 Mar'30
92% Jan'31
9514 _
.
10518
- 105 June 30
4
1043
-'
-_ '7W - Feb- 51
731
88918 9212 8712 Feb'31
3
96
8
4
953 963 95%
10214 Sale 10112 10214
17
1024 10212 102
8 10
1023
113
10914
Oct'30
79
-7912 Sept'30
21'2
10 : 105 103 Sept'30
97 100 100 Dec'30
7 May'28
712 Apr'28
96% Sale 954
4 64
963
8412 Sale 84
841
12
8
1003 Sale 100
8 21
1003
61
7812 78 Sept'30
8512 Jan'31
8812
90
8
933 _ 96
- .
100 103 101
8
10014 1003 10014
1013
_
4
100 Sale 9913
87 Sale 86
83% Sale 8214
91
4
1002 Sale 1003
10118 10112 1003
4
100% 10112 10112
101 105% 1053
8
4
983
4
5% Sale 853
7614 79
7614
10014 10012 1004
4
90 Sale 853
8
97% 983 97%
10012 ---- 10012
9118 -_ 9112
9918
_ 9812
98%
10312 104 10414
101 102 100%
98
97
712 98
94
109%
- 110
96
Ws - - -14 05
103
104
4
1044
- - 1043
10012
10114
9612 - 812 9614
9
Feb'31
Nov'30
Jan'31
10014
11
Dec'30
100
132
8714 190
831 257
Oct'30
10134
19
Jan'31
c10212
6
Jan'31
Dec'30
86
6
4 20
783
10013 47
01
8
8
983
6
10012
Feb'31
Aug'30
Jan'31
10414
5
101
3
.30
Feb
Jan'31
94
1
110
11
9614 61
Dec'30
1043
4 10
Jan'31
Feb'31
•Cask sale. 6 Due May. k Due August. s Option sale.
-0812 1664
854 8912
INDUSTRIALS.
4
793 86
Abitibi Pow Az Pap let 5s__.A953 3D
Abraham & Straus deb 5388_1943
fE" With warrants
AO
1003i 10118 Adriatic Elec Co extl 75
1952 AO
1003
2c10212 Adams Express coil Ira 4s- -1948 M
104 105% Ajax Rubber 1st 15-yes f 88_1936 J O
Alaska Gold 51 deb 68 A_ _ _1925 M
8113 86'4
1926 M
Cony den (is series B
7614 783 Albany Pefor Wrap Pal)83
4
-1948 A 0
1944 FA
4
99 10012 Allegany Corp col tr 55
4
853 9712
1940 3D
Coll& cony bs
94% 9812
1950 AO
Coll & cony 59
10012 100% Allis-Chalmers Mfg deb 5s.1037 MN
9112 Alpine-Nlontan Steel 1st 7s. _1955 MS
89
Am Aerie Chem Istref sr 7%9'41 FA
-9V2 081, Amer Beet Sug cony deb 65..1935 FA
10312 10419 American Chain deb s f 6s
1033 A (
1003 101
4
Am Cot 011 debenture 5s__ _1931 MN
1942 AO
Am Cyanamid deb Os
"6/ 071- Am & Foreign Pow deb 55_ _ _2030 MS
2
93
99
1953 3D
Amer Ice 83 deb be
10918 110 4 Amer I G Chem cony 535S_ _1049 MN
3
96% Am Internet Corp cony 515s 1010 .1 .1
93
1939 AO
Am Mach & Fdy sf 6s
104 10439 Amer Metal 514% notes_ __ _1931 AO
10012 1904 Am Nat Gam 630(with war) 1912 A0
97% Am Sm & It 1st 30-yr Os ser A '47 A0
94
7718 Sale
77
96
9814
86
14
514
514
78
4
8634 Sale 843
84 Sale 8312
4
8
843 Sale 823
4
1013 Sale 101
8
90 Sale 883
10414 10412 10414
42 Sale 42
101% Sale 101
10012
8
1003
9412
96
95
8414 Sale 84
81
8112 83
10014 Sale 9912
9254 Sale 9212
10412 105 10412
93 Sale 92%
37 Sale 34
4
1023 Sale 10214
9513 96
9812 99
8714 8712
514
5
512
514
54 7
4
773 105
Feb'31
99
87%
Feb131
Feb'31
Jan'31
Feb'31
4
863
8412
843*
102
90
1041
42
10139
Feb'31
96
4
8.33
83
10039
93
Jan'31
93
381s
4
1023
_
22
14
_
_
97
70
78
108
7
9
3
II
18
843
4
119
49
_
97
71
bl
70
78
07
93
00
86
84% 88
14
8
at a
514
514
78
78
7913 804
84%
80
84%
80
100% 102%
9212
86
10314 104%
47
42
98 102
10012 100%
96
92
86
76
81
85
98 10114
89
94
4
1041 104%
90% 9314
30
5112
102 1044
1384
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 20.
New York Bond Record-Continued-Page 5
:43
Price
Friday
Feb.20.
Bid
10334
100
10018
10614
Week's
Range or
Last Sale.
High
Low
1033
4
105
100
101
1013
8
100
10612
106
105 Sept'30
107
106
10814
109
130
1323
8
107
10618
10512 10512
101
10212
104
105
761
70
7438
7412
20 Feb'31
10118 Jan'31
89
91
753
4
77
92
93 4
3
1023
4
10312
10318 June'30
1 Nov'30
123 May'28
8
6412
653
4
10214
103
Range
Since
Jan. 1.
BONDS
N. Y.STOOK EXCHANGE.
Week Ended Feb. 20.
Price
Friday
Feb.20.
Week's
Range or
Last Sale.
so co
Range
Since
Jan. 1.
No. Low
High
Bid
Ask Low
1110 No. Low
High
33 103111 105
Edith Rockefeller McCormick
15
993 101
4
Trust coil tr 6% notes_ _1934 J .1 1013 Sale 10114
8
1013
4 21 100 1013
4
10 100,102
Elec Pow Corp(Germany)615550 M S 8018 81
8018
8018
3
77
801a
47 105 107
late!tflis
1953 A 0 803 83
793 Feb'31
8
8
71
80
Elk Horn Coal 1st & ref 6 Xs 1931 .1 D
793 Dec'30
4
ioi- Sale
363
&Fs 167 2
- 1
Deb 7% notes (with wart) 1931 J D
57
6012 Oct'30
10812 Sale
206 1073 10912 Eqult Gas Light 1st con 5s_ _1932 M S HliT
4
101
4
Feb'31
jai- 1- 3;
6113138 Sale
68 12012 1327 Ernesto Breda Co 1st m 7s_ A954
8
1067 Sale
8
212 10514 1073
4
With stork purchase warrants. F A 66 Sale 66
69
18
5514 7012
10512 Sale
2 10312 10512 Federal Light & Tr let 5s_ _1942 M S 95 Sale 95
9513 14
9178 9512
101 Sale
20 101 104
1st lien s f 5s stamped_ _ _ _1942 M S 9413 96
95
95
1
92
95
105 Sale
33 102 105
1st lien 65 stamped
1942 M S 10114 10212 102
10318
4
99 1031g
71 Sale
32
59
7612
30-year deb es series B__ _ _1954 J D 9812 997 99
8
99
3
9612 100
77
63
74
7
743 Federated Metals e f 78
8
1939 .1 D 9314 Sale 93,
95
4
10
9314 95 8
5
_
14
1614 20
20
Flat deb 7s (with warr)
90
1948 J J 85
883 Feb'31
4
793 90
4
1013
8
1011s 10114
Without stock purch warrants_
8718 Sale 853
4
873
4 10
7912 90
9012 Sale
8612 92
76
Fisk Rubber let s I 8s
37 Sale 37
1941
3718
2
28
3734
7612 Sale
7214 8012 Framerican Ind Dev 20-yr 7545' .1 J 10712 Sale 07
45
42
1073
4 50 10412 1071
4
92 Sale
92
37
98
Francisco Sug 1st s f 745s-1942 MN 55
693 85
3
65
1
60
6912
103 104
7 102 10312
10214 Gannett Co deb es
81
78
80
80
10
73
82
14 -Gas & El of Berg Co cons g 58194 J D 103
03 Dec'30
F 49
A
3
_
14 --Gelsenkirchen Mining Os _ ....1934 51 S 9212 Sale 9114
93
67 -135- 03
6412 sale
6112 68
16
Genl Amer Investors deb 58_1952 F A 8512 87
87
88
20
83
88
10214 Sale
48 101 103
Gen Baking deb e t 5 Ms-_1940 A 0 943 Sale 94
4
9478 21
94
9841
Gen Cable 1st sf5545 A __ _1947 J J
77
7912 80
80
6
774 9254
Baldw Loco Works let 5e_ _1940 MN 10612
10612 1063 Gen Electric deb g 345s
10612 10612
4
95 Feb'31
F A 95
96
1942
95
9514
Baragua (Comp Az) 7458 _ _ _1937 J J 30 14
44 Feb'31
30
48
Gen Elec(Germany)7s Jan 15'453 .1 100 Sale 00
100
17
91 100
Batavlan Pete guar deb 445e 1942 J J 9612 Sale 953
8
9612 127
9313 9612
S f deb (345s with warr
91 Dec'30
4
1940 J D 913 94
1936 1
8612 8712 8612
Belding-HeIngway(le
8612
1
8613 90
Without warr'ts attach'd_1940 J D 94 Sale 913
4
94
30 -15E1i2 94
Bell Telep of Pa be series B_ -1948 J .1 10818
1083
8 20 107 10918
20
-year f deb es
-- 108
87 Sale 8512
873
4 11
82
89
1960 A 0 11212 11312 11112 11212 21 11012c1I4
let & ref batteries C
Gen Slot Accept deb es
N 103 Sale 03
A
19 9
937
4
10414 100 1017 10414
8
Berlin City Elec Co deb 6458 1951.1 D 733 Sale 7214
8
74
693 75
8
29
Gent Petrol 1st a 1 59
1023 10312 10212 Feb'31
8
9
193 F
940 J
102 10211g
7214 Sale 7214
Deb sink fund 645s
1959 F A
75 8
7
6814 757 Gen Pub Serv deb 51.5s
4
s
93
93
95
94
21
93
95
1955 A 0 6712 Sale 663
Deb fai
8
6414 695 Gen Steel Cast 545s with wan''49 J J 9412 Sale 9412
6712 34
8
95
41
89
95
76 Sale 757
8
Berlin Elm El& Undg 6458-1956 A
76
6814 763 Gen Theatres Equip deb 68_1940 A 0 7212 Sale 7134
12
8
74
267
51
74
Beth Steel 1st & ref bs guar A '42 M N 10312 -- -- 103
1033
4 30 10212 105
01
Good Hope Steel & I sec 75 _ _1945 A 0 91 Sale 551,
8
82 e114
4
30-yr p m & impt f 5s_ -1936 J .1 1023 Sale 10214
103
8
11 1013 103
Goodrich (II F)Co 1816 Ms_ _1947 J J 9912 Sale 9918
99 10212
093
4 32
1950 M S 81
Bing & Bing deb 845s
85
81
Jan'31
78
8112
7014 200
Cony deb Os
69 Sale 69
67
76
Botany Cons 511118640
1934 A 0 30 Sale 29
29
30
35
11
Goodyear Tire & Rub 1st 58_1945 M D 9012 Sale 893
8
5
903
4 94
1 9 7 il N
87
90 4
3
1934 M s 10012 1013 101
Bowman-BlIt Hotels 7s
10212 25
4
97 105
Gotham Silk Hosiery deb 68_1938 J D 8014 Sale 8014
8014
2
75
8014
5
7
D'way & 7th A v lat cons 5.3._1943 J D
5
534
7
5
53 Gould Coupler 1st s f 6s_ _ _1940 F A 68
4
68
70
68
13
68
6858
412
Certificates of deposit
6 Dec'30
Gt Cons El Pow (Japan) 75_1944 F A 100 Sale 993
4
100
12
93 4 100
3
Brooklyn City RR lat 5s_ _ __1941 J J 85 Sale 85
87
85
87
15
lst & gen16
a
943
943 Sale 937
4 57
4
8512 943
4
Bklyn Edison Inc gen 58A-1949 J .1 106 107 106
107
22 10514 107
Gulf States Steel deb 53.45- _1942 .1 D 88 Sale 877
8
5 .1 S
88
19 °
7
877 90
8
Bklyn-Manh RT sec 13s
1968J .1 10118 Sale 10012 10112 230
4
983 10112
Bklyn Qu Co & Sub con gtd 5s'41 MN 64
68
63 Feb'31
63
6418 Hackensack Water let 4s__1952• J in 91
887
8
89
887 90
8
181 5s stamped
1941 J .1 6713 89
6612 Jan'31
6612 6612 Harpen Mining 6s with elk purch
Brooklyn R Tr let cony g 482602 J J
9212 June'28
war for corn stock or Am she'49 J J
82
8212
2
77
8212
Bklyn Union El 1st g 4'58
1950 F A
85
8813 Hansa SS Lines 6s with warr_1939 AO -78i2 Sale 751a
85
88
20
7
7812 14
70
7812
Bklyn Un Gas let cons g 5s_ _1945 MN 1077
8
1073
8 1073a
4
5 10714 1073 Havana Elec consol g 5e _ _ _ _1952 FA 50
543 4718 Feb'31
4
4512 5312
1st Ilen & ref es series A _ _ _1947 MN 11738
11712 11712
3 11712 11758
Deb 5%8 series of 1926_ _ _1951 MS 26 Sale 24
26
11
2218 3012
Cony deb g 545e
1936.3 J
218
218 218
Jan'31
Hoe(R)& Co 1st 654e ser A_I934 A0 55 Sale 53
55
5 51 65
Cony deb be
1950.3 D 1037 11:W3- 104
8
4
1043
4 42 10212c10434 Holland-Amer Line es
61
59
(Hat) 1947 MN 61 Sale 61
65
1932 .1 D 9418
Buff& Saw Iron 1st s f 5s
_
96
Jan'31
98 98
9212
Houston Oil sink fund 5;43_1940 M N 9212 Sale 9212
3
90
9312
Bush Terminal 1st 48
1952 A 0 9018 I43- 90 Feb'31
4
83
90
Hudson Coal 1st s t 5s ser A.1962 J D 62 Sale 62
6278 49
61
63
J 101 Sale 100
Consol 5s
1955
973 10114 Hudson Co Gas let g 53
8
10114 12
105
8
1 1047 10613
1949 SI N 1047 106 105
8
Bush Term Bldgs 5s go tax-ex '60 A 0 10112 10212 10112 103
26 101 10318 Humble Oil & Refining 510_1932 J J 10212 1023 1023
8 10238 45 1017
8
33104
F A 10112 Sale 10114 c10134 135 101 c1013
Buff Gen El 443s ser B '81
4
Deb gold 5e
4 102
A0 1013 Sale 013
4
29 101 102
By-Prod Coke 1st 545s A__ _1945 MN 103 Sale 103
103
8
5 1003 103
Illinois Bell Telephone 5s...193 J D 10514 Sale 0514
1053
4 53 105 1063
1 57
0
4
Illinois Steel deb 4 45e e es..A940 F O 1007 102
003
4 102
8
98 A A
tg
32 10018 10311
1
.
Cal G & E Corp unit& ref 58_1937 MN 104 Salo 104
10414
3 103 10414 Ilseder Steel Corp
7312 747 7318
75
8
8
71
76'
8
J 9912 Sale 987
1940
cony deb 58
Cal Pack
8
993
4 74
963 993 Indiana Limestone let s 1 69.1941 M N 69 Sale 5314
4
4
69
23
48
69
CalPetroleum cony deb e f 581939 F A 9614 97
9612
9612
95 4 9818 Ind Nat G & 01155
3
5
0014
10014
1 10014 10014
1936 MN 100
1938 M N 10014 100 4 10014
Cony deb is g 5%s
3
1007
8 27 100 101
Inland Steel 1st 43.58
9,53 Sale 951a
4
957
8 57
9514 973
4
Camaguey Sug let s f g 7s__ _1942 A 0 34
39
3714 45
2
3714
3,
74
1st ra s f 43 ser B
4
0612 79
8
0
,
3
5
_ 11, F ,1 2 963 Sale 953
119 1 1 s
_
96
963
3
Canada SS L lat & gen 68_ 1941 A 0 63 Sale 62
85
55 65
12
Inspiration Con Copper 645s
9912 10018 00 Feb'31
M
99 100
Cent Dist Tel 1st 30-yr 5s_ 1943 J D 10518
105 Feb'31
105 105
912 10
Interboro Metrop 4;4s.._
912 Jan'31
912 912
96 0
A 55 Sale 55
Cent Foundry 1st s f es May 1931
58
4
55
70
Ctfs of deposit
912 Jan'31
912 012
8
8
Cent Hud G & E bs___Jan 1957 SI S 1047 Sale 1047
105
4
8 1043 105
7012 148
Interboro Rap 'Fran 1st 5s_ _1966 J J 70 Sale 0012
6814 71
M N 112 114 112
114
Central Steel let g at 8s__ _ _1941
3 1117 114
e
.35 7014 Sale 6914
Stamped
7014 396
8314 707
a
Certain-teed Prod 545s A...1948 M S 36 Sale 3512
3712 51
3112 373
8
73 8 Sept'30
3
Registered
59
Cespedes Sugar Co 1st at 7458'39 M S
Jan'31
59
59
56
10
55
-year Os
15 -Li- -r;iis
5412 58
8
5312 Mar'30
Chic City & Conn Rys 5s Jan 1927 A 0 997 100
10-year cony 7% notes_ 1932 5 S 9014 Sale 90
5914 93
9112 41
8
1033
8
GL &Coke lstgug5s-1937 J J 10338 Sale 1033
1 loira 1153 4 Int Agri Corp 1st 20-yr 5s-103 M ° 9812 Sale 9812
1
9812
5
2
1932 AI N
9854 99
Chicago Rys 1st 5s stpd rcts 15%
75
5
Stamped extended to 1942____ M N 74
753 74
4
74
7613
6912 16
principal and Aug 1930 Int_ _ _ _ F A 6514 Sale 65
633 70
4
100
Int Cement cony deb 5s_ _ _1948 M N 983 Sale 98
82
4
95 100
1943 A 0 82 Sale 82
Childs Co deb 58
8214 21
8018 83
9314 92
Internal Hydro El deb 68_1944 A 0 91 Sale 91
8612 9314
4
9512 57
Chile Copper Co deb 5.9-1947 J J 943 Sale 9212
90
9512 Internat Match s f deb 5s_ _ _1947 NI N 9112 Sale 91
913 143
4
893 9912
8
1968 A 0 923 Sale 9212
8
Cin G & E 1st M 4s A
923
4 44
91
9314 Inter Nlercan Marine 8 f 6s_ _1941 A 0 90
95
937 94
9
8
915 97
s
77 Dec'30
Clearfield Bit Coal 1st 4s_ _ _1940 J J 7014 75
8
Internat Paper 5s ser A & B_1947 ,l J 72 Sale 713
7614 56
715 77
8
1938 J J 613 Sale 613
8
8
62
Colon 011 cony deb es
20 -Li1955M S 6218 Sale 61
63
Ref 8 t 6s series A
51
60
69%
1943 F A 95 Sale 95
96
Colo F & I Co gen f be
5
95
hut
8
deb g 43.4s 1952 .1 J 813 Sale 8014
8212 202
7118 8212
93
9314 Jan'31
Col Indus Ist 80 coil 5s gu _ 193I F A 92
90
1939.3 J 9412 Sale 9112
994934
95
Tn v deb.1 eA e
oe
" 4 leg
& .
320
81
95
Columbia G & E deb bs May 1952 MN 987 Sale 9812
8
99
98
9612 1013
1655 S1 A 8514 Sale 84
13
8
Deb 5s
8514 162
76
8614
Debentures 5s_ _ _ _Apr 15 1952 A 0 9812 9834 9812
97 10114 Kansas City Pow & Lt 5s
99 4 18
,
1952
S 10514 10512 10514
10514 23 10412 106
1932 .1 J 98
983 9612 Feb'31
4
Columbus Gas let gold 55
9512 0712
1st gold 4348 series B
1957 .1 J 1013 102 10112 10214 11 10113 10312
8
Columbus Sly P & L 1st 445e 1957 J J 9612 Sale 96
9612 17
04
967s Kansas Gas & Electric 4%3_1980,J D 9518 9514 9414
953
8 59
9312 C963
8
1934 MN 97 100
97
Commercial Credits e
99
8
97
0914 Karstadt (Rudolph) 68
I943'M N 67 Sale 67
673
4 24
5954 8 ,
84
1935.1 J 953 963 953
4
4
4
953
4 11
Col tr f 545e notes
933a 9612 Kelth (B F) Corp 1st 68--1916 M S 75
80
75
7614
7
75
7812
1948 M S 10412 1043 10413 10412
4
Comm'l Invest Tr deb es
8 1043 1047 Kendall Co 545s with warr_ _1948 AI S 58
8
8
60
56
59
11
6013
39
1949 F A
96 Sale 9512
Cony deb 5458
9112 07
96 4 41
,
Keystone Tel%) Co 1st 5s-1935 J .1
82 Feb'31 - 82
82
74
Computing Tab-Rec s f es_ _1941 .1 .1 10512 106181053
4 10618
8 10518 106 8 Kings County El & P g 5s
,
1937 A 0 1033 10514 1033
8
4 10414
5 10338 10414
,
Feb'31
dc ref g 445s 1951 .1 .1 9914
Ry L
Corm
99 4
,
9914 9914
Purchase money as
F O 136
A A
13813 Jan'31
134 13812
1951 .4 J 9918 100 100 Feb'31
Stamped guar 445e
9918 101.11 Kings County Eiev 1st g 4-1999
7914 793 79a
19 7
4
3
1
4
793
a
80
78
_1958
7612 36
Consol AgrIcul Loan 61.45. ..1958 J D 7612 Sale 75
67
7612 Kings County Lighting 5s
1954 J 1 1057
8
10512 10512
1 1044 10512
Consolidated Hydro-Elec Works
First and ref 6 5
-is
11814 ---- 119 Feb'31
11818 119
J 89 Sale 88
897
8 22
82
of Upper Wuertemberg 78_1956
90
Kinney(OR)&
notes 5 5 D 89
1934 .1 S
' 6
93
90
1
90
87 ( 12
1
0
2478 353 Kresge Found'nCo 744%
353
COM Coal of Ald lst & ref 58_1950 J D 35 Sale 34
4 25
4
coil tr 6s-1936 .1 1) 102 Sale 102
102
31 10112 10212
106, 119 103 10712 Kreuger
COn801 Gas(NY) deb 540-1945 F A 10618 Sale 106
4
& Toll bs with warr_1959 M S 913 Sale 913
8
301
13
92
93
88
10338
10318 1033
Consumers Gas of Chic gu bs 1936 J D 10314 Sale 10314
.1
8
10514 15 103 10512 Lackawanna Steel
Consumers Power 1st 58- _1952 M N 10514 Sale 1047
let 5a A_1950 61 S 10212 10312 103
103
2 102 1035
8
817 847 Jan'31
1946 J D 70
8
8
847 85
8
Container Corp 1st 65
Lacl Gas of St L ref & eat 5s..1934 A 0 1023 Sale 10214
1023
8 64 10112 1035
8
4
60
59
62
59
9
5s with warr_..1943i D
15-yr deb
64
Col & ref 5455 series C1953 F A 10278 Sale 102
10338 21 101 1037
2
9712 Sale 9712
99
97 39914
25
Copenhagen Telep 58 Feb 15 1954 F A
Coll & ref 534s ser D
1960 1e A 10234 Sale 10254
103
5 10114 1031a
8
4
10212 10412 Lautaro Nitrate Co cony 68_1954
Corn Prod Refg 1st 25-y1'8158'34 MN 1037 104 1033 Feb'31
963 983 9818
s
8
9812 13
9712 99
Crown Cork & Seal s f 68_ _ _ _1947 J
Without warrants
5012 Sale 585
J
603
4 62
8
43
61
91
843 963 Lehigh C & Nav et 445s A __1954 J J 9914 101 101
4
933
4 13
Crown Willamette Pap e8_195I J J 9312 94
4
4
J
101
9812 101
75
27
74
68W w 1940 M S 75 Sale 74
85
Crown Zellerbach deb
Lehigh Valley Coal let g 5s__1933 J J 1013 1013 10112 101/2 32 1005
8
4
8 1011
/
4
30
41 Mar'30
Let &zst
Cuba Cane Sugar cony 7e._1930.3 J
t 40rc
-yrgur14
red4%-1033
07 4 -- 6712 Mar'30 _ _ ,
41 c271 Dec'30
e
Cony deben stamped 8%1930J J
9912 Feb'31
1934 F A 10038
99'l 9934
4
097
983
4 20
M S 98 Sale 973
897
Cuban Am Sugar let coil 813_1931
let & ref s f 5s
773 Feb'31
8
773 81
8
1944 F A
77 8 78
6
8 Sale
712
7
10
318 59
Cuban Cane Prod deb es..-1950 1 J
1st & rot t 68
60 66 Aug'30
1954 F A 45
15
Jan'31
17
25
15
16
Cuban Dom Sug 1st 730_ _1944 MN
1st & ref s 5s
5478 50 Feb'31
50
1984 F A
-86- --5o
11
1412 10
11 Sale
11
17
Stpd with purch war attached_ --let & ref et be
57
67
58
2
56
50
57
8
2 1023 10412 Liggett.4 Myers Tobacco
4
4
Cumb T & T 1st & gen 53-1937 1 J 1033 Sale 10312 1033
12012 11 1201g 12312
78_1974 A O 12012 Sale 12014
1944 F A
10 10218 104
1940 A 0 104 Sale 10312 104
Cuyamel Fruit bast(38 A_
58
8
10512.
105 1053 10514
10414 106'4
78 Dee'29
Denver Cons Tramw lat 5s-1933 A 0 70
Loew's Inc deb es
Sale
19 1 A O
5
1013
4
4
6 100 1- -162 4 Without stocks with warr_1941FA 110 Sale 10812 11012 123 100 11012
DenGas&EL let & ref et 58'51 MN 1013 sale IOOIs
98
9912 84
4
9612 995
numb warrants A 0 9912
8
7
993 10212 Lombard Elec 1st 75 with war '52 .1 D 93 Sale 92
8
StamPed as to Pa. tax- _1951 MN 1017 ____ 0212 10212
93
8
765e 93
61
Oet'29
Dory(DG)Corp lets f 7a-1942 M S
Without warrants
9012
D 9114 92
9114 22
91 4
,
75
614 3 Dec'30
5
2d 78 stpd Sept 1930 coupon_
Lorillard (P)Co 78
110
110 Sale 10914
8 10234 110
10212
9 102 110212 Sale 10214
Detroit Edison 1st coil tr 5s_1933
612 5seb
D
89
89 Sale 8818
89
35
82
10518
3 10378 10512
1st& ref be series A_July 1940 M S 105 10518 105
534s
9712 170
9712 Sale 98
867 9712
s
107
8 1043 107
10612 Sale 105
4
Gen & ref be series A _ _ _1949 A 0
Louisville Gas & El(Ky) 5s_19574 jA 0 1037 Sale 10312 104
j
8
21 10312 10512
119342 MN
10514 48 105 108
8
1St & ref es series B _July 1940 M S 10518 Sale 105,
Lorer f ostria Hydro El Pow 1951 F A
n sA u ms
10612 26 105 1063
19555 D 10614 Sale 105
s
Gen & ref 5s series B
86
8512 Sale 8512
86
14
78
10712
9 10514 10712 McCrory Stores Corp deb 5448 44 J D 95
Gen & ref 5s series C
1962 F A 10712 Sale 10614
98
943
4
95
6
'41
93 2 951a
7
19 F A
10138 248
4
8
993 1013 McKesson ds Robbins deb 5443'53 M N 80 Bale 7912
4
8
Gen & ref 445e serles D-1961 F A 1013 Sale 1003
8
8014 38
787 8412
9814
2
9818
9814 99
9714 99
Det United 1st con g 4348-1932 J J
Manatl Sugar 181 s 740-1942 A 0 28
40
2612
2912 2518
7
25
8212 913 Mental Sly(NY)cons g 48_ _1990 A 0 56
8
914 88
Dodge Bros deb (is
1940 MN 89 Sale 8813
4
57
1
5514 5712
557
8
557
s
70
38
6212
74
Dold (Jacob) Pack Ines_ _ _1942 MN 68
60is 70
2d 48
4712 52
Jan'31 _ _ _
48
48
48
Apr'30
101
Dominion Iron & Steel 58-1939 M S 90
Manila Elec
98
97
2
195 MS
97
94 Feb'31
-56 94 Mfrs Tr Co RY & Lt 8 I 5s-20133 D 90 100 97
Donner Steel 1st ref 7s
1942.1 J 95 101
ctts of partic In
10414 16 102 1043
Duke-Price Pow let es ser A.1966 M N 104 Sale 104
8
Al Namm & Son let 83_1943 J D 93
9712 93
9412
2
92
93
8
Duquesne L1ght lst 435e A-1967 A 0 104 Sale 10312 104
77 10212 1047 Marlon Steam Shovel at es_ _1947 A 0 3218 41
,
35
143
35
47
39
29
30
East Cuba Sag 15-yr s f g 735e'37 M S 20
8
29
41
23
Market St Sly less,' A _April 1940 Q
97 Sale 957
30
(73
3
97
97
Ed El Ill BMA bacon 6 4s_ 1939 J J 9914 Sale 9914
97 4 9914 Mead Corp 1st es with warr _1945 A 0 87 Sale 8614
3
90 4 10
,
87
14
85
90
!
4
Ed Elec(NY)let cons g 55.1995.1 J net ____ 1153
1 11514 1153 Merldionale Elm 1st 7s A...1957 A 0 963 98
1153
4
4
2
4
9814
84 7 9812
8
9812
C Cash sale. s ODUon sale.
Amer Sugar Ref 5-yr es
1937 J J
Am Telep & Teleg cony 4s_ _ _1938 MS
30
-year cony 445s
S
1933
30
-year coil tr bs
1946 J D
Registered
J o
35-yrs f deb 5s
1960 J J
20
-year s f 545a
1943 MN
Cony deb 445s
1939 J J
35
-year deb bs
1965 FA
Am Type Found deb es
1940 AO
Am Wat Wks & El coil tr 5s_1934 A0
Deb gee series A
1975 MN
Am Writ Pap let g es
1947 1 J
Anglo-Chilean s f deb 78_ _ _ _1945 MN
AntIlla(Comp Azuc) 7458_ _ _1939 J J
Ark & Mem Bridge & Ter 58_1964 MS
Armour & Co (III) 445s
1939
Armour &Co of Del 545e- _ _1943 JJ
.
Armstrong Cork cony deb 5a 1940 JD
Associated 0116% gold notes 1935 MS
Atlanta Gas L lat 5s
1947 JD
Atlantic Fruit 7s ars dep _ _ _1934 JD
Stamped ctfs of deposit
JO
Atl Gulf& WI SS L coil tr 5s 1959
.1
Atlantic Refg deb be
1937.1.3
Ask
Sale
101
101
Sale
New York Bond Record -Continued-Page 6
BONDS
11
N. Y. STOCK EXCHANGE. u
Week Ended Feb. 20.
./Za.
Price
Fritter"
Feb.20.
Wok's
Range or
Last Sale.
.2
e
c?4,1j
Range
Since
Jan. 1.
Ask Low
High
High N0.1 Low
Bid
6' 10212 105
3
Mete Ed ist & ref 55 tier C-1953 J .1 104% Sale 104 4 105
13
8 101
9918 102
lets 440serD
1968 M S 101 Sale 1007
44
73
67
75
Metrop Wat Serv & Dr 540_1950 A 0 68 Sale 67
71% 77
75 Jan'31
Metz West Side E(ChIc) 45_1938 F A 7114 73
75%
75
70 65 Jan'31
Miag Still Mach 75 with war 1956 .1 D 68
6218 67
66 Feb'31
14
.1 D
Without warrants
61 10012 103
103
Midvale St &0 coil tr 5 f 5a 1936 M S log. Sate- 10214
4 10114 18
99% 10214
Milw El Ry 4: Lt 1st 53 11_1961 J D 101 10111 1003
3
4 31 103 104 4
4,
Montana Power 1st 55 A___1943 J J 10434 Sale 10 4 1043
4
99 103
10018 10014
Deb 58 series A
Montecatini Min & Agric--1982 j D 100'4 Bale
9118 66
6
96
8
Deb 75 with warrants -J937.3 J 952 975 9512
92
9514
9512 20
93 8
3
J J 9212 96
Without warrants
9912 28
98% 1001s
Montreal Tram let & ref 55_1941 J J 9612 Sale 9914
1
92
90 94%
/
1
4
Gen & ref a f 5s series A__1955 A 0 92 Sale 92
_
963 Sept'30 „...
4
Gen & ref s t 58 ser B
1955A 0
903 8412 Dec'30
Gen & ref if 440 ser C.-1955 A 0 84
Jan'31
917 98i
92
Gen & ref s t 58 see D
1955 A 0 92
4
82 4 14
3
7912 823
82 Sale 81%
Morris & Co 1st s I 440_ __ _1939 J
80
73 June'30
Mortgage-I3ond Co 48 ser 2_1966 A 0 70
1
981
9854
97
10-25 year 5s series 3
1932 J J 9812 984 9818
1
95
92 s 97
3
95
Murray Body let 640
1934 J D 925s 94
1 10212 1057
s
Mutual Fuel Gas let gu g 58_1947 MN 105 s ---- 10514 1051
5
Mut Un Tel Bid 65 ext at5% 1941 MN 1025 1027 10314 Nov'30
8
s
Kamm (Al) & Son. See Mho Tr
5211
Nassau Elec guar gold 4s_ __1951 J J 5112 5314 52
95
971s 95
Nat Acme lat
63
19423 D 95
396
3
Nat Dairy Prod deb 554s..1948 F A 101 Bale 100 4 101
34
24
17%
18
Nat Radiator deb 640
16
1947 F A
1
Newark Consol Gas cons 68.19483 D 10518 106 10518 10518
91 Feb'31
Newberry (J J) Co 54g% notes'40 A 0 9113 94
up% 110 10913 11018 --in
3
New Engl Tel & Tells A-1952 J
8
4 105
/
1
4
1st g 440 series li
1961 MN 104 1051 1043
90
25
907 8012
New On Pub Serv 1st 59 A _ _1052 A 0 89
9
89
8
8814 891 883
First & ref So series B_ _1955 D
2
80%
NY Dock 50
-year let g 0_1951 F A 78 Sale 78
73% 66
Serial 5% notes
1938 A 0 72 Sale 72
28
Sale 11414 1151
N Y Edison 1st & ref 640 A.1941 A 0 115
10
let lien & ref Se series B 1944 A 0 106 Sale 105% 106
30
8
NYGasElLt1t&Prg5s.l948J D 1091 110 107% 1101
15
98
/
1
4
99
Purchase money gold 4s_1949 F A 9813 99
NY LE &W Coal & RR 540'42 M N 95 10012 112 Sept'3
NYLE&WDock&ImpEe'43.1 .1 100- 96 Dec'30
5i 4318 Oct'3
N Y Rya 1st R E & ret 45_ _1942 .1 J 40 40 - - 40 Dec'30
Certificates of deposit
211 Dec'30
1
1
30
-year ad) Inc 58.. Jan 1942 A 0
1 July'2 „...
Certificates of deposit
3%
6
314 313 312
N Y Rye Corp Inc 135. _Jan 1965 Apr
4
51
53
55
Prior lien 63 series A
1965
J 52
107 Feb'31
N Y & Richtn Gas 1st
A-1951 MN 106 8
NY State Eye 1st cons 410_1962 MN
8 12 22
81± 9
6 Dec'30
Registered
MN
1
" 83
4
83
4
04 itife
Certificates of deposit
10
6
911
50-yr let cons640 series B 1962 M N
7% 20
8
10812
NY Steam let 25-yr(laser A 1947 M N 108% Sale 108
12
4 102
let mtge 5s
1951 m K 10118 10212 1013
10318 21
N Y Telep 1st & gen
440_1939 MN 10318 10314 103
20
30
-year deben s f 6s_Feb 1949 F A 11112 112 11112 112
so
4 107
30
-year ref gold as
4 // 063
1941 A 0 1063 8 1
98
N Y Trap Rock 1st 68
4
19463 D 9714 973 98
5
/
1
4
Niagara Falls Power let 53_1932 J J 102 102 10112 1021
7
4
Ref & gen 6s
Jan 1932 A 0 102% 1023 10218 1023
14
1043
Nies Lock &0 Pr let 55 A__1955 A 0 104 4 Sale 104
3
22
95
3
Niagara Share deb 5)0_ .. _1950 MN 9413 Sale 9413
17
85
Nord/lel/Who Lloyd 20-yrs f 65'47 MN 84 Sale 84
23
561
4713 4914 48
Nor Amer Cem deb 640 A_1940 M
58
4
No Am Edison deb 53 ser A_1957 m H 1033 Sale 102% 1033
45
1027
Deb 5105er -_Aug 15 1963 F A 102 Bale 102
84
99
Deb be series C _Nov 15 1969 MN 99 Bale 9814
26
Nor Ohio Trac & Light 6s-1947 M S 10534 Sale 10513 1053
47
8
Nor States Pow 25-yr 58 A.A941 A 0 1027 Sale 10218 103
10614 Sale 106
5
1063
4
1st & ref 5-yr 6s ser 13_ _ _1941 A 0
5
North W T 1st fd g 4 40 34(1_1934 .1 J 10013 10114 10014 10014
Norweg Hydro-El Nit 5448.1957 SIN 100 Sale 99% 10014 99
4978 5213
95
95
98$4C101%
1113 25%
104 1051s
95
87
108% 1101s
103% 10512
85 90
85
90
8412
78
72
867
8
113% 11512
1047 106
8
107% 11018
9712 994
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 20.
ts
1385
Price
Friday
Feb.20.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
Bid
Ask Low
High No. Low
High
Rhine-Westphalla El Pow 791950 M N 9714 Sale 9714
99
10
90 100
82 s Sale 813
7
Direct mtge Os
4
83
34
75
84
1982 F A
Cons hi of'28 with war_1953 M N 80
813 8018
4
8178 13
75% 82
F A 793 8112 76
Without warrants
4
Jan'31
76
79
war 1955 A 0 80 Sale 79
Con in 65 of 1930 with
80
49
7412 80
Rhine-Ruhr Wet Ser 6s.._.1953 3 J 727 Sale 7014
8
727
8 15
63 72%
1944 M N 65 Bale 6412
Richfield 011 of Calif 138
6512 93
41
67
1955 F A 85
Rime Steel 1st s t 75
867 8518
8
8518
1
84% 5854
Rochester Gas & El 75 ser B.1946 M S 107 Sale 10612 107
9 10518 107
13
1948 51 S 10612 10712 105 Jan'31
mtge 540 series C
Gen
105 10553
Gen mtge 430 series D-1977 M S 10114 Sale 10114 10114 25
99% 101%
Roch & Pitts C&Ipm 5s _ _1946 M N
85 Dec'30
Royal Dutch 413 with warr-1945 A 0 9113
91%
915 350
8
87 91¼
E,Ife
St Jos Ry Lt H & Pr let 58_1937 MN
St L Rock Mt & P 53 stmpd..1955 J J
St Paul City Cable cons 5a..1937 .1 J
1937.3 J
Guaranteed Is
San Antonio Pub Serv 1st 65_1952 3 J
Saxon Pub Wks(Germany) 7s'45 F A
1951 MN
Gen ref guar 640
1946 J
Schuleo Co guar 640
Guar s t 640 series B__ -1946 A 0
Sharon Steel Hoop s f 540_ -1948 F A
Shell Pipe Line e f deb 55-1952 MN
Shell Unlon Oil at deb 58-1947 M N
1949 A 0
Deb 5/3 with warr
Shinyetsu El Pow let 640-1952 .1 D
Shubert Tbeatre Os_June 15 1942 J D
1935 J J
Siemras fr1441ske 5 f 75
Debai6 8
1951 M S
Sierra & San Fran Power 5.8.1949 F A
Silesia Else Corp of 640-1946 F A
Silesian-Am Corp coil tr 75._1941 F A
Sinclair Cons 01115-yr 75-1937 P4 S
1938J
let lien 6349 series B
Sinclair Crude Oil 5)4sser A-I938 J J
1942 A 0
Sinclair Pipe Line s I 55
1939 M S
Skelly 011 deb 5 WI
Smith (A 0)Corp 1st 630-1933 M N
1942 M
Solvay Am Invest fA
J
South Bell Tel & Tel lat f 55'4
S'west Bell Tel let & ref 55-A954 F A
Southern Colo Power 6s A 194 J J
StandOilofNJdebssDeol5'46 F A
Stand 011 of NY deb 4)4s...195l J
1945 J .1
Stevens Hotel 1st 6sser A
Sugar Estates (Oriente) 7s 1942 St S
Syracuse Lighting 184 Et 5s 1951 J D
9912 100
9918
99
/
1
4
51
55
47
50
8913 89
89
89
89
8912 88
88
10618 10612 107
107
863 Sale 86
4
87
79 Sale 7754
79
/
1
4
6018 61
60 Feb'31
85
85
704 88
/
1
87
87
87
9114 Sale 90
/
1
4
917
847 Sale 8312
8554
88
87 Sale 8614
93 Sale 8814
93
23 Sale 183
25
4
19614
100 4 101 100
3
99 Sale 9712
99
1027 103 10212 103
e
12 7112 Feb'31
7254 78
66% 78
6618
66 4
3
100
9911 Bale 98
9514 Sale 95
96
10134 Sale 1013
4 102
1001€ Sale 997
4 10012
75
77
75'2 77
10314 Sale 103
10314
98
99
9812
9812
105% 10514 10518 10512
10512 Sale 10518
10654
1051 Sale 103
10518
10312 Sale 10314
10354
100 Sale ' 9912 100
6418 Sale 64 8
6411
103 16
4
12 Feb'31
5
1071± ---- 10718 107 *
8
14
5
1
2
18
34
1
1
43
35
92
65
174
35
42
19
7
132
19
64
24
13
6
5
19
16
371
97
56
5
9718 997o
46
50
8 / 92
72
88
92
10313 10714
75% 87%
724 SO
1
60
81
60
9114
8 / 901.
66
87 92%
7714 8618
783 90
4
7618 93
17% 25
95 10014
8812 99
102 103%
67
71%
60
66 4
3
98 100
14
95
98
12
10014 10212
98 101
75
84
1021 103
4
14
95% 98
12
10412 105/e
105 106%
102 103%
103 105
1g
9713 100
12
61
68
12
80
10712 157/s
2'2 414
16
45
63
108 107
Tenn Coal Iron &RR gen 58_1951 J
105 .__.1O5 Jan'31
104 1054
7
8% Tenn Cop & Chem deb 65 11.1944 M S 96 Sale 96
96
91% 99
4 33 104% 106%
4
Tenn Elec Power 1st 68-1947 J D 1063 Bale 10612 1061
7
83 Texas Corp cony deb 5s.._ _1944 A 0 10014 Sale 9912 10014 264
4
97 4 102
3
6% 10
Third Ave RI' 1st ref 4s._ -1900
5114
497
64
46
3 497 Sale 481
10712 108%
Ad)Inc 55 tax-ex N Y Jan 1960 A 0 813 Sale 3054
4
28% 33
313
4 47
100% 10212 Third Ave RR 184 g 5a
98
97
1
1937 3 / 97 Sale 97
93
101% 105% Toho Elec Power let 7s
1955 PA S 9814 99
977
9112 98%
9812 13
11118 11218
1932.3 J 9914 9912 9814
6% gold notes
17
995
9812 99%
10614 10718 Tokyo Elec Light Co. Ltd
95
98
1953.3
1st 6s dollar series
9012 Sale I 8854
83 90%
/
1
4
9011 414
101 1023 Trenton GA El let g 5s.. 1949 NI S 103
4
10412 Nov'30
102 103
Truax-Traer Coal cony 6548.1943 MN 62 Sale 62
62
72
1
62
10313 105
Trumbull Steel 1st s 65
194 MN 100 Sale 98
100
13
8834100
893 97
4
Twenty-third St Ry ref 58-1962
J 21 Sale 21
21
4
21
261
:
84
87
Tyrol Hydro-Elec Pow 754s_1955 MN 95 Sale 95
96
11
947 981
/
4
41
5612
Guar sec t 78
1952 F A 92 Sale 9012
921
14
87 9212
14
10014 1033
4
101% 103% Ufigawa Elm Pow of 7e_..1945 M S 10014 Sale 100
10014 21 . 98 100 4
. 1
1
97 10114 Union aext5s Pr(Mo)55.1932 M
n Elec Lt&
10112 Sale 10112 10214
6 10114 1021
8
103 1053
4
1933 M N 1023 Sale 10112 1021j 25 101 10253
8
102 10412 Un E L & P (111) 1st g 530A 1954 J J 10312 104 1037
5 104
16 10212 1041a
10512 106% Union Elev Ry(Chic)5s__ _ _1945 A 0 68
69
71
/ 70
1
4
693 Jan'31
4
10018 10014 Union 01130-yr 68A-- __May 1942 F A 106 1067 106
107
13 104 MO
/
1
4
8
973 1011
4
/
4
lst lien s 5s ger C_ __Feb 1935 A 0 100 10018 100
10014 54
SOc
Deb 55 with warr_ _ _Apr 19453 D 963 Sale 96
4
963
4
7
90 4 Sf.3
3
4
4
110 1113 United Etiscult of Am deb 68_1942 M N 103 10412 103 Feb'31 ____ 100 10313
3
4 11114
Ohio Public Service 740 A._1946 AO 110 4 112 1103
7 III 115
United Drug 25-yr 55
1947 P A 11212 115 11212 115
1st & ref 78 eeriest)
1953 M
96 8 100
5
99 1 204
9913 Sale 99
10112 United Rys St L ist g 4s
101%
1021s Feb'31
Ohio River Edison 1st 65-1948
1934 J J 57 Sale 5612
5612 62
5814
9
49
49
5014 United SS Co 15-yr 68
Old Ben Coal 1st 65
1944 FA "ie Sale 49
1937 M N 101 Sale 101
101
6 10012 1015*
6 10314 10512 Un Steel Works Corp640 A.1951 J D 78 Sale 743
105
Ontario Power N F 1st 58-1943 P A 104 105 104
4
78
14
7154 79
4
9C1% 93
91
91 Sale 91
Sec f 640 series C
Ontario Power Serv 1st 530-1950 J
1951.33) 7712 Sale 7614
7018 7713
7712
9
100 102
f deb 644/3 ger A
Ontario Transmission 1st 58.1945 MN 101 1031s 10112 Feb'31
1947.3 J
755 Sale 75
8
7712 20
693 7712
8
99
30
95
99
4
United Steel Wks of BurbachOriental Devel guar 65
1953 MR 983 Sale 98
8818 9212
921
70
/
4
Extl deb 540
1958 MN 9212 Sale 911
75_ _1951 A 0 10518 1061 1055
Esch-Dudelange
13 10518 107
8 106
11
/
1
9514 984 U Rubber lat ret ser A 1947 J J
981
Sale 9712
Oslo Gas & El Wks extl 5s_ _ 11153 MS 9811
.
72
7112
47
754
1
69
12
95
993
4
983
Otis Steel let 51 6s Her A_ _ _1941 MB 971g 99 9814
Universal Pipe & Rad deb 65 1936 .7
61 Nov'30
4
24 1023 104
Pacific Gas& El gen & ref 581942 J J 103 Sale 103
104
Unterelbe Pow & Lt 6.5
1953 A 0 78
80
76%
77
29 -tie7
Pacific Tel & Tel let 5s
1937
' 10412 Sale 10412 10411 22 103 8 10514 Utah Lt & Trae lst & ref 58_1944 A 0 96 Sale 9512
3
967
8 37
96 s
7
Ref rots° 53 series A
5 106 10712 Utah Power & Lt 1st fe_ _ _1944 F A 102 Sale 10112 10214 72 100 10212
4 10718
1952 MN 107/8 10712 1063
10212 Utica Elec L & P 1st f g 5s 1950J J 10312 1061 104
Pan-Amer P & T cony ef 65_1934 MN 10214 Sale 1013
4 10214 21 10112
104
1 104 10412
11
50
78
Pan-Am Pet Co(of CaScony 68'40 3D 64 Sale 6218
64
Utica Gas & Eice ref & ext 5s 1957 J J 109 Bale 109
109
1 105 8 110
5
6 10113 10314 Utll Power & Light 540
10318
Paramount-Irv/ay ist 530._1951
' 103 104 103
3
1947 .1 D 80 Sale 793
8012 21
73 83
4
12
97
10
923 97
4
Paramount
-Fame
-Leaky 68_1947 3D 97 Sale 96%
Deb 5s with warrants_ _ _1959 F A 733 Sale 73
74
65
4
66
7611
Paramount Public Coro 5345 1950 A 87% Bale 87%
88
50
84
89
Without warrants
F A
-----61
61
3
59% 6212 Vertientes Sugar let ref 75_1942 J D 3612 38
60
Park-Lea let leasehold 640_19533' 55
4537%
8
37
37
453 36
36
6
36
4
Parmelee Trans deb 68
1944 AO 36
36
j 22
Victor Fuel 1st ef 5s
24
20 Nov'30
_
10514 Sale 105
106
9 105 106
Pat & Passaic(1 & El cons 581949 M
Va Iron Coal it Coke 1st sc 55 1^ ii/ M 8 81
3
80
80
85
80
72 Bale 66
72
126
Pathe Each deb 78 with wart 1937 M
4
805 72
Va Ry & Pow 1st & ref 58.18:1/ j
s 10314 14 101s lova
103 4 Sale 1025
,
75% Sale 75
63
Penn-Dixie Cement 68 A._1941 M
80
6613 8 4
03
_ 114
Jan'31
11212 114
Peep Gas & C let eons 159.1943 AO 11418
Walworth deb 01 with war 1931 A 0 7812 Sale 78%
2
7812
782 85
3
-is
8 Refunding gold 58
1947 MS 1965 1681 107% 109 I 38 10418 109
Without warrants
79% 80 85 Nov'30
102 Dec'30
Registered
MS lot
1st sink fund 6s series A__1945 A 0 75
7 "faia 79
76
75
76
Warner Bros Piet deb 6.1_1939 M
67
74
14
70 8 284
7
6918 Sale 6812
3
Pieta Co sec 55 ser A
1967• 0 100 4 Sale 10018
101
111
9814 10112 Warner Co 1st (is with warr_1944 A 0 95 Sale 95
2
14
95
94
12 96
4
Phila Elec Co let 444s
1967 MN 1023 Sale 10214 41033
4 14 10214 10414 ' Without warrants
A 0
95
96 Dec'30
8112 Sale 81%
8258 28
Phila &Reading C & 1 ref 56_1973
81% 8514 Warner Sugar Satin 151 7s_1941 .1 D 1554 Sale 10514
wale
8 loaf:
8212 76
1949 MS 8113 Sale 81
Cony deb 6/8
7212 83
12
17
12
Warner Sugar Corp 1st 75_1939 J J
1514 241 1513 Feb'31
Phillips Petrol deb 54gs_ _ 1939• D 87 Sale 87
8812' 60
834 9214
3
15
1514
1514 Jan'31
Stamped Jan 11931)coup on'39
23
14
Pierce 011 deb 55 88_ _Doc 15 1931 3D 103 10812 10311 Jan'31
10312 10313 Warner-Quinlan deb 65____1939 Si14 8114 64
6412 14
5912
46
69
10518 15 10334 10512 Wash Water Power e t 55_1939 J .3 103 1033 103 Jan'31
Pillsbury Fl Mills 20-yr 68..1943 AO 105 Sale 105
103 105
99
Pirelli Co (Italy) cosy 7 -1952 MN 9814 9812 9812
7
94
99
s7 10512 10814
8 10814
Westchester Ltg 55 stpd gtc1.1950 J D 10712 10914 1073
93 92 Feb'31
Pocah Con Collieries let s f 58'57 3' 92
91
92
7 1033 1051s
West Penn Power ser A 58_1946 M
10514 10614 10514 10612
4
4 1043
4
1 100 106
Port Arthur Can & Dk Os A.1953 P A 10411 106 1043
2 10512 1073
1st 55 series E
4
4
1963 M S 1073 Sale 10714 1073
4
1953 FA 1023
Jan'31
let St 135 series 13
4
102 102
- 102
2 105 1061
4
1st 540 series F
106
4
1953 A 0 1057 1063 106
76 _ _ _ 105
Jan'31
Portland RI'L & P 1st ref 55,1942 FA
_
105 105
3 104% 105
1st sec 5 series G
10514
10514 Bale 105
12
/3
lien & ref 734e ser A _1946 MN 10712 Sale 10711 10712
8 106 4 108
let
3
20 10412 10612
Western Electric deb 5a
8°-I O
44
3
19 A D 105 4 Bale 10514 106
9
10312 10312
Portland Gen Elec 1st 5s_ _J935Ii
101% 104
4 10118 105
Western Union roll trust 56_1938 J J 10318 1041410118 102
79
23
Porte Rican Am Tob cony Os 1942
60
'3 "io" gife 7614
79
2
Fundae
9 10014 10112
3
eal 58 g 440
1950
A
ol eel
ds
- 930 MN 100 4 102 10012 1001
7314 88
Postal Teleg & Cable coil 53.1953 3, 7114 Bale 691s
55
74%
25 10713c11012
110 Sale 10914 41101
15
-year
84 Feb'31
Pressed Steel Car cony 1 518_1933
74
88
'3 8414 88
1951 J D 104 10414 104
15-5-25-year gold
10414 19 100 4 1041
2
3
190 Jan'30 Pub Serv Corp NJ deb 4548.1948 P A
71 10011 104
30
10314 Sale 10212 1031
-year 55
106
24 111 4 4 fir Westphalia 17n El Pow 63
- 1
4Pub Eery El & Gas 1st& ref 5s'65• D 106 Sale 106
727
44
1953 JJ 7214 Bale 72
960 e° 8
67
73
12
4 103% 18 101% 104
1967 3D 10318 -- 1023
1st & ref 430
Wheeling Steel Corp 1st 534s 1948 J J 103 Sale 101
103
39
5g
99 103
4 103
1970 PA 103 Sale 1023
38 101% 103%
lat & ret 430
lat & ref 440 series B
_1953 A 0 9034 Sale 9018
90
7
as
92
87
1212 Jan'31
Punta Alegre Sugar deb 7s 1937 3, 812 25
12% 12% White Eagle 011 & Ref deb 53037
3
1011 Feb'31
Certificates of deposit-----8 3 12
3
7 102 103
4
4 103
With stock porch warrants._ M S 1023 Sale 1023
94
1937 FA 94 Bale 92
89% 55
Pure Oils t 534% notes
2
82% 86
White Sew Mach Os with warn'30.3 J 36 Sale 35
36
92
1940 MS 92 Sale 9112
24
873 93%
4
S I 544% notes
29
43 34 Feb'31
1 J 36
38
Without warrants
95 4 Sale 953
3
4
963
4 11
90
Purity Bakereis s f deb 58-1948
/ 96%
1
4
8
Perth s f deb 6s
22% 31
94
92
93 4
,
Remington Arms let a f 65 1937 MN 93
9314
'8 31
3 10 281 Feb'31
953 Wickwire Spen St'l 1st 73_ _1 9 J.1
4
31
3
7
1
4°M N
35
19
7
14 10
8
883
4 67
Rem Rand deb 540 with war '47 MN 883 Sale 87%
8811 99%
3
514
Cif dep Chase Nat Bank-814 Sale
814
814
7
8
14
9914 99
9912
9
9512 10014
Repub I &I3 10-30-yr Is s f _1940 AO 99
14
7s(Nov 1927 coup on)Jan 1935 7
14 9%
90
913
4 10
4
'3 913 98
Ref & gen 5448 series A._1953
8812 91%
814 20
8
1
6
73 Feb.311
88
3
Ctf dep Chase Nat Bank.......
84
6 4 10
3
8
68_ - _July 1948 MS _ 957 97 Feb'31
97 101
Revere Cop & Br
99
9854 984 9814
WIllys-Overland f 6)48_ _1933
13
95
99
88 8512 Jan'31
J 87
_
80
Rheinelbe Union 75 with war 1946
873 Wilson & Co 1st 25-yr s f 68.1941 A 0 10012 Sale 100
4
100% 41
99 100 4
8
87%
8812
'3
6
Without elk purch war?. 1946
8214 8912 Winchester Repeat Arms 7 40'41 A 0 425 45
8
421
4212
1
4213 83
9212 Sale 91%
93
Rhine-kfain-llanube Ts A-1950 MS
36
90
9312 Youngsto% a Sheet & Tube Is '78.3 J 1023 Sale 10211 10312 98 1021: 103%
4
Option gale
a
Otudi sale.
•
5
94
16'-
iciics
1386
FINANCIAL CHRONICLE
[Vol. 132.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Feb. 14 to Feb.20, both inclusive,compiled from official sales lists:
Law.
High.
Railroads
Boston & Albany
100
180 182
Boston Elevated
100
71
70
Preferred
100
80% 81
1st preferred
100
1004 10034
2d preferred
87
88
88
Boston& MainePr.pref.stPd
100 1054 105 106
Class A lot pref
100 75
75
75
Class C let Orel
100
100 100
Class B let pref
100
1104 1104
Chic Jet Ry&Un Stk YdPreferred
105% 105%
100
East Mass St Ry Co1st preferred
100
734
735 74
Maine Central com
6135
61
61
N TN II dr Hartford_ -100
87% 9035
Norwich & Worcester pf100
140 142
12835 130
100 130
Old Colony
Pennsylvania RR
50 62% 62
68%
122 122
100
Vermont & Mass
Miscellaneous445 435
445
American Founders Corp__
154 12% 15%
Amer & Contl Corp
10
10
Amer Pneumat Service pre
100 19631 191 196%
Amer Tel & Tel
8
AmoskeagMfg Co
831
Aviation Sec of N E
334 345
Bigelow Sanford Carpet_• 28
26% 29
Boston Personal Prop Trust 20% 19% 20%
Drown Durrel Co cam__
335 34
10% 11%
Columbia Graphophone
Crown Cork Internat Corp
735 734
17
3234
15%
9235
1
735
6%
5935
66%
25
1935 1,200
250
36
16%
1,300
50
94
14
450
1,000
734
835 3,450
5935
150
30
67
25% 1,800
85
6
80
15
250
23
20
1%
450
79
24% 57,550
80
831
30 10'2,550
350
94
3%
350
164
3
50
1%
600
461
34 Jan
535 Jan
453
935 Jan 15% Feb
200
7
Jan 10
Feb
2,080 1764 Jan 1964 Feb
1,050
7
Jan
94 Jan
100
215 Jan
434 Jan
460 24
Jan 33
Jan
285 17% Jan 20% Feb
25
235 Jan
34 Feb
720
741 Jan II% Feb
243
6% Jan
74 Jan
55 17314 Jan 182
200 69
Jan 73
82 80
Jan 83
10 984 Jan 103
330 86
Jan 90
Jan
Feb
Jan
Jan
Jan
607 100
10 62
7 95
5 100
Jan 106
Jan 75
Jan 100
Jan 115
Feb
Feb
Jan
Feb
16 100
Jan 1054
Jan
6
634
275 60
152 7535
25 130
318 125
1,026 58
172 118
Jan 10
Jan 61%
Jan 91%
Jan 142
Jan 138
Jan 68%
Jan 122%
Jan
Feb
Jan
Feb
Jan
Feb
Jan
100
834
325 294
1,134 21%
75 94
5i) 12
155 19
20
7%
975
24
62
934
12
84
1,926
334
76 85
3.054
24
10 23
10 564
175 17
264 130
45
535
5,696 154
15
631
265 1434
Jan
935
Jan 38
Jan 33
Jan 96
Feb 154
Jan 25
Jan
74
Jan
44
Jan
12
Feb
9
Jan
5
Jan 89
Feb
34
Jan 30
Jan 80
Jan 21
Jan 139
Jan
84
Jan 2434
Jan
735
Jan 1534
13hawmut Assn T C
1534
Stone& Webster
• 2935
Swift & Co,new
Torrington Co
• 4535
Tower M tg Co
900
Union Twist Drill
2835
United Founders Corp corn
835
US & British Internat pr.
US Shoe Mach Corn 50
.25
United Shoe Mach Corp_25 66%
U.S. Elea Power Corp-.
US & Internat Sec
Utilities Equities Corp pref
Venezuela Holding Corp_ - ___ _
Venezuela Mexican OIL-2
Waldorf System Inc
Warren Bros Co new
Westfield Mfg Co
2235
2,180
2,629
408
95
545
135
1,473
100
271
1,078
165
65
190
100
200
80
2,578
85
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
154
404
2935
4535
75c
25
8%
41
31
5534
535
1534
45%
2935
4535
90c
30
9
41
31
57
6
134
3935
28
43
40e
1935
644
38
31
544
414
1
84
35c
2
224
2835
21
10
46%
804
47
135
30
10
41
314
58
50
100
10
3.650
5
Jan
19% Jan
1534 Jan
6% Jan
Canal Corset cony pref___• 11
1035 11%
Castle & Co (A M)
10 33% 294 344
234
Cent Illinois Sec Co ars_
23
23
Central III P 5 pref
9335 94
• 94
Central Ind Pow pfd__100
78% 7831
18%
Cent Pub Sery class A _ ___• 18% 18
Cent SW UM corn new_• 234 22% 24%
10135 102%
Prior lien pref
•
84
Ce SrtesSor cornLt ptd _• 84
80
Chainnt
elt
.
•
36
37
Chic City & Cons RY.
4
4
4
Part share corn
Part preferred
4% 5
•
Feb
Certificates of deposit_-•
5
5
Jan Chic Flex. Shaft
11% 114 12
Jan Chic Investors Co. corn 5
24 334
•
Corp
334
Feb Chic N S& Milw- corn.
Feb
58
Prlor lien pref
58
100
Feb Chic Towel cony
84
84
Feb Cities Service Copref_•
corn.._' 1031 194 20%
Jan Club Aluminum Uten
3
3
Co•
Coleman Lamp & Stove
Jan
10% 10%
Common
•
Feb Commonwealth Edison_100 249% 2464 251
Feb Comfy Tel Co cum
19
18
Jan Constr Mat'l Corp part--•
931
9
9%
•
corn..
Jan
* 30
534 preferred
30
30
Feb common c o
Jan
c
ommon
4
4
5
4
Feb
4
35
Warrants
5
Feb Cant Chicago Corn
Jan
74 835
•
9
Common
374 374 384
FebPreferred
Jan Cord Corp
84 10%
5 10%
Jan Corp Sec of Chic allot etf..* 58
59%
67
Jan
Common
• 204 18% 21%
Feb Crane Co com
40
38
25 38
Feb
100 11855 118 119
Jan
570
3,800
2,100
9,260
10
1.700
4,800
150
40
350
54
27
23
91
78
14
16%
94%
80
3631
600
450
100
260
2,000
35 Jan
4
Jan
4
Feb
11%
231 Jan
Feb
Feb
Feb
Jan
De Mats Inc pref w w
-•
Decker (Alf) & Cohn Inc_•
Dexter Co (The) com____5
Duquesne Gas Corp cora_•
Federw uleo_ Corp._10
E1Housebold Utl
Feb
Jan
•
Common_
Jan
•
7% cum prior pref
Feb
•
86 cumul prior pre'
Jan Fitz Simmons & Connell
Feb
•
D&Dcom
Jan Foote Bros Gee M Co__- _5
Jan Gardner
-Denver Co cam_•
Jan Genera. Candy Corp A-5
Jan Gen Theatre Equip
64 FebCommon new
•
14 14
141 Feb
•
Preferred
7331 74
74
Feb Gen Water Wks"A"com_•
1
1
1
Feb Gleaner Corn IIary corn..'
2
2
3
Jan Goldblatt Bros Inc corn..'
26% 26%
26% Feb Groat Lakes Aircraft A __.•
3935 4435
4435 Feb Great Lakes D & D
•
2134 224
22% Feb
Greyhound Corp cam_ _ _•
Greif Bros Cooperage
Mining•
5
1 7-16 134
Arizona Commercial
225
134 Jan
135 FebA common
25 104
Calumet & Hecla
935 114
421
844 Jan 1135 Feb Grigsby-Grunow C0 00m_'
Hall Printing Co corn_..l0
25
735
Copper Range
735 8
270
7c Feb
84 Feb
Harnischfeger Corp cam•
East Butte Copper Mine__
7c
150
2
135 Jan
2
Feb Hart-Carter Co cony pref_•
10 105
105 105
Feb 105
Island Creek Coal Pref_100
Feb Hibbard
Span Bartl com_25
695
25
531
634 6
44 Jan
Isle Royal Copper
6
Feb Horenell &
Co A
•
25 956
87c 95c
200 89c Feb 95e
La Salle Conner Co
Jan
•
2.5 1054 19
394 1544 Jan 20
20
Mohawk
Feb Houdalle-Hershey Corp A •
ci
n
50 59
59
59
New River preferred
Feb 59
Feb Illinois
Brick
25
234
2% 28,524 I Jan 24 Feb III Nor UM Co
2
234
North Butte
pref
100
25
334
234 Jan
331
460
334
Old Dominion Co
335 Feb
700 14
14
Jan 1534 Jan Indep Pneumat Tool v t c_•
15
PC Pocahontas Co
14
•
3,845
25
7
834 10
931
Jan 1034 Feb Inland Utll Inc class A-Quincy
Instill Mil Invest Inc....
150
7
Jan
St Marrs Mineral Land.25
734 835
834 Feb
Prior pref without warr•
5
1
135
1
420
Jan
Utah Apex Mining
135 Jan
2d preferred
•
50 25c
-A
31e 31c
31c
Jan 35e
Utah Metal & Tunnel
Jan Investment Co of
Am com•
Iron Fireman Mfg Co v t c•
Bonds$3,000 714 Jan 72
8._ _1948
Amoskeag Mfg 8
72
72
Jan Jefferson
Elec Co com.•
_
Chic Jet Ry&Un StkYds•
1940 9431 944 94% 2.000 9334 Jan 9415 Feb Kalamazoo Stove corn...'
45
Katz Drug Co corn
1
2,000 10145 Jan 103
1024 103
Is 1940
Jan Kellogg
Sw'bd & Sup com10
3,000 2334 Feb 35
Eastern Mass St Ry 551948
33
33
Jan
New Engl Tel & Tel 5s_'32
4,000 10035 Jan 101% Jan Ken-ltad 'I' de Loom "A"•
101% 1013
Keystone
&
New River 58
Feb 92
5,000 92
92
1934
92
Feb Ky Util Jr SteelpfdIV cora_•
cunt
50
PC Pocahontas 7s_ _1935
Jan 112
2,000 106
110 110
Jan
•
Western T & T 55
Jan 101% Jan Lane Drug cam v t c
10134 1014 11,000 101
1932
Lawbeck Corp
'No par value. e Ex-dividend.
6% cumulative pref_ _100
Leath & Co cumul pref_ •
Chicago Stock Exchange.
-Record of transactions at Libby McNeill & Libby_10
•
Chicago Stock Exchange, Feb.14 to Feb.20, both inclusive, Lincoln Printing com_ 50
7% preferred
compiled from official sales lists:
Lindsay Light corn
10
Lion 011 Refg Co com- •
Salts
Friday
Lynch Corp common...•
Range Since Jan. 1.
Last Week's Range for
McQuay-Norrls Mfg
•
Week.
of Prices.
Sale
Majestic Househ Util com •
Stocks-Low.
Par. Price. Low. High. Shares.
High.
Manhattan-Dearborn corn'
Alarks Bros Theat cony pf•
Acme Steel Co cap stk_ _25 40
Jan 41
Jan Marshall Field & Co corn *
850 35
384 40
Adams Mfg
30 1934 Jan 2414 Feb Material Serv Corp corn 10
• 2435 2434 2435
Adams Royalty Co cam- •
Feb
444 Feb Meadows Mfg Co
•
3
3
650
4
Ainsworth Mfg Corp com10 114 10
1154 Feb Mer & Mfrs Sec Co A com•
1,050
114
8% Jan
All
-Amer Mohawk A. - 5
1
Jan
Jan Mid Cont Laund Inc A_ •
1
850
1
1
Allied Motor Ind. Inc com•
1,250
334 Jan
134 Jan
Middle West Tel Co cam_•
234
234
6
28
20
30
38.
250
450
58
80
1554
24
Jan
Jan
Jan
Jan
30 104
2,475 220
50 124
500
84
150 26
Feb
Jan
Jan
Jan
Jan
900
100
15
3035
335
1934
234
27
431
16
144
74
40
3
46
86%
11
21
20
435
83
13
4131
434
19
10%
2
2031
2234
244 Jan
54 Jan
26.240
534
1,750 354
6
63,960
500 50
28,260 14%
1,714 at)
410 1144
10
14
14
250
6
8
100
1034 1034
34
11,100
55°
6
2431 28
5
32
35
6754 67%
6734 67%
335
32
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
150
50
60
26
26
434
3
33
32
434 431
100
8,950
70
510
Jan
Jan
Jan
Jan
Jan
FJan
ePrfd
1235 Jan
6
Fe •
Feb
9
2 M
2
3
Feb
29
Feb
6744 Feb
J
65
2134
24
32
34
Jan
Feb
Jan
Jan
14
28
13
135
174/
234
26
5
3,900
15
1,250
3034
50
13
444 24,450
7,780
20
700
235
284 9,900
100
5
Jan
7
2434 Jan
13
Jan
1
Feb
134 Feb
154 Jan
234 Jan
Feb
5
2031
4
16
15
12
45
2734
1234
6
15
97
40
3
4534
93
86
1034
184
20
203,4
36,300
5
1634
500
50
15
200
1235
20
45
250
284
144 2,550
74 2,950
700
1634
40
97
100
40
334
1,300
4931 61,300
100
93
85
89%
350
1135
2234 19.600
2035
245
16
13
1035
45
2634
1131
44
1435
96
87
145
2851
79
74
6
1635
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
20
25%
23%
435
335
11
5035
45
20
28
24
434
334
11
50%
35
50
300
1,000
700
50
100
20
250
17
2635
164
335
3
10%
49
34
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
80
15
1194
21%
41
835
635
17
35
4
18
104
2934
18
134
1934
2
21
100
83
70
15
1334 14,600
300
22
414
300
100
84
635 6,000
350
174
10
35
435 33,150
2035 1,350
1135
710
3034
600
100
18
500
2
2,950
21
120
2
2334 LEM
80
15
10
194
41
8
5
1534
35
254
16
6
__
23
%
1734
135
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
_ _
am
Jan
Jan
Feb
Jan
Jan
174
2
17
XXX XXX
XXX XXXX
s-xnex
s_Inx
XX
xt.
cv,caoinc gcb.cmcovncmcvcomr.g MMN XXX
c.ovc.0,-.-. 22=ponntlizw4,7+1
....rm. .-.12,1. VO
.
.
.
.4
Jan 21
Jan 85
Jan 95
Jan 26%
Jan 45
Jan 21
Jan 2664
Jan 19
9
9
20
20
1755 17%
5% 6
High.
M
171 17%
68 77
253 89
2,400 194
165 424
265 18
471 240
633 17
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
X
wr ,
on,
20
194 21
.
East Gas& Fuel Assn
435% preferred
100 804 80% 82%
100 95
91% 96%
6% preferred
Eastern SS Lines Ine__--25 2635 25
26%
Preferred
100
4435 45
Economy Grocery Stores21
21
20
Illum
100 264
Edison Elea
257 284
Empl Group Assoc T C.
--- 18% 18
1854
(The) Georgian InsPreferred Class A
8% 831
General Capital CorP
36 • 38
3731
Gilette Safety Razor
31
3335
Hathaway Bakeries Pref.- 95
95
14
Clam B
14
14
Hygrade Lamp Co
25
24
Internat Buttonh Mach-10
74
74 7%
335 435
4
Jenkins Television
Libby McNeil & Libby__II% 12
25
Loewe Theatres
84 834
435
M R88 Utilities Assoc v t c-435 44
Mergenthaler LinotYPe--- ___ _
86
88
335
Nat Service Co com 5115_
3
331
New England Equity Co
25
2525
100
Preferred
80
80
New England Pub Service_
2054 2054 21
-100 137
136 138
New Engl Tel & Tel.
North American Avia
7% 834
100 244 2034 244
Pacific Mills
Public Utility Holding-731 74
Reece Buttonhole Mach100 15
15
15
53
13
22
1%
72%
21
7
24%
93
2%
13%
1
Low.
17
28
134
91
45
6
335
57
65
2135
5
12
20
134
66
164
6
20%
88
294
11%
1
22f4222222_522f:22k2242g 211,if, 2222222222 22222 .2222 22222 22 22222st 22g2E 222 5552 22552H5 52552522255252.5222 55r455Zt VirtilplAnS7:;;;tNI
Range Since Jan.!.
• 19%
Allied Prod Corp A
Altorfer Bros Co cony prof* 36
Am Cornmonw Pow A cam* 15%
Amer Pub Serv Co Pf-100
Amer Radio & Tel St_ _ •
7%
Appalachian Gas Cor com•
Art Metal Wks Inc com_ •
Associated Investment Co*
Assoc Tel & Tel CIA
•
Assoc Tel Intl Co com___• 25.4
Automat Wash cony pfd....*
Backstay Welt Co cam_ --*
Bastian Bless Co cora..•
Baxter Laundries"A"__ .. _•
1%
Beatrice Creamery com..50 79
13endix Aviation com____• 244
Dinka mfg A cony pfd__•
Borg-Warner Corp com_10 284
7% preferred
100
Borin Vivitone Corp pfd_-*
Brach & Sons(E J) cora __• 144
Bright Star Elea Co A....•
Brown Fence & Wire
clamp
•
9
Bruce Co(EL)corn
'
Bunte Bros corn
10
Butler Brothers
20
534
Range Rine* Jan. 1.
XXX =
X
XX
X X
XXX
XXX
X
XX
XXX
XX
......0,- ..c4 C.04 MO XXX .N. .MNOW.Mg.p. .... %. ..... = . XX .f.t.con ap.m,
R.m XX v . .WMV. .
g.0-.0 . X
c4m.c
ccg........v... .... .v....... WM
.
. W
...M
042
.
M
.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Sales
Friday
Last Week's Range for
of Prices.
Sale
Wek.High
Shares.
Stocks (Continued) Par. Price. LOW.
Stock, wow:warm Par
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. Shares
Middle West Utilities new •
•
$6 cum preferred
Warrants A
Warrants B
Midland Nat Gas part A_*
Midland United Co com--•
•
Preferred
•
Warrants
Midland Utll100
6% prior lien
100
6% preferred A
7% prior lien
100
Miller &Hart Inc cony M.*
Miss Val Util pr lien W.. •
7% preferred
•
Mo-Kan Pipe Line com„5
Mohawk Rubber Co cow.*
Monighan Mfg Corp A_ _•
Monroe Chem Co corn_ •
Preferred
Morgan Lithograph corn •
Mosser Leather Corp corn •
Muncie Gear Co cl"A" •
•
Common
Muskegon Motor Spec
Convertible A
Nat'l Battery Co pref__ •
Nat Elee Power A part_ _•
7% preferred
100
Nat'l Family Stores com_•
National Leather corn
10
Nat Pub Serv $334 pref_.*
Natl Rep Inv Tr allot Mrs *
Nat Secur Invest Co com_•
Certificates
•
Nat'l Standard corn
•
Nat Un Radio Corp co m •
Noblitt-Sparks Ind cora _•
North Amer Car corn__'
No Amer Gas & Elec A__ •
No Am Lt Sc Pr Co corn.'
N&S Am Corp A corn..._•
Northwest Bancorp com_50
Northwest Eng corn
•
Northwest Util7% preferred
100
Prior lien pref
100
Oshkosh Overall Co corn.*
Parker Pen(The) Co coin 10
Penn Gas & Elec A cora •
Perfect Circle (The) Co_ _•
Pines Winterfront corn_ __5
Polymet Mfg Corp corn__•
Potter Co(The)coin
•
Process Corp common
•
Pub Sery of Nor III corn.._*
Common
100
6% preferred
100
7%nreferred
100
Q R S De Vry Corp com_ _•
Quaker Oats Co
Common
•
Preferred
100
Low,
151
22%
24
96
7
25
7
17
95
134
134
1
18%
38%
34
Jan 25
Jan 100
4
Jan
5
Jan
3
Feb
Jan 23
Jan 43%
135
Feb
100
350
150
350
100
100
4,25
200
50
100
40
450
60
200
50
79
80
95
20%
91%
9231
531
351
19
5
22
4%
8
1%
135
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
13% 14%
150
2431
4%
31
6
3131
351
43%
30%
64%
11
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
00%
84%
98%
24
95
97
10%
83%
8151
9531
2034
91%
93%
6%
431
2351
531
22%
7
90%
8431
9831
24
94
96
7
5
23%
534
25
8
14%
Bonds (Concluded)
High.
24% 88,200
200
100
1,500
231
600
3%
350
1%
2231 6.200
400
42%
1% 1% 5,950
2331
9931
2%
3%
51
21%
3931
25
24
95
3%
'Pi
43%
30%
5%
73%
25
25
95
431
34
43%
31
3%
42%
28
12%
64
8%
33
14%
3%
43%
30%
1251
6434
11
33
6%
76
so% 31“
14%
96%
95
95
101% 101%
531 535
22% 2234
8
9
35
28
35
19
18% 18
331 5
331
7% 731
4% 5
242 255
253 262
133 135
135
137 147
139
154 351
1615% 161% 161%
115 115
4%
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
25
531 Jan
Feb
25
Feb
9
Jan
8
3% Feb
Feb
Feb
10
Jan
15
2434
22
90
3%
%
40%
30
351
64
2534
131
38
2694
1051
61
8
3134
1231
Feb
Jan
Jan
Fe
Jan
Jan
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
25% Jan
25% Feb
95
Feb
ii
Jan
Jan
4354 Feb
Jan
31
651 Feb
Feb
76
31% Feb
Feb
4
45% Feb
3054 Jan
1334 Feb
64% Feb
Feb
11
Jan
37
1531 Jan
60 8531
30 89%
551
10
100 18
650
8
4,450 25
1,250 1531
1,050 '2
50
6
4
700
3,175 20031
175 200%
50 12234
70z1293(
8,250
134
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
70
400
10
1,150
200
10
200
900
250
3,900
350
2,350
2,850
100
3,000
1,200
5()
100
20 155
10 113
98
102
5%
2434
1131
35
19
534
9
5
255
262
135
147
351
Jan 170
Jan 117
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
431
20%
12
551
714
6%
36
29
26
85
48
5%
20
17
22%
12
31
97
9451
8
16
%
10
7
854
3954
3031
5331
70
3131
263(
3%
2
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
9
5% Jan
2,100
9
8%
United Amer Util Inc corn •
700 10% Jan 16
12% 16
• 16
Class A
9%
7
Jan
35
934 934
United Corp of Amer pf...•
Feb 1151
• 10% 10% 1034 9,050 10
United Gas Co com
United Ptrs & Pubs
1334 Jan 1651
10
1331 14%
Convertible preferred....•
38
Jan 43%
2,65
20 42% 41% 43
U S GyPsurn
20 11651 Jan 124
123 123
Preferred
100
6
Jan
6%
200
6
6
•
S Lines Inc pref
3131 79,250 1431 Jan 3151
3051 27
US Radio & Teley
4% 3% 6,000 2% Jan 5%
434
•
Utah Radio Prod corn
8% 734 53% 6,000 5% Jan 83(
•
Util & Ind Corp com_
is% 18% 18% 2,000 15 Jan 195(
Convertible preferred_
Utilities Power & Lt Corp
9
Jan 13%
1,650
1131 1351
Common non-voting_ • 1351
• 28% 2731 28% 1,850 22% Jan 28%
Class A
1% Feb
4
70
331 3%
Vorclone Corp part pt._ •
2151
21% 1,000 1831 Fe
Vortex Cup Co
• 21% 21
29
Fe
650 25
27% 29
28
Class A
Jan
3
2
60
3
3
Wahl Co (The) corn
•
2
Jan
50
2
255
2
Warchel Corp corn
(Montgomery) Sc Co
Ward
Jan 101
420 95
99 101
•
A
Jan 68%
910 45
68%
50
Waukesha Motor Co corn • 65
Wayne Pump Co
27
20 21% Ja
26% 26%
Convertible pref
Jan 22
100 15
15% 15%
Western Cont Util Inc A.'
400 2031 Jan 23
Western Pow Lt & Tel cl A* 22% 2251 22%
3
34 Feb
,
1
1% 9.500
1%
Wextark Radio Stores corn'
Feb 1454
50 12
12
12
• 12
Wieboldt Stores Inc
551 Jan
700
6
631
651
654
Wisonsin Bank Shs com_10
4
Jan
9
9,100
7% 9
7%
-Amer Mach part pf•
Yates
Jan 23
800 20
23
Yellow Cab Co Inc(Chic).' 22% 21
2% Jan
434
4
3% 4% 2,900
Zenith Radio Corp corn..'
Feb
Feb
Feb
Feb
Bonds
Chicago City Rys 5s-1927
Chic Railway
1927
1st mtge 59
1927
5s series A
1940
Insull Util by 65
Kresge(6 B)& Co 5s-1945
La Salle Wacker Bldg 6s'54
64
39)4
92
20
8
5
731
351
35
28%
25%
73
45
4%
1651
13
2234
9. 1
5
.
'ii
9651
91%
4%
854
34
9
5%
8%
35
2951
51%
70
2731
21%
3
54
64
65
3951
90
9954
6151
4% 1,100
100
20%
4,700
12
100
5
50
751
450
651
50
35
300
29
50
25%
100
74%
300
47
4,950
5
130
16%
9
13
150
22%
12 2.300
34 2,350
40
9631
120
93
650
5%
10% 2,100
550
55
120
9%
15
5%
5
8%
3934 30,10
301 3 5,80
/
25
53
2
70
65
3131
1,75
26%
40
334
3,10
I
64
55,00
2,000
65
39% 1,000
92% 97,00
99% 10,000
6154 1,000
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
Range Since Jan. 1.
131
24
99%
231
Railroad Shares Corp corn •
Rath Packing Co corn _ _10 20%
RaytheonMfgCo v t c corn' 12
Reliance Internet Corp A *
Reliance Mfg Co corn.. _10
Richards (Elmer) Co pref •
Rollins tins Mills cony pi."
Ross Gear & Toolcom
*
Ryaerson & Son Inc corn.. •
Seaboard P S Co $6 pref__•
Convertible pref
• 47
Seaboard Util Shares Corp*
4/1
Signori° Steel Strap pref _30
Blvyer Steel Casting cora_•
So Colo Pow Rice A corn 2S
Boutlen Union Gas com " 11%
Rights
So'west Gas & E17
p1100
Southwest Lt & Pr pref....'
5
Standard Dredge cOm--•
•
Convertible pre
•
Steinite Radio Co
31
Storkline Fur cony pref _25
Super Maid Corp corn _ _ _•
Sutherland Paper Co comb0
8%
Swift International
15 38%
Swift Sc Co
25 29%
Tcleph Bond & Ph A.......•
Texas-La Power pref. _ _100 70
Thompson J R corn
25
Time-O-Stat Contr pf A_' 26%
TransformerCorp of Am_ •
1
Twin States Nat Gas pf A •
1387
FINANCIAL CHRONICLE
FEB. 21 .1931.]
3%
19%
5
3
6%
%
31
20%
2451
68%
44%
331
16%
13
19
735
in
94
87%
4
834
34
9
451
851
3431
28%
51%
70
25
16%
2
34
62%
6431
,
39%
81
955(
6154
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
69%
70%
41%
94
99%
6134
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
National Hotel of Cuba
1959
Allot ctfs
Nat'l Public Service 5s '78
Northwest Elev 5s_ _ _1941
Pettibone-Mulliken1938
10-year 65
South United Gas 6s_ _1937
United Amer Util 63 1940
Range Since Jan. 1.
High.
Low.
60
60
60
1,000
7434 7431 2.000
7854 80
10,000
Feb
60
723.4 Jan
7351 Jan
60
Feb
7431 Jan
80
Feb
4034
40% 4031
76
76
603-4 603.4
4031 Feb
76
Feb
6031 Feb
4051 Feb
76
Feb
69
Jan
2,000
4,000
5,000
•No par value. s Ex-dividend. y Ex-rights.
-Record of transactions lab
Toronto Stock Exchange.
the Toronto Stock Exchange Feb. 14 to Feb. 20, both in'.
elusive, 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.
11
10
Abitibi Pr Sc Paper corn..'
3931 41
100 41
6% preferred
Atlantic Sugar common....' 2635 25% 28
77
77
Beatty Bros pre
100
Bell Telephone
100 15131 148 15131
12% 12%
Blue Ribbon Corp corn_ •
3
34
631% preferred
50
22 . 22
Brantford Cordage 1st p125 22
26%
Brazilian T L & P corn....' 2334 25
17
17
13 C Packers pref
100
41
B C Power A
* 38% 38
15%
B
13
•
13rit Emp Steel 2d pref_100
251 2%
Building Products A
• 2551 24% 25%
Burt(F N) Co common_25 4334 4234 43%
8% Jan 1251 Jan
165
Feb
75 30% Feb 45
Feb
Jan 28
553 13
Feb 80
Jan
5 75
Jan 151% Feb
413 141
Feb
Jan 13
150 12
20 30 ' Feb 3431 Jan
18 19% Jan 2234 Jan
9,071 20% Jan 2631 Feb
Jan
Jan 22
10 15
Feb
Jan 41
345 35
150 1131 Jan 15% Feb
331 Jan
2% Feb
2
65 2231 Jan 2551 Feb
Jan 44% Feb
187 40
731
7
Canada Bread common-'
734
97
98
1st preferred
100
80
B preferred
80
100
1231 12%
Canada Cement common..'
92% 94
Preferred
100
8
8
Can Steamship Lines corn'
29%
Canada Wire & Cable B _• 2931 29
1051 1131
Canadian Canners corn....' 113-4
1231 13
Convertible pref
• 13
8931 9151
1st preferred
100 90
18
18
Canadian Car & Fdy corn *
25
25
25
Preferred
3531
Can Dredg & Dk corn_......" 3535 33
250 250
Can Gen Elec corn
50
61%
61
50 61
Preferred
451 4%
Can Ind Alcohol A
•
3
•
3
23
23
Can Locomotive pref__100
2034 2131
Canadian Oil common_ •
Can Pac RY
45
100 43% 43
9% 9%
Cockshutt Plow common.*
931
Consolidated Bakeries.....' 12
148 18251
Cons Min Sc Smelt
25 149
18551 186
Consumers Gas
100
8
8
Cosmos Imp Mills corn. •
88
90
Preferred
100
605
55
1
10
51
55
85
395
1,105
89
50
215
485
5
21
55
5
5
475
1,308
150
495
592
71
100
35
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Fe
Jun
Jar
Jan
Fe
Jan
Jan
Jan
Jan
8
133
Feb
18031 Jan
7% Feb
Feb
88
7
95
62
11%
91%
431
29
1031
1231
8951
18
25
2551
250
59%
254
251
23
18
38%
7%
100
80
1351
94
8
30
13%
14
9231
19
25
3631
255
61%
551
354
23
2334
45
12%
12%
18251
186
9
93
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
1,210 9.20 Jan 11.30 Feb
Dome Mines Ltd
• 11.05 10.80 10.90
Jan 19% Feb
18
1934 1,895 14
Dominion Stores corn _ _ _• 18
Feb
Feb 98
5 98
98
98
East Steel Prod pr pref_100
Feb
4 1131 Jan 14
14
14
Fanny Farmer corn
•
Feb
Jan 28
5,922 21
Ford Cool Canada A.....' 2434 2434 28
7% Jan
431 Feb
265
434 5%
Gen Steel Wares corn...."
5
Feb
Jan 105
31 101
104 105
Goodyear T Sc R pref...100
612 1031 Jan 1231 Jan
1134 1134
Gypsum Lime Sc Alabas_• 1151
Feb
Feb 60
15 56
60
Hamilton Un Thea pf _ _100
56
Feb
Jan 11
270
4
11
6
Hayes Wheels & Fore corn•
8.60 Feb
8.20 8.40 1,205 6.25 Jan
Hollinger Cons Gold M._5
Feb
Jan 23
271 18
21
23
Hunts Limited A
* 21
Feb
Feb 23
35 19
23
23
Feb
Feb 103
1 101
Int'l Milling lot pref_ _ _100
102 102
Int'l Nickel common _ -• 16% 1634 1931 38,212 1331 Feb 18% Feb
10 33% Jan 40% Feb
Int'l Utilities A
4051 40%
751 Jan 10% Feb
8% 1051 4,050
854
•
Jan
5
3% Jan
200
431 43-4
Kelvinator of Canada corn*
Feb
Feb 79
30 79
79
79
Preferred
100
Lake Shore Mines
26.05 25.70 26.35 1,810 23.00 Jan 26.50 Jan
1
Feb
Jan 46
30 38
45%
Laura Secord Canda cora_* 4551 42
Jan 1231 Feb
721 11
Loblaw Groceterlas A..---• 12% 123-4 12%
Feb
Jan 13
125 10
12% 13
Jan
37
25 3431 Fe
3431 36
Maple Leaf Milling pf _100
Jan 1035 Jan
6
855
831 93-34
Massey-Harris common...'
8%
Jan
20.65 Jan 24
30
2231 23
McIntyre Pore M hies_ _ 5
Feb 1754 Jan
150 16
1734
16
Moore Corp common-- • 17
Fe 108% Jan
36 101
101 102
A
100
Jan
Feb 126
25 115
13
120 120
100 120
351 Feb
Jan
150
2
3%
3
Muirheads Cafeterias corn •
831 Feb
Jan
6
5
8% 834
Preferred
10
Jan
Jan 21
9 19
21
21
Ont Equit Life 10% pd _100
Feb
10 5651 Jan so
59
59
Orange Crush 1st pref.. _100
Feb
82 I Jan 89
314
88
89
Page-Hershey Tubes corn..' 88
Feb
Jan 25
135 18
25
25
Photo Eng & Electro_ _ _• 25
Feb
100 10% Jan 16
1551 16
Pressed Metals common_*
Jan
Feb 95
5 93
93
93
Russell Motor pref.. _100
25 2351 Feb 30% Feb
2331 23%
St Lawr Paper Mills pf _100
Jan 92% Jan
56 89
91
89
Simpson's Ltd pref
_100
931 Feb
Feb
7
8% 9% 1,030
Stand Steel Cons corn _ -951
•
Jan
Jan 41
390 37
Steel Cool Can corn
• 3931 38% 39%
353-4 Feb 3631 Jan
100
3531 36
Preferred
25
Feb
951 Jan 17
241
1554 17
Twin city R T corn
_100
1.15 Jan
1.10 Feb
400
1.11 1.11
Vipond Consol Mines.. _1
834 Jan
631 Jan
83-4 0,116
8
Walkers-Gooderh Worts.
•
Jan 3131 Feb
15 30
3151 3134
Weston Ltd Geo corn•
Feb
Jan 90
5 84
90
90
Preferred
100
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100 226
100
100
100
100
100
100
Loan and Trust
Canada Perm Mtge_ _ _ _100
Economic Inv Trust__ -50
Toronto Mortgage
50
226 227
22251 223
222 22251
291 296
31834 3183-4
281 285
230 233
210 211
37 • 37
110 110
231
224
225
296
325
285
232
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan 214
62 206
37
10 34% Fe
Jan 110
11 108
Jan
Feb
Feb
225
21951
217
279
315
69 272
34 217
256
14
35
28
Jan
Jan
Jan
Jan
Jan
Jan
Jan
* No par value.
-Record of transactions at the Toronto
Toronto Curb.
Curb Feb. 14 to Feb. 20, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Last Week's Rang
of Prices.
Sale
Par. Price. Low. High
•
Canadian Bronze Co
Canada Bud Brew. corn_ •
•
Malting Co
Canada
Can Pay & Supply corn.....'
Canada Power & Paper •
,
3551 3551
1051 1031
14% 15
5
5
234
Sales
for
IVeek.
Shares.
10
170
155
16
50
Range Since Jan. 1.
Low.
35% Feb
8% Jan
Jan
13
2
Jan
2% Feb
High.
3551 Feb
10% Feb
Feb
15
Feb
5
4,4 Jan
1388
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Canada Vinegars corn_ _ •
1834
Canadian Marconi Co_ _ _31.
334
Canadian Wineries
•
5
Can Wire Bd Boxes A_ _ _ _ • 14
14
Consolidated Press A_
•
30
DeForest Crosiey Radio_ _• 1853 1634
Distillers Corp Seagrams.
•
1134
Dominion Bridge
• 54
5034
Dom Tar & Chem coin_ •
10
Dominion Tex pref_8100
8134
Durant Mot of Can com$10
554
534
Edmonton City Dairy com•
15
Goodyear T & R corn_ __ _• 9734 9754
Hamilton Bridge corn_ __ _•
1554
Imperial Tobacco Ord.....$5
954
934
Montreal L H & P Cons_• 58
57
National Steel Car CorP-363.4
•
Pow Corp of Can con_
53
*
Robert Simpson pref_.$100
104
Service Stations com A. • 33
33
Preferred
89
3150
Shawinigan Wat & Pow_ • 53
53
.
1434
Stand Pay & Mat corn_ •
Preferred
79
5100
Toronto Elevatorscorn_ _ _• 10
10
United Fuel Inv pref_ _ 3100
58
Oils—
British American 011
•
Crown Dominion 011Co_ •
*
Imperial 011Ltd
International Petroleum *
McColl Frontenac 011 corn*
3100
Preferred
5
North Star 011 corn
Preferred
5
•
Prairie Cities 011 A
SuPertest Petroleum ord__
Common
TTrdnn Mat Clam C 11
.
*
1434
1734
1454
1854
5.00
tatt
1434
434
1834
14
1854
75
5.00
4.75
453
30
30
133i
1834
334
5
1434
30
17
1234
54
10
8134
833
15
9934
1634
10
6934
361'S
55
105
34
90
5554
15
7934
10
56
Range Since Jan. 1.
Low.
20 1831
3
100
125
334
70 13
140 28
2,875 1031
425 10
108 5034
110
9
10 8134
4
195
10 15
40 90
150 1454
9
410
690 5434
10 34
90 5034
210 104
406 31
11 87
75 50
55 14
50 77
933
200
10 56
1434 $4,330
25
434
1734 4,711
1434 5,680
3,775
21
103
75
50
5.00
100
4.75
5
433
314
3134
2
30
170
15
143(
454
1854
1334
17
73
4.80
4.75
453
2834
29
13
High.
Jan 20
Jan
4
5
Jan
Feb 16
Feb 30
Jan 17
Jan 1234
Feb 5534
Jan 10
Feb 8134
754
Jan
Feb 15
Jan 100
Jan 1734
Jan 10
Feb 5934
Feb 3634
Feb 5333
Feb 106
Jan 34
Feb 9034
Jan 5534
Jan 16
Feb 80
Jan 10
Feb 65
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jar
Jar
Feb
Jar
1854
5
1834
1534
22
80
6.00
4.90
434
3254
31
16
Jar
Feb
Jar
Jar
Jar
Jar
Jar
Jar
Feb
Jar
Jar
Jar
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
•No par value.
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, Feb. 14 to Feb. 20, both
inclusive, compiled from official sales lists:
h natty
Stocks—
Jails
Last Week's Range for
Week
of Prices.
Sale
Par Price Low
High. Sharer.
Range Since Jan. 1.
Low.
54
2934
37
1854
11534
4
9
104
1734
253
5034
134
17
145
3434
100
50
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
54
5354
44
25
118
534
1234
105
2134
1034
59
2
23
180
40
102
8134
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
%
54
34
•
Almar Stores
3234 5354
Amer Foreign Securities—.
4234 44
•
American Stores
25
25
Bankers Securities pref._
117 11734
Bell Tel Co of Pa Pref--100
434 5
•
5
Budd (E G) Mfg Co
1234 1034 1234
Budd Wheel Co
104 104
Preferred
Camden Fire Insurance_ _ 2153 2154 2154
Commonwealth Can Co-10
5% 1034
534
5834 59
Electric Storage Battery 100
154
134 134
Empire Corp
10 22% 2034 23
Fire Association
182 180
Horn & Hard(Phila) corn_• 182
3834 40
Horn & Hard (N Y)corn_•
Preferred
10134 1013.4
100
10 8131 8034 13134
Inter Co of N A
7,050
525
1,000
100
200
1,300
700
5
400
266
200
500
2,400
180
1,800
20
800
Lake sup Corp els of dep.
500
7
3,900 2334
200 24
200 11
2,815 1134
20 7534
7,800
631
5.100 5534
552
2
10 8834
100 101
2,200 3234
100 17
400 25
1,000
834
850 32
200
1
700
334
300
6
Jan
9
Jan
Feb 2834 Jan
Feb 2634 Jan
Jan 1334 Jan
Jan 1334 Jan
Feb 80
Jan
Jan
834 Feb
Jan 84
Feb
Feb
254 Jan
Jan 92
Feb
Feb 10253 Jan
Jan 33
Feb
Feb 21
Jan
Jan 2534 Jan
Jan 1134 Feb
Jan 40
Feb
Feb
134 Jan
Jan
454 Jan
Feb
734 Feb
800
434 454
334
5 4233
45
45
925
134
334 334
134
100
334 334
28 41
4134
4134 41
100
1
138 134
100 1-16
34
34
500 2134
2254 2234 2234
17,700 2734
2934 31
100 10034 1,000 9853
500 10
15
15
900
834 7
434
7
480 80
60
130
100 12
12
12
100 15
15
15
Jan
454 Feb
Feb 45
Feb
Jan
331 Feb
Feb
354 Feb
Feb 4434 Feb
Feb
134 Feb
Jan
54 Feb
Jan 23
Jan
Jan 31
Jan
Jan 10234 Jan
Jan 15
Feb
Jan
Jan
7
Jan 6034 Jan
Feb 12
Feb
Feb 15
Feb
834 834
2454 2534
25
Leh Coal 8. Nav new W I__
2434 2434
Manufact Can Insur
11% 1134
Mitten Bank Sec Corp__ -1354 1333 1333
Preferred
7753 7754
Penn Cent L & P cum pt..*
734
734 831
Pennroad Corp
8354
82
50
Pennsylvania RR
2
2
253
Penn Traffic
92
92
Phila Dairy Prod Pref_ _ _25
Phila Elee of Pa 35 pref.... 10234 10254 10234
25 3234 3234 3234
Phila Elec Pow pref
phila Rapid Transit__ _ _50
2034 2034
2533
50 2533 25
7% preferred
11
1134
Phil & Itcl Coal & Iron_
Philadelphia Tract1on...50
3834 40
1
1
Phila & Western Ry_ ....SO
434 454
Railroad Shares Corp
7
631 7
10
Reliance Insurance
Seaboard Utilities Corp___
Scott Paper
Shreve El Dorado Pipe L 25
Sentry Safety Control
Tacony-Palmyra Bridge_.•
Telephone Security Corp
Tono-Belmont Devel_ _ _ _1
50
Union Traction
1ln Gas Impr com new_ _ _•
•
Preferred new
U S Dairy Prod corn cl B_•
Victory Insur Co
West Jersey & Seash RR_50
Westmoreland Coal
Westmoreland Corp
Bonds—
Consol Trac N J le 5s 1932
Elec& Peoples tr els 48-'48
Lehigh Nav Cons4%3 1954
Him
4s
Lehigh Power & Light Os_
(Pa) 1st s f 43.1966
Phil.' El,
1967
let 454s series
1960
1st lien & ref 5s
1966
1st 5s
1st lien & ref 5%3_1947
Phila Elec Pow Co 530.'72
Strawbridge & Cloth 53.'43
1937
York Rye 1st 53
83
8334
3454 3534
9934 9934
9834 9654
10234 103
943i 9455
102% 102%
105% 105%
10854 109
108 108
10574 106
97
97
98
98
$4,000
15,000
13,000
1,000
14,000
100
5.000
3,000
11,500
5,000
13.000
2.000
3.000
8134
30
9834
9634
101
9434
10234
10434
10734
10634
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
105% Jan
93% Jan
9731 Jan
8334
3534
9934
9631
10433
98
10333
10534
109
108
10654
98
99
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
•No par value.
Baltimore Stock Exchange.—For this week's record of
transactions on the Baltimore Exchange see page 1362.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Feb. 14 to Feb. 20, both in•
clusive, compiled from official sales lists:
Sales
Friday
Range SW.Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
IHigh
Low
High Shares
Par. Price. Low
Stocks-Aetna Rubber corn
Allen Industries corn
Apex Electrical Mfg
Preferred
[VOL. 182.
FINANCIAL CHRONICLE
Salta
Friday
*
•
•
100
4% 5
43
43
,
10
10
7231 7234
,4
200
85
35
18
354 Jan
434 Feb
Jan
10
7234 Feb
5
Feb
Jan
6
Jan
10
723.1 Feb
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Lew. High. Shares.
Canfield Oil, corn
100
Central United Nat
20
Chase Br & cop pf ser A100
City Ice & Fuel
•
Cleve-Cliffs Iron, pfd• 92
Cleve Elec 111 6% pfd--100
Cleveland Quarries
•
Cleve Ry etfs dep
100
Cleve Secure P L pref._ •
Cleveland Trust
ibo
Cleve 8. Sandusky Brew100
Cliffs Corp v t o
* 70
Commercial Bookbinding.*
City Ice pre!
100
Dow Chemical corn
*
Preferred
100
Eaton Axle & Spring com•
Elee Contr & Mfg corn-- _•
Ferry Cap & Set Screw---•
Firestone T & R com_ _10
Foote-Burt, corn
•
Gen Tire & Rub corn. _ _25
Gen T .1. 116% Pt ser A 100
•
Geometric Stamping
*
7
Godman Shoe, corn
Great Lakes Towing pf _100
Greif Bros Coop ge el A_ -•
Guardian Trust Co__ _100
Halle Bros Co
10
Preferred
100
Harbauer,corn
•
ilarri8 Seyb-Potter com_ •
Higbee. 1st pref
100
Interlake Steamship corn_• 50
Jordan Motor pref
100
Kaynee corn
10
Kelley tel Lime & Tr corn •
Korach S corn
•
Lamson Sessions
•
Loews Ohio Theatres pf 100
McKee A G &Coc113.---•
Mohawk Rubber com- •
Myers FE & Bros
•
National Acme cora_ _ -10
National Carbon pref_,100
National City Bank_ _100
National Refining corn_ _25 21
Nestle-LeMur corn
•
Nineteen Hundred Corp—
Class A
•
Ohio Brass B
• 69
Packer Corp com
•
Patterson Sargent
•
Reliance Manfg com
•
Republic Stamp & En__ -•
Richman Brothers com_ —• 6734
Selberling Rubber corn'
551
Selby Shoe corn
•
Sherwin-Williams corn_ _25 65
A preferred
100 108
Stand Textile Prod A pf--•
Thompson Products Inc...*
Trumbull-Cliffs Furn Pf100 102
Union Metal Maras corn -•
Union Trust
25 73
Vats Dorn Iron Wks coin_•
4
Weinberger Drug
•
Youngstown Ei & T pref 100 10033
Bonds—
Lake Shore El RY gets 33'00
• No par value.
85
85
6154 8154
105 105
3854 37
92
92
11154 11334
85
85
78
73
131 1%
318 318
831 334
75
70
13
13
80
80
49
49
10154 10134
1834 1834
6234 6234
631 6%
8034 8054
13
13
90
81
84
84
434 434
7
7
10331 10334
22
21
330 330
23
23
98
98
19
18
4
4
100 100
53
50
18
16
25
25
35
35
534 534
15
15
96
96
44
44
43
40
4131
954 934
137 137
323 323
2234
21
254 234
2354 2354
6934
88
11
11
2734 2734
2253 2254
203.4 2034
71
66
44 534
1831 1834
8534
84
10534 107
25
25
18
16
102 104
34
34
74
71
4
4
14
14
10034 100%
50
13
83
276
18
255
25
99
131
16
309
72
100
10
70
40
30
16
30
25
10
85
58
200
300
5
200
10
25
152
95
40
5
570
10
40
140
140
10
10
1
312
130
70
35
10
505
100
Range Since Jan. 1.
Low.
85
5734
10234
3554
92
11154
55
8854
1%
316
3
70
12
7731
45
10134
1554
5854
6
5854
13
81
81
454
754
10334
21
324
23
98
18
354
102
50
16
24
34
534
1231
98
45
3
40
731
135
323
2034
234
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
High.
70
80
105
37
94
11334
65
76
231
325
3%
75
13
80
5034
10534
1834
65
8
8134
15%
95
8734
554
854
10334
22
330
23
98
19
4
102
50
16
26
35
534
15
98
47
534
4254
934
138
327
2234
2%
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
70 2353 Feb 2334
336 63
Jan 70
15 11
Feb 12
100 25
Jan 28
1.025 1934 Jan 2234
100 2034 Feb 2034
404 54
Jan 71
480
434 Jan
534
180 12
Jan 1634
795 6054 Jan 8534
110 10554 Feb 109
12 20
Jan 28
100 14
Feb 10
60 10034 Jan 104
30 30
Jan 34
333 6934 Jan 75
100
4
Jan
554
120 14
Feb 1554
105 9954 Jan 10154
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
3831 aRg $1,000
3851 Feb
3834 Feb
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Feb. 14 to Feb. 20, both inclusive corn iled from official sales lists:
Sales
Friday
Range Since Jan 1.
Last Week's Range for
Week.
Sale
of Prices.
Low
High
High. Shares.
Par Price. Low
Stocks—
•
Alum Industries Inc
Amer Laund Mach com_20
Amer Roiling Mill corn_ _25
Amer Thermos Bottle pf_50
Cham Coat Pap spec pf 100
100
Cham Fibre pref
•
Churngold Corp
CNO&TPpref
100
Cin Gas & Elm pref.-100
Cin Street RY
50
Cm n & Sub Tel
50
•
Cohen (Dan) Co
•
Crosley Radio A
City Ice pref
Dow Drug corn
*
Early & Daniel corn
•
Formica Insulation
•
Gerrard 5 A
•
Gibson Art corn
•
Gruen Watch corn
•
Preferred
100
Hobart Mfg
•
Kahn let Prof
100
Participating
40
Kroger corn
•
Little Miami guar
so
Magnovox
ManIschewits corn
•
Mead Pulp special prof 100
Moores Coney A
•
B
•
Nash (A)
100
Paragon vot tr ctfs paid_
Proctor&Gamble corn new'
8% preferred
100
100
5% Preferred
Pure 0118% pref
100
Raragon B
$12 paid
•
Randall A
B
•
Rapid Electrotype
•
U S Playing Car
10
Whitaker Paper pref. _100
Wurlitzer 7% pref
100
•No par value.
11334
3954
3654
10234
11
10934
10133
9834
18
25
3754
10754
2754
90
6934
185
109
81
40
1834 1634
3934 41
37
29
4954 50
10154 10253
100 101
1153
11
1093410934
101 10134
3834 39
98
9834
18
16
73-4 753
8134 8134
1154 14
2554 2834
2853
25
5%
5
3834 3854
32
32
105 10734
3834 39
89
89
80
80
Ng 28
10131 102
254
2
35
34
80
80
13
13
1
1
91
90
34
34
6934 70
175 185
10834 109
81
8134
34
%
14
14
3% 4
40
40
49
47
1054 10534
93
93
50
1,192
1,050
109
90
25
135
18
878
206
530
30
15
15
177
150
102
250
110
18
12
280
5
50
398
50
223
84
1
34
17
20
100
402
13
106
120
110
100
275
205
307
13
35
123.4
3934
27
4834
10153
99
11
109
10034
3734
9834
1554
434
7834
953
24
24
5
3434
32
105
37
8934
78
1854
10134
2
34
80
13
1
90
34
8334
170
10534
75
34
1354
334
40
46
10554
93
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
1654
45
37
50
10234
10234
14%
10954
10254
40
osq
1854
754
8134
14
2634
28
8
39
33
109
41
89
30
2834
102
234
35
80
14
23-4
91
34
7054
185
110
85
34
1453
4
46
50
10534
93
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, Feb. 14 to Feb. 20, both inc usive, compiled from official sales lists:
l
Friday
Sales
Range Since Jan 1
Last Week's Range for
Week
Sale
of Prices
High.
Low.
Stocks—
Par Price Low. High. Shares.
Alleghany Steel
Amer Austin Car
Amer Fruit Growers
• 4534
•
• 13
3954 4534
1
1
13
13
160
100
100
3934 Feb
Jan
I
Jan
10
Jan
48
134 Jan
Feb
13
FEB. 21 1931.]
FINANCIAL CHRONICLE
rwiday
Saws
Last Week'. Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Amer Vitrified l'rod_ __50
Ark Nat Gas Corp pref__10
Armstrong Cork Co
*
Bank of Pittsburgh
50
Blaw-Knox Co
*
Carnegie Metals
10
Clark (DL)Candy
*
Devonian 011
10
Follansbee Bros pref .100
Hachmeister Lind Corp_ _*
Preferred
*
Harbison Walker Ref_
*
Independent Brewing. _ _50
Koppers Gas & Coke pf 100
Liberty Dairy Prod
Lone Star Gas
*
Range SW. Jan. 1.
,
Low.
High.
6
7
24
24
105
274 26
2
2
13
13
5
74
74
144 14
68
43
2
2
100
155
2755 264
6
7
255
4
120
2755
2
1355
5
74
1455
68
44
255
100
14
2755
20
5
25
634
145 204
19 105
830 24
100
134
280 10
380
5
50 74
1,140 10
100 6735
3,055 39
380
2
20 9951
80
155
1,346 24
Feb
6
Jan
7
Jan 30
Feb 120
Jan 28
Jan
355
Jan 134
Jan
651
Feb 75
Jan 15
Feb 70
Jan 41
Jan
3
Jan 102
Feb
155
Jan 2834
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
McKinney Mfg
5
*
Mesta Machine
5 3034 2955
Nat'l Fireproofing
*
25
Preferred
50 314 314
Peoples Say & Trust__ 20 134
134
Pittsburgh Brewing prof _50
10
Pittsburgh Forging
10
* 10
Pittsburgh Plate Glass_ _25 41
41
Pitts Screw & Boit Corp_.* 15
144
Plymouth Oil Co
1654
5 19
5
304
25
314
131
10
10
42
15
19
4
80
590 2555
25 25
155 31
71 130
110 10
125
855
192 3454
697 14
1.504 164
Feb
5
Jan 32
Jan 27
Jan 33
Jan 135
Jan 12
Jan 1154
Jan 424
Jan 15
Feb 1755
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
17
2c
9
25
37
754
344
25
1,000
259
53'
85
50
10
17
2c
74
23
34
755
334
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
40
35
13,4
1
1
155
124 1455
1,07
875
1,235
7,510
38
Feb
1
Feb
1
Jan
1054 Jan
40
Feb
14 Feb
14 Jan
144 Feb
81
81
Reyiners Brothers
•
San Toy Mining
1
Shamrock 011 & Gas
•
Standard Steel Spring_ _ _ _*
United Engine & Fdy_
*
Waverly Oil Works cl A. "
Westinghouse Air Brake_ •
Unlisted
Copperweld Steel Co
*
Internat'l Runless Iron_ _1
Mayflower Drug Stores_ _•
West Public Service v t c _•
17
25
134
14
144
Bonds
Pittsburgh Brew 69...A949
* No par value,
17
2c
9
21
37
755
3455
81
81
32.000
Jan
174
20
11
25
37
755
3455
Jan
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Feb. 14 to Feb 20, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
TVeek.
of Prices.
Sale
Par, Price Low
High. Shares.
Bank & Trust StocksFirst National Bank _ _ _ _20
Franklin-American Tr. 100
Mer-Comm 13k & Tr_ _ _100
Mississippi Valley Tr_ _100
St Louis Union Tr Co.,
.100
Miscellaneous Stocks
American Inv B
"
Bentley Chain Sts corn_ •
Brown Shoe corn
100
Coca-Cola Bottling Co_ _ .1
Consol Lead & Zino A_
*
Corno Mills Co
•
Curtis Mfg common
5
70
68
185 190
18955 191
214 215
485 485
955
55
334
17
9
55
3354
3155
2
23
16
10
55
34
32
2
2355
17
96
52
212
111
10
335
1,625
150
115
12'
50
325
Range Since Jan. 1.
Low.
High.
65
Feb 70
Feb
185
Feb 200
Jan
18934 Feb 198
Jan
20955 Jan 22134 Jan
465
Jan 485
Feb
9
35
3355
25
155
22
16
Feb
Feb
Feb
Jan
Feb
Feb
Feb
10
Feb
255 Jan
38
Jan
43
Jan
3
Jan
2355 Feb
1755 Jan
Dr Pepper common
•
3135
30
Elder Mfg 1st pref
100 10455 10455 10455
Emerson Electric pref.. _100
83
83
Hamilton-Brown Shoe_ _25
655
6
7
Hussman-Ligonier
435
455
4
5
Jan 314 Feb
62 29
2 10455 Feb 1044 Feb
Feb 83
5 83
Feb
610
Jan
4
Feb
7
782
355 Jan
455 Feb
International Shoe corn..
•
Preferred
100
Johnson-S-S Shoe
•
Key Boiler Equipment. •
Laclede Gas Light pref..100
Landix Machine com___25
Feb 49
645 47
Jan
14 1054 Jan 1034 Jan
Jan 37
Jan
190 25
Jan
180 184 Feb 25
Jan 100
3 09
Feb
Feb 294 Jan
60 25
McQuay-Norris
"
Meyer Blanke com
20
Moloney Electric A
•
Mo Portland Cement_ _ _25
National Candy coin
•
Rico-Stix Dry Goods com _•
2d preferred
100
4755
364
524
284
22
82
47
107
30
2155
100
23
3535
655
524
2834
2055
7
82
484
10755
34
224
100
29
37
10
5255
29
22
755
82
Sellocnomen (T) Pref._ _100 85
85
85
Scullin Steel pref
*
asi 64
Securities Inv coin
*
31
30
Sou'western Bell Tel Pf_100 12035 1194 1204
Stlx Baer & Fuller com _ *
14
15
100
St Louis Car pref
80
80
Wagner Electric corn__ 15 1755
17
1735
Preferred
100
10635 10655
Street Railway BondsCity & Suburban I'S 5s'34
United Rys 45
1934 58
67
58
100
Miscellaneous Bonds
Nat Bearing aleta1565.1947
67
57
100
384
10
55
29
22
84
82
Jan
Feb
Feb
Feb
Feb
Jan
Feb
25 85
Feb 85
60
Feb
6
9
50 26
Jan 31
331 1174 Jan 1204
226 11
Jan
15
18 80
Feb80
650 15
Jan 1855
20 105
Feb10634
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
270
210
105
185
285
206
10
$1,000
13,000
3555
6
5255
2455
19
7
80
Feb
Jan
Feb
Jan
Feb
Feb
Feb
67
57
Feb
Feb
5,000 100
Feb
684
624
100
Jan
Jan
Feb
•No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Feb. 14 to Feb. 20,
both inclusive, compiled from official saes lists:
Stocks-
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week.
Par. Price. Low. High Shares.
10
BoloS Chica Oil A
Irway Dept Stores pfd_100
Fret ex-warrants- - 100
Byron Jackson
25
California Bank
Claude Neon El Prod....
*
Douglas Aircraft Inc
Goodyear 'I' & R pref__100
114
9454
2135
18%
114
75
75
654
9455
2055
1754
80
114
75
75
64
944
214
1855
80
25
5
Hal Roach 8% pref
5
5
25
Hancock 011 corn A
7%
73,4
Homo Service 8% pref 25
19
19
Int'l Re-Insurance Corp_10 2555 25
26
Lincoln Mtge common_ •
10c
10c
Los Ang Gas & El pref _100 10555 10555 10555
10
94
Los Ang Invest Co
955 955
MacMillan Petroleum Co25
54 6
Moreland Motors pref 10
3
3
165 165
Mtge Guarantee Co___ 100
Nat Bank of Commerce 25
25
25
Pacific Finance com.-- _10 15%
154 1651
1.600
10
38
500
150
2,600
2,200
30
Range Since Jan 1
Low.
10
70
6955
535
Jan
Jan
Jan
Jan
so Jan
1434 Jan
1234 Jan
ea -Jan
High
2215
75
7655
7
9455
224
1855
80
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
100
5
Jan
5
100
7% Feb
855
70 19
Jan 21
700 25
Feb 33
150
138 102% Jan 10655
600
94 Jan
1054
COO
4
Jan
6
100
3
Feb
3
10 163
Jan 165
15 25
Feb 25
5,600 11% Jan
1655
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
1389
Friday
Sales
Last IVeek's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Pacific Gas & El corn_ __25
ItIghta
1st preferred
25
• % preferred.
25
Pacific Lighting common..•
Pacific Mutual Life Ins_10
Rights
Pacific Pub Serv A corn...*
Pacific Western 011 Co_..*
Republic Petroleum Co_ 10
Richfield 011 Co com_ _ _ _25
Preferred
25
Rio Grande 011 corn_ .25
4855
234
47%
2
27
2454
58%
5135
135
23
114
1.35
44
655
755
4855
000
24 6,800
2755
28
2455
32
5935
300
53
650
1.35 28,100
24
1,800
154 9,700
155
200
5
18,000
754 5,300
9% 14,000
Range Since Jan. 1.
Low.
High.
4655 Jan
1.80 Jan
27
Feb
4955 Jan
,
2ks Feb
2735 Jan
5 : Jan
18
2
6134 Feb
5134% JanJJ nn
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
295
n
33-4
Jan
Jan
Jan
6035
5855
1.45
214
1454
1.45
655
955
SJ L&P 7% pr pf _ _100
11755 1184
115
11.5
6% pr pref
100 103% 1034 104
. 9 10155
Seaboard Nat Sec Corp._25
394 3955
50 394
Security lot N Bk of LA 25 9455 9155 954
300 79
Signal Oil &Gas A
25
1754
15
1,200 15
So Calif Edison corn.._ _25 514 4955 5155 3,600 4555
Rights
2 3-16 2 5-16 6,800
134
Original pref
59
25
30 54
00
7% pref
25
2951 30
1,000 2955
6% pref
27
2
263-4 2751 2,600 264
655% pref
25 2534 2555 2555
600 2455
•
pref
25
16 25%
2554 25%
So Counties Gas6% pf _ _25
1014 1024
30 994
Stand Oil of Calif
5055 484 5055 4,200 4555
Taylor Milling Corp__ _• 234 234 244
300 20
Trans
-America Corp _ _25 14
14
17,800 11%
13
Union Oil Associates_ _ _25 2355 2254 2355
3,100 214
Union 011 of Calif
25 254 2455 254 3,900 213-4
Weber Showcases & Fix Pf 5 1855 1855 183.4
415 1834
Western Pipe & Steel.. _10
100 16
1755 1754
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
1184
10154
40
9534
1754
5155
25-16
60
3034
2754
2555
2655
10255
5094
244
145i
2455
26
20
1855
1.30
24
144
155
44
651
934
Ni
Bonds
L A Gas & Elec (3s_ _ _1942
Poe El fly 1st 5s
1042
• No par value.
109 109
$3.000 109
Fe 100% Feb
9455 9455 2.000 9455 Feb 944 Feb
San Francisco Stock Exchange.
-Record of transactions
at San Francisco Stock Exchange, Jan. 14 to Jan. 20, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
of Prices
Week
Par. Price. Low. High. Shares.
Range Since Jan 1
Low.
Anglo & Lond Paris NI Bk
175 177
40 175
Associated Insur Fund _ _ ___ __
.
455 455
495
355
Atlas Imp Diesel Eng A_ _ _
655
655 755
1,565
551
Bond & Share Co Ltd_ _ _ _
94
84 94
1,265
734
Byron Jackson Co
655
6
695 3,233
555
Calamba Sugar 7% pref
1455 1455
100 134
Calaveras Cement Co corn
755 74
120
755
California Copper
54
35
200
35
Calif Cotton Mills corn......
655
555 755
1,925
455
Calif Ink Co A corn
1955 1955
120 18
California Packing
4935 47
52
3,934 4234
Caterpillar
50% 494 52
49,339 2755
Clorox Chemical A
1955
1955 20
225 174
CST Cos G & E6% let pref 10034 10054 101
73 984
Cons Chem Indus A
2155 2255
1,380 1934
Crown Zeller pref A
394 41
381 33
40
B
3995 4155
145 32
Voting trust ctfs
434 5
451
3.733
355
Douglas Aircraft Corp_ __ _
184 1754
Emporium Capwell Corp
754
75.5
Fageol Motors common_ _ _
1
1
Firemans Fund Insurance_
87
87
Food Mach Corp com
2534 24
Foster & Kleiser com
6
Gallant! Mere Laundry_
3755 354
Gen Paint Corp B com_
3
3
Golden State Milk Prod
20% 1655
Great West Power 6% pref 10355 103
7% Preferred
,
10355 10354
Haiku Pine Co Ltd com_ _ _
8
Preferred
Hale Bros
Hawaiian Pineapple
Honolulu Oil Corp I.td
Hunt Bros A common
Investors Associated The
___ _ _
Kolster Radio common
IT%
Langendorf Un Bak A_ _ _ _
Leslie Calif Salt Co
La Gas At Nice pref
Lyons Magnus Inc A
Magnavox
Magnin & Co common..... _
6% preferred
Merchant Cale Mach corn
Mere Amer Realty 6% Prei
910 1795 Feb
1854
400
655 Jan
754
665
54 Jan
155
15 84
Jan 90
2,654' 2355 Jan 2655
400
5
Jan
74
602 27
Jan 37
150
Feb
3
3
7,172 11
Jan 2054
503 101
Jan 10455
1,651 1024 Jan 105
755 8
20
20
355
100
3954
2755
15
12
1%
416
120
243
150
300
_
955
1334
055
1054
6
24
234
164 15
92
92
7.55
8635
Natomas Co
Nor Amer Inv 6% pref
5A % preferred
North American 011 Cons._
11
Oliver United Filters A _ - _ __ __
B
14
184
7%
1.4
87
2655
6
3755
3
2054
104
10455
22
82
77
1034
25
14
High.
Feb 179% Jan
Jan
44 Feb
Jan
755 Feb
Jan
951 Feb
Jan
74 Feb
Feb 16
Jan
Fob
755 Feb
Jan
54 Jan
Jan
74 Feb
Feb
1954 Feb
Jan 52
Feb
Jan 52
Feb
Jan 2055 Feb
Jan 101
Feb
Jan 2254 Feb
Feb 5455 Jan
Feb 534 Jan
Feb
654 Jan
6
18
855
39
24
15
12
154
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
8
20
1255
4155
2855
1555
12
155
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
14
305 1374 Feb 15
954
535
934 Feb.1055
3' 1034 Jan 106
106
6
10
6%
6% Jan
255 38,862
155 Jan
255
164
1,465 13
Jan
1655
92
2' 803-4 Jan 92
755
239
8
734 Feb
10 70
Jan 8655
8655
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
40
2755
1555
12
155
22
8255
78
1255
2534
1455
210
100
200
2,890
1,140
995
22
82
77
9
1955
9
Feb
Jan
Feb
Jan
Jan
Jan
23
Feb
8315 Jan
7854 Jan
1234 Feb
2574 Feb
16
Jan
Pacific Gas 53-4% pref
2555 25
2555 2,743 244 Feb 2555 Jan
Rights
154 Jan
21ts Feb
255
211, 2% 94,583
Pacific Gas& Electric corn_
4855 47
484 11.179 4.534 Jan 50 ,Jan
6% lot preferred
27
274 3.109 2655 Feb 28
27
Jan
Pacific Lighting Corp com_ 62
Jan 1123-4 Feb
6255 3,975 51
59
6% preferred
160 1004 Jan 104
1034 1034 10355
Feb
Pacific Public Service A_ _ _
2455 5,719 1855 Jan 244 Feb
2355 23
Pacific Tel & Tel common.
Jan 1274 Feb
1264 12774
80 118
6% preferred
78 1204 Feb12735 Feb
12755 125 12714
Paraffine Co common
1,422 42
Jan 504 Feb
404 4855 4955
Plg'n Whistle preferred _ _ _
45
Jan
6
6
6
9
Jan
Rainer Pulp & Paper Co_
855 84
8
Feb
200
11
Jan
Richfield 011 common
10.732
234 Jan
455 5
455
055 Jan
7% preferred
655 74 2,022
355 Jon
655
955 Jan
Railway Equipment series 2
10 17
Jan 22
18
18
Jan
S J Lt & Pr 7% pr pref_ _ _ _ 119
310 11535 Jon 1194 Feb
119 1194
Shell Union 011 common__
1,319
755 Jan 1055 Feb
054 935
034
Sherman Clay & Co pr pre!
35 45
5054 52
Jan 52
Feb
Sou Pacific Golden Gate A_
525 1255 Jan
13
A% Jan
1255 13
B
1155 Feb 12
114 1155
261
1154
Jan
Spring Valley Water Co
055 104
455
055 Feb
10
1055 Feb
Standard Oil of Calif
4,108 4555 Jan 5135 Feb
6055 4855 5055
Standard Oil of New York_
Jan 2555 Feb
103 23
254 2555
Thomas Allec Corp A
Tide Water Assoc Oil corn_
0% preferred
Transamerica
Union 011 Associates
Union 011 of California
Union Sugar Co corn
Wells Fargo Bk & Union Tr
Western Plpe & Steel Co__
554
755
64
14
2355
2434
554
755
64
13
2231
2474
4
275
1754
1914
655 2.597
54
854 1,142
64
95 564
65
46.792 1151
14
24
3,955 2174
254 4,436 2255
435
310
3
275
15 270
1934 2.355 1434
Feb
7
Jan
855
Jan 6954
Feb1454
Jan 2434
Jan 2655
Jan
435
Jan 275
Jan 103.4
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
[Wt. 132.
FINANCIAL CHRONICLE
1390
MAU
Nprklar
New York Produce Exchange Securities Market.
Following is the record of transactions at the Now York
Produce Exchange Securities Market, Feb. 14 to Feb. 20,
both inclusive, compiled from official sales lists:
Stocks-
dates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price, Low. High. Shares.
5
•
American Corp
Warrants
Am URI & Gen pfd w w__* 2434
.11
•
Andes
131
Appalachian Gas warrants_
•
Arkansas P & L pref
*
Atlas URI$3 pref
•
•
Auto Stand
1.44
1
Bagdad
Bank US units
Basic Industries Shares_ _ _ ......
•
British Can
•
Chemical Research
1 10
Claude Neon
Colonial Beacon 011 rights
Corcel Credit cond'i warr__ ______
1
Como
674
•
Corp Trust Shares
3%
Detroit & Canada Tunnel•
Diversified Trust Shares C
5
10
Fuel Oil
1
Gen Mg
1
Group No.Two 011
4
•
Hamilton Gas
5
•
Voting trust offs
•
H Rubinstein pref
1.05
1
Int'l Rustiess Iron
20
International Trust
10
Irving Trust
2
•
IronrIte Ironer
•
354
Jenkins
1
•
5%
54
2434
.11
151
9554
3534
54
.78
154
634
534
354
734
1
34
.12
651
374
634
434
.49
234
4
354
18
.57
1751
3754
2
354
1
900
6
400
51
100
2454
.15 4,500
2,000
15£
25
9554
1,500
3934
400
%
1.45 28,000
300
354
100
634
100
554
400
4
12,000
10
90
1
700
54
500
.12
500
651
334
800
100
631
551 1,000
500
.49
234
200
1,500
5
1,500
534
100
18
1.20 32,600
300
18
100
3751
100
2
334 1,100
Ion
1
Range Since Jan. 1.
High.
Low.
334
51
21
.11
134
9534
34
54
.50
151
651
434
234
451
1
31
.05
551
334
554
3
.48
23-4
234
234
12
.50
1751
33
1
23-4
1
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
7
55
2434
.20
23.4
9551
4051
51
1.45
334
7
7
4
10
1
31
.12
651
4
6%
574
.64
251
5
534
1814
1.20
18
3734
2
331
1
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Vnll
Last Weeks. Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. !Mares.
651 751
634
*
Kildun Mining
33.4
3
•
Khmer Air new
334
231 234
*
Lantern Nitrate
1954 1954
•
Macfadden
4
534
•
Majestic House
20 9234 9034 9234
Manhattan
4554 46
Manufacturers Trust_ 25
434
Maxweid
434
•
National City (Bank)._20 10334 100 10334
34
31
34
Nat'l Aviation E warrants.
7
7
National Wide See B
%
54
Ig Y Rio warrants
23% 23%
North Amer Finance A_ •
ex 63-4 651
North Amer Trust Shares.*
2 50 2.25 2.00 2.40
North Butte
1
•
1
1
Ohio Valley Gas
631 731
7
Petroleum Conversion_ _•
234 255
•
Photo Color
* 1554 1454 1531
Railway
451 451
5 sh.
Rhodesian
334 374
3%
Seaboard Continental_...._•
135£ 1334
10
Seaboard Fire
1.10 1.10
1.10
1
Sherritt
151
131
134
Shortwave & Television_ _1
234
154
•
Spindort
934 10
• 10
3outhern Pa Gas WI
7
7
Rand Oil Tr A
734 734
Super Corp B
274 2%
•
Sylvestre URI A
51
55
•
Trent Pro
3
3
3
£1
Trinidad Electric
52
51
Twin City scrip
30
30
LTSEILL&PrtrctisA_-•
7% 8
8
Trust ctfs 13
%
54
Ail Hydro warrants
.75 .75
•
Venezuelan Hold
1034
8
*
lVililams Alloy
9R
92
01
.
500
400
400
100
400
70
100
100
20
00
3
100
200
200
1,300
400
100
2,500
200
1,300
100
100
100
1,000
3,100
400
700
100
100
100
1,400
100
200
100
200
100
200
500
goon
Range Since Jan. 1.
High.
Low.
634
13-4
1%
15
4
8034
27
434
9151
34
7
3-16
2334
534
1.75
1
57-4
1
1351
451
351
731
.85
151
13.4
854
634
674
2
51
3
42
30
7
31
.75
4
15
Feb
83-4 Jan
Jan
351 Feb
Jan
374 Jan
Jan 1934 Feb
551 Jan
Feb
Jan 925£ Feb
Feb
Jan 50
551 Jan
Feb
Jan 10334 Feb
54 Feb
Jan
Feb
Feb
7
Jan
51 Jan
Jan 2334 Feb
654 Feb
Jan
Jan
2.40 Feb
Feb
Feb
1
751 Jan
Jan
234 Feb
Feb
Feb 1534 Feb
Jan
431 Feb
4
Feb
Feb
Jan 14
Feb
Jan
1.10 Feb
Feb
151 Feb
Jen
351 Jan
Jan 10
Feb
Jan
751 Feb
Jan
734 Feb
Feb
254 Feb
Feb
51 Jan
Feb
3
Feb
Feb 52
Feb
Feb 30
Feb
Feb
8
Feb
Feb
51 Feb
Feb
.75 Feb
Feb 1034 Feb
41 Fn.
PM,
• No par value.
New York Curb Exchange-Weekly and Yearly RecordYork Curb
Exchange for
In the following extensive list we furnish a complete record of the transactions on the New
.
week beginning on Saturday last (Feb. 14) and ending the present Friday (Feb. 20) It is compiled entirely from the
she
stock or bonds, in which any
daily reports of the Curb Exchange itself, and is intended to include every security, whether
dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended Feb. 20.
Stocks-
Indus. & Miscellaneous.
434 4%
•
Acetol Prod cony A
•
854 651
Aero Underwriters
18
2051
Affiliated Products Inc__ _* 20%
851 954
951
Corp corn-.
Agfa Anaco
9% 11%
Ainsworth Mfg com_--_10 11%
651 7
7
Air Investors cony Pref *
8054 80%
Ala Gt Southern RR ord _50
•
31
51
Alexander Industries
Allied Aviation Industries
38
%
31
With warrants
454 434
•
Allied Mills Inc
• 16331 159 1635£
Aluminum Co corn
109 109
100 109
8% preferred
1454
14% 14
Aluminum Goods Mfg___
70
70
•
Aluminum Ltd corn
9241 9234
100
6% preferred
39
39
Series A warrants wt.__
25
•
25
American Arch corn
3-41
3-4
Austin Car COM__ •
Amer
31
31
American Bakeries class A*
92
100 92
90
7% preferred
131
131
& Cont'l coin--.5
Amer Brit
Allier Brown Boveri Elec4% 4%
•
F.Ainders shares
6
5
Amer Capital Corp coin B.*
6251
62
$5.50 prior preferred_ _ •
6551 67
Cigar common..'
American
11%
10
B....• 113£
Amer Cyanamid corn
1% 151
Amer Dept Stores Corp
5% 551
5%
Equities com •
American
451 454
4%
•
Amer Founders Corp_
651 7
6%
Amer Investors cl B com.•
2% 251
2%
Warrants
239% 40
Am Laundry Mach com_20 39% 25
20
100
Amer Mfg corn
49
48
American Meter Co
135£ 7
Transformer corn' 031
Amer
3% 4
•
3%
Am URI & Gen el B v t c
1
1
American Yvette Co corn.'
551 5%
Fence corn •
Anchor Post
11% 14%
Anglo Chil Nitrate Corp..
54
54
Apponaug Co corn
554 534
•
Arcturus Radio Tube8%
7
•
Art Metal Works com
Marie Elec Industries £1
4% 551
434
Amer dep rcts ord shs_
351
251
•
Associated Rayon com
5651
54
100 54
6% cony preferred- •
5% 551
Atlantic Coast Fisheries_
9% 10
Atlantic Becur Corp corn..' 10
13
12
•
Atlas Plywood Corn
6
551 8531
Utilities Corp coin-•
Atlas
251
Warrants
434 8%
631
Automatic Vot Mach corn.
panic stock • 14% 13% 16
Cony prior
2431
23
Aviation Corp of the Amer* 23
15
14
Aviation Securities Corn.*
1% 1%
•
Bahia Corp corn
134 I%
131
25
Cum preferred
454 451
Bellanca Aircraft vte-- •
2
2
Benson & Hedges com_ •
29
27
Bigelow-Sanford Carpet- •
25
24
•
Blauner's Inc corn
1631 16%
•
Bliss(E W) Co corn
4% 551
5
•
Blue Ridge Corp com
35% 38
38
Opt 6% cony pref____50
1651 20%
Blumenthal(3)& Co corn..' 1934
7531 76
Bohack (H C) Inc com_ •
34
54
•
34
Botany Consol Mills
4% 8%
•
831
Inc
Bourjois
2
2
Bridgeport Machine corn.'
351 5
Brill Corp class A
1
1
Class B
631 6%
Brill° Mfg common
Brit Amer Tobacco Ltd
18%
18
Am den rcts ord bear.£1
British Celanese
131
1%
Sep recta for ord shs.
Am
Bulova Watch $351 DreL• 29% 2851 2951
4% 5
•
Burco Inc common
35
35
_50
6% pref with warr
51
%
Warrants
300
100
7,200
200
900
800
100
200
Range Since Jan. 1.
High.
Low.
4%
674
1151
5
8
6%
75
34
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
534 Jan
854 Jan
2051 Feb
Jan
10
Feb
12
7
Feb
8054 Feb
5£ Jan
300
34 Jan
94
454 Jan
554
600
2,375 14054 Jan 16634
300 10651 Jan 109%
Feb 15
300 14
100 593.4 Jan 70
100 90% Feb 9234
9 2834 Jan 42
Jan 29
300 24
3,100
151
74 Feb
Jan 31
100 28
Feb 92
150 90
1% Jan
2
1,000
Jan
1,200
Jan
300
5
200 6051 Feb
Jan
200 65
20,900
7% Jan
1% Feb
100
434 Jan
3,900
4,300
354 Jan
2.900
4% Jan
1(4 Jan
1,100
200 23951 Feb
400 2254 Jan
50 3954 Jan
Jan
50
5
3% Feb
10,300
1
Jan
300
1,700
3% Jan
3,200
751 Jau
Feb
100 54
1,800
43' Jan
1,600
iSi Jan
2,400
1,300
4,200
200
300
700
3,600
3,600
7,900
8,400
500
200
200
300
200
1,000
400
200
100
10,400
7,700
2,500
200
200
4,500
300
400
150
800
600
6,200
200
200
10
400
474
6
65
67%
11%
2
65(
551
754
254
45
28
5034
7
5
1%
534
1454
54
65(
8%
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
534 Jan
3%, Feb
58% Feb
Feb
10
Feb
13
Feb
651 Feb
2% Feb
8% Feb
16
Feb
2554 Jan
15
Feb
2% Jan
15£ Feb
451 Jan
231 Jan
31
Jan
25
Feb
1654 Feb
554 Feb
Feb
38
20% Feb
76
Jan
Feb
8% Feb
2
Jan
5
Feb
1
Feb
65( Feb
18
Feb
2454
1%
23
4
34%
Feb
Jan
Jan
Jan
Jan
174 Feb
Feb
31
5 Feb
Jan
35
Feb
1
4)i
34
431
6%
8%
1%
2%
874
1754
1051
154
1%
351
2
25
24
15%
334
30%
12%
75
3.4
ji
4
3
1
5%
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Shares.
Stocks (Continued) Par. Price. Low, High.
2
Burma Corp Am Sep rets6
20
Butler Brothers
151
Cable Radio Tube corn vtc•
•
Carnation Co corn
Celanese Corp let pref.100
•
Celluloid Corp corn
751
Centrifugal Pipe Corp.....'
Chain Stores Stocks Inc- •
Chatham & Phenix-Allied.• 15%
100
Childs Co pre(
Cities Service common.....• 19%
• 84%
Preferred
Claude Neon Lights Inc-- 1051
common.- •
Cleve Tractor
3
Club Aluminum Utensil s
851
Cohn & Rosenberger corn •
54
Colombia Syndicate
Columbia Pict corn v t e-•
Comp Ind Gas
Consol Aircraft corn
Consol Automatic
Si
Merchandising corny tot
$3.50 preferred
Consol Dairy Prod corn.. •
Como! Laundries corn..-• 1451
Consol Retail Store corn_ •
Consol Theatres corny t c _•
Cont'l Shares cony pref _100 44%
100 41
Preferred ser B
Cooper-Bessem Corp coin • 22%
$3 pref with warr.- 100 35
5 1031
Cord Corp
Corporation Sec of Chic- •
Corroon & Reynolds corn..'
•
$6 pret A
• 1351
Crocker Wheeler corn
Cuban Cane Prod ware-- -----•
Cline° Press Inc com
654% pref with warm.. 100
34
Curtiss-Wright Corp wart.
Davenport Hosiery 130M- •
154
Dayton Airplane Rag corn'
• 37
Deere J. Co common
4%
•
De Forest Radio com
Do Haviland Alrcraft
Am dep rcts ord reg (old)
Delsel-Wemmer-GlIbert. •
2
•
Detroit Aircraft Corp
Doehler Die-Casting corn..'
•
Dominion Bridge
• 1851
Douglas Aircraft Ine
Dresser (S R)Mfg Co el A •
•
Class B
.10 4054
Driver-Harris Co corn.
3%
Dubiller Condenser Corp..'
•
134
Durant Motors Inc
Durham Duplex Razor
34 prior pref with warr_• 21931
2%
Duval Texas Sulphur.....'
451
East Util Invest corn A •
Educational Pictures
8% pref with warrants__
Eisler Electric common * ---43.4
Elec IIousehold
• 1854
Else Power Assoc corn
• 1851
Class A
Elec Shareholdings com • 13%
$6 cum pref with warm_ _• 8651
Emerson's 13romo-Seltz A •
•
1%
Empire Corp corn
•
$3 cum cony pref
154
_ _•
Empire Steel Corp co
Employers Reinsurance 10
Alcor & Tool corn.'
Ex-cello
Fageol Motors corn........10
corn.....'
Fairchild Aviation corn_ •
3851
Fajardo Sugar
•
Fandango Corp cons
Fan Farmer Candy Shops"
•
Fansteel Products
Federal Bake Shops corn-•
•
Federal Mogul Corp
4
Federated Capital Corp 5
Range Since Jan. 1.
Low.
2
5%
1%
2431
55%
5%
751
11
15
106%
1951
8351
951
8%
3
734
51
2134
21%
9
131
300
2
700
551
6
100
134
34
200 22%
20
50 49
5531
100
5%
551
554
1,200
8%
7
LOC*
11%
1554 3,600 13%
20 105
100%
2034 134,600 15
1,000 79%
8451
934
101 2,300
75£
600
9%
254
400
3%
400
64
8%
34 11,200
500 1737
22
200 21%
21%
9
300
10
54
1
4
14
451
1%
40
39
21
35
8%
21951
4%
84051
9%
3-16
2751
87
31
15
1%
33%
254
54
1
4
1451
45(
1%
5151
51
2231
35
10%
21
5
84054
1355
3-16
34
87
%
15
134
38
651
6,500
100
100
2,000
200
200
3,880
1,275
400
200
73,300
500
200
100
14,100
5,000
1,100
100
16,100
200
5,200
5,500
130,000
100
354 354
200
12% 13%
254 9,000
2
100
ag 6%
25
52
52
1834 8,700
17
400
23851 39
700
255.1 25%
41% 2,900
32
700
354 3%
251 25,800
151
21951 21934
241 231
351 451
200
1,200
1,600
27%
85
34
12%
154
33%
154
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
h
154
4%
15
4%
2%
54%
51
2354
36%
10%
22
5
51%
13%
51
34
87
31
14
254
42
8m
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
354
12
134
554
52
12%
30
19
21%
354
1%
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
314
13%
2%
034
52
1831
3954
2654
4154
4%
251
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
1
3%
10
3
1%
40
39
18%
34
5%
1451
3%
so
7
15
Jan
25( Feb
2% Jan
125 1854
25
4
4% 1,000
200 135
2651
1854 10,200 13
18% 10,000 12
9
13% 1,700
300 72
8654
100 31%
3351
200
134
134
100 12
15
154
2
2,300
23%
200 22
100
834
9
100
154
1%
800
2
50 30
38%
100
51
51
100 15%
1551 15%
5
951 1054
500
100
231
4
4
751
100
734 7%
254
4
200
4
2451
4
2651
17
17
12%
84%
3331
134
15
1%
2351
9
151
2
38%
High.
2% Jan
Feb
Jan
7
Jan
Jan
134 Jan
Jan 26
Feb
Jan 58
Feb
Feb 10
Jan
Jan
851 Feb
Jan 11% Feb
Jan 15% Jan
Jan 108
Jan
Jan 20% Feb
Jan 84% Feb
Feb 1051 Feb
Jan
951 Feb
Jan
351 Feb
Jan
8% Feb
Jan
51 Jan
Jan 22
Feb
Feb 21% Feb
Feb
1031 Jan
Feb
21
351 Jan
Jan
7
Jan
Jan 39
Jan
6
Jan
Feb 26% Feb
Jan 18% Feb
Jan 1834 Feb
Feb
Jan 14
Jan 8051 Feb
Jan 3351 Feb
2% Jan
Jan
Jan
Feb 15
3% Jan
Feb
Jan
Jan 25
Feb
Feb 10
15( Jan
Jan
Jan .2% Feb
Jan 42
Jan
Jan
31 Jan
Feb 1551 Feb
Jan
11
Feb
Jan
41,
Feb
Feb
8 ?Jan
Jan
Feb
5
FINANCIAL CHRONICLE
FEB. 21 1931.]
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Fischmann (1)& Sons A--•
6
7%
634
Flintkote Co com A
8% 8%
•
Ford Motor Co Ltd
Amer dep rcts ord reg_f_
17% 19%
18
Ford Motor of Can cl A • 26% 241£ 28%
6294
Class B
44
• 50
Ford Motor of France
American deposits rcts._
934 9%
1% 1%
ForemostDairy Prod corn •
13
Foremost Fabrics corn •
234 3%
3%
Foundation Co
34 4%
Foreign shares class A •
4%
Fox Theatres class A com_*
534 5%
554
Gamewell Co pref
101% 101%
•
General Alloys Co
4% 434
General Aviation Corp •
8% 954
9%
General Baking
New corp when issued-5 17% 17% 19
Gen Baking Corp com
.. 5
31
%
14
Cora ctfa of deposit
14
%
Preferred
28% 29%
Pref ars of deposit
27% 28%
Gen'l Cable Corp warr__ _
1
135
134
Gen Else Ce of Gt Britain_
Am dep rcte for ord rcg Li
1034 10% 11%
General Empire Corp....' x16
215% x16
Gen Laundry Mach'y corn'
34
%
General Theatre Equip pf• z30
31%
28
Gent Tire & Rubber com25
8214 82%
Gerrard (S A)Co cora----•
4% 5
Gilbert (II C) Co pref____' 33% 33% 3334
Gleaner Comb Harvester.*
1% 5%
3
Glen Alden Coal
53%
51
52
Globe Underwrit Exch. _•
8% 834
Goldblatt Bros Inc corn..5
17% 1816
Goldman-Sachs Trading..'
734 834
8%
Gold Seal Electrical Co...'
1
1%
1%
Gramophone Co Ltd
Am dep rcts for ord rag £
9% 9%
99'
Graymur Corp
27% 28
•
Go Atl & Pac Tea
Non vet com stock-- -• 221
215 221
7% first preferred_ _100
118 11834
Gt Lakes Dredge.4 Dock.
27% 27%
Great Lakes Engineering__
227 23
%
3% 4
GroceryStores Prod v t 0..
•
Guardian Fire Assur___10 20
%
197 21%
Guenther(Rud)-Russ Law5
1335 NA
---
Lackawanna Securities
*
Lakey Fdy & Mach com *
•
Land Co of Fla
Landers, Frary & Clark_2
Lawrence Peril Cement 100
Letcourt Realty pref
*
•
Lehigh Coal & Nay
Ley (Fred T)&
*
Libby McNeil & Co_Libby__10
Liberty Dairy Prod
•
Lilly-Tulip Cup Corp com *
Loew's Inc stock purch war
Louisiana Land dic Explor_•
Ludlow Mfg Associate,..'
AfacMarr Stores Ins
•
Mengel Stores
636% pref with warr_100
Manhat-Dearborn Corp_ _•
Mavis Bottling Co of Am.'
Mayflower Associate,....'
May Hosiery Mills pf w w•
Mead Johnson dr Co com.•
Mercantile Stores coin_ •
Merritt Chapman & Scott•
Mesta Machine com
5
Metal & Mining She corn..
Metal Textile part% prof.•
Metropol Chain Stores •
Midland Royalty pref._ _•
Midland Steel Prod 2d pt.'
Midland United Co coin _.•
Miller (I) dr Son coin_
•
Minneap-Honeywell Reg pf
Monroe Chemical com_ •
Montecattni Min & Agri
Stock warrants
Moody's Investors Serv pf*
Nat American Co 'no---•
Nat Aviation Corp
•
Nat Bond & Share Corp_ _•
Nat Dairy Prod pref A.100
Nat Family Stores corn..'
Nat Investors core
•
Nat Mfrs Sr Stores Corp. 5
.
Nat Rubber Afachy
•
Nat Short Term Sec A---•
National Steel Corp Warr_ _
National Sugar Refining-*
•
Nat Union Radio corn
Nauthelm Pharmacies__ _*
Nehl Corp com
First preferred
Nelson (Herman)Corp_ _5
Newberry (J J) Co con% •
New Haven Clock corn. •
New Mexico & Ariz Land _1
NY Auction common__ •
*
N Y Merchandise Co_
Niagara Share of Md..-10
•
Niles-Bern't-Pond corn
•
Noma Eire Corp cora_
Nordon Corp Ltd cow--5
Nor Amer Aviation warr A
No & So Amer Corp A-'
Noutham Warren Corp pf•
Novadel-Agene Corp corn.'
•
Ohio Brass Co class B
011stocks Ltd class A---•
3%
6134
8%
33'
1034
25
13
1%
23
236
134
118%
18%
74
20%
97%
14%
34
17%
17%
22%
High.
1,100
100
334
8
Jan
Jan
7% Feb
914 Jan
63,800
10,132
1,400
14%
21%
25
Jan
Jan
Jan
19% Jan
2854 Feb
62% Feb
100
3,000
300
900
6,600
100
600
3,500
7% Jan
Jan
1
214 Feb
234 Jan
4% Feb
414 Jan
634 Jan
975£ Jan 101% Feb
Jan
4
Jan
5
9% Feb
5% Jan
3,500
14,700
1,000
4,700
200
1,200
Jan
17
14 Jan
14 Feb
Jan
27
2734 Feb
Feb
1
3,700
500
200
30,500
10
500
200
5,500
1,800
600
200
29,600
2,100
1034
143.4
34
213.4
827
%
434
333-4
1
51
7
17%
514
34
500
200
34 Feb
Jan
Jan
434
2034 Jan
111 Jan
14 Jan
35
Jan
3034 Feb
134 Feb
Jan 1134
Jan 1634
Jan
14
Jan 3134
Feb 90
Feb
7
Jan 3354
Feb5%
Feb60
834
Jan
Feb1834
Jan
834
1%
Jan
99.4 Feb
2334 Feb
11
28
Feb
Jan
100
300
100
200
500
500
300
500
125
800
50
1,400
2,700
100
100
1,100
2,300
900
100
2,300
200
10
10
10
73.4
5£
114
2316
4034
2934
354
11
57
495£
84
6234
85£
734
314
411
334
84
7
1014
1334
15
8%
1234
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
1,100 333.4 Feb 37
33% 35%
33£
500
3
3%
234 Jan
% Feb
54
200
14
Jan 6034
59
1
60% 6034
50 5134 Feb 5134
51% 51%
600 2034 !Jan 25
25
25
2614
24% 25% 1,900 2334 Jan
200 305£ Jan 32%
32% 32%
Jan 1334
11% 13% 2,400 10
2
1.0,0
1% Jan
1% 1%
300 1834 Jan 28
23 • 23
33-4
1% 3% 18.500
14 Feb
2
2,300
1% 2
134 Jan
Jan 119
116 119
80 114
914 9% 1,000
814 Feb9%
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
30
1914
34
43
2034
9874
30
14%
30%
1
34
3
1754
17
23
1531
85
4
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
7%
35
2114
37%
27%
33
9%
56
455£
8334
6014
754
55
21%
4034
28%
1.6
9%
57
493.4
8315
62
8%
634
34
35
6%
2%
434
3
31£
29% 31%
6
6
9% 10%
1315 13%
34
34
7
7
12% 12%
25
18%
51
42%
2014
86%
2016
14%
30
34
33
3
16%
15%
22
13%
82
4
25
19%
14
43
2016
98%
21
14%
30%
1
33
3
17%
1714
23
1334
85
4
25
500
3,100
200
200
9,400
200
300
400
800
100
300
800
1,900
400
100
40
200
634
14
34
1434
3511
2234
214
554
53
2914
8234
52
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
6% Jan
6
234
35£
234
2634
6
73.4
1314
14
6%
12%
25
1831
35
40
2094
77
20
1454
28
14
33
114
1234
14
1711
9
82
4
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
1£
54
300
04 Jan
54
30
200 2734 Jan 30
30
30
4% 1,000
4
4
334 Jan
49'
614 714 3,300
7%
434 Jan
734
800 28
35% 3414 36
36
100 10714 Feb 108
10734 1073-4
4
100
34 Jan
594
4,900
5% 6
5%
64
434 Jan
77
% 77
%
20
7%
5
Jan
714
4% 414
100
434
33.4 Jan
157
% 15% 1634 4,100 1594 Jan 1654
13
11
400
5
Jan 13
800 2814 Jan 33
3234 32% 33
394 416 2,800
134 Jan
434
43-4
%
54
200
% Jan
1
1114 1,400
9
9
Feb13
74
74
200 72
Jan 74
16%
16
200 1394 Feb 1634
300 2394 Jan 26
26
25
10%
10
300
9
Jan
1336
3
100
3
134 Feb
3
3% 3%
100
3
Jan
434
10%
200 10
1034 1034
Jan 1091
754 8% 4,100
7
834
Jan
83-i
20%
g 2036 1.50
19
Jan 2234
6% 6%
200
474 Jan
694
5-16 5.16
300
34 Feb
,
Is
1%
134 134 10,500
% Jan
154
1114
10
8 § Jan 1114
1134 1,800
35
400 29
35
33
Jan 35
50
50
2.300 3
48
834 Jan 50
68;4 68% 634
50 68
Feb 6814
600
4% 414
334 Jan
594
-
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
735
35
34
57
Low.
23 16714 Jan 221
Feb 121
12 117
200 2454 Jan 2714
22% Feb 23
20
1,900
3
Jan
434
1,600 1634 Feb 2134
1,100 1334 Feb 18
---
Hall (C M)Lamp
•
Happiness Candy Stores •
Hartman Tob Co corn. _10
Hazeltine Corp
Horn & Hardart corn
•
Hydro-Elec Sec corn
HYgrade Food Prod com.•
Indus Finance coin v t c_10
7% cum pref
100
Insull Utility Investment_•
$6 Prof with warrants_ *
Insur Co of North Amer_10
Insurance Securities_ _ __10
Intercoast Trading corn- •
Internet Hold & Invest_ *
Internet Products corn__ •
Interstate Equities com__•
Convertible preferred_ •
Interstate Hosiery Mills._*
Irving Air Chute com.__.'
Jaeger Machine corn
*
Jones & Naumburg com *
$3 cum cony prof
•
Klein (D Emil) Co corn_ •
Range Since Jan. I.
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
1391
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low, High. Shares.
Outboard MotCori)com B•
3
3%
Cony pref class A
511 6
5%
4
Overseas Securities Co...'
556
5%
454 5
Paramount Cap Mfg COM -•
11
11
Parke Aust &Lipscomb° Pb' 11
Fender (D) Grocery cl A -* x29% :29% 30
91£ 10
Class B
•
Pennroad Corp corn v t c_•
794 81£
754
Pepperell Mfg
100 7854 78% 7814
Perfect Circle Co
34% 30% 34%
1%
Perryman Elec Co corn...*
115
115
Philip Morris Cons corn..'
14
%
16
15
Philippe(Lou) Inc corn B.*
32%
Pie Bakeries of Amer cl A.* 3234 30
6
Pierce Governor Co corn....
6%
794 10
Pilot Radio & Tube cl A •
854
Pitney Bowes Postage
•
7% 8
Meter Co
10834 108
Pitts&Lake Erie RR com50
Pitts Plate Glass corn_ _ _25 4114 41% 4114
Polymet Mfg cora
4
3% 5
24% 25
Powdrell & Alexander_ __ _*
38
38
Pratt & Lambert Co_ •
154 1%
Prince& Whitely Trad corn•
154
$3 cony pref A
• 22% 22% 22%
11% 121£
Prudential Investors corn.' 12%
Public Utility Holding Corp
7% 75£
Cam with Warrants.....'
734
6% 61£
Cam without warrants_•
634
33
33
$3cum pref
•
1
1%
Warrants
10,400
3,000
100
24,300
2%
4%
2%
114
11
5
114
5%
334
1%
70
2311
4
4%
31%
36
100
200
700
800
100
1,800
500
800
1,800
3,300
25
100
100
9,500
700
500
Radio Product,corn
•
Railroad Shares Corp.....'
Rainbow Lum Prod A _
*
Common class B
•
Raytheon Mfg v t c
•
Reliance Internet com A *
•
Common B
Reliance Management corn*
Reybarn Co
10
Reynolds Investing com-•
111-hman Bros Co
Rike-Kumler Co corn_ _ •
Rolls Royce of Amer pf_100
Rossia International
Royal Typewriter com
•
Ruberold Co
•
Safety Car Heat & Lt_ _100
St Regis Paper Co com_ _10
Saxet Co corn
•
Schiff Co common
•
Schletter&Zandercomv t a*
Schulte Real Estate
Schulte-United 5e to $1 St•
Seaboard Util Shares._ _ _•
Securities Corp Gen't com *
Seeman Bros corn
•
Segal Lock dr Hardware•
Seiberling Rubber corn _ _.•
Selected Industries corn--•
•
$514 prior stock
Allot ctf full paid
Allot etfs full paid stpd__
Sentry Safety Control_ ___•
Shenandoah corn corn___•
6% cony prof
50
Sherwin-Will(Can) males)
Silica Gel Corp com v t c •
Silver (Isaac) de Bro pf _100
Singer Mfg
100
Sisto Financial corp
•
•
Southern Corp corn
Souwest Dairy Prod corn.*
7% prof with warr_ _ _100
Spanish & Gen Corp Ltd
Am dep rcts ord reg. £1
Spiegel-May-Stern pfd_100
Stand Invest $5.50 pref..'
Stand Motor Constr
•
Starrett Corp corn
6% cum preferred
-50
Stein (A)& Co corn
Stein Cosmetics com
•
Stelnite Radio
•
Sterchl Bros Stores cora- •
Stinnes(lingo) Corp
•
Strauss(Nathan) Inc corn •
Strauss-It 0th Stores corn.'
Stromberg Carlson Tel....'
Stroock (S) & Co
Stutz Motor Car Co
Sullivan Machinery
Sun 111yr- sting corn
23
v prof
•
Swift .4 Co
25
Swift International
15
Syracuse Wash Mach cl 13*
Taggart Corp corn
Technicolor Inc corn
•
Tbatcher Securities
1
Thennold Co pref
100
Tobacco & Allied Stocks_ _•
Tobacco Prod Exports •
Todd Shipyards Corp_
*
Transcont Air Trailer)....'
Trans Lux Pict Screen
Common
•
Tr -Continental Corp wart
Tri Utilities Corp com _ _*
Triplex Safety Glass
Amer dep rcts for ord shs
Tubize Chatillon Corp.
Common B vtc
•
Tung-Sol Lamp Wks com.•
$3 cum cony pref
TJirgerleider Finan Corp •
Union Tobacco com
•
United-Carr Fasterner_•
United Chemicals pref...'
United Corp warrantS
United Dry Docks com- •
United Founders corn__ •
United Milk Prod corn...'
77 cum preferred_ __100
United Stores Corp corn.'
U S Dairy Prod class A_ '
7
Class B
U S Finishing com
Preferred
100
U.S. Foil class B
•
II. B. Internat Sec com.•
First pref with warrants.
•
U.S. Lines pref
U 8& Overseas Corn
Corn with warrants-- •
US Playing Card com__10
Unit Wallpaper Fact coin•
Utility & Indus Corp corn.
•
Preferred
2%
414
2%
1%
11
5
5%
27
%
114
414
31%
34%
85
16%
914
34
4%
25
5%
414
65
214
514
33
7%
62
1536
1614
7
2%
17%
25%
634
1334
12%
3%
4
8%
43-4
2814
894
2%
434
2%
1%
11
4%
154
5%
2%
13£
70
23%
4
314
30%
34%
800
1.000
2,900
1,30
100
650
400
11,900
50
.600
700
600
300
2,600
300
12,100
Range Since Jan. I.
Low.
2%
4%
214
334
11
1914
614
604
7854
30%
1
%
13
27
4%
334
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
83-4
Jan 108
Jan 42%
Jan
51£
Feb 25
Jan 38
Jan
2
Jan 23
Jan 1214
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
5
Jan
3114 Jan
34 Jan
8%
714
36%
1%
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
2%
414
4
2
11
534
1%
7%
31£
1%
70
24
434
43.4
38
37%
Jan
FebJan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan 9094
Jan 16%
Jan 10%
Feb 19
134
Jan
3%
Jan
1
Jan
4%
Jan
Jan 25
Jan 37
Jan
534
5%
Jan
4%
Jan
Jan 653(
Jan e66
Jan 66%
Feb
33-4
Jan
Jan 33
Feb 1063£
8
Jan
Feb 65
Jan 34334
Jan 113£
4
Jan
2%
Feb
Jan 15%
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
SOO
514
500 102
100 36
2,200
600 24%
100 3614
4,400
74
700 14%
4,803
854
3%
294
114
11
211
3
21£
si
59%
22
4
2%
3034
34%
85
150 81
16% 26,200 1314
91£ 4,503
634
200 19
19
134
100
14
100
331
3%
34 3,300
3£
41£
3 3.-4
1,600
25
1,100 1934
37
100 z34
5% 12,100
4
5
200
49-4
43.4 7.600
256
%
65
1,000 447
e66
400 45%
66
1.400 53%
134
2% 3% 28,300
34% 5% 7,00
334
2,70
30
3214 33
1 106%
106% 106%
7
700
5%
73-4
62
62
62
2
341 343%
7 333
100
1034 101£
9
37
% 4
2,300
251
2
2
70
1%
10
2
1514 1514
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fe
Fe
Fe
Jan
Feb
1534 Feb
9
Jan
1814 Jan
19
Jan
Jan
4
Jan
36
281-4 Jan
3414 Feb
Jan
4
14
18
50
1
12%
25%
1654
6
214
4
9
6
185£
10%
251£
20
6%
40
30%
39%
614
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
12
7%
2%
40
2634
54
46
314
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
14%
13%
3%
40
35%
194
47%
4%
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
6%
2%
25
Jan
Jan
Jan
914 Feb
494 Feb
29% Feb
8
Feb
814 Feb
90
150
50
800
1,400
400
500
100
100
100
1,000
300
900
100
200
8,600
50
20th
100
1,50
8,400
700
54
13
36
34
934
2004
1311
4
14
2
39'
414
2
200
133-4
1334 3,200
334 1.
500
100
40
3534 - 100
1,000
11£
200
47
4% 2,900
814 93-4 22,000
334 434 3,200
600
2814 29
13
1154
234
40
3534
1
47
4
81-4
100
7
1%
54
5%
3% 4
55
200
1034 12
100
2634 2614
1,100
2414 29
g
54
1,900
5% 51£
300
22 z2314 1,000
97
% 1034 6,200
600
3
3
48,600
854 9
2
2
300
50
37
37
236 294 2,700
200
6034 604
800
14% 15
700
7
8
100
50
50
7
714 1.100
194 214 3,000
5,700
57
49
6 1,700
s534
354
714
26%
21%
%
4
16
8
1%
6%
1%
37
1%
6014
1034
5%
50
5%
1%
31
z514
83£
18%
1834 1834
4814 49
6
5
734 834
173.4 1814
Jan
12
45% Jan
Feb
6
5% Jan
14% Jan
12
264
534
22
10%
8%
37
234
7%
900
150
10
4.200
1,500
High.
334 Jan
6
53-4
6
12
30
10
834
78%
34%
1%
%
16
32%
6%
10
85
14%
8
19
116
3%
%
414
23
37
434
5
4%
65
66
65
%
/4
1734 18
50
50
1
34
934 10%
2234 .2414
153-4 1694
57% 5%
14
16
234 234
394 4
614 7%
234 236
1734 1734
10
lo
23% 2554
19
19
6
6%
40
40
2934 3011
353-4 3934
534 614
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Fe
Jan
Fe
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
35
434
12
26%
29
94
514
24%
9%
251
37
234
61
15
8
50
834
2%
57
6%
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
20
49
6%
9
19%
Feb
Jan
Feb
Feb
Feb
1034
3
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Coneladed) Par. Price. Low. High. Shares.
Utility Euultien Corp corn.*
Priority stock
•
Van Camp Pack corn
•
7% preferred
25
Vick Financial Corp...
.10
Vogt Mfg
•
Waitt & Bond class A
*
Class
Walgreen Co common _•
Walker(Hiram)Goodber am
dr Wortscommon
Watson (J Warren) Co_ _.
5
Wayne Pump Co corn_
•
Cony preferred
Western Air Express__ _10
Western Auto Sup comA.
- •
Wheeling Steel pref 41_ _100
Williams(RC)& Co
• Wit-low Cafeteriascoin_ _.•
Preference
•
Wilson-Jones Co
Zonite Products Corp corn •
Rights
Associated G & E deb as__
Stock rights
Flat
LOetv'S Inc deb rights
Sou Calif Edison corn &
original preferred
6%
Jan
Jan
68
236 Jan
Jan
Jan
5
12
Feb
Jan
13
54 Feb
1814 Jar
4,000
150
2,300
300
2,000
100
200
100
1,500
8
134
614
284
16
1534
24
24
109
log
3%
3%
1734
19
11%
9
8%
1%
634
29
16%
244
8109
5,000
614.
1 5 5i
100
5%
100
200 21
2.200 13
200 17
10 5109
200 104
3
300
100 12%
300 19
8
5.700
611
2531
zS11
2111
3614
9
164
2434
80
105%
484
411
14%
93
734
2094
89
26%
102
x1814
1034
95
504
2464
2
104
93
15
24
34
334
94
234
683.
100
234
28
1054
4
3%
32
34
Ii
21
2414
10214
103
11754
1254
24
334
98%
10331
10054
24
Jan
Jan
Jan
Feb
2% 13,700
1%
Jan
500
600 334
4,800
54
10,700 1114
200 243i
41,200 144
20,300 70%
500 1024
2,200 43
400 26
3,100
33.6
600 14
914
167,400
400 8134
5
12,500
500 15
11,100 1734
320 85
650 674
300 19
Si
12,000
100 22
100 13934
7,600 21
800 254
100 9834
24 26,200
104 7,000
9414
1,700
15%
600
101%
75
134
8
82
14%
9734
300
145
6% 8,000
2034
100
1634
4,300
53% 291,300
los% 1,000
800
92% 93%
30% 34% 2,400
100
7834 7834
800
3134 35
800
334 4
400
9
94
134 24 6,000
100
102 102
6594 69%
2,750
10
804 80%
13%
200
12
400
99 100
200
90% 92
150
93
92
10134 105
100
200
2% 234
100
5% 54
700
••*
28
1,400
25
400
3954 41
10% 38,200
250
98% 99
34 43i
5.500
34 3% 9,200
900
1%
14
108 108
100
118
24
17
134
40
1024
8954
20
7734
32
333
134
100
5014
80%
12
96
8614
89%
100%
254
534
Its
214
344
54
97
2
23(
36
10634
1,300 30
3331
20 1064
1103.4 110%
151
3% 3% 19,100
3,700
854
1034 11
24% 16,200 174
23
2
100
334 34
50 844
844 844
1,400 204
224 2414
25 10054
102% 10214
225 99
102 103
175 55%
594
57
500 97
1004 101
900 174
184 19
290 7934
854
85
800 4654
01
6514
100 113%
117 11714
1131 12% 44,300 934
7,200
151
2
2%
900
514
7
7
1%
100
214 2%
600 6331
8331 84
234
800
354
3
75 97
100 10031
25 112
112 112
400 123%
130 13314
50 101
1054 1053.1
30 9511
9634 084
100 10634
1074 10834
500 26%
27
2714
50 100
1034 10331
1,100 19%
2256 21
32
44
4
int
2334
Jan
Jan
Jar
Jan
14
34 8,200
4
3
314 3% 1,100
34
400
151
4
50 91
592 392
1851 4,000 14
518
25 67
67
67
100 100
50 9434
9
1011 38,200
9
200 54
6234 63
95
300 95
95
900 48
50
50%
2464 25031
100 221
2
104
914
15
1014
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jars
Feb
14
133
Si
93.4
2% 3%
364 3714
84 9
154 16%
2854 2854
19% 2454
814
77
10554 106%
4834
47
27
27
454
4
15
14
1334 14%
92% 93
734 71.1
184 193-4
19% 2011
8634 89
894
78
1914 20
%.
25
25
150 150
2611
25
2634 26%
102 102
Feb
Feb
Jan
Jan
Jan
124 Feb
19
Feb
Feb
26
Feb
8
744
514
7
Jar
174
Jan
614
Jan
Jan 29
1954
Jar
Jan 2434
Feb 5109
Feb 10%
Jan
454
Jan 184
Feb 22%
Jan 11%
2,800
600
1,800
3,500
2% 34
3
3
34
194 23%
122
5%
2034
1414
1654
5354 48%
101
1014
64
10%
4
17%
20
11%
High.
Low.
8
7431
5%
514
614
12
19
534
26
2334
100
Duke Power Co
Duquesne Gas common_.
East Gas & F Associates_
East States Pow com B._ _•
Elec Bond dr Sh Co corn _ _•
•
$6 Preferred
•
$5 cum pref
Elec Pow & Lt warrants. _ _
Empire G & Fuel 7%14.100
Empire Pow Corp part stk•
Empire Pub Serv corn A__•
European Elec Corp cl A 10
Option warrants
Florida P & L $7 pref____•
Gen Gas & Mee $6 pref B_•
Gen l'ub Serv 66 pref__ •
Gen NVak Wks & El corn A •
Georgia Power SO pref._ _•
Illinois P & L $6 pref
100
6% preferred
Ind'polis P & L634% pf100
•
Inland ULU el A
Intercontinent Pow corn....'
lot Hydro Elec warr
•
Internal Superpower
Internat Util class A_ -.
Class B
Panic pref
Warrant for class B stk
Italian Superpower Corn A
Warrants
Jer Cent P & 1.7% pref 100
Range Since Jan. I.
614
74
4%
5
614
12
17
5%
21
7%
7434
214
Public UtilitiesAllegheny Gas Corp com-•
Amer Cities Pow & L el A_.
•
Class II
Am Com'w'ith Pow corn A•
I Common B
Amer & Foreign Pow warr
Amer Gas & Elec corn news
100
Preferred
25
Amer L & Tr corn
25
6% preferred
•
Amer Nat Gas coin
Am States Pub Serv corn A•
Am Superpower Corp corn •
•
First preferred
Appalachian Gas corn__ _
Assoc Gas & El corn
•
Class A
•
$5 preferred
$8 lot-bear allot Ws_ _
Allotment certificates __
Warrants
Assoc Telep Mil corn_ __*
Bell Teiep of Canada_ _100
Brazilian Tr Lt & Pr ord _•
Buff Wag & East Pr 14-25
1st preferred
•
Cables & Wireless LtdAm dep rots B ord
Am den rcts pref shs_51
Cent All Sts Serv v t c__ *
Cent Ill Pub Serv $6 pref.•
Cent Pub Service class A _•
$6 Preferred
Cent & S W Urn pr In pf •
Cent States Elm com-_--•
6% pref without warr 100
100
7% preferred
Cleveland Elec III corn--•
Com'w'ith Edison Co_.100
Com'wealth dc Sou CorpWarrants
Community Water Serv_•
Cons'l G El dr P Balt corn...
Consol Gas Util class A_ •
Cont G & E 7% pr pref _110
Long Island Ltg corn- -•
100
7% preferred
Marconi Wird Tot Can_ _1
Memphis Natural Gas___'
Middle West ULU com____*
B warrants
Midland Util 6% pr In_100
Mid-West States CBI cl A •
Mohawk & Bud Pr lot pf..•
•
2d preferred
Montreal Lt lit & P cons_•
Nat Pow & Lt $6 pref.- •
Nat Pub Serv corn A
•
New End Pow Assn pf _100
NY Steam Corp corn.,..•
NY Telep 64% pref__100
Niagara Ilud Pow corn_ _10
Class A opt warrants..
Class It opt warrants.._..
Class C warrants
Nor Amer It & Pw corn_ *
Nor Amer Util Sec cum_•
N Ind Pub Serv 6% Pf-100
100
7% preferred
Nor States P Corp ern.10))
7% preferred
100
6% preferred
loo
Oklahoma G & E7% 01 100
Pacific Gas & El 1st pref.V.
Pacific, 1.tg $6 pref
•
Pacific Pub Serv cl A corn_•
[VOL. 182.
FINANCIAL CHRONICLE
1392
234 Feb
314
374
94
1634
2954
24%
82
10634
5014
27
534
15%
14%
93
8%
21
2154
8954
89
20%
1
25
153
2654
26%
102
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
14 Feb
334 Feb
3-1 Feb
92% Feb
194 Jan
67
Feb
1014 Feb
114 Feb
63
Feb
97
Jan
5034 Feb
25214 Feb
214 Jan
1014 Feb
04% Feb
17
Jan
10134 Feb
145
64
21
16 54
534
105 4
9314
3.534
79
35
74
934
23.4
102
70
804
1514
100
92
93
105
4
9
28
41
1014
99
431
1011
1%
108
3411
111
434
124
24%
314
8431
25
104
103
5934
10134
19
86
854
11714
12%
7
254
64
3%
10034
112
1334
105%
983(
1084
28
10311
2454
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Sales
Friday
Last Week's Range for
Week.
Public Utilities
of Prices.
Sale
(COnatidea)
Par. Price. Low. High. Shares.
Pa Gas & Etee Corp el A....
Pa Water dr Power
•
Peoples Lt & Pow class A.*
Piedmont Hydro Electric
Option warrants new _
Power Corp of Can com__.
Pub Elm of Colo 7% pf 100
Pub Serv of No Ills
Corn $100 par stock_100
Puget SO P & L $5 pref__*
Rhode 1st Pub Serv prof-.
Rockland Light & Pow__10
Shawinigan Wat 4, Pow....*
Sou Calif Edison 6% p15525
514% Mel class C........25
Southwest Gas Util corn-.
Standard Pow & Lt corn...
Common class B
•
Preferred
Swiss Amer Elec pre(
Tampa Electric Co
Texas
-La Pow 7% pref_100
Toledo Edison 6% pref _100
Twin States Nat Gas cl A_•
Union Nat Gas of Can.. "
United Electric Serv warr_
United Gas Corp corn_ _ _ _•
Fret non-voting
•
Warrants
United Lt & Pow corn A....'
Corn class B
•
$6 cone 1st pref
•
S Elec I'ow with warr__*
Warrants
UM Power & Light corn--•
Class B vol tr etfs__
Western Power pref_ _ _100
8
624
100
1,400
900
8
8
61
63%
2531 26%
253% 253%
86
86
26
2834
154 154 16%
544 5434 5431
27% 2734
254 25%
3% 434
4
40
36
40
42
40
42
99% 9911
90% 94 •
1
104
93
4
2911
554
1%
13%
25
53% 564
70% 7014
107 109
1
13% 14
16
34
104 11
934
92
334 454
27% 304
69%
65
9914 101
534 6
114 1%
1134 13%
2434 25
101% 10154
Low.
8
59
20
Indian Ter Ilium Oil el A •
Class B
•
Intercontinental Petrol_ -.5
Internat'l Petroleum
•
•
Kirby Petroleum
Leonard Oil Develop_ _ _25
Lion Oil Refining
•
Lone Star Gas Corp
•
Magdalena Syndicate.
Margay 011 Corp
•
Mexico Ohio 011 Co
Michigan Gas dr 011
•
Mid-States Pet el A vto •
ClassBvtc
•
Mo-Kansas Pipe Line com 5
Class B vot tr Ws_ _ _1
Mountain Prod Corp.... _10
National Fuel Gas
•
New Bradford 011 Co_ _ _ _5
North European 011 Corp *
Pacific Western 011
•
Pandem 011 Corp
•
Pantepec 011 of Venezuela.
Petrol Corp of Amer warr__
Plymouth 011 Co
5
Producers Royalty Corp_•
Pure Oil Co 6% pref_ _ _100
Reiter-Foster 011 Corp_ _•
Richfield 011 Co pref _ _25
Royalty Corp of Am pf_10
Ryan Consol Petrol
•
Salt Creek Congo' 011
Salt Creek Producers...10
Southland Royalty Co_ _ -•
Sunray Oil
5
Tenon Oil & Land Co_
•
Venezuela Petroleum_ .... -5
Woodiey Petroleum
1
Mining Stocks
Bunker Hill & Suit
10
Vot trust ars
Bwana M-Kubwa Copper
American shares
Comstock Tun & Drain 10c
Congo] Copper Mines._ _..5
Cresson Cons G M & M _.1
Cud Mexicana Mining_ _1
Evans Wallower Lead corn.
Falcon Lead Mines
1
Gold Coln Mines
1
Golden Center Mines__ _5
Goldfield Consol Mines....I
Hecht Mining Co
25c
Hollinger Cons Gold
5
Hurl Bay Min & Smelt •
Kerr Lake Mines
5
Lake Shore Mines Ltd_ _1
Mining Corp of Can
5
Mohawk Mining
25
Newmont Mining Corp _ 10
New Jersey Zinc
25
NY & Honduras Rosario10
1
6%
634
11
631
1,200 4754
50 7034
20 107
2,200
800 1334
1,000
31
84,900
711
5,10
86
10.500
24
61,100 23
200 6034
2,100 94%
4,800
4
194
100
9
24,400
700 21
100 98%
13,400
1,300
63.4
614 12.200
200
6%
100
Si
214 32,100
24 4,100
6,4 2,000
500
2
1,600
24
1,600
314
34 3,700
1,700
5
714 8,600
134
8%
34
13.4
2
254
331
3i
434
7114
2
234
334
3i
4
674
1611
16%
1616
16%
7-16
14
1
11
64
26%
11
3
1%
74
314
14
614
/4
5%
21
134
1
7
4
511
247
%
1%
134
11
15
14%
2714
5-16
314
134
6%
3-4
54
24%
1Si
15
54
2%
14
136
16%
16%
Si
1411
1
34
(134
274
.4
334
1%
734
3
4
I%
3.4
14
4
1%
36
27
%
7-16
154
834
5.14
26
134
5431
1654
234
80%
114
(1%
114
2%
1
614
634
314
12
1
2
45
43
18
1%
1
18
3%
8214
134
711
111
254
14
7
64
4
1234
114
234
45
43
154
54
234
34
34
134
1-16
Si
134
3-16
634
8%
534
3-16
28
1%
18
50%
474
1011
11
3
36
11
134
1-16
Si
14
4
64
811
531
3-16
2814
2
204
5514
48
104
High.
934 Feb
6414 Feb
2614 Feb
50 2014 Jan 258
50 8334 Jan 86
Feb 2834
1,700 26
2,400 1554 Feb
1734
100 50
Jan 5134
1,000 2531 Jan 2714
1,400 2454 Jan 2511
2,300
44
354 Jan
1,200 354 Jan 41
500 3254 Jan 4334
50 9834 Feb 994
300 81
Jan 94
Former Standard Oil
Subsidiaries
100 20%
25
25
Cumberland Pipe Line_50
200 27
2914
28
Eureka Pipe Line
100 28
300
24 27
%
Galena 011Corp
4,500 57%
Humble Oil& Refining_25 67% 63% 68
16% 174 2,400 16%
Imperial Oil (Can) coup...' 17
100 z165,4
1611 1654
Registered
•
500 16
2014 21
Indiana Pipe Line
10
400 1231
1334 134
National Transit_ _ _.i2.60 1334
500 1034
N Y Transit
10 1054 1034 1134
350 28
30
30
Northern Pipe Lines__ _50
200 100%
100% 100%
Ohio 0116% cum pref__100
200
6
7%
7
Solar Refining
25
7
2,400 19%
South Penn Oil
23 194 194 2111
200 10
Southern Pipe Line
10 124 12% 1254
50 33
35
35
Southwest Pa Pipe Lines 50
Standard Oil (Indiana)
.,..26 35% 314 3531 29,400 3434
Standard 011(Ky)
10 2214 2234 23% 5,700 20%
800 494
5434 55%
Standard 011 (0) corn_ _25 55
20 103
104 101
5% corn pref
100 104
6,900 524
644 67
Vacuum 011
25 66
Other Oil Stocks
Amer Maracaibo Co
•
Ark Nat Gas Corp corn...*
Class A
•
Preferred
10
Atlantic Lobos corn
•
Carib Syndicate
*
Colon 011 Corp corn
Columb Oil& Gasol v t c_•
Consol Royalty 011
1
Cosden Oil Co corn
•
Creole Petroleum Corp_
Crown Cent Petrol
•
Darby 011 & Ref corn
•
Gulf Oil Corp of Penna.. 25
Feb
Jan
Jan
34 Jan
200
14 Jan
1,566 53
Feb 53
Feb
Feb n100
50 nI00
Feb
14
14
53
53
n100
0
564
Range Since Jan. 1.
Jan 564
Feb 704
Feb 109
Feb
2
Feb 17%
Jan
3-16
Jan
1136
Jan 9334
Jan
411
Jan 3
034
Jan 697
%
Jan 101
Jan
634
Feb
134
Jan 1311
Jan 2654
Jan 10114
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
2% Jan
634 Jan
14
54
54
694
Si
Si
1%
6
2
24
34
100
25
100
2,300
2,800
2,700
3,700
7,900
1,000
300
1,900
700
1,200
700
6.700
100
300
1,500
300
7,000
300
100
514
31
1
36
1654
1%
79
1
314
14
2
1
833
634
214
934
'4
134
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
4354 Jan
43
Feb
14
7-16
24
5-16
94
1
lit
4,
74
3-16
534
654
4 54
3-16
25
114
18
4134
4634
104
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan 26
Jan
Feb 2914 Feb
Jan
254 Feb
Jan 72
Feb
Feb 1834 Jan
Feb 18
Jan
Jan 21
Feb
Jan
14
Jan
Feb 1434 Jan
Feb 30
Feb
Feb 10234 Jan
Jan
734 Feb
Feb 234 Jan
Jan
14
Feb
Jan 36
Feb
Feb 3854 Jan
23% Feb
Jan 624 Jan
Jan e104
Feb
Jan 0934 Feb
SOO 14
Jan
700 13% Jan
4,100
34 Jan
6,700 z134 Feb
500
14 Jan
3,000
14 Jan
100
511 Jan
2,100 24
Jan
2,500
31 Jan
300
3
Feb
300
154 Jan
200
7% Feb
800
214 Jan
700
1
Jan
3,700
5
Jan
1,500
4 Jan
2,000
411 Jan
6,400 21
Feb
1,300
14 Jan
8,900
34 Jan
2,900
4,700
500
600
2,400
1,700
40
600
1,600
100
1,200
400
1,100
1,400
6,200
500
4,700
300
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jars
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
1
Jan
64 Feb
634 Feb
7
Jan
Jan
14
3i
e
234 Feb
254 Feb
6211
354
334
jee
Jan
Jan
Jan
654 Feb
F
76
Jan
16%
1634
96
1534
1
34
611
29
.14
5
214
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
844%
14
II
Jan
Jan
5%
28%
4
13.4
2
Jan
Feb
Jan
Feb
154
114
131
18
45
4
834
134
11
394
3
14
74
731
Fe b
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
'
tab
j
e
Jan
Jan
Jan
e
12 4 Feb
44
174 Jan
234 Feb
Jan
Feb
48
43
14
34
334
4
94
134
la
14
2
54
714
8 54
5%
3-18
26%
2
2034
55%
51
113i
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
FEB, 21 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
?Moine Stocks
Week.
Sale
of Prices.
(Concluded)
Par Price. Low. High Shares.
NipissIng Mines
5
Noranda Mines Ltd
•
Ohio Copper
1
Premier Gold Mining_._ _1
St Anthony Gold M Ines I
Shattuck Denn Mining..
•
So Amer Gold & Plat__ .1
Teak Hughes Gold Nlin 1
Tonopah Belmont Dcv_ _ _1
United Verde Extens'n_50c
Utah Apex Mining
5
Walker Mining
1
Wright Hargreaves M__ •
Yukon Gold Co
5
Bonds
Alabama Power 434s__1967
1st & ref 5.3
1068
let & ref 55
1956
Aluminum Co s f deb 5s'52
Aluminium Ltd 5s_ _ _ _1948
Amer Com'Ith Pr 65....1940
Amer G & El deb 59_2028
Amer Pow & Lt 6s. _ _2016
Amer Radiator deb 4148'47
Amer Roll Mill deb 55_1948
44% notes_ _ _Nov 1933
Amer Seating cony 6s_1936
Appalachian El Pr 55_1056
Appalachian Gas 69..1945
Cony deb Gs ser B._1945
Cony Os new
1945
Appalachian Pr deb Os 2024
Arkansas Pr & Lt 5s._1956
Os new
1956
Associated Elec 445_ _1953
Associated Gas & Electric
44e series C
1949
Deb 4168 with warr_1948
Without warrants_
55
1950
5s
1968
54s
1938
515s
1977
Assoc T & T deb 549 A '55
AssocSimmonsHard634s'33
Assoc Telep Util 548.1944
Balwin Locomotive 536533
Beacon 0116s with warr '36
Bell Tel of Canada 55_1957
let M 5s series A...1955
1st 151 Os ser C
IntiO
Birmingham Gas let Os '59
Boston Congo'Gas 58_1947
Buffalo Gen Else 5s_ _ _1950
Canada Cement 5%9_1947
Canada Nat Ry
__1935
25-yr guar 416s_ _ _ _1956
Capital Adm deb 58 A.1953
Without warrants
Carolina l'r & Lt 59...1956
Caterpillar Fractor 58_1035
Cent Pow & I, 1st 59..1956
Cent States Elec 58._.1948
Deb 514s_..Sept 15 1054
Cent States P & Lt 54e'53
Chic Dist Elea Gen 416s'70
Deb 548____Oet 1 1935
Chic Rye 55 etre dep_ _1927
Cigar Stores Realty HoldDeb 5 i..13 series A _ _ _1949
Chic St Sty let 545 A_1952
1st mtge Os ser B..1955
Cities Service 5s
1966
Cony deb 55
1950
Cities Serv Gas 549_1042
Cities Serv Gas Pipe L 6843
Cities Serv P & L 534s 1952
Cleve EMI deb 75
1941
Gen mtge Os ser A _ _1954
Columbia G & E deb 5s1961
Commander-Larabee 65 '41
Corumerz und Privat
Bank 514s
1937
Com'wealth-EdIson1st mtge 4145 ser C_1956
lst m 44sser D____1057
1st M 434s ser E._ _1960
Conn Lt & l'ow 1st 78_1951
Consol0 EL&P (Bait)
548 milt* E
1952
let & ref 5s ser F___1965
414eserlei 0
1969
4348 series 11
1970
Consol Gas Utll Os A _ _1043
With warrants
Without warrants
Congo! Publishers 63481936
Consol Texthe 89
1941
Consumers Power 434e '58
Cont'l G & El 59
1958
Continental 011 54s._1937
Crane Co 10-yr s 155 _1940
Crucible Steel deb 58_ _1940
Cuban Telephone 7148 1941
Cudahy Pack deb 5491037
55
1940
18%
3-16
5
1-16
934
9834
103
10134
78
98%
10516
101
98
6514
10114
864
72
103
97
97
8911
1%
200
13-4
16% 1834 12,500
7,900
34
11-16
700
3-16 4,600
434
5
500
114
111
700
6% 7
1,100
1-16 1-16
100
3,200
93-4 911
116
100
114
2
200
211 2%
300
1,000
16
9711 984 $55,000
103 10314 29,000
102% 102%
2,000
10414 104% 43,000
0914 99% 11,000
764 79
57,000
98% 109,000
98
50,000
1054 106
38,000
101 102
34,000
96
95
98 230,000
97
3,000
654 66
1004.102 125,000
.864 8816 188,000
.714 73% 181,000
8734 8811 45,000
103 103
5,000
47,00
9611 97
18,000
96% 97
89
894 153,00
6714 .67
76
0911
764 .7514
764 76
714 704
924 02
8814
89
56%
8814 874
1014 1014
0714
10314
101
10314
1014 1011(
96% 9514
103
103
103
103
98%
Low.
1
1416
.4
34
1-16
3
Jan
Jan
Jan
Jan
Jan
Pan
Jan
6
Jan
1-16 Feb
8
Jan
% Jan
15i !Jan
14 Jan
34 Feb
96%
1014
10111
1034
974
76
97
10114
100
914
96
55
9931
6511
49%
874
101
954
94
8414
10116
974
101
103%
1014
969-4
103
10316
10,000
21,000
11,000
21,000
52,000
12,000
2,000
5,000
101%
964
1024
10334
103%
9514
103
10314
82
1024
10114
9411
6611
71
814
92%
100%
6511
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
704
77
71
7716
78
7614
96%
00
57
90
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
101%
97%
10V.,
104 ,4
104%
97%
10411
103%
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
10,000 81
Fe
824
61,000 10154 Jan 103 ti
103,000 9534 Fe 10114
20.000 93
Jar
98
43,000 58
68
Jar
61,000 60% Jan 72
27,000 77
Jan 86
35,000 00
Feb 93
30.000 99
Jan 10/
8,000 62
Jan 70
8114
1014
.99%
9314
6514
.68%
81
9114
100
6411
744
80
80
8611
83%
105%
684 69
8914 0016
0514 9514
87414 75
87914 81
8014
80
86% 36%
82% 8314
106% 106%
1054 10514
974 98
s39
.30
8,000
1,00
2,00
13,000
1205000
23,000
8,000
70,00
15,00
1,000
183,000
5,000
68%
86
95
z70
72
80
8614
75
105%
10514
z96
384
834 84
20,000
7914
84
1%
18%
16
15-16
3-16
54
114
8
1-16
1014
14
2
214
11
10014 10034 5,000 994 Feb 10014 Feb
22,000 10616 Jan 109
1074 109
Feb
0814 99 164,000 984 Jan 9914 Feb
814
1024
101%
044
66
70%
814
02
100
6531
9714
Ilion.
Feb 9914
Jan 104
Jan 103 14
Jan 10434
Jan 9934
Jan 33
Jan 99
Jan 100
Jan 102
Jan 9714
Jan 98
Jan 6614
Jan 00216
Jan 89
Jan 75
Feb 89
Feb 10316
Feb 99/4
Feb 984
Jan 90
684 128,00 z6314 Jan
40,00
77
72
Jan
71
3,00
67
Feb
76% 190,00
6834 Jan
77 214,00
7014 Jan
27.000 65
72
Jan
0216 21,000 91
Jan
89% 51,000 84
Jan
2.000 56% Feb
57
88% 85,000 z8034 Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb 75
Jan
Jan 0034 Jan
Jan 9634 Feb
Jan 76
Jan
Jan 814 Feb
Jar
83
Jan
Jan 89
Jan
Jan 84
Jan
Jan 107
Jan
Jan 105% Feb
Feb 98 34 Jan
Feb 43
Jan
Jan
84
Feb
10111 10114 3,000 10111 Feb 1014 Feb
102
1014 102
19,000 10014 Jar 1024 Jan
12,000 99% Jai 1014 Jan
100,55 1004 101
118 118
1,000 117% Jan 118
Feb
1074
10516
,
1044
10391 103%
1074 2,000 1074 Jan 1084
106
10,000 10514 Jan 106
101% 9,000 104
Jan 1054
103% 6,000 102
Jan 104%
7014 8414
7411
72
08
98
98
20
20
1014 101 1014
83% 834 83%
9315 934
1014 102
99% 9914 0914
102 1034
99
984 99
.10214.1024
Delaware El Pow 53-451950
8814 89%
Denv & Salt Lake 68..1960
66
64
1st Os series A
1950
100 100
Dot City Gas 139 tier A.1947
10616 10614
1st 5s series 13
1950 100% 100% 100%
Detroit Int Bdge 945_1952 21
25
21
25-yr s f deb 75
1902
34 334
Dixie Gulf Gas 648_1937
With warrants
9311 924 034
Duquesne Gas let 613_1945
60
63
64% notes__Mar 15 '35 59
61
59
East Utilities Investing
1954 59% 59
Os with warr
60%
Edison El(Boston) 59.1933 102% 102% 102%
4% notes___Nov 1 1932
10014 101
100% 100%
311% notes_ _Nov 1 1931
Elee Power & Lt 59..2030 874 86% 8714
El Paso Nat Gas 634s A '43
106 106
1938
Deb 6;is
105 105
Empire 011 & Refg 548'42 78
7711 7814
Ercole Mara! El Mfg
09
6934
6348 with warrants.1953
European Eine 6348._ 1065
764 72% 7614
Without warrants
Eur MIce & Inv 78 C.1967 8314 82
834
1050
74e series A
0911 9911
Fairbanks Morse Co 581942 97
96
97%
Farmers Nat Mtg Inst 7s'63
73
73
Federal Water Serv 5%5'54 8754 864 8914
Finland Residential Mtge
1961 81
I3ank 69
81
79
Firestone Cot Mills 58_1948 8414 844 854
Range Since Jan. 1.
29,000 794
11,000 72
6,000 98
2,000 17
86,000 99%
102,000 804
44,000 9134
12,000 1004
15,000 004
6,000 100
26,000 9411
0,000 1004
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8414
7414
100
25
1024
844
95
102
1004
1044
99
103
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
JP n
Jan
Jan
Jan
Jan
Feb
Feb
0,000 88
Feb 91
Jan
3,000 62
Jan 73
Jan
2,000 994 Jan 10034 Feb
1,00 10534 Ja9 107
Jan
20,00 100
Jan 1014 Jan
36,00
204 Jan 30
Jan
5,00
2
Jan
434 Feb
14,00
21,000
19,00
93,00
23,000
10,00
15,000
109,000
4,000
4,000
27,000
14,000
71,000
45,600
1,000
16,000
1,000
104,000
8,00
32,000
83
50
41
Jan
Jan
Jan
9314 Feb
70.
Jan
634 Feb
55% JAY
71
10134 Jan 102%
100
Jar 1014
100% Feb 100%
824 Jar
87%
98
Jar 108
100
Jan 107
77
Jar
8014
6316
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
70
Jan
6511 Jan
82
Feb
9914 Jan
95
Jan
73
Feb
764 Jan
7654
83
994
OS
73
90
Feb
Jan
Feb
Jan
Feb
Feb
75
81.4
8114
86
Jan
Jan
Jan
Jan
1393
rld,
IFLasa
Sales,
Week's Range for
Sate
of Prices.
Week.
Bonds (Continued) Par. Price. Low. High.
Firestone T & It Cal Is '42
First Bohemian Glass Wks
7s without warrants.1957
Flak Rubber 516s
1931
Florida Power & Lt 59_1954
Gatineau Power 1st 58 1956
Gen Bronze Corp conv693'40
Gen Laundry Mach 69-4s'37
Gen Pub Mil cony 6s_1031
Gen Rayon Os
1948
Gen Vending Corp
65 with warr Aug 15 1937
Gen Water Works Gas dr El
cony deb Os ser B.._1914
Georgia & Fla Ry 1st Os'46
Certificates of d eposit_ _ _
Georgia Power ref 55_ _1967
Gesfuel deb 65
1953
With warrants
Without warrants
Gillette Safety Razor 58'40
Glidden Co 5348
1935
Gobel (Adolph) 648 1935
With warrants
Grand (F & W)Properties
cony deb 6s_Dee 15 1948
Grand Trunk Ry 6 49_1936
Gt Western Pow let. 55 '46
Ground Gripper Shoe 69'44
Guardian Investors 5s. 1048
With warrants
Gulf Oil of Pa 55
1937
Sinking fund deb 59_1947
Gulf States Utlf 5s_.A956
Hamburg El& Und 5158'38
Hanna(M A) deb 0..1934
Hood Rubber 7s
1930
10-Yr 514s__Oct 15 1936
Houston Gulf Gas 68_1043
Debenture gold 61481943
Houston L & P 4 4t3 D.1978
Bud Bay Nlin & Sm 69.1935
Hung-Italian Bk 7949_1963
Ilygrade Food Os A.._1949
8434
Range Since Jan. 1.
Low.
844 8554 10,000
80
254
87
87
9414 03%
60
12
95
z46
46
80
2716
874
9414
0014
124
96
48
844 Feb
15,000 77
11,000 164
86,00
83
44,000 9154
12.000 56
2.000 12
2,000 944
17,000 z413
8634
Jan
Jan SO
Jan 27%
Jan 384
Jan 944
Jan 6014
Feb 20
Jan 96
Jan .50
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
1004
80
8011
8731
80%
12
124
3,000
10
Jan
1491
Jan
63
124
03
1,000
63
Feb
69
Jan
10
10
4,030
9914 100% 83,000
834 Feb 10
984 Jan 1014
Jan
Jan
7814
79
8611
90
7034
73
84
88
Jan
Jan
Jan
Jan
RI
804
904
93
Feb
Feb
Jan
Jan
Jan
82
Feb
80%
804
87%
904
7814 82
370
107%
103%
23%
71,000
74
570
1,000 68
107% 12,000 10514
2,000 102
103%
23% 7,000 18
514 514 5154
102% 1014 10214
1033-4 10
334
s99% 101
101
84
83% 83
93
85
22,000
25,000
140,000
35,000
9914 9914
78 u80
6514 67
88% 91
9034 914
9254 03
84% 85
8016 8114
46
45
Jan 74
Jan
Jan 108
Jan
Jan 1034 Feb
Jan
Jan 27
Jan 50
5,000 z45
40,000 100% Jan 103
30,000 1014 Jan 1034
Feb 101
48,000 96
Jan 64
24,000 77
Feb
Feb
Jan
Feb
Feb
Feb 100
Jan 801i
Jan 67
Jan z91
Jan 92
Feb 93
Jan 874
Jan 8134
Feb 514
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
5,000
23,00
10,000
34,000
12.000
5,000
12,000
9,000
14,000
98
77
60
834
36
9234
84
77
45
Ill Pow & Lt 5345 ser B 1954
101 102% 31,000 934 Jan
8 f deb 548__May 1957
30,000 864 Jan
90% 02
Indep 011 & Gas deb Os '39 99
99
99
47.000 95
Jan
ind'polis P & L 58 ser A '57 10114 100% 10134 93,000 z993-4 Feb
Insull Utilitylnvestrnent9Os ser B without warr '40 904 90
9214 143,000 81% Jan
Intercontinents Pow Os '48
With warrants
s5214 5334 3,000 50
Jan
Internal Match 5s_. _ _1941 06
96 .964 207,000 96
Feb
Internat'l Pow Sec 78 E '57 964 96
9514 62,000 8914 Jan
Internat Securities 5s_1947 75
46,000 6814 Jan
7314 76
Interstate Power 5s_._1957 82
82
80
32,000 z7911 Jan
Debenture Os
4,000 7211 Jai
1952 73% 7214 76
Invest Coot Am 5s A_1917
With warrants
79
2,000 78
79
Jan
Without warrants
7615 764 6,000 70
Jan
Investors Equity 58.._ _1917
Without warrants
75% 75% 6,000 7214 Jan
Iowa-Neb L & P 5s__1957
9414 95
20,000 9114 Jai
Iowa Pow & Lt 43-4s A 1958
034 944 9,000 90
.1rv
,
Iowa Public Serv 5s__1970
894 894
1,000 8914 Feb
Iowa Southern Utll Os A '50
90
90
3,000 90
Feb
ream) Hydro-Elec 78_1952
834 8414 10,00
64
Jan
Motto. Fraschini 75 _1942
With warrants
69
69
1,000 58
Jan
Without warrants
6611 6811 68% 5,000 5914 Jan
Italian Superpower of DelDebs 69 without warr '63 67;1 67% 694 123,000 55% Jan
Jersey C P ‘1‘ I. 514s A 1915
10234 103
33.000 101
Jan
1st & ref 5s ser B___1917 100
100 10114 23,000 984 Jan
Kansas City P L 414s 1961 1024 102% 103 101,00
Kansas Power 59 A._ _1947
96
2,00
96
Kelvinator Corp 6s_ _ _1936
9014 9014
1,00
Kentucky Util 1st 59..1961
98
98
5,00
Koppers G & C deb 55 1947 100A 1004 100% 59,00
Sink fund deb 510.1950
1024 1034 20,00
Kresge (S S) Co let 5s 1945
9954 1003-4 16,00
1024 Feb
934 Jan
Jan
100
10174 Jan
95
Feb
58
904
39
784
85
79
Feb
Feb
Jan
Feb
Jan
Jan
8231
7811
Jan
Jan
754
95
z94
8914
90
8616
Feb
Feb
Jan
Feb
Feb
Jan
69
esq
Feb
Feb
7014 Feb
103% Feb
10116 Jan
10214 Jan 10311
z95
Jar. 9614
9014 Jan 914
98
Jan 9814
99
Feb 101 4
10114 Feb 103,
4
9854 Jar 100;4
Laclede Gas 514s
1935 100% 100% 100% 15,000 99
Jan 101%
Leh Coal & Nay 448 C '51
9914 99% 13,000 08
Jan 9931
Lehigh Pow Secur 65..2026 103% 1023-4 1034 40,000 1004 Jan 104%
Leonard Tletz 74s...1946
Without warrants
Jan 89
8835 88% 1,000 84
,
Libby, McN & Libby 55'42 94
9314 944 21,000 90% Jan 95
Lone Star Gas deb 5s_ _1942
98% 99% 46.000 96% Feb 994
Long Island Ltg 6s___1945 105
104% 105
11,000 10234 Jan 10511
Louisiana Pow & Lt 551957 9316 9714 08% 71,000 0894 Jan 9916
Manitoba Power 54s A 51
Mansfield MM & Smetting
78 without warrants_1941
Mass Gas Cos 514s_ _ _1946
Sink fund deb 5s._1955
McCord Rad & Mfg 65 '43
With warrants
Memphis P & L 5s ser A '48
Mid States Petrol 63--4s '45
Middle West Util 59_1932
454s cony notes_ ___1931
Cony 5% notes____1933
Cony 5% notes_ _ __1934
Cony .5% notes__ __1935
15111w El Ry & Lt 5s_.1971
alllw Gas Light 445.1967
MInneap Gas Lt 450_1950
Minn Pow dc Lt 410_197S
Miss Power & Light 551957
MissItiver Fuel6sAug 15'44
With warrants
Without warrants
MlFw River Pow deb 55 '51
Montreal L II&P Con 59'51
lot ref 59 series 13.. _1970
93
93
3,000
93
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
9511 Jan
7714
Jan 78
7751 7714 4,000 77
24,000 102
Jan 105
10394 1034 194
93,000 974 Feb 100%
100
9914 100
Jan
Jan
Jan
z56
1024
50
10034
100%
99
9711
97
101
1034
9214
944
07
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
J1113
Feb
Jan
Jan
Jan
z58 z58
102% 10214
4911 49%
99% 1004
1004 1004
98
974 98
9511 964
9414 964
101
10014 101
10314 102% 103%
914 90% 92%
92% 934
9514 9514 96
49%
50
1014
44
9856
100
93
9211
.924
90.4
10114
89%
9154
934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
105
95
103
103%
1034
1,000 96
Jan 106% Feb
Feb
2,000 904 Jan 96
5,000 1024 Feb 1034 Jan
Jan 103% Feb
6,00 102
3,09 1024 Jan 1034 Feb
65
64
104 101%
8814 8914
7314 74
93
98%
10
10
9214
92
58914 90
9014 904
86% 89
28,000 48
Jan 05
Feb
37,00 1004 Jan 104% Jan
77,00
874 Feb 904 Jan
81,000 z664 Jan 75
Jan
3,000 96% Jan 99
Jan
7,000 10
Feb 10
Feb
6,000 91
Jan 93% Jan
52,000 8514 Jan 90
Jan
14,000 884 Jan 934 Jan
92,000 83
00
Jo
Jan
79%
79
0634 97
10516 106
91% 92
97
97%
101% 10216
1013-41013-4
9214 9314
10234 10314
9614 9711
7,000 76
Jan 79% Feb
163,000 93% Feb 9714 Jan
6,000 10594 Jan 106% Jan
34,000 84
Jan 92
Feb
160,000 97
Feb 9711 Jan
22,000 994 Jan 102% Feb
10,000 99
Jan 103
Jan
96,000 9014 Jan 9334 Jan
42,00
984 Jan 10314 Feb
35,000 93
Jan 974 Feb
105
9434
103
103% 10214
1034 10311
Nat Food Products 69 1944
Nat Pow & Lt 65 A...2020 101%
Is series II
2030 894
Nat Public Service 55_1978 73/
4
Nat Tea CO 59 May 1 1935
Nat Trade Journal 69_1934 10
Nevada Calif Eiec 55_1956 924
NE Gas & El Assn 58_1947 8914
Cony deb 59
1948 90%
Cony deb 5s
1950 874
NY & For Inv 5148_1948
With warrants
79
NYP&L Corp 1st 448'67 06%
Niagara Falls Pow 68_1950
Nippon Elec Pow 6145 1953 9111
North Amer Co deb 5s 1901 97
North Ind Pub Serv 5s1966 10214
let & ref 5s ser 1),..1969
1st & ref 448 ser E 1970 9314
Nor Ohio Pr & Lt 548 1951 1024
Nor Ohio Tr & Lt 59_ _1956
1,000
7,000
5,000
11,000
5,000
10,000
20,000
12,000
65,000
13,000
37,000
46,000
21,000
Bonds (Conilnued)
Sales
Friday
for
Last Week's Range
Week.
of Prices.
Sale
$
Price. Low. High.
No Sts Pow 634% notes'33
1940
534% notes
1st lien 68 series A 1998
1st lien 5345 series B 1950
North Texas Util 78..1935
With warrants
without warrants
Northwest Pow cony 6s '60
Ohio Edison 1st 58_1960
1952
Ohio Power 5s B
4345 series D
1956
Okla Gas & Elec 5s.__1950
Oswego Riv Power 60_1931
102% 102%
100%
104%
105
10334
Penn Pr & Lt 1st ref 58 B'52
1953
1st 5s ser D
Penn Telep 58 ser C__ _1960
Peoples Lt dr Pow 5s_ _1979
Phlla Bait & Wash 4348 '77
Phila Elec Co 534s_ _ _1047
1st lien & ref 58._ _ _1960
1st & ref 4s
1971
Phila Elee Pow 5348..1972
Pbila Rapid Transit 68 1962
Phila Sr Sub Counties
& E 1st & ref 4345 1957
Piedmont Hydro-El Co
1st SZ ref 634s cl A__1960
Piedmont dr Nor Ry 5s1954
Pitts Coal deb Os
1949
1.000
2000,
2,000
106,000
15,000
20,000
78,000
6,000
Feb 7534
Jan 98%
Jan 84%
Jan 95
Jan 10034
Jan
Jan
Jan
Jan
Jan
102
9834
80
103%
102% 28,000 10034 Jan 10334
10,000 9734 Jan 99%
99
Jan 83
2,000 80
80
103% 0,000 102% Jan 104
Jan
Jan
Jan
Jan
104
104
100
6931
10334
108%
10531
93%
10634
80
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
10,000 101% Feb 103%
Jan
4,00
9,00
30,000
52,000
80,000
2,000
8,00
250,000
42,000
5,000
84% 27,000
83
9131 91% 2,000
97% 97% 10,000
Southwest Lt & Pr 55 A '57
So'west Nat Gas 68-1945
Without privilege
So'west Pow &Lt.65..2022
Staley Mfg Co 1st 68._1942
Stand Gas & Elec 68_1935
1951
Debenture 6s
Debenture 6s Dec 1 1966
Stand Invest 5345. _ _1939
Standard Invest 5%8-1939
Stand Pow & Lt68- _ _1957
Stinnes(Hugo)Corp
78 Oct 1 '36 without warr
7s without warr__ _ _1046
Strauss(Nathan) Inc 6s'38
Stutz Motor Car 7%8.1937
1939
Sun 011 deb 5348
Sun Pipe Line Co 58_1940
Super Power of II14348 _'70
Swift & Cola m s f 5s_1944
1940
5% notes
Tenn Elec Pow 5s
1956
1956
5s new
8234
62%
05%
59
8834
7334
95
94%
103
94%
101%
103
61
8831
74
e9554
95%
103%
96
101%
103
90
46
•
102%
10134
92
46
0234 103%
04% 104%
104% 104%
10334 104
:0234 92%
101% 101%
15,000
7,000
10,000
1,000
1,000
2,000
1,000
13,000
4,000
10,000
2,000
64,000
79,000
50,000
70
95%
85%
92%
99%
102
102
9531
55
101%
107
105%
93%
105%
7134
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
71
8834 Jan
9731 Feb
100%
z92
99
102%
5034
83
90
100%
94%
94;§
100
06
10034
95%
1,000 100
Feb
85
Feb
92
9934 Jan
102
97
101%
104%
60
85
96
102%
9634
97%
101
9834
103
9931
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan 101%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
16,000
2,000
167,000
28,000
95,000
13,000
80%
94
60
6334
71
68
Feb
Jan
Jan
Jan
Jan
Jan
83% Jan
96
Jan
72
Jan
73% Feb
78
Jan
Feb
75
3,000
9231
Jan
98
31,000 42
37,000 94
5,000 115
6,000 102
41,000 90
28,000 7934
Jan 52%
Jan 98
Feb 115
Jan 103%
Jan 95
Jan 8336
16,000
10,000
90
3534
Jan
Jan
92
50
37,000 9934 Jan 10434
Jan 105
41,000 103
55,000 103
Feb 105
10,000 102% Jan 104%
7,000 90% Jan 9334
2,000 9934 Jan 101%
8234 136,00 z7334
80
6231 6234 7,000 55
30,000 z93
05% 96
Jan
Jan
Jan
4.000 00% Jan 95
Jan 7031
23,000 50
Jan 77
11,000 63
Jan 105
34,000 101
Jan 98
10,000 96
10,600 9834 Jan 102
29,000 9634 Jan 100%
Jan 10054
63.000 96
Jan 8234
13,000 77
Jan 81
13.000 77
38,000 94% Jan 98
79%
.372%
62
75%
10131 101%
99% 9931
89%
90
102%
103
s1003,4
101
99%
101% 100%
81
75%
62
75%
102
99%
90
103%
101
101
101%
41,000 64
37.000 60
1,000 5534
4.000 z65 i
13,000 10034
2,000 9834
35,000 8934
38,000 10234
50,000 9934
10,000 9834
39,000 99
80
100
0534
78%
66%
96%
78%
99%
6631
60
75%
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jun
Jan
Jan
Feb
8234 Feb
86
Jan
96% Jan
94
7031
74%
104
97
10034
98%
98%
82%
82%
07%
62
Jan
21,000 55
Jan 62
Jan
23,000 85
Jan 88% Feb
2,000 63
Jan 74
Feb
41,000 9234 Jan e95% Jan
Jan 95% Jan
9,000 03
22,000 10034 Jan 103% Jan
141,000 9334 Jan 96
Feb
17,000 100% Jan 10134 Feb
1,000 100% Jan 103
Feb
93%
69%
74
102%
96
96
100% s9934
9734
98
97%
98
80%
8034
97% 96
.
Tenn Power Co .5s. _ _1062 100
Tenn Public Service 5s 1970 95%
Tern' Hydro-Elec 6345 '53 78%
Texas Cities Gas 5s...1948 69%
Texas Elec Service 58_1960 97%
Texas Gas UM Bs__..1945 78%
Texas Power & Lt 5s_ _1956 10034
Thermoid Co 68 Feb 1 1934
Tri Utilities Corp deb 5s'79 61%
Ulen Co cony deb 88..1944
Union Amer Invest Corp
58 with warrants __1948
Union El L P 58 B...1967
Union Gulf Corp 58 Jul 1'50 102
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
3,000
7234
97% 79,000
83 127.000
29,000
94
100% 6,000
5034
41
97% 973i 98
115 115
10334 103%
93
93%
8231 8134 82%
9534
Jan 108
105
Jan 9834
95
9331 Jan 06
Jan 101%
99
Feb 103
101
Jan 98
96
Jan 102
100
Jan 10134
100
7134
9631
75%
593%
100
7034
103%
95%
101%
Feb
103
101
Jan
105% Jan
Jan
104
65,000 96% Feb 98% Jan
21,000 109% Jan 111% Feb
Feb
30,000 10434 Jan 106
Feb 9834 Jan
206,000 97
101% 102
5934
Jan
Jan
Jan
Jan
Bonds (Concluded)
0734
111%
106
97%
Pittsburgh Steel 6s___1948
100% 101
0234
z92
Poor & Co cony 6s_
Potomac Edison 58_1956 101% 100% 10134
1st 5348 series D _ _ _ _1949
103% um%
60
Potrero Sugar 7s
60
1947
85
85
Pow Corp of Can 4348 B'59
93
03
Power Corp of N.Y 534s'47
Procter & Gamble 4Si s '47 102% 102 102%
95% 96%
Pub Ser of N III 4348_1980
1st dr ref 434s ser D_1978
95% 963i
100% 100%
Deb 5s
1931
:97% 98
Pub Serv of Okla 58_1957 08
Puget Sound P & L 534s'49 10174 101% 102%
1st & ref 58 ser C._ _1950 9834 9834 98%
Queensborough Gas Sr Elec
100% 100%
Ref 434s
1958
Reliance Management
80% 81%
5s with warrants___1954
06
96
Remington Arms 5348 1933
68% 7034
Rochester Cent Pow 58 '53
72% 7334
Ruhr Chemical 6s A__1948
1953 7731 76% 77%
Ruhr Gas 634s
7474 75
Ruhr Hous'ng Corp 6343'58
Ryerson (Jos T)& Sons Inc
1943 95% 9534 9534
15
-year deb 58
St L Gas Sr Coke Gs_ 1947
San Antonio Pub Serv 5s'53
San Joaquin L & P68 B '52
Sauda Falls lot 55 A_ _1955
1032
Saxon Pub Wks 5s.. 1932
Saxtet Co lot cony 68 A '45
Scbuite Real Estate 65 1935
Without warrants
Scripps(E W)534s...1943
Servel Inc 5s
1948
Shawinigan W & P 434s '67
1st & coil 434s ser B_1968
1st 58 ser C
1970
1st 43isser D
1970
Shawsheen Mills 7s
1931
Sheffield Steel 5348.. _1948
Silica Gel Corp 6345..1932
With warrants
Snider Packing 6s__..1932
Southeast P & L 6s._.2025
Without warrants
Sou Calif Edison 58._ _1951
1952
Refunding 55
1044
Gen & ref Os
Sou Cal Gas 58 Corp .._1937
Sou Calif Gas Co let 55 '57
Southern Natural Gas6544
With privilege
So'west Dairy Prod 6348'38
Southwest G & E 5s A_1957
High.
Low.
96%
110%
10534
97
103% 103% 103%
103% 10334 104
99% 100
100
60% 66% 6931
10234 103%
103
10834 108%
105% 105% 105%
9334 93% 93%
105% 106
106
79
70
79
8434
9134
Range Since Jan. 1.
102% 21,000 101%
2,000 99
101
105% 16,000 104
1,000 102%
10331
108 108
9734 08
9434 0434 943.4
100% 101%
101
101 102%
97%
97% 07
101% 101% 10134
101 101%
Pac Gas& El 1st 4%8_1957 07%
1st Os series B
1941 111
1st & ref 5348 C
1952 10534
1st & ref 43l5 F__ _ _1960 97%
Pacific Investment 5s_1948
Without warrants
Pac Pow dr Light 58..1955 97%
Pacific Western 0116348'43 83
Penn Cent L & P 430_1977 93%
Penn Ohio & Det 4%8_1977
Penn-Ohio Edison 68_1950
Without warrants
Deb 5.34s ser B _ _1959 99
Penn Dock & W 68w w '49
Penn-Ohio P & L 5345 A'54
(VOL. 132.
FINANCIAL CHRONICLE
1394
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
8034
75%
62
80
102
100
90
103%
101
101
101%
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan 100
1,000 99
100
95% 13,000 94% Jan 96
Jan 83
30,000 73
79%
Jan 6034
69% 4,000 65
97% 76,000 9574 Jan 9836
Jan 80
7034 37,000 50
10034 71,000 9834 Jan 101
32,000 66% Feb 75
75
61% 205,000 854% Jan 64
Jan 83
4,000 73
76
Feb
Feb
Feb
Feb
s8434 8531 12,000 880
103% 10434 7,000 102
102 102% 66,000 z100%
Jail
Feb
Feb
Feb
Jan
Jan
Feb
Jan 86
Jan 10431 Jan
Jan 102% Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
$
Price. Low. High.
United Elec Service 751956
87% 8734
Without warrants
7734 79%
United Indus Corp 6345'41
94%
United Lt & Pow 88_1975 9431 s93
9934 99%
Deb 6345
1974 99%
9534
lot lien & con 534s _ _1959 95% 95
United Lt & Rys 5348.1952 88% 86% 8834
1st & ref 58 June 1 1932 101% 100% 101%
(is series A
1952 101% 101 102
s66
6831
United Pub Serv 65_1042
75
75
Un Rys (Havana)7148_'35
80
75
S Radiator Os A. _1938
U S Rubber
8331 8434
-Year6% notes____1933
3
79
79
Serial 634% notes_ _1933
72
70
Serial 634% notes_1935
70
70
Serial 634% notes_ _1936 70
70
70
Serial 634% notes_ _1937
Utah Pow & Lt 1st 58_1944 0534 95% 9534
Valvoline Oil 75
1937
Van Sweringen Corp 63.'35
Vu Elec Pow 1st 55_..1955
Va Public Serv 5348 A.1946
1946
8 r deb (is
Waldorf-Astoria Corp
1st 7s with warr____1954
Ward Baking Os
1937
Wash Wat Pow 58_ _ 1960
Webster Mills 6365_1933
West Penn Elec deb Os 2030
West Texas UM!58 A_1957
5s ser A w I new__ _1957
Western Newspaper Union
1944
Cony deb 13s
Westvaco Chlorine Prod10-yr deb 5345 Mar 1 '37
Wise Pow & Lt 55 E.__1956
Range Since Jan. 1.
Low.
High.
5,000 80
Jan
Jan 91
9,000 70
Jan 79% Feb
77,000 91% Jan 95
Jan
12,000 98
Jan 99% Jan
14,000 91
Jan 97
Jan
84,000 80
Jan 8874 Jan
6,000 Ian( Jan 101% Feb
50,000 97% Jan 102
Feb
11,000 63
Feb 68% Feb
Feb 80
2.000 75
Jan
Feb 80
12,000 75
Feb
55,000
3,000
8,000
1,000
1,000
7,000
8231 Jan
75
Jan
70
Jan
Feb
69
70
Feb
94
Jan
88
7934
72
70
70
9534
Jan
Jan
Feb
Feb
Feb
Feb
4,000 95
101,000 74%
12,000 102%
61,000 93
11,000 z8834
Jan
Feb 98
Jan
Feb 85
Jan
Jan 104
Jan 96% Feb
Jan 91% Feb
16,000 68%
70% 7034 72
10031 100% 10034 9,000 99%
10334 103% 10334 42,000 z10234
98% 9734 9831 38,000 96%
42,000 85
89
87
89
8731 8731 8731 11,000 86
8631 8734 29,000 8634
Feb 73% Jan
Jan 100% Jan
Jan
Jan 104
Jan 9831 Feb
Jan
Feb 89
Jan 8931 Jan
Jan 89% Jan
96
95
78% 7874 79%
10334 104
104
96%
94% 94
91
90
35934 66
102
10,000
48
1,000 101
102% 102%
10134 102% 16,000 101
Foreign Government
And Iiitz nicipaIItiesAgric Mtge Bk (Colombia)
13,000
75
70
1946
20
-year s f 78
7,000
71
70
1947 71
7s
1,000
81
81
Baden extl s t 75 Jan 1951
88% 17,000
88
Buenos Aires(Prov)734s'47 88%
84% 8931 60,000
1952
External 78
Canada 30-yr 4s_Oct 1 1960 93% 92% 93% 73,000
Cauca Valley(Dept) Rep of
5534 11,000
Colombia esti s t 75 '48 56% 53
Cent 13k of German State &
73% 73% 2,000
Prov Banks Os A_ _ _1952
7431 31,000
73
Os series B
1951
Danish Cons Muni° 530'55 101% 10074 101% 20,000
9734 0734 6,000
5s
1953
Danzig Port & Waterways
034 3,000
25-yr ext 634s
1952 7031 70% 7
11,000
84% 85
German Cons Muffle 78'47
75% 33,000
74
65
1947 7434
1,000
88
88
Hanover (City) 7s__ _1939
2,000
Hanover (Prov) 630.1949 80% 8031 8031
Indus Mtge Bk of Finland
12,000
04
94
let mtge coil s f 78..1944 94
1,000
37
37
Lima (City) Peru 6 Sis 1958
4534 8,000
Maranhao (State) 78_ _1958 44% 44
5,000
73% 74
Medellin(Colombia)78E'51
Mendoza (Prov) Argentine
36,000
59% 62
External f g 7348_1951 60
Mortgage Bank (Bogota)
6,000
68% 70
78 issue of'27(M&N)'47
2,000
69
69
7s issue of 1927
1947
98% 15.000
98
98%
Mtge Bank of Chile 60_1931
09% 100% 6,000
Mtge Bk of Denmark 5s'72
100% 100% 5.000
1952
Newfoundland 55
70,000
4534 50
Parana (State) Brazil 75'58 49
7,000
5234 54
Rio de Janeiro 6%s---1959 54
Russian Government
2% 231 2.000
1919
6345
2% 70,000
2
63is certificates_ __ _1919
20,000
2% 3
2%
53-4s certificates_ _ _1921
9,000
Saar Basin consul 78..1935 9934 0934 100
Saarbruecken (City) 75 -'35 10134 8101 101% 4,000
Santa Fe (City) Argentine
7534 6,000
1945 7534 73
Extl 7s
81% 16,000
80
1949
Santiago (Chill) 7s
7,000
79
75
1961 75
78
Jan
6831
Jan
Jan 10274 Feb
Jan 10234 Feb
68
6234
78
85
79%
9234
Feb
Jan
Jan
Jan
Jan
Jan
%
88
71
83
90
90
93%
Jan
Feb
Jan
Jan
Feb
Jan
47%
Jan
56%
Jan
68
Jan 7334 Feb
65
Jan 7434 Feb
99% Jan 10134 Feb
9634 Jan 99
Jan
6934
7834
67%
85%
77
Jan
Jan
Jan
Jan
Jan
93
37
43
6234
Jan
Jan z94
Feb 4934 Jan
Jan 4934 Feb
Feb
Jan 76
57% Jan
75
Jan
85
Feb
7531 Feb
88
Jan
82
Jan
63%
Jan
55
56%
9534
98
99%
33%
39%
Feb
Jan 70
Feb
Jan 69
Jan 98% Feb
Jan 100% Feb
Jan 100% Feb
Feb
Jan 50
Feb
Jan 54
2%
Jan
Feb
Feb
Feb
Feb
3
Fe
234
Jan
3
1% Feb
92
Jan 10034
9934 Jan 101%
71% Jan
80
Feb
Feb
75
76
84
83
Jan
Jan
Jan
•No par value. I Correction. n Sold under the rule. C Sold for cash. a Option
sales. t Ex-rights and bonus. w When issued. z Ex-dividend. y Ex-rights.
tSales of Elec. Household Utilities at 35 reported in the issue of Feb. 14 was aia
error, should have read 25.
e "Under the rule" sales as follows:
Appalachian Flee Pow. 5s 1956, Feb. 16, $24,000 as 10231 at 103.
Consol Gas Utilities, class B v.1. e.. Jan. 8. SibO at 8.
General Rayon deb. 6s, 1948, Feb. 3, 53,000 at 55.
Internat. Match Os 1041, Feb. 18, 33,000 at 9634.
Selected Industries full paid allot. ctfs. unstamped, Feb. 16, 100 at 68.
Shawinigan Wat. Az Pow. 4348, 1907, Feb. 18, $4,000 at 9534.
Standard 011 (Ohio)5% pref., Jan. 28, 100 as 105.
z "Optional" sale as follows:
American Solvents & Chemical 6348, 1936, with warrants, Feb. 5, $1,000 at 53..
AssociatedGas & Elec., deb. 431s, 1949. Jan. 2. $3,000 at 63.
Associated Telephone Utilities. cony. deb. 530, 1044, Jan. 2, 15,000 at 80.
Cities Service deb. 55, 1956, Feb. 16, $3,000 at N.
Cleveland Term. Bldg.(1s, 1941, Jan. 28, $2,0130 at 78.
Columbia Gas & Electric deb. Os. 1961, Feb. 2. 85,000 at 9634.
General Rayon deb. 65, 1948, Feb. 17, $2,000 at 4531 at 46.
Guardian Investors 58. 1948 with warrants, Jan. 28. $1,000 at 4034.
Houston Gulf Gas 1st Cis 1943 Feb. 10, $3,000 at 9134.
Imperial 011 (Can.) reg. Feb. 10, 100 at 1654.
Indianapolis Power & Light 1st Os. 1957, Feb. 3, 82,000 at 9936.
Industrial Mortgage Bank of Finland 1st mtge. 7s. 1944, Feb. 4, $1,000 at 95..
International Petroleum Feb. 7, 700 at 13.
Interstate Power, 1st Is, 1957, Jan. 20, 13,000 at 7634
Iowa Power & Light, let 4348, 1958, Jan. 9, 52.000 at 9434.
Kansas Power Co. 1st 58. 1947, Jan. 3, 133,000 at 9434.
McCord Radiator Mfg. 65, 1943, with warr., Feb. 17, $1,000 at 58.
Middle West Utilities. 5% notes, 1935. Jan. 2. 1000 at 92.
Nat. Public Service, deb. 5s. 1978. Jan. 2, 3,000 at 66.
Poor & Co., 65 1939, Feb. 16,57.000 at 91%.
Southern Natural Gas, 68. 1944 with privilege, Jan. 2, $5.000 at 7234•
Southwestern Gas & Elec., 1st mtge. 5s, 1957, Jan. 2, 55,000 at 91.
Stutz Motor Car 7345. 1937. Jan. 13, ELMO at 58.
Tri-UtIlities Corp., 58, 1979, Jan. 2, $2,000 at 54.
79
Union Amer. Investing, 5s, 1948 with warrant, Jan. 6, 31,000 at
Union Gulf Corp., Se, 1950, Jan. 2, 11,000 at 10031•
U.S. Lines, pref., Feb. 19. 200 at 534.
Virginia Public Service Co., 6s, 1948, Jan. 15, $2,000 at 88.
10234.
Washington Water Power 1st & ref. 58. 1960, Jant 24; 81.000 at
1395
FINANCIAL CHRONICLE
FEB. 21 1931.]
Quotations for Unlisted Securities
Par
Bid
Ask
Par
Bid
Ask
Par
Bid
Ask
Pa
Bid
Ask
NY.Bank Stocks (Cond.
Industrial Stocks (Corbel.)
Aeronautical Stocks
Public Utility Stocks
.170
Queensboro National_ __100
50
Franklin Ry Supply $4.--• 50 55
Alabama Power $7 pref__100 113 11412 Alexander Indus8% pref
70 81
512 Seward Nat Bk & Tr___100 4
1
Fuel 011 Motors Corp com—
American Airports Corp—
Am Pub Gill Co corn.__ _100 95
26
Sterling Nat Bk & Tr___25 21
212 412 Gamewell Co $13 Cum preL•
Aviation Sec of New Eng
77
Arizona Power 7% pref.A00
Strauss Nat Bank & Tr_100 125 140
5
(II
Gen Fireproofing 87 pf.100 108 113
Central Airport
Ark Pow & Lt 87 pref____• 105
58
47
212 Graton & Knight corn_
Textile Bank
2
1
•
Aircraft corn
Cessna
Assoc Gas & El orlg prof—. 43 47
160
43
Trade Bank
2
1
$7 preferred
100 33
95
Curtiss Reid Aircraft corn..
93
86.50 preferred
4012 Union Bank of Bronx Cor5 15
0 - 6._ 85
2
Great Northern Paper $3_25 239
Consolidated Instrument....
98
95
$7 preferred
5
Washington Nat Bank_ _100 ---: 85
12 2
Hale dr Kilburn pref
100
Federal Aviation
Atlantic City Elec $6 prof_• 103 105
75
World Exchange
100
1812 Herring-Hall
-Mary Safe 100 40 60
General Aviation lst pref.._ 17
Bangor Hydro-El 7% pf _100 119 121
75
9
Yorkville(Nat Bank of)_100 65
5
212 312 Howe Scale
Kilmer Airplane & Mot now.
93
Binghamton L.11 & P $6 pf• 89
28
25'
Trust Companies.
61
3
100
Preferred
Birmingham Elec 7% pref.* 108 10912 Lockheed Aircraft
5
0
0 72
14
795 25
American Express
3
1
8
Hudson River Nay coin.
Maddux Air Lines
98
Broad River Pow 7% pf.100 93
Bence Comm Italians Tr 110099
50
35
10
Preferred
s
Buff Niag & E pr prof__ _ _25 261s 263 New Standard Aircraft corn 43
29
20 27
Bank of Sicily Trust
.5
712 Industrial Accept cora_
•
Sky Specialties
Carolina Pow & Lt $7 pref• 10812 110
52
Bank of Europe Trust _ _ _25 50 60
d5
10
100 42
$7 preferred
Southern Air Transport__ _
95
Cent Ark Pub Serv pref.100 92
21
Bank of New York dr Tr_10 625 645
1
4
100 20
Internet Textbook
Swallow Airplane
96
Cent Maine Pow 0% Pref100 94
8
2 12
4
6
2
10 13 12 137
3
1
Bankers
3
11
Jessup & Moore Paper
Warner Aircraft Engine._
preferred
100 103 106
7%
4
Broadway Plaza Trust
12
2
1st preferred
Manufacturing
Whittelsey
Cent Pow & Lt 7% pref.100 9912 101
49
20 44
Bronx County
8
Karl-Keen Mfg Co
81
Cent Pub Serv Cor.)
• 78
100 545 555
33
Brooklyn
33
King Royalty Co corn
Chain Store Stocks.
Cleve El Ilium 0% pref--100 110 113
20 274 279
90
Central Hanover
100 85
$7 preferred
Bohack (H C) Inc.—
Col Ky.P& L6% let pf.100 107 109
25 1112 1312
Chelsea Bank & Trust
Lanston Stenotype M $6 100 103 106
100 102 105
7% lot preferred
6 % preferred B.---100 10712 10912
53
Chemical Bank & Trust- _10 51
2
Lawrence Portl Corn $4 100 52 57
common-Butler (Jaines)
43
Consol Traction N J____100 40
92
100 82
3
25
Clinton Trust
100
•
Liberty Baking corn
Preferred
Consumers Pow 6% pref 100 104 10512
24
ental Bk &Trust_10 21
y
_ 25
94
100
Preferred
Diamond Shoo prof with war
1011
6.60% Preferred
100
20
Corn Exch Bk & Trust__20 129 133
Locomotive Firebox Co—.' 16
Stores pref _100 470 80
Edison Bros
Dallas Pow & Lt 7% pref 100 1091
34
25 gg
21
19
33
County
Macfadden Publict'ns cone 5
Fan Farmer Candy Sts pf_• 291
Dayton Pow & Lt6% pf.
_100 109 110
01
20
Empire
16
• 4712 1.0
$6 Preferred
Fishman(H M)Stores corn.
Derby Gas & Elec $7 pref_.• 82
86
50
100 410
75
90
Merck Corp $8 pref.- -100 72
Preferred
4
Detroit Canada Tunnel.__ _
31
100 566 571
GFuulaTannty
National Casket $4
• 90 100
Gm Atl & Pac Tea pref._100 116 119
Erie Railways
3
2
Hibernia Truet
87 preferred
• 107 110
Storm pref....100 55 60
Kobacker
43
7% Preferred
100 39
5
0
2
199 1
35
International Madison-_25 115 12
28
4
93 1012 National Licorice corn_ _1
Kress(S H)6% prof
Essex-Hudson Gas
100 157
19
25 16
International Trust
38
95
National Paper & Type Co. 28
Lerner Stores 6 % pref w w
90
Foreign 14 & Pow 86 prat _
10 3914 414
Irving Trust
NewHaven Clock pref._100 85 90
100 (1175 250
Lord & Taylor
Gas & Eleo of Bergen _ --100 101
100 2550 2750
Kings County
17
96
New Jersey Worsted pref.._
First preferred 6%-__ _100 (191
Gen Gm & El part etre
9
Northwestern Yeast---100 103 ioi" Lawyers Title & Guar_100 245 255
Second preferred 8%--100 d93 100
Hudson County Gas_ _ -100 157
aera
Manufacturers
7
70
75
Nye Incinerator corn
Machtarr Stores 7% 13( w w
Idaho Power 7% prof
10812 110
13
1M : :ti.
25
Units
Melville Shoe corn
Illinois Pow & Lt 8% pf_100 9112 93
87
100 78 --- Mutual Trust of W____100 350 400
Okonite Co $7 Prof
t po
51 1st pref6% with warr.100 83
Inland Pow dr Lt 7% pf..100 62 67
25 189 194
7
18
9
York
New
Parker Wylie Mfg Co corn.. 15
1Chain pref _..100
90
Interstate Power $7 pref..* 88
• 80 84
Times Square
$7 preferred
Jamaica Water Sum) pf —50 50 4 513 Stiller(I)& Sons pref _ _ _100 40 50
4
3
2152
8
0
6 11245
5
20 2
Title G
8
90
Guarantee & Tr —20 14112 145
7
Petroleum Conversion
Mock Juds&Voehungerpf100
Jersey Cent P & L 7% pf _100 10712 109
_
100 ___ 200
Trust Co ot N A
712 10
Petroleum Derivatives
12 112 Murphy (S. C.) 8% pf_ _100 495 110
Kansas City Pub Service..
1
Underwriters'Mint
8
• 45
Photomaton Inc class B_
Shirt Shops corn
Nat
10
Preferred
•
100 3025 3225
35
United States
100 470 80
Pick (Albert) pref with warn
Preferred 8%
ranges Gas dr El 7% p1.100 bus
•
6
2
Westchester
Poole Eng & Mach class A..
Nedick's Inc corn
Kentucky Sec Corp oom_100 325
5
8
_20 12
4
•
95
Westchester Title & Tr-19° 90
Class B
Co.7% p1100 x8S
Newberry (J)
8% Preferred
100 89
63
Chicago Bank Stocks.
Publication Corp $3.20 corn• 58
N V Merchandise 1st of-100 80 90
Kings County Lie 7% pf 100 109
Central Trust Co of 111.100 251 254
100 100 105
4
$7 lot preferred
Peoples Drug Storm pref 100 97 100
Long Island Lt pre! A.-100 109 111
45
10
Continental III Bk & Tr_100 378 385
Rerningrn Arms $7 1st pf 100 80 83
Los Aug Gas & El 6%p L100 10112 10612 piggiy-wiggly Corp
100 458 492
First National
Robinson(D I.) 1st $7 p1100 80 88
Reeves(Daniel)Preferred 100 101
Metro Edison $7 pref
103
400
* 3312
Forman National
.100 480 100
Rockwood & Co $4 corn
Co corn....
$6 preferred C
• 9812 10012 Rogers Peet
75
St Savings_ _1 00 525
100 70
18 Preferred
Co pref
Miss River Power prat _100 105
_ Schiff (Isaac) & Bros pf_100 59 67 Rolls-Royce of America_ 100 6712 _ 4 Harris Trust the Republic190 399 550
75
20 73
Nat Bank of
Mo Public Service 7% p1100 92
Silver
96
100 475 480
fi
25
Northern Trust Co
_
100
Preferred
Southern Stores 6 units...4
Mountain
•
— 15
1812 Peoples Tr & Say Bank,100 350 350
17
Roxy Theatres unit
S Stes corn
U Fire opreferred7%...100
7% Preferred
99
StatesPower-100 94
40
4
114 13 Strauss Nat Bank & Tr_1130 210 220
Common
1612 18
Union Bank of ChIcago_100 150 155
Preferred A
Nassau & Suffolk prof
103
9
7
Rubel Coal & Ice Co com__ _
Sugar Stocks.
Nat Pub Serv 7% pf A.100 85
87
39
Realty. Surety and
100 37
26
Preferred
Nebraska Power 7% prof 100 10912 ---- Fajardo Sugar
3
Mortgage Companies.
37
Ruberoid Co $4
100
Newark Coneol
_ _100 101 -- Hayti= Corp Amer
5 10 Safety Car Heat & Ltg.100 34 90 Bond & Mortgage Guar_20 941 9712
0
85
New Niquere Sugar---10
New Jersey PowGas.- pf• 91
& Li $8
95
• 69 75
Empire Title & Guar___100 100 115
38
Scovill ManufacturIng_ _25 36
Savannah Sugar corn
New Orleans P S 7% P1100 95
99
14
100 84 88
Franklin Surety
Singer Manufacturing. _100 340 345
7% preferred
NY dr QueensEL & Ppf100 99
6
3
Smith (A 0) Corp N D 82• 151 162
Guaranty Title & Mortgage 200 225
Estates Oriente Pf 100
Sugar
Nor N Y Utility pref.. _100 102 105
49
10
15
Smith-Corona Typevrr $1 • 2212 24
Home Title Insurance__ __25 44
United Porto Rican corn_ _
Nor States Pow (Wls) pref._ 97 100
20
25
7
Solid Carbonic Ltd
Preferred
612 72 International Germanic Ltd.
Nor States Pow (Del) corn A 127 133
14
20
20 5012 5212
Lawyers Mortgage
Southern States 011
Vertientee Sugar prof. 100 15
Preferred
101 107
112 212 Lawyers Wes Mtge & T1.100 180 210
Splitdort Beth Elec
14
Nor Texas Elea corn_ _100
58
Standard Screw Co
National Title Guaranty 100 53
Tobacco Stocks.
95
100 90
134
Preferred
100
85
100 70 80
Standard Textile Prod.. 100 .--- 2
State Title Mtge
American Cigar6% pre(_100 465
Ohio Pub Serv 7% pref_100 105 107
$7 class A
14
100 --.- 35
Union Cigar
Okla Gas & El 7% prof_100 107 110
4
$5 class B
Investment Trusts.
100
- 15
.
4
Pao Gas & El $1.50 pref _ _25 263 273 Union Tobacco Co class A..
(See also following page)
35
30
Young (J Si Co 10% corn 100 98 .--- Stetson(J B)Co $6.25 oom_• Pao Northwest Pub Serv. _• 79 84
100 101 ---912 101s
$2 preferred
All America investors A ._
31
25 28
7% preferred
Pac Pow & Lt 7% pref._101. 99 101
55
Taylor 2.1111Cerp $2.50com• 25
Amer Brit de Cent $13 pf_.' d50
27
Pa-Ohio Pow & I.t
pref. 99 101
8
Taylor Wharton 1rdt St cora*
Vs 81
Industrial Stocks.
Amer Composite Tr Shares_
6
109 111
7% Preferred
98
5
Amer Founders Corp—
Preferred
32
100
Adams Millis $7 Pt w w..
Pa Pow & Lt 7% pref
109 11012
39
Tenn Products Corp $4 pf Si) 40
100 35
Convertible preferred-43
Aeolian Co $7 Prof
Piedmont Northern Ry _100 a39 48
4
4
3
Trent Process Corp
r
P -ii4
i•
6% preferred
Aeolian Weber P&P com 100 dl
Port Elsie Pow 6% pref _ _100
10
Tubize Chatilion 87 pf 11 100 22
100 44
7% preferred
,
25 2
Preferred
5
9
Pub Baty Co of Col 7%pf 100 - --- 10
0
75
Unexcelled Mfg Co 70e_ _10
1-40tha
,
613 7 2
Alpha Portl Cement p1.100 116 120
Rocheeter(I & E 7% pi B 100 102
3
United Business Pub $701100 65
1-70tbs
75
Amalgamated Laund corn
6% preferred C
100 98 100
95
United Publishers $7 P1-100 70 85
100 90
Warrants
American Book 57
Sioux City G & E 7% 1.1.100 100 103
if S Finishing $7 pref...i00
3
1
Miter & General Sec corn A_
60
Amer Canadian Properties_•
Somerset Un Md Lt._
78
Walker Dishwaeher coin _ •
Common B
4
712 93
South Calif El $1.50 pref _25 2611 -2711 Amer Hard Rubber $4_100 425 35
Welch Grape Juice com
146 2
12
z3415e3
25 49 51
911:48
6% prof
52
• 48
$1.75 preferred
25 2914 3014 American Hardware
33
$7 preferred
14
53 -14
100 25
Amer Insuranstocks
100 99
Amer Mfg 4% corn
So Colo Pow corn A
25 2112 24
60
742
v
100 so
Westland Oil Corp
Amer & Continental Corp_• 141 16
5% preferred
10
•
7% preferred
100 101
8
W Va Pulp & Paper 82 com • 32 34
• 47 52
Assoc Standard Oil Shares_
American Meter new
Tenn Elec Pow 0% prof.100 9912 101
86 preferred
7% preferred
AG & Pat Intern Corp units 161 19
100 97 100
100 108 10912 Babcock & Wilms 7% _ _100 103 106
14
Wheataworth $8 prat
Common with warrants
Texas Pow & Lt 7% pref 100 110
_ Baker (J T)Chemical corn..• 10
• 111
_
13
8
2
: 7
1: 18
14
Banefult(J)kSo ns$2.50cern•
Preferred with warrants— 135 3 13
Wheeling Steel 14 com__100 29
Toledo Edison prof A.
..100 109 4 -3
33
_ 100 78 83
88 preferred A
Atlantic Securities Corp pf•
United 0 & E(Conn) p1100 9112 94
7% Preferred
100 105 112
pre(_50 56
12 2
810 preferred B
Bliss(E W)$4 tat
United G & E (N J) pf 100 71
Warrants
100 108 115
_
10
9
20 preferred B
White Rock Min Spring
Bankers Nat Invest'g Corp • 1612
United Public Service prof— 50 1 55
85
87 let preferred
8
6
Utah Pow & Lt $7 Pref----* 10514 10614 Doha Refrigerator8% pf 100
Bansicilla Corp
100 102 107
•
35
lion Ana Co B runt
•
94
$2020 preferred
97
7% Ore(_ Ile 10212 104
Basle Industry Shares
Utica Gas &
100 195
llowman-Biltniere Hotels
112 willeox dr Gibbs 85 tom,,. 41
•
OBI Pow & Lt 7% pref _ _100
Brattish Type Invest
50
100 14
17
let preferred
100 110 120
758 87
212 3
4
1
Woodward Iron $4
Virginian Ry corn
Chain & Gen'l Equities Inc•
100 30
40
100
3
5
20 preferred
6_ 3
4
. 51
Washington Ry & El corn 100 400
Worcester Salt 85
4
100 87
61 % preferred
92
Brunsw-lialke-Col $7 prof.• 82 86
100 98 100
5% preferred
Chain Store Inv Corp....
50
48
100
New York Bank Stocks.
Western Power 7% pref 100 101 10312 Blinker 11111 & Still $3 com 10 44
Preferred
st40 _ Burden Iron pref
39
Western States Gas & El.
Chain Store Sbareown Inc. 1512 16
9
15
America
II
98 1Cli- Canadian Celanese corn
7% preferred
Chartered Investors corn__ 13
25 68
71
100 581 61
9
5
Preferred
7
73 7
American Union
Preferred
100 50
60
26
Carnation Co $1.50 corn..
29
Bank of United States units
Teleph. tk Telegr. Stocks
Chelsea Exchange Corp A
4
4 43
23
100 102 105
3
1
• 79
$7 preferred
84
Bank of Yorktown
Class B
Am Dist Tel of N J $4
100
95
s
Chestnut Smith corn
618 63
2
Brooklyn National
100 11012 112
Corporate Trust Shares....
7% preferred
50 15 60
.
74
Preferred
•
84
Bryant Park
Bell Tel(Can)8% pref _ _10u 14812 15012
Crum & Foster Ins 8b—
20 20
30
46
10 43
100 xl04 108
Chlide Co $7 firer
Chase
Common II
Bell Tel of Pa 6 Si% pref 100 116 118
20 105 105
100 98 100
Clinch field Coal Corp_ _100 d212 8
Preferred
99
Chatham-Ph Nat Bk &Tr 20 80 83
Cin & Sub Bell Telep—__50 97
100 65
42
$7 preferred
75
Crum & Foster Inc corn B.. 40
d110
Cuban Telephone8%
21 107 110
City (National)
78
1057 107
Color Pictures Inc
212 4
8% preferred
70 85
7% preferred
Columbus Bank
MO 165 195
814
Columbia Baking corn. _.•
Cumulative Trust Shares_ _
Comm. Nat Bk & Tr. _100 320 335
]
Empire & Bay State Tel.100 d60 65
12 2
•
1st preferred
Fifth Avenue
8
44
Franklin Teleg $2.50-100 d40
101 2300 2500 Depoeited Bank & Tr Shares
_ .......
7
818 8 s
20 preferred
Series N Y
95
90
First National of N Y....101 4025 4225
12 2
lot Ocean Teleg
21
Colts Mfg Co $2
Ps 714
Deno,' Bank Sin N Y ser A._
23
Flatbush National
d120
Lincoln Tel & Tel8%
100
125
Congoleum-Nairn $7 in 100 99
4
183
Diverslfled Trustee Sharers A 18
145 148
Globe Bank &Trust Co_100
100
Mtn States Tel & Tel
Crosse & Blackwell corn _ _ _
16 4
16
118 3
3
Grace National Rank. .100 400 600
New England Tel & Te1.100 130 139
Crowell Pub Co $3 corn new 86
100 d20
71
8 Vs
63
24
Harbor State Bank
25 55 65
1•1 Y Mutual Tel
27
103 110
$7 preferred
Harriman Nat Ilk & Tr_100 1500 1600 Equity Investors Corp corn. 25
Northw Bell Tel Pt 64.100 108 110
Deep Rk 011&Ref $7 pf 100 50 60
Units
63 67
16
Industrial Bank
100 150 170
Pae & At Teleg U 8 1% _ _25 d13
Equity Trost Shares A
De Forest Phonotilm Corp
552 6
1
3
22
Kingsboro Nat Bank...._109 120 130
Peninsular Teleph $1.40. • 20
Dictaphone Corn corn
•
100 100 103
Finn American Corp
814 81
• 22
4
25
27
Lafayette National_ __. _ .25 23
7% preferred A
100 z103
88 preferred
• 1614 -d85
Fixed Trust Shares A
Lebanon
100 30 55
Porto Rico Telep
• 1414
75
Liberty Nat Bk & Tr_ _ _100 65
Roth TeleP $6.60 Ist pf-100 10812 11012 Dixon (Jos) Crucible 88.100 130 140
Goehler Die Cast 7% pf 50
25 d15
35
3
7 4 814
20
Manhattan Company
.20 9312 9612 Fulidaniwitai tr Snares A..
So & Atl Teleg $1.25
•
8
100 163 168
815 83
Share* B _
$7 preferred
65
Melrose National
100 100 110
go &NEGeleP8%
212 4
Douglas Shoe $7 pref...i00 54
General Equity class A._10
58
95
Merchants
100 85
Tel 7% Pref.-100 119 122
W Bell
100 46
Draper Corp 14.
Granger Trading Corp _ __• 10 _
49
Midtown Bank
15
20 10
Tri-State: Tel & Tel $6— •(1150
Gude-Winmill Trad Corp • 321 4212
10 10 164 Driver Harris $7 pref__-100 78
85
National Exchange
33
28
1.60 preferred
2
Dry-lee Holding Corp
35
45
Nat Safety Bk & Tr._ .._ 100 121 1712 Incorporated Investors. _ ..• 373 401s
0
:
Wisconsin TeleD 7% Pf-10 111
Incorp Investors Emitting_
Eisernann Magneto corn._ _
012
12
Penn Exchange
78
100 68
100
Independence Trust Sharee.
12
5 I5
17 preferred
Peoples National
100 300 530
90
Port Sterile
10
8 31
64
Public Not Rank dr Trust 2s 61
•No par YAMS.
((Last reported market,
t New stooks
Ez-CltvIdead.
y Ex-rients.
1396
FINANCIAL CHRONICLE
[VOL. 182.
Quotations for Unlisted Securities-Concluded-Page 2
D
.... OWOOW.G,P.W..
OWOCO
ACa.0=WOWW&W
04....4 .N8 ,
,4
..N0.44NNWGro 0.8..GIODW
N.qo
WW. WW
00 v
...4...4...4W.OJAWOoP.WW00 ^.05,
W.-4V=0100Wca..1WW
....P..n.
,
4 a
-a•
I
Par Bid Ask
Par Bid Ask
Par B34 Ask
Par Bid Ask
Investment Trusts (Conc.)
Investment Trusts (Cong.)
Insurance Co.,(Con.)
Insurance Co..(Cond.)
Int Sec Corp of Am corn A..- x173 _--- U S & Brit Internet class A. 13
4
- - - - Home
3712 U El Casualty
10
25 49
Common B
54
112
Class B
13 _ _ _ _ Home Fire & Marine_ _ - -10
4
U El Fidelity & Geary Co 10 3514 3814
37
654% Preferred
£85
Preferred
37
Home Fire Security
812 U S Fire
6% preferred
10 5112 56
U S Elise Lt & Pow Shares A
x7912
313 333 Homestead
4
4
2114 US Merch & Shippers_100 310 335
10
Invest Trust Assoelatee---B
812.
7 8 83 Hudson Insurance
7
8
Victory
27
10
Investment Trust of N Y__
10
4
7
els 652 Importers & Exp of N Y_25
418 918 Universal Trust Shares
40
Virginia Fire & Marine_ _-25 84
Investors Trustee Shares_ _ _
94
11
I'.
Independence
012 Westchester Fire
5
Jackson &CurtisInv Tr Agee. 42 44
10 47 50
Insurance Companies.
Independence Indemnity _b
8
Jackson& Curtts8Corp pf100 95 100
Aetna Casualty & Surety.10 87 92
Industrial of Akron
12
Industrial &Railroad Bds.
Leaders of Industry A
10 50 52
814
Aetna Fire
Kansas City Life
900
100
B
6
612 Aetna Lite
59
10 57
Knickerbocker corn
Adams Express 4s, 1947J&1) 83 85
21
5
C
55s 6ls Agricultural
Lincoln Fire
25 96 106
28
Amer Meter es. 1946
10
Low Priced Shares
10112
814 85 American Alliance
8
28
Lloyds Casualty
10 25
712 Amer Tobacco 4s, 1951 F&A
10
89 ____
Major Shares Corp
57
8 612 American Constitution
1612 2112
Voting trust certifs___10
712 Am Type Fdrs 6s, 1937 M&N 10212
Maas Investors Trust
• 335 353i American Equitable
8
8
83 113 Majestic Fire
4
4
7
Debenture 65, 1931) M&N 10212 103i2
10
Mohawk Investment com_• 47
1612 21
49
American Home
Maryland Casualty
Am Wire Fabrics ist'42 M&S 495
38
25
Mutual by Trust class A-e 1774 1878 Maas Bonding & Inc
554 7
American of Newark
Bear Mtn-Hudson River
95
25
Mutual Management corn -• ---- 25 American Re-Insurance__ _ _ 44 43
4
Merchants Fire Assur corn 10
Bridge 7s, 1953
61
A&O 9812 _
Nation Wide Securities Co..718 75 American Reserve
.1
33
10 30
Merch & Mfrs Fire Newark 5
Biltmore Comm 78 '34 M&S 98 102
14
Nat Industries Shares A___
85
8 718 American Surety
25 8312 8712 Missouri State Life
Bos dr Alb RR 5s Oct'83 J&J 4107 ..
23
10
N Y Bank Trust Shares_-85s 918 Automobile
10 2914 3314 Morris Plan Ins
Boa & Me RR 6s 1933.J&I 410112 103
120
No Amer Trust Shares
618 63s Baltimore Amer Insurance_5 1314 1414 National Casualty
Chicago Stk Yds 58, 1961._ 8418 8612
21
10
Northern Securities
105
Bankers & Shippers
25 100 115
National Fire
Clyde Steamship 58.11 F&A 99 _._ 62
10
North & South Amer B corn
12 2
Boston
too 555 585
National Liberty
97 Congo'Coal 454s, 193451.4N 65
8
5
Old Colony Trust Assoc Sh • 24
70
28
Bronx Fire
25 65 68
National Union Fire
Como! Mach Tool 75, 1942 450
163
5
Old Colony Invest Trust oom
54
912 1112 Brooklyn Fire Insurance_ _5 12
15
New Amsterdam Casualty10
363 Consol Tobacco 45, 1951_ _. 486 _._ _
4
Oil Shares Inc units
33 34
Carolina
10 2714 2914 New Brunswick
Continental Sugar 7s, 1938_
23
10
4
11
Petrol & Trad'g Corp cl A 25 11
15
Central Fire
33
10
New England Fire
Eau' Office Bldg Es, 1952.- 83 86
28
10
Power & Rail Trustee Shares 1018 1118 Chicago Fire & Marine_ __10
11
8
New Hampshire Fire____10
Fisk Tire Fabric 656e. 1935 __ 78
49
Public Service Trust Sharer.
73
8 818 City of New York
100 270 285
New Jersey
20
Hoboken Ferry be,'46 M&N 90 94
50
Representative Tr Shs
1578 185 Colonial States Fire
8
10 1012 1312 New York Fire corn
4
273 Internal Salt Ea, 1951.4.&0 78
5
82
Research Investors com___* 29
33
Columbia National Life_100 320 350
4612 Journal of Comm 648, 1937 489
North River
10
93
Units
66
Conneeticut General Life_10 114 119
72
Northern
Kansas City Pub Elerv 63in. 44 47
87
25
Second Internist See Corp A 18 _--- Consolidated Indemnity.-31 1 514 Northwestern National ...____ Little (A E) 78, 1942__A&O 450 60
Common B
112
Constitution
10
5
10
Occidental
Loew's New Brd Prot
24
_10
,
6% Preferred
37
Continental Casualty__ _10 3314 3514 Pacific Fire
Be. 1945
120
25
J&D 93
98
Securities Corp Gen prof-- 8412 _-- Cosmopolitan Ins
10
7
5
Peoples National Fire. __A
83 Mallory Steamship 5e.'32J&J 99 _ _ _
s
Selected American Shares__.
53
4 814 Eagle
5 1214 14
78
Phoenix
Merchants Berrie 68. 1937.... 97 _ _.
_10
Selected Income Shares__
73
8 77 Excess Insurance
8
5
312 512 Preferred Accident
N Oar No RR 55.'55 F&A 82 64
52
20
Skawmut Bank Inv Trust_• 10
12
Federal Insurance
10 55
_ __ Prov idence-Washington --10
N Y & Hob Ferry Ess,'46J&D 83
53
Spencer Trask Fund
• 2712 283 Fidelity & Deposit of Md_50 139 164
4
Public Fire
N Y ShIpbldg 58, 1946 M&N 89 _ _ _
9
5
Standard Amer Trust Shares
75
8 81s Firemen's
20 287 2973 Public Indemnity
8
Piedmont&No Ry 5e,'54 Jar., 9012 93
Standard Collet Trust Sha_- 103 Ills Firemen's Fund
8
25 36
91
(formerly Hudson Cas'Ity)
Pierce. Butler & P 8iis,'42 ___ 45
5
State Street Inv Coro
69
Franklin Fire
71
29
5 27
Reliance Casualty .N J
Realty Assoc Sec 6e,'37 J&J 90
8
Super Corp of Am Tr Shs A
95
712 77 General Alliance
s
203 243 Republic Dallas
4
4
Securities Co of N Y 48_ -- _
20
10
45 _._ _
B
714 75 Germanic Insurance
8
10
15
8
Republic (Pitts)
81 Broadway 554e,'50 A&O 92
17
10
94
Trust Shares of America.-63
4 714 Glens Falls Fire
10 50 52
Rhode Island
So Indiana Sty 4s, 1951 F&A 73
25
10
Trustee Stand Investment C
76
438 45 Globe Insurance
8
10 14
17
Stand Text Pr 6)0.'42 M&S 33
Rochester American
43
25
D
45
45
8
8 45 Globe at Rutgers Fire___100 670 720
St Paul Fire & Marine......25
Struthers Wells. Titus
179
Trustee Standard 011 She A
814 __ Great American
10 283 29 4 Seaboard Fire & Marine4
3
14
vine. 6548, 1943
B
67
8 714 Great American Indem'y_ 10 21
24
Security New Haven
Tol Term RR 4150.'57 MAN 96
34
10
,
Trusteed Amer Bank Shares
98
818 $3 Halifax Insurance
8
10 21
23
Springfield Fire & Marine 25
U S Steel 58, 1951
119
114
20th Century Fixed Tr Sas_
4
dis 67 Hamilton Fire
50 200 300
Standard Accident
Utah Fuel La, 1931_ _ _ _M&S 9912 _._ _
150
50
Two-Year Trust Shares_ _ _ . 2412 26
Hanover
10 3712 3912 Stuyvesant
Ward Baking 8.1,'37 J&D 15 100 1014
44
26
United Fixed Shares series Y
7
712 Harmonla
10 2612 2812 Sun Life Assurance----100
1700 Witherbee Sherman 68. 1944 37
Unit Founders Carp 1-70ths
41
10c 13c Hartford Fire
10 64
66
Transportation Indemn'y 10
Woodward Iron 58,'52_ _J&J 86
10
88
United NY Bank Shs ser C3 • 1314 145 Hartf Steam Boil Ins&Ins 10 59 61
8
Transportation Insurance 10
12
United N Y Ins Abs series w 101. 111‘.
Trnve•larw Fir.%
um
I11315
Quotations for Other Over-the-Counter Securities
Bid
Ask
Short Term Securities.
Allis Chal Mfg 55 May 1937
Alum Co of Amer be May '52
Amer Metal 554s 1934 A&O
Amer Rad deb 454s May '47
Am Roll AIM deb 5e_Jan '48
Amer Wat Wks 5e1934 A&O
Bell Tel of Can 58 A Mar '55
Baldwin Loco 5545 '33 M&S
Cud Pkg deb 5548 Oct 1937
Edison Elec Ill BostonSit% note Novl '31 M&N
4% notes Nov 1 '32 MAN
6% notes Jan 15'33_ _J&J
General Motors Accept5% ser not .....Mar 1931
5% ser notes-Mar 1932
6% ser notes...Mar 1932
5% ser notes-Mar 1934
5% ser notes__ _Mar 1935
6% ser notea_mar 1938
Gulf 011 Corp of PaDebenture 58___Dec 1937
Debenture 5s_ __Feb 1947
Koppers Gam dr CokeDebenture 58_ _June 1947
Liu Pet 4 Sig Feb 15'30-35
Marland 011Serial5% notes June15'32
Mass Gas Coe 554* Jan 1948
Proe & Gamb 414e July 1947
Sloss-Shelf 8 & I 4lie__1931
Union 011 58 1935----F&A
United Drug be 1932-A&O
Debenture 54 1933__A&O
101 12 1013
4
1043 1043
4
8
9212 9234
10012 101
953 9534
8
10218 10238
10312 104
mils mis
s
983 983
4
8
10034 ___
1003 101
4
1025 1023
4
8
__ 100101 ____
1003 _ __ _
4
1003 __
4
100 4 ___
5
10013 __ _
1013 102
4
1033 10312
s
19012 1003
4
19014 ......
100 4 1°112
3
10354 404
102 10212
9712 99
997 100
8
10014 _. _ _
10014 -- --
Water Bonds
Ark Wat 1st 5s A '56- _A&O
Ashtabula W W Is'58_A&O
• No par value.
96
92
93
____
Bid
Water Bonds (Conc.)
AtlanticCoWat 58'58 A M&S
Birm W W 1st 5i2sA'54A&O
1st m Is 1954 ser B--J&D
1st 55 1957 ser C____F&A
Butler Water 5s 1957_ _A&O
City W(Chat)5'-.is A'54J&D
1st m 58 1954 ser B__J&D
1st 55 1957 ser C__ _M&N
Comw1th Wat 1st 5 N6s A '47
1st m 58 '56 ser B__F&A
1st m 5s '57 ser C___ F&A
Davenport W Is 1961.J&J
E St L & Int W 58 '42_J&J
lot m 6s 1942 ser B_ _J&J
1st 58 1960 ser D_ _F&A
Hunt'ton W 1st Os '54_81&S
1st m Ss 1954 ser B__M&S
Joplin W NV Is'57 ser A M&S
Kokomo W W 58 1953-Up
Morin] Con W 1st.53'56.1&D
Monon Val W 556s '50..J&J
Richm'd NW 1st lie'57111&N
St Joseph Wat 55 '41_ _A&O
So Pitts Water1st Is 1955
F&A
1st dr ref 55 '60 ser A -IdrJ
1st & ref Is '60 ser B_Jd4.1
Terreirte WW 6s'49 A J&D
1st m Is 1956 ser B _ _.1.41)
Texarkana W 1st 5s'58 F&A
Wichita Wat lst (is'49_M&S
1st m 58 '56 ser B F&A
1st m 5560 ser C..- _M&N
Railroad Equipments.
Atlantic Coast Line Se
Equipment 8548
Baltimore & Ohio 6s
Equipment 4%a & Se......
Buff Koch & Pitts equip 6e_
d Last reported market.
CURRENT
I Ex-dividend.
Ask
Ask
Par
Railroad EquIp'nt (Conti.)
4.65 4.40 Seaboard Air Line 554a & Se
4.90 4.40 Southern Pacifis Co 454s...
Equipment 75
4.90 4.40
4.30 4.15 Southern Sty 4548 es 55
Equipment 66
4.35 4.15
4.90 4.40 Toledo & Ohio Central Se
4.50 4.20 Union Pacific 7s
4.50 4.20
Investment Trust
4.90 4.50
Stocks and Bonds.
5.00 4.60
(See also precedino page.)
4.90 4.50
490 4.35 Amer Bank Stocks Trust she
5.20 4.75 American & Continental
5.00 4.50 Amer Invest Trust Shares
4.40 4.15 Bankers Nat Invest com
4.40 4.15 Beneficial Indust'l Loan corn
Preferred
4.90 4.50
4.35 4.10 Central National Corp A
4.90 4.40
Class B
4.40 4.15 Colonial Investor Shares4.90 4.50 Consolidated Trust Shares
6.09 4.50 Continental Metropol Corp.
4.90 4.44) Continental Secur Corp....'
4.40 4.20
Preferred
4.25 3.75 Devonshire Investing OM4.50 4.00 Equity Trust Shares in Amer
5.00 4.60 Inter Germanic Trust
5.00 4.60 Invest Fund of N .1
4.90 4.60 North American Trust She..
4.00 4.40 Old Colony by Tr 44% bds
4.65 4.40 Shimmer Association corn...
4.20 4.10 Shawmut Bank Inv Trust_
4.90 4.40
454s
1942
4.35 4.15
58
1952
4.30 4.10
Os
1952
4.45 4.20 Standard CorporatIons
4.40 4.15 Standard Onstocke Trust She
4.20 4.10 Standard 011 Trust Shares A
Class B
4.55 4.30
4.20 4.10 Super Corp C
D
4.40 4.20
Bid
Ask
6.00
4.25
4.40
4.45
4.90
4.90
4.40
5.25
4.10
4.10
4.20
4.50
4.50
4.10
__ _
14
53
4
____
__ _ _
____
16
614
_ _ __
_ __
.
21
3
1814
__ __
212
----
27
8
1914
____
-66-
3754 393
4
57s -18
78 8
3
53
x818 65
8
80 - - 1512 154
12
10
743 755
4
4
72
70
110 - - - -
if
_ __ _ ....7 _ -- 61s - 115 1 -18
8 -2
11
1112
e Ex rights
NOTICES.
-Following admissions and proposals for transfer were announced by
the Philadelphia Stock Exchange this week. A proposal for the formation
of a new firm, Edward G. Wyckoff & Co.. has been made to the Stock
Exchange. Partners In the new firm are Edward G. Wyckoff, Albert M.
Barnes, Harry B. Cunningham. Joseph D. Euler and Starry C. Rippard.
Mr. Wyckoff has been a member since Aug. 21 1930. Governing Committee announced the election of William Kempton Johnson, of W. K.
Johnson & Co. of New York and Philadelphia, and J. Markley Freed, a
Partner in the firm of Emory, Freed & Co., Philadelphia, to membership
in tho Exchange.
-I. E. Dlerdorff has been elected President of Southworth, Dierdorff &
Co., Inc., succeeding Raymond G. Southworth, retired. Mr. Dierdorff
announces the appointment of Donald Fisher as Manager, pro tern, of the
Albany office, succeeding W. A. Bean, a former Vice-President.
-Edward J. Opper,formerly with the Boston office of A. C. Allyn & Co.,
Is now associated with E. J. Hitching & Co., members Boston Stock Exchange, 75 Federal St., Boston, Maas., in their trading department and
will specialize in public utility preferred stocks.
Bid
Railroad Equipment(Con.)
90_ Canadian Pacific 41is de ge_
10112 i(71212 Central RR of NJ 68
99 ----Chesapeake & Ohio fle
9912 10014
Equipment 854a
92 _ _ _
.
Equipments,
101 _ _ Chicago & North West88.
98 _ __
Equipment 8545
98 _. _ Chic RI & Pan 434a & 5a
101 ___ _
Equipment(is
9712 9312 Colorado & Southern 85
9712 9812 Delaware & Hudson 6e
93
94
Erie 454a & 58
95 97
Equipment 88
100 _ ._ _ Great Northern 13e
94
95
Equipment 58
100 _ _ _ _ Hocking Valley Ed
93 100
Equipment 65
90 92
Illinois Central 4568 &Ed
9112 94
Equipment 68
92
93
Equipment 7.1 & 654a......
0812 100
Kanawha & Michigan 8s....92 93
Kansas City Southern 514e.
9312 99
Louisville & Nashville es
Equipment 6;is
9914.
Michigan central 55
98 .._
_
Equipment es
98 ___ _ Minn St P & AS M 4%s Jr 58
101 _ __ _
Equipment (pis dr 75....
97 _ _ _ _ Missouri Pacific 6565
90 92
Equipment Os
101 _ _ _. Mobile & Ohio 58
95 04
New York Central 434s & 58
95 96
Equipment Os
Equipment 7s
Norfolk & Western 4545....
Northern Pacific 7a
4.90 4.40 Pacific Fruit Express 75
4.25 4.10 Pennsylvania RR equip 5s....
4.90 4.40 Pittsburgh & Lake Erie 854e
4.35 4.10 Reading co eyis & ss
4.50 4.25 St Louis dr San Francisco Is
William McKenna,associated with the New York Stock Exchange firm
of Jas. H. Oliphant SC CO. since 1923 when he went to Chicago to organize
its statistical department in that office, has been admitted to the firm as a
general partner. He will be located in the Chicago office. Mr. McKenna
prior to Joining Jas. H. Oliphant & Co., was associated with the Bankers
Trust Co. in New York.
0. W. Erringer, formerly Vice-President of Tri-Milities Corporation
in charge of customer ownership activities, announces with Ralph J. Berkson, formerly with the Stock Exchange firm of 'Filson & Neuberger, the
formation of 0.W. Erringer & Co., with offices at 32 Broadway, N.Y.City;
to specialize in customer ownership financing for chain and department
stores.
-Earl R. Baker, formerly manager of the bond department of Kissel,
Kinnicutt Sr Co. and more recently Vice-President of the Anglo London
Pane Co., and Edwin S. Robinson, manager of the bank stock department
of Hardy & Co., have been admitted as general partners to the firm of
Hardy & Co., members of the New York Stock Exchange.
Announcement is made of the formation of Newfield & Co. by Arthur
A. Newfield and associates. The new company will engage In the investment securities business in California, with 140
offices in Los Angeles.
Current Camino itiontblip,
uarterip anb jbalf
Recall).
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly;
quarterly or half-yearly,that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index,however,is not confined to the returns which have come to hand the present week.
It includes also some returns published by us in our issue of Feb. 14. The object of this index is to supplement
the information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely
complete up to the date of issue, Feb. 13, embracing every monthly, semi-annual and quarterly report which was
available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the February number of the
"Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the !record brought down to date every week, this further and supplementary index in
the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week-an absolutely unique service.
A further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle
Nam of CompanyWhen Published Page
American Commercial Alcohol, Inc._Feb. 2E _1397
Feb. 14__1213
American & Foreign Power
Feb. 21_1399
Central Vermont Ry
Cities Service Co
Feb. 21_1397
Feb. 21. 1397
Community Power & Light Co
Dallas Power & Light Co
Feb. 21_1397
Detroit Edison Co
Feb. 21 _1397
Feb. 21_1398
Detroit Street Rya_
First National Stores
Feb. 21_t398
Gould Coupler Co
Feb. 21..-1397
Feb. 21._1398
(Gee. A.) Hormel & Co
Hudson & Manhattan RR
Feb. 21_ 1398
Idaho Power Co
Feb. 21..1398
Feb. 21_ 1398
Illinois Power & Light Co
Feb. 21_.1400
Indiana Harbor Belt RR
Issue of Chronicle
When Published Page
Nam of COMAVWFeb. 21_1398
Public Service Corp. of N. 3
Feb. 21_ A398
Royal Baking Powder Co
Feb. 21_1400
Rutland RR_
Feb. 2E_1399
Southern California Edison Co
Southern Canada Power Co
Feb. 2E..1399
Feb. 21_1399
Standard Brands, Inc
Feb. 21__1399
Standard Public Service Co
Superior Steel Corp
Feb. 21._1399
Feb. 21 1399
Sweets Co. of America
Symington Co
Feb. 21__1390
Toronto Hamilton & Buffalo KR ,..Feb. 21__1499
Feb. 21_1309
United Electric Coal Companies
Feb. 21__1399
Vulcan Detinning Co
Feb. 21__1399
Zonite Products Corp
Issue of Chronicle
Name of CompanyWhen Published Pose
Industrial & Power Securities Co__ _Feb. 14_1214
Kansas City Power & Light Co
Feb. 21__1398
Kansas City Southern Ry
Feb. 21__1400
Lone Star Gas Corp
Feb. 14__1214
Louisiana Power & Light Co
Feb. 2E _1398
Market Street Ry
Feb. 21__1398
Metro Goldwyn Pictures Corp_
_Feb. 2E_1398
Mississippi Power & Light Co
Feb. 2L_1398
Nevada Consolidated Copper Co ..Feb. 21_1398
New York Central RR
Feb. 21_1400
Pere Marquette Ry
Feb. 2L_1400
(The) Philippine Ry. Co
Feb. 14_1215
Pittsburgh & Lake Erie RR
Feb. 21__1400
Pullman Co
Feb. 21__1398
American Commercial Alcohol Corp.
1930-12 Mos.-1929.
Period End. Dec.31- 1930-3 Mos.-I929.
Net profit after deprec.
$427,065
456,381 $1.395.716
and taxes
xloss$13.804
Earns. per Sh.on 389,138
shs. cora, stock outNil
$0.85
$3.22
Nil
standing (no par)_ _
x Before inventory adjustments (amounting to $553,235 for the calendar year which were charged to surplus).
larpast complete annual report in Financial Chronicle April 5'30, p. 2395
Columbia Gas & Electric Corporation.
(And Subsidiary Companies)
1930-3 Mos.-1929. 1930-12 Mos.-1929.
Period End. Dec. 31$24.777,944 $27,022,919 $96,129,808$100,328,875
Gross revenues
11,992,555 11,998,134 48,022,351 46,903.971
Operating expenses
Cities Service Co.
$3,501,691 $5,255,681 $56,553.823 $45,413,728
600.625 9,748,842 7,109.769
1,017,409
Net to stocks and res_ $2,484,282 $4,655,056 846,804,981 $38,303.959
Pref, stock dividends_ _ _
613,464
613,457 7.361.545 6,935,404
Net to corn.stk.& res_ $1,870.818 $4,041,598 $39,443,436 $31,368,554
Number of times pref. dividends
5.52
6.36
Net to common stock and reserves on average
$1.21
number of shares of common stock outstanding
$1.31
larLast complete annual report in Financial Chronicle April 26 '30, p.3011
Net earnings
Int.&(Met.on debs_
Bal, for res. & taxes--$12,785,389 $15,024,784 $48.107,457 $53,424,904
Prov. for renewals replacements & depie'n.. $2,246,319 $2,203,139 $8,138,473 $8,874,470
7,607,419 7,950,588
Taxes
1,192,955
1,673,181
Net operating revenue $9,346,115 $11,148,465 $32,361,565 $36,599,845
376,423
398,679
Other income_
221,816
283,516
Gross corporate Inc_ _ _ 89,629,631 $11,370,280 $32,760,244 $36,976,268
Int. on secs, of subs. in
2,908,402 3,022,823
hands of public, &c-989,691
728,852
Pref. dive, of subs. to
Public & earns. applic.
to min.corn.stocks__
641,282
608,394 2,566,088 2,439,113
Bal. applic. to Columbia G.& E. Corp $8,259,497 $9,772,195 $27,285,754 $31,514,330
Income of other subs. applic.to C. G.& E.Corp
175,623
138,793
393,793
211,440
Total earns, of subs.
applic. to C. G.& E.
$8,435,120 $9,910,988 $27,679,547 $31,725,771
Corp
Net rev. of C. G. & B.
Corp. (incl. dive, on
pref. stock of C. 0. &
1,073,675 2.606,986 3,865,297
DI. Corp.)
544,821
Combined earns. applic. to fixed chges.
of0.0.& It. Corp- $8,979,941 $10,984,663 $30,286,532 $35,591,068
Int. charges, &c., of
C. G.&E.Corp-1,266,815
883,609 3,787,778 3,429,929
Bal. appllc. to capital
stocks of 0,0.& E.
$7,713,126 $10,101,054 $26,498,754 632,161,139
Corp
5,879,990 5,751,473
Preferred dividends paid
$20,618,763 $26,409,665
Balance
Common dividends paid
21,744,253 16,876,945
11,684,220 8,477 224
Shares ofcommon stock (no par)
$1.76
Earnings per share on common shares outstanding
x.0.12
x Before 25% stock dividend paid March 311930.
Community Power & Light Co.
-Month of January- -12 Mos.End. Jan.311930.
1931.
1931.
1930.
$3.730.423 $5,402,362 $59,145,893 646,795,692
1.381.983
146,681 2,592,069
228,732
Gross earnings
Expenses
_
Dallas Power & Light Co.
(Electric Power & Light Corp Subsidiary)
-Month of December- -12 Mos. End. Dec. 311929.
1930.
1930.
1929.
Gross earn, from oper_ _ $472,689
$460,500 $5,352,129 $5,184,915
Oper. expenses and taxes
2,681,660 2,368,914
189,891
223.289
Net earn,from oper__
Other income
$249,400
336
$270,609 $2,770,469 $2,816,001
113,611
20,298
4,281
Total income
Interest on bonds
Other int. and deduct..
$249,736
58,125
3.092
$274,890 $2,790,767 $2,929,612
697,500
697,500
58.125
22,429
37.684
1,067
$215,698 $2,055.583 $2,209,683
245.000
328,306
Balance
$188.519
Dividends on preferred stock
Balance
$1.727.277 $1.964,683
Detroit Edison Co.
(And Subsidiary Utility Companies).
1930.
12 Months Ended Jan. 311931 .
649,911.251 $53,281,138
Total revenue revenue
2,549,200 2,845.691
Steam
420,232
Gas
457,099
Dr.12,318 Dr.15,072
Miscellaneous revenue
$52,905,233 $56,531,989
Total operating revenue
77,773
60.779
Non-operating revenue
Total oper. and non-operating revenue
Oper. and non-oper. expenses
Interest on funded and unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
$52,983,006 $56,592,768
36,113,814 37,599.123
5,662.484 5,537.767
315,145
312,121
38,541
34,842
610,856,046 $13,105,891
Net income
tZrLast complete annual report in Financial Chronicle Jan. 24 '31, p. 648
Gould Coupler Co.
1930-12 Mos.-1929.
Period End,Dec.31- 1930-3 Mos.-1929.
x Net profit
$185,155
$183.596
$430.354
def$100,520
21,269
154.077
83,454
Other income
55,400
$206,425
$337,673
Net income
def$45,120
$513,809
206,812
(And Controlled Companies).
50.412
52.830
Interest charges
229,067
-Month of January- -12 Mos.End.Jan.31$130,862
6153,595
Net profit
def$95.532
$284,740
1931.
1930.
1931.
1930.
$395.045 $4,926,788 $5,060,520 Earns, per share on 175,Consol. gross revenues__ $346,916
000 sbs. class A stk.
208,728
222,265 2,775,325 2,740,131
Oper.expo., incl. taxes__
Nil
$0.88
$0.75
outst'd'g(no par)_ _ .
81.63
x After depreciation, selling and general expenses, provisions or reserves
Balance avail,for int.,
and for State and Federal taxes.
amort.,deprec., Fed.
$172,779 $2,151,463 $2,320,388
inc.tax, diva. & surp. $138.187
reLast complete annual report in Financia IChronicle Apr. 26 '30, p. 297
1398
[voL. 132.
FINANCIAL CHRONICLE
Detroit Street Rys.
Kansas City Power & Light Co.
-Month of January- -12 Mos. Ended Jan.31Operating Revenues
1931.
1930.
1931.
1930.
Railway oper. revenues_ $1,264,215 $7,778,656 $16,719,558 $21.612,254
Coach oper. revenues_ __
286,441
386,457 3,789.771 4,597,313
Total oper. revenues_ $1,550,656 $2,165,113 $20,509,329 $26,209,568
Operating Expenses
Railway oper. expenses.. 1.087,547 1,421,593 13,915,138 16,330,337
Coach oper. expenses__ _
388,909 3,503,462 4,576,705
268.799
Total oper. expenses_ _ $1,356.347 $1.810.502 $17,418.600 $20,907,042
Net operating revenue_ _
3,090,729 5,302,526
354.611
194,309
Taxes assignable to oper.
753,494
65,090
774,700
65.228
Operating income-Non-operating income__
$129,080
35,438
Gross income
DeductionsInt. on funded debt:
Construction bonds
Purchase bonds
Additions and betterments bonds_ ----D.U.R. purch. contr..
Equip. & exten. bonds
Loan (City of Detroit)
$164,518
Total interest
Other deductions
66,745
10,597
15,860
19,110
20,213
$132,527
.19,231
Total deductions.--
$151,759
16,472
20,636
191,802
235,398
150,739
7,500
$701,127 37.579 822 $7,195,155
99,941
1.326,523 1,224,525
Balance
Amort. of disc. & prem-
8590.863
15,804
3601,185 86.253.299 85,970,629
15,429
188,642
185.149
Market Street Ry.
-Month of January-- 12 Mos. End. Jan. 31
1929.
1930.
1930.
1929.
Gross earnings
$781,528 59,152,904 89,582.008
8738,092
1,875
13.125 Net earns.(incl,0th.inc.
bet. prov.for retires.).
107,480
96,573
1,363,211
1,552.956
$116,807 $1.497.953 51,384,697 Income charges
56.133
51.561
649.310
706,039
31,865
244,238
287,512
Balance
$51,347
$713,901
345.011
$846,916
lcZ"Last complete annual report in Financial Chronicle Apr. 12 'SO, p. 2579
$148,672 $1.742,191 $1,672,209
$720,801 $2,981,856
Total sinking funds
Residue def
$262,507 $2,900,406 $2,875,280
113,384 2,179,605 Cr106,576
$12,759
$710,844
119,081
199,002
254,404
$149,123
Total
Net earnings
Interest charges-
$585,756 $6,066,656 85,785.480
Balance
$375,059
$289,520 $2,316.028 $4,549,031 Depreciation
158,145 2,036,361
1,824,735
176,819
146,964
105,034
8,275
Balance
$4427.611 84,030.295 $3,960,744
$398.239
$297,796 $2,462,993 $4,654,066 Earns, per sh. pref
$9.96
$100.76
$10.69
$99.02
Earnings per sh. corn
$0.81
$0.76
37.63
57.54
la'Last complete annual report in Financial Chronicle Mar. 29'30, p.2196
785,875
785,875
66,745
126,638
132,290
11,077
Net income
$12.759
Disposition of Net Inc.
Sinking funds:
Construction bonds
44,139
Purchase bonds
11,295
Additions and better13,589
ments bonds
purch. contr151,816
Equip.& eaten. bonds
15,797
Loan (City of Detroit)
$236,638
223,878
-Mmth ofDecember- -12 Mos. End.Der.311929.
1930.
1930.
1929.
Gross earns. (all sources) $1,347,329 $1,340,081 514,833,811 '014,582,846
Oper. axp. (incl. maint.,
gen. & income taxes)_
638,485
6:58.953 7,253,988 7,387,690
44,139
11.295
519,709
133,000
503.095
133,000
13,589
151,816
160.000
1,787,518
133,512
166,666
160,000
1,787,518
41,666
$149.123
291,666
$720,801 $2,981,856
Metro-Goldwyn Pictures Corp.
Operating profit
Other income
51,147.262 $1.663.834
229,792
73.637
Profit
Federal taxes
$1,377,054 x$1,737,471 x$1,082,321
165.246
Net profit
$1,080,973 $1,168,065 $3,332,583 $3.620,324
Shares corn, stock outstanding (no par)_
820.699
820,699
820,699
820,699
Earnings per share
$1.21
$1.32
$3.74
$4.25
I:Mt"Last complete annual report in Financial Chronicle June 7 '30, p. 4058
(George A.) Hormel & Co.
Quarter EndedJan.31 '31. Jan. 25'30.
Net profit after charges. Federal taxes and depreciation and preferred dividends
4217,642
5351,512
Earns. per sh. on 493,834 shs. corn.stk.(no par)_
$0.44
$0.71
a Does not include market appreciation of 865.143 on unsold inventories.
"Last complete annual report in Financial Chronicle Nov. 22 '30, p. 3377
Hudson & Manhattan RR.
-Month of January- -12 Mos. Ended Dec.311931.
1930.
1930.
1929.
Gross revenues
31.005,022 51.087,684 $12,204,363 $12,517,756
552.211 6,044.897 6,248,096
512,350
Oper. exp. & taxes
Bal. applic. to charges $492,671
$535,473 $6,159,469 $6,269,659
334,617 4,020.786 4,022,449
Charges
335,572
Balance
$200,855 $2,138,679 $2,247,210
$157,098
Or
'Last complete annual report in Financial Chronicle Mar. 29 '30, p.2198
Idaho Power Co.
$980,873
101,448.
Net profit
$1,211,808 x$1,737.471 x$1,082,321
x Profit before Federal taxes.
rirLast complete annual report in Financial Chronicle Dec. 20'30, p. 4063
First National Stores, Inc.
Period End.Dec.31- 1930-3 MO3.-1929.
1930-9 Mos.-1929.
Operating profit
$1,442,104 $1,433,990 $4,383.667 $4,514,443
Depreciation
206,451
160.499
591,462
445,916
Federal taxes
154,679
105,426
459,623
448,203
Nov. 21 '30. Nov. 22 '29. Nov. 18 '28.
52,936,592 53,192,240 82.355.202
1,789,330 1.528.406 1,374,329
12 Weeks EndedGross profit
Operating expenses
10
.
Mississippi Power & Light C930.
(Electric Power & Light Corp. Subsidiary)
-Month of December- -12 Mos. End. Dec 2 .
19 31
. 9Gross earn, from oper__
Oper. exp. and taxes__ _
0
$444,644
193 .
276,012
Net earn, from oper-Other income
$168,632
22,516
Total income
Interest on bonds
Other int. and deduct
$191,148
68,163
18,976
Balance
$104,009
Dividends on preferred stock
2.
$45 9 09 $5,066,892 $4,124,286
192,7
278.169 3.325,935 2,650,792
5174,540 51.740.957 $1,473,494
88,921
228,068
241,343
$263,461 31,969,025 51,714.837
39,979
602,933
452,479
42,248
347,054
360,209
$181,234 $1,019.038
$902,149
293,485
150,000
Balance
5725,553
$752,149
Nevada Consolidated Copper Co.
(And Subsidiaries)
1930-12 Mos.-1929.
Period End.Dec.31- 1930-3 Mos.-1929.
Oper.prof. (cop. prod.)-loss$630,494 52.810.755 31.749,697 3l7.37.206
256 132
Value of precious metals
647,344
163,225
1,350.345
572,537 1.318,589 2,242,750
Miscall, recs. & income_
300,023
Total oper. income_ der$167,240 $3,639,425 $33,713,630 20,968,301
425.713 1.792,578 1.726,408
Depreciation
441,562
-----Net income before deple'n & Fed. taxes-def$608,802 $3,213,711 $1,921,052 $19,241,893
rff East complete annual report in Financial Chronicle April 19'30, p. 2786
r
Public Service Corp. of New Jersey.
(Electric Power & Light Corp. Subsidiary)
__Month of December- -12 Mos. End. Dec. 311930.
1930.
1929.
1929.
8329.990 $4,153.121 $3.871,039
Gross earn, from oper_
3346,720
199,096 1,984,526 1.880,887
Oper. exp. and taxes__
179.090
-Month of January- 12 Mos. End. Jan. 31
1930.
1931.
1931.
1930.
312,911,833 512.531.2828138542,497 3138058,071
Gross earnings
Oper., exp. & maint.,
8.299,993 8,446,496 94,605,098 95,660,944
taxes and deprec_
Net earn, from oper_
Other income
Net inc. from oper--- 84,611,840 54,084,785 843,937,399 342,397,127
49,878
18,363 2.776.192 3.061,006
Other net income
84,661,718 $4,103,148 546,713,591 545,458,133
Total
1,343.472 1,239,944 16,095,247 15,263.141
Income deductions
$167.630
8.584
$130,894 52,168.595 $1,990,152
5,966
84.773
71,845
Total income
$176,214
Interest on bonds
54,167
Other int. and deduct_
6.934
Balance
$115.113
Dividends on preferred stock
Balance
$136,860 52,253,368 32.061,997
54,167
650.000
650.000
7.518
72,021
81,312
575,175 51,531,347 81,330,685
385.518
342.083
$1,145,829
$988.602
Illinois Power & Light Corp.
(And Subsidiaries)
-Month ofDecember- -12 Mos. End.Dec.311930.
1929.
1930.
1929.
,
37,501,235
Gross earns,from oper-- 53,196,008 $3,350,884 837,122,936 $3
exp. & maint_-_- 1420.050 1.513,819 17,777,535 18.468,813
Open
186,294 2,287,898 2,120,879
172,563
Taxes
Total expenses & taxes $1,592,614 $1,700,113 820,065.434 320,589,693
1.650.770 17,057,502 16.911,542
Earnings from oper____ 1,603,394
41.058
981.973
94,325
851,440
Less rentals
657,427
58,638
72,020
570,512
Add other income
Total not earnings__ _ $1,581,089 31,668,351 $16,732,956 $16,630,613
Less prior charges of Iowa Pr. & Lt. Co.and Kan1,566,592 1,452,324
sas Power & Light Co
315,166.363 $15.178,289
Total earnings available for bond interest
6,112,115 5,856.775
12 mos.' int. on IS. Pr.& Lt. Corp. mtge. debt
e"Last complete annual report in Financial Chronicle Mar. 15'30, p. 1827
B141. for div. & surp-- 33,318,245 52.863,204 $330,618.343 530,194.992
taPLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1401
Pullman Company.
(Revenues and Expenses of Car and Auxiliary Operations)
-Month of December- -Jan. 1 to Dec. 311930.
1929.
1930.
1929.
Sleeping Car Operations
$4,885,077 36,006.433 $69,121,960 877,511,182
Berth revenues
674.261
840.981
8,653,069 9,803,911
Seat revenue
112,084
121,839
1,930,261
2,438,881
Charter of cars
1,089
14,035
42,439
Miscellaneous revenue:_
176,169
161,889
110.705 2,020,260 1,157,466
Car mileage revenue_
586.592 5,533.984 8,703,819
416,919
-Dr
Contract revenue
$5,417,482 $6,507,403 376,234,006 $82,383,772
Total revenues
2,301.646 2,374,706 29,735,308 29,621,408
Maintenance of cars
47,892
43.454
All other maintenance555,160
537,599
2,736.655 3,077,616 35,379,002 36.190,956
Conducting car oper
320,864 3,290,120 3,140,206
227,699
General expenses
$5,309,457 $5,821,080 568,959,592 369,490,169
Total expenses
686,322 7,274,414 12,893,602
Net revenue
108.025
Auxiliary Operations 103,498
Total revenues
95,216
1,432.067 1,457,039
119,974
103.694
Total expenses
1.302.271
1,334.203
Net revenue (or def.)- -$8,477 -316,476
Light Co.
$122,836
3129,795
Louisiana Power &
99,547
669.846 7,404,210 13,016.439
Total net revenue
Light Corp. Subsidiary)
(Electric Power &
119,111
210,282 2,467 350 3,831,240
Taxes accrued
-Month of December- -12 Mos. End. Dec. 315459.564 34,936.859 59,185.199
Oper.income (or loss)- -$19,563
1930.
1929.
1929.
1930.
5469.665 $6,113,273 $5,297,983
Gross earn, from oper__ $515,793
224,450 3,220.489 2.740.397
Royal Baking Powder Co.
267,893
Oper. exp. and taxes_ _ _
(And Subsidiaries)
$245,215 $2,892,784 $2,557.586
Net earn. from oper__ 3247.900
-6 ifonths Ended- -Calendar Year
98,661
110.539
6,378
23,514
Other income
Dee. 31 30. June 30 30.
1929.
1930.
$251,593 $2,991,445 32,668,125 Net income after deprec..
Total income
5271,414
464.101
$874,977 $1,509,882
Fed'I taxes &c
$834,905
665,555
625,000
52.087
Interest on bonds
60,417
138.843
95,706 Earns. per sh.on $00.000
8,666
Other int. and deduc_ _ _
23,631
Nil
50.47
shs, coin. stk.(no par)
50.67
21.14
x Excluding $116,468 profit on sale of treasury stock.
5190.840 52.187.047 81,947,419
Balance
$187,366
Note.
-Above statement includes German and South African subsidiaries
345,000
313.333
Dividends on preferred stock
for six months ended Oct. 31 1930.
la"Last complete annual report in Financial Chronicle April 5 '30, p. 2407
$1,842,047 $1,634,086
Balance
Southern California Edison Co., Ltd.
--12 Mos. End.Dec.31-Month of December
1929.
1930.
1929.
1930.
83,329,823 $3.328,913 $41.128,734 $40,325,465
Gross earnings
9,181,808
8,896,398
681,911
731,151
Expenses
4.149,928
4,016,480
347,671
104,025
Taxes
Total exps. and taxes..
Total net income
Fixed charges
$835,177 $1,029,583 $13,046,327 $13,198,288
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.
Southern Canada Power Co., Ltd.
-Month of January--4 Mos. End. Jan. 311931.
1930.
1930.
1931.
$832,978
2198,523
$783.209
Gross earnings
$212,593
306,299
269,011
66,620
Operating expenses
80,348
$526.679
$514,198
$131,903
Net earnings
$132,245
'Last complete annual report in Financial Chronicle Dec. 13'30, p. 3877
Standard Brands Inc.
(And Subsidiaries)
3 Mos.
12 Mos.
Period Ended Dec. 31 1930$4,544,659 216,402,253
Net income after taxes and charges
$0.34
$1.22
Earn, per sh. on 12,644,002 shs. com.stk.(no par)
Note.
-Includes operations of German and South African subsidiaries
Of Royal Baking Powder Co. for three months ended Oct. 31 1930, for
the December quarter; and for year ended Oct. 31 1930, for the calendar
year.
'Last complete annual report in Financial Chronicle Feb. 21 '31, p. 1400
Standard Public Service Co.
-Month of December- -12 Mos.End.Dec.311930.
1929.
1929.
1930.
Gross revenues (includ.
$169,974 22,130,628 $2,124,866
other income)
$164,138
Oper. expenses, maint.
1.229,258
122,370
1,282,406
and taxes
98,824
$65,314
$47,603
$901,370
$842,460
Superior Steel Corp.
1930-12 Mos.-1929.
Period End. Dec. 31- 1930-3 Mos.-1929.
Net sales
$1,030.862 $1,121,868 $4,460,171 $7,175.729
Costs and expenses
1,184,715 4.568.452 6,865,761
1,070,352
Manufacturing loss._
Other income
$39,490
36,734
$62,847
19,481
Total loss
Deprec., int., amortiz.
Federal taxes, &c..__:
$2,756
$43,366
x77,546
78.166
$108.281prof$309.968
96,331
84,407
$11,952prof$394,375
x346,972
321,456
$358,924 prof$72.919
Net loss
$121,532
$80,302
Earns. per sh. on 115,000
Nil
Nil
$0.63
shares capital stock _
Nil
x Includes inventory and other adjustments.
Chronicle May 17 '30, p. 3563
rarLast complete annual report in Financial
Sweets Co. of America.
1931.
1930.
Month of January$11,407
$8,237
Net profit after all charges, including Federal taxes
OrEast complete annual report in Financial Chronicle Mar. 15 'SO, p. 1845
Length of Raul.
Gross Earnings.
Month.
$2,494,646 $2,299,329 $28,082,407 $27,127,176
591,553
6,988,636
6,710,156
578,498
Balance
$1,916,147 $1,707,776 $21,093,770 $20,417,020
10
-Last complete annual report in Financial Chronicle Mar. 15 '30, p. 1853
Gross corp. income-
1399
FINANCIAL CHRONICLE
FEB. 21 1931.]
1929.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
Inc.(4-) or
Dec.(-)•
$
450,526,039 488.628.286
427,231.361 475,265.483
452,024.463 516,620,359
450,537.217 513,733.181
462.444,002 537,575,914
444,171,625 531,690,472
456.369,950 557,522.607
465,700,789 586.397.704
466,826,791 566,461,331
482,712,524 608,281.555
398,211,453 498,882.517
377,473,702 468,494.537
-36,102,247
-48,034,122
-69.595,796
-63.195.964
-75.131,912
-87,518,847
-101.152.657
-120,696.915
-99.634.540
-125,569.031
-100.671.064
-91,220,835
242.350
242,348
242,325
242.375
242,156
242.320
235,049
241,546
242,341
242,578
242.616
242.677
1930.
January
February
March
April
May
June
July
August
September
October
November
December
1929.
Mau.
242,175
242,113
241.964
242,181
241,758
241.349
242,979
242,444
242.322
241.655
242,625
242.494
Inc.(+)or Dec.(-).
Na Earnings.
Month.
1930.
1929.
Amount.
94,759,394
97.448,899
101.494.027
107,123,770
111,387,758
110.244,607
125,495,422
139.134,203
147,231,000
157.115,953
99,528,934
80,419,419
117,764,570
125,577,866
139,756,091
141.939,648
147,099,034
150,199,509
169,249,159
191,197.599
183,486.079
204,416,346
127,125.694
105,987.347
Per Cent.
-23.005.178
-28,128,967
-38,202,064
-34,815,878
-35.711,276
-39,954,902
-43,753,737
-32,083.398
-36,255,079
-47,300.393
-27.596,760
-25,567,928
.-141.55
-22.60
-27.46
-24.54
-24.22
-26.58
-25.85
-27.21
-19.75
-23.13
-42.35
-24.08
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfrom Railway- -Net from
1930.
1930.
1929.
$
$
$
*Bessemer & Lake Erie
December__ 434,690
706,941 -309,022
From Jan 1_14,712,458 17,912,973 4,417,112
*Union RE (Penn).319,473 -216,913
December__ 396,205
From Jan 1_ 8,844,037 11,031,307 11,562,446
-Grossfrom Railway- -Net from
1931.
1931.
1930.
$
$
$
Central Vermont
50,860
January ___ 542,513
596,398
Conamaugh Black Lick
January ___
123,809
-9309
63,835
Montour
January ___ 195,841
71,719
193,083
Railway- -Net after Taxes
1929.
1929,
1930.
$
$
$
52,888
-149,491 -222,226
8,065,275 4,742.944 7,176,407
16,555
584 -207,012
3,473,495 1,370,915 3,099,539
after Taxes
Railway- -Net
1931.
1930.
1930.
$
$
$
55,424
71,419
31,555
5,895
-10,009
4,895
55,326
69,641
55,326
• Corrected.
-In the folOther Monthly Steam Railroad Reports.
Symington Co.
lowing we show the monthly returns of STEAM railroad
1930-12 Mos.-1929.
Mos.-1929.
Period End. Dec. 31- 1930-3
$24,234
$191.298 companies received this week as issued by the companies
$49,903
loss$121.188
•Net profit
113,474
92,022
62,375
29.024
Other income
than are re$116,256
$304,773
$112,279
loss$92.164
Not income
Earnings per share on
200,000 shares class A
$1.52
$0.58
$0.56
Nil
stock (no par)
* After depreciation of plant, all selling and general expenses, provision
for reserves and for State and Federal taxes.
arLast complete annual report in Financial Chronicle Apr.26 '30, p. 2988
-...11
,-• .)'.4.-.
Millieralfasaaes United Electric Coal Companies.
1931-6 Mos.-117r..
Period Ended Jan.31- 1931-3 Mos.-1930.
$454,422
$439,351
Gross profit
$272,550
$234,316
Royalties, deprec. and
191,649
216,147
depletion
115,632
112,244
47.152
163,489
Int., Fed. tax, &c
73,238
47,153
themselves, where they embrace more facts
quired in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Central Vermont Ry., Inc.
-Feb. 1 to
-Month of January1930.
1930.
1931.
Ry.oper.revenues
$599.103 $6,988,335
$542,513
5,442,672
449,731
493,542
Ry.oper.exp.(excl.dep'n)
By.oper. exp.(deprec.)
349,342
31,921
20,863
Total ry. oper. exp.-- $491.653
Net rev. from ry. oper..50,859
$59,715
$215,621 Railway tax accruals....
Net profit
$109,765
$48.834
19,302
Earnings per share on
'Uncoil.railway revs_ -1
271,000 shs. common
$0.21
$0.39
stock (no par)
$0.18
$0.77
Tot. taxes & uncoil.
railway revenues..$19,304
KgrEast complete annual report in Financial Chronicle Oct. 4 'SO, p. 2237
Railway oper.income-31,555
Non-Operating Income
Vulcan Detinning Co.
Hire of frt. cars-creel.
Period End. Dec. 31- 1930-3 Mos.-1929.1. 1930-12 Mos.-1929.
balance
$36,765
aSales
$927.820 $1,302,806 $4,203,640 $6,060,292 Rent from locomotives
1.446
852,518
1,182,266
Expenses, deprec., &c...
3,817.912 5,387,666 Rent fr, pass, train cars
6,684
Rent from work equip...
141
$75,302
$120,540
Net operating profit.$385,728
5,039
$672,626 Joint fac. rent Income
18,028
25,213
Other income
40,011
65,341 Inc.from lease of road....
Miscell. rent income
2,979
Total income
$93,329
$145,753
$425,738
$737,967 Misc. non-oper. physical
Res.for tax, &c..charges
14,582
20,207
Property..
90,004
119,271
Dividend income
$125,546
Net income
$78,747
$335,734
$618,696 Income from funded secs
Inc. from unfund. sec. &
a After inventory adjustment.
2,420
accountsr Last complete annual report in Financial Chronicle Feb. 21'31, n.1442
Inc. from sink. & other
53
res.funds
Zonite Products Corp.]
224
Miscellaneous income__
Month of January1931.
1930.
$55,755
Tot. non-oper. income
Net profit after all charges and taxes
'$142,050
$91,403
Gross income
$87,311
Itg'Last complete annual report in Financial Chronicle May 24'30, p. 3738
Deductionsfrom Gross Income
Rent for locomotives-$7.360
Rent for pass,train cars
9,935
Rent for work equip- - 45
14,430
-We give below the Joint facility rents
Latest Gross Earnings by Weeks.
17,796
weekly returns of earnings for all roads making such Rent for leased roads-latest
133
Miscellenous rents..-Miscell, tax accruals
132
reports:
80,900
Interest on funded debt
Current
Previous
(+) or
183
Year
Period
Year
Dec,(_). Int. on unfunded debt-Amort. of discount on
Covered.
$
6
Name
6
funded debt
393
3,236,890 4,065,825 -828,935 Miscell. Income charges
let wk of Feb
Canadian National
20 wk of Feb
2,564,000 3.083,000 -519,000
Canadian Pacific
Tot, deductions from
1st wk of Feb
24,100
25,000
Georgia & Florida
-900
$131.312
gross income
203,139
2d wk of Feb
275,191
Minneapolis dc St Louis
-72.052
-44,001
Net income
2d wk of Feb
202,102
306,980 -104,878 Ratio of ry. oper. exp. to
Mobile & Ohio
90.63
2d wk of Feb
revenue
2,634.063 3,382,607 -748,544
Southern
Ratio of ry. oper. exp. &
20 wk of Feb
359,800
440,931
St Louis Southwestern
-81,131
94.18
taxes to revenue.._,.,,
1st wk of Feb
302,447
370,168
Western Maryland
-67,711 Miles of road operated...
462
Dec. 311929.
$8,114.524
6,133,438
225,142
$514.406 $5,792,014 $6,358,579
1.755,945
1,196.321
84.697
173,899
172,191
15,965
914
254
30
$15.995
68,701
$172,445
1,023,876
$174.813
1,581,132
$41,846
1,577
8,364
242
6.025
1.402
3,490
$374,785
11.511
79.726
4.263
53.028
1,950
13,359
$151,551
19.479
92.078
2.731
11,840
15,432
6,043
-62
def95
40,000
1,000
1.286
250
11,128
40,277
59,855
11
183
759
971
2,750
$74.277
$620,746
$364.016
$142.978 $1.644.622 $1,945,148
$7,220
10,867
50
15,482
18.046
70
192
2,602
30,778
$79.496
120.499
1,711
154,569
196,943
1,307
1,453
874.046
21,276
$80.210
126,362
9,180
3.165
198,506
2,742
1,335
20.263
274,247
12
148
5,203
145
def784
266.
$85,468 $1,456,648
57.509
187.974
$715,48/
1,229,666
85.86
82.88
78.36
88.53
469
85.35
465
80.51
417
1400
FINANCIAL CHRONICLE
[vol.. 132.
Indiana Harbor Belt Ry.
New York City Street Railways.
Period End. Dec. 31- 1930-3 Mos.-1929. 1930-12 Mos.--1929.
Railway oper. revenues_ $2,654,988 $3,273,305 $10,856,069 $12,967,446
Railway oper. expenses_ 1,906,257 2,015,492 7,467,978 8,105,830
Railway tax accruals...
550.329
776,341
125,403
160,785
Uncoil, railway revenues
973
6.750
138
2,399
Equip.& it. facility rents
162,466
488,907
672,058
246,141
Net railway oper. inc.. $460,723
$848,489 $2,347,880 $3,406,467
Misc.& non-oper.income
201,538
21,008
56.423
162.063
Gross income
$481,732
$904,912 $2,509,943 $3,608,005
Deduc'ns from gross inc.
519,958
136,183
521,306
136,753
Netincome
$768,729 $1,989,985 $3,086.699
1344,979
Per cent to capital stock outstanding
26.18%
40.61%
MPLast complete annual report in Financial Chronick :uly 19 '30, p. 472.
(As filed with Transit Commission)
Gross
Gross
Deductions Net Corp.
Revenue
Income. from Inc. Income.
Nov '30 1,753,861
323,709
136,677
187,032
308.512
126,283
'29 1,861,348
182,229'
5 months ended Nov '30 8,939,824 1,574,896
682,952
891,943
632,818
'29 9,472,485 1,546.449
913,630
Eighth & Ninth Ayes
139
Nov '30
79,367
6,770
--6,631
Receivers
81,614 . 3,253
'29
7,908
--4,655
5 months ended Nov '30
1,386
407,048
34,448 ' --33,061
16,623
416,506
39,793
'29
--23,168
Fifth Avenue Coach
61,288
1,632
Nov '30
429,400
59,656
467,039
51,626
'29
658
50,967
5 months ended Nov '30 2,472,283
465,172
7,357
457,814
460,951
'29 2,666,998
3,223
457,727
Interboro Rap Transit Nov '30 4,462,150 1,949,357 1,658,065
291,291
Subway Division
'29 4,629,891 2,137,594 1,824,175
313,418
5 months ended Nov '30 20,873,627 7,866,724 6,422,880 1,443,843
'29 21,025,314 8,534,484 6,899,906 1,634,578
Elevated Division
137,479
Nov '30 1,494,498
468,920 --331,422
259,682
'29 1,613,812
464.877 --204,195
5 months ended Nov '30 7,617,981
535,561 2,220,086 -1,811,428
'29 7,979,695 1,108,014 2,186,634 -1,205,523
Hudson & Manhattan Nov '30
504,973
698,779
335,508
169,465
548,492
758,943
'29
332,873
5 months ended Nov '30 3,414.209 2,371,242 1,676,720
694,522
'29 3,627,732 2,539,881 1,673,390
866,491
7,625
Manhattan & Queens
41,153
Nov '30
10,309
-2,683
7,064
40,576
10,191
'29
-3,127
5 months ended Nov '30
44,708
215,400
52,117
-7,406
34,172
210,297
'29
51,280 -17,108
New York & Harlem
116.417
Nov '30
68,386
35,000
83,333
--15,395
78,226
26,423 '29
-41,819
5 months ended Nov '30
322,639
530,745
259,565
292,362
--87,093
131;557 '29
371,961
-218,653
New York & Queens
7.835
71,428
Nov '30
23,509
-15,673
2,029
23,107
Receivers
74,623
'29
-21,077
26,805
119,134
5 months ended Nov '30
367,511
--92,328
24,143
379,957
115,640
'29
--91,496
New York Rys Corp
55,675
434,333
153,815
Nov '30
--98,139
50,501
473,756
175,726 -125,225
'29
341,720
5 months ended Nov '30 2,336,073
769,963 -428,243
395,027
'29 2,619,532
880,008 -484,981
New York Rap Transit Nov '30 2,948,584 1,045,652
576,472
469,180
572,462
'29 3,057,948 1,048,377
475,915
5 months ended Nov '30 15,006,560 5,087,383 2,868,194 2,221,189
'29 15,277.811 4,971,557 2,895,199 2,076,357
14,529
South Bklyn Ry Co
72,713
Nov '30
12,355
2,173
11,516
74,138
'29
15,227
-3,711
128,371
466.442
5 months ended Nov '30
63,077
65,293
144,097
490,844
72,171
'29
71,926
-453
60,821
Steinways Rye, Reo
5,839
Nov '30
--8,293
-23,859
67,206
5,203
'29
-29,062
--16,844
5 months ended Nov '30
303,535
26,985
--43,833
-51,877
329,712
'29
26,747 -78,422
17,832
Surface Transportation Nov '30
187,612
15,034
2,798
--12,265
158,456
'29
13,695
-25,960
72,974
5 months ended Nov '30
866,905
76,153
-3,179
--38,656
818,994
67,652 '29
-104,308
233,064
Third Ave System
220,985
Nov '30 1,159,432
12,079
195,315
'29 1,256,076
235,375
-40,059
5 months ended Nov '30 5,946,776 1,156,126 1,105,626
49,500
993,937 1,173,773 --179,835
'29 6,392,582
(-) Deficit or loss.
Southern Ry.
(Texarkana & Fort'Smith Ry.)
-Month ofJanuary
--12 Mos. End. Dec. 311930.
1929.
1930.
1929.
Ry. oper. revenues
$1,276,994 11.566,335 $19,096,693 $21,978,221
Railway oper. expenses
863,686
1,107,117 13,120,199 14,275.415
Kansas City
Net rev.from ry.oper.
Railway tax accruals...
Uncollect. ry. revenues..
$413,308
97,532
153
$459,217 $5,976.494 17,702,806
1,170,082 1,446,457
129.166
3,494
265
11,805
Railway oper. income_ $315,622
$329,785 14,802,917 $6,244,543
tgrLast complete annual report in Financial Chronicle May 3'30, p. 3202
New York Central RR.
(Including All Leased Lines)
Period End. Dec. 31- 1930-3 Mos.-1929. 1930-12 Mos.-1929.
Railway oper. revenues $110,484,954 8143499,279 8478918,348 8590008,624
Railway oper. expenses_ 89,371.488 112,172,317 376,729,418 441,245,593
Railway tax accruals- _ 17,382,635 $8,611,587 $34,009,021 $39,769,414
15,470
43,664
Uncoil, railway revenues
125,750
135,688
834,442 10.818,631
Equip. & it. facility rents 3,119.579
5,155,149
Net ry. oper. income 110,595,782 121,836,269 $57,235,527 8103702,779
Misc.& non-oper.income 8,539,892 12,155.426 39,763,106 34.174,681
Gross income
$19,135,675 $33,991.695 $96.998,633 137,877,461
Deduc'ns from gross inc 15,080,340 15,486,228 61,016,841 60,448,877
Net income
$4,055,334 $18,505,467 $35,981,792 $77,428,584
Sinking and other reserve funds
91.087
193,949
Balance
$35,890,705 $77,237,635
Shares corn, stock. outstanding (par $100)__ 4,992,597 4,637,092 4,992,597 4,637,092
Earnings per share ____
$0.81
$3.99
$7.21
$16.70
rarLast complete annual report in Financial Chronicle June 21 '30, p. 4439
Pere Marquette Ry.
-Month of January- -12 Mos. End. Dec. 311931.
1930.
1930.
1929.
Average mileage oper__ _
2,291
2,241
2.255
2,241
Railway over. revenues_ $2.228,728 $3,065,730 $37,216.377 $48,468.439
2.809,555 29,030,270 34,345,301
Railway oper. expenses- 2,051.841
Net oper. revenue__ $176,886
$256,174 $8,186,107 $14.123,138
Net railway oper.income -126,269 -177,056 4,541.163 9,273,416
123.221
Other income
131,762
403,384
749.006
Gross income
-$3,047 -$45,294 $4,944,548 $10,022,422
295,033
222,989 2,932,399 2,563,962
Interest & other deduct.
-$298,081 -$268,283 $2,012,149 $7.458,459
Net income
Income applied to sink.
1,008
& other reserve funds_
Companies
Brooklyn & Queens
ANNUAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
Balance transferred to
-$298,081 -$269,291 $2,012,149 $7,458,459 have been published during the preceding month will be given
profit and loss
re"Last complete annual report in Financial Chronicle May 1 '30, p. 3334 on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
Pittsburgh & Lake Erie RR.
published. The latest index will be found in the issue of
Period End. Dec.31- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Railway oper. revenues_ $5,705,418 $7,972.149 $27.341,198 $34,135.108 Feb. 7. The next will appear in that of March 7.
Railway oper. expenses_ 4,346,689 6,883.199 21,530.952
28.396,025
Railway tax accruals
$280.986
$496.833 $1,693,586 $2.117,333
13
20
238
'Uncoil, railway revenues
165
Eqpt. & it. fac. rents-. Cr738.461 Cr1,095,714 Cr3,256.697 Cr4,269,956
Net railway oper. inc_ $1,616,191 $1,687.812 $7,373,119 17,891,540
344.785
586.006
Miscell. & non-oper. Inc.
1,280,642 1,467,331
$1,960,976 $2,273,818 $8,653,762 $9,358,872
Gross income
434,516 2.143,563 1.803.537
579,969
Deduct,from gross inc.11,381,006 $1.839.302 16,310,199 $7,555,335
INet Income
727
Sinking and other reserve funds
Standard Brands Incorporated.
-Year Ended Dec. 31 1930.)
(Annual Report
The annual report for the fiscal year ended Dec. 31 1930
is given in the advertising pages of this issue. The report
includes the remarks of President Joseph Wilshire together
with the income amount and balance sheet as of Dec. 31
1930.
$6,509,472 $7,555,335
Balance
Earns.cap. 00 863.654
shs. per sh. (par $50)
stk.
$2.13
$1.60
$7.54
$8.75
rrLast complete annual report in Financial Chronicle June 28'30, p.4598
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
z1930.
y1929.
Gross profit (after deducting manufacturing & other
costs of goods sold)
.48,138,199 $44,184,473
Selling, administrative & general expenses--------30,581,437 25,431,229
Rutland RR.
1930--12 Mos.--1929.
Period End.Dec.31- 1930-3 M03.-1929.
$1,225,280 $1,552,547 $5,286,186 $6,276,683
Ry. oper. revenues
1,264.524 4,484,491
5.035.512
Railway oper. expenses- 1,065,064
$77,382
$274,297
166,069
$337,744
Railway tax accruals...
20
.446
126
109
Uncoil, railway revenues
Cr23,044
Cr79,189
Cr24,658
Cr93.694
Equip. & it. fac. rents
aNet profitfrom operations
Other income credits
117,356,762 $18,753,245
1,417,434 2,206,193
Gross income
Income charges
$18,974,196 $20,959,438
356,385
471,456
Net income before charging Federal & Foreign
income taxes
$18,617,811 $20,487,982
Federal & foreign income taxes
2,168,692 2,139,206
$233,666
$606.140
$997,011 Amount applicable to minority interest in pref. &
Net railway oper. Inc_ $118,678
common stocks ofsubsidiary company---- ---46,965
4,386
34.109
108.601
25,484
130,883
& non-oper. inc.
Miscel.
Netincome applicable to parent company
$16,402,254 $18,344,391
$267.776
$714,741 $1,127,894
1144,161
Gross income
109.843
440.219
445,956 Profit & loss credits:
109,752
Deducts,from gross Inc_
Surplus arising through acquisition of stocks
ofsubsidiary company during year
260,6751 1,113,278
$681,938
$274,521
8157.933
134,409
Net income
Miscellaneous
169,394!
Earns, per sh. on 90,576
$3.03
$1.76
$7.51
$0.38
shs.7% pref.stock__ Total
$16,832,323 $19,457,669
Financial Chronicle May 24 '30, p.3700 Profit &surplus
rarLast complete annual report in
loss charges:
Provision for general insurance reserve
565,347
65,6951
Miscellaneous
85.214J
Hamilton & Buffalo Ry.
Toronto
- 1930-3 Mos.-1929. 1930-12 Mos.-1929.
Period End. Dec. 31
$986,173 $3,266,916 $4,065,629
$697.692
Railway oper. revenues
637,921 2,255,405 2,445,802
527,388
Railway oper. expenses
$110,607
$156,933
$25,952
$23,215
Railway tax accruals_ _ _
201
41
36
ry. revenues _ _
5,664
6,191
40,449
8,921
Equip.& it. facility rents
•
$895,039 81,503,302
$328,492
Net ry. oper. income
$155,974
178,186
163,815
34,607
Misc.& non-oper.income
34,888
"
$363,099 $1,073,226 $1,667.117
Gross income
$190,862
222,482
225,888
55,563
Deduc'ns from gross inc
55,327
$850,744 $1,441,229
Net income
$307.536
8135.535
Surplus for year before charging dividends--.416,681,414 $18,892,321
Surplus, Jan.1 1930
28,083,323
Not
corn$44.764,739
Surplus before charging dividends
Preferred dividends
1.021,5891 parable.
18,013,264
Common dividends
$25,729.886 $28.083.325
l ?Surplus, Dec. 31 1930
'
12,644,002 12.630,107
Shares common stock outstanding (no par)
$1.37
$1.22
Earnings per share
a After charging depreciation (12,773,863 in 1930). x Includes operationsof the German and South African subsidiaries of Royal Baking Powder
Co. for the year ended Oct. 31 1930. y Includes Standard Brands, Inc.,
and subsidiaries and predecessor companies.
FEB. 21 1931.]
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET, DEC. 31.
(Includes German and South African Subsidiaries of Royal Baking Powder
Co. as of Oct. 31.1
1929.
1930.
1930.
1929.
LiabilitiesAssets-$
Cash
15,051,392 12,399,646 Accounts payable- 1,899,263 2,199,040
U. S. & Canadian
Notes & accept.
260,633
Gov. bonds__ _ - 5,404,364 11,963,614
payable
C.W.Brand Realty
State & municipal
535,000
Co. bonds
bonds
4,626,140 7,351,749
Other marketable
Pref. stk. Fleischmann Co. unexbonds
249,365
380,210
17,500
Accrued int. rec.- 260,468
214,813 changed
Notes & collateral
Accrued payrolls,
460,402
loans receivable_ 613,463
taxes & expenses 609,938
255,537
Accts. receivable_d5,438,026 5,564,735 Accrued Federal &
Inventories
15,152,687 13,498,270 foreign income
2,184,329 2,117,928
Stks. dc bds. (incl.
taxes
1,183,984 1,399,675
co.'s corn,stock)Reserves
at COSt
215,944 Gen. insur. fund
806,991
Real estate mtges. 623,500
acct - apPron.
556,063
Board of Trade
surplus set aside
memberships.._
to meet conting_ 1,508,507 1,533,968
18,800
19,190
Life Maur. policies
44,012
68,768 Min. int. in sub.
551,316 1,422,948
Total gen.insur.fd 1,508,507 1,533,968company
Land, bldgs., maPreferred stock__1314,773,000 14.175,500
ehinery &equip.,
iu
mr stock__c25,288,004 25,260,214
25,729,886 28,083,325
incl.deliv.equipa23,137,121 23,088,551 CSuorPm
Deferred charges._ 662,157
486,309
Trade marks,pat.
& good will
1
1
73,728,228 77,466.133
Total
73,728,228 77,466,133 Total
a Alter reserve for depreciation of 824,724,516. b Represented by 147.
730 no par shares. c Represented by 12,644,002 no par shares. d After'
reserves of $564,267.-V. 132, p. 1242.
The Kroger Grocery & Baking Co., Cincinnati, 0.
(Annual Report Year Ended Jan. 3 1931.)
Albert H. Morrill, President, Feb. 11 wrote in part:
-Company is engaged
Chain Store Industry and Company's Position in B.
in the buying and selling of a class of merchandise the most fundamentally
necessary of all of those handled by the chain store industry. In volume
of sales and number of stores, it ranks second in the nation. It is well
financed and no additional financing or issuance of stock is contemplated
during 1931. The territory which it serves is comparatively compact and
is inhabited by people who, year in and year out, are as prosperous as any
similar sized group in the nation.
Operating and Organization Development. What is reported under this
heading pertains to the last nine months of 1930.
Store Expansion.
A careful survey indicated a duplication of service by many of our smaller
stores, due in large part to acquisition of other chains in recent years.
Those unnecessary to our purposes have been closed or combined with
larger stores. This to a large degree accounts for the difference in the
number of our stores. 5,575 on Dec. 31 1929 and 5.165 on Jan. 3 1931.
a decrease of 410 stores or 7.35% of the total number.
However numbers of stores is misleading because of the variations in
size, localities, lines handled, margin of profits on these lines and the consequent profit on each store operation. One complete store may make
more profit than a number of smaller stores.
Plans for expansion by an orderly process of opening new stores in desirable territory will be completed shortly and will be based on exhaustive
research work as to customer possibilities and population trends, taken in
connection with our existing branch facilities.
Stores have been remodeled during the year to the number of 843, the
remodeling being accomplished almost entirely by the rebuilding of old
equipment by our own departments and by the factory located at Jackson,
Tenn. of the Piggly Wiggly Corp., owned by company. A program for
extensive similar remodeling of stores is planned for 1931.
On June 6 1930. in Cincinnati, Ohio, was opened a new type of complete
food market, with an artistic eye appeal and decorative scheme, both interior and exterior. It was an instant success and has produced a fair
return on the investment and raised the standing of Kroger in the eyes of
the consuming public. Careful survey of other large urban centres in
which we operate has enabled us to formulate a policy for the establishment of similar large stores in these centres.
Under an arrangement with Sears. Roebuck & Co., grocery departments
owned and operated by company have been established in the Sears stores
in Chicago, Cincinnati and Minneapolis, and have proved their value.
When research, now under way, is completed, it is possible that our operations in Sears Stores may be extended to other centres.
Sales.
In 1930, including two operating days in 1931, sales amounted to $267.086,028, as compared to $286,611,214 for the year 1929, a ddcrease of
6.81%. Reflecting on this decrease is the decrease in number of stores
referred to above. Comparison of tonnage figures of sales are not available
but it is apparent by a comparison between our dollar sales and the decrease
in price of food commodities generally that our tonnage sales were larger
in 1930 than in 1929.
Active Subsidiaries.
Piggly Wiggly Corp. owner of trade-marks, patents, labels and merchandising methods, which licenses various operators to use these methods,
receiving a royalty from these operators, based on gross sales, is almost
wholly owned by company, 1;i% of the outstanding stock being in the
hands of the public.
On Jan. 3 1931, there were in operation, 2,770 stores in different States
and foreign countries, all using the Piggly Wiggly name, patents, labels and
the self-service system of and supervised by the Piggly Wiggly Corp.
Due to a drop in the sales of the operators, royalties paid to the corporation
were somewhat less in 1930 than in 1929. Upon return to normal economic
conditions the royalties should materially increase. The service rendered
by this corporation to the operators has been materially increased and improved during 1930, and the entire facilities of the Kroger organization
have been out at the operators' disposal. A program of aggressive development among the operators and in unallotted territory has been mapped out
and is under way for 1931.
A produce buying corporation, with offices in the principal produce centers
was organized on Nov. 22 1930, and is operating successfully. By this
means company is able to purchase and sell a highly perishable and profitable
class of merchandise under the most advantageous circumstances.
Kroger Food Foundation.
Extensive research during the past seven months indicated conclusively
that price appeal alone would not in the future give to Kroger the good-will
and volume to which it is entitled. It appeared clearly that Kroger must
be something other than just another grocery chain. To meet this necessity there has been establushed and is now being developed what is known
as the Kroger Food Foundation. It is headed by Dr. Andrew H. Ryan, a
food scientist of national reputation. Under his direction, there will be
developed standards of food quality and content, to which Kroger merchandise must conform, standards and methods of home dietetics, and
scientific and nutritive research, which will be of great benefit to Kroger
customers and to the food industry as a whole. The Foundation is the
first institution of its kind in the grocery chain industry and has met with
general approval.
Thirten Week Period.
In the past, comparison ofsales, earnings and expenses of one month in one
year with the same month in preceding years has been difficult, because of
To
the difference of operating days in the months compared.on obviate this,
that date, conon Jan. 4 1931, company adopted a fiscal year beginning
sisting of 13 periods, of four weeks each. All our operations and reports in
will be on the basis of periods instead of months
the future
Accounting System and Reports.
The management found it necessary, during 1930, to report adjustments
amounting to $1,284,294 net. During the last nine months the accounting
system and to an extent the personnel of the accounting department has been
completely reorganized, and new and accurate systems installed. The
consolidated income account for 1930 reveals marked departure from former
methods of reporting cost of sales and operating expenses. With the various checks on the accounting department recently established, shareholders
can be assured in the future that the figures submitted to them are accurate
and trustworthy.
1101
1t74
Depreciation.
During 1930, company absorbed out of earnings and charged to depreciation the sum of $3,192,819 which is $1,332,559 more than was absorbed
charged in 1929, about 20% of which increase is due to increase in amount
of fixed assets. This policy, involving application of higher rates, has been
followed throughout the year. It was adopted out of abundant caution
and was intended to absorb possible depreciation deficiencies of past years,
which could not be accurately determined except by the expenditure of an
unwarranted amount of time and money.
Federal Income Tax Recoveries.
As a result of the adjustments in earnings of previous years, reported on
April 23 and Sept. 2 1930, claims for abatement have been allowed amounting to $215,218 and added to earned surplus.
Cash Position.
On Dec. 31 1929, company had cash amounting to $7.516,136. On
Jan. 3 1931, it had cash amounting to $6,587,755.91. The cash position of
company has been affected principally by the redemption of securities of
subsidiaries amounting to $484,000 and by refunds to employees of part
payment under stock purchase contract of $1,184,000.
Bank Loans.
On April 1 1930, bank loans amounted to $4.000,000. On Jan. 3 1931.
bank loans amounted to $100,000, which have been paid.
CONSOLIDATED INCOME ACCOUNT.
Calendar Years
Jan. 1'30 to
Period
Jan. 331.
1929.
1928.
1927.
$
Sales
267,094,345 286,611,215 207,372.551 161,261.354
Cost of sales
208.198,837 241,730,872 173,737.555 133.152.734
Gross profit
58,895,508 44,880,342 33,634,996 28,108,619
Interest
25.667
112,428
116,873
Discount on purchases._
896.760
1,183,434
1,610,825
Accr, earns, of affil. co..662,667
821,793
Gross income
Store expense
Depreciation
Administrative expenses
Interest
Federal income taxes_ _ _
59,558,175 47.429.834 34,930.857 29,031.047
52,306,000 37,640,733 26,234,017 22.032,798
1,054,643
1,273,181
1,860,260
3,192,820
852,050
1,152,454
1,313.135
1,604,925
23,643
218,779
58,653
60,183
690,809
728,839
637,955
226,000
Net profit
5,323,586
2,168,247
5,919,097
xPrevious surplus
14,980,524 15,859,170 13,063,111
Fed.inc.tax prior periods
215,218
Unexpend.surp. approp.
for stock dividend_ _ _ 15,773
4,377,104
9,875,646
Total surplus
17,379,762 21,778,267 18,386,696 14,252.751
1st pref.,6% dividends_
6.180
4,884
4,884
4.884
2nd pref.,7% dividends5,761
4,571
4,347
4,410
7% cumul. pref. diva_
35,693
Divs.on pref.stk.ofsubs- 1,872,9351.
82,449
Corn -cash dividends...'(
1,025,168
f 1,693,007
1,127,953
Corn -stock dividend..
250,075
405,194
262,567
Direct credits & charges
to surp. prof. realized
by sale of prop. less
prov. for income tax
thereon
0%194,368
Prem. paid on redemp.
of pref.stock
96,340
Adjust, in val. of invest.
in stk, of affil. co..
970,843
Cost, of good-will &
business acquired,
written off
787,262
Cr.35.210
Sundry other adjusts 163,164 Cr.14,924
113,550
Disburs. incident to Pay.
to stkholders of cash....
97,859
Res.for rent losses, &c
200,000
Earned surplus
15,086,187 y17,667,052 17,001,645 13,063.111
1,050,423
Shs. corn. stk. outstand- 1,813,486
1,725,728 1,534.618
$4.12
Earns, per share
$3.34
$1.15
$3.46
x As adjusted. y Appropriated for stock dividend, $1,621,707; appropriated for adjustments, if any, affecting prior years. $500,000; unappropriated, $15,545,345.
COMPARATIVE CONSOLIDATED BALANCE SHEET.
Jan.3'31. Dec.31'30.
Jan.3'31. Dec.3l'30.
Ands$
$
Cash
6,587,756 7,516,136 Accts. payable-- 6,260,123 7,581,619
937,486
Marketable secs_
371,027 Notes payableAccts & notes rec Accrued expenses- 1,016,514 1,513.637
2,323
customers
1,943
419,734 Divs. decl. & pay_
777.961
Office &employees 106,510
402,380 Prov.for Fed taxes 242,697
Claims & adv
398,978
603,184 Res. for ins.,.&c__ 634,038
328.432
Inventories
19,937,672 22,080,580 Receipts from emInv.& advances in
ploy, on subscr.
other cos
7,951,827 7,039,436 for corn stock__ 719,834 1,712,606
733,000
Corn. stk. held for
Mortgage payable_
sale to employ._ 251,720
678.500
264,479 Fund,debt of subs
Land, bldg.,equiP.
Pref.stock of subs. 1,001,500 1,173,600
81,400
81,400
&e
23,313,235 24,151,355 1st pref.stock_ _ _ _
63,000
Good-will
62,100
1 2nd pref. stock_ _ _
Cash eur. val, life
Common stock_ _832,963,276 31,358.150
Insurance
23,297
20,189 Paid-in surplus__ 1,094,962 1,379,694
Prowl. hums. rents
Earned surplus- _b15,086,187b17,667,052
taxes.&c
754,768
761,389
Deferred charges
501,664
135,166
Acer. accts. rec,
not due
245,719
60,780,560 63,685,059
Total
80,780,580 63,665,059 Total
a Represented by 1,813,486 no-par shares. b See also y under income
statement above.
-V. 132, p. 864.
Public Service Corporation of New Jersey.
(Annual Report
-Year Ended Dec. 31 1930).
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDED DEC. 31.
1927.
1928.
1929.
1930.
Oper. revs, of sub. cos-$138.161,947 $137086,708 5125528.580 $115005.908
Oper. expenses & taxes-- 82,847,708 83,838,145 77,004,079 72,851,057
Deprec. & retirem't exp.. 11,903,894 11 417,795 11,552,008 10.084.134
Net earnings
$43.410,344 541,830,768 $36,972,494 $32,070,717
3,205,891
435,021
137,930
Non-oper. income
377,614
P. S. Corp. of N. J.
-Income from securities
pledged (excl, diva. on
stocks of oper. cos.) &
2.08,96*
from misc.sources--- *1,866,832 *1.869,169 *2.630,810
Total
$45.654,790 $43,837,868 $40,038.325 $37,485,515
DeductBd.,&c.,int. ofsub.cos. 12,292,527 11,668,048 12,030,105 16.191,589
Fixed charges of Public
5,126,868
1,631,856 3,048.475
Service Corp. of N.J- 1.489,387
$31,872.876 $330,537,964 $24,959,745 $16,167,058
Net income
Cr24,129 Cr116.939
Cr1,025,786
Cr500,230
Adjustments (net).- Divs, of sub. cos. exl.of
2.011.685
1,949,681
2,019,132
inter-company 'acc'ts. 2,209,805
7,449,800 6,701,195
5,032.153
Preferred dividends_ __ - 8,116.278
8.018.926
18.506,245 17,939,108 11,163,424
Common diva. paid
($2.40)
($33.40)
($2)
($3.40)
Rate
$33.541.779 $44,155,709 $5,107,570 $1.383,237
Balance, surplus
Shares of common out5.355,785• 4,950,189
4.153.613
standing (no par)---- 5.503.128
$3.28
$4.13
$2.24
$4.01
Earns. per share on com_
*.After deducting in 1930 31,083,417, in 1929, $1,230,359. in 1928 $1,and in 1927, $1,897,329 for expenses, taxes. &c.
169,450,
1402
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1930.
1930.
1929.
Assets$
Liabilities$
$
Fixed capital_ -626,418,671 578,466,125 Common stock
Cash
21,504,283 11,622,648
(no par)._y149,928,493
Marketable secs.
757,656
757,656 8% cum. pf.stk_ 21,531,200
Notes receivable
655,659
556,047 7% cum.pf. atk_ 28,908,000
Accts.receivable 11,384,080 11,463,720 6% cum. pf. stk.. 58,731,200
Int. & dive. rec_
33,712
21,395 35 cum. pf .stk_ 25,828,206
Mat'ls & impel- 6,451,375 6,014,811 Cap.stk.of oper.
Misc.curr.assets
sub.controlled
283,135
253,391
Purchase of pref.
through stock
stk. under deownership__ 36,862,074
!erred paym't
Cap.stk.of lessor
Plan
1,172,812 1,978,812
cos. controlled
Investments
through stock
19,755,657 13,815,772
Sinking funds
ownership__ - 5,746,087
15,340
178,567
Misc,spec.funds
28,553 Cap.stk.of lessor
Special deposits_ 1,233,961
cos, not contr.
529,740
Prepayments
through stock
750,345
768,512
linamortiz• debt
ownership____ 28,930,200
discount and
Sales under def.
expense
payment plan 1,954,228
8,240,581
6,443.976
2,964
Misc. suspense_ 2,079,915
1,894,131 Prem.on cap.stk
Funded debt___229,657,601
Accts. payab.e_ 2,981,123
Consumers'dep. 4,713,679
8,475
Misc. curr. liab_
Taxes accrued_ 3,550,266
Interest accrued 2,352,528
238,670
Misc. seer. liab_
:71,325,578
Reserve
Misc. unacil.cred 2,506,171
Profit and loss_ 25,161,723
1929.
$
138,207,100
21,531,200
28,908,000
58,731,200
7,240,199
33,770,445
5,840,836
29,063,100
2,531,330
697,720
209,457,792
3,853,336
4,388,160
11,397
4,464,542
1,882,198
241,147
53,846,069
2,438,222
27,508,469
Total
Total
700,918,557 634,612,464
700,918,557 634,612,465
x Retirement reserve, $64,401,850; contingent reserve, $763,642; casualty and insurance reserve, $3,223 193; unamortized premium on debt,
$5.465; contributions for extensions, $513.769; miscellaneous reserves,
62,417,658. y Represented by 5,503 128 shares of no par value in 1930 and
5,355,785 shares of no par value in 1929.-V. 132, P. 658.
The Pierce-Arrow Motor Car Co., Buffalo, N. Y.
(Annual Report-Year Ended Dec. 311930.)
A. R. Erskine, Chairman and President, says in part:
Basing the comparisons upon the registration figures of new cars in the
Pierce-Arrow price field purchased by consumers in 1930, Pierce
-Arrow
business decreased 19% against 33% for the field. The 19301 otal registrations for all makes of cars showed a decrease of 32.3%. The secondary
business slump which struck the automobile industry in early summer
caught it overstocked with cars and the consequent price cutting which
ensued demoralized the market, from a profit making standpoint, for four
or five months. Following this, the industry suffered the worst fourth
quarter in many years, and the last half
-year was thus rendered practically
non-productive of profit. Looking to the future, remedial steps have
recently been taken by the industry to avoid the introduction of new models
in the summer time and concentrate them,as much as possible, in the months
of November and December. If this united effort works out successfully,
one of the worst abuses of the industry will have been large eradicated.
During the year the company made noteworthy progress in the following
respects: It refined, improved and enlarged the new lino of Pierce2
Arrow
passenger cars. It engineered, tested and put into production in December a new line of 6
-cylinder heavy duty Pierce-Arrow trucks at list prices
ranging from $2,950 to $7,000 f.o.b. Buffalo. These trucks have already
received a most favorable reception from the public.
It strengthened and numerically increased its dealer organization and
increased its export business to a record, although much remains yet undone.
It effected substantial economies in men and methods in its plants and
entire organization. It amortized 3,500 shares of pref. stock and thereby
reduced the outstanding to 71,500 shares.
[Vet. 132.
reduced to 25c. per share the last quarter, the total dividend payments for
the year thus amounting to $11,065,268.
No comment is necessary upon the adverse business conditions of 1930.
and their responsibility for the reduction in earnings. it is, however,
satisfactory to note that corporation substantially maintained its relative
position in the industry
The company's strong financial position remains
unimpaired. New and better products have been developed and suecessfuily introduced to the market. Manufacturing methods and production facilities have been refined and improved. The spirit and morale
of all branches of the organization have neen sustained in the face of the
extreme and unprecedented difficulties. Intrinsically and potentially
the corporation is in excellent condition to take full advantage of the
future opportunities which will undoubtedly develop in the motor industry
when business generally makes such development possible.
While the reduced operations for the past year have made it impossible
to keep fully employed as many men as the year before, the corporation
has made it a matter of policy to provide a maximum amount of work to
the largest possible number of men. Thus, though our sales of ears decreased by $167,244,117 as compared with the previous year, compensation to those employed decreased only $29,392.578. Total wages and
salaries in 1930 were 839,830,527. or 19.2% of the gross value of sales,
SS Compared with wage payments in 1929 of 181i% of the value of sales.
No reduction was made during the year in the rate of wages, although
officers and salaried employees of the company accepted a reduction of
10% in their annual salaries on July 1.
The balance sheet shows a healthy condition. Current assets at the
end of the year amounted to $74,028,993, a sum adequate to pay off all
debt, current and funded, with a comfortable margin to spare. Net current
assets decreased during the year $8,810,916, notwithstanding the payment
of $11,065,268 dividends, the reduction of $2,182,000 in funded debt, and
a gross expenditure of $8,321,893 in additions to permanent assets. The
ratio of current assets to current liabilities at the end of the year was 6.46
to one, the best ratio in the six years of the corporation's history. Depreciation and amortization were charged during the year to the amount of
$15,292,892, and the net investment in permanent assets shows a decrease
of $9,451,557.
The year has witnessed unusual energy and initiative an tho part of
the manufacturing, engineering and sales departments in their efforts
to keep abreast of the times and to insure that the originality of design
and competitive merits of Chrysler Motors should maintain and improve
their position, even against the adverse business conditions, and in spite
of the unusualiy intense competition. In recognition of these efforts the
board authorized the transfer to the Chrysler Management Trust of shares
of Chrysler Corp. stocic purchased and to be purchased with an unexpended
balance amounting to $423,514 of funds available from the earnings of
the year 1929 for officers and employees bonus.
Business conditions during the latter part of 1930 were so violently at
various with previous estimates from even the most conservative sources.
that it was inevitable that the effect should be deeply felt by all lines of
business. One of the results of the situation was a series of substantial
reductions in prices of motor cars. There was at the same time an Improvement of values even where prices were riot actually reduced. By
reason of the reduced spending power of the public there was also a very
definite shift of demand to lower-priced cars.
We have entered the new year at a moment when every well-posted
observer is taking the most cautious attitude toward the future. Certain
it is that inventories in all sines of business are at a low point. Not alone
have banks gone to unusual lengths to strengthen their position, and
keep themselves thoroughly liquid, but by reason of the drastic reduction
In general commodity prices and tho uncertainties hanging over the future,
the public generally has shown an unusual disposition co reduce expenditures.
and put all possible cash available in savings banks. The amount of
money on deposit in the savings banks, and in the savings accounts of
commercial banks, Is higher than at any previous time in the country's
history, and when confidence is restored, as without question it will be,
these enormous savings will constitute a reservoir of capital with which
to finance a new era of extension of business and manufacturing facilities.
s of itl e nu olictedly create greater increased spending power on the
w lh up dbu b
.
part
The very fact that conditions have been so universaliy bad, and that
retrenchment has been so drastic, has called forth efforts on the one hand
to reduce expenses, and on the other hand to save money, which, coupled
with the universal attention to the importance of rebuilding the shattered
economic structure, has brought out those recuperative powers among
peoples and among nations, which are always the basis upon which a new
era of prosperity may be developed.
With the corporation's strong financial position, its excellent organization, and the undoubted popularity of its products with the puollc, your
management looks forward to the future with confidence.
CONSOLIDATED INCOME ACCOUNT YEARS 92 D DEC. 31.
1927.
x192$,
19s29.
1930.
$
parts_207,789,338 375.033,455 315.304,817 172,343,952
Sales of autos and
183,138.644 316,249,777 254,303,906 136,979,568
Cost ofsales
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED DEC. 31
1930.
1929.
Number of vehicles sold
6,922
10,347
Net sales
$19,016,972 $27,962,857
Cost of sales, incl. selling, advertising and administrative expenses, and all cost of manufacturing,
except deprec.,repairs & replace. to plant & prop 17.24NR 24,1RiNg
Depreciation
Repairs and replacements
513,274
927,338
Net profits on sales
$1,176,481 $2,295,873
Interest, discount on purchases, &c
189,528
315,459
Income from investments
440,043
Total profits
$1,366,009 $3,051,376
Interest on debentures, notes payable, &c
48,938
214,729
Debenture bond premium and expenses
270,535
Net profits for period
$1.317,071 $2,566,112
Preferred stock dividends
450,000
352,500
Class "A" stock dividends
98,625
27,104,547 62,434.085 63,587,909 36,420,601
Total income
Admin., selling, adv. &
23,729,032 31,576,364 26,833,560 13,482,587
general expenses
3,517,532
190,043
Int. paid & accrued- 3.099,693
1,623,591
Prov.forest. U.S.,Can.
3,263,090
41,667
2,438,021
4,138,963
&c.,taxes
Balance transferred to surplus account
Discount on preferred stock retired
Surplus account Jan. 1
234,155
Net income for year__
Balance Jan. 1
56,791,614
Misc, surplus credits.....
$768,446 $2,213,612
111.981 (Incl. above)
3,306,513
1,092,901
Surplus account Dec. 31
$4,186,939 $3 306,513
Earns, per sh. on 197,250 shs. cl. A stock (no par)
$11.22
$.
4 45
CONSOLIDATED BALANCE SHEET DEC.31.
1929.
1930.
1930,
1929.
Liabilities-$
$
Assets
-826,679 Notes payable
1,296,031
Cash
1,400,000
356,261 Accounts payable_ 1,200,252 1,177,665
Sight drafts outst'g 484,328
302,387 Dep.onsaies contr. 89,029
63,021
Investments
167,497
585,101 Sundry cred.& res.,
Notes & accts. rec. a466,593
inchaccr.payella 331,669
4.672,184 5,434,971
Inventories
513,447
134,817 Amt. pay, to pref.
Deferred charges
152.997
stockholders of
Branch house pron.
old co.on surrenerty not used In
der of ahs. not
888,665
mfg. operations_ 877.898
yet exchanged-2,130
6,300
Land, bldgs., machinery,eq.,&e.137,047,446 6,398,864 Due to Studebaker
Corp
1,340,604
82,952
Good-will, patents
1 Purch.money oblig. 332,500
1
346,000
& trade marks6% cum. pf. stk.... 7,150,000 7,500.000
Class "A" stock
c197,250
197,250
d230,125
Class "B" stock
230,125
Surplus
4,186,939 3,306,513
Total
15,060,499 14,927,748
15,060,499 14,927,748
Total
a After reserve for doubtful accounts of $132,544. la After reserve for
$4,153,427. c Representsd by 197,250 no par shares.
depreciation of
-V. 132, p. 868.
d Represented by 230,125 no par shares.
Chrysler Corporation.
-Year Ended Dec. 31 1930.)
(Annual Report
Walter P. Chrysler, Chairman of the Board, says in part:
Gross profit
Other income
24,650,693 58,783,678 61,000.911 35,364,384
1,056,216
2,586,908
2,453,853
3,650,407
21,902,168 30,991,795
48,225,210 28,980,722
Total57,025.769 70,127,378
Div. on pref. stock
Div. on common stock
11,065.268 13,335,764
19,484,880
19,347,601
593
59,972,517 38,833,074
1,720,758
1,041,995
8,131,595
10,705,312
Surplus, Dec. 31
45,960,501 56.791,614 48,225,210 28.980,722
Shares corn, stock out2,712,080
standing (no par)-4,431.465
4,407,475
4.414,645
$6.55
Earned per share
$4.94
$7.03
$0.05
x Includes earnings of Dodge properties from July 31 1928.
CONSOLIDA TED BALANCE SHEET DEC. 31.
1930.
1929.
1930.
Liabilities$
AssetsInvested capitala73,262,830
Land,bldgs.,mach'y & equip_b74,172,623 83,624,181 Dodge Bros.6%
debentures-- 47,583,000
Good-will
25,000,000 25,000,000
Cash
32,145,410 36,977.837 Maxwell 514%
notes
Market'lesecur 9,498,992 1,729,710
Acc'ts payable_ 9,298,808
Car Bidets. agst.
128,700
BOIL drafts_ 2,284,370 5,052,474 Prov.for Fed tax
Accr.int.,tax.,&e
905,376
106,229
Sinking fund
Notes receivable 1,561,818 4,873,649 Dealers' & distr.
deposits
1,121,847
Accts. rec. less
5,870,929
allowances_ _ _ 2,482,989 3,577,070 Reserves
45,960,501
26,055,412 38,102.158 Surplus
Inventories
Other assets
8,558,606 8,919,526
1,884,774
2,265,541
Deferred
1929.
$
73,756,355
49,178.000
587,000
13,925,348
2,497,003
854,825
1,650,544
10,500,690
56,701,614
Total
184,131,992 209,741,379
Total
184,131,902 209,741,379
a Represented by 4,414,645 no par shares. b Land, buildings, machinery
and equipment after deducting $52,594,553 reserve for depreciation.
-V. 132, p. 1230.
Goodyear Tire & Rubber Co., Akron, Ohio.
-Year Ended Dec. 31 1930.)
The corporation sold in 1930 cars and other products of a value of
(Annual Report
$207,789,338. as against sales In 1929 of $375,033,455, a decrease of
44.5%. The 1930 sales constituted 13.84% of all sales of the members
P. W. Litchfield, President, Feb. 19, wrote in substance:
of the N. A. 0. C., as compared with 13.18% In 1929. The total number
Consolidated Net Sales were $204,063.229, a reduction of 20% compared
o aut...nnoolles of all makes sold at retail in 1930 was 32.3% less than in 1929.
Net profits for the year were 6234,154, notwithstanding a loss during the to the year 1929. Further reductions in selling prices during the year
have now placed the company's product on the lowest basis of selling
fourth quarter of 1930 of $2,258,593.
Pk In spite of the decline in net earnings, directors considered that the prices in its history.
Consolidated Earnings for the year amounted to $14,798,718 before
financial condition of the company justified the payment of the first
three quarters of the regular dividend of 75c. per share, which amount was Interest and discount charges, but after providing $13,034,400 for depre.
FEB. 21 1931.]
FINANCIAL CHRONICLE
elation (depreciation provided for in11929, $10,281,171) after Federal
Income taxes and after provision for valuation of inventories and commitments for raw materials (including the rubber and cotton content of
finished product) at cost or market, whichever is lower. After deductions for interest and discount charges and profits of subsidiary companies app.icable to storks not held by the company, but before payment
of dividends, net earnings were $9,912,233. equivalent to $3.16 per share
of common stock. This profit includes the contingency reserve of $5,000.000, provided out of previous years' earnings in anticipation of abnormal fluctuations in raw material prices, which, in view of the drastic
decline In crude rubber from 16c. per pound at the beginning of the year
to 8Mc. at the end of the year and in cotton from 17Mc. at the beginning
of the year to 10c. at the end of the year, your directors have considered
it proper to appropriate.
-Expenditures on additions to properties during the
Property Accounts.
year amount to $14,339,974 which includes capital requirements for a new
factory unit near Buenos Aires, Argentina, further development of rubber
plantations in Sumatra and further expenditures on existing plants in
Akron. Los Angeles, and Gadsden in the United States and in Canada.
England and Australia.
Inventories are valued on the usual basis of cost or market, whichever Is
lower. As market prices of crude rubber and cotton declined during the
year and were, at the end of the year, considerably below average cost,
inventory values of these commodities as well as commitments for future
deliveries and content of all finished product, both domestic and foreign,
were written down to spot market prices at Dec. 31.
Cash and Government securities total $37,309,041 and the ratio of current
assets to current liabilities is 10 to one.
First Preferred Stock was reduced 11.608 shares and the first mortgage
and collateral trust bonds were reduced $1,442,500 through the operations
of their respective sinking funds.
Aeronautics.
-In the aeronautical field, the "U.S.S. Akron" is approaching completion and will probably be ready for delivery by early Summer,
whereupon we will be ready to proceed with construction of the second
naval airship of the same size.
RECORD OF SALES AND EARNINGS FOR CALENDAR YEARS.
Earns. Before
Int. and
Net Earns.
Charges but after
After all
Fed. Tax. c4:.
Charges 8:
Net ConsoliReserves.
Reserves.
dated Sales.
1922
$4,388,499
$122,818,947
$14,007,241
1923
6,507.245
127,880.082
19,205,545
1924
12,161,540
138,777,719
19.999,280
1925
13,505,899
205,999,829
16.438.890
1926
8,799,139
230,161,356
1927
19,589,621
222,178,540
13.135,666
19,567,387
1928
13,327,843
250,769,209
1929
23,753,156
18,614,374
256,227,067
1930
14.798,718
9,912,233
204,063,229
ALL TIME GOODYEAR PRODUCTION.
The figures below show the yearly Goodyear output of pneumatic tires
for motor vehicles. It is of interest to note that 48% of the output since
inception of the company was manufactured within the last four years.
Tires. Through Year.
Through Year.
Tires. Through Year.
Tires.
1902
1,084.134 1922
,
7.887,243
903
1,281.487 1923
9119335
7,781 1913
1904
1,788,484 1924
6.666 1914
10.056,437
1905
2,656,588 1925
12,458,144
12,626 1915
1906
4,118,399 1926
13,781,714
23,712 1916
1907
5,880,544 1927
28,307 1917
16,002,630
1908
3.790,212 1928
35,282 1918
21,575,945
1909
8.137,353 1929
94,200 1919
23,073,556
1910
6.863,140 1930
17,786,814
261,888 1920
1911
5,152,503 I
420,255 1921
All
-Time Total
173,389,855
-YEARS ENDING DEC. 31
CONSOLIDATED INCOME ACCOUNT
(INCL. SUB. COS.).
1930.
1929.
1928.
1927.
Net sales:(returns,discts.
$
$
freights, allowances &
Inter-company sales
204,063,229 256,227,067 250,769,209 222,178,540
deducted)
Mfg. cost & chgs. (ind•
deprec.), sell., administrative & gen. exps.,
and provision for Fed.
b190,910.570 233.914,052 a233000,969 200,313.920
income taxes
Operating profit
Other income
13,152,659 22.313,014 17,768,240 21,864,620
1,646,059
2,690,140
1,799,147
1.225,001
1403
CONSOLIDATED BALANCE SHEET DEC. 31 (GOODYEAR TIRE ec
RUBBER CO. AND SUBSIDIARIES).
1929.
1930.
1930.
1929.
Assets$
$
Liabilities$
li
Land, buildings,
1st pref. stock__ 78,45.900 79,618,700
mach. & eq.a101,927,478 101,934,442 Common stock_ c1,587,035 1.568,543
Investments ___ 5,939,417 6,252,119 Sub.cos. stk.not
Inventories ---- 57,006 291 66,111,896
owned
17,611,317 17,792,181
Accts. and notes
Funded dl. (co.) 56,588,000 58,030,500
receivable___b22,184,736 23,717,142 Funded debt of
Call loans
22,700,000
subsidiaries __ 6,825,920 9,678,471
U.S.Gov.secur. 4,521,014
Accts. and Fed.
Caned. call loans
taxes payable 8,983,917 13,031.167
& Govt.secur. 3,390,775 3,052,840 Acer. divs. dr int. 2,466,774 2,510,640
Cash
29,397,252 15,873,582 Res. for commit
Good-will, patmerits
2,023,016
1 Res.for pensions 1,606,797 1,279,188
ents, &c
1
Deferred charges 3,379,163 3,639,984 Res. for coming.
5,000,000
Miscel. reserves 1,510,238 2,123,551
Surplus
23,795,957 26,638,615
Cap, surp. paid
In on sale of
com. stock
26,289,256 26.010,460
Total
227,746.126 243,282,016
Total
2.7 746,126 243.282,016
a Less depreciation of $55,686,252. b Less reserves of $4,576,376.
-V. 132. p. 1232.
c Represented by 1,416,632M no par shares.
Baldwin Locomotive Works.
20th Annual Report-Year Ended Dec. 31 1930.
George H. Houston, President says in part:
These statements include the operations of company in the locomotive
business and the operations of its wholly owned subsidiaries, Standard
Steel Works Co. and Baldwin-Southwark Corp.; also the business of the
Midvale Co.,'of which company owns a majority of the capital stock. IIII
The locomotive business was carried on at satisfactory volume during
the early part of 1930,company having entered the year with a large volume
of orders on its books. Little new locomotive business was available for
the second half, however, and company enters the new year with few orders
booked for future delivery.
The volume of sales of the Standard Steel Works Co. for the first half
was not much below those of the previous year for the same period, but
orders for the second half fell off rapidly due to the decrease in new locomotives ordered and in the purchase of parts by the railroads for locomotive
maintenance.
The manufacturing facilities of the Southwark Foundry & Machine Co.
a wholly owned subsidiary of Baldwin-Southwark Corp., were removed
during the past year to their new location at Eddystone and a substantial
amount of new equipment was added. As of Dec. 31 all of the assets of
the Southwark Foundry & Machine Co. were acquired directly by BaldwinSouthwark Corp. and hereafter this business will be carried in the name
of Baldwin-Southwark Corp. The volume of Southwark business was
satisfactory during the early part of the past year, but in the second half
new orders have been in small volume and the company has greatly reduced
Its operations.
The Midvale Co. has just completed one of the most successful years of
Its history since the war period, and enters the new year with a substantial
volume of orders on hand, although much smaller than that with whichli
entered the year 1930.
The construction of the Eastern plant of General Steel Castings Corp.
adjacent to the Eddystone plant of the company has been practically completed during the past year and is now in operation.
-year notes, the proceeds of which
In March company sold $12,000,000 3
were used in large part to refund loans incurred in the construction of its
Eddystone plant and in the acquisition of its interest in General Steel
Castings Corp.
CONSOLIDATED INCOME STATEMENT, YEARS ENDED DEC. 31.
1930.
1929.
Sales
$49.872,456 $42,796,588
Cost of sales, including selling, administrative and
general expense
43,607,422 38,939,183
1.779,456
1,710,000
Provision for depreciation
Operating profit
Other income-Dividends
Interest and miscellaneous
Deferred profits realized
$4.485,577 $2.147,405
65,854
176.512
1,664,362
1,007,917
282,215
Total income
Interest
Miscellaneous expenses
Provision for Federal income tax
$5,559,348 $4,270,494
1,165,188
792.706
390,704
445.372
325,059
90,500
Net profit
$3,678,396 $2,941,920
Equity of minority stockholders in net profit of
Midvale Co
641.772
641.457
Tot, profits before int.
& other charges_ _ -- 14.798,718 25,003,156 19,567,387 23,089,621
Net profit accrued to the Baldwin Loco. Works-- $3,036,624 $2,300,462
Interest on funded & misPrevious surplus
23,431.001 15.167.451
cellaneous debt
3.403,729
3,494,718
4,059,884
4.144,787 Sundry additions less deductions
70,039
Proportion of disc t on
Increase of capital surplus through acquisition of
funded debt & prem.
Southwark Foundry & Machine Co
893.160
&c.
-Net
93.908
194,250
357,258
884,495 Capital surplus through equity in Midvale Co_ _-5,328,348
Refund of Federal taxes
1.628,107
Total profits for year- 11,301,081 21,314.186 15,150,244 18,060.339
Profits of subsid. cos. apTotal surplus
$26,537.664 $25.317,528
plicable to stocks not
Dividends on preferred stock
1.400,000
x
held by Goodyear Tire
1.431.513
Dividends on common stock
& Rubber Co:
1,6(10,000
Reserve for contingencies
Current dive, on pref.
Other deductions
286,527
& common stock_ -A49,811{ 1,394,802
1.148,347
Equity in undistrib't'd} 1,388.848
1
423.706,152 $23,431,001
Surplus at Dec. 31 1930
earnings
427,599
276,325 Earnings per share on 843,000 shares common
Res. for commitments
$1.94
$1.83
stock (no par)
& contingencies- --1.250,000
3,500,000
a Consisting of earned surplus of $16,950,332, and capital surplus of
Balance of profits car$6,755,818. x Dividends amounting to $1.400.000 on the pref. stock
ried to surplus
9,912,233 18,614,375 13,327,844 13,135.667 and $1,437,629 on the common were paid from reserves.
Surplus, Dec 31
26,638,615 19,344,736 25,589,105 30,705,014
CONSOLIDATED BALANCE SHEET DEC. 31.
Surplus paid in on sale of
common stock
1930.
1929.
1929.
1930.
10,710,645
Unused bal. of tax res.
Assets$
created prior to 1921_
1st mtge. 5% bds_10,000,000 10,000,000
Property, plant &
1,518,552
equipment_ _ __a52,880,260 54,477,012 534% gold notes12,000,000
Bank loans
9,000,000
Total36,550,847 37.959.110 51,146.116 43,840.681 1st mtge. bond
sinking fund_ 5,898,034 4,608,272 Acc'ts payable____ 1,034,005 2,733.319
Prem., disct. & redempAccrued accounts_ 1,184,685
Gen.Steel Castings
tion chges. on 1st mtge.
Corp. corn. stk- 5,000,000 5,000,000 Empl. say. acc'ts. 869,187 1,233,133
bonds, debs. and prior
Res, for contin.
Notes & stock of
preference stk. incident
bad debts, raise.
Bald. Lo. Wks_ 1.768,938
to refinancing & extraOther investments 1,009,527 1,018,689 res.& defd creel. 3,370,736 3,767,651
ordinary legal & other
Equity of minority
Notes & other nonexpenses
9,606,196
stockholders in
current credit inRes.for loss on llquidat'n
struments and
Cap.stk.& surp.
of subsid. properties
3,000.000
ace't,s
of Midvale Co__ 6,911,945 7,615,258
dividends.._ _ _ 5.438,239
Preferred
5,556.172
5,596,071
5,645,380 Cash in receivable 1,5,045,563 5,677,186 7% pref.stock__ 20,000,000 20,000,000
banks and
5,267,199
Common dividends_ _ _ _ 7,001,651
on hand
12.703,575 '4,776,001 Common stock no
315,000
497,126
Deprec. adj.-prior years
U.S.Treas. secur_ 750,000 1,500,000
e21,075,000 21,075,000
par)
Amounts trans'fd from
23.706,151 23,431,001
Sundry securities_ 1,058,261
57,891 Surplus
surplus to stated cap.
Notes & 0th.credit
-1st pref. stock
15.996,036
instrum'ts rec.,
Good-will and patents
due in 1931
968,757
charged off
10,209.274
Acc'ts receivable,
4,380,123 8,673.339
due in 1931
Surplus at Dec. 31--- 23,795,957 26,638,615 19,344,736 25,589.105
8,234,677 12,828,986
Inventories
Shares of corn. stk. out238,616
453,995
Deferred charges
1,398,139
standing (no Par)---- 1,416.632
1,037,199
830.249
$9.34
per share
Earnings
$3.16
$7.31
$9.02
Total
100,151.710 98,855,991
Total
100,151,710 98,855,991
a And after charging excess cost of rubber and cotton to the net amount
a After deducting depreciation of $16,221,857. b Including foreign
of $2,500,000 to special raw material reserve previously created therefor. government railway notes of $2,338,188 in 1930 and $2,371,204 in 1929.
b After charging $5,000,000 cost of rubber to reserves.
-V. 132. P. 497.
Represented by 843,000 no par shares.
1404
FINANCIAL CHRONICLE
Union Oil Company of California.
(Annual Report
-Year Ended Dec. 31 1930.)
L.P. St. Clair, President, and G.H. Forster, Comptroller,
in their remarks to stockholders, state in substance:
Production, subject to royalties, of crude oil and natural gasoline in 1030
was 18,231,650 barrels as compared with 22,602.487 barrels in 1929, a
decrease of 4,370,837 barrels, occasioned, by the heavy curtailment program. The average production of crude oil and natural gasoline (from 482
wells), on Jan. 1 1931, was approximately 41,000 barrels daily, while 479
wells were shut in capable of producing about 55,000 barrels per day. At
present the company is producing and purchasing 90.000 barrels of crude
oil and natural gasoline daily.
The production of crude oil in the State of California in 1930 totaled
228.099,899 barrels, a decrease of 63.937,012 barrels from 1929. Production of natural gasoline during the year aggregated 19.383.999 barrels
as compared with 19,146,196 barrels during 1929, the total production of
crude oh and natural gasoline in 1930 being 247,483.898 barrels as against
311,183,107 barrels in 1929.
The company s production and purchases of crude oil for the year totaled
37,675,462 barrels, and including production and purchases of natural
gasoline and purchases of refined and semi-refined products, aggregated
42,194,206 barrels, or 17% of the total production of the State as compared
with 50,733.016 barrels and 16% in 1929.
Sales for the year amounted to 688,975,200. an increase of $110,682 over
the year 1929. The volume of business aggregated 40.212.000 barrels of
Products as compared with 37.060,000 barrels for the year 1929.
Investments in Controlled and Affiliated Cornpanies.-The investments in
stocks of controiled companies are stated at the book value as shown by
the balance sheets of these companies after including appreciation of oil
properties as of March 1 1913 and making due provision for depletion and
depreciation. The advances accounts represent actual charges reflected
by the assets of the controlled companies. The investments in stocks of
affiliated companies are carried at cost and are fully worth the amount at
which they are included in the financial statement. year
aggregated $70.-Current assets at the end of the
Current Assets.
075,582, or almost 9 to 1 of current liabilities and exceeded all indebtedness.
increased 81,277,497.68 while current liabilities decreased
Current assets
31.699,950.60 since Dec.31 1929. Cash resources at Dec. 31 1930 consisting
of cash and United States Government and other bonds and demand loans,
amounted to $18,135,338.94.
Accounts and bills receivab,e. $10,764,948, are shown after deducting
reserve for douotful accounts $410,283, which is considered adequate to
cover possible losses. Inventories of crude and refined oil products amounted
to $38.066,111 and 34,001.157 barrels as compared with $41,209,769 and
36,630.586 barred;at Dec. 31 1029. The average value per barrel (including
transportation to refineries and marketing stations) was $1.12 at Dec. 31
1930 as compared with $1.13 per barrel at Dec. 31 1949, which is explained
by an increase in the quantity of oils of higher value combined with a
decrease in the quantity of oils of lower value during the year. Materials
and supplies on hand amounted to $3,109,183 and are stated at current cost.
-Capital stock outstanding increased $4,252,925 during
Capital Stock.
under
offer of
issuance
the year. due to theemployeesof 2,585 shares of Julythe 1925 and Dec. 20
171.334
15
under the offer
1928; 3,335 shares to
shares by the four 1% stock distributions made during the year, less purchase and subsequent cancellation of 7.137 shares issued to cover payment
of fractional interests in stock dividends. The total number of shares
outstanding at Dec. 31 1930, was 4.386,070 and (exclusive of Union Oil
Associates) there were 11,544 stockholders, an increase of 25%, with an
average holding of 164 shares each. Union Oil Associates owns approximately 5770 of the stock of the company and has 5,107 stockholders, an
Increase of 15%, with an average holding of 489 shares each.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1928.
1929.
1930.
$88,975,201 $88.864,519 $85,367,771 $80,273,327
Grosssales
23,796,862 34.378,472 25,917.424 25,638,087
Total profits
Deduct
1,162.590
1,179,248
1,307,164
1,264,941
General expenses
1,968.341 1,900,037 2,598,260
1,920,081
Taxes (incl. Federal)_
473,603
507,877
482.404
419,734
Empl. provident funds
Deprec n, depletion. &c_ 9,502,647 15,129,627 10.713.948 10,824,907
1,630.598 1,125,427 1,205,852 1.178.920
Interest on bonds
Miscellaneous interest Cr .608.808 Cr591,457 Cr657,199 Cr682,961
89.604,997 $15.019.635 $11.101,935 810.048,494
Net income
8,566,787 7,986,338 7,587.320 9,475,836
Cash dividends
$1.038.210 $7,033,297 $3,514,615
$572,658
Balance, surplus
29.196.822 23,225,275 19,738,275 19,249,805
Previous surplus
Adj. of res. for deprec. &
7,081,124
depletion
$37,316,156 $30,258,572 $23,252.889 $19,822,463
Total surplus
17,471
27,615
27,345
84,187
Discount on bonds, &c
Stock dividends(1%) -- 4,283.395 1,044,278
Cr3,799,930
Prem.on sale of cap.stk.
600.000
Due on 5% debs.sold- -Add res., deduct. from
2,500.000
invent
...
yApprop.(oper. prop)_Cr34,153,978Cr40,878,559Cr40,878,559Cr40,878,559
.
$64,059,396 $73,875,311 $64,103,834 $60,616.834
Total surplus
Shares of capital stock
outstanding (par $25)- 4,386.070 4,215.953 3,795,057 3.791,924
$2.93
$3.56
$2.19
$2.65
Earns.per sh.on cap.stk.
y Surplus arising from appreciation in value of proven oil properties.
taxes shown, there was paid for State
-In addition to the amount of
Note.
gasoline taxes during 1930 the sum of $7.007.641.
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. OWNED COS.)
1930.
1929.
1929.
1930.
LiabilitiesS
$
$
$
AMUCapital stock_.109,651.7S0 105,398,825
rights,
011 lands,
Employees'stock
gas & water
subscriptions_
148,000
lines, &c _ -__a312,864,863 300,210,227 Mortgage debt_ 36,734,500
21,544,500
Inv. in Mill. er 838,583
714,277 Accts. payable_ 6,838,283 7,690,399
controlled cos.
Accrued interest
407,167
344,541
U.S.Govt.bonds
& Tress. ctfs_ 7,000,000 5,933,263 Reserves- teey118,513,431 76,885,630
Depl. oil
de0th.bonds &
Dona & eq 43,125,263 52.548.792
mand loans_ _ 4,831,838
Drilling exp.
29,774,833
Oil, drc.. Inven'y 38,066,111 41,209,769 Ins. dr contin.
339,238
293,324
3,109,183 3,489,143
Mat'ls & supp__
1,203,653
Bills & accts. roc 10,764,948 10,317,304 Res,for taxes_ 29,905,417 1,912,112
29,198,822
28,700 Surplus earnedstk. subs.
Empl.
545,973 Prem. on sale of
618,594
Taxes dr insur__
6,303,103 7.839,906 capital stock_ 3,699,117 3,799,930
Cash
147,707 Surplus through
172,174
Miscellaneous_ _
apprec. of oil
34,153,979 40,878,559
property
384,389,796 370,418,289
384,369,796 370.416.269 Total
Total
a Includes oll lands and development, $216,325,840: pipe lines and
storage system. $20,087,131; steamships, marine equipment, 312.621,198:
refineries, $21,954,406; marketing stations, $35,455,916 and absorption
plants and gas facilities, $6.420,372.-V. 132, p. 509.
Boston Elevated Railway.
-Year Ended Dec. 31 1930.)
(Annual Report
-YEAR ENDED DEC. 31.
TRAFFIC STATISTICS
1928.
1927.
1929.
1930.
Round trips operated-- - 7.453,801 7,361.738 7.316.027 7.295.371
$31,415,746 $32,885,587 $33,616,877 $34.000.570
Passenger revenue
58.49c.
59.83e.
58.01c.
56.04c.
Pass. rev, per mile (cts.)
$5.92
65.93
$5.66
Pass. rev. per hour
5
35 8
56,060,874 MR84,986 57,475,124 56,927.962
xPass, rev. mileage
5,735.491
5,613.300 5,674,941
Passenger revenue hours 5,543,253
Rev. passengers carried -342,694,905 354,214.990 362,005,033 366,938,908
Rev, passengers carried:
6.298
8.457
6.249
6.113
Per mile
63.98
63.79
63.10
61.77
Per hour
:Incl. mot. bus rnilsage- 7,813,467
7,138,386
5.999,879
5.662,766
[You 142.
COMPARATIVE DIVISION OF RECEIPTS AND EXPENDITURES
-Calendar Years1929.
1928.
1930.
1927.
Total receipts
$32,510,721 334,096,623 834,843,147 $35,193.410
Operating Expenses
Wages
$15,865,649 $16.093,871 $16,646,421 616,767,338
Material & other items
2,999,654 2,996,280 3,183,935 3,262,789
Injuries and damages..-917,355 1,010,3't9 1,3013,883 1,203,518
Depreciation
2,839,342 2.878,055 2,671,142 2.824,220
Coal
1,091,808 1.084,467
905,974 1.046,163
Total open expenses-323.527,975 $24,024,747 $24,900,189 $25,132,333
Rent of leased roads (including dividend rental
under Chap. 159, Acts
of 1918)
3,130.025 3,139,001 3.145,726 3,152,432
1.619,963
1,721,678 1,864,136
Taxes
P1,686,951
Subway, tunnel & rapid
2,389,354 2,224,088
Transit line rents.. _ _ _ 2,775,244 2,650,371
Int. on bonds and notes- 2,455,375 2,495,850 2,557,566 2,524,843
72,618
88,583
72,763
69,790
Miscellaneous items....
Total cost of service-433,645,360 634,002,550 $34,803.096 $34.970,594
Gain for year
$40,051
$94,073
$222.815
Loss for year.
$1,134,639
Note.
-Profit and loss adjustments not included in above.
INCOME STATEMENTS FOR CALENDAR YEARS.
1929.
1928.
Operating Income1930.
1927.
Passenger revenue
$31,415,747 $32,885.588 333,616.877 $34,000,570
1,122,103 1,125,779 1,095,305
Mails, rentals, ad., &c....
990,651
Total
-832,406,398 $34,007,696 834,742,656 $35.095,875
Operating ErpensesWay and structure
$3,328,419 $3,336,538 $3,669,424 83.764,086
4.226.794 4,299.552 4,261.798 4,269,727
Equipment
Power
2.391.733 2,501,694 2,505,525 2,515,297
Transportation expenses 10,735.975 10,892,280 11,167,506 11,436.060
33,310
22,253
Traffic
31,863
58,006
General & miscellaneous 2,792,208 2,978,798 3,271,513 3,122,604
Cr6,367
Cr8,887
Cr7,303
Cr5,160
Transportation for invest
Total oper. expens--$23,527.975 $24,024,747 $24,900,189 $25,132,333
Net earnings
8,878,424 9,982,949 9,842,467 9,963,543
1,619,962 1,721,678
Taxes on ry. operations- 1,686,951
1.864,136
Operating income_ _
$7,191,473 68.362,986 $8,120,739 88,099,407
1,847
3.607
Income from funded sec..
3.551
4.268
27,919
37,353
Inc. from unfunded sec_
34,022
42,684
33,280
33.280
Inc from sink,fund,arc_
33,280
33,280
25.882
26.261
Miscellaneous income...
25,963
24,808
Gross income.
$7,295,796 $8,451,913 $8,221,280 88,196,941
Dedaelions49.473
50.120
Rent for leased roads-48.716
49.919
2,389,354 2.224,088
Miscellaneous rents- - -- 2,775.244 2.650,371
Net loss on misc.physical
8.481
24,388
5,133
8,877
property
Int. on funded debt
2,456,285 2,462.375 2,462,375 2,464,866
33,475
95.190
Int. on unfunded debt..
Cr.910
59,977
Amort. of dirct. on fund.
47,386
47,386
48.412
debt
46.823
16.750
16,808
16,245
17,063
Miscellaneous debits.-Total deductions from
$5,349,126 $5,268,312 $5,085,622 $4,871,607
gross income
1,946,670 3.1S3,601 3,135,658 3,325,328
Balance_
512,000
512,000
1st pref. divs. (8%) --512.000
512.000
934,764
940.843
2d pref. divs. (7ef;)
947,748
926,544
210,000
210,000
210,000
210.000
l'referred dividends(7%)
1,432,764
1,432.764 1,432,764
Corn,div.(6%)
1.432,764
$40.051
394,073
$222,816
Balance, surplus-- -- df$1,134,639
Shares of corn. ou.stand238.794
238,704
238,794
238,794
ing (par 3100)
$6.17
$6.93
$6.39
$1.25
Earn, per share on com_
-The reports designate the dividends as "Boston Elevated Ry.
Note.
amounts have been separated by us for
Co. dividend rental," bus the
-Ed.
comparative purposes.
GENERAL BALANCE SHEET DEC. 31.
1930.
1929.
1929.
1930.
$
Liabilitiess
Assets$
Road & equip_112,254,907 112,787,510 let pref. stock__ 6;400,000 8.400,000
735,952 2d pref. stock.- 13,183.450 13,292,800
737.991
Misc.ohm prop
244.468 Preferred stock.. 3.000,000 3,000,000
245,150
Other investm'ts
558,408 Common stock.. 23.879.400 23,879.400
587,526
Cash
Prem.on cap.stk 4.939,905 4.939,905
Deposit for int.,
791,076 Funded debt.- - 51,270,000 51,874,000
dive.. &c..--793,322
Mortgage notes_
125,000
125,000
Spee'l deposit a
300,000
283,838 L'ns & notes pay
reserve fund
vouch. & wages
Loans and notes
611,546
7,242 payable
472,800
500
receivable.....795,808
792,282
353,438 Mat.int.,cliv.,&e
207,359
Misc.accts.rec.913,797
Mat%& suppl__ 1,946,274 1,917,863 Accr.int.,c1Iv.,&o 912.185
18,243
13.154
Def. liabilities_.
Int., div.& rents
573,452
610.779
5,559 Tax accrued-5,889
receivable__ 112,125
45,309 Prem.on fd. dl.
135,927
44,880
0th. curr. assets
Ins.& oth.funds 2,980.307 2,952,341 Oper.reserve_ __ 1,474.675 1,679,599
55,955 Accr.deprec'n__ 13,867.480 12.714,706
108,857
Prepd. rents, &t,
144,255
181,787
340,192
368.118 Misc.unadj.cred
Disc.on fd. debt
29,055 Adv.by comm.of
21,821
Oth. unadl.deb.
Mass.acct.def.
Cost ofserv. def.
1,349,333
in cost ofeery_ 1,349,333
for 12 mos.end
45,743
June 30 1919. 1,349,333 1,349,333 Profit & loss sur. de1809,875
Grand total...121,624,308 122,483,286
-V.132, p. 1219.
Grand total.-121,824,308 122,483,268
The Brooklyn Union Gas Co.
(Annual Report-Year Ended Dec. 31 1930.)
President James H. Jourdan says in part:
In June 193() company issued 318,000,000 20 year 5% debenture bonds
Covering in part the additions and betterments made to plant and property
during the period from Aug. 1 1924 to Dec. 31 1929. The bonds were
issued and sold at par.
Of the previous issues of convertible debenture bonds, $88,600 of the
7% bonds due in 1932 and $357.500 of the 5)i% bonds due in 1936 remain
unconverted into the stock of the company.
There were 740.186 shares of capital stock outstanding on Dec. 31 1930
and 736,718 shares on Dec. 31 1929. The average outstanding stock
for 1930 was 738,867 shares and for 1929 was 724,754 shares. As of Dec.
31 1930 there were 5,263 stockholders.
Reference was made in the previous report to the proposed sale of the
coke oven plant at Greenpolnt Works to the Brooklyn Coke & By-Products
Corp., a subsidiary of the 'Coppers Co., and that application had been
made to the Public Service Commission for its consent to the sale and
transfer of the coke oven plant under the terms of the contract that had
been entered into. After several hearings In the case the Comm salon
issued an opinion setting forth its views and indicated its disapproval of
the sale of the plant. In view of the Commission's opinion, the company
withdrew its application and, beginning Jan. 1 1931, the coke oven plant
will be operated by the company.
to keep pace with
The extension of the distribution system of gas mains Queens continues,
building operations in the Boroughs of Brooklyn and of large sewers still
the extension
and the canstruction of new subways and relocation of mains and services.
necessitates extensive reconstruction and
improved
These activities, together with the construction of new and reflected
highways, serve to develop the territory and should eventually be
business.
In the expansion of the company's
In order to improve the efficiency of the Citizens' Works, a new 800,000
cubic foot relief holder and tar storage tank was erected, together with
new station meter, exhauster and other incidental apparatus and extensions,
at an approximate cost of $425,000.
FEB. 211931.]
FINANCIAL CHRONICLE
1405
One of the company's manufacturing plants known as the Fulton Works
was withdrawn from service and the proper deductions made from the
capital accounts. Due to the operating efficiency of the Greenpoint Works
this plant had become no longer used and useful.
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
1929
1928
1930
$25,472,254 $25,626,643 525,579,088
Sales of gas
320,095
294,349
225,942
Miscellaneous revenue
During the year, the common stock was increased by 7,500 shares.
issued in connection with the acquisition of a minority interest in the
Metal Box Co., Ltd., of London, Eng., principal can manufacturer of
the British Isles. In addition, a majority interest was acquired by company in one of the leading can-making companies of France, the Compagnie
Franco-Continentale de Boites Metalliques, operating two plants in Nancy,
France.
Total expenditures for new plants and plant improvements amounted
to $4,565,013 in 1930, including the acquisition of a plant at Jacksonville,
Fla., and the erection of a new factory building at Chicago. In addition,
$25,698,196 $25,920,991 $25,899,183 a new plant was constructed in Havana by company's Cuban subsidiary.
Total operating revenues
15.648,538 15,324,731 17,690,580
Operating expenses*
At Dec. 31 1930, company had $13,421,648 cash and no obligations
112,769 other than purchase money mortgages amounting to $89,000 and current
107,278
135,510
Uncollectible bills
2,013.809 accounts payable of $1,409,869. Inventories of $10,590,303 represented
2.191,776
2,101,888
Taxes
a decrease of 23% from the total of $13.775552 on hand at Dec. 31 1929.
Oper. income applic. to corp. prop- $7,812,257 $8,297,206 $6,082,024
On the whole, the year 1930 was a satisfactory one for company in
21,181
18,509 Point of volume of business and profits. Production of canned foods
28,275
Income from non-oper. properties_ _ _
2,492
3,623
2,586 was reduced in some sections of the country by the drouth, but this was
Non-oper. revenue deductions
largely offset by increased production in other sections. Production of
$18,689
$24,652
$15,923 General line cans showed a slight decline in 1930, due to general business
Non-operating income
conditions prevailing.
$7,836,909 $8,315,895 $6.097,947
Gross corporate income
RESULTS FOR YEARS ENDED DEC. 31.
1,760,627
1,179.829
1.659.061
Interest on long-term debt
182,140
1,568,672
820.621
Miscellaneous interest deductions_
1929.
1928.
1930.
1927.
9,546
15,004 Net earnings
4,794
Amortization of debt disct. & expense
512.023,531 511,902,273 $8.858,691 56,093.423
4,800
4,800
4,800 Depreciation
Amort. of prem. on debt-Cr
1.267,895
1.826,770
977.802
2,185,437
10,252 Res.for taxes & contIng_ 1,100,000
9,380
2.502
Misc. deduc.from gross corp. income_
1,107,801
900.000
676.975
Net income
$5,354,732 $5,553,268 $4,134,726
$6,690,797 54,438.646
Net income
17,997,611 15,360.863 13,845,201 Pref. dividends (7%)...... $8,738.094 $8,967,703
Balance at beginning of year
346,036
311,912
363,778
11,934
Miscellaneous profit and loss items_ _ _ Dr.89,086 Cr.694,672 Dr.63,483 Common dividends
3,243,276
3,965,687
2,568,950
4,321,988
Total
$23.263,257 $21,608,803 $17,360,863
$4,404,172 $4.690,104 $3,101,485 $1,505,918
Surplus
3,611,192
2,555,580 Previous surplus
Dividend appropriation of surplus--- 3,693,822
7,239,410 6.052,602
12,828,904 8,563,440
to red.
$19,569,434 $17,997,611 $15,360.863 Surplus applic.(net)
Balance at end of year
2,207,000
2.387.500
of pref. stock
Shs. cap,stock outstanding (no par)..
736,718
740,186
516,912
$7.54
$7.23
Earnings per share on capital stock _ _ $8.00
$12,728,395 $9,765,519
Total surplus
2,034,435
1.882,788
1,630,082 Non-recurring charges.. 517,233,076 513,253,544
*Includes: Maintenance
37.618
303,268
220,849
51,807
673,427
669,318
672.184 Res.for pref. stockhold's
Retirement expense
150.000
Write off book value of
CONSOLIDATED BALANCE SHEET DEC. 31.
146,148
Patents & good-will
1930.
1929.
100,992
1929.
Depreciation on patents
15,537
1930.
Liabilities$
Assets$
Prem. paid in redemption
s
$
Fixed capital___111,271,041 112,073,837 Capital stock___x37,009,300 36,835,900
of preferred stock_
1,023,417
203,790
debt___y39,366,100 21,539,500 Corn,stock dive.(100%)
Cash
a3,550,000
2,459,875 3.834,819 Funded
Notes receivable
Mat'd long term
281,051
100
Acc'ts receivable 2,479,275 2,4J, ig?
debt unpaid__
300
t
I
Profit & loss, surplus _$16,157,852 $12,828,904 $8,563,440 59,626.910
Int. & dive. roc _
971.565 2,750,689 Shares corn, stock out10,223 Acc'ts payable__
23,001
Mat'is & suppl's 3,057,702 3,111,324 Notes payable__ 5,250,000 23,000.000
540,000
standing (no par),...__ 1,732,545
1,459,991
1,725.045
518,698
491,778 Earned per share
Prepayments...
333,716 Contr. for ext'ns
66,836
$5.02
$7.54
$4.35
$5.04
42,284
Mis.unadj.cred.
50.117
Investments ......
155,000
a Being 710,000 shares of no par value.
155,000 Consum. depos_ 2,435.615 2,636,161
Special deposits_
203,178
196,330
Consolidated Balance Sheet Dec. 31.
15,730
Misc. accr. liab_
25,548
Unamortiz. debt
34,828
dIsct. & exp
35,763
1929.
1930.
60,127 Mat'd Int. unpd.
1929.
1930.
88,038
LfaN/ftics$
Suspense(gas unAssetsInt. accrued-- __ 1,159,715 1,171,655
$
$
8
640,294
billed,&c.)
761,478 Real estate, bides.,
Preferred stock..
c4,093,700
1,461,651 1,376,159 Taxes accrued__
44,067
Misc. curr. Bab_
37,557
machinery, &c.a45,852,661 43,960,944 Common stock_ _ _63,221,503 82,728,564
925,665
Divs. declared_ 924,693 Investments
89,000
100,000
2,663,794 1,091,940 Pur. money mtge_
RCS.for retirels,
10,590,303 13,775,552 Accounts payable_ 911,084 1,457,720
Inventories
conting., &c... 13,458,003 15.392,216 Accts.& bills rec..,. 9,037,966 7,675,864 Divs. payable_
71,916
Unamort. prem.
Cash
13,421,648 16,025,663 Accrued wages,
78,400
83,200 Acced int. & dint.
70,434
498,785
on debt
taxes, &c
581,374
67,806
19,569,434 17,997,611 Employees subscr.
Surplus
Reserve for taxes_ 1,158,047 1,122,587
189,963 Other reserves..,.,, 211,878
185,236
37,281
to stock
Total121,519,802 123,734,168 Prepaid Insurance_ 526,492
Total
379,514 Surplus
18,157,852 12,828,904
121,519,802 123,734.166
x Represented by 740,186 shares of no par value in 1930 and 736,718
Total
Total
82,247.954 83,189,880
82,247,951 83,169,880
shares in 1929. y 5% 1st consol. mtge. bonds due 1945, $14,736,000:
Citizens Gas Light co, e eonsol. mtge. bonds due 1940, 5264,000; 1st lien
a Less reserve for depreciation of $11.877,995. b Represented by
& ref. mtge. 6s, due 1947, $6,000,000: 7% cony, debentures, due 1932, 1.732,545 shares no par value. c Called for redemption Jan. 15 1930
58.600: 534% cony, debentures duo 1936, $57,500, and 20-year 5% deben- at $125 and accrued dividends.
-V. 132. P. 500.
ture bonds due 1950. $18,000.000. V. 132. p. 490.
-
Texas Gulf Sulphur Company.
(Annual Report-Year Ended Dec. 31 1930).
H. F. J. Knobloch, Secretary, in remarks to stockholders,
said:
Please be informed that during the year 1930 this company paid four distributions to its stockholders, which distributions came from free surplus
and reserves for depletion in following proportions:
From
From
Amount
Free Surplus. Depletion Res.
Dateper Share.
21.0989
178.9011%
March 15 1930
21.9759 o
78.0241
June 16 1930
23.6539%
Sept. 15 1930
76.3461%
Dec. 15 1930
23.6539%
76 3461 0
1
We are advised that the distributions from depletion reserves are to be
treated, under Federal Revenue laws, as capital distributions. The above
allocations have been arrived at by agreement with the Treasury Department
subject, however, to allowance of certain depletion claims which this company has pending with the said department.
INCOME ACCOUNT FOR YEARSENDED DEC.31.
1929.
1928.
1930.
1927.
Gross income
$25,815,550 $29,883,243 $26,083,612 $22,328,199
Cost of sales, &c., exp.
incl. Federal taxes- _ 11,843,466 13,635,765 11,565,993 10,228,825
Balance,surplus_ - _ $13,972,085 $16,247,478 $14,517,619 $12,099,374
Previous surplus_ _ _ _
21,388,561 15,301,082 10,943,463
9,004,089
Total surplus
835,360,646 $31,548,560 $25,461,082 521,103,463
Dividends paid _____
10,160,000 10,160,000 10,160,000 10,160,000
Rate
($4.00)
($4.00)
($4.00)
($4.00)
Total surplus, incl.
depletion reserve_ ...$25,200,646 $21,388,560 $15,301,082 $10.943,463
Earns, per sh. on 2,540.
000 ans. (no par) cap.
stock
$6.40
$5.50
$5.72
$4.76
BALANCE SHEET DEC.31.
1930.
1929.
1930.
1929.
AssetsLiabilities$
$
$
Lands & develop.'
Capital stock
x6,350.000 6,350,000
plants, bulld'gs,
Accts. payable and
mach.& equip _ 25,501,805 23,653,778
taxes accrued __ 1,214,198 1,305,926
Inventories
11,928,750 8,731.960 Deprec'n unpaid
5,488.051 5,713,141
Cash
Federal tax and
1,358,464
Securities
47.000 other reserves_ _13,663,597 12,299,129
Accts.receivable__ 1,798,929 2,552,685 Surplus including
deple'n reserve_25,200,645 21,388,561
Notes & trade ac72.872
405,439
ceptances rec___
176.307
Misc. rec. & adv.- 159,148
120,623
63,307
Deferred assets_ _
46,428,441 41,343,616
Total
Total
46,428,441 41,343,616
-V.131, p.2710.
x Represented by 2,540,000 no-par shares.
Continental Can Co., Inc. (of New York).
(Annual Report-Year Ended Dec. 31 1930.)
C. Huffman, President, Feb. 14, said in part:
0.
On Jan. 15 1930 all of the preferred stock was redeemed at $125 per
share requiring in addition to the accrued dividend a total of $5,114,625,
of which amount $1,023,417 representing premium was charged to surplus.
Other chargesto surplus for non-recurring items in the amount of $51,806
left a net addition to surplus of $3,328,948.
The Shawinigan Water & Power Co.
(33d Annual Report-Year Ended Dec. 31 1930.)
J. E. Aldred, Pres., says in substance:
Financing.-In March the directors sold 515,000,000 series 0 5% 1st
mtge. & coll, trust sinking fund gold bonds. Part of the proceeds was used
in connection with the new unit at Grand'Mero, works on the Upper
St. Maurice, transmission lines, additions to the chemical plant and for
extensions and betterments to the company's distribution system. In
October $20,000,000 series D 4,35% 1st mtge. & coll, trust sinking fund
gold bonds were sold. From the moneys received the outstanding bonds
of Laurentide Power Co., Ltd., amounting to $7,851,000 were redeemed
and the mortgages on that company's properties discharged, in order to
consolidate the properties of the two companies.
The balance of cash remaining from the sale of these bonds will be used
to meet capital expenditures covering the general development of the system,
including the new unit at La Gabelle, extensions to transmission lines and
also the development work in the Upper St. Maurice River. The market
subsequent to the sale of these bonds indicated the wisdom of the company
in having taken advantage of the favorable conditions at the time of the
sale and the company as a result is in the very satisfactory position of being
fully financed for the year 1931.
Distribution of Shares.
-The 2,178,250 shares of the company are now
held by 17,754 shareholders, an increase of approximately 1.700 since the
1929 annual report. Of the outstanding shares, approximately 73% are
owned in the Dominion of Canada by 14,926 shareholders. At the end
of 1924 the 200,000 shares of $100 par value then registered were held by
3_,892 shareholders, of which shares 69.75% were held in the Dominion of
Canada by 2,830 shareholders. Of the outstanding shares, 1,387,332
shares or 63.7%, are now held In the Province of Quebec as compared with
121,066 shares, or 60.5%, in 1924.
Electrical Output.
-During 1930, 3.276,114,085 kwh. were generated
and delivered. This shows a decrease of 5.33% as compared with the
figures of 3,460,531,057 for 1929. The peak load for 1929 was 722,000
and for 1930. 731,000 h.p. Although there has been a slight decrease
in the kwh. output, owing to the lower load factor of the paper companies'
Operations, there has been no corresponding decrease in the company's
power revenue.
Distribution and Transmission -Company has in operation 3,870 miles
of transmission and distribution lines as compared with 1 622 miles in
1924 and is giving service either directly or through subsidiaries to 103,000
customers, or, at a conservative estimate, to a population of Over 500,000.
Company now serves (including the Island and District of Montreal,
through the sale of power to Montreal Light, Heat & Power Consolidated)
406 cities, towns and municipalities having a total population of well over
2,000,000 people.
Company's distribution business has increased by over 100% within the
last five years and shareholders can be assured that this division of the
service is being developed to its fullest extent, not only to increase the use
of power for industrial purposes but also for lighting and electrical appliances of all kinds.
Continuous Prooress.-The directors have for many years past not only
made provision for an adequate supply of power to meet ordinary increase
in demands, but have fully anticipated the future requirements of the
districts served. With the rapid growth of the company's business there
has been no lack of power and the development of the •Rapide Blanc on
the St. Maurice River is a continuation of this policy. It is anticipated
that, before the supply of new power from Rapide Blanc is available, the
present margin of excess capacity of the Shawinigan company, which is
not great, will be absorbed and that there will exist during the fall of 1932,
a demand on the company's system for a substantial part of the output of
the Rapids Blanc development.
The active part the company is taking in the industrial development
of the Province can in no way be better illustrated than by pointing out
the fact that during the past 18 months there have been established within
the district served by the company and its subsidiaries 21 small industries.
giving employment to 1,685 employees, and calling for the delivery of
approximately 6,500 h.p. The annual wage roll of these industries will,
it Is estimated, exceed $1,500,000.
1406
FINANCIAL CHRONICLE
Contract with Montreal Light, Heat & Power Consolidated.
-The directors
would call the attention of the shareholders to the fact that the contract
for the supply of power to the Montreal Light, Heat & Power Consolidated,
which would have been due for renewal, under ordinary circumstances,
in January 1936. was renewed in January 1931, for a period of 36 years,
on mutually satisfactory terms.
Quebec Power Co.
-The Quebec Power Co., distributing power and electricity in the City and District of Quebec and operating the Quebec Ry.
Light & Power Co., has had a satisfactory year and made substantial
progress, despite the conditions existing during the year 1930.
Shawinigan Chemicals, Ltd.
-The plants of the Shawinigan Chemicals,
Ltd., during 1929 were employed to practically their full capacity and this
scale of operation continued during the early part of 1930. During the
latter months of the year these plants were operated at less than full
capacity, owing to the lessening demand for the products of the company.
Company earned for the year a substantial amount above Its requirements
for operating expenses, fixed charges and depreciation.
At the request of the Government the company has made available
large quantities of agricultural limestone at its quarry at Bedford, Que.,
which is being distributed under the direction of the Department of Agriculture of the Province of Quebec.
Construction.
-The construction of a storage dam at Toro Rapids on
the Mattawin River, for the Quebec Streams Commission, was completed
in October 1930. and water is now being impounded. Company will
begin to benefit from this storage to a large extent in the fall of 1931,
particularly from the operation of the new units at Shawinigan Falls,
Grand'Mere and La Gabelle.
The 25,000 h.p. unit mentioned in the 1929 report as being installed at
Grand'Mere is now in service. The 30,000 h.p. unit at La Gabelle is in
process of construction and will be completed and placed in operation in
the spring of 1931.
Transmission lines, to a total length of 194 miles, were constructed
during the year, the most important of these being from La Tuque to
Rapid° Blanc, 26 miles, and the extension of the Hemmings Falls line to
Asbestos, 25 miles. There was also constructed a substation at Hemmings
Falls, connecting the transmission system from Shawinigan to Asbestos
with the Southern Canada Power Co.'s system. In addition, there were
added to the distribution system of the company 178 miles of lines.
(VOL. 132.
Comparative Income Statement for Calendar Years.
1929.
1928.
1930.
Gross earns, all sources-$14,954,075 $13,475,862 $11,562,331
Operating expenses, &c_ 4,932,597
4,710,129 4,463,807
Bond interest, &c
2,857.750
2,250,000
3,450,807
Depreciation reserve_
800,000
800,000
800.000
Net income
$5,770,671 $5,107,979 $4,048,523
Dividends _______
4,317,603
2,861,428
5,445,625
Balance,surplus_ _ _ _
$790,376 $1,187,095
$325,046
Prey.surp.(after adj.)-- 1,010,347
1.475,653
937.338
Total
$1,335,393 $2,266,029 $2,124,433
Reserve & sinking fund_
952,002
196,089
xTotal surplus Dec.31 $1,335,393 $1,314,027 $1,928,344
Shares capital stock outstanding (no par)_ ___ 2,178,250
2,178,250
1,867,072
Earned per share
$2.34
$2.17
$2.64
x Surplus subject to deductions for income tax.
COMPARATIVE BALANCE SHEET DEC. 31.
1930.
1930.
1929.
AssetsLiabilities$
$
$
Totalfix.assetsx155,668.342 139,924,500 Capitalstock- _y72.118,447
Moveable plant
Bonds
85,215,000
& stores
1,132,716 1,318,922 Lauetide Co.,
Prepaid charges_
Ltd
316,678
330,531
Accts.& bills rec 1,925,312 2,590,884 Aeets.&bIlls pay
598,554
Callloans
12,302,092 1,000,000 int. & div. pay_ 2,413,462
Cash
1,631,221 1,035,623 Depreciation reserve, &c_ _ _ - 8,473,952
Reserve account 2,000,000
Contingent & insurance fund_
835,408
Surplus
r1,335,392
1927.
$9,362,828
4,430,552
1,637,493
400,000
$2,894,783
2.200.000
$694,783
397.067
$1,091,850
$1,091,850
1,200.000
$2.41
1929.
$
y72,239,435
51,104,500
7,869,500
1,035,565
2,105,377
7,701,511
2,000,000
816,691
1,314,027
• Total
Total
172,990,215 148,186,607
172,990,215 146,186.607
x After deducting $11,220,111 for reserve. y Represented by 2,178,250
of no par value. z Subject to deduction for income tax.
-V. 132.
P. 1223.
F hares
enerat Corporate anb ifnbefitment getuo.
STEAM RAILROADS.
-The Chicago St. Paul & Omaha RR. has joined the ChiRail Fare Cut.
-cent
cago & North Western and the Milwaukee railroads in establishing 2
passenger fares in southern Minnesota. The railroads do not wish to put
-cent fares in general use in the territory, but are tryin_g the plan as an
2
experiment in certain territories. N. Y. "Evening Post" Feb. 14, p. OF.
-A protest was filed on Feb. 19 by the carriers
Rate Cut in West Protested.
-S. C. Commission requiring Western roads
against a recent order of the I.
to revise freight rates on grain and grain products by April 1. N. Y.
"Evening Post," Feb. 19, p. 21.
-Class I railroads on Feb. 8, had 654,179 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was an increase of 7,429 cars compared with January 31, at which time there
were 646,750 surplus freight cars. Surplus coal cars on Feb. 8 totaled
252,216, an increase of 11,924 cars within a week, while surplus box cars
totaled 330,371, a decrease of 6,206 cars for the same period. Reports also
showed 30,844 surplus stock cars, an increase of 1,276 cars above the number reported on Jan. 31, while surplus refrigerator cars totaled 15,088, an
increase of 581 for the same period.
-Class I railroads of this country on Feb. 1
Locomotives in Need ofRepair.
had 5,522 locomotives in need of classified repairs or 10% of the number on
according to reports just filed by the carriers with the car service
line
division of the American Railway Association. This was an decrease of
134 locomotives below the number in need of such repair on Jan. 15, at
which time there were 5,656, or 10.3%. Class I railroads on Feb. 1 had
9,683 serviceable locomotives in storage compared with 9,546 on Jan. 15.
-Reports just made by
Accidents Decreased in First 11 Months of 1930.
the railroads to the Inter-State Commerce Commission showed a marked
reduction for the first 11 months of 1930, compared with the preceding year,
not only In the number of accidents at highway grade crossings, but also in
the number of casualties resulting therefrom. Accidents at highway
grade crossings totaled 4,390 for the first 11 months period, a reduction of
989 compared with the same period in 1929. Fatalities resulting from such
accidents totaled 1,848, in the first 11 months of 1930, a reduction of 400
compared with the same period in 1929, while persons injured so far in 1930
totaled 4,992, a reduction of 1,133 compared with the year before. For
the month of November alone, there were 519 accidents at highway grade
crossings, a reduction of 143 under November 1929, while 193 fatalities were
reported as caused by those accidents. This was a reduction of73 compared
with the number reported for November 1929. Persons injured in highway
grade crossing accidents in November 1930 totaled 612 compared with 751
In the same month of the preceding year.
Average Speed of Fi viola Trains in 1930 Highest for Any Year on Record.
The average speed of ft,ight trains in 1930 was the highest for any year
on record, accordi),g to complete reports for the year just received by the
Bureau of Railway Economics. The average speed for this year was 13.8
miles per hour, which was an increase of six-tenths of one mile above the
best previous record established in 1929. This represents the average per
hour for all freight trains between terminals, including yard and road
delays, no matter from what cause. The daily average movement per
freight car in 1930, according to complete reports for the year, was 28.7
miles per day, a reduction of 3.6 miles under that for 1929.
In computing the average car movement per day, account is taken
of all freight cars in service. including cars in transit, cars in process of
being loaded and unloaded, cars undergoing or awaiting repairs and also
surplus cars on side tracks for which no load is immediately available. The
car surplus in 1930 was 96.9% greater than during 1929, which had an
undoubted effect on the reduction in daily movement per freight car.
The average load per car in 1930 was 26.7 tons,including less than carload
lot freight as well as carload freight. This was a decrease of two-tenths
of one ton below the average for 1929.
Matters Covered in the "Chronicle" ofFeb. 14.-(a) Gross and net earnings
of December, p. 1099;(b) I.
-b. O.
of United States railroads for the month legislation,
according to "Railway
Commission proposes revolution in rate
Railway Labor
Age." P. 1160. (c) Railroads oppose Oklahoma (d) American Bill proFederation
Dosing shorter trains and larger crews, p. 1160.
of Labor opposes rail merger in East; executive council at Miami insists
workers must have guarantees of protection, p. 1167.
-Sells $35,000,000 4% Notes
Baltimore & Ohio RR.
-The company has sold without public
Marketed Privately.
offering $35,000,000 4% unsecured notes, maturing in
August 1932, according to press dispatches from Baltimore.
The issue, it is stated, is for a renewal of short-time obligations outstanding on account of Chicago & Alton bond purchases and for partial reimburse-V.132, p. 1216, 1026.
ment of its treasury for other capital investments.
-Earnings.
Chesapeake Corp.
1929.
Calendar Years1928.
1930.
1927.
$9,422,375 $7,124,300 $6,000,000 $3,500,000
Dividends
Int. earned & misc.inc-163,610
165,300
30,501
91,640
Total
$9,452,876 $7,287,909 $6,165,300 $3,591,640
Bond interest13,150,9141 2,354,062 2,385,172
1.420,000
Other interest expense-1 199,026
44,Ø35{
40,505
34.740
General expense
24,377
13,439
Net profit for period-- $6,257,927 $4,700,060 $3.755,751
4,049.618
5,399,236
2.700,000
Dividends
$2,117,696
1,350,000
Balance
$650,443 $1,055,751
3358.691
$767,696
Shares capital stock out1.799,745
standing (no par) -- 1,799,745
900,000
900,000
$2.61
Earnings per share
$4.17
$3.48
$2.35
The corporation now owns 4,135.908 common shares of Chesapeake bc
Ohio Ry., 27,500 common shares of Pere Marquette Ry.. 69,000 common
shares of Erie RR.,and 3240,000 5% cony, coll, trust bonds of Chesapeake
Corp.
-V. 131. p. 2533.
Chicago & North Western Ry.-Buys Bus Line.
Interstate Transit Lines, a subsidiary, has acquired the Fort Dodge
Des Moines & Southern Transportation Co., which operates 38 buses
over 550 miles of Iowa highways. The purchase will become effective
as of March 1.-V. 132. p. 1216.
-Subsidiary Decreases Div.
Consolidated RRs. of Cuba.
The directors have declared the regular quarterly dividend of 13 %
.
5
en the 6% cum. pref. stock, payable AprIl 1 to holders of record March
10 1931.
The Cuba RR. Co.,a subsidiary, has declared a dividend of 80 cents per
share on the issued and outstanding common stock, payable March ao
to holders of record on the same date. From March 28 1929 to and led.
Dec. 29 1930, quarterly distributions of $1.20 per sharo Were made on this
Issue,
The Cuba Northern Rys., another subsidiary, has declared a dividend of
S1.43 per share on the issued and outstanding common stock, payable
-V.131, p.3202.
March 30 to holders of record on the same date.
Cuba Northern Rys.-$1.43 Dividend.
-V. 131. p. 3202.
See Consolidated ERs. of Cuba above.
-Dividend Rate Decreased.
Cuba RR.
-V. 131, D. 3202.
See Consolidated RRs. of Cuba above.
Detroit Toledo & Ironton RR.
-Reorganization Proposed.
Reorganization of the company to bring into closer union the various
constituent and affiliated companies now comprising the system lines was
proposed in an application filed with the I.
-S. C. Commission Feb. 16.
The carrier, according to its application, proposes to acquire by deed,
assignment and other appropriate instruments, the lines of railroad, properties and equipment of the Detroit & Ironton RR, and the Toledo
Detroit RR.
It is further proposed to create a 1st & ref. mtge. by a deed of trust to
the Detroit Trust Co., as trustee, and to issue bonds thereunder. The
railroad plans to Increase its authorized capital stock to $25,000,000 common stock (par $100) by amendment to its certificate of incorporation and
to issue further common stock.
Part of the plan involves the changing of the road's pref. stock into an
equal number of shares of common stock and to retire its adjusted mortgage
bonds by the issuance of common stock to the holders thereof on a-basis
of one such share for each $100 of bonds, cause to be discharged its adjustment mortgage, and to retire the 1st mtge. bonds of the Detroit & Ironton
RR. and cause the 1st mtge. of the Detroit de Ironton to be discharged.
The properties which the D. T. & I. proposes to acquire deed to "are
now and have been for some time in the control and operated by the applicant and their unification for single ownership and operation will result
In substantial economies with respect to management and operation and
will enable it to compete more effectively with the larger systems serving
the same territory, and give improved service to the public," the application
stated.
None of the securities proposed to be issued will be sold, but delivered
in exchange for other securities.
-V. 132. p. 307.
Grand Canyon Ry.-Bond.-
The I.
-S. C. Commission Feb.9 authorized the company to issue a registered 1st mortgage 6% gold bond, series B,for $700,000, to be delivered to
the Atchison, Topeka & Santa Fe Ry, in satisfaction of a like amount of
the
-S. C. Commission Feb. 5 issued a
The I.
-V.121.
estate of R. J. Darnell and the Batesville Southwestern RR. to abandon, Its indebtedness to that company for advances for capital purposes.
as to inter-state and foreign commerce, a line of railroad extending from P. 1566.
Batesville southwesterly to Crowder, 16.93 miles, all in Panola and QuitGreat Northern Ry.-Great Northern and Northern Pacific
man counties, Miss.
Merge? Pei mit Withdrawn by 1.-S. C. Commission.
Plana of the Great Northern and Northern Pacific railroad') looking-to
-Defers Consolidation and control by the Great Northern Pacific Ry. were finally
Chicago Milwaukee St Paul & Pacific RR.
-S. C. Commission authorizing
dissolved Feb. 19. by a decision of the I.
Bond Interest.
'NAP
The directors on Feb. 19 deferred action on the semi-annual interest with drawsl of the merger application.
The Commission's action follows announcement of Presidents Budd and
payment of 23 % due April 1 on the $182,873,693 outstanding adj. mtge.
,
cumulative at the rate of 5% anunally Donnelly of the two roads about a month ago that they were unable to
bonds. These bonds, which are
comply with the conditions set forth in the permission to consolidate, that
from Jan. 1 1930, will have on April 1 unpaid accumulations of 3%%.
remains under
The regular 2 % semi-annual payment was made on April 1 1930, control of the Burlington line be released. The Burlington
-V. 132.
creating an unpaid accumula- the joint control of the Great Northern and Northern Pacific.
but only 1A % was paid on Oct. 11930. thus
P. 1217. 307.
tion of 1%.-V. 132, p. 307.
-Abandonment.
Batesville Southwestern RR. •certificate authorizing
FEB. 21 1931.]
FINANCIAL CHRONICLE
Indiana Harbor Belt RR.
-Earnings.
-
For income statement for 3 and 12 months ended Dec. 31 1930, see
"Earnings Department" on a preceding page.
-V. 131, p. 3872.
Lehigh & New England RR.
-Earnings.
Calendar YearsRailway operating revenues
Railway operating expenses
Railway tax accruals
Uncollectible railway revenues
1930.
1929.
$5.065,787 $5,084,659
3,783,691
3,770,365
109,140
72,210
8
266
Totattperating income
Non-operating income
egitel
Gross income
Interest on funded debt
Joint facility rents
Other deductions
$1,172,949 $1,241,817
107,299
116.401
$1,280,247 $1,358,217
385,156
385,681
152,926
57
26.363
170,129
Net income
$715,802
Comparative Balance Sheet Dec. 31.
1930.
1930.1929.
LiabilitiesS
Assets$
$
Inv.lord.& equip.20,297,806 19,809,987 Capital stock
6,800,000
Misc. phys.Prop-8,430,000
38,883 Funded debt
38,883
Inv.in Will.cos.Loans & bills pay- 200,000
Stocks
25,101 Traffic & ear-serv.
25,101
balances pay_ __ 181,723
Bonds
50,000
50,000
Advances
182,402 Audited accts. &
184,802
wages payable__ 381,974
Other investments 113,675
178,287
Cash
76,550
194,831 Misc. accts. pay__
272,078
Special deposits.._ _ 688,813
90,113 Int. matured unpd 176,650
Unmatint.accrued
Traffic & car-serv.
11,587
6,161
balances receiv_ 257,703
244,882 Other cur. Habil__
Net balance reedy.
20,822
Deferred liabilities
Cr. agts.& cond.
179,543
39,268 Tax liability
33,100
Misc.accts. rec_ - _
111,990 Prem. on funded
48,199
debt
7.680
Material & suppl-- 389,036
410,348
Int.& diva. rec 1,047 Basun & casualty
131
0th. current assets
151,880
343 reserves
89
Insur.& 0th,fds__
10,025 Accrued deprecia10,025
tion-equipment 3,021,098
5,000
Working fund adv.
5,000
623 Other unadjusted
Other def. assets__
727
31,585
Insur. premiums
te
paid In advance_
7,466 Corporate surplus_ 2,857,065
4,008
Disc,on id. debt_
68,649
. 65,792
Other unadi.debits
53,332
49,348
$802.350
1929.
$
6,800,000
7,735,000
197,637
358 832
1;10
4
176,425
8,269
9,879
23,870
260,221
3,064
173,820
2,911,161
28.625
2,834,364
Total22,534,318 21,522,577
Total
22,534,318 21,522,577
-V.131, v. 3202.
Long Island RR.
-Transit Commission Asks Court to
Restrain Road from Ceasing Whitestone Service.
the U. S.
The Transit Commission has filed a petition in
District Court
seeking to restrain the company from abandoning its Whitestone branch.
-S. C. CommisThe Transit Commission contends that the order of the I.
sion authorizing the abandonment was made without jurisdiction and that
the abandonment was entirely a matter to be decided by the New York
authorities. The brief of the Transit Commission also claims that the
L-S. 0. Commission's order is unauthorized by the statute in that such
abandonment would cause serious loss and injury to the locally affected.
It points out that no prejudice resulting to Inter-State commerce from the
-V. 132, p. 487.
continuance of the branch is demonstrated.
-Authorized To Issue 861,200,000
Missouri Pacific RR.
Bonds.
The L-S. C. Commission Feb. 16 authorized the company to issue not
exceeding $61,200,000 1st & ref. mtge. 5% gold bonds, series I, to be sold
at not less than 923i and int.; $42,874,000 of the proceeds to be used
for refunding purposes and the remaining proceeds to be used to reimburse
the treasury in part for capital expenditures made therefrom. (See offering
in V. 132, P. 845.)-V. 132, p. 1217.
-33,194,538 to Pensioners.
New York Central Lines.
Pensions totaling $3,194,538 were paid during 1930 to 5,493 retired
Central Lines, Frank V. Whiting, Chairman
employees by the New York
of the board of pensions, announced yesterday. The total pensions increased
$310,907 and the number of pensioners, 287, over 1929.
Since the adoption of the pension plan 21 years ago, there have been
granted 11,203 pensions, for which a total of $25,582,502 has been paid, the
funds being furnished entirely by the railroad companies. It is estimated
that $25,811,000 will be required to pay to termination the 4,971 pensions
in effect at the end of 1930. Of these, 2,928 were granted because of the
age limit rule requiring retirement at 70: 1,501 for disability and 542 for
voluntary retirements made between the ages of 65 and 70, after 40 years'
service.
The 811 pensions granted In 1930 will cost approximately $5,969,628.
The average annual pension granted in 1930 was $784, as compared with
-V. 131, p. 2060.
$275 in the first year of the pension system's operation.
New York Central RR.
-Earnings.
-For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 132. p. 1217.
New York New Haven & Hartford RR.
-New England
Union Urged by W. W. Atterbury-Proposed Boston & MaineNew Haven Merger Also Backed by Chairman Perkins of
B. & M.
-Pennsylvania RR. and New Haven Own 46% of
B. & M. Stock, Bay State Committee Told.
An Associated Press dispatch from Boston to the New York "Times'
.
Feb. 19 had the following:
President W. W.Atterbury of the Pennsylvania RR.to-day advocated a
merger of the Boston & Maine and the New York New Haven & Hartford
railroads. Simultaneously, he denied reports that his road had a working
control of the two New England lines as a result of stock investments by
the Pennsylvania and the Ponnroad Corp.
Mr. Atterbury testified before the legislative Committee on Transportation, which has before it Governor Ely s suggestion for an investigation
of domination of Massachusetts roads by outside interests.
Others who testifed were Thomas N. Perkins. Chairman of the board of
directors of the Boston & Maine: Rolland H. Spaulding, Chairman of the
New England Governor's committee which is investigating the railroad
situation in the section, and President William W. Morse and C. J. France
of the Providence Chamoer of Commerce.
Mr. Perkins said he did not think there would be any disposition on the
part of the Pennsylvania to interfere with control of the Boston & Maine,
although it would be possible for it to do so if the Pennsylvania and Now
Haven consolidated their holdings in his road, which he estimated from
statements by Mr. Atterbury amounted to 46%. He backed Mr. Atterbury's proposal for a Boston /t Maine-New Haven merger.
Atterbury Tells of Holdings.
Holdings of the Pennsylvania RR,in the New Haven at the present time
amounted to 73.000 shares, Mr. Atterbury said. Pennsylvania owned
14.36% of the New Haven's common and preferred stock and, he said, it
the holdings of the Pennroad Corp. could be added to those of the Pennsylvania RR., the percentage of New Haven common and preferred stock
aeld by both companies would aggregate slightly over 21%. He estimated
the Pennroad ownership of Boston & Maine stock at about 17.05% of that
road's stock.
In support of the Pennsylvania's interest in New England, Mr. Atterbury explained that there were 14,000 stockholders of the Pennroad Corp.
in New England, or 12.07% of the total holders, and they owned 8.04%
of the Pennroad Corp.'s stock with a current market value of more than
$6,000,000. There were in New England, he said, 30,500 stockholders of
the Pennsylvania RR. or 13.08% of the total ownership, their holdings
having a market value in excess of $100,000,000.
Mr. Spaulding testified that his committee had found that the Pennsylvania and Pennroad corporations hekl jointly an interest in the Boston
& Maine and New Haven combined of 17.7% of the total capitalization.
The combined Interest of the New Haven and Pennsylvania in the Boston
1407
& Maine he put at less than Mr. Perkins' figure, or 42.91% of the voting
stock.
When asked by the committee about Pennsylvania holdings in his
company, Mr. Perkins said he had not previously known to what extent
they reached. He expressed a preference for control of New England
roads by New England stockholders, however, emphasizing his objection
to domination of New England lines by the Pennsylvania or any other road.
Besides consolidation of the Boston & Maine and New Haven roads,
Mr. Atterbury favored a merger of the Bangor & Aroostook and the Maine
Central. He objected to absorption of these roads by any of the "Big
Four" trunk-line systems. Such a course Is favored by the Van Sweringen
interests and the Providence Chamber of Commerce.
Commenting on the relation of the Pennroad
to the Pennsylvania,
Mr. Atterbury said that the Pennsylvania RR.
Corp."has no. one dollar of
financial interest in the Pennroad Corp." He denied that Pennsylvania
ownership of stock in tne New Haven was in violation of any State or Federal law.
Mr. France, who is Chairman of the industrial cabinet of the Providence
Chameer of Commerce, said Mr. Atterbury and Mr. Perkins would have
the committee believe the Pennsylvania did not control the New Haven
and Boston & Maine. Such control, for all practical purposes, was quite
Clear, he insisted, from a recent statement by Mr. Atterbury to the effect
that "as long as the New York Central stays in New England, we are going
-V. 131. p. 4050.
to continue our holdings in the New Haven."
Northern Pacific Ry.-Merger with Great Northern With-V. 131, p. 3706;
drawn.
-See Great Northern Ry. above.
V. 132, p. 307, 487, 1027.
Norfolk & Western Ry.-Excess Earnings Determined for
Company-Tentative Recapture Report by 1.-S. C. Commission
Places Amount at 16 Millions-Largest Sum Yet Estimated. -
The largest sum which the I.
-S. C. Commission has ever attempted to
recapture from a railroad under section 15a of the Inter-State Commerce
Act, invoiving one-half of earnings in excess of 6% allowed a railroad on
its investment, is involved in a tentative recapture report made pu oliC
by the Commission Feb. 13 dealing with the excess earnings of the Norfolk
& Western Ry. The "United States Daily," in its report covering the
matter, says:
"The recapture period involved is from Sept. 1 1920 to Dec. 31 1926.
during which the Commission determined that the Norfolk & Western had
earned in excess of 6% the sum of $31,698,689, of which $15,849,344 was
held to be recapturable by the Government under the terms of see ion 15a
of the Act.
"The value of the carrier on Dec. 31 1926, for rate-making purposes.
was fixed at $379,500,000.
"The railroad was notified that any protest which it may desire to make
in connection with the Commission's tentative findings must be filed with
the Commission on or before 40 days from Feb. 13. In the event no protest
is filed within that period, the report will become final.
"In its last annual report to Congress made early last December, and in
subsequent comments and recommendations on legislation pending in the
Senate for revision of the Inter-State Commerce Act, the Commission
urged repeal of section 15a (the recapture provision) of the Act, on the
ground that experience has demonstrated recapture to be unworkable.
"Proceeding with Work.
-Pending action upon its recommendations, however, the Commission is proceeding with its task of valuing the Nation's
railroads, and in conjunction therewith determining amounts to be recaptured from the carriers under existing law.
"The Norfolk & Western is the second Class I railroad involved in a
recapture proceeding, a report having been issued in connection with the
excess earnings of the Richmond Fredericksburg & Potomac By., a final
decision upon which is now pending. The railroad claimed a valuation
on Dec. 31 1926 of $741,961,802, on which basis no excess earnings were
made, but the Commission's report differs considerably from the claims
made by the carrier.
"Excerpts from the Commission's tentative report on the N.& W.follow:
". . . On Dec. 31 1926 the operated property consisted of 2,210.660
miles of first main tracks, 629.401 miles of other main tracks and 1,594.886
miles of yard tracks and sidings. The increase in operated mileage during
the recapture periods resulted from the construction of many new branches
and from the acquisition by purchase or lease of the railroad properties of
the Williamson & Pond Creek RR., the Tug River & Kentucky RR. and
the Buck Creek RR. During the periods there were aiso numerous minor
abandonments by the carrier.
"Returns to Recapture Orders.
-In response to general °niers issued by us
to all railroads subject to section 15a of the Act, the carrier filed reports
of the value claimed by it for the property used by it in the service of
transportation during the periods here involved, the net railway operating
income for those periods, and other information for the determination
of excess income.
"On the basis of the values and thb net railway operating income claimed,
no excess is reported. The carrier erroneously included in its returns for
the last four months of 1920 the net railway operating income or deficit
and the alleged values of the properties of the Williamson & Pond Creek
RR. and the Tug River & Kentucky RR. These roads were separately
operated prior to Jan. 1 1921 and did not constitute a part of the carrier's
system until after that date. A summarization of the details of the reports is as follows:
Net Railway
6% of
Table I.
Oper. Income.
Value.
Value.
$5,161,983
1920 a
1336,915,526
$347,374,243
14,479,836
1921
21,114,017
351,900,286
18,590,689
1922
21.739,000
362,316,682
20,008,868
1923
22,162,209
369,370,158
22,452,411
1924
23,801,644
396,684,068
31,510,952
1925
38.450,597
640,843,287
40,922,150
1926
44,517,708
741,961,802
a Last four months. b Based on the proportion of 6% that the net railway
operating income for the months of September to December, both inclusive, in the
three years ended June 30 1917, bears to the total net railway operating income for
the said three years, viz., 33.18%.
"Investment in Road and Equipment.-Tbe investment of the carrier and
its lessors in road and equipment, including land, on the day Preceding
each recapture period herein considered, as stated in their books, was
as follows:
Dec. 311921. Dee. 31 1922 Dec. 311923. Dec. 311924. Dec. 31 1925
$319.598,752 $330,358,920 $336.326,515 $362.211,138 $386,666,946
"Cost of Reproduction.
-The cost of reproduction new and the cost of
reproduction less depreciation of all common-carrier property, other than
land and material and supplies, used by the carrier, determined by a consideration of prices current during a period of years,including the recapture
years, are shown below:
Cost of Reproduction,
Cost of Reproduction.
New.
$347,404,39i
7
Dec. 31 1921
$466,976.743
342,225,663
472,142,398
Dec. 31 1922
347,754.560
469,643,729
Dec. 31 1923
365.617,066
484,442,443
Dec. 31 1924
38.3,985,217
Dec. 31 1925
502,688,100
386,115.025
509,198,620
Dec. 31 1926
"Capitalization.
-The carrier and its lessors had actually outstanding
on the date of primary valuation $241,213,411.02 par value of capital stock
and long-term aebt and from that date to Dec. 31 1927 they issued or assumed capital stock or long-term debt aggregating $95,995,422 par value,
a total of 8337,208.833, a which $280,757,402 was actually outstanding
on Dec. 31 1927.
"The carrier held capital stock of its lessors par value $100,000, and they
were indebted to the carrier for advances in a total sum of $1,296,002,
but these amounts are not included in the total stated as actually outstanding. There is included in the foregoing funded debt matured unpaid Par
value $6,000, issued by the carrier, which is so accounted for on the general
balance sheet as of Dec. 311927.
-The values for rate-making purposes of the
Conclusions as to Value.
property used by the carrier in the service of transportation during the
respective recapture periods are found to be as follows:
1925.
1924.
1926.
1922.
1923.
$323,000,000 $336,500,000 $349,000,000 $369,500,000 $379,500,000
-Based on the values and net
Operating Income.
"Excess Net Railway
railway operating income as found herein the computation of excess net
railway operating income is stated in the table as follows:
1408
Table II.
1922
1923
1924
1925
1926
[VOL. 182.
FINANCIAL CHRONICLE
Value for
Excess Net
Net Railway
6%
Rate-Making
of
Operating Railway Oper.
Purposes.
Income.
Value.
Income.
$323,000,000 819,380,000 818,339,021
336,500,000 20,190,000 19,692,921
349,000,000 20,940,000 23,522,400 $2,582,400
10,312,101
369,500,000 22,170,000 32,482,101
379,500,000 22,770,000 41,574,186 18,804,186
Amount
Recapturahle.
$1,201,200
5,156.050
9,402,093
$31,698,689 $15,849,344
Total
"An order will be entered requiring the carrier to pay to us $15,849,344,
which is the recapturable excess net railway operating income as shown
above."—V. 132, p. 307.
Pennsylvania RR.—To Increase Indebtedness by $150,000,000.—
The board of directors is preparing to transmit to stockholders for action
at the annual meeting on April 14 a request for increasing the authorized
funded indebtedness of the company by $150,000.000.
If proposed increase is approved, it will be submitted for ratification at
the annual election on April 28.
The bonds would be issued, it was announced, "when and as might be
necessary in enabling the company's management to continue progressive
development of the property, equipment and facilities, as well as to retire
outstanding obligations.
"On past occasions when such proposed increases of indebtedness were
asked for, the idea has been promulgated that the company proposed to
Issue immediately a similar amount of bonds.
"Such is not the case in this instance. The authority simply confers on
the directors the power to issue bonds if, when and as the company's needs
require and gives advance notice to State and Federal authorities and the
investing public that such authority is available as the result of the stockholders' action."
Pennsylvania Lines Speed Construction—To Spend $175,000,000—Reduces Four-Year Estimate.—
Plans calling for the total expenditure of $175,000,000 and the completion
within 23.6 years instead of four, of the extensive program ofimprovements,
such as electrifying lines and building new passenger stations, begun a little
more than a year ago by the Pennsylvania RR., were announced Feb. 17
by President W. W.AtterburY.
Mr. Atterbury pointed out that the proposals "to go forward with
redoubled energy" on the improvements would involve "very large expenditures" for labor which would be of great benefit to the unemployment
situation.
• Mr. Atterbury'S Statement in full, follows:
The Pennsylvania RR., a little over a year ago, embarked upon an
extensive program of improvements. The plan called for an expenditure
during the year 1930 of about $90,000,000, but actually $106,000,000 of
construction work was done.
It had been planned that the remainder of the work would be spread
over a period of four years. However, the Pennsylvania RR. has come
to the conclusion that now is the time to go forward with redoubled energy,
and it has accordingly decided, instead of carrying out this work in a period
of about four years. to complete it, if possible, within approximately 23.i
years. The plans in hand call for improvement items totaling in cost
some $175,000,000.
It is our view that commodity prices are now at a level, and the efficiency
of labor is so great that these thaprovements can now be definitely contracted for on exceptionally favorable bases. Furthermore, at a time like
the present, with reduced traffic, the work can be done with much less
interference from the movement of passing trians which, of itself, would
constitute a definite economy. This is, accordingly, an exceptionally
favorable time to push to conclusion the plans in hand.
The improvements contemplated will involve the use of upward of 150,000
tons of steel; the purchase of 240 electric locomotives; the electrification
of 80 passenger cars, and, in addition, there will be very large expenditures
for labor which will be of great benefit to the unemployment situation.
The projecta which will now be pushed forward to completion are:
(a) Electrification of the remaining portions of all the lines of track
between New York and Washington, including electrification of the entrance to Potomac yard.
(b) The completion of the new station under way now at Philadelphia.
(c) Extensive improvements in and near Newark, including the erection
of a new passenger station and the building of a new bridge over the Passaic
River. This will involve the abandonment of Manhattan transfer.
(d) Six-tracking of the line through Elizabeth, N. J.
(e) The building of a new line around Trenton, N. J., including the
construction of a new bridge over the Delaware River.
(f) Extensive improvements at Baltimore, Md., including the removal
of numerous grade crossings and the building of new four-track tunnels
into and out of Baltimore.
(g) Other undertakings of less magnitude at different points on other
portions of the railroad.
It is expected that under favorable conditions these plans can be carried
forward to completion within the 23i years contemplated and that their
prompt completion will mark one of the greatest steps forward in the ability
of the Pennsylvania Railroad to give more efficient service to those who
use its lines.
The making of these improvements will obviously involve new financing,
but the Pennsylvania RR, in view of existing low interest rates and the
plethora of savings in the country that are clearly available for investment
as soon as confidence is restored, regards the present and the near future
a most favorable occasion for the necessary financing. Plans have been
made accordingly.
Believing, as we do, so firmly in the future of this country, and knowing the demands for service which the inevitable restoration of business
activity will make upon the railroads and in view of the further fact that
the existing low volume of business can be only temporary, the Pennsylvania RR.considers that now is the time to express its confidence in acts.
It is that confidence which causes the Pennsylvania RR. to take this
important step.—V. 132, p. 1027, 845.
Pere Marquette Ry.—Bonds.—
The company has asked the L-S. C. Commission for authority to issue
and sell $8,000,000 43 % 1st mtge. series 0 bonds and to nominally issue
an additional $6,396,000 of the bonds of the same series. The bonds will
be dated March 1 1930 and mature March 1 1980. No arrangements have
been made for the sale of the bonds but proceeds will reimburse the road's
treasury for capital expenditures from income.
Bonds to be authenticated will be heid in company s treasury subject
to further order of the Commission.—V. 131, p. 3527.
Pittsburgh & Lake Erie RR.—Earnings.—
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.—V. 131, o. 3203.
The Alleghany Corp. dominated by 0. P. and M. J. Van Sweringen
of Cleveland, was named as the central link of a group of railroad enterprises of immense size.
For the balance of the United States the Committee investigators concluded that the operation of holding corporations and investment trusts in
railroad stock had not become a general method of organising railroad
ownership.
In a preliminary to its discussion of detail of holding company organization of railroads, the Committee recommended that where control of railroads was so accomplished holding companies should be regulated by the
I.-8. C. Commission.
This proposal, as well as the data of the investigation, will be submitted
to the House for such action as may be considered advisable.
Considering the grouping of railroads accomplished by the Pennsylvania
and Pennroad Corp. purchases, the report placed 17.9% of Boston & Maine
RR. stock as being owned by the Pennroad Corp. An additional 29%
of Boston & Maine stock was said to be in possession of the Boston Railroad Holding Co., which company was reported controlled by the New
Haven, in which the Pennsylvania system likewise has an interest.
The Pennroad Corp. also was credited with control of the Pittsburgh
& West Virginia and the Detroit, Toledo & Ironton, while the Pennsylvania
Co., which Is a unit of the Pennsylvania system, has important blocks in
the Norfolk & Western, Lehigh Valley and the Wabash Railroads.
Dealing with the Allegheny Corp., the Committee noted it was the
central unit of 32 corporations created by the Van Sweringen brothers for
the management of their railroad and other enterprises.
The Allegheny company itself was held by the report to be dominated by
the Vaness Co., a corporation, of which the Committee observed that
0.P. and M.J. Van Sweringen held "ownership of 80% of the outstanding
capital stock and Is the holding company through which the mahirity
of the varied interests of the Messrs. an Sweringen are controlled.
The railroads brought together by this group of corporations were the
Chesapeake & Ohio. the Nickel Plate, the Erie, the Pere Marquette, the
Wheeling & Lake Erie, and the Missouri Pacific, which latter system held
some 20 operating subsidiaries west of the Mississippi River.
Additional railroad holdings of the interests linked by the Van Sweringens
were cited as the Denver & Rio Grande Western, 50% owned by the Missouri Pacific; the Chicago & Eastern Illinois Ry., held under option to
purchase when the Committee inquired last year, and a 21% common
stock ownership in the Kansas City Southern.
Rutland RR.—Earnings.—
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.—V. 131, P. 3203.
St. Louis-San Francisco Ry.—Interest in Company Acquiled by Southern Pacific Co.—See latter company below.—
V. 132, p. 1027, 845.
St. Louis Southwestern Ry.—Securities Authorized.—
The I.
-S. C. Commission Feb. 9 authorized the company (1) to issue
not exceeding 39,000,000,of promissory notes and,from time to time to July
1 1932 to issue similar notes in renewal thereof; (2) to issue not exceeding
$2,408,000 of first terminal and unifying mortgage bonds, to be pledged
and repledged as collateral security for the notes, and (3) to repledge, as
collateral security for the notes $7,700,000 of first terminal and unifying
mortgage bonds now pledged to secure other notes.
The report of the Commission says in part:
Of the proposed notes, $2,000,000 will be issued to provide funds for the
applicant's cash requirements for the first six months of 1931, which,
according to estimates, will exceed by that amount the applicant's receipta
for that period, and $7,000,000 will be issued in renewal of a like amount
of notes issued under authority of our order of July 25 1930 and now outstanding. The proposed notes will bear interest at a rate not exceeding
6% per annum and will mature not later than July 1 1932. As collateral
security for the note; the applicant proposes to 1 edge, at a ratio not to
3
exceed 5110 of bonds in value at their prevailing market price at the time
of pledge to $100, face amount, of notes, such part as may be required of
$10,108,000 of its first terminal and unifying mortgage bonds, now in
its treasury or pledged, and of $2,839,000 of like bonds which it proposes
to issue in reimbursement of its treasury for capital expenditures.—V. 132.
P. 488, 308.
Southern Pacific Co.—Buys Interest in Frisco.—
According to statements appearing in the press, Feb. 19, a stock interest
in the St. Louis-San Francisco Ry. has been purchased by Southern Pacific.
It was stated that although confirming the report of the purchase, Hale
Holden, Chairman of the Board of Southern Pacific, would not state how
many shares or what type of capital stock had been acquired.
According to reports in railroad circles, the Southern Pacific's interest
amounts to about 10,000 to 15,000 shares and had been acquired early in
1930 at a price of about .$80 a share.—V. 132, p. 1217. 846.
Toronto Hamilton & Buffalo Ry.—Earnings.—
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
,
Department" on a preceding page.—V. 131, p. 3204.
PUBLIC UTILITIES.
Rejects New Pact on Niagara Power.—The Senate Foreign Relations Committee Feb. 19 rejected a proposed treaty with Canada which would have
permitted diversion of 20,000 additional cubic feet of water per second
from Niagara Falls by power companies operating on both sides of the
boundary. N. Y. "Times" Feb. 19, p. 11.
Matters Covered in the Chronicle of Feb. 14.—(1) Public utility earnings
during November—p. 1106.
American Gas & Electric Co.—Stock Increased.—
The stockholders on Feb. 17 increased the authorized common stock,
no par value, from 4,000,000 shares to 8,000,000 shares.—V. 132, p. 308.
American Telephone & Telegraph Co.—Radio Suit.—
See Radio Corp. of America below.—V. 132, p. 653, 488.
American Water Works & Electric Co., Inc.—Output.—
The power output of the company's electric subsidiaries for the month of
January totaled 149,322,218 kwh., a decrease of 13% from the output of
171,868,780 kwh.for the corresponding month of 1930.—V. 132,.p. 1219.
Arizona Edison Co.—Electric & Gas Sales.—
Calendar Years—
Electric sales (kwh.)
Gas sales (cu. ft.)
—V. 132, p. 654.
1930.
1929.
14,279,811 13.347,847
167,229,800 156,480,400
Associated Gas & Electric Co.—Record Electric Output.—
For the week ended Feb. 7, the Associated System reports sale of 69.
468,454 kwh., which is an increase of 8,415,367 kwh. over the same week of
Pittsburgh 8c West Virginia Ry.—Gets Tunnel Offer.—
last year, or a 13.8% rise. This is the highest weekly output of kilowatt
The Commissioners of Allegheny County have voted to purchase the hours ever reported by the System. The increase Is considerably aided by
bridge and tunnel by which the Pittsburgh & West Virginia Ry. reaches its the large amount of current sent out by the Lexington Water Power Co. in
downtown terminal in this city for $3,000,000. This action was taken South Carolina through its water power development at Saluda. The
following the company's decision to reduce the asking price from $4,000,000 Saluda dam is the largest earth dam in the world. Other companies showing
big increases are the New Jersey Power & Light Co. which increased 47.4%.
to $3,000,000.
The county plans to convert the bridge and tunnel into a highway. and the Manila Electric Co. which increased 20.4% as compared with the
The railway will retain ownership of the Wabash Building, in which the same week of last year. The increase in the demand at Manila is being
taken care of in part by the Botocan Hydro-Electric project which has
passenger station is located.
While the company will discontinue its passenger business entirely,-the Just been put into operation. There were also increases of 16.1% and 14.5%
terminal, it is said, will not affect the movement of reported by the Maritime and Cape & Vineyard properties, respectively.
abandonment of the
Gas output for the same week totaled 399,711,400 cubic feet, an increase
freight over the main portion of the line.—V. 132, p. 1217. 845.
of 88,400 cubic feet less than 1-10th of 1% over the corresponding week of
last year. That this Increase is not more appreciable is principally duo to
Railroad Holding Companies.—Investigation Finds the generally prevalent warmer weather this year, which decreases house
Two Chains Gain Lines.—
heating load.
The effects of the drouth are still evidenced in the increase of the output
According to Washington despatches of Feb. 20, holding company
ownership of American railroads was classed in a special Congressional of water which 18 3.5% over the same week of last year.
report as having made marked progress under the direction of two groups
New Electrical Equipment To Serve Cambridge, Mass.—
financially interested in rail operation.
The Cambridge Electric Light Co. of the Associated System is starting
The Pennsylvania RR., with its affiliate—the Pennroad Corp.—was
Interstate Commerce Com- 1931 with new and improved power station equipment in order to meet the
declared by the investigators of the House
mittee to have acquired very extensive ownership of other lines, notably increasing demands for service in connection with its recent contract for
the entire power and steam heating requirements of Harvard University.
those in New England.
FEB. 211931.]
FINANCIAL CHRONICLE
The new equipment includes two Stirling boilers designed for 448 pounds
steam pressure, 12,500 kw. turbine and a special 2,500 kw. back pressure
unit which acts as a reducing valve for the steam for heating the buildings
of Harvard University and serveal small industrial plants. In order to
accomodate the new equipment, alterations were made to the power house.
The operation of installing the equipment was not interrupted during the
new construction.
-V. 132. P. 1219.
-Earnings.
Atlantic City Sewerage Co.
1409
Security.
-Secured by a direct first mortgage on a substantial portion
of the company's fixed properties, including the gas properties in Rockford
and the electric, gas and water systems in Lincoln, and will be further
secured by a direct mortgage on the remainder of its presently owned fixed
properties, subject only to $2,714,000 of divisional bonds maturing in
1932 and 1939.
-Earnings for the 12 months ended Nov. 30 1930 derived
Earnings.
from the properties to be owned by the company, and annual charges after
giving effect to this financing, were as follows:
Gross operating revenues and other income
$5,241,766
Operating expenses, maintenance & taxes (excluding Federal
income taxes)
2,743,029
Calendar YearsGross earns., after adjustment & refunds__Opec. exp. & taxes
1930.
1929.
$475.860
279,181
$466,581
270,647
$456,140
261,049
$443,576
255.671
Net earnings
Other income-interest-
$196,679
2,481
$195,934
4,884
$195,090
5.665
$187,905
7,719
Total income
Interest on funded debtAmort. debt disc. & exnInt. & overhead charged
to construction
$199,160
87.300
3,472
$200,818
88.125
3,927
$200.755
89,025
10,178
$195,624
90,671
19,564
Cr2,180
Cr1,979
Cr4,021
Cr10,191
Bal.of net income_ _ _ _
Adjust, of inventory of
construe. suppl., &c--
$110,568
$110,745
$105,574
$95,579
DrI,080
Dr5,936
5,626
11.133
Net earnings before interest, depreciation, &e
$2,498,737
Annual interest requirements on funded debt to be outstanding
(including this issue)
$885.700
Net earnings, as shown above, were equal to over 2.8 times the annual
interest requirements on the entire funded debt of the company to be outstanding upon completion of this financing. Over 6234% of the net earnings shown above was derived from the sale of electricity and 2734% from
the sale of manufactured gas, aggregating more than 90% of total net
earnings as above.
-Company will be an important operating
Ownership and Management.
subsidiary of Central Gas & Electric Co., which is controlled by Central
Public Service Corp., and its properties will be under the management
of the latter corporation.
Available income__
Dividends paid
$109,488
75.000
$104,80975,000
$111,199
56,250
$106,712
37,500
-Omits Cash Di8tribuCentral States Electric Corp.
tion-5% Stock Dividend Declared.
Surplus for year
$54,949
$29.808
$69,213
$34,488
Total surplus
544,171
573,980
x489,222
x619,509
x Includes certain capital adjustments.
Comparative Balance Sheet Dec. 31.
LiabilitiesAssets1930.
1929.
1929.
1930.
Fixed assets
$3,245,443 $3,156,978 lst mtge. bonds_ __$1,440,000 $1,455,000
136,684
Tools&const. plant
26,697 Accts. & notes pay 133,595
28,746
Pipe & supplies
7.275
17,961 Accrued interest__
7,275
17,992
Accts. & notes rec.
165,023
13,375 Deferred items_ _ _
162,920
46,045
Adv.on imp, work
428,423
398,626
20,310 Reserves
13,555
750,000
Cash
97,015 Capital stock
750,000
52,166
619,509
Bonds in treasury_
60,000 Surplus
573,980
45,000
92,148
Deferred Items_ _
. 94,878
The directors have voted to omit the payment of cash dividends on the
common stock but declared a semi-annual dividend of 57 in common
0
on the common stock, payable July 1 to holders of record June 5.
Heretofore quarterly payments of 10 cents per share in cash and 234%
In stock were made. The board has decided to pay stock dividends semiannually in lieu of quarterly as in the past in order better to serve the convenience of the corporation and stockholders.
The regular quarterly dividends of 1,4% on the 7% preferred, 134%
on the 6% preferred, $1.50 in cash or 3-32 of a share of common stock on
the convertible preferred, series 1928, and $1.50 in cash or 3-64 of a share
of common on the convertible preferred, series 1929, were declared, all
payable April 1 to holders of record March 5.-V. 132, p. 847.
Total
$3,543,825 $3,484,484
-V. 130, p. 1455.
1928.
Total
1927.
$3,543,825 $3,484,485
-Rights.
Brooklyn Edison Co., Inc.
Charleston Interurban RR.
-Earnings.
Calendar YearsGross revenue
Net after exps. and taxes
Interest charges
1930.
$740,322
203,509
106,381
1929.
$839.938
244,445
111,398
1927.
$882,257
275,832
112,501
1928.
$849,499
246.335
110,372
Balance, surplus
The stockholders of record Feb. 21 are to be given the right to subscribe
$135,963
$133,046
$97,128
on or before March 16 for 100,000 additional shares at par ($100) in the
Comparative Balance Sheet Dec. 31.
ratio of one new share for each nine shares owned. The issuance of this
Assets1930.
Liabilities1930.
1929.
stock has been authorized by the New York P. S. Commission.
Road & equipment$5,011,696 25,009,266 Preferred stock_ $413,200
The Consolidated Gas Co. of New York owns about 95% of the 900 000 Investments
269,491
266,233 Common stock...... 1,500,000
shares of Brooklyn Edison Co. stock now outstanding.
-V. 131, p. 328. Cash
78,715
61,752 Funded debt
1,822,500
Accts. receivable__
24,120
25,590 Notes payable_ _ _ _
10,000
-Initial Dividend.
3,507
7.678 Accts.& wanes pay. 49.978
- Loans receivable__
Canadian Light & Power Co., Ltd.
28,222
26,480 Accrued Interest._
13,948
The directors have declared a dividend of 1% on the outstanding $3,134,- Materials & moot91,594 Deferred liabilities
84,134
78,177
400 common stock, par $100, payable April 7 to holders of record March 23. Unadjusted debits
Unadjusted credits 1,270,671
-V.126, p.2991.
Surplus
341,411
$183,332
1929.
$413,200
1.500.000
1,848,500
35.000
34,378
39,555
82,902
1,190,972
344,085
-Bonds Offered.
Central Illinois Electric & Gas Co.
$5,499,883 $5,488,592 Total
25,499,883 $5,488,592
A group headed by Harris, Forbes & Co. and including H. M. Total
Byllesby & Co Inc•t Central-Illinois co., Inc., Chase -V.120, p. 1325.
Chicago North Shore & Milwaukee RR.
:
Securities Corp., Continental Illinois Co., Inc , West &
-Speeds
Co., E. H. Rollins & Sons, Inc., and Albert E. Peirce & Co., Service.
A new record in high-speed service between downtown Milwaukee and
Inc., is offering $15,000,000 1st & ref. mtge. gold bonds, the Chicago Loop was established by the company
on Feb. 15, when travel
5% series due 1951. The bonds are priced at 943' and in- time between the hearts of the two cities was cut to one hour and 45 minutes,
it was announced.
terest, yielding 5.45%.
This is a further reduction of five minutes from the high-speed schedule of
Dated Feb. 1 1931: due Feb. 11951. Interest payable F. & A. at office
of Harris Forbes & Co. in N. Y. City or at the option of the holder in
Boston or Chicago. Callable in whole or in part on the first business day
of any month on 60 days' notice at 105 and int. through Feb. 1 1936.
thereafter at 10314 and int. through Feb. 1 1941, thereafter at 102 and
int. through Feb 1 1946, and thereafter prior to maturity at 100 and int.
Denom.c"31,000 and r $1,000, 25,000 and $10,000 and authorized multiplcs.
Harris Trust & Savings Bank, Chicago, trustee. Company will agree to
pay interest without deduction for any Federal income tax not exceeding
2% per annum which it may be required or permitted to pay thereon or
retain therefrom, and to refund Penn. 4 mills tax, Maryland 434 mills
tax, Calif. 2 milla tax, or Mass, income tax not exceeding 6% per annum
upon application and under the conditions to be provided in the mortgage.
Issuance.
-Authorized by the Illinois Commerce Commission.
Data from Letter of Pres. A. E. Peirce, dated Feb. 14 1931.
Company.
-Incorporated Feb. 22 1861 in Illinois, under the name cf
Rockford Gas Light & Coke Co. Will own and operate electric power and
light, gas, water, heating and (or) transportation properties in north
central, central and southeastern Illinois. The properties furnish electric
power and light, gas heating and transportation service in Rockford, one
of the most important Industrial centers in Illinois, distribute gas in Freeport, and supply electric power and light gas and water in Lincoln. Company will serve more than 39,300 electric customers and over 30,800 gas
customers located in 57 communities having a combined estimated population in excess of 160,000.
Properties -The properties to be owned and operated by the company
include electric generating plants having an aggregate installed capacity
of 42,503 kw.: 949 miles of electric transmission and distribution lines;
gas manufacturing plants of 8,310,000 cubic feet daily capacity; 514 miles
of gas distribution mains; a water pumping plant having a daily capacity
of over 1,000,000 gallons with 35 miles of connected mains; and 22 miles
of electric railway trackage over which are operated 45 electric passenger
cars.
The electric properties consist of well maintained steam generating
stations at Rockford and Lincoln together with the necessary sub-stations,
transmission and distribution lines to provide complete electric power and
light service in Rockford and Lincoln and the adjacent communities.
The Rockford plant, located within the city limits on the Rock River,
has an installed capacity of 39,150 kw. which is supplemented by electric
power available under an interchange energy contract at favorable rates
from Public Service Co. of Northern Illinois and Illinois Northern Utilities
Co. The power thus made available will relieve the company for some time
from the necessity of increasing the investment in electrld generating
facilities for the Rockford district. The power plant at Lincoln has an
installed generating capacity of 2,985 kw. and the power supply for this
district is augmented by electric energy purchased from the Illinois Power
& Light Corp.
The gas properties consist of manufacturing plants and complete distribution systems in Rockford, Freeport and Lincoln. A modern Koppers
By-Products Coke Oven plant has recently been installed at Rockford
which, together with the water gas generators, provide 6.300,000 cubic
feet of daily manufacturing capacity. A high pressure gas transmission
line, extending from the Rockford gas plant to Freeport, a distance of
approximately 30 miles, furnishes gas for local distribution in Freeport
where the gas plant is maintained in good operating condition for use in
emergencies. Gas storage facilities are provided by eight holders having a
combined storage capacity of 4,305,000 cubic feet. The water properties
comprise a purification, pumping and distribution system in Lincoln
serving more than 2.500 customers.
Purpose.
-Bonds will be issued in connection with the acquisition of
various properties, to retire indebtedness incurred for additions and improvements to the properties and for other corporate purposes.
CapitalizationAuthorized. Outstanding.
154,000 she. 74,000 abs.
Common stock (no par)
1st & ref. mtge. gold bonds, 5% series due 1951
(this issue)
x $15,000,000
Freeport Gas Co., 1st mtge. 5% gold bonds, due
Closed
1932
495,000
Rockford Electric Co. 1st & ref. mtge. 5% gold
Closed
bonds, due 1939
2.219,000
x To be limited by restrictive provisions of the mortgage.
one hour and 50 minutes between Chicago and Milwaukee, inaugurated by
the North Shore Line last September. At that time 15 minutes was cut
from the running time of two limiteds in each direction daily. The new
operating schedule will be the fastest maintained by any electric interurban
railway in the United States, according to John R. 131ackhall, General
Manager.
-V. 131, p. 2694.
-Regular Dividends.Cities Service Co.
Coincithnt Nrith the publication of its earnings statement, the company
announced monthly di% id ndg of 234 cents pa share in cash and A of
,
1% in stock on th 3 common stock. Regular monthly dividends of 50 cents
per share on the pter..rrcd stock and preference BB stock and 5 cents per
share on tle, preferenc. B stock wtre announced, all payable April 1 to
,
holders of record March 14. Like amounts are also payable on March 2
next
.-V. 132. p. 847, 655.
-Earnings.Cleveland Electric Illuminating Co.
Calendar YearsGross earnings
Operating expenses
1929.
1930.
1928.
1927.
$26,
481,760 $27,324,618 $24,351,234 $23.609,479
13,380,475 13,893,168 12,575,015 12,257,458
Net operating revenue$13,095,285 $13,431,450 $11,776.219 $11.352,021
Non-operating revenue_
484,024
540,412
561,931
532.500
Gross income
$13,627,785 $13,993,381 $12.260,243 $11,892.433
Int.tax & amort.of disct. 5,578,286
5,700,034
5,574,65.3
5.846,562
Net income
Dividends
$8.049,500 $8,418.728 $6,413,681 $6,192,399
2,627,882
2,627,882
3,390,223
4,663,458
Surplus
$3,386,042 $5,028,505 $3,785,799
Condensed Balance Sheet Dec. 31.
1930.
1929.
1930.
Assets
LiabilitiesPlant Investnet_128,758,916 112,752,570 Capital stock__ 66,371.100
Other Investtn'ts
514,845
665,500 Funded debt_ __ 45,000.000
Sinking fund___
62,633 Current liabils. 5,055,161
62,500
Current assets_ - 16,502,692 9,380,020 Accrued Habits_
935,918
Debt discount &
17,548.685
Reserves
expense
13,815,572
1,084,049 1,174,807 Surplus
Deferred Charges 1,803,434 2,845,457
Total
148,726,436 126,880,988
-V.131, p. 3042
Total
$3,564,517
1929.
$
49,341,300.
45,000,000
4,763,821
1,041,064
16,427,208
10.308,094
148,726,436 126,880,988
-Hayden, Miller & Co.,
Cleveland Ry.-Bonds Offered.
Union Cleveland Corp., the Cleveland Trust Co., Miclland
Corp., the Guardian Trust Co. and Central United Co.
are offering at 100 and int. 86,000,000 1st mtge. 2
-year
5% gold bonds.
Dated March 1 1931: due March 1 1933.
Interest payable M. & S. in Cleveland without deduction for Federal
income tax not exceeding 2%. Denom. $1,000c8 Redeemable at the
.
option of the company in whole or in part on 30 days' notice on first day
of June, September and December in 1931 at a premium of 1% and on the
first day of March, June, September and December in 1932 at a premium
of 34 of 1%. Authorized $10,000,000 Union Trust Co., Cleveland, Ohio.
trustee.
Authorized by the Public Utilities Commission of Ohio.
Data from Letter of Col. Joseph H. Alexander, Pres, of the Company.
Authorized.
CapitalizationIssued.
1st mtge.2
$10.000.000 $6,000,000
-year 5% gold bonds
Capital stock
35.000,000 32,886.475
The bonds represent less than 1534% of the company's total capital.
Company.-Incorp. in Ohio in 1893 as a consolidation. Owns and operates the street railway lines in Cleveland and immediate suburbs, together
with a supplementary motor coach system. Since March 1 1910 the corn-
1410
[VOL. 182.
FINANCIAL CHRONICLE
pany has successfully operated under the so-called "Tayler Grant" from
the City of Cleveland, providing for the automatic adjustment of fares
within a maximum of 10 cents to cover all expenses and charges and a
return of 6% on capital stock. This return has been regularly paid over
the 21-year period. The present franchise runs for 25 years from July 1
1926. The city may purchase the entire property by paying the capital
value, represented by the outstanding capital stock, plus 10% (at present
$36,175122.50) and assuming all obligations, indebtedness and liabilities.
Security.
-Bonds will be direct obligations of the company and secured
by a first mortgage on all of the property, real and personal, rights, franchises and privileges, except current assets, now owned or hereafter acquired.
Additional bonds may be issued to the extent of 51,000,000 upon approval
of the P. U. Commission and with consent of the Council of the City of
Cleveland, and the remaining $3,000,000 of the authorized issue upon like
approval and consent to provide for extensions, betterments or permanent
improvements in accordance with Ordinance No. 70561-A of the City of
Cleveland, constituting the company's franchise.
Purpose.
-Proceeds will be used to retire $4.745,000, being the entire
outstanding amount of the company's let mortgage bonds, maturing
March 1 1931 and to pay short-term obligations in the sum of $1,300.000.
the additional cash required for the purpose being supplied from the company's treasury. Upon completion of this financing the company will have
no floating indebtedness.
Sinking Fund.
-Under its franchise the company is required to pay
% of its gross receipts monthly into a capital reduction sinking fund
which may be used in payment of debt, in purchase of stock, in extensions,
betterments and permanent improvements not to be added to capital value
or may be invested in Government, State or municipal obligations. This
fund, which has been applied to reduction of debt, results in an increase of
the actual value of the property, which is substantially in excess of the
outstanding capital.
Listing.
-Application will be made, in due course, for listing this issue
on the Cleveland Stock Exchange.
Income Statement for Calendar Years.
1927.
1928.
1929.
1930.
$17,648.758 $18,403,945 $18,272,040 $18,706,290
Gross earnings
2,718,318 3,206,826 3.899,658
3.746.078
Net earnings
Cr120.386 Cr171,857 Cr275,707 Cr214.363
Other income
3,526.758
3,514,263
3,444,987
3,644,632
Interest and taxes
120,683
278,216
278,637
266,537
Sinking fund deduction163,132
Interest fund deduction_
Detroit Edison Co.
-Listing of $34,984,000 Gen & Ref.
Mtge. Gold Bonds.
The New York Stock Exchange has authorized the listing ot $34,984,000
general & ref. mtge. gold bonds,series D,4 %,due Feb. 1 1961.
Earnings.
-For income statement for 12 months endoci Jan. 31 see
"Earnings Department" on a preceding page.
-V.132, p 1220.
-Earnings.
Diamond State Telephone Co.
1927.
1928.
1929.
Calendar Years1930.
Telephone Oper. revenue $1,978,539 $1,850,305 $1,656,241 $1,505,122
1,005,879
1,135,268
1,315,352
Telephone oper. expenses 1,303,035
8.954
5,400
Uncoil. oper. revenues__
6,236
11,929
118,740
132,600
122,621
Taxes assignable to oper.
134,394
Total oper. income-Net non-oper. income--
$529,182
9,782
$406,096
40,869
$379,419
13.390
$375,103
14,375
Total gross income-Rent & miscellaneous-Interest
$538,964
40,156
130,310
$446,965
35,808
114,057
$392,809
34,383
13,523
$389,479
34,678
1,426
Net income
Preferred dividends
Com.dividends(8%)
Other approp. of income
$368,498
32,500
260,000
5,000
$297.099
32,500
200,000
$344,903
32,500
200,000
1,748
$353,374
32,491
200,000
$64,599
$110,655
$120,882
Bal, for corp.surplus..
570.998
Shares of corn. outstand25 000
ing (par $100)
25 000
25,000
40 000
$th.50
$10.58
$1.94
Earn per share on corn..
$8.40
Comparative Balance Sheet Dec. 31.
1930,
Liabilities1929.
Assets1929.
1930.
Land & buildings. $618,856 $795,808 Common stock...54,000,000 52,500,000
500,000
Preferred stock- 500,000
Telephone plant &
1,764
1,764
equipment
7.021,610 6,522,076 Prem.on cap.stock
141,518 Adv. from system
General equip
144,725
corporation.... 1,495,000 2,600,000
Other investments 180,369
139,436
117,939
96,456 Notes
Cash and deposit.
45,300
240,290
Bills receivable...
1,505 Accounts payable_ 123,865
238,838 Subscribers' dep.&
Accountsreceiv- 253,989
service billed in
72,405
$309,946 sur$303,449 Materials & supplies 88,161
$833,449
844,706
Balance, deficit
69,902
76,963
advance
17,956
Prepayments_ ___
14,356
Comparative Balance Sheet Dec. 31.
1,122 Accrued liabilities
Other def. debits__
2,324
1929.
1930.
61,491
80,150
1929
1930.
not due
$
Liabilities$
1,744
14,318
5
$
Def. credit items_
Assets32,886,475 32,886,475
Reserve for accrued
Road & equip. .37,636,519 37,106,826 Capital stock
77,415
77,415
38,496 Prem, on cap. stk.
885,987
depreciation.... 955,865
Bridge Iran sk fd.
4,745,000 4,891,000
111,073 Bonds
investm't_ 111,073
Reserve for amorti500,000
643,214 Notes
498,961
zation of intangCash
9,588 Audited vouchers_ 1,853.359 2,013,894
20,900
9,373
21,093
Special deposits...
ible capital
55,123
34,033
60,000 Miscell. liabilities_
964,430
48,000
887,478
Bills receivable.Surplus
15,893
61,922
692,766 Ticketfloat
710,596
Accts.receivable_
Bdge.franc. amort
83,600
$8,372,691 $7,887,684
Deferred billings__
Total
$8,372,691 $7.887,684 Total
38,496
932,073 reserve
Materials & suppl. 747,601
517,839 -V.130, P. 4416.
0th. unadj. credits 482,725
Prepaid accounts_ 254,118
27,209 Maint., renewal de
31,409
0th. timid). debits
-Common Dividend, dm
Electric Bond & Share Co.
289,268
deprec. reserve. 308,080
Oper. & gen. exp.
directors have declared the regular quarterly dividend at the rate
17,759
364,155 Accr. taxes & int.&c 1,734,598 1,823,204 ofThe%
reserve
114
on each share of common stock outstanding, payable (3-200ths
Adv. to car riders_ 798,635
of a share) in common stock Apr. 15 1931 to holders a record Mar. 7 1931.
215,571
3,365
Interest fund
A like amount has been paid each quarter since and incl. July 15 1929.
584,429
Income account_
A similar dividend at the same rate has been declared payable on common
1,734,598 1,823,204
Interest fund
stock of the company issued after Mar.7 1931.for common stock of Electric
42,683,607 42,608,604 Investors, Inc., untie? the plan and agreement of reorganization dated Sept.
Total
42,683,607 42,608,604
Total
23 1929.
-V.132,P. 1220. 8471
Holders of record of common stock of Electric Bond & Share Securities
purpose of this dividend as the holders of
Corp.
to
- record arethe be treated for theof common stock of Electric Bond & Share
-Preliminary Report.
Columbia Gas & Electric Corp.
of
number of shares
For income statement for 3 and 12 months ended Dec. 31 see "Earnings Co., which holders of Electric Bond & Shares Securities Corp.are entitled to
receive upon due surrender of their certificates.
Department" on a preceding page.
Philip 0. Gossler, President, says in part:
Treasurer A.C. Ray says:"Scrip certificates to be issued for the fractional
Late in the year 1930 the corporation purchased all of the outstanding shares to which stockholders will be entitled may be exchanged for cerHowe Oil & Gas Co., Northern Gas Co., Northern Industrial tificates for full paid shares of common stock when presented in amounts
stock of
Gas Co. and Bridge Gas Co., holding various pipe line rights of way, aggregating integral shares but such scrip certificates will be void on and
Industrial contracts, gas production and unoperated leasehold acreage in after an. 1 1940. They will carry no voting right, dividend or interest.
The regular quarterly dividend of $1.25 per share on the $5 preferred
the Kentucky fields. In connection with this acquisition a majority of
the stock of American Fuel & Power Co. was purchased. This latter com- stock of Electric Bond & Share Co. has been declared for payment on
holding company which, through subsidiaries, also owns gas May 1 1931, to holders of record Apr. 4 1931. Quarterly dividends of
pany is a
production and unoperated leasehold acreage in the Kentucky fields. Two like amount were paid on this issue on Aug. 1, Nov. 1 and Feb. 2 last.
The regular quarterly dividend of$1.50 per share on the $6 preferred stock
of the subsidiaries of American Fuel & Power Co.,namely,Inland Gas Corp.
and Kentucky Fuel Gas Corp., had been previously financed principally has been declared for payment on May 1 1931 to holders a record Apr. 4
through sales of bonds and notes to the public. Earnings from the opera- 1931. Holders of record of preferred stock of Electric Bond & Share Co.
tions of these companies proved to be insufficient to cover the interest (old company) are to be treated for the. purpose of this dividend as the
charges on these obligations and defaults occurred on interest payments of holders of record of $6 preferred stock of Electric Bond & Share Co.(new
Kentucky Fuel Gas Corp. due Dec. 1 1930, and of Inland Gas Corp., due company.)
-V.131,p. 3367. 3361.
Feb. 1 1931. Receivers have been appointed for both of these companies.
-Depositary.
On Jan. 1 1931 the holding company, American Fuel & Power Co., dePaso Natural Gas Co.
El
faulted on the interest payment on its notes but up to the present time no
The American Express Bank & Trust Co. as depositary is accepting
petition for receivership has been made. Protective committees have been certificates for common stock for deposit, pursuant to the terms of an
organized representing the holders of these defaulted issues. In view of escrow agreement of the Engineers Public Service Co., dated Jan. 26 1931.
the fact that receivers are in control of these operations, the future financial
132, p. 1029.
and operating plans of these three companies depend on the outcome of -V.
these receiverships, and their financial reports are not consolidated with
-Earnings.
Empire District Electric Co.
-V. 132, p. 847, 491.
Columbia System subsidiaries.
1929.
1928.
1930.
12 Months Ended Dec. 12To Unite Subsidiary Gas Systems.
$3,399,606 $3.798,905 $3,543,064
operating revenue
Gross
1,920,977
1.820,296
x1.770,283
The Pennsylvania Fuel Supply Co. has applied to the New York P. S. Oper. expense, maint. & all taxes
Commission for permission to transfer its natural gas distribution System in
$1,629,323 $1,877,928 $1,722,768
Net operating revenue
Olean and Alleghany, Cattaragus County, N. Y.. to the Keystone Gas Co.,
43,682
73,307
37,871
a New York corporation, which joins in the petition. Both companies are Non-operating income
-V.132, p.847.
subsidiaries of the Columbia Gas & Electric Corp.
$1,667,195 $1,921,610 $1,796,075
Total income
546,495
610,718
656,570
-Jan. 1 Interest Now Interest on funded debt
Danville Traction & Power Co.
54,813
61.209
64,772
Int. on floating debt & discount
Being Paid.
$945.853 $1,249,682 $1.194,767
Balance carried to surplus
We have been advised that Jan. 1 1931 coupons in respect of first mtge.
1,138,904
1,038,909
993,364
Zs, 1941 are now being paid upon presentation ofsuch coupons to Maryland Previous surplus
-V. 132, p. 1220.
Trust Co., Baltimore.
$1,939,216 $2,288,591 $2,333,671
Total surplus
442.920
442.920
442,920
Preferred dividends
-Annual Statement.
Detroit Motor Bus Co.
480,000
540,000
540,000
Common dividends
President Niels C. Ortved, Feb. 9 says in brief:
400,000
422,800
480,000
Reserve for replacements
operating the Village Utilities Adjustments of accounts
During the greater part of the year we were
Dr969 Cr110,493
Cr2$,157
Co. which the Detroit Motorbus Co. acquired in 1929, as a separate unit.
In December, however,for practical reasons it was absorbed in the Detroit
5993.364 $1,038,909
$475,327
Surplus
Motorbus Co. No new lines have been added during the year.
x Includes $64,328 for Federal income tax.
Statistics Showing Route Miles, Trips, Miles Operated and Passengers Carried
Comparative Balance Sheet Dec. 31.
for Year 1930.
1930
1929
1929.
1930,
Suburban
$
$
LiabilitiesAssets$
$
Lines.
Total.
City Lines.
6% preferred stock 7,382,000 7,382,000
101.2
Route miles
59.6
160.8 Pub.util oth prop_25,432,034 24,974,239 Common stock- 3,000,000 3,000,000
& investments_
175.621
Round trips
482,593
658,214
13,128,000 13,120,000
132,667 Funded debt
165,170
Miles operated
4.332.268 12.833,215 Sinking fund
8,500,947
31,500
148.674 Notes payable.... 134,500
275,491
Passengers carried
5.700,176 34,478,944 Cash
28,778,768
32,228
37,406
456,971 Accts payable. _ _
493,709
Cost acct rec
Balance Sheet Dec. 311930.
Accts Pay anti
Accts rec from
34,965
companies
36,185
18,736
Assets
18,172
Liabilities
affll cos
441,214
401,997
Int.& taxes accr
Cash
$62,545 Accounts payable
$103,534 0th notes & sects
75,474 Accts. pay, to parMarketable securities
38,789
receivable
a99,869 Accrued payrolls, unclaimed
767,381
ent co
445,355
Accounts receivable
357.465
57,866 Mats & supplies
wages, checks. &c
11,129
13,991 Gusts. & line ex43,776
Accrued interest receivable
,
2,500 Prepd insur. &c
4,460 Prov. for Fed, income tax_
132,180
tension deposits 142,520
Inventory of stores, &c
133,094 Reserves-for depreciation._ _ 1,703,390 Injury Se damage
2,118,520 1,874.871
70,383 Reserves
71,153
Cash res. for purch. of equip_ 300,000 Res. for injuries & damages &
fund
938,957
Capital surplus_ _ _ 938,957
84,280 Accts rec from
Michigan Mutual LIMA. Co.
contingencies
993,384
77,476 Earned surplus... 475,327
parent co
-deposit & savings certif.2,674 Res. for unrealized profit on
542 Deferred charges- 1,669,034 1,578,316
Land contract receivable_ _ _
2,169 sale of real estate
2,000
Property accounts
4,595,106 Res.for unredeemed tickets
28,562,792 27,990,277
Total
28,562,792 27,990.277
Total
b2,883,970
Franchises and permits
62,285 Capital stock
867 -V.132, p. 310.
Del. ohgs, to future over
113,257 Rights appl. to fractional ails_
566,586
Co.'s stock held in treasury
18.967 Surplus
$5,405,535
Total
Total
$5,403,533
a Market value approximately $102,500. b Represented by 288,397 no
-V. 126. 11. 3687.
par shares of which 3,860 are held in treasury.
-Plan Abandoned.
Empire State Railroad Corp.
The protective committee for holders of the 1st mtge. 5% gold bonds
of the Syracuse, Lake Shore & Northern RR, announces that the plan
adopted by the committee, dated as of Feb. 20 1929 (see V. 129, P. 128)
FEB. 21 1931.]
1411
FINANCIAL CHRONICLE
and submitted to the certificate holders shortly after that date, providing
In substance for the purchase of the premises subject to the mortgage
securing the above bonds by the committee on behalf of the certificate
holders, and the formation of a new company to own and operate the railroad, has been abandoned by the committee. The committee further states:
Experience in the operation of the railroad since the promulgation of
the plan and study of the results likely to be attained by a continuance of
such operation have convinced the committee that a new company organized
for such purpose could not earn the operating expenses of the property,
of the
and that It is therefore to the interests of the holders of such bonds that
liquidation
the mortgaged premises be liquidated and the proceeds
be distributed to the bondholders.
operation
The following is a summary of the results ofconvinced for the five years
that
ending Dec. 31 1930, and the committee is the future will there is no
be different
ground to expect that the results of operation in
from those of the past:
1930 Incl.
Years 1926 to
Condensed Statement of Earnings for Northern RE.)
LSYracuse, Lake Shore &
1930.
1929.
1928.
1927.
1926.
$628.553 $476,498 $425,774 $400,866 $314,449
Gross earnings
514,898 403,625 365,013 348.165 308,792
Operating expenses
15.657
$113,655 $72,873 $60,760 $52,701
24,587
40,372 33,132 26.513 24,807
Net after taxes_ _____ $73,283 $39.741 $34,246 $27,893df$18,930
429
1.413
1,666
5,728
6,570
Non-operating revenue__ _
$45,469 $35.912 329,306=18,501
Net appllc. to bond int- $79,853
Net earnings
Taxes
The committee has determined, therefore, upon the following plan in the place and stead of that abandoned:
That the committee will, upon the sale of the mortgaged premises in the
bonds, either (1) acpending action to foreclose the mortgage securing thepurchase thereof who
quiesce in the sale of the mortgaged premises to.any it to the interest of
will pay a price therefor which the committee deems
purchase
the certificate holders to accept, or,(2) in default of such a sale, liquidate
the mortgaged premises on behalf of the certificate holders and proceeds
collect the
the same, and (3) as the case may be, either receive and represented by the
of such sale applicable to the payment of the bonds
or of such
committee and any other moneys applicable to such payment, deductions
all
liquidation, and in either case distribute the same subject to and that for
proper to be made therefrom,
or disbursements necessary or
the above purposes, the committee will exercise any and all of the powers
and authorities vested in it by the said protection agreement.
Certificate holders will be deemed to have acquiesced in the foregoing
plan unless they shall dissent therefrom in the manner provided in the provision of the bondholders' protective agreement.
The committee consists of Albert B. Merrill, Daniel P. Abercrombie and
Jr.,
Warren St.,
Harold C. Beatty, with Frederick W. Barker First 201 So. Deposit Co.,
Trust &
Syracuse, N. Y., Secretary. The depositary is
Syracuse, N. Y.
-V. 129, p. 128.
-Bonds Sold at Auction.
Jacksonville Traction Co.
R.L. Day & Co.. Boston, auctioneer, Feb. 18 sold $1,215,000 1st consol.
50, due March 1 1931 in lots of $400,000, $415.000 and $400.000 at 20%
flat. These treasury bonds, according to the company's annual report for
1930. were pledged as collateral for bank loans -V. 132, p. 1030.
-Smaller Dividend.
Laclede Gas Light Co.
The directors have declared a quarterly dividend of 2% on the common
stock, par $100, playable Mar. 16 to holders of record Mar. 2. During
the years 1928, 1929 and 1930, the company made quarterly distributions
-V. 132,p. 1221.
of 231% on this issue.
-Dividend Ruling.
Lone Star Gas Corp.
The Committee on Securities of the Pittsburgh Stock Exchange has ruled
of
that common stock shall sell ex-stock dividend on Feb. 27, one sharecommon stock for every seven shares of common stock held on that date.
V. 132, p. 1221.
-Annual Report.
Memphis Natural Gas Co.
The annual report reveals that the company will extend its pipeline
from Memphis to Jackson, Tenn., approximately 100 miles. an increase
The report shows gross revenues for 1930 of 31.627,853, $878.696, a
over 1929 of 41.7%, and balance before charges amounting to an Increase
gain of 49.9%. Gas sales were 9,148.245.400 cubic feet,
of 45.3%.
During the year the company redeemed the entire amount of its outstandpref. stock,
ing 1st mtge. bonds, totaling $6.300,000, retired 750 shares of
sold 320,000 shares of its common stock and inaugurated a dividend policy
-V. 132, p. 849, 310.
on the common stock.
-Interest Payment.
Tramways Co.
Mexico
Sept. 1 1924, detached
On and after March 1 1931, coupon No.36, dated bonds, will be paid at
-year 5% gold
from the gen. consol. 1st mtge. 50
or London, England, or at the
the Bank of Montreal, Toronto, Montreal
option.
agency of the Bank of Montreal, New York, at the holder's
V. 131, p. 1097.
-Earnings.
Michigan Bell Telephone Co.
1927.
1928.
1929.
1930.
Calendar Years$33,178,013
Telephone oper.revenue $41,502,997 241,802,593 $37,041.824 22,513,580
expense 30,579,662 28.930.849 25,221.512
Telephone oper.
Net tel. oper. rev_ _ _ _110,923,335 $12,871.744 311.820,312 310,664.433
229,409
221,212
222,083
535,166
Uncollectible oper. rev__
4,104,311 3,840,598 3,725.114 3,181,415
Taxes
Operating income_ _ _ _ $6,283,858 $8,809,063 $7,873,986 37,253,608
391,436
337.006
252,224
368,010
Net non-oper. revenues_
Total gross income__ $6,651,868 39,061.287 $8,210,991 $7,645,045
312,802
318,824
586,331
621,969
Rent & misc. deduc'ns2,459,381
1,503,461
2,472.217 2.462,246
Interest deductions
-Electric Output.
$3,557,682 $6,012,710 $6,388,706 $4,872,862
Net income
Engineers Public Service Co.
The company reports electrical output for the month of January 1931 of Dividends
5,000.000 6,800,000 6,800,000 4.000.000
172,209.000 kwh., a slight decrease from the corresponding figure of the
$411,294 sur$872.863
$787,290
A decline of 8% in the Puget Sound
$1.442.318
Balance, deficit
previous year of 173,117,000 kWh.
-V. 132, Shares of capital stock
territory was offset by increases in the Gulf States Properties.
500 000
850,000
850,000
D. 848, 491.
outstanding (par 5100) 1.100,000
0.75
$7.51
$7.07
p.23
Earns. per shon cap.stk.
-New Director.
Transit Co.
Comparative Balance Sheet Dec. 31.
Fairmount Park
to succeed Charles A.
1929.
1930.
Wm. Fulton Kurtz has been elected a director
1929.
1930.
$
$
LiabilitiesPorter Jr.
-V. 132, p. 1029.
Assets
Land & bldgs___ 22,684,655 19,602,844 Capital stock_ -110,000,000 85,000,000
1,448,300 1,472,400
-Smaller Dividend.
Bonds
Federal Power & Light Co.
Telephone plant
99.044
76,597
& eguipment_151,619,355 139,898,383 Land contracts..
The directors have declared a dividend of 50 cents per share, payable
from sysFeb. 16 1931 to holders of record Jan. 31. Previously, the company made Gen'i equipment 3,510,161 3,209,627 Advs. corps__ _ _ 38,790,000 49,187,388
439,740 tem
cents per share -V. 129, p. 3325.
522,663
Invest.securities
quarterly distributions of 6231
2,540,038 1,899,584
Notes
Advs. to system
16,000 Acets payable_ - 2,142.029 3,441.525
corporations
Foreign Power Securities Corp., Ltd.-Earnings.50,820 Subscr's' dopes.
394,985
12Mos.End. 12Mos.End. 18.1fos.End. Miscell.Invest_ _
651,754 & service billed
642,296
Oct. 31 '30. Oct. 31 '29. Oct. 31 '28. Cash & deposits_
15,478 in advance_ _ _ 1,228,786 1,354,521
Period25,161
$341,040 Marketable secs.
1520,093
$556,788
255.546 Accr'd liabilities
Revenue
239,138
122,821 Bills receivable_
416.887
241.299
4,188,577
due
Profits from investments realized
Acets receivable 4,151,169 4,313,514 not cred.items 4.284,378
376,741
483.786
674,026 1,596,870 Def'd
$463,860 Mat'ls & suppl's
$936,980
$798,088
Res've for timed
Gross earnings
15.746 Acer'd income,
42,533
58,530
7,098 depreciation 21,282.222 19,387,995
Expenses
11,303
not due
4,724
2.833
4,098
Taxi
3,897 Heave for ainort.
3,538
9,073 Sink. Id. assets_
134.950
47,578
300,000
48,997
331,536 of intang. cap.
Interest
331,074
Prepayments_
82,195 Corp. surplus_ 2,570,445 4,111,951
86,064
$434.318 0th.def'd debits
$756,665
$435,460
Surplus for year
147,538
563,435
184.895,589 170,475,303
Surplus brought forward
184,895,589 170,475,303 Total
Total
$434,318
$904,203
$998,895
New Director.
Total surplus
286,780
Michigan,
300,000
300.000
Dividends on preferred stock
R. Perry Shorts, attorney and regent of the University of
125.000
-V.131. p. 3205.
Dividends on common stock
has been elected a director.
50.000
Prov. on account of income tax
16,250
16,250
Discount on bonds
-Quarterly Dividends.
Midland United Co.
24,518
(No. 4) of
Organization expenses
The directors have declared the regular quarterly dividend
of the
class A preferred stock, or, at the optionregular
$147.538 75c. in cash on the cony.
$563A35
$507,644
Surplus carried forwte'd
addition to the
$1.18 holder, 1-40th of a share of common stock, in
10.65
$1.09
Earned on common
stock, both payable
dividend of 13•5% in stock on the common of like amount have
quarterly
Balance Sheet Oct. 31.
March 24 to holders of record Feb. 28. Dividends
1929:
1929.
1930.
1929.
1930.
been paid quarterly on the common since and including Dec. 24
Liabilities
$
AssetsV. 132. p. 1031.
coll. trust conInvest'ts at cost_a11,598.342 11,385,949 1st
5,000,000 5,000,000
-Earnings.
Cash and call loans 1.280,368 2,374,470 vertible 6s
National Power & Light Co.(8c Subs.).
747,024
Bills payable
Bills receivable_ _ 166,271
125,000 Comparative Consolidated Statement of Income (Inter-Co. Items Eliminated).
94.744 Bond int. accrued_ 125,000
78,753
Accrued intenst_ _
1928.
1929.
75,000
75,000
1930.
11,917 Preferred dividend
2,809
Prepaid accounts_
Calendar Years1,400
5,370
308,750 Accounts payable_
Discount on bonds 292,500
Subsidiary Companies
Provision on acct.
380.375.509 $80,979,244 379.259,372
Gross earnings
44.092,884
50,000
of income tax_ _ _
expenses,including taxes 44,029,658 44,671.293
5,000,000 5,000,000 Operating
Preferred stock_
236,345,851 336,307.951 $35,166.488
Common stock and
Net earnings
1.493,048 1,600,795 1.035.063
63,167,645 3,223,435 Other income
surplus
$37.838,899 337.908,746 336.201.551
13,410,045 14.175,829
13,419,045 14,175,829 Total
Total
Total income
12,683,469 12,614.827 12,090.181
a On the bash; of quoted market prices, and including certain unquoted Interest to public and other deducts
5.750,673 5,601,975 5.016,422
foreign securities at cost, the value of the corporation's investments at Preferred dividends to public
Oct. 311930, was $11,913,020. b Represented by 125,000 no par shares. Renewals and replacement (decree.) 5.900.972 5,985.053 6.295,793
appropriations
- 130 p. 1654.
V.
101.384
92,547
65,855
Proportion applic. to minority ints
Green Mountain Power Corp.--Sales.$13,614,344 312.697.771
$13,437,930
Balance
1930.
1929.
Calendar Yearsct, Light Co.
National
42,408,365 44,606.574 Balance of Power
Electric sales(kwh.)
sub. cos. earnings applic.
176,796,100 176,616,600
Gas sales (cu.ft.)
to National Power & Light Co.(as 13,437,930 13.614.344 12.697.771
V.
- 131, p.3367.
shown above)
323,961
905,872
461,652
Other income
-Further Activity
International Public Service Corp.
$14,520,216 313,021.732
Total income
141,167
Not Contemplated During 1931. Federal Water Service
Light Co.-$131301g
Corp. and Expenses of Nat. Power & & Lt. Co
634,661
1,039:375
This company, jointly owned by the
Nat.Pow.
White & Co., Inc., was formed for the primary purpose of acquiring Int, deducts. of
J. G.
$12,630,032 $13,557,090 $12,245,904
water and electric properties in foreign countries. This development,
Balance
however, has been indefinitely postponed pending the return of financing
stocks of !National
1,759.588
1,759,588
conditions favorable to such an enterprise. The purchase of one property Divs. on pref. Co
1,792.631
Power & Light
in Jugoslavia was completed because its stable earnings made it appear Divs, tepid on com, stock of National
5,442.235 5.426.610 4.572,235
attractive and its small size presented no financing problem.
& Light Co
Further activity on the part of the International Public Service Corp.
-V.132, p. 840.
25,395,166 $6,370,893 25,914.081
is not contemplated during the year 1931, it Is announced.
Balance
- -V.131, p. 4216.
Keystone Telephone Co. of Phila.-Earns. of System.
-Stock.
1928.
1929.
1927.
1930.
.
.
12 Mos End.Dec 31.
New England Telephone & Telegraph Co. the authorized
$2,184,010 $2,193,360 $2.152,563 $2,097,189
Gross earnings
on Feb. 17 approved an increase in
The
No immediate financing
1,090,435 1,098,237 1,105.809 1.079.412 capital stockholders
$150.000,000.
Oper. exp. & taxes
stock to $200,000,000 from -V.132, p. 1022.
it was announced.
$1,093,575 $1,095,123 $1,046.754 $1,017,777 is contemplated,
Net earnings
623.071
595.267
560,545
634,173
-Bonds Approved.
Less-Interest charges
New Jersey Power & Light Co.
authority
The New Jersey P. U. Commission has granted the company
$451,487
$457.232
$459,402 $472,052
x Balance
to issue $5,972,400 of 1st mtge. 43.1% bonds, due 1960.-V. 132. p. 310
-V.132, p. 1030.
x Available for dividends,surplus and reserves.
?feat
1412
FINANCIAL CHRONICLE
[VOL. 132.
New York Edison Co.
-New Chairman, &c.
-
properties of the above company. The election was held
invalid on the
Floyd L. Carlisle, Chairman of the Niagara Hudson Power Corp., has grounds that the
were
been elected Chairman of the board of the New York Edison Co.,to succeed time provided by initiative petitionsmeansnot filed by the Recorder within
ordinance. This
that the
the late Nicholas F. Brady.
before the election and Salem will continue to be situation is the same as
Prank W. Smith, Vice-President and General Manager and a director Washington company. Public relations in Salem served by the Oregonare
of the United Electric Light & Power Co. and Chairman of the board
new election is held it Is believed that the results may now such that if a
favor the company.
the New York & Queens Electric Light & Power Co., has been elected of -V. 132. D. 493.
a
Vice-President of the New York Edison Co.
-V. 132. p. 1222.
New York Telephone Co.
-Acquisition.
-
Pacific Gas & Electric Co.
-Sells $1,664,000 of 1st
The I.
-S. C. Commission Feb.6 approved the acquisition by the company Preferred Stock in January.
of the telephone properties of Alfred Farnett, doing business as the Farnett
The company reports over-the-counter sales of its 5H %1st preferred
stiFiCli
Telephone Co. The territory served by the vendor's plant is from 8 to 15 in January amounting to $1,664,000. Sales averaged
$1,125 per purmiles from the City of Syracuse, and is generally rural in character with chaser and were almost
the exceiption of the section around Otisco lake, where there is considerable served by the company.wholly confined to investors living in the territory
cottage development, and with the exception also of the Village of Camillus,
which has a population of about 1,000. The
Great Western Power Co. Holders Exchange More Than
with that of the New York company, whichvendor's system is connected
gives his subscribers access $2,600,000 of Preferred Stock.
to the Bell toll lines.
-V. 132, p. 1222.
More than $2,600,000 par value of Great Western Power Co.6%
preferred stock was exchanged for the Pacific Gas & Electric Co.'s and 7%
North American Co.(& Subs.).
-Earnings.
stock in the first week after the offer was made, It is stated. The 1st pref.
Preliminary Consolidated Income Statement (Including Subsidiaries).
pires Feb. 28, The Pacific company anticipates that practically offer exall outstanding stock will be exchanged and that the remainder will be
12 Mos.End.Dec.31:- 1930.
1929.
1928.
1927.
liquidated
at par.
Gross earnings
A circular will shortly be mailed to holders of class A 7% preferred
133,751,380 147.779,869 135,551,899 122,166,834
stock
Op. exp., maint. & taxes 69,838,439 76,451,594 71,152,647 65.308,621 of the Feather River Power Co. offering them the right to
exchange one
share of this stock of $100 par value for four shares of Pacific
Gas 555%
Net income
63,912,941 71.328,275 64,399,252 56,858.213 preferred stock of $25 par value. Feather River preferred is entitled to
Other income
Y7,461.528 y4,553,757
4,290,936 3,022.715 $100 a share in liquidation and proceedings toward this end will be brought
upon expiration of the exchange offer.
Total income
71.374,469 75,882,032 68,690,188 59,880,928
Listing of Additional Common Stock.Interest charges
16,975,758 18.630,754 18,243,609 17,775.812
The New York Stock Exchange has authorized the listing
Pref. dive. ofsubs
9,437.285 10,463,963
9.961,982 8,966,740
of 567,422
Minority interests
1.864.1332,360,812
1,807.180
1,401,795 additional shares (par $25) common stock on official notice of issuance and
Res. for depreciation _ _ _ 14,274.173 15.619.678 14,274.664 12,481,932 payment in full, pursuant to offer to stockholders, making the total
amount
of common stock applied for 6,254,957 shares.
Common stockholders of record Jan. 26 are given the right to subscribe
Net income
28,823,120 28,806,824 24,402,753 19.254,647
at par ($25) to additional common stock equivalent to 10% of their
Preferred dividends1.820.034
1,820,034
1,820,032
1,820,022
holdings
Common dividends
5,947,487
5,353,019 4,806,550
4.341,772 of common stock.
Subscriptions can be made on or before March 11 1931to the company's
stock transfer office, 245 Market St., San Francisco, or to the Bankers
Total surplus after all
Trust
divs, and reserve_ _ _ 21,055,598 21,633,771 17,776,172 13,092,853 Co, 16 Wall St., N. Y. City. Payment for stock may be made either in
Shs.of com.outst.
(no par) 6,185,384
5,603,839
5,011,960 4,514,863 full with the subscription, not later than March 11 1931, or, at the option
Earns, per sh. on com$4.36
$4.82
$4.50
23.86 of the subscriber, in installments as follows; $5 per share with subscription,
x Excludes gross earnings, operating expenses and all other details of and four additional installments of $5 per share each, due respectively
income accounts of California subsidiaries from June 12 1930 to Dec. 31 May 11, July 11, Sept. 11, and Nov. 10 1931. Any or all installments
1930, and includes in other income the proportion applicable to that period may be paid prier to the maturity thereof.
Company will pay interest on subscription payments at the rate
of actual dividends only on common stock of Pacific Gas & Electric Co.
of 6%
receive in consideration for North American interests in such subsidiaries. per annum until full payment has been made, and, thereafter and until
.
y Includes $1,188,789 stock dividends of non-subsidiary companies taken the issuance of full-paid stock certificates, the company will pay the
equivalent of dividends at the rate of 8% per annum on the par
up at amount charged in respect thereof to surplus of issuing company in
value of
1930 and $509,582 in 1929, also $74,921 proceeds from sale of stock divi- the purchased stock.
Proceeds from the sale of the stock will be applied toward the cost of
dends in 1930 and $32,466 in 1929.
additions and extensions to the company's properties. Major
A statement accompanying the report says:
now under construction, or upon which work will be started in projects
the
The earnings for 1930 are slightly in excess of the earnings for 1929 and future, include the Mokelumne River hydro-electric development, near
which
are equal to $4.53 per share on the average number of shares of common will ultimately add approximately 828 000 h.p. to the company's
stock outstanding during the year 1930, compared with $5.03 per share in capacity; the enlargement and modernization of its steam electric generating
1929. Appropriations for depreciation reserves equal 10.67% of gross plant in San Francisco, which will permit of increasing the generating
capacity of
earnings for 1930 compared with 10.57% in 1929.
this plant to 300,000 h.p.; the building of an additional natural
Gross earnings of $133,751,380 reflect the elimination for the last 6% line of large capacity from Milpitas to San Francisco; and thegas pipe
general
months of 1930 of the gross earnings of the former California subsidiaries enlargement of the company's transmission and distribution
facilities to
which were sold to Pacific Gas & Electric Co. on June 12 1930. The in- meet the constantly increasing demands of its business.
crease in other net income reflects the inclusion for that period of dividends
Consolidated Income Account
-12 Months Ended Sept. 30 1930.
on the common stock received from Pacific Gas & Electric Co.
In accordance with its established practice, as pointed out from time to Gross earnings, including miscellaneous Income
time, company does not include in consolidated income the undistributed Operating expenses, rentals, taxes (excluding Federal taxes)$72,481,68
and reserves for casualties and uncollectible accounts
earnings applicable to substantial interests in the Detroit Edison Co.,
30,514,576
Federal taxes
North American Light & Power Co. and Pacific Gas & Electric Co.
1,938,977
The preliminary consolidated income statement for the year 1930 is sub- Bond interest and discount
11,763,657
ject to completion of verification in the course of the audit now in progress Reserve for depreciation
8.754,085
by Price, Waterhouse & Co., auditors. Final consolidated income stateBalance
ment and consolidated balanca sheet, with general review of 1930 operations,
219,510,301
Will appear in the annual report to the stockholders to be issued during Deduct: Earnings of subsidiary companies prior to acquisition
88,692
March.
-V. 132, p. 1031.
Balance to surplus
$19,421,699
Balance at beginning of period
North Shore Gas Co., Chicago.
19,737.665
-Bonds Offered.
Central-Illinois Co., Chicago, recently offered $1,000,000
Total income
Adjustment account earnings of sub. cos. since date of acquis_$39,159,364
1st mtge. 5% gold bonds, at 9934 and int. Bonds are dated Net profit and loss charges
48
156,827
Feb. 1 1912 and mature Feb. 1 1937.
Dividends on preferred stock
5,890,580
Dividends on common stock
Data from Letter of Vice President W. A. Baehr, dated Feb. 2.
8,567,478
Minority interest
Business, Territory Served, and Property.
8,623
-Gas for domestic, industrial
and commercial use is supplied by the company in 33 communities situated
,
Surplus as per balance sheet (earned)
in the suburban district north of Chicago. During the past year over
$24,535,807
1,465,000,000 cubic feet of gas were sold to 25,150 consumers in a territory Per cent earned on average outstanding common
12.68%
embracing approximately 275 square miles and having a population of Equivalent to average earnings per $25 share of
$3.1696
-The foregoing statement includes the earnings of the Great
Note.
over 106,000. The suburbs furnished with gas service are directly north
Western Power Co., San Joaquin Light & Power Corp. and Midland
of and within a radius of 60 miles of the city limits of Chicago, and comprise one of the most rapidly growing suburban areas in the country. Counties Public Service Corp. merely from the date of acquisition by the
Pacific Gas & Electric Co. on June 12 1930.
Service is furnished to such well known communities as Winnetka,
Hubbard
The Governors of the Los Angeles Stock Exchange have approved
Woods_ , Glencoe, Highland Park, Lake Forest, North Chicago, Waukegan
the
and Libertyville. This region, with the exception of Waukegan and application of this company to list 567,422 additional shares of common
North Chicago, which are chiefly industrial centres, is mainly a high-class stock which is to be sold to stockholders under terms of the rights offer
recently announced. Total common shares now listed are 6,262,439 of
residential area.
-V.132. D.850. which
Capitalization as of Nov. 30 1930 (Giving Effect to Proposed Financing). 5.674413 were outstanding at the close of the rear.
First mortgage 5% gold bonds (including this issue)
$4,000,00()
Pennsylvania Water & Power Co.
-Bonds Offered.
7% preferred stock
2,982,600
-Common stock
3,000,000 Chase & Co., Boston; Joseph W. Gross & Co., Philadelphia;
Security.
-Bonds will constitute a first mortgage on a gas generating Minsch, Monell & Co., Inc. and Aldred &
Co., New York,
plant with a capacity of 8,000,000 cubic feet a day, five gas holders and
over 496 miles of mains. The net sound depreciated value of this property are offering an additional issue of $3,500,000 1st ref. mtge.
as at June 1 1930. plus subsequent additions at cost totaled approximately gold bonds, series B, 413% at 96 and int., to yield
4.72%
$8,400,000, or $2,100 for each $1,000 1st mtge. bond, on the basis of
Bonds are dated March 1 1928; due March 11968.
14,000,000 of such bonds proposed to bs outstanding.
Data from Letter of Chas. E. F. Clarke, President of the Company.
-Month Period Ended Dec. 31.
Earnings for the 12
1928.
1929.
Business -Company owns and operates on the Susquehanna
1930.
$1,676,452 $1,774,646 $1,839,740 at Holtwood, Pa., a hydro-electric power development consisting River
Gross income
Operating expenses, maintenance and
of the largest low head water power plants in the United States, of of one
150,000
taxes (other than Federal taxes) but
h.p. capacity, together with an adjacent steam generating station burning
1.130,946
excluding depreciation
1,218.860
1,264,310 pulverized coal and having a present capacity of 30,000 h.p., which is
capable of being increased to an ultimate capacity of at least 135,000 h.p.
$545,506
Net earnings
$555,786
$575,429 This steam station, together with all the other assets of the Holtwood Power
Annual interest requirements on $4,000.000 1st mtge. bonds__
200,000 Co., a wholly owned subsidiary, was acquired in 1927. Company,
The net earnings for the calendar year 1930 as shown above equal over contract with the local light and power companies, supplies a large under
2.87 times the annual interest requirements on $4,000,000 1st mtge. bonds. of the electric current used in Baltimore, Md. and York, Pa.; alsoportion
nearly
Purpose.
-Proceeds will be used to reimburse the company in respect of all of that used in Lancaster, Pa., and vicinity and in Coatesville, Pa.,
expenditures made for additions and (or) betterments and for other cor- and vicinity. The total population served by these customer
companies
Is in excess of 1,380.000.
porate purposes.
In co-operation with the Consolidated Gas, Electric Light
Management.
-Company is controlled by North Continent Utilities Corp.,
&
and is under the management of the Wm. A. Baehr Organization, Inc. Co. of Baltimore, the company recently has caused the Safe Harbor Power
Power Corp. to be organized to develop water power at a site on Water
-V. 129, p. 474.
quehanna River approximately eight miles north of the present the SusHoltwood
development. Excellent progress is being made in the construction
Oklahoma Natural Gas Corp.
-Hearings on Rates.
work,
calling for an initial Installation of approximately 255,000
On Feb. 17, the District Court for the Western District of Oklahoma is
expected that four of the initial six generating units will be h.p., and it
Issued an order restraining the Oklahoma Corporation Commission from In
In operation
the spring of 1932.
enforcing the provision of the Commission's recent temporary order reducing
Capitalizationrates of the Oklahoma Natural Gas Corp. A hearing on this restraining
Authorized.
Outstanding,
order will be held on Feb. 27 and the corporation expects that the District lst mtge.(closed) 5% bonds due 1940.._x$12.500,000
$11.212,000
Court will then issue a temporary injunction setting aside the temporary First refunding mortgage bonds
50,000,000
y11.250,000
Capital stock (no par
- order of the Commission.
540.000 OM.
429,848 shs.
x Of which $1,288,000 retired by sinking fund. y Series
value)-The net effect of such an injunction would be that present rates would be
B,
%,
continued until the rate case now before the Corporation Commission is due March 1 1968 (including this Issue).
finally settled. The corporation's officers and counsel stated that this
Security.
-Upon completion of the present financing $11,250,000
rate hearing is progressing satisfactorily.
bonds and the $11,212,000 151 (closed) mtge. 5s duo Jan. 11940. series B
-V. 132, p. 1222.
stitute the sole present funded debt of the company. The first will conOregon-Washington Water Service Co.-Municipa/ mortgage covers all the company's property now owned or refunding
hereafter
acquired (except securities acquired subsequent to Oct. 1 1923,
Ownership Election Declared Invalid.
other
On Feb. 9 1931 the Circuit Court at Salem. Oregon, conducted by than securities made the basis of issue of additional bonds). The book
value of the company's fixed assets as of Dec. 31 1930, including
Judge (3. EL Hill, handed down a decision declaring invalid the election, securities,
certain
was $31 836,060, a figure greatly below the depreciated
In which the City voted a bond issue to purchase the Salem water works' ment
replacevalue of the properties. Company's total bonded debt
'
upon corn-
FEB, 21 1931.]
FINANCIAL CHRONICLE
pletion of the present financing will be at the low rate of $124.79 Per
horsepower.
Purpose.
-Proceeds will reimburse the treasury in part for expenditures
made in extensions to plant, property and equipment other property
acquisitions and the retirement of certain of the underlying bonds.
Earnings for Calendar Years.
Ratio Net
Bond Earnings to
Net Earnings
x Gross
Interest. Bond Int. Balance.
Yearsafter Taxes.
Earnings.
$841,477
2.60
$524,938
1921
$1,366,415
$1.962,252
921,256
535,144
2.72
1922
1.456,400
2,00:3,478
981,874
2.79
548,150
1923
1,530,024
2,124,428
1,263,974
2.95
648,133
1924
1,912.107
2,686,466
1,339,113
2.81
738,000
1925
2,077,113
2,960,436
1,401,853
2.88
745,100
1926
2,146,953
3.103,674
1,574,788
2.74
905,300
1927 y4.103,665
2,480.088
1,998,060
855,000
3.34
1928
2,853.060
4,388,087
2.229,483
840,200
3.65
1929
3.069,683
4,755,757
1930
3,210,219
4,835,558
x After adjustment for river flow through eqUalization reserve. y The
1927 figures represent the consolidated statement of the company and the
Holtwood Power Co. for that period, the assets of the latter company
having been acquired in that year.
Net earnings for the past five years have averaged more than 3.2 times
interest charges on bonds then outstanding, and for the year 1930 net
earnings amounted to more than three times interest charges on the conpany's entire funded debt, including this issue. In no operating year
since the organization of the company in 1910 have gross earnings and
net earnings after all taxes failed to show a substantial increase over the
corresponding earnings for the preceding year.
Equity.
-At present market prices, the company's outstanding capital
stock has an aggregate value of over $26,000,000. Dividends have been
paid without interruption from 1914 to date upon the company's capital
stock outstanding from time to time, the present disbursement being
at the rate of $3 per share annually.
Sinking Fund.
-Commencing Oct. 1 1933 the company is obligated to
make annual payments to the trustee as a sinking fund for the retirement
of these series B bonds.
-V. 132, p. 1022, 493.
1413
it was held, was intended to give the Radio Corp. a monopoly over the
sale of tubes to its licensees. Under the patent agreements, it was asserted,
these licensees were obliged to use the tubes manufactured by the Radio
Corp. and Its affiliated companies.
Judge Hugh M. Morris, who has since resigned from the Federal bench
in Delaware, granted the preliminary injunction Feb. 9 1928, ordering the
companies to discontinue the "pooling agreements."
The Radio Corp. appealed to the higher court, which upheld Judge
Morris.
In November 1929 the lower court made the injunction permanent, and
at that time Judge Morris held that the companies had violated the Clayton
Act by the insertion of the "tube clause" in contracts with manufacturers
and dealers. The Radio Corp. again appealed.
Judge Buffington's written opinion was as follows:
The De Forest Radio Co. filed a bill against the Radio Corp. of America
in the court below, praying that a certain contract made by the latter
company with certain other companies was a violation of the Clayton Act.
On preliminary hearing that court filed an opinion printed at 24 Fed.
(2) 565. and granted a preliminary injunction. Thereupon the Radio
Corp. appealed to this Court, which, in an opinion reported at 28 Fed.
(2) 257, affirmed the action of the lower court and held the contract in
question was a violation of the Clayton Act, one member of the Court
dissenting.
Thereafter the case proceeded to final hearing in the lower court, which,
after such hearing, filed an opinion recorded in 35 Fed. (2) 962, making
the injunction permanent. Thereupon the present appeal was taken to
this Court.
As we view it, two questions are here involved. First, will this Court
adhere to the conclusions announced in 28 Fed. (2) 257, and, second, were
there any facts developed on final hearing in the court below which would
lead the Court to now hold that while the contract was unlawful it had not
had the working effect of creating a monopoly?
On the first question this Court declines to re-examine and reverse
Its views as expressed in its opinion already reported at 28 Fed. (2) 257.
As to the second question, we are of opinion, without here discussing
the proofs made, that there is nothing in them which would lead us to
the conclusion that the objectionable contract has not resulted in a monopoly
The exclusive making of tube sales, obviously the purpose of the contract,
was to effect a monopoly, and the fact that during some of these inter-Listing of $40,000,000 vening years the independent manufacturers have increased their tube
Portland General Electric Co.
sales is due not to any freedom of action they had In the premises, but
1st & Ref. Mtge. 4% Bonds.
wholly to the fact that the Radio company and its contract associates
The New York Stock Exchange has authorized the listing of $40,000,000 were temporarily not able to supply the demand for a new type of tube
1st & ref. mtge. gold bonds, 04% series, due Sept. 1 1960. (Compare and therefor permitted the defendant temporarily to sell to the limit of
their capacity to produce such articles.
offering in V. 131, p. 1565.)-V. 132, p. 1223.
Holding as we do, the decree of the court below is affirmed.
-Earnings.
-Public Service Co-ordinated Transport.
Calendar YearsOperating revenues
Operating deductions
1929.
1928.
1930.
$29,565,070 $34,732,658 $34,719,509
25,937,268 28,588,849 29.268,099
Operating income
Non-operating income
$3,627,802 $6,143,809 $5,451,410
144,166
145,463
150,842
$3,773,265 $6,287,975 $5,602,253
Gross income
6,531,227
Income deductions (int., rents, &c.).. 6,765,202
5,779,373
Net deficit
-V. 131, p. 4055, 3877.
$2,991,936
$243,251
$177,120
-Earnings.
Public Service Electric & Gas Co.
1928.
1929.
1927.
Years End. Dec. 311930.
Operating revenue
$97,517,662 $94,286,063 $87,543,468 $79,636,301
Oper. exps. and taxes .._ 52 199.919 51,290,088 48,121,479 45,341,161
7,845,147 8,644,069
Retire. exps.(depre.,&c.) x6,390,355
7,422,273
Operating income ___$38 927,387 $35,150,828 $30,777,921 $26,872,868
3,124,008 3,418,524 3,001,893
Non-operating revenue_ 2,623 771
,
37,184
29,200
23,883
Non-oper. rev. deduct__
29.305
Non-oper. income_ --- $2,594,466 $3,094,808 $3,381,340 $2,978,010
Gross income
$41,521,854 $38,245,637 $34,159,261 $29,850,878
Bond int. rentals and
9,698,223 10.079,024 10,725,053
miscell. Int. charges__ 10,423,513
Approp. acct. adj. ofsurCr.4,186 Dr.47,005
Plus accts. (excl. divs.) Cr.284,997 Cr.718,166
$31,383,339 $29,265,580 $24,084,423 $19,078,819
Total
1,400,000
1,400,000
1,400,000
7% cum.pref.stock divs. 1,400,000
3,104,358 3,104,008 2,674,958
6% cum, pref.stock dive 2,418,949
34,957,500 20,039,061 16,843,749 14,526,563
Common stock dive_ _
def$7,393,111
Surplus
Burp, begin,of period -- 20,983,511
$4,722,159 $2,736,666
16,261,352 13,524,686
$477.298
13,047,388
Surplus end of period-$13.590,400 $20,983,511 $16,261,352 $13,524,686
x includes $201,565 Camden Coke Co. retirement expense.
Comparative Balance Sheet Dec. 31.
1929.
1930.
1929,
1930.
Liabilities3
$
Assets$
$
Fixed pr00erty-342.350,673 300.766.374 7% pref.stock_ _ 20,000,000 20,000.000
Investments __ - 30,584,894 50,912,910 6% pref.stock- 51,739,300 51,739.300
.
Reacquir. secur_ 18,145,300 2,914,000 Corn. stock_ _ _161,500,000 150,000,000
Sink.fund,&c._
642,320
31,848 Camden Coke
corn, stock _ .._
400
500
Cash
9,710,255 9,850,442
Notes recelv
4,047 Funded debt_ ...116,981,413 90,809,808
_
4,442
Accts. receiv_
10,907,048 12,771,438 Accts. payable__ 1,514,878 1.807,684
Int.& dive. rec_
250,175 Custom. deposit 4.508,606 4,388,160
203,350
3,925
Materials & SUPP 4,918,587 5,021,762 Misc, curr. liab_
8,608
190,480 Accrued taxes_ _ 3,053,725 3,634,470
Mina.assets
189,985
Deferred charges 9,830,585 8,082,257 Accrued Int_ __ 1,381,408
914,887
Misc. accr. Nab_
651,172
646,373
Reserves
52,362,212 45,862,432
Surplus
13,590,400 20,983,511
Total
427,287,439 390,795,733
-V. 131, p.4217.
Total
427,287,439 390,795,733
Puget Sound Power & Light Co.
-Omits Dividend.
The directors have voted to omit the quarterly dividend ordinarily
payable about Apr. 15 on the no par value corn. stock. Previously, the
company made quarterly distributions of $1 per share on this issue.
V. 132, p. 494.
Radio Corp. of America.
-Radio Tube Pool Held a
Monopoly-Federal Court in Philadelphia Confirms Ruling
Against R. C. A. and Affiliates-Injunction Made Final
Government Suit Is Still To Be Tried-Corporation Announces
New Appeal.
Will Appeal to Supreme Court.
The Radio Corp. of America has announced that it intends to apply
to the U. S. Supreme Court for a writ of certiorari from the decision of
the Court of Appeals at Philadelphia. The statement issued by the
corporation was:
"We shall apply as promptly as possible to the Supreme Court of the
United States for a writ of certiorari. The clause to which the litigation
was directed, as a matter of fact, has not been in force since July 1928.'
Nevertheless, the case raises important and novel questions as to the
rights of an owner of patents in the granting of licenses. These questions
have not yet been passed upon by the Supreme Court."
The importance of the decision was said in legal circles to Ile in the fact
that the District Court, which was sustained by the Court of Appeals,
will also try the Federal suit against the Radio Corp. of America and
others.
While the suit of the De Forest company charges that the Radio Corp.,
General Electric, Westinghouse, American Telephone & Telegraph, and
several other companies had entered into a patent pooling agreement
which gave a virtual monopoly on the sale and use of radio tubes, the
Federal suit alleges that the defendants, which include the companies
named in the De Forest suit and others, "have been and are engaged in
a combination and conspiracy in restraint of trade and commerce among
the several States and with foreign nations in radio communication and
radio apparatus."
Another effect of the decision will be to bring to trial several damage
suits brought by various radio tube manufacturers against the Radio
Corp., it was explained. Most of the suits have been filed, but have
-V.132, p.657.
been awaiting the outcome of the De Forest case for action.
Sierra Pacific Electric Co., Reno, Nev.-Emnings.Calendar YearsTotal gross earnings
Operating expenses
Maintenance
Taxes
Interest & amortization charges
Balance
Prior earned surplus
Total earnings
Retirement reserve
Net direct charges
Preferred dividends
Common dividends
1928.
1930.
1929.
81.497.425 $1,434,722 $1,384,751
463,264
582,571
598.860
82,931
98.995
82,184
171,234
179.271
159,122
71.822
56,748
53,064
$584,047
1,695,214
$538,276
1,647,545
$594,509
1,532,325
$2,279,261 $2,185,821 $2,126,835
101,914
100,000
100,000
1.290
20,138
20,607
210,000
210,000
210,000
206,000
160,000
168,000
Earned surplus
$1.741,209 $1,695,214 $1,647,545
Consolidated Comparative Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
AssetsLiabilities
$
8
Plant& property.._17,008,189 15,990,685 Common stock_ _ _38.931,350 8,335,360
Cash
8,480
212,652 Subscr.to corn.Ink
88,330
Notes receivable_ _
6% preferred stock 3,500.000 3,500,000
122
Accts. receivable_ _ 249,248
1,400,000
450,000
169,512 Bonds
435,000 1,205,000
Materials & supp_ 108,197
86,800 Notes payable_ _ _ _
52,799
89,730
Prepayments
10,302 Accounts payable_
4,528
103,769
Subscr.to cap. stk.
1,040 Accts. not yet due_ 139,037
Misc. investments
21,781
11.220 Retirement reserve 1,208,039 1,169,346
Sinking funds_ --169,253 Approp.reserve for
28,600
retirements
Unamortized debt
44,206
54.269
Contrib.for eaten_
disc. & expense. 134,465
99,980
98,882
12,691 Unadjusted credits
Unadjusted debits
11,262
Earned surplus.. _ 1.741,209 1,695,214
17,624,117 16,664,156
Total
Total
17,624,117 16,664.156
-V. 131. P. 1714, 630.
x Represented by 103,000 shares of no-par value.
-Offering.
Southern California Edison Co., Ltd.
Chairman John B. Miller, Feb. 13, in connection with the offer of corn.
stock for subscription says:
Pursuant to the established policy of the company, a further new issue
of common stock is offered to the holders of common and original preferred
stock, for purchase at par ($25 per share). and this offer is made to stockholders of these classes of record on Feb.27 1931, in the proportion of one
share for each 10 shares of either or both of these stocks then held.
' The company has a construction program for the year 1931, involving
We take the following from the New York "Times" of Feb. 14:
In a decision that the Radio Carp. of America, the General Electric the expenditure of $28.000,000, to provide and maintain plant facilities to
Co., the Westinghouse Electric & Manufacturing Co., the American meet increasing power requirements and for the maintenance of efficient
Telephone & Telegraph Co., and several of their subsidiaries had attained and economical operation of its system. These expenditures will include
a monopoly over the sale of radio tubes to dealers and manufacturers of substantial additional generation, transmission and distribution facilities.
To provide a portion of the funds required, the directors have authorized
receiving sets, the Federal Circuit Court of Appeals [at Philadelphia]
affirmed to-day [Feb. 131 a decree of the District Court of Delaware which the issuance and sale of this new issue of common stock of the total par
held that tube 'patent pooling" agreements violated the Clayton anti- value of $7,800,000. The issue of this stock has been approved by the
California Railroad Commission.
trust law.
Stockholders "rights" to subscribe for this stock have a substantial
The decision, written by Judge Joseph Buffington,is the latest development
in more than three years of litigation started by the De Forest Radio Co. market value. They will be quoted on the New York and other stock
and several independent tube manufacturers. They obtained a permanent exchanges, and the company, through its Investment department, will be
Injunction against the Radio Corp. prohibiting it from continuing the glad to assist stockholders who do not desire to purchase their allotments
peeling agreements with the General Electric Co., the Westinghouse of this new stock, to sell their "rights."
Subscription warrants will be mailed on March 20 1931. Subscriptions
Electric & Manufacturing Co., the American Telephone & Telegraph
Co. and several subsidiaries. The Appellate Court sustained the lower may only be made between March 25 1931, and April 20 1931, inclusive.
the injunction permanent.
This year an optional installment plan for the payment of subscriptions
court in making
This was the second time the case had reached the Court of Appeals, has been provided for under the provisions of the offer. This will enable
decision was regarded as of far-reaching importance in the radio stockholders, not wishing to pay in full at the time of making their suband the
scriptiong, to make installment payments over a period of several months.
industry.
he terms of the offer are given in last week's "Chronicle," page 1223.
The be Forest company and joint plaintiffs contended that they were
"frozen out" of the radio tube market by the patent pool. which Ed.]
virtually
1414
[Vou 182.
FINANCIAL CHRONICLE
The voting trust agreement, dated June 1 1928, to be effective until Junell
1938, vests the entire voting rights in voting trustees not controlled by
United Gas Corp.
Balance Sheet Dec. 31 1930.
AssetsLiabilities
Investments
$318,576,011 xCapital stock
$213,503,355
Cash
Standard Gas & Electric Co.
2,508,379 Subscriptions to allot. ctfs_- y33,000,000
-New Counsel.75,000 Notes and loans payable__ 52,873,000
Announcement has been made of the formation of the law firm of Cum- Notes & loans receivable-.
614,948 Contracts payable
4,050,000
mins. Hagenah and Flynn, which will act as counsel for the company and Acc'ts receiv., subsidiaries
140,757
82,828 Accounts payable
the public utility properties comprised in its system, as well as for H. M. Acc'ts receivable, other-875,724
Byllesby & Co. The firm of Cummins, Roemer and Flynn, which has Subscribers to allot. cUs___ 724,000,000 Accrued accounts
Reserve
5,281,404
heretofore acted in this capacity, has been dissolved through the retireSurplus
36,510,927
ment of John H. Roemer and Dennis T. Flynn. The offices of the firm
are located at 231 South La Salle St., Chicago. Ill,V. 132, p. 1032.
Total
$345,835,167 Total
$345,835,167
Tampa Electric Co.
x Represented by $7 preferred stock, 412,973 shares; $7 2d pref. stock.
-Earnings.644.686 shares; common stock, 7,213,235% shares; option warrants for
Calendar Years1928.
1927.
1929.
1930.
Total earnings
$4.658.004 $4,714,686 common stock equivalent to 3,944.9673-i shares.
$4,611,978 $4,596.430
y Securities to be issued on payment of subscriptions: $7 2d pref. stock.
2,037,106
Operation expenses
1,949.127
1,917.743
1.834,335
349,232 24(1,000 shares; common stock, 600.000 shares; option warrants to purchase
Maintenance
364,615
317.173
308,943
common stock equivalent to 900,000 shares.
509,759
Retirement accruals_ _ _ _
552,126
504.261
556,411
Holders of option warrants outstanding are entitled to purchase one
329,409
Taxes
333,744
294.961
343,605
share of common stock, without limitation as to time, at $33.33 1-3 per
share for each option warrant held, and each share of the company's $7
Net earnings
$1,620,834 $1,510,141 $1,458,392 $1,489,180 2d pref.
stock, when accompanied by three option warrants, will be acInc. from other sources_
17,977
cepted at $100 in payment for three shares of such common stock in lieu
-V. 132, p. 1224, 851.
Total income
$1,620,834 $1,510,141 $1,476,369 $1,489,180 of cash.
53,811
Int. & amortiz. charges_
57,395
47,867
51.668
Proposed Change in Capitalization.-
The New York Stock Exchange has received notice from this company
of a proposed increase in the authorized common stock from $100,000,000
to $110.000.000 and a reduction in the 534% series
pref. stock from
866,000,000 to $56,000,000.-V. 132, p. 1223.
Net income
Prior earned surplus_
Total surplus
Net direct charges
_
$1,569,166 $1,462,273 $1.422,558 $1,431.784
2,721,214 2,754.906
2,451,287 2,657,111
$44,020,453 84,119,385 $4,143,772 84,186,691
164,024
38.047
85.338
25,036
$3,995,417 $3,955,360 $4,105,724 $4,101,353
Balance
70,000
69,785
55,631
Preferred dividends_ _ _ _
70,000
1,027,195
987.612
947.415
Common dividends,cash 1,068,456
406,878
391,216
377.094
Common diva., stock_ _ 423,233
Earned surplus at end
of year
$2,433,728 $2,451,287 $2,657,111 $2,721,213
545,723
524,561
504,217
484,656
Shs.com.stk.out.(no par)
$2.65
Earnings per share
$2.75
$2.68.
,.L.u. $2.84
Consolidated Comparative Balance Sheet Dec. 31.
1930.
1929
1930.
1929.
Assets
LiabilitiesPlant & property_16,983,770 16,450,157 Pref. stock 7%...- 1,000,000 1,000,000
Cash
965,478
709,730 Com.stk.
(no par)al0,917,118 10,493,885
Notes receivable
18,333
17,892 Bonds
1,102,000 1,123,000
Acc'ts receivable__ 384,320
414,299 Accounts payable_
42,320
21,489
Materials & supp_ 295,285
294,781 Acc'ts not yet due_ 411,927
354,861
Prepayments
24,586
31,625 Retirem't reserve_ 2,811,582 2,522,484
Miscell invest'ts_
6,017
I
6,117 Approp.reservefor •
Sinking funds__ _ _
1,168
1,821
retirements _
1,947
Unamortized debt
Contrib. for exten.
88,457
59,814
disc & expense_
22,841
23,823 Operating reserves
48,492
51,435
Unadjusted debits
41,192
42,587 Unadjusted credits
63,663
86,131
Treasury securities 178,500
173,500 Earned surplus___ 2,433,728 2.451,287
Total
18,919,287 18,166,313 Total
18,919,287 18,168,313
a Represented by 545,723 shares of no par value in 1930 and 524,561
shares in 1929.
Tenders.
The company, it is announced, has funds available for the:purchase of
Its 1st mtge. 5% 25
-year gold bonds, due June 11933.
Proposals offering said bonds will be received by John T. G. Nichols,
Assistant Treasurer, at 49 Federal St., Boston, Mass., until noon on March
2 1931, at which time proposals will be opened. The right to reject any
and all offers is reserved. Interest on accepted bonds will cease March 6
1931.-V. 132. p. 851.
Tennessee Public Service Co.
-Definitive Bonds Ready
.-
The Guaranty Trust Co. is prepared to deliver definitive 1st & ref. mtge.
gold bonds, 5% series dated Oct. 1 1930. due on Oct. 1 1970.-V. 131, p.
2066.
Texas Gas Utilities Co.
-New Well.-
'
-4
'111-14.7
31$4140
This company has Just brought in its largest well, with an open flow
capacity estimated at 15,500,000 cubic feet per day, according to telegraph
advices received by the Appalachian Gas Corp., the parent company.
The new well is on the company's Zavalia field holdings, and is the third
large well to be brought in by the Texas company since October, the other
two having an open flow capacity of approximately 7,000,000 cubic feet
per day each. The new well brings the company's total open flow capacity
to approximately 75,000,000 cubic feet per day.
The Texas company is engaged in all three branches of the natural gas
industry, production, transportation and distribution. Over 200 miles
of pipeline including distributing lines, are owned, while principle markets
are the power plant of the Central Power & Light Co., Del Rio, Texas, and
domestic and industrial consumers In several cities and towns of Southwest Texas.
-V. 132, p. 312.
United Gas Corp.
-Earnings.
Consolidated Income Statement for 12 Months Ended Dec. 31 1930 (InterCompany Items Eliminated).
[Irrespective of dates of acquisition and after reflecting other income,
Interest to public and other deductions, preferred dividends to public and
proportion applicable to minority interests, seven months' actual income
and expenses of United Gas Corp. (which began business June 3 1930),
and five months' estimated income and expenses of United Gas Corp., as
they would have appeared had United Gas Corp. existed throughout such
entire five months'period with its assets and liabilities as of Dec.31 1930.1
Voting-Controlled Companies
Operating revenues
$29,187.723
Operating expenses, including taxes
11,880.508
Net revenues from operation
Other income
$17,307.215
365,432
Total income
Interest and other deductions
Preferred dividends
$17,672,647
2,400,290
31,115
Balance
Renewal and replacement and depletion appropriations
$15,241,242
3.495,056
Balance
Proportion applicable to minority interests
$11,746,186
85,165
Balance
United Gas Corporation
Balance applicable to United Gas Corp. (as above)
Other income of United Gas Corp
$11,661,021
150.013
Total income
Expenses, including taxes, of United Gas Corp
Interest of United Gas Corp. to public
$11.811,034
108,074
2,368.776
$11.661,021
$9,334,184
Balance
Annual dividend requirements on all $7 pref. stock of United
2,890,811
Gas Corp. outstanding Dec. 31 1930
$6,443,373
Balance
Annual dividend requirements on all $7 2d pref. stock of United
4,512,760
Gas Corp. outstanding Dec. 31 1930
81,930.613
Balance
Note.
-Although United Gas Corp. owns in excess of 50% of the voting
trust certificates representing the class B (voting) stock of Consolidated
Gas Utilities Co., the earnings of Consolidated Gas Utilities Co. are not
ncluded above for the reason that United Gas Corp. can exercise no vote.
-Initial Dividend.
United Securities, Ltd.
The directors have declared an initial dividend of 2% on the outstanding
$5a12h 272
m. rc6, 3
1
13 n sto3 ,o ar $100, payable April 10 to holders of record
o , pck p
0
88 .
-V.
Washington Baltimore & Annapolis Electric RR.
Protective Committee.
The committee below has been formed for the protection of the holders
of the 1st mtge. 5% 30
-year gold bonds due 1941, and is now prepared
to receive deposits of bonds. An announcement says:
"In view of the multiplicity of the questions affecting the rights of bondholders, it is of vital importance that a large majority of the bonds be
deposited promptly with the committee. Bondholders are therefore
urged to deposit their bonds without delay.
"Deposits may be made with either the Maryland Trust Co., Baltimore,
Md., or the Cleveland Trust Co., Cleveland, Ohlo,.which companies have
'
been designated by the committee as depositaries.1
E. Boyce (Pres. Maryland Trust Co.), Chairman;
Edward B. Greene (Chairman
James C. Fenhagen (Robert Garrett & Sons);
executive committee, Cleveland Trust (1o.), John C. Legg Jr. (Mackubin,
Goodrich & Co.), and Julian S. Stein (Stein Bros. & Boyce). The Secretary to the conamittee is Robertson Griswold, Vice-Pres. Maryland Trust
Co. Baltimore, Md., and counsel are Semmes, Bowen and Semmes, Baltimore, Md.-V. 132, p. 851.
Waterloo, Cedar Falls 8c Northern Ry.-Bondholdere
Protective Committee Submits Report on Property.
E. V. Kane, Chairman of the bondholders committee for the first mortgage bonds in a report just issued, says in part:
Since our last report to the first mortgage bondholders, dated Feb. 15
1929, the company -like every other transportation corporation-has
experienced extremes of prosperity and adversity. For instance the calendar year 1929 produced gross earnings of 81.307,921-the largest in the
history of the company-and $184,494 in excess of the gross in 1928. The
net for 1929 was also unusual-$229,869, being an increase of $26,135
over 1928. Then came the depression not only here but throughout the
world.
The company suffered substantially with all other common carriers.
For 1930 gross earnings-instead of showing an increase as in 1929
-reflected a shrinkage of 8228,768 nearly 18%, while the net declined
$86.822 or about 37%. In other words the property which in 1928 earned
3ji% on the first mortgage bonds, and 4% in 1929, dropped back to 23%
in the general depression of 1930.
The greater part of these earnings was turned back into the property,
extending the belt line and otherwise increasing the efficiency and earning
power of the system, and at the same time adding to the real estate assets
of the company. These outlays were properly chargeable to capital account. It is a fact worthy of mention in this connection that in the eight
years the protective committee has been in control, a property that in 1922
had little more than Junk value, and was overburdened with both floating
and bonded indebtedness, is to-day in sound physical condition, is clear
of all encumbrance, save funded debt, and is earning a substantial amount
on the first mortgage bonds. All this has been accomplished out of earnings without borrowing a dollar. All the additions to the belt line have
more than paid for themselves.
These conditions-coupled with the favorable turn in the tide of business
-inspire the hope, that the property may be before long be disposed of
either through sale, merger or reorganization.
Of the outstanding $5,773.000 first mortgage bonds, $5,331,000 have
been deposited with the committee, together with $2,170,000 of the total
of $2,333,000 outstanding common stock.
The report of C. M. Cheney, Pres. & Gen. Mgr., furnishing details of operation, follows:
The unsatisfactory industrial conditions continuing throughout the year
seriously affected the revenues of company and of every other railroad and
street railway in this country. Business for the first three months was
good, but commenced to fall off in April and there was no appreciable improvement until the month of December. Total revenue for 1930 was
8228,768 under 1929, the loss being about evenly divided between passenger
and freight.
We were able to make a saving of $140,670 in operating expenses, without
deferring any important maintenance work, and as a consequence, our
operating income was but 587,981 under 1929.
A condensed statement of our operations for the past four years:
1930.
1929.
1927.
1928.
Grand total revenue__
$1,079,153 $1,307,921 $1.123,437
$9 0,9
18 .
9 09
Total operating expense_
834,008
901,112
1,041,782
882,682
Net revenue
Taxes
5178,041
39,384
5266.138
39.500
$240,755
37.020
8146,901
39,880
Operating incomeNon-operating income
$138,657
4.390
$226,638
3,230
8203,734
2,721
$107,020
2,538
Gross income
$143,047
8229.869
$109,558
5206.456
Beginning with the year 1926, real progress has been made in the operation of the property.
When the Government turned the property hack to the company in
1920 at the end of the Federal Control period, it was in poor physical
condition, and its freight traffic was demoralized. The amount of compensation received from the Government was not sufficient to pay for the
damage caused during the Federal Control period.
Due to the unsatisfactory business situation, which prevailed throughout
the years 1920 to 1926, earnings were not sufficient to permit of the proper
maintenance program. The years 1925 and 1926 were particnlarly trying,
as we ',sere faced with a considerable amount of deferred maintenance
and our current obligations exceeded our current assets by nearly $400 000,
,
Including an item of approximately $150,000 in hack taxes and penalties.
All of this now has been overcome, and the property is in good physical
condition for a property of this character. Now tracks have been built
and many track extensions have been made. Also, new equipment and
other facilities have been placed on the property to the extent of $492.822.
as of Dec. 31 1930.
The increased mileage of paved highways and the large increase in the
number of privately owned automobiles and trucks have made deep inroads in our business, particularly the passenger business, but in the face
of these losses operating results have shown a marked improvement each
year since 1925, with the exception of 1930, which, owing to the depression,
was below the business of the previous year.
Of the $492,822 spent for additions and improvements to the property
since the year 1924, $288,000 was expended prior to 1929. and $204,822 was
expended during the year 1929 and 1930.
FEB. 21 1931.]
the opinion to the Court it was much better than that of the American
Stores CO., which was increased $50,000 during court hearing. The Peters
offer, which was made on behalf of a syndicate, provides for the payment of
$110,000 in cash, wholesale prices for the merchanidse and other inventory,
assumption of the existing leases on the 257 stores and the warehouse,
the formation of a new corporation to continue the business, and the payment of 15 cents on the dollar to the unsecured creditors.
Speaking in favor of the Peters offer, Robert Mair, counsel for the stockholders committee, said it was the only proposition submitted which gave
the 3.400 stockholders of Almar a chance to recover something on their
Investment of $7,000.000 in the old company, as Peters plan will permit
-V. 132,
the stockholders to subscribe for shares in the new company.
P. 1225, 496.
Current assets exceed current liabilities, and the company's only obligations are to the Government and the holders of its securities, therefore.
conditions are favorable to continue the operation of the property under
the direction of the committee until such a time as a proper sale or reor-V. 130, P. 2209.
ganization can be effected.
-Sales.
Wisconsin Hydro-Electric Co.
Calendar YearsElectric sales(kwh.)
Gas sales (cu.ft.)
-V.131, P. 3370.
1930.
14.234,382
44,254,700
1929.
13,165,102
41,420,300
INDUSTRIAL AND MISCELLANEOUS.
-American Smelting & Refining Co. has adPrice of Lead Advanced.
vanced price of lead 10 points to 4.60 cents a lb. "Wall Street Journal"
Feb. 19, p. 1.
-Bigelow-Sanford .Carpet Co., Inc.. has
Bigelow-Sanford Cuts Prices.
reduced the price on certain axminster. velvet and tapestry rugs averaging
Journal" Feb. 18. p. 16.
from 7 to 8%. "Wall Street
-More than 2,000 union hosiery workers
2.000 Strike in Hosiery Mills.
walked out of 25 to 30 open-shop hosiery mills at Philadelphia. N. Y.
"Times" Feb. 17, p. 14.
-Gets injunction barring plant from
Dress Union Wins Contract Decision.
discharging workers it agreed to hire. N. Y. "Times" Feb. 19, p. 20.
Matter Covered in the "Chronicle" of Feb. 14.-(a) The new capital flotaLimas in the United States during the month of January. p. 1102. (b) $15,950,000 realty in real estate foreclosures in Greater New York; forced sales
for January included 37 apartments and 116 tenements, p. 1119. (c) Production and shipments of refined copper fell off in January; inventories
again decline, p. 1129. (d) Copper at 10 cents spurs export sales; market
sentiment improves on red metal rally; tin firm, p. 1130. (e) Five suits
attack Kentucky chain tax• law; State Court upholds Act, while Federal
Court delays enforcement, p. 1149. (f) Directors of Bankus Corp., affiliate of Bank of United States, sued for $50,000,000. P. 1163. (g) Massachusetts Utilities Board suggests law to prohibit house-to-house sale of
stock, p. 1167.
-Corrected Balance Sheet.Altorfer Bros. Co.
1929
Liabilities1930
1929
1930.
AssetsLand,b1dg & egulp$1,115,954 $1,027,430 Capital stock__41,880,694 $1,885,017
525,147
442,373
53.780 Surplus
63,713
Patents
100,745
28,567 Accounts payable_ 175,511
120,692
Prepayments
65,014
63,110
41,267 Sundry accr exp
54,207
Other assets
486,757 Domestic taxes ac
204,850
Cash
20.517
18,000
crued
597,188
488,568
Receivables
56,963
52,263
413,995 Fed income taxes_
588,389
Inventories
$2,636,372 $2,648,983
Total
$2,636,372 $2,648,983
Total
x Represented by 29,718 shs. of convertible preference stock without
Par value and 150.282 shs. of non par value common stock (225,000 shs.
authorized).
-V. 131. P. 1099.
The income account was published in V. 132, p. 1225.
-Defers Div. on 1st Pref. Stock.
Acme Glove Works, Ltd.
The directors have voted to defer the quarterly dividend of 813i cents
Per share due March 15 on the 6A % 1st pref. stock, par $50.--V. 132, p.
657.
-Shareholders ExAdministrative & Research Corp.
ercise Reinvestment Rights.
-
According to preliminary reports received by this corporation, sponsors
of Corporate Trust Shares, at least two-thirds of the rights granted holders
to reinvest a part of the Dec. 31 1930 coupon distributions have been
exercised.
It is through these rights coupons, attached to every Corporate Trust
Share certificate, that holders are automatically given the option of retaining the maximum distributions under the trust or of reinvesting the
part accruing from stock dividends, rights and split-ups of the underlying
stocks in Corporate Trust Shares at a discount under the current offering
price. In practice, according to the sponsors, this device allows the shareholder to change at will from the maximum distribution plan to the capital
accumulation plan and vice versa, in meeting the needs of his varying
financial condition from time to time.
-V.131. p.2697.
Allerton Cleveland Building (Allerton Cleveland
Corp.).
-Interest Defaulted.
See Allerton Corp. below.
-V. 120, p. 2271.
-Receivership.
Allerton Corp.
Judge Melds hi the U. S. District Court at Wilmington, Del., Feb. 17
appointed Henry T. Bush of Wilmington receiver for the company, a
holding company which operates a number of hotels in various parts of
the country. The receivership bill was filed by the Allerton New York
Corp.. a creditor. The defendant corporation filed an answer admitting
Insolvency and consenting to the receivership. The complainant corporation is a creditor in the amount of $456,000 represented by unsecured
loans.
The bill of complaint set forth that the defendant corporation is indebted
to the Central Hanover Bank & Trust Co. of New York in the amount
of $1,847,000, secured by an indenture. II, was alleged that the defendant
corporation has defaulted under the terms of the indenture by failing to
pay interest due July 1 1930 and Jan. 1 1931, and that the trust company
has declared the principal amount of the indenture due and payable.
It was also alleged that the defendant corporation has guaranteed payment of the principal amount and interest of bonds of the Allerton Cleveland Corp., which has bonds in the amount of $1,500,000 outstanding upon
-V. 131, p. 1897.
which it has defaulted au interest payment.
Alliance Realty Co.
-New Directors.
Paul Rosenthal and Joseph D. Tooker have been elected directors
to fill vacancies.
-V. 132, p. 851.
Allied Kid Co.
-1930 Report.-'--,
1415
FINANCIAL CHRONICLE
The company for 1930 reports net profits after all charges, including
estimated taxes of $194,025, equal to $8.10 a share on 23,934 shares of
$6.50 convertible preferred stock outstanding. During the year the company Purchased and holds in its treasury 1,066 shares,of preferred, reducing
the outstanding amount from 25.000 to 23,934 shares. During 1930 the
preferred dividends paid, plus dividend declared payable on Feb. 1 1931,
totaled 5201,399.
The first report of the company covering the seven months ended Dec. 31
1929 showed net earnings after all charges including taxes of $232.868.
Preferred dividends paid amounted to $66.231, leavitg surplus for the
period of $166,637. Net sales for the 1930 year were $9,584,079 compared
with $6,099.257 for the seven months ended Dec. 31 1929. -V. 131,
p. 3045.
-New Director.
Amalgamated Electric Corp., Ltd.
Charles Duncan of Montreal has been elected a director to succeed C. H.
Ferris of New York.
-V. 128, p. 4158.
-Earnings.
American Bank Note Co.
Calendar Yearsx Net profits
Depreciation
1927.
1928.
1929.
1930.
$2,730,736 $4,169,795 $3,365,981 • $2,977,666
327,030
348,392
368,563
372,985
$2,357,752 $3,801,232 $33,017.589 $2,650,635
Balance
176,797
232.247
254.211
Miscellaneous income_ - _
212.771
$3,249,836 $2,827,432
Total
$2,570,523 $4,055,443
3,470
3,751
5,341
Mise.int.& sund. deduc_
3,665
50,000
50,000
100,000
Pension fund
60,000
301,454
399.562
540,310
y Profit-sharing plan
233,029
Net income
$2,273,829 $3,409,791 $2,796,522 $2,472,507
269,739
269,739
Pref. dividends (6%)
269,739
269,739
1,483.575
1,780,261
1,780,290
Common dividends ($3).. 1,958,077
29.093
29,149
29,200
Divs.pf.stk.for'n sub.cos
30,207
(20%)989,050
Stock dividend
(10%)593.430
Balance, surplus
Previous surplus
$15,806
7,754.424
$737,132
7,017.292
$717,373 def$298,950
6.598,869
6.299,919
Profit and loss surplus $7,770,231 $7,754,425 $7,017,292 $6,299,919
Shares of common out-.
593 324
593,430
standing (par $10)_-652,773
651,856
$4.21
Earns. per share on corn_
$4.81
$.07
x Profits of the manufacturing and commercial business, after deducting
repairs and provisions for bad debts, and for all taxes accrued, including
income taxes, but before providing for special compensation or for depreciation. y Special compensation of 15% of combined net profits of American
Bank Note Co. and subsidiaries in excess of fixed minimum of $764,264
distributable under profit-sharing plan.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
Liabilities$
Ands-$
Real est. Si bidgs_ _x5,072,818 5,114,049 6% pref.stock__ __ 4,495,650 4,495.650
Mach., equip., &cy.6,645,020 6.690,390 Common stock... 6,527.730 6.518,560
9,170
Material & supplies 2,449,247 2,968,894 Common scrip_
Accts.& notes rec_ 1,226,011 1,432,874 6% pref. stock of
.
389,510
foreign subsld's_ 391,032
Deterred installm's
540,154
Corn. stk. acg. for
Accts.payable,incl,
reserve for taxes 838,064 1,569,167
resale to employ. 147,261
150,596
Marketable invest. 2,478,596 1,963,466 Advance custom348,708
188,533
Contract deposits_ 108,385
ers' orders
108,385
364,149
Dividends payable 393,821
Time cite. of dep__ 400,000
766,899
Loans on call.
600,000 Special reserves_ _ _ 799,246
(sec.)
7,770,231 7,754,425
Cash
2,366,721 2,135,521 Surplus
Insur. fund res've_ 145,784
139,399
Empl. pen. fd. res_ 256,938
228,499
Deferred charges
144,007
107,525
Total
21,404,307 22,216,239
Total
21.404,307 22,216,239
x After reserve for depreciation of $1,455,224. y After reserve for
depreciation of $2,556,001.-V. 132, p. 1034.
-Annual Report.
American Brake Shoe 8c Foundry Co.
Chairman Joseph B. Terbell says in part:
Company having increased its holdings of American Manganese Steel
Co.'s capital stock to 97.85% of the total outstanding, its earnings have
been included in the consolidated earnings and the assets and liabilities
in the consolidated balance sheet. Prior to the current year, the undistributed earnings of that company on the Brake Shoe company's holdings
amounted to $976,837 and that amount has been transferred to the Brake
Shoe company's reserves.
In the earnings are included dividends received from associated companies controlled but not fully owned, which were $590,788. Of these
dividends, $390,125 were paid from the year's earnings and $200,662 from
such companies' earned surpluses. Therefore, the total of the earnings
of the wholly owned companies plus company's share of the earnings of the
-To Incorporate in Delaware-Will other controlled companies for 1930 was $2,705,722. companies. With
Almar Stores Corp.
In August 1929 a decrease began in the orders of your
Succeed Old Company Now in Receivership.
only minor interruptions, this continued until Dec. 1930. In that month
Application is being made to incorporate, under the laws of Delaware, a slight change for the better, which has continued, occurred. As compared
a new corporation to be known as the Almar Stores Corp., which will with the preceding year, the value of 1930 shipments showed a reduction
acquire the good-will and business of the present Almar Stores Co., now of 25%.
Consolidated Income Account for Calendar Years.
in receivership.
1927.
1928.
1929.
1930.
Control of the new corporation will be in a voting trust of the common
*Net profits
stock under control of J. R. Peters, whose offer to purchase the assets of
$2,906,385 53,230,230 $3,108,121 $2,794,851
667.695
667,695
667,695
667,695
the present Aimar company has been approved by Judge Kirkpatrick in Prof. dividends (7%)
1,092,522
1.009,445
1.511,475
1,658,168
the U. S. District Court at Philadelphia. Mr. Peters will be President and Common dividends
($1.60)
($2.70)
($2.20)
Per share
($2.40)
General Manager of the new corporation.
150
150
Under the terms of the offer made by Mr. Peters for the business,creditors Divs. paid by sub. cos
and stockholders in equal proportion are to be given an opportunity to
$580,521 $1,050.910 $1.347,754 $1,117,711
Balance, surplus
come into the new company on a cost basis without deduction for expenses,
services, profits or other charges. This offer to creditors and stockholders Shares of com. outstand684 096
648,124
690 346
ing (no par)
690,991
will remain open until Feb. 28.
$.7
$.71
$33.
$.24
The new corporation will have an authorized capital of $1.500,000 7% Earnings per share
* Net profits from operation of plants are shown after deducting manupreferred of $50 par and 214,615 shares of no-par common.
cumulative
Of the preferred stock, $500,000 par value and an allotment of shares of facturing, administration and selling expenses and tepreciation of plants
common stock will be issued in payment for merchandise, fixtures and and equipment and including dividends received on stocks of associated
equipment of the bakery, warehouse and stores, good-will, trade-mark and companies whose earnings are not incorporated herein and other net inrights of the old company; and an additional $300,000 par value preferred come less estimated Federal taxes.
Consolidated Balance Sheet Dec. 31.
with an allotment of common stock will be issued for 5300,000 cash.
The new corporation will start business with a statement showing no
1929.
1930.
1929.
1930.
liabilities other than its capital and will also have quick assets of approxiLiabilities
5
Assets$
mately $500.000.
Capital assets___x20,259,658 18,547,976 Preferred stock__ 9,538,500 9,538,500
In order to furnish the stores with merchandise and keep the business Cash
2,454,930 1,581,563 Common stock ___z8,637.388 8,629,325
operating, Mr. Peters and his associates have advanced the present receiv- Market.loans,&c_y4,216,453 5,909,841 Stock of sub. cos__ 155,432
21,765
ers $100,000 in cash in addition to the $50.000 cash deposited with his bid. Accts. rec., lees res. 3,570,802 2,470,107 Accounts payable_ 1,374.482 1,202.921
The balance of the $300.000 cash to go into the new corporation Is pro- Notes & mtge.rec. 724,384
944,683
718,784 Res. for cont., Sie_ 2,264,353
vided for.
317,276
3,327,205 3,118,026 Fed. taxes test.)..- 307,848
Inventories
Several of the stores which have not been showing satisfactory sales will Deferred assets.,.. 187,242
al2,462,671 11,859,012
167,183 Surplus
be discontinued and other locations will he continued only if rents are
Total
34,740,674 32.513,482
Adjusted sufficiently to warrant their continuance.
34,740,674 32,513,482
Total
Court Approves J. It. Peters' Offer to Buy Assets.
a Of which $5,645,842 capital surplus and $6,816,829 earned surplus.
The offer of J. R. Peters for the assets of the Almar Stores Co. wag ap- x Land, buildings, machinery and equipment, patents, &c., (after deproved Feb. 13 by Judge Kirkpatrick in the U. S. District Court after ducting depreciation of 55.764,151), 511.787.876; patents and good-will,
representatives of creditors, stockholders and other interests expressed $1,674,242, and investments in associated companies, $6.797,539. y In-
1416
FINANCIAL CHRONICLE
prou 182.
vestments at market, and include 16,115 shares treasury stock. z Represented by 690,991 no-par shares.
-V. 131, p. 631.
American Home Products Corp.
-Earnings.
Calendar Years1930.
1929.
1928.
American, British & Continental Corp.
-Annual Re- Net sales
$14.918,115 $13,644,606 $11,933,584
Costs and expenses
poll.
11,033.107 9.911.208 8,583,006
Philip L. Carrot, President, says in part;
The assets at Dec. 31 1930, taking listed securities at market prices and
the remaining securities at estimated fair value amounted to 813,275,000.
After deducting current liabilities and $5,000,000 of outstanding debentures.
such assets amounted to 880.94 per share of outstanding first preferred
stock. Included among such assets are sundry loans aggregating $1,396541. This amount compares with $2,106,683 so invested on Dec. 311929.
Of the reduction during 1930 more than $500,000 was represented by
repayments at or in advance of maturity. The balance is attributable to
reduction in book value of one loan to $1 by resolution of the board of
directors. With the exception of this loan, none of the miscellaneous loans
was in default of principal or interest on Dec. 31 1930.
Pursuant to action taken at a special meeting of first preferred and common stockholders held Nov. 26 1930, the stated value of the first preferred
and common stocks was reduced from $13,600.000 to $5,000.000, the
difference being credited to capital surplus. This adjustment in no way
affected the net worth of corporation.
Earnings for Year Ending Dec. 31 1930.
Cash dividends
$547.585
Interest
463,606
Total income
Interest paid & amortization of discount on debentures
Commissions earned
General and administrative expenses
Foreign and other taxes
$1,011,190
268.242
Cr.39.344
89.416
16.903
Net income
$675.973
Statement of Surplus.
Capital Surplus; Credit arising through the reduction of capital-$8,600,000
General reserve-being realized profits on securities sold; Amount
transferred from earned surplus as of Jan. 1 1930
977,077
Net loss realized from securities sold during year
593,629
Total realized profits on securities sold
$383.447
Undistributed current income; Balance of earned surplus as of
Dec. 31 1929
1.333,390
-amount representing realized profits on securities sold
Less
(less taxes thereon) to that date transferred to general reserve.. 977.077
Operating income
Other income
83.885,008 83.733,398 83,350.580
198.739
251,003
181,167
$4,083.747 $3,984,401 $3,531,747
91.931
64.439
112,959
85.162
86,015
73,931
324,801
326.015
308,726
220,848
163.138
115,335
Net income
83,361.005 83,344,793 $2,920,796
Minority Interest
4.287 .
4,102
3,661
Dividends
2.564,415 2,138,450 1,662,350
Surplus
3792.303 81.202.241 31.254,785
Previous surplus
3,851.410 2,700.483 1,532,512
Total surplus
$4,643,713 83.902,724 0.787.297
Adjustments
Dr.100,625 Dr.51,314 Dr.86,814
Total surplus
$4,543,088 83,851,410 $2,700,483
Shares of capital stock (no par)
611.000
611,000
599.000
Earnings per share
$5.50
$5.47
84.87
Balance Sheet Dec. 31.
1929.
1930.
1930.
1929.
Assets$
Land,bidgs.,equip.
Capital stock_ ---y15,693,939 15,693,939
ate
11,240,529 1,117,047 Mhz. stockholders'
Cash
2,410.385 3,558,816 int. in sub. cos_
735
485
Marketable secur_ 122,616
Accounts payable_ 400,058
412,478
U.S. Treas. ctfs_
1,000,000 Notes payable_ _
Investments
68.804 Dividend payable_ 427,700
16.500
427,700
Accts.& notes rec. 1,793.854 1,540,173 Res. for Federal &
Inventories
1,306,233 1,208,208 States taxes-- 873,694
531,036
Prepaid expense... 110,294
114,740 Res. for conting__ 187,376
190,900
Good-will, tradeSurplus
4,543,088 3,851,410
marks
14,926,379 12,500,160
Total income
Interest, &c
Depreciation
Federal tax
Foreign tax
Total
21,926.589 21,107,948 Total
21,926,589 21,107,947
x After depreciation of $621.269. y Represented by 611,000 shares
no-par value.
Balance
$356.313
During the year 1930 there was purchased for cash, without the issuance
Net income for the year ended Dec.31 1930, per above statement 675.973
of additional shares, the formulae and trade rights of several well-known
products of proven merit. The properties thus acquired include van
Total income
$1,032,286
Dividends on preferred stock
599,845 Ess Laboratories, Inc. and Its subsidiary, The Anacin Co.. proprietors of
Anacin Tablets; French Cosmetic Manufacturing Co., manufacturers of a
Balance of undistributed current income at Dec. 31 1930
$432,441 inc of cosmetics; and the business of Addison-Leslie Co., manufacturers
and distributors of Plastic Wood and Rug-Sta.-V. 131, D. 1568.
Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
-Subs. Awarded Contract.
American Locomotive Co.
AssetsLiabilities$
$
$
See Continental 011 Co. below.
-V. 132, p. 1226.
Cash
215,436
243,000 Accounts payable80,775
203.384
Sundry loans
1,396,541
Deb. Int. accrued_ 101,156
104.167
American Metal Co., Ltd.(& Subs.).
Callloans
500,000 Fed.Inc. tax. accr.
-Earnings.
46,483
Investments ____y17,473,034 18,977,744 5% gold debens.-- 5,000.000 5,000.000
Calendar Years1930.
1929.
1928.
Accts. receivable,
Capital stock
15,000,000 13,599,750 Operating profit and miscell. Income-44,445.598 $6,005,492 85,148.489
159,475
accr. Int., &c.
194,520 Surplus
9,415,888 1,333,390 Administration and selling expenses603.999
856.328
842,508
nerd chgs., incl.
=mortis. debt
Income after expenses
$3,841.598 0.149.164 $4,305.981
discount
371.891
353.333
1,814.020 1.706,285 1,469,047
Deprec., depl. &c., reserve
Provision for Federal
200.000
Income taxes
190.000
185,000
Total
19.597.820 20.287,155 Total
19,597,820 20,287,155
$1,827,378 83,252,879 82,651,933
x Represented by 100.000 no par shares of $6 cumulative 1st pref. stock
Net income
and 800,000 no par shares of common stock. y Market value approxi- $7 preferred dividends
121,205
mately $5.969,000 less than cost. A list of the securities owned is given $6 preferred dividends
410.623
450,552
398.895
-V. 131. P. 3713.
In the report.
Common dividends
1,844.861 2,382,908 1,785.246
Rate
($2.13)
($3)
($3)
American Colortype Co.
-Reduces Dividend.
The directors have declared a quarterly dividend of 35 cents a shar
Balance, surplus
df.$427,906
8419.419
8346,588
y10,640.690 11.075,548 10,719,605
on the common stock, payable March 31 to holders of record Mar. 12. Pre- Profit and loss surplus
viously the company paid dividends at the rate of 60 cents quarterly.
868,185
595 114
- Shares of corn. stock outst g (no par)- z868,185
Earnings per share on common$3.23
0.58
Acquires Plant at Allwood, N. J.
a After deducting interest paid of 31.971.. 8 y After transferring to
66 .
$1 63
The company has completed arrangements for the purchase of the plant of
the Brighton Mills at Allwood, N. .1., containing 250.000 square feet. A ordinary reserve surplus of subsidiaries of 314,813 In accordance with
requirements of Mexican law and adding $7.859 to consolidated surplus
parcel of land containing 30 acres was purchased with the building.
The company will consolidate in the newly acquired property the opera- through acquisition of stocks of subsidiaries, &c. z Figured on dividend
tions of the present New York plant as well as several subsidiaries now oper- bearing shares.
Vogelstein. Chairman and Otto Sussman. President state In
ating in separate units In New York City and Brooklyn. These companies
include The Moehle Lithographic Co., Inc., of Brooklyn, Gotham .ocess part:
In April 1930 company issued and sold $20,000,000 four year 5;4%
Litho Co., National Art Co., Polychrome Reproduction Co., and Samue
gold notes. As reported to the shareholders Oct. 15 1930, company,in
Gabriel SODS & Co., all of New York City.
acquiring 800,000 ordinary English Shares of Roan Antelope Copper
Annual Report.
Mines, Ltd. and 1,000,000 shares of Rhodesian Selection Trust. Ltd.,
Company for the year 1930 reports gross shipments of $10,244.800 and issued 350,000 shares of common stock not entitited to dividends until on
gross manufacturing profit of $922,608. Atte crediting other income, and after Dec. 1 1932. The amount of preferred stock outstanding has
and deducting interest and reserves for taxes and depreciation, net profit not changed during the year.
for the year totaled 8324,804. After prefer ed dividends the balance of
Company purchased in the market during the year 15,000 shares of its
$254,703 was equal to $1.52 a share earned on the 167.000 shares of common common stock, which are to I* offered for sale to company's employees
stock outstanding.. The balance sheet on Dec. 31 1930 showed current on such terms as the directors may decide.
F+.4
assets valued at $5,409,698 and current liabilities totaling $863,726.
The item of $32,580,946 shown in the balance sheet for investments in
-V.131,P. 2698.
various mining, smelting and refining companies represents the cost of
these investments, rdostly listed securities. At market quotations of
AmericanCommercial Alcohol Corp.
-Earnings.
Dec. 31 1930, for the listed securities and at cost prices for the unlisted
For income statement for 3 and 12 months ended Dec. 31 see "Earnings securities the value of these investments was $24,697,858; at market quotaDepartment" on a preceding page.
tions of Jan. 30 1931, the value was $27.097,858 In considering the
Current assets on Dec. 31 last, amounted to $2,696,744 and current deficiency, it should be noted that company carries a total contingent
liabilities $285,128. There are no bank loans.
-V. 131, p. 3209.
reserve of 0.430,701, which includes a reserve set up in connection with
the acquisition of the above-mentioned shares of Roan Antelope Copper
American Express Co.
-Earnings.
Mines, Ltd. and Rhoderian Selection Trust, Ltd.
1930.
1929.
Calendar Years1928.
1927.
Consolidated Balance Sheet.
$6,967,861 $9,402.160 $7,848,432 $7,409.098
Gross income
1930.
1929.
1930.
1929.
Oper. exps. (less taxes)- 5.218.602 5,419,730 5,031,944 4.96.3,513
Assets
$
x451.763 x1.443,784
Taxes. &c
707.450
444.769 Mines. smelters,
Preferred stock- 6,844,100 8,844,100
ships, &a
x20,987,149 21,504,989 Common stock.y37,985,520 34,465,520
$1,297,495 $2,538,646 $2,109,039 $2,000,815 Invest. In foreign
Net income
Bankers accept.-- 3,500,000 13,175,000
1,080.000 1,080,000 1,080.000
1 080,000
Dividends (6%)
affiliated cos..- 1,348,477 1,448,750 Accts. payable- 4,512,161 4,167,434
See x
Ace x
802,810
Reserves
554.779 Loans to Rhodesian
Notes payable_ ___
1,500,000
selection Tr. Ltd 3,254,930
Deposits. officers
$217,495 31.458,646
$426,223
Surplus for year
3366.035 Cash
1,938,973 2,014,449 & employees- 1,774.877 2,016,027
180,000
180,000
180,000
(no par)_ Shs. stk. out.
180,000 Accts. & notes rec. 8,946,581 8,214,620 Accr. liabilities.-- 570,527
331,473
$7.21
$14.10
$11.72
Earned per share
$11.12 Inventories
20,419,307 23.057.467 Mtge., &c., bonds 279,000
290,000
x Includes reserves.
Investments
32,580,946 17,576,309 4-yr.
% gold
Dec. 31.
Balance Sheet
8% 1st mtge bonds 1,392,000
notes due Apr. 1
1929.
1930.
1930.
Advances,
1929.
509,173 2,763,933 1934
20,000,000
Liabilities-$
Common stock of
$
3
Assets$
Contingent reserve 5,430,702 1,993,024
x18,000,000 18.000,000
Amer Metal Co. 459,362
Real prop.& equip. 6,075,377 8,053.222 Capital
Min. Int, sub. stk. 1,127,397 1,194,478
4,658,249 4,562,321 Unamortlz.disc. on
3,603,165 3.650,870 Reserves
Cash
Surplus
10,640.690 11,075,549
gold notes
Demand loans_ _ _14,124,101 25,449,656 Res. for deprec.,
.
459,420
2,405,597 taxes, losses and
Deferred expenses 348,648
Due from banks
472,086
2,248,215 3,480,438
Working funds_ _ 1,510.779 1,791.233 other items
.
36,475 Divs. payable---- 270,000
Total
U. S. securities
92,644,974 77,052,606 Total
270,000
92,644,974 77,052,605
Other investments 43,471,928 29,203,078 Due to bank, &o_
9,856,011
x Mines, smelters, real estate, machinery and equipment. $34.131,031.
Funds of subsid's_11,593,945
Acceptances and
less reserve for depletion, depreciation and obsolescence, $13,143,881.
letters of credit_ 1,305,332 1,387.052 Tray, checks and
y Represented by
no par shares of dividend bearing common
credit letters._24,473,634 25,666,188 stock and 350,000 868.185
Bank guarantees__ 3,781,672 4,385,301
non-dividend bearing until Dec. 1 1932.-V. 132. la•
Money orders,
Accrued int. & ac1034. 852.
3,887.725 6,776,905
drafts.&o
counts receivable 1,580,760 2.422.292
158,001 Accep.& let, of cr. 1,305,332 1,367,052
251,347
Other assets
American Re-Insurance Co.
-1930 Report.
Other liabilities_ 3,181,718 1,044,918
Company reports for
year ended
6,085,642 5.898,745 $2,028,649, compared the81,747,459 Dec. 31 1930 premium income of
Surplus
with
in 1929, an Increase of 16%. Gain
during the year
was $553.756,
75,704,461 76.922,576 compared with from underwriting and profit and loss Items dividends and
Total
75,704.461 76,922.576
Total
$198.695 In 1929. Income from interest,
-V.131. p. 4057.
x Represented by 180.000 shares of no par value.
rents, less investment expenses, was $429,116, compared with $333,812
In 1929. Net loss from sale of Investments was 8172.064. TJnrealized
-Tenders.
American Lime & Stone Co.
depreciation in the Investment portfolio was $1,070.138. After giving
The Bankers Trust Co.. trustee will until Feb. 27 receive bids for the effect to these items and after payment of $300,000 in dividends on the
sale to It of 1st mtge. sinking fund .gold bonds, dated April 1 1922, to an capital stock, surplus stood at 0,530.625, a decline of $559.330 during the
amount sufficient to absorb $41,827 at prices not exceeding 105.
year. Total assets on Dec. 31 were $7,774,733, a decline of 3611.406.
-V.131. p. 1100.
-V. 131, p. 2698.
FEB. 21 1931.]
FINANCIAL CHRONICLE
American Seating Co. (N. J.).
-Board Reduced.
-
At the annual stockholders' meeting the directors were re-elected with
the exception of J. J. Bedell and L. C. Gerry, resigned. Henceforth the
board will consist of 11 members instead of 13.-V. 132, P. 1226.
American Silver Co., Bristol, Conn.
-Omits Corn. Div.
The company has made no provision for the payment of the quarterly
dividend ordinarily payable around this time on the common stock, par
$25. On Oct. 1 last, a quarterly distribution of 50 cents per share was made,
-V.118, p. 1014.
-Sued on New Stock-ShareAmerican Tobacco Co.,Inc.
holder Asks Court to Rescind Increase Plan of Last July.
Richard Reid Rogers, a lawyer, filed suit in the New York Supreme
Court Feb. 19 as a stockholder of the company, asking that a stock increase plan adopted on July 28 last be rescinded on the ground that the
officers, directors and employees of the company would enrich themselves to the extent of $30,000,000 by the purchase at $25 a share of stock
which is worth more than $100 a share. The New York "Times, in
reporting the matter, states:
"Mr. Rogers asserted that over the protest of himself and other stockholders the American Tobacco directors obtained a two-thirds majority
vote of the shareholders for the approval of a plan to increase tne stock
to 5,000.000 shares, of which 312,000 shares were to be sold at a price
'wholly disproportionate' to the market value, and that by approving
the plan on June 25 last the directors 'paved the way for the distribution
to themselves and officers and employees of the company of approximately 312,000 shares.' The plan also provided for a reduction of the
par value of common B shares and common stock from $50 to $25, two
shares of new stock to be given for one of old.
"The plaintiff said he was represented by proxy at a meeting of the
stockholders at which the plan was approved on July 28, and that a protesting statement was read on his behalf, which said. If this action
should be taken it might result in a transfer to officers and employees of
approximately $30,000,000 of the assets of the stockholders without consideration. He charges that the required approval of the stockholders
was obtained by voting them an extra dividend of $4 a share on the old
stock, which he holds was a 'bribe.' He recites the action of the directors
on Jan. 28 last in voting the regular dividend of $1.25 a share payaJle on
March 1 and an extra dividend of $1, and also voting to sell 56,712 shares
of common B stock selling that day on the New York Stock Exchange at
$112 and quoted since as high as $1143-s, to employees for $25 a share.
These employees included some or all of the officers and directors, he
asserted."
-V. 132, p. 852, 659.
-Omits Class B Div.
American Utilities & General Corp.
The directors have voted to omit the quarterly dividend due at this
time on the class B stock, but declared the regular quarterly dividend of
75c. per share on the $3 cum. pref. stock, and the regular quarterly dividend of 32Ac. per share on the class A stock, both payable March 2 to
holders of record. Feb. 20. The company on Dec. 1 last paid a quarterly
dividend of Sc. per share on the class B stock, while in each of the five
preceding quarters, a dividend of 10c. per share was paid.
-V.131, p. 3372.
Anglo American Corp. of So. Africa, Ltd.
-Earnings.
-
The following are the results of operations for the month of January 1931;
Total
Tons
Costs
Profit.
Brakpan Mines,_Ltd
£100,853
£147,013
6,160
95,000'
Springs Mines Ltd
£18.418
£81,270
£65.146
71500
west Springs, Ltd
£62,149
£76,863
£14,714
71.500
The item appearing under the title of Anglo-American Corp. of South
America, Ltd. in last week's "Chronicle" should have been given under the
above heading. See V. 132, P. 1226
.
Anticosti Corp.
-Defers Prefert ed Dividend.
The directors have voted to defer the quarterly dividend of 13(% due
March 1 on the 7% cumul. preference stock.
-V. 123. P. 1509.
-Acquisition.
Apex Electrical Mfg. Co.
The company has acquired the refrigerator business of the Wayne Home
Equipment Co., Fort Wayne, Ind. No change will be made in the dealer
organization of the Wayne company, it is stated, and present dealers will
continue the marketing of refrigerators supplied by Apex's new plant.
President C. G. Frantz stated that although the company's plants had
been working both day and night shifts the new addition was made necessary
by the large volume of business resulting from the development of a new
line of washers, ironers and cleaners.
-V.131. p. 2898.
-New Director.
Arnold Print Works, No. Adams, Mass.
R. S. Byfield, Vice-President of Ames, Emerich & Co., Inc., has been
elected a director.
-V. 131. p. 1899.
-The
-Defers Prefer,ed Dividend.
Armour & Co. (MO.
directors have voted to defer the quarterly dividend of
14% due April 1 on the 7% cumul. pref. stock, par $100.
-V. 132, P. 1226.
Associated Rayon Corp.
-Plan of Readjustment for
Prefer,ed Stock.
Speyer & Co., and Lehman Brothers, on behalf of the holders of the 6%
cumulative convertible preferred stock, have, after prolonged negotiations,
reached an agreement with representatives of Vereinigte GlanzstoffFabriken A. G. and Algemeene Runstzijcie Unie N. V., in pursuance of
which an offer is being made to all holders of preferred stock.
Under this offer, which has been unanimously approved by the board of
directors of Associated Rayon Corp., holders of Associated Rayon preferred
stock will be entitled to receive for each share of $100 par value deposited;
(a) $50 principal amount of 20
-year 5% guaranteed convertible debentures of Associated Rayon Corp. carrying interest from Dec. 1 1930. to
be unconditionally guaranteed as to principal and interest by Vereinigte
Fabriken A. G. The interest accrued to March 1 1931 on
Flanzstoff
each $50 debenture will be $.624;
(b) $20.25 in cash: and
(c) $1.50 in cash through the payment of the March 1 1931 dividend
to the holders of certificates of deposit or their predecessors in interest, as
the case may be.
No expenses will be charged against depositors as all expenses will be
paid by Associated Rayon Corp. The board of directors of Associated
Rayon Corp. has appointed the committee (below) to carry out the plan.
Speyer & Co. and Lehman Brothers recommend acceptance of this plan
and urged all preferred stockholders to deposit their shares promptly with
The Marine Midland Trust Co. of New York, 120 Broadway, in order to
assure the consummation of the plan. The time for deposits expires
March 16.
1417
shares of common stock for each $100 of debentures. In case the debentures are called for redemption the conversion privilege will cease on the
fifth day prior to the date of redemption. The conversion privilege.will
be safeguarded to the same extent to which the conversion privilege of the
present preferred stock is safeguarded under the present charter of Associated Rayon. The Marine Midland Trust Co. of New York, trustee.
The indenture will include among others provisions in substance as follows;
(a) So long as any debentures are outstanding, two directors are to be
elected who shall have been nominated by the Debenture holders, provided
that so long as any directors elected by the vote of preferred stockholders
shall be upon the board of directors of Associated Rayon, such directors
shall be deemed to have been nominated by the debenture holders.
(b) Associated Rayon will agree to use no cash realized from the disposition of any securities owned by it at the time of the execution of the
indenture or of any securities for which the same may be exchanged or
which may be purchased with their proceeds, for the purpose of paying
interest on the debentures unless net assets as defined in the indenture
(before deducting the debentures and any indebtedness subordinated to
the debentures) after such payment have a value equal to at least 120%
of the principal amount of the debentures outstanding at the time. Subject
to this restriction, Associated Rayon may use any of its funds in order to
pay debenture interest.
(c) Associated Rayon will agree to pay no dividends on its common
stock (except stock dividends) unless net assets as defined in the indenture
(before deducting the debentures and any indebtedness subordinated to
the debentures) remaining after payment of such dividends shall have a
value equal to at least 200% of the principal amount of the debentures
outstanding at the time. The charter of the corporation will be amended
so as to substitute this restriction for the existing one.
(d) Associated Rayon will agree that any indebtedness, except for current expenses, which may be created shall be subordinated to the debentures.
$7,000,000 GlanzstofLNotes.
To carry out the plan, $6.156,000 cash Will be required to Te paid b
Associated Rayon, assuming the deposit of all of the preferred stock.
On Dec. 31 1930. Associated Rayon had in its treasury approximately
$3,350,000 net current assets consisting of cash or the equivalent, and
this will be increased by any net income up to the date of the consummation of the plan. In order to leave in the treasury after the payment of
all expenses a cash balance not exceeding $250,000 or such lesser amount
as Glanzstoff shall elect, an additional amount of cash will be required
which will be obtained through the payment of Glanzstoff (which now
owes Associated Rayon Corp. $5,000,000 in the form of 7% notes due
1938) of such notes in the required amount, but not in excess of $3.000,000.
$2,000,000 additional of such notes together with 55,000,000 7% notes
maturing 1939 now owing to Associated Rayon by another corporation
and endorsed by Glanzstoff, will also be paid off and a new loan for an
equal amount will be made by a subsidiary of Associated Rayon to Glansstoff which will give its notes for 57,000,000 guaranteed to the satisfaction
of Associated Rayon, maturing not later than Dec. 1 1950, bearing 7%
interest to Jan. 1 1939, and a minimum of 5% and a maximum of 7%
interest thereafter to maturity upon conditions to be provided in the
notes. These $7.000,000 of notes will be pledged with the trustee as
security for the debentures.
Any amounts paid on account of the principal of the notes are to be
applied to the purchase or redemption of debentures as directed by Associated Rayon. The amounts, if any, paid by Glanzstoff under its guaranty
of the principal of the debentures are to be credited upon the notes.
Advances Under Preferred Stock and Debenture Guaranties.
Glanzstoff has advanced as of Dec. 1 1930. pursuant to its agreement
of guaranty of the preferred dividends $1,800,000, to which it has a right
of repayment with interest at 5%. subject to the conditions of the e •.ting guaranty agreement. As a condition of the consummation of the plan,
this guaranty agreement will be modified so as to provide that in the
absence of default under the indenture all advances which have been or
will be made under it shall be repaid with interest at 5% out of any funds
which could be used for interest on the debentures to the extent that
such funds exceed interest requirements upon the debentures for the semiannual interest period during which such repayment is being made, subject, however, to restrictions. If after the debentures have been paid in
full at maturity any of such advances shall remain unpaid then the same
shall be repaid out of remaining assets before any distribution shall be
made to the holders of common stock. The repayment of dividend
advances will thus in all respects be subordinate to the rights of the holders
of the debentures.
The repayment of the advances, if any, made by Glanzstoff pursuant
to its guaranty of the interest on and principal of the debentures is also
to be subordinate to the rights of the holders of the debentures. The
advances for interest may be repaid with interest at 5%,subject, however.
to the conditions as above set forth in respect to repayment of advances
by Glanzstoff under its guaranty of the preferred dividends.
Committee.
-Beveridge C. Dunlop (Vice-President, Associated Rayon
Corp.), Eustace Seligman (Sullivan & Cromwell), and H. W. Springorum
(Secretary, Associated Rayon Corp.).
-V. 130. P. 3545.
Associates Investment Co.
-Special Dividend.
-
The directors have declared a special dividend of 1-160th of a share oj
common stock on the common stock and the regular quarterly dividends
of $1 per share on the common and $1.75 per share on the preferred stocks,
all payable March 31 to holders of record March 21.-V. 132. p. 1035.
Auburn (Ind.) Automobile Co.
-Sales Increase.- .1
President R. H. Faulkner on Feb. 18 announced that 3,371 Auburn and
Cord cars had been shipped in the first 45 days of 1931, as compared with
2,343 cars in the same period last year and 2,212 cars in the first 45 days of
1929, the company's largest production year. Be also stated that the
company had more than 7,0001 unfilled orders on hand.
-V. 132, p. 1227.
1035.
Autocar Co.
-Financial Status.
-
The company's financial statement as of Dec. 31 1930, shows quick
assets of 17,406,000 against current liabilities of $1,644,000. the ratio of
44-to-1 being a considerable improvement over previous years. Shrinkage
in sales volume occasioned an operating loss of 1149.000 after charging off
depreciation and development expense amounting to $447000.
At a meeting of the directors, the regular quarterly dividend of $2 s
share on pref. stock was declared, payable March 15 to holders of record
March 5.-V. 132. p. 853.
-- •
Aviation Building Corp., Fort Worth, Tex:
-Bonds
Offered.
-Republic National Co. and Mercantile Securities Corp., Dallas, Tex., are offering at 100 and interest
$300,000 guaranteed 1st mtge. leasehold 6% serial sinking
fund gold bonds.
.Dated Jan. 30 1931; due serially Feb. 1 1932-1936. Interest payable
F. 8z A. Bonds and coupons payable at the Republic National Bank &
Trust Co., Dallas, Texas, trustee. Denom. $1,000, $500 and $100 O.
Callable on 60 days notice at 102 and interest.
In the annual report for 1929, the stockholders were advised that the
The Aviation Building Corp.
-year lease on property fronting
decline in the value of the securities in the corporation's portfolio had so 50 feet on Main St. and 100 feetowns a 99 St., Fort Worth, Texas. The
on Seventh
the net assets of the corporation, as of Dec. 31 1929, as to result building occupies the entire property. The construction of the Aviation
reduced
in a capital impairment. This decline continued during 1930, which re- Building is of
steel and the building is fire-proof throughout.
flected the unsatisfactory condition of the rayon industry and the general The building isstructural structure, the first floor being devoted to stores
a 16-story
business depression.
and the remaining 15 floors to offices.
In the summer of 1529, counsel advised that because of such impairment
The valuation of the building and fixed equipment already installed Is
and the provisions of the Maryland law, the directors should cease the as follows:
payment of dividends even though the corporation had current income. Actual cost of building
8696,944
Accordingly, commencing with Sept. 1 1929, the dividends upon the Fort
Worth Real Estate Board appraisal
671,738
preferred stock have been advanced by Vereinigte Glanzstoff Fabriken A. G.
building
pursuant to its agreement of guaranty. This guaranty, however, expires Valuation of McNeny, (when completely filled, appraised by
McNeny &
Realtors, Dallas, Texas)
763.681
1932.
on Dec. 1
Taking the lowest valuation of the building alone, that of the Fort
To meet this situation and to equitably readjust the position of the
Worth Real Estate Board, $671.738. there is a value of 52,239,12 back of
holders of the preferred stock, this plan has been prepared.
each $1,000 of the $300,000 first mortgage bonds.
New Debenture Issue.
The annual net income after all operating expenses, as estimated by the
Corporation will create a $10,000,000 20
-year debenture issue bearing Fort Worth Real Estate Board, amounts to $78.223. This estimate
interest at 5% per annum from Dec. 1 1930. Principal and interest un- conservatively based on a 59 vacancy for the ground floor and a 12% is
%
conditionally guaranteed by endorsement by Vereinigte Flanzstoff Fabriken vacancy for the remaining 15 floors. McNeny & McNeny.
A. G. Debentures will be redeemable at any time on 60 days' notice in Dallas, Texas, have estimated that with the building rented Realtors, of
to capacity
whole or in part at 100 and accrued interest.
this annual net income will amount to $90,900.
The debentures will be convertible into common stock of Associated
The principal and interest on these bonds is unconditionally guaranteed
Rayon at any time up to and Including Dec. 1 1936, in the ratio of two by A. P. Barrett of Fort Worth, Texas.
The Committee in a circular to the holders of preferred
stock dated Feb. 16 states in part:
1418
[VOL. 132.
FINANCIAL CHRONICLE
-To Acquire Certain Assets
(The) Aviation Corp. (Del.).
-V.132, p.659.
of Fairchild Aviation Corp.
-See latter below.
Baltimore Tube Co., Inc.
-Earnings.
Calendar Years1930.
• Operating profit
loss$5,057
Ins.(on J.M.Jones,dec.)
1929.
$394.766
1928.
$378.188
1927.
$150,798
100,000
Total income
loss$5,057
Metal invent, written
down
69,750
Depreciation
63.969
Amort,ofdef. charge, &c
3.000
Federal income taxes
Sundry contingencies_
5394.766
5378.188
$250,798
80,469
3,000
38,500
20,000
99,811
3.190
40,000
5,000
110,257
4,680
Comparative Balance Sheet Dec. 31.
1930.
1930.
1929.
$
LiabilitiesAssets$
$
Fixed assets
x1,748,543 2,035,492 Preferred stock_
Common stock-y$1,507,200
Time deposits.... 1,115,000
Good-will
1,053,858 1,053.856 6% gold notes- -- - 2,096,000
Cash
366,043 Res.for conting390,426
Accounts payable
Accts. de notes rec.
83,635
.
and accrued _ __
(leas reserves)._ 998,287 1,685,028
2,852,441 5,307.404 Earned surplus_ _ _ df429.631
Inventories
99,066 Capital surplus-- - 5,410,000
Accrued interest
14,870
740,925
622,867
Investments
209,371
70,913
Deferred charges
1929.
$
$107.800
1,507,200
2,650,000
250,000
323.106
1,249,079
5,410,000
8,667,204 11,497,185
Total
Total
8,667,204 11.497,185
x After deducting $2,524,687 reserve for depreciation. y Represented
-V 131, p. 2899.
by415.032shares of no-par value.
$135,861
$230,186
Profit
$252.798
def$141,776
-Loans Increase.
Beneficial Industrial Loan Corp.
Condensed General Balance Sheet Dec. 31.
The corporation reports that its volume of loans for January totaled
1929.
1930.
LiabilitiesAssets1930.
1929.
with loans of $5,340.155 for
7% pref.stock__ -$1,750,000 $1,750,000 $6,308,325, an increase of 18.12% compared
Property, patents,
-V. 132, P. 1036.
good-will,&o___$5,264,301 $5,229,539 Common stock__ 2,375,000 2,375,000 January last year.
116,000
47,000
19,215 3 yr.6% gold notes
Sinking fund
-New Director.
Benson & Hedges, New York City.
725,560
accts. pay 473,351
Inventories
929,694 Notes &
678,497
William J. Cullen has been elected director to succeed 0. W. Birckhead.
1,892,541 1,855,712
Notes &accts.rec
465,222 Reserves
320,589
335,182 -V. 132. p. 1036.
193,406
Surplus
Cash in bank & on
495,529
hand
450,626
--Earnings.
Bigelow-Sanford Carpet Co., Inc.
18,255
17,284
Deterred charges
1929.
1930.
Calendar Years$22,436,931 $23,964,903
Net sales after allowances for all discount
$6,731,298 37,157,453
Total
Total
$6,731,298 $7,157,453
2,702,924
1,116,514
Operating profit
:586,811
860,459
130. P. 1279
.
Depreciation
25,000
243,750
on serial
-Federal Receiver and Return of Interesttaxes notes
Bancokentucky Co.
235.000
Federal
621.005
Asked in Suit.
Inventory adjustments
$37,578,966
Frederick W. Trinkle of Cincinnati brought suit in Federal District
$608.701pr$1,854,112
Net loss for year
Court at Louisville, Ky., Feb. 18 for the appointment of a Federal rea Including obsolescence.
ceiver for the company and the recovery of $37,578,966 from the directors
for alleged mismanagement.
Condensed Balance Sheet Dec. 31.
1930.
1929.
The plaintiff alleges the Bancokentucky secretly paid Gustave M.Mosier,
1929.
1930.
$
$
while he was President of the Brighton Bank Ss Trust Co. of Cincinnati,
Liabilities$
Assets$
700,000
$123,500 to Influence bank stockholders to sell their shares to Banco- Cash
Bank loans
charges Mr. Mosier received $118,500 in cash Accts.
kentucky. The plaintiff
05 5
5 :477 Drafts Pay.against
& notes rec. 23 69 5,221
1 69 0
3:1 3:10
549.822
and 200 shares of Bancokentucky stock, valued at $5,000, without the Accts. resell% empl
letters of credit_
69,898
28,617
698,656
knowledge of other stockholders of the Brighton Bank & Trust Co.
DInevfeerrnted
7,632,666 15,299,008 Accounts payable_ 428,470
Bancokentucky. holding company for the closed National Bank of Ken- Land, bidgs.& eq_16,387.132 17,033,287 Reserved for taxes
56,167
300,903
-V.132.
tucky, already is in charge of a receiver appointed in State Court.
6% ser. note, due
charges
p. 315.
500.000
Nov.30 1930_ _
112,512
against°per_ _ _ 178,228
10,101 6% series notes_ _ - 3,000,000 4,500,000
10,801
Sundry investmis
-1% Stock Dividend.
Bankers National Investing Corp.
Preferred stock.. _ 2,724,300 2,724,300
have declared the regular quarterly dividend of 25c. per Ctfs. of deposit__ 600,000
The directors
Common stock _x15,718,950 15,719,200
share in cash and 1% in stock on the common stocks, class A and class B
9,099.625 11,249,935
Surplus
payable Feb. 25. to holders of record Feb. 13. Like amounts were paid on
1.309,182
Res.for conting25 and Nov. 25 1930.-V. 131.
Nov.25 1929 and on Feb. 25, May 26, Aug.
p.3879.
Total
31,027,512 38,251,998
31,027,512 38,251,998
Total
-V. 131, P. 2700, 942.
-Deposited Bank Shares
x Represented by 314,379 no par shares.
Bank & Insurance Shares, Inc.
N. Y. Series A, to be Offered Shortly.
Booth Mfg. Co., New Bedford, Mass.-Bal. Sheet Dec.31
Liabilities1930.
1929.
Public offering will soon be made of a new fixed trust in New York bank
1929.
Assets1930.
Preferred stock_ $344,100 $344.100
stocks, Deposited Bank Shares N. Y. series A. by Bank Ss Insurance Real estate & ma852,800
852,800
Shares, Inc., depositor and national distributor of the issue.
$1,935,923 Common stook _
81.964,206
chinery
trust shares, representing a participating
59,000
59,000
Each unit will consist of 15,000
336,547 Bonds
302,633
Merchandise
250.000
Interest in 561 shares of stock of 19 leading New York banks, plus a sub- Cash and accounts
Notes payable.... 200,000
50,151
36,995
stantial surplus fund. The trustee is The Pennsylvania Co. for Insurances
237.181 Accounts payable_
187,419
receivable
820,994
on Lives and Granting Annuities, of Philadelphia, Pa.
4,722 Deprec. reserve.-- 862,994
5,906
Prepaid items_ _ _ _
A new feature in the set-up of Deposited Bank Shares N. Y., series A, Is Treasury stock...
9,600 Prem. sco't (com9,600
88,200
88,200
mon stock)
its large surplus fund which at all thnes is invested in trust shares. Proceeds
71,884
12,520
from the rights and stock dividends of the deposited stocks are not disProfit and loss....
tributed but placed in this fund and immediately invested In the shares of
$2,469,765 32,523,974
Total
the trust. Split-ups are retained in the portfolio.
$2,469,765 $2,523,974
Total
The trust will distribute as its regular and semi-annual cash dividend -V. 130, p. 1280.
all cash income consisting of regular and extra cash dividends from the
underlying companies. An additional stock dividend will be made semi-Probable Acquisition.
Borden Co.
the Norwalk Dairy Co.
annually from the surplus fund, representing 5% per annum of the trust
The company is negotiating for the purchase of
shares outstanding in the hands of the public. The certificates holder has at Norwalk, Conn., it is reported.
-V. 132, p. 1036.
the option of receiving this return either in additional trust shares or in
their equivalent cash, thus enabling the holder to obtain the benefits of
-Final Dividend.
Bovril, Ltd.
declared a
either a cumulative or distributive type of trust as he may deslre.-V.
This company, through its American depository. shares, less final div.
taxes and
receipts for deferred
132. p. 1227.
for 1930 of 8% on the American
on the "American"
expenses of the depositary and a final dividend of 33(s %
-Omits Common Dividend.
Barker Bros. Corp.
ordinary regular shares, both payable March 20 to
receipts for 73 %
The directors have decided to omit the quarterly dividend ordinarily paid
about April 1 on the common stock. From Oct. 1 1928 to and incl. Jan. 2 holders of record Feb. 10.
1931 the company made quarterly distributions of 50 cents per share on
-New Directors.
Bower Roller Bearing Co.
-V. 131, p. 2700.
this Issue.
been elected directcrs to fill
Howard E. Coffin and W. L. Stadler haveCharles Wright Jr. and the
resignation of
-Earnings.
the vacancies caused by the
(The) Bastian-Blessing Co.
death of Nelson Mearick.-V. 131, p. 275.
1928.
1929.
1930.
1927.
Years Ended Nov. 30$479.183
$757.521
-1930 Earnings.
(after deprec.) $302,599
$387,302
Net profit
Briggs & Stratton Corp.
of
19,004
14,478
23,992
6,557
Other income (net)
Corporation reports for 1930 net profits, after all charges and taxes, in
a share on the capital stock. Earnings
$882,352, equivalent to 52-94
5776.525
$493,661
Total
5326,592
$393,859 1929 were $1,499,018, equivalent to 34.99 a share. On Dec. 31 cash and
87,200
59,000
38,700
Estimated Fed.inc. tax45,000 marketable securities (at cost, which was less than market) amounted to
Beers. exp. & non-recur.
$2.009,147 and total current assets to $2,644,723, compared with total
47,157 current liabilities of $283,904.-V. 131. p. 2701.
charges
$434,661
$689.325
$287,892
Not profit
$301,702
Earns. per sh. on 115,000
she. corn, stock out$5.99
$3.53
$2.50
$2.38
standing (no par)____
-Dividends of $3 per share were paid In 1930.
Note.
General Balance Sheet Nov. 30.
LiabllUtes1930.
1929.
1929.
1930.
Assets18575,000 8575,000
Capital assets_ __ $473,688 $463,729 Capital stock
Accts. payable._..
25,416
104,431
Patents, non-de83,662
8,527 Dividends payabki
71,438
9.915
preciated value_
38,700
242.232 Est. Fed. taxes
87,200
331,625
Cash
20,487
371.470 Accrued liabilities53.056
Accts.& notes rec. 329.188
8,56,005 Surplus
1,296,052 1,361,547
753,339
Inventories
281,555
113,187
Miscell. investm'ts
13,250
8,350
Cash val. life Ins_ _
15,902
20,026
Deferred charges
..32.039.3l8 $2,252,672
Total
82.039,318 52,252,672
Total
shares.
-V. 131, p. 2700.
x Represented by 115.000 no par common
-Sale of Plant.
Brighton Mills, Passaic, N. J.
-V.121, p. 203.
See American Colortype Co. above.
-Smaller Dividend on Class A Stock.
Brill Corp.
The directors have declared a dividend of 34c. per share on the class A
stock, payable March 16 to holders of record March 2, and the regular
March 2
quarterly dividend of $1.75 per share on the pref. stock, payable was paid
to holders of record Feb. 20. An initial dividend of $1 per share
on the class A stock on April 1 1927. while on March 1 1928 a distribution
of $1.25 per share was made, one of $1.50 per share on March 1 1929 and
one of 65 cents per share on March 15 1930.-V. 130. p. 4054.
-Interim Div.
British-American Tobacco Co., Ltd.
At a meeting of the directors held Feb. 17 1931, it was decided to Pay
an interim dividend, free of British income tax of 10d. for each fl unit
for
of ordinary stock, March 31 1931. Coupon No. 139 must be used
dividend. All transfers received in London on or before March 3 1931.
transferees.
will be in time for payment of dividend to
-V.132, p.316, 498.
A similar interim dividend was paid on Jan. 19 last.
Mfg. Corp., New Bedford.-Liguidating Div.
Bristol
-Shipments of Division Increase.
Bendix Aviation Corp.
The directors have declared a liquidating dividend of $18 per share on
Bendix Brake Co., a division of
January shipments of the products of the
holders of record Feb. 6.-V. 132.
Corp.were 10% above December, and the latter the capital stock, payable Feb. 16 to
the Bendix Aviation
P. 1037.
states Vincent Bona's,
month was 16% above those'of November. first week in FebruaryPresident
indicates
-No. of Stockholders.- an
of the parent corporation. Business of the
(Edward G.) Budd Mfg. Co.
the month because of the
that there will be a sharp increase in sales for large automobile manuThe number of common stockholders totaled 5,730 on Feb. 1 1931,
various increased production schedules of the most of its
132, p. 1037.
- increase of 1,553 from 1930.-V.
products.
facturers to whom the Benda Brake Co., sells
-Extra Dividend on
V 132. p. 1227.
Budd Wheel Co., Philadelphia.
-Earnings.
Belding Hemingway Co.
1930.
Calendar Yearsxloss$1,145,636
Total income
218,333
Depreciation
177,318
Int. & amortization_.Federal income taxes__ See a
Inventories written down
1929.
$422,209
202,845
192,311
$1,541,287
Net loss
5,951
Pref. stock dividends-- _
Common stock diva
$163,644
7,598
1928.
1927.
$29,944 $1,121,792
233,665
240,085
222,312
287,069
72.685
190,698
$426,033prof$521,952
7,651
7,651
207,516
830.064
$641,200
$315,763
5171.242
$1,547,238
Balance, deficit
Earns. per oh.on 415.032
Nil
$1.24
Nil
Nil
shs. common (no par)
x Includes inventory write-down alterapplying reserve of 5250,000 set
pp in prior year.
-
Participating Preferred Stock.
of 25 cents
The directors have declared the regular quarterly dividend of record
a share on tho common stock, payable March 31 to holders
March 10.
regular quarThe usual extra dividend of 75 cents (% of 1%) and the on the 7%
terly dividend of $1.75 (1 l %) a share have been declared
of record
payable March 31 to holders last. The
cum. panic. pref, stock, both
Dec. 31
March 10. Like amounts were paid on Sept. 30 and
as the
preferred stock is a participating dividend,
extra dividend on the
net operating
rate of dividend on this class of stock is determined by the
and the maximum that
revenue of the company. The minimum rate Is 7%paid when the operating
shall be paid is 1007. The latter rate shall only be
revenue is $1,000,000 or more.
Increased.
No. of Stockholders
1931 was 2,924, against
The number of common stockholders on Jan. 31
- 132. P. 1037.
1,275 a year ago,an Increase of approximately 130%. V.
FEB. 21 1931.]
FINANCIAL CHRONICLE
Burns Bros (Coal).
-Action on Preferred Dividend Deferred.
-Dividend action on the 7% cumulative preferred
stock, due at this time, has been deferred until an audit
can bb made of the company's books, according to an announcement by President Noah Swayne. On Jan. 20 the
company deferred action on the class A dividend. Sep
V. 132, p. 660.
-Rescinds Dividend Action.
Bush Service Corp.
The corporation has rescinded the payment previously declared On the
7% cum. series A preferred stock. Reversing its former decision, the
company deferred the quarterly dividend of $1.75 a share due March 2.V. 132, p. 1228.
-Smaller Dividends.Canadian Canners Ltd.
The directors have declared a quarterly dividend of 20c. per share on
the convertible pref. stock (no par value), compared with 25c. in previous
quarters, and a quarterly dividend of 123ic. per share on the no-par common stock compared with 25c. previously, both payable April 1 to holders
of record March 14.-V. 130, p. 3884. 35417.
-Earns.
Canadian Power & Paper Investments, Ltd.
Calendar YearsRevenue
x Profits realized from investments_ _
1930.
$329,607
def.5,668
1929.
$275,206
241.012
Gross revenue
Expenses
Taxes
Interest on debentures
Reserve for income tax
$323,939
45,446
1,517
125,000
$516,218
30,372
1.032
125,000
Net income
$359.813
$151.976
109,181
Preferred dividends
125,000
$250,632
Surplus for the year
$26,975
y268,525
Add: Previous balance
y520,391
$519,157
Surplus carried forward
$547,367
Earns, per sh. on 100,000 shs. of
$0.27$2.51
common stock outstanding
x Loss appropriation to investment reserve. y Adjusted.
Balance Sheet Dec. 31 1930.
1930.
AssetsLiabilities1929.
1930,
Cash
832,148 5134,726 Collateral loans_ _ _$1,237,335
Invest. securlties_x7,722,160 6,506,982 Accts. pay. accr.
.&
14,056
Accr.rev.thereon_
liabilities
57,231
66,525
52,083
Prepaid charges_ _
1,157 Accr.int. on debs_
842
div. on pref.
20,833
stock
5% debs., ser. A 2,503,000
2,500,000
Pref. stock
Common stock_ _ 950,000
547,367
Surplus
1928.
$144.607
323.900
1419
of the corporation, is somewhat in excess of this amount that such a div.
could safely be declared payable out of special surplus.
The dividend was deferred on Nov. 1 1930, the last previous payment
having been a quarterly of $1.6234 a share on Aug. 1 last.
-V.132. p.1229.
Catelli Macaroni Products Corp., Ltd.
-Earnings.
Period
Net profits
Depreciation
Res. for bad debts
Res. for flour commitments
12 Mos. End. 15 Mos. End.
Nor. 29 1930. Nov. 30 1929.
5301.638
$88,079
90,000
x113,896
6,589
7.165
Net earnings
Previous surplus
Adjustment
def515,675
$37,742
Dr2,722
$187.742
$19,343
90,000
$187,742
150,000
Surplus for year
der$70,657
Earns, per sh. on 30.000 shs. class 5 stock (no par)
Nil
x Including taxes.
-V. 131, p. 3714.
$37.742
$1.25
Total surplus
Preferred dividends
Cheeseborough Mfg. Co. Consol.-Extra Div. of 50c.
-
The directors have declared an extra dividend of 50c. per share and the
usual quarterly dividend of $1 per share on the $3,000.000 common stock,
par $25, both payable Mar. 31 to holders of record Mar. 9. On March
:30, June 29 and Sept. 30 1929, March 31, June 30 and Sept. 30 1930, an
$468,507 extra dividend of 50c. per share was also paid, as compared with an extra of
11,111 $1 per share on Dec. 30 1929, and on Dec. 30 1930. Extras of 25c. per
1.750 share were distributed on June 30, Sept. 29 and Dec. 28 1928.-V. 131. P.
101,754 3373.
25,000
5328,891
$328,891
def19,448
$309,443
$3.29
1929.
$151,714
6,308
52,083
20,833
2,500,000
2,500,000
950,000
519,157
Total
87,821,675 56,700,098
Total
$7,821,675 $6,700,096
x The aggregate value of these investments bascd on available market
•quotations or estimated fair values at Dec. 31 1930 was $1,093,251
less than the above book value. y Represented by 100.000 shares of no par
value.
-V. 130, p. 3717.
-Dividend Policy Undecided
Century Shares Trust.
Annual Report.
-
Chicago Electric Mfg. Co.
-Earnings.
Calendar YearsNet sales
Cost of goods sold, exclusive of depreciation
Selling & general expense, exclusive of depreciation
Profit from operations, before depreciation_
Income credits
_
Gross income, before depreciation
Income charges
Net income for the year, before depreciation_ _ _
based on cost
Federal income tax
Net losl for the year
Surplus at beginning of the year
Balance surplus
Profit & loss charge-loss on equipment retired_ __ _
1929.
1930.
$592,999 $1,047,808
896,468
485,553
91,431
124.439
$16,015
7,552
$26.902
9,833
$23,567
18,775
$36,735
$4,791
28,467
$36,735
4,362
$23,676 prof$32.373
192,214
160,071
$168,538
7,180
$192,444
230
Surplus at end of the year
$161,358
$192,214
Comparative Balance Sheet, Dec. 31.
Assets1930.
1929.
Liabilities1930.
1929.
Cash
$215,044 $188,784 Accts. & accrued
Accts receivable_ _ z34,302
74,241
exp. payable_ __ 518,136
535,527
Inventories
93,753
114,482 Cl. A preference
Due from subscrib.
stock
x472,403
25,000
to cl. B cap.stk_
23,000 Cl. B corn.stock_ _ y125,000
622,403
Deferred charges__
4,835
5,024
do subscr. for
Gdwill & patents__
1
1
but not issued_ _
25,000
Plant & property__ 423,962
442,613 Earned surplus_
161,358
192,214
The trustees, in their annual report, dated Feb. 11, say:
Net profits from sales of securities were transferred to income account so
far as necessary to provide for payment of the $2 dividend, which, according
to the agreement and declaration of trust, if earned during the year, must
Total
Total
8401,897 $850,144
$801,897 $850,144
be paid on each participating share. No dividends were paid on ordinary
shares.
x Having preference in liquidation of $30.00 a share and as to earnings
Net income from dividends and interest, regardless of profits or losses of $2.00 a share annually. Authorized 30,000 shares of no par value:
from sales of securities, is available for dividends on participating shares. issued and outstanding 25.000 shares. y Represented by 25,000 shares
Dividends and interest on our present investments, after deduction of taxes $5 Par value. z After deducting reserve of $7,500.
thereon and estimated expenses, are yielding about $1.35 per participating
Note.
-No dividends have been declared or paid on the class A partici•share per annum. While in each year of the trust's operations net profits pating cumulative preference stock during the years 1928, 1929 and 1930.
from sales of securities have made up the deficiency in the above to meet the -V.126. p. 2971.
annual dividend preference of$2 on each participating share, the realization
of net profits from sales of securities under current conditions may be imChicago Gulf Corp.
-Two New Wells.
possible or unwise. With the consent of the ordinary shareholders, the
President John
profit and loss from sales of securities of previous years may be combined has just brought Taylor Wilson announced on Feb. 17 that the company
Jackson
in
with the results of the current year for the payment of dividends; whether County, Tex, One, two additional natural gas wells at Edna,of 1,650
a rock pressure
Drushel
such a course will be advisable depends upon conditions which cannot now pounds, and Lee No. 2 well, a No. 8 well, has 1.950 pounds, Mr. Wilson
rock pressure of
be foreseen.
stated. He estimated the open flow capacity of these wells to be about
Sales of participating and ordinary shares increased the number outday per well.
standing from 113,100 of each on Dec. 31 1929 to 117,000 of each on 100,000,000 cubic feet of gas per at 231 South La Salle St., Chicago, Ill.,
This corporation, with offices
Dec. 31 1930.
participating share on Dec. 31 1930, after controlled by Chicago and New York capitalists, has a contract with the
The liquidating value of each
Houston Gulf Gas Co. for the sale of all its gas production. The developdeduction of the reserve for the dividend payable Feb. 1 1931, was $32.49, ment
as compared with $48.40, the liquidating value on Dec. 31 1929. The tionalprogram of the company contemplates the drilling of numerous addiwells in the immediate future.
liquidating value of each participating share Feb. 11 1931 was $38.04.
On Jan. 2 1931, Brown Bros. Harriman & Co. were appointed depositary
as successor to Brown Bros. & Co.
Chicago Mill & Lumber Co.
-Sale of Plant.
See United States Gypsum Co. below.
Earnings for Year Ended Dec. 31 1930.
-V. 127, p. 552.
Cash dividends
$162,732
Interest received
3,314
Claude Neon Lights Inc.
-New Contract.
-Salesfor 1930
The
Total income
$166,046 ciated corporation reports that consolidated sales by itself and its assocompanies in the United States for the year ended Dec. 31 1930
Interest paid
1,579
-Trustees fees
120 amounted to $15,349,497. For the year 1929 total sales were $15.778.893.
Reports so far received for 1931 indicate that sales this year will show
Operating expenses
3,019 an
increase over the corresponding periods of either 1929 or 1930.
Res. for Federal tax on net income from dividends and interest_ _ _ _
1,245
The corporation announces that the new Oakland, Calif.. store of I. Magnin &
Net income from dividends and interest
$160,082 Corp. Co. has contracted through the Grand Rapids Store Equipment
for the installation of Claude Neon daylight quality tubing to illumiReserve for dividends on participating shares sold (proportion of
nate the
This
dividend preference accrued on dates ofissue)
1,916 is the showcases of their jewelry, perfumery and bag departments. store
first time that daylight tube lighting has been available for
'Transferred from profit and loss from sales of securities
72,002 Interiors
to this extent. It will obviate the necessity of a customer carryTotal
$234,000 ing merchandise out to the street to determine the exact colors. As only
of lighting, the
Dividends on participating shares
234,000 about one-half the usual heat is radiated by this type leathers by heat
evaporation of perfumes and deterioration of jewelry and
Profit & Loss from Sales of Securities for 1930.
will be lessened.
-V. 132, p. 1230.
Profit from sales of securities, less losses
$124,911
Reserve for Federal tax thereon
14,454
-Supplements Season's Lineup.
Columbia Pictures Corp.
To add diversity of program and meet the demand for this type of picture,
Net profitfrom sales of securities
$110,457
the corporation announces that it will supplement its current feature proTransferred to income account
72,002
.
gram with six additional productions of the sensational, melodramatic
Balance for year
$38,455 type, to be known as "Money Getters.'
The six extra features are offered in addition to the company's production
Cost of investments exceeded their market value by $552,602 on Dec. 31
schedule, which consists of the "Superior Twenty" group, comprising ten
1929 and by $2,470,242 on Dec. 31 1930.
"Extended Run Giants" and ten "Specials," and the series of eight Buck
Balance Sheet Dec. 31.
-V. 132, p. 1039.
Jones outdoor "Specials."
Liabilities1929.
1930.
Assets1930.
1929
Debit bal. with
bInvest.at cost,__
-Earnings.
Coca-Cola Co.
insurance $258,914 $357,224
Brown Bros.&Co
• Casualty
$112,614
1928.
1927.
1929.
Calendar Years1930.
5200
Fire insurance- -- 2,785,079 2,752,472 Accrued expenses_
435
Gross sales ___ __ __ _ __ _$41,284,510 $39,260,813 534.745,758 $32,515,501
Life insurance_ _ -- 1,127,212 1,061,601 Reserve for Fed.
N.Y.banks &tr.cos 1,294,596 1,262,615 income tax
15,699
8,578 a Cost of operations ___ 24,327,297 22,564,331 20,874,200 20,066,796
2,203,205
3,682,438
3,285,551
796,601 Res. for div. on
Other deductions
1,665,679
0th. bka.& tr. COS- 638,513
1,735,000
panic.shares_
1,776,000
117,000
113,100 Federal taxes
• Cash with Brown
266,781
Shares outstandinga6,153,227 5,938,589
Bros.& Co
33,561
$13,515,535 $12,758,276 $10,189,120 $9,163,155
30,993 Bal.of profit & loss
Net income
Int. & divs. rec.._
2,507,264
2,364,102
from sales of secs 118,529
88,189 Class A diva. (net)__
5,000,000
5,750,000
4,000,000
Corn, cllvidends
6,000.000
($5.75)
($5)
.($4)
Rate
($6)
56,404,655 $6,261,506
Total
$6,404,655 56,261,506
Total
$5,151,433 56,251,012 84,439,120 $4,163,155
Surplus
participating, without par value and 117,000 ordinary, without
a 117,000
Earned surplus Dec. 31- 20.797,642 c15,646,209 14,395,196 69.956,075
par value. b Market value $3,634,071.-V. 131, p. 2541.
1,000,000
1,000,000
1,000,000
Shs. corn. outst.(no par) 1,000,000
$10.25
$10.19
$9.16
$11.15
General Equities, Inc.
-31 Accrued Div.
- Earns. per share on com
Chain &
The directors have declared a dividend of $1 per share on the preferred
a Includes coat of goods sold, including freight on sales, discount and
1931 to holders of record Feb. 19 1931 on account allowances, selling, branch, administrative and general expenses. b After
stock, payable Feb. 27
of cumulative dividends. The directors felt that inasmuch as the income deducting a 100% stock dividend ($9,990,000) paid April 25 1927. c After
from dividends and interest remaining, after deducting all current expenses deducting $5,000,000 stock dividend and assigned to class A stock.
1420
Balance Sheet December 31.
1929.
1930.
Liabilities
Assets
y5,000,000
Cash
4,804.730 3,508,232 Class A stock
Govt.securities_ - 4,817,642 3,067,173 Common stock --z25.000,000
Notes receivable__
12,307
10.575 Accts. payable_ -- 910,428
77,150
Accts.receivable__ 1,863,344 1,242,108 Accrued sects_ _ _ Inventory
7,248,849 9,186,214 Fed'I income taxes
contingencies &
Inv.in class A stk _11,141,305 9,433,733
operat's
. Invest.Insecurities
9,774,934
reserves
of other co's_ _ 335,841
109,860
Profit and loss surSundry notes and
20.797,642
plus
accts. receivable 1,420,964
272,108
Land, bldgs., machinery, &e._ _x6,747,870 6,305,637
Formulae, trademark & goodwill 23,116,808 21,931,321
Unexpired insur.&
45,332
50,493
prepaid asps_ _ _
Large Advertising Appropriations.
5,000,000
25,000,000
909,663
30,730
8,475,691
15,648,209
61,560.153 55,062,293
Total
Total
61,560,153 55,062,293
x After reserve for depreciation of $3,224,591. y Represented by 1,000,000 no par shares. z Represented by 1,000,000 no par shares (including
easury stock).
-V. 131, P. 3374.
-Increases Cash
Commercial Investment Trust Corp.
Dividend from $1.60 to $2 Basis-Discontinues Stock Distributions.The directors on Feb. 17 increased the cash dividend on common stock
from an annual rate of $1.60 to an annual rate of $2 per share by declaring
a regular quarterly cash dividend of 50 cents per share, payable April 1
1931, to holders of record Mar. 5 1931. It was announced in connection
with the increase of the cash dividend rate that the policy of paying part
was discontinued.
of each quarterly common dividend in common stockdividend on
the 7%
The directors also declared the regular quarterly
stock, the 6A % 1st pref. stock and the convertible preference
1st pref.
-V. 132, p. 1039, 1024.
stock.
Commonwealth Casualty Co., Phila.-New Officer.
J. Horace Shale has been elected Vice-President and General Manager.
-V. 132, p. 1230.
-Earnings.
Congoleum-Nairn, Inc.
Calendar YearsOperating profits- -Add-Jot.roy.,divs.,&c.
Totalincome
Interest paid
Depreciation
Federal taxes (est.)
Bal, avail, for diva
Divs. paid-Pref.stock.
1928.
1927.
1929.
1930.
$710,628 $2,931,562 $2,208,477 $1,807,424
515.806
750,625
585,257
509,870
$1,220,498 53,682.187 $2,793,734 $2,323,230
115,298
109,298
121,297
103,319
969,511
1,006,390
1,057,058
878,340
175,000
210,000
302,000
30.000
$208,839 52,213,831 $1,462,046 $1,057,420
105,658
105,658
104,146
98,592
$951,762
$110,247 $2,109,685 $1,356,388
Balance, surplus
17,961,734 17,851.487 15,741,802 14,385,413
Profit and loss,surplus
1,641.026
1,641,026
1,641,026
Shit. com. out. (no par)- 1,414,351
50.82
50.58
$1.28
5.08
Earns, per sh. on corn....
A. W. Hawkes, President, says in part:
The year 1930 as a whole was unsatisfactory, the last half being a
particularly difficult period for industry the world over.
Company is in excellent cash and liquid position, the current assets as
compared with its total current liabilities having a ratio of 40 to 1. Including investments and marketable securities, the net current asset value
of the common stock outstanding in the hands of the public, after provision
for the retirement of bonds and preferred stock, is $11.01 per share. The
total book value of the common stock, excluding intangibles is $19.88
per share.
'During 1930 the company purchased in the open market a considerable
block of its common stock at an average price of $9.26 which, together with
the treasury stock carried over from previous years, makes the holdings of
the company 226,675 shares with an average price of $11.44. It Is the
intention of the directors at the next annual meeting to recommend the
retirement of all or part of the common stock in the treasury, thereby substantially reducing the issued and outstanding shares."
Consolidated Balance Sheet Dec. 31.
1929.
1929.
1930.
1930.
LiabilitiesAssets
.7% cum.stk. 1,356,700 1,445,300
x13,223,468 13,829,172 ist Df
Fixed assets
871,586 Commpn stock. y13,754.655 13,754,655
2,263,198
Cash
Funded debt
1,473,300 1,573,300
Treasury stock.- - 2,592,488
Accts. payable &
U. S. Govt. &
accr. charges_ _ _
munie. secure- - 5,676,189
301,658
650,675
7,400,000 Federal taxes
139,067
Bank loans
362,834
858,692 1,100,259
Notes& accts.rec. 2,595,536 2,849,543 Reserves
(of merged
7,180,997 8,615,434 Surplus
Inventories
companies):
159,683
217,185
Sundry debtors_ _ _
Created by valuMarketable secure. 907,673 1,878,954
ation of g'd-will
6,104
Const.in progress28,135
& trade-marks... 1,000,000 1,000,000
Good-will & trade1,000,864 1,000,864 Appropr.surplus 373,300
marks
323,300
105,140 Earned surplus..
82,105
.16,588,434 16,528,187
Deferred debits...
Total
35,845,806 36,738,510
Total
35.845,806 36,738,510
x Land, buildings and equipment, less reserve for depreciation of 310,545,408. y 1,641.026 shares of no par value, which includes 226,675 shares
-V. 131. p. 634.
acquired in 1930 and held in treasury.
Consolidated Cigar Corp.(& Subs.).
--Earnings.
1930.
1929.
1928.
Calendar Years1927.
Gross profit on sales_ _ _ _ 58,167,520 $9,200,242 59.277.162 $8,184,437
4,914.651
4,348,472
3,922,622
Sell.,adm.& gen.exp... 4,912.708
$3,254.813 $4,285,591 $4,928,691 $4,261.815
Operating profit
Int. on loans, discount &
560.777
579.200
824,093
1,066,128
naiscell. chgs. (net)...
321,500
392,300
490,800
274,050
Fed.& State taxes (eat.)
$2,372,535 $3,314,090 $3,613,798 $2,921,637
Net income
12,005
12,005
12,005
7% pref. stock of sub.....
12,005
714,993
674,333
b178,750
707.598
Prior pref. diva.(6% %)..
220,938
a238,525
230.037
235.725
7% pref. dividends
1,750,000
1,749,940
1,749,937
1,374,952
Common dividends
5901,138
5742.357
5614,511
Balance
590,307
1.983,532
2,587.069
Profit & loss surplus
2,655,785
3,304,459
250 000
250 000
Shs.corn. outst.(no par)
250.000
250.000
Earns.per sh. on corn_ _ _
$10.60
$9.51
$5.86
a Approximate (inserted by editor). b $1.623.5 per share.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Liabilities$
$
Assets$
3,349,820 3,310,906 634% prior pf. stk.10,069,800 10,655,000
aFLxed assets
.
Good-will& brands 7,905,552 7,905.552 7% pref.stock__ 3,101,100 3,226,500
1,322,986 1,640,227 Common stock_ _b11.855,684 11,855,684
Cash
432.750
10,102 Real est. mtges_ _- 415.500
8,419
Notes receivable
171,500
Accts.receivable 3,272,587 3,789,124 Pt. stk. of sub.cos. 171,500
1,000,000
28,101 Notes payableLoans & advances_
549.650
39,646 Meta pay.& seer_ 496,364
34,704
Misc. sects ree_
406.100
Advs. on tobacco_ 2.029,857 1,586,843 Fed. & State taxes 329,500
178,750
487,675
13,044.414 12.106.716 Divs. payable.. _ _
Inventories
73,387
75,781
Res. for conting...
Inv. in & loans to
560,000
See c
84,393 Pref. stk.skg.fd__
other companies 149,570
c3,304,459 2,587,069
194.781 Surplus
189,455
Deferred charges
Total
31,307,363 30,696,390
31.307,363 30,696,390
Total
a Less depreciation and amortizat on of $2,541,913. b Represented by
shares of no par value. c Includes appropriation of $560,000 to
250,000
7% preferred stock sinking fund.
[VOL. 132.
FINANCIAL CHRONICLE
The corporation's advertising appropriation for 1931 will be almost
double the 1930 expenditure, according to President Julius Lichtenstein,
who says that year-end sales of the company's higher-priced cigars reduced
dealers and jobbers Inventories to the lowest levels in years, and December
sales of its leading 10
-cent cigar were the greatest in three years. Sales
of its 5
-cent cigars, he said, were 48% greater in 1930 than in 1929.
-down for repairs and inventory, all factories
Following a two-weeks shut
'and warehouses, employing nearly 10,000 workers. have resumed fulltime operation, with no decrease in the number of employees.
Mr. Lichtenstein said that new processes of cigar manufacture adopted
by the company have made it possible for the corporation to staAlize
production so that 12 months of uninterrupted operation on full time are
confidentty expected for 1931.-V. 132, p. 1039.
-Earnings.
Congress Cigar Co., Inc.
1928.
1927.
1929.
1930.
Calendar Years$12,225,379 $16,941,329 $18,463,853 $19,502.738
Gross sales
Returns, allowances, discounts, &c. cost, sellbag, gen. a:dm., &c.,
10,249,829 13,622,327 14,890,519 16,085,002
expenses
Net profit
Other income (net)
51,975,550 $3,319,002 $3,573,334 $3,417.738
107.688
53,107
2,874
70,948
$2,046,498 $3,426,688 $3,626,441 $3,420,610
Total income
120,740
129.814
111.766
81,680
Deprec. & amortiza'n
77,079
122,662
41,981
154.144
Interest (net)
346,753
407.407
430,006
222,455
Prov.for Fed.,&c.,taxes
Net income
Cash dividends
$1,652,246 $2,882,116 $2,984,605 $2,754,779
2,012,500
1,750,000
1,575,000
1,575,000
$869,616 $1,234,605 $1.179,779
$77,246
Balance, surplus
4,202,629
3,390.823 a2,158,362
4,279,875
Profit & loss surplus
Earns,per sh.on 350.000
$8.23
$8.52
$7.87
$4.72
shs, capital stock
a After deducting $4,200,000 transferred to capital stock account.
Balance Sheet Dec. 31.
1930.
1929.
1929.
1930,
Liabilities$
i
Assets
a5,600,000 5,600,000
Capital stock
Land, bidgs. and
600,000
equip.,less depr. 1,969,927 1,970.375 Notes payable__
159,840 Drafts & accept360,861
Cash
ances payable__
11,000
640,959
Acc'ta receivable
1,586,272 2,004,274
395,713
5,994,043 7,257,040 Accounts payable_ 171,080
Inventories
22,554 Accrued salaries,
19,028
Advs. to growers_
wages,die
67,318
93,395
55,316
3,166
Cred. debit bats_
Accr. Fed'I taxes,
Accr. Int, on notes
222,455
348
346,753
618
receivable
59,614 Dividend payable_
$525,000
42,532
Deterred charges_
4.279,875 4,202,629
350,085 Surplus
375,282
Other assets
525,000
Cash for dividends
Good-will & trade
1
1
MIMS
Total
10,351,729 12,404,449
10,351,729 12.404,449
Total
a Represented by 350,000 no-par shares (of which 228,887 shares owned
Tobacco Co.).-.. 131, P. 2541.
by Porto Rican American
Consolidated Laundries Corp.,(Md.)-New Chairman.
Thomas H. Blodgett has been elected Chairman of the board. A. S.
Jenkins, who was Chairman and Pres:dent, has been re-elected President.
Benjamin L. Allen (Vice-President of the Irving Trust Co.), Otis A.
-M. P. Murphy & Co.), and Edwin 0. Honer have
Glazebrook Jr. (of G.
been elected directors, succeeding Forb Hibbard, Allan Moore and Allyn
R. Marsh.
-V. 132, p. 1230.
-Stock Dividend.
Consolidated Public Service Corp.
A 2% stock dividend was paid on Jan. 25 last to stockholders of record
Jan. 5. A similar distribution was made in 1930.-V. 130. p. 1466.
-Expands.
Continental Can Co., Inc.
The company has acquired a majority interest in Compagnie Francoleading can-making comContinentale de Boites Motalliques, one of the President O. C.
Iluffman.
panies of France,it was announced on Feb. 17 by
of Continental into the French can-manufacturing field follows
The entry
close upon the company's acquisition last year of the control of Metal Box
Co., Ltd., leading can-making concern in the British Isles. The French
company now included in the Continental Can organization has two plants
at Nancy and an organization for the distribution of its products in M•ance
and other parts of Europe.
In addition to foreign expansion during recent months, the Continental
company carried out an extensive program of improvements and additions
in the domestic field, Mr. Huffman announced. Total expenditures for
new plants and plant improvement in 1930 were 54.565,013. including the
acquisition of a plant at Jacksonville. Fla.: the building of a now plant at
Havana by the company's Cuban subsidiary and erection of a new factory
-V. 132, p. 500.
building at Chicago.
-Balance Sheet
Continental Mortgage Guarantee Co.
Dec. 31 1930.Liabilities
Assets
$5,000,000
Capital stock
1st mortgages on improved
213,008
$7,066,300 Undivided Profits
real estate
89,854
Deferred income, fees, &c..
Advances on building loan
47,500
2,630,000 Reserves for taxes, &o
mortgages
163,109 Bank loans secured by mtges.
Interest accrued (net)
4,065,000
24,816
and certificates
and accts. receivable.Notes
1,234,578 Notes & accounts payable-- 1,703,441
Cash and bank balances
$11,118,803
Total
$11,118,803
Total
Guaranteed mortgages and certificates outstanding, Dec. 31 1930,
512,364.670.-V. 129, p. 133.
-New Plant.
Continental Oil Co. (Del.).
The company has awarded a contract to Alco Products, Inc., a subsidiary
of the American Locomotive Co. for a distilling plant to be erected at its
Ponca City refinery in Oklahoma. The plant will be used for the manufacture of high grade lubricating oils, having a capacity of 3,000 barrels
a day, or approximately 3% of the present total capacity of similar plants
throughout the United States. The new plant, it is expected, will be
ready for operation on July 1.-V. 132, p. 318.
-Defers Dividends.
Continental Shares, Inc.
The directors have voted to omit the quarterly dividend which would
ordinarily be payable about April 1 on the common stock, no par value,
and to defer the regular quarterly dividends of 1%% each due March 15
on the 6% cum.cony. pref stock and on the 6% cum. pref. stock series B.
The last quarterly distribution of 25 cents per share was made on the
common stock on Jan. 2. The last quarterly dividends of 1}i% were paid
Dec. 15 1930 on the cum, cony. pref, stock and on the 6% clan. Pref.
stock series B.
The company stated that the above action was taken in order to conserve the cash and asset values of the stocks which are in excess of the call
price, and the accumulated dividends. It will be the policy of the directors
to review the situation from time to time and reinstate dividends as soon
cts11
as the situation warrants.
As of Feb. 14 the break-up value of the common stock was in excess of
$17 a share and the preferred stock in excess of $215 a share.
Amends Application to ListAdditional Stock.
The New York Stock Exchange has approved the request of the company that the authority for the listing of 990,000 additional shares of its
common stock (3,696,317 shares of which are now authorized to be listed)
be restricted to 83,512 shares common stock, so that the total number of
shares of common stock authorized to be listed will become 2.836.830 shs.
Pursuant to the application, dated Oct. 20 1930, a total of 3,696,317
shares of common stock were authorized to be listed. This number included
990,000 shares of common stock to be issued and delivered, together with
50,000 shares of treasury stock, as part consideration for securities pur-
FEB. 21 1931.]
FINANCI, L CHRONICLE
1421
chased in the aggregate value of $56,958,410. Since authority for the
listing of 990.000 shares of common stock was granted by the committee' Corporation Securities Co. of Chicago.-Annuar
on Stock List, the purchase price of the aforesaid securities has been Report.
reduced from $56,958,410 to $45,400,000; the consideration to be paid for
Chairman Samuel Insull Feb. 14 wrote in part:
such securities has been changed from $35,000,000 cash and 1,040,000
The company made arrangements for the temporary financing covered
shares of the common stock to $42,600,000 cash and 280,000 shares of by the notes payable of $15,881,745 secured by pledged securities at cost of
stock; and the company has delivered 141,000 shares of treasury stock $29,524,592 as shown by the balance sheet, pending permanent financial
including the 50,000 shares heretofore mentioned. Only an additional arrangements.
139,000 shares of stock are therefore required to be issued.
In the accounts of the company for the year, stock dividends received
At the time of the approval of the previous listing application. 47.001 have been taken at the market value on the day received, and stock rights
shares of stock had been formerly authorized for issuance but were released received, if sold, have been taken at the amount realized and, if exercised
due to the expiration of subscription warrants. Since that time an addi- or held to be exercised, at no value. On this basis securities held in the
tional 22.224 shares have been released for the same reason. On the other Investment account of the company on Dec. 31 1930 had an aggregate book
hand an additional 13,737 shares of common stock are required to be listed value of $140,696,329 and an aggregate market value of $95,448,578.
due to a reduction in the price at which shares of the convertible preferred On Feb. 11 1931 the same securities had an aggregate market value of $133,- 200,055.
stock of this company may be converted into shares of common stock.
During the year the company acquired substantial blocks of stock of
V. 132. p.318.
Insull Utility Investments, Inc., Commonwealth Edison Co., Central
& South West Utilities Co., Middle West Utilities Co., Midland United
-To Vote on Liquidation.
Contoocook Mills Corp.
Co., Peoples Gas Light & Coke Co., and Public Service Co. of Northern
A special meeting of the stockholders will be held Feb. 26 to vote upon Illinois, all of which are under the same general management as this comthe desirability of selling all the assets and business of the corporation and pany. The Company was organized for the specific purpose of acquiring
wholly owned subsidiary.
of the Pawtucket Hosiery Co.,
and holding securities of the above-named companies in order to insure
The statement covering operations in the year ended Dec. 31 1930= continuity of the policy and management that have been responsible for their
a net loss of $87,853 after depreciation compared with a net loss in 1929 of success, and at the end of the year 97.4% of the portfolio of the company
$73,333 and a deficit after preferred dividends of $90,574. Current assets was represented by securities of these companies.
as of Dec. 31 1930 totaled $425,771 and current liabilities $261,671, leaving
This company and Insull Utility Investments, Inc. are closely allied
and in their investment policies generally act together. This company
working capital of $164,100.
with Instill Utility Investments, Inc., Public Service Trust and Second
in part:
Treasurer W. B. Weissblatt says
Utilities Syndicate, Inc. (the latter two being owned jointly by this com"Depression in the textile industry continued during 1930 but in more pany and
Inc.) owns 17.19% of the outstandacute form. Sales declined from $636,000 to $381,000. Beginning with ing stock Insull Utility Investments.
of the Commonwealth Edison Co.; 29.21% of the outstanding
July, 1930. the company practically ceased manufacturing.
stock of Middle West Utilities Co.; 28.78% of the outstanding stock of
"In March, 1930, when plans for the year were being discussed with Peoples Gas Light & Coke Co., and 11.45% of the outstanding stock of
the company's bankers, we were informed by them that on account of the Public Service Co. of Northern Illinois. As most of these corporations,
unsatisfactory showing of the company in 1929 no line of credit would be the securities of which are so held, have a substantial interest in North
granted unless at least $80,000 of new money was put in the company. American Light & Power Co.,it was considered advisable for this company
;Accordingly, the company's President and Vice-President advanced $80,000 to add the securities of North American Light & Power Co. to its portfolio.
on 6% notes, junior to bank loans and maturing Feb. 15 1931. These With all of these holdings this company and Insull Utility Investments,Inc..
Junior notes have matured and are unpaid.
have an influential position in the ownership of the outstanding public
"As the company cannot continue in business unless a large amount of utility properties above mentioned. The value of this intangible asset to
new capital is provided, and as the large stockholders believe it inadvisable this company is of great importance.
to provide such additional capital, it is the unanimous judgment of the
The company also acquired, during the year, a 25% interest in Public
directors that the company should be dissolved.
Service Trust, and a 25% interest in Second Utilities Syndicate, Inc., the
"As piece-meal liquidation would be very expensive, a contract has been assets of which are made up of securities of the same corporations as those
entered into, subject to the approval of the stockholders, for selling in in which the funds of this company are invested.
one transaction the raw materials, supplies and machinery incident to
On March 17 1930 directors authorized the issuance and sale of 1.250,000
the manufacture of the company's Pawtucket line of hosiery, together shares of the common stock. This issue was sold, and the proceeds used for
with the right to the name Pawtucket hosiery, and a similar contract is the acquisition of additional securities. At the time of this offering the
being negotiated for the sale of raw materials and supplies incident to the common stock was listed for trading on the Chicago Stock Exchange.
manufacture of Contoocook hosiery, together with the right to the name
During the year company also sold 85,634 units, each representing
Contoocook hosiery. These contracts and negotiations provide for payment one share of $3 optional preferred stock, 1929 series, and one share of comin serial notes maturing in equal installments between now and the end mon stock, represented by allotment certificates. The proceeds of the sale
of the year. Orders have been secured for a large part of the inventory of the units were used to liquidate indebtedness incurred in connection
of manufactured goods. Payments on these orders come in largely in the with the acquisition of securities.
fall of the year."
-V. 130, p. 2399.
In Sept. 1930 directors authorized an issue of $40,000,000 serial gold notes
dated Sept. 1 1930 and payable $8,000,000 Sept. 1 1931 with interest
-Annual Report.
Coos Bay Lumber Co.
at 4 % per annum,and $8,000,000 on Sept. 1 of each of the four succeedH. W. Bunker, President. says in part:
ing years, with interest at 5% per annum. Notes of this issue to the aggreDuring 1930 the manufacture of fir lumber suffered the most severe gate principal amount of $30,000,000 were sold and the proceeds used in
depression since it became an important factor in Pacific Coast industry, payment of accounts and notes payable of the company.
•
We show a net loss from operations of $627.777 as against a final net
Earnings for Year Ended Dec. 31 1930.
profit of $217,196 for the year 1929. After deducting from operating loss
$1,914,4901
depreciation, depletion and interest, we fell $79,756 short of having any Cash dividends
$5,180,458.
earnings available for interest on the money borrowed to carry on business. Stock diva., taken in at market value at date of teCelpt
335,746
The cause is not difficult to find. In 1929 we shipped the equivalent Interest on bonds, notes &c
137,686
of 209,398,000 feet of lumber, and received for it and the attendant by- Profit on sale of securities
560,966
products, such as fuel, power, &c. $3,951,233 or $18.87 per thousand feet Profit on syndicate participations
1,497,764
termill dock. In 1930 we likewise sold 188,632,000 feet, for which we Sale of rights
58,291
received $2,735,234 or $14.50 per thousand feet, a decrease in cash receipts Commissions earned
from sales in 1930 as compared with 1929 of $1,215,998 and a decrease in
Total income
$9,685,399
average realization per thousand feet of $4.37. Applying 1929 average
621,830
realization to 1930 shipments, would have produced $824,251 more money, Expenses
Interest on serial gold notes
393,390
yet 1929 was notoriously a bad year.
663,370
Operating facilities and equipment have continued to be maintained Other interest charges
efficiently. During the year $71,509 was expended for timber and $333,210
Net income for year
$8,006,804
for plant and equipment additions. Of the latter, $202.087 was for the
railroad and logging operations, $90,358 for manufacturing facilities and $3 optional pref. stock dividends paid and accrued
In cash
2,122,967
$40,764 for the Bay Point remanufacturing plant.
In com.stk. at the rate of 10 shs.for every 100 shs. per annum,
During the year cost reductions were accomplished in all departments
4.670
934 shares at $5 per sh
of the operations. The greatest was experienced in the logging department and secondly, by the remanufacturing plant, they being $2.44 and Corn. stk, div, on com. stk. at the rate of 6 shs., for every 100
shs. per annum-183,331 58-200ths shs. at $5 per sh
916,650
$0.70 per thousand, respectively. The introduction of new and modern
equipment materially assisted the management in recording the lowest
Surplus income for year
$4,962,511
costs in the company's history, with no reductions in wages.
750,000
Manufacturing operations are now being conducted at approximately Appropriated to reserve for contingencies
-hour weekly capacity and the allied facilities accordingly.
66 2-3% of 48
Balance
34,212,511
Primarily we are servicing our Bay Point yard to supply the requirements
280,093
of our Northern California clientele, to the exclusion of all other markets. Surplus, Dec. 31 1929
No other business is being solicited and this policy will be continued until
Surplus, Dec. 31 1930
$4,492,604
prices increase decidedly.
$1.55
No timber purchases are contemplated in 1931, and present known Earns, per sh. on 3,791,027 shs. (average) corn. outstg
plant additions will demand an expenditure of less than $125,000, although
Balance Sheet Dec. 31 1930.
this amount will subsequently increase somewhat, as necessities arise
Assets
Liabilities
from the operating program.
$7,233,875 Notes payable
$15,881,74S
Obviously the company's position with respect to working capital should Cash
532,103
strengthened. On account of the present condition of the lumber busi- Notes & accounts receivable_ 1,607,706 Accts. pay.,incl.int. seer_
be
Dividends accrued
374,240
ness as a whole it appears to be impracticable to expect the company to Unamort. discount & exp
procure additional funds from the usual outside sources. This subject is x on serial gold notes. &c.- 1,163.189 Liab11. under contract of
Investment securities
purchase (due 1931)
7,992,280
now under consideration by the directors and the management.
Pledged (under tem.loans) 29,524,592 Unearned corn's on loan_ _ _ _
41,709
Income Account for Years Ended Dec. 31.
Unpledged
97,867,937 Serial gold notes (author.
1930.
1929.
Under contract of purchase 13,303,800 840,000,000) outstg
30,000,000
Loss from operations
$90,566prof$729,774
Corn.stk.scrip, unconverted
28,476
Interest paid (net)
69.922
Cr.20,886
-13,984 82-200 shs
Depreciation
233,179
254,577
$3 optional preferred stk..- y37,424,050
275,556
Depletion
x21,412,340
278.887
Common stock
750,000
Reserve for contingencies_
31,730,10S
Total loss
$627,777prof$217,197
Capital surplus
846,826 6,132.775
4,492.609
Previous surplus
Earned surplus
Refund of prior years taxes, &c
45,358
Total
8150,701,099
8150,701,099
Total
$219,049 $6,395,330
Total surplus
x The aggregate market value of the above investment securities was
stock
Dividends on 7% preferred
167,362
393.920 as of Dec.31 1930,$95,448,579;as of Feb. 11 1931,$133,200,055. y Repre46,709
Loss on disposal of capital assets
637,905 sented by 748,481 no par shares. z Represented by 4,282.468 no par shares.
Fire losses, less recoveries thereon
A list of securities owned is given in the report.
53,688
-V.132, p. 1230.
Income in stated value of common stock from $30
to $10 per share
4,462,990
Crane Co., Chicago.
-Dividend Decreased.
The directors have declared a quarterly dividend of 313i cents per share
Balance Dec.,31
$4,977
$846,826 on the common stock, payable March 16 to holders of record March 2,
placing the stock on a $1.25 annual basis against $1.75 previously. The
Balance Sheet December 31.
regular quarterly dividend of $1.75 per share was declared on the pref.
Liabillifes1930.
Assets
1929.
stock, payable March 16 to holders of record March 2.-V. 132. p. 662.
Notes payable,
$78,397
$39,868
Cash
banks
280,843
$850,000 8500,000
Custom. accts. rec. 166,916
Cream of Wheat Corp.
-Earnings.
32.680 Trade creditors.-27,134
40,892
56,826
Sundry accts rec.
The
all charges including taxes for
721,639 Accrued payrolls
577,708
20,272
46,854 1930 corporation reports net profits after share on
Inventories
of $1,868,164 equivalent to $3.11 per
the 600,000 shares of
Accrued property
property
Timber &
taxes
114,871
127,978 capital stock outstanding. This compares with net profits of $1,882,122 or
sales contracts &
281,507 7% pref. stock_
4,781,775 4.781.775 $3.13 per share for 1929.-V. 131, p. 3882.
215,598
accr'd interest
Common stock. _ _x6,375,700 6,375,700
.
Oper. Properties:
Crocker-Wheeler Electric Manufacturing Co.
Capital surplus_
4,977
-Earns.:
846,826
Timber lands and
rights(less
Income Account Year Ended Dec. 31 1930.
timber
6.257,186 6,480,712
depletion)
Net operating profit, before charging depreciation of plant
Plants, equip. RR ,
and equipment
$211,559
steamer, &c.(less
Other income (rentals, discounts and sundry receipts)
22,270
res for deprec ).. 3,910,598 3,826,480
Non-Oper.Prop..
Total income
3233.829
80.5,083
815,371
Timber & lands.
Depreciation of plant and equipment
59,324
Interest charges
Plant sites, bides.. 180.589
10,720
203,277
Miscellaneous charges
&e.(less deprec.)
649
15,051
7,808
Provision for Federal income tax
Deterred charges
19.163
Total
$12,188,487 312735,960
312735.960
Net income
Total________ 312,188,487
3143 973
-V.131, p. 1720.
Earnings per share on 290,500 shares common stockaRepreeented by 63,757 no par shares.
sksa
Balance Sheet Dec. 31 1930.
LlatIiUlcsAs.,etsCash In banks and on hand__ $258,375 Notes payable, bank loans_ ___ $100,000
Accounts payable & accrued
Customers' notes & accounts
caps., incl. provision for
386,137
receivable, less reserve
43,120
Raw materials, work in proms
Federal Income tax
y3,512,360
& finiShell products & parts_
910,901 Capital stock
912,381
lnveet., Preeald exPEL
Surplus
Miscell.
dr exp. SO new prodacfs
85,499
Land, Mtgs., mach'y & operating eq.:tome It
r'',926,950
$4,567,861
Total
Total
$4,567,861
x After deducting $1,171,267 reserve for depreciation. y Represented
by 290,500 shares (no Par).
-V.130, P. 3548.
-January Sales.
Crown Drug Stores, Inc.
Sales for Month and Six Months Ended Jan. 31.
Increase.
Increase.' 1931-6 Mos.-1930.
1931- 14,
1.-1933.
$540,023
$255,660183,559,402 81.843,465 $1,715,937
$284,363
-V. 132. p. 503.
-InvestCumulative Investment Foundation, Ltd.
ment Holding Company in Wald-Famous Distillery Stocks
Announced.
Announcement is made of Cumulative Investment Foundation, Ltd..
Montreal and New York, an investment holding company carrying a
portfolio of common stocks of world-famous distilleries, the stocks of which
are listed either upon the New York Stock Exchange, New York Curb
Exchange, Cleveland Stock Exchange, Montreal Exchange, Toronto Exchange, London Exchange or Paris Bourse. The portfolio of this company
has been selected from among the following listed securities:
Vignoblas do La Mediterranee, Walker & Honfray's, Ltd., Arthur
Guineas & Co., Ltd., Hiram Walker-Gooderham & Worts, Ltd., Societe
Walker &
Einicole de Champagne, Whitehorse Distilleries, Ltd., John of London
Son, Ltd., Grandes Distilleries E'Cusenier fils Aine et Cie. City Quilmes,
Corp., Ltd., Brasserie Argentine
Co., Ltd., Distillers-Seagrams
Worthington Co., Ltd. Dublip Distilleries, Ltd., Societe Francais des
Distilleries de L'indo-Cirine, Distillers Ce.. Ltd., John Dewar & Sons, Ltd.,
Booth's Distilleries, Ltd., U. S. Industrial Alcohol, Cleveland-Sandusky
Breweries, and Owens Bottle Co.
Among the organizers of the company are Senator W. L. McDougald,
President, Montreal, Que.; Edward D. Devine, Detriot, Mich.: Colonel
Ralph H. Webb, Mayor of Winnipeg, Man.: Dr. James Rutherford,
Member of Canadian Parliament, Chatham, Ont.: Edward D. Turner,
Vice-President, Now York, and .1. B. Todd, Montreal, Secretary & Treas.
-Earnings.
David & Frere, Ltd.
Calendar Years
Manufacturing profits
Selling and administrative expenses
1930.
$244,350
141,224
1929.
8228,004
111,189
Operating income
ether income
$103,127
4,132
$116,815
3,827
Net earnings
Balance Jan. 1 1929
8107,259
114,196
$120,642
53,362
Total surplus
Income tax
Dividends paid
$221,455
9,493
51,750
$174,003
8,057
51,750
Balance, Dec. 31 1929
-V. 130, p. 4613.
$160,212
$114,196
-Deposits.
Detroit City Service Co.
Is accepting 1st
The American Express Bank & Trust Co. as depositary under the
A. for deposit
mtge. 84% sinking fund gold bonds, series 1931.-V. 132, p. 1040. bondholders' protective agreement dated Jan. 2
-Larger Dividend.
Doctor Pepper Co.
The directors have declared a quarterly dividend of 30 cents a share,
payable March 1 to holders of record Feb. 16. On Dec. 1 last a quarterly
distribution of 25 cents a share was made.
-Smaller Dividend'.
Dominion Engineering Works, Ltd.
a share,
The directors have declared a quarterly dividend of 60 centscompany
31. Previously the
payable April 15 to holders of record March 130, p. 4422.
of $1 a share -V.
paid quarterly dividends
-Sales Increase.
Dominion Stores, Ltd.
5 Weeks Ended Jan. 31Sales
-V.132, p. 1040.
1930.
1931.
$2,322,764 82,261,399
Increase.
$61,365
-Earnings.
Drug Incorporated (& Subs.).
Calendar Years1929.
1930.
Dec.31 28.
11Mos.End.
Period868,553,593 $58,382,263 $45,710,073
profit
Gross
expenses_ - _ 44,821,713 38,870,862 31,109,052
Merchand. and operating
823.731,880 $19,511,401 $14,601,021
Operating profit
0th. inc. incl, return from inv., less 4,384,935 3,550,029
2,280,712
other deductions
828,116.815 $23,061,430 816,881,734
Total income
1,750,983
2,296,053
1,347,297
Depreciation
2,345,593
2,220,816
2,112,418
Interest on funded debt
1,943,834
2,469,246
1,399,932
tax reserve
Federal
7,478
7,268
_
7,751
Divs.on stocks ofsub. cos. outstdg._
821,123,430 817,013,543 812,014,336
Net income
9,872,246 6,521,768
. 12,792,210
Dividends paid
$8,331,220 87,141,297 $5,492,568
Net surplus Dec.31
2,183,990
2,678.713
3,501,499
Sbs.capital stk. outstanding(no par).
$6.35
$6.03
$5.50
Earnings per share
W. C. Watts, Treasurer, reports in part: of Household Products, Inc.,
1930 include the earnings
"The figures for
during the year as if they had been owned
and Vick Chemical Co. acquired
of these companies only from date of
for the full period. If the earnings
earnings per share on the average number of
acquisition were included, the
the same.
during the period would be substantially
shares
conditions which existed through"Considering the depressed business believe that the operating results
out the world during the year, directors policy of diversification which has
of the
shown demonstrate the soundnessand expansion of Drug Inc.
been followed in the organization strong position, showing a net working
"The balance sheet reflects a virtually 817,000,000 is in cash, and
capital of $50,000,000, of which
certificates of deposit,
$6,651,471 in United States Treasury certificates,
and other readily marketable
municipal, corporation and railroad 'bonds,
securities.
investments in affiliated com"The principal item under the heading of
investment of company in
panies appearing In the balance sheet is the a manufacturing company,
Ltd.,
capital stock of Boots Pure Drug Co., Great Britain. This investment is
owning and operating 900 drug stores in than the present market value of
carried on the books at $6,250,000 less
the securities."
Consolidated Surplus Statement Dec. 31 1930.
812,633,865
Earned surplus, Dec. 31 1929
21,130,698
of consolidated companies as above
Net profit
Inc., and Vick Chemical
Less-Profit of Household Products,
1,417,544
Co.,prior to acquisition
$32,347,020
Total
7,268
Dividends paid to minority stockholders in sub. companies
12,792,210
Dividends paid during 1930
819,547,541
Earned surplus at Dec.31 1930
[You 132.
FINANCIAL CHRONICLE
1422
Consolidated &lime Sheet Dec,31..
1930.
1929.
1929.
1930.
LiabilitiesAssets
13,280,983 Accts. payable_ 5,922,497 7,541,684
Cash
16,922,393
3
0
5000 7
Accts. receivable 10,032,734 9,432,007 Notes pay.(sub.) 3',-500,000
3,450
Dividend pay'le
Notes and other
626,833
Acer. bond Int_
449,881
470,199
obligadoes. _
Mdse. Inv'tortes, 26,281,755 26,116,453 Min. Int. In sub.
115.,009‘
companies _
Fixed assets_ _ _ .x30,795,740 29,508,215
Stks. In oth. cos. 36,070,153 38,963,005 Real estate mort862187
899,419.
gages (subs.)_
U.S. certificates,
6,651,472 2,685,429 5-yr.5% g. notes 3,000,060 4,000,000
bonds, &e
25-yr. 5% deb.
Advances and
40,000,000 40,000,000
bonds
deferred items 1,610,927 3,121,360
Res. for Fed. tax 2,469,246 1,943,834
Tr-marks, goodadr tg foro
will, pats., &c. 42,323,703 34,474,283 Resevve. r yal9,649,301 8,832,871
coating., &c
Capital stock__ _y85,468,229 81%547,908
Earned surplus_ 19,547,541 212,762,284
171,159,085 158.031,737 Total
Total171,159,085 158,031,737
.
x After deducting depreciation of $14,517,063. y Represented by 3.501,
499 no par shares and includes minor ty interest in sub. cos., amounting to
$115,000. z Includes $128,419 for capital stock and minority interests
-V. 131, p. 2385.
of Sterling Remedy Co.
-Extra Dividend.
Douglas Aircraft Co., Inc.
The directors have declared an extra dividend of 25 cents per share in
addition to the regular semi-annual dividend of 50 cents per share, both
payable April 20 to holders ofrecord March 11. A semi-annual distribution
of 50 cents per share was made on Oct. 1 1930, while on Mardi 19 1930
an initial dividend of 75 cents per share was paid. the stock on
the New
The directors also voted to apply for listing of
-V. 132, p. 1040.
York Stock Exchange.
-Directorate Reduced.
Eagle-Picher Lead Co.
At the annual meeting of the company, the directorate was reduced to.
11 from 13, all directors being reelected with the exception of John A.
Schaeffer and Willard E. Maston.
proThe stockholders voted to postpone action until March 19 on the-V.
posed new code of regulations liberalizing the powers of the board.
131, p. 795.
-Treatment"of Dividend's in 1930'
Eastern Equities Corp.
Tax Returns.
-
During 1930 this corporation formerly the American Glue Co., paid
a
dividends on its common stock amounting to $100 share. Of this total
was a return of
$55 was from surplus and the remaining $45 corporation thecapital. Inasdividends are
much as this company is a Massachusetts
not subject to the Massachusetts tax.
of the company
With respect to the Federal tax, an officer same manner as stated that
other divithe $55 paid out of surplus is taxable in the
dends, but that dividends paid as a return of capital are not taxable until
-Y. 132, p. 663.
they exceed in amount the original cost of the stock.
-Dividend Dates.
Eastman Kodak Co.
The regular quarterly dividend of $1.25 per share and the extra dividend
of 75 cents per share declared last week on the common stock are both payable April 1 to holders ofrecord March 5 (not Feb. 28 as previously stated).
Like amounts were paid in the 18 previous quarters.
Pays Wage Bonus to Employees in Adavnce.-
To increase the baying power of its employees the directors have decided
-half of the company s annual wage dividend three
to pay more than ono
The.
to six months in advance of the regular date of the disbursement. Feb.
dividend moved forward amounts to $1,401,893, it was announced on
13. Part of the distribution already has been made. share in the earnings
The dividend, the company said, represented a It and other benefits
in recognition of toe value of trained, steady workers. but were bonuses.
for employees were not substitutes for normal wages,
The statement continued, in part:
wage dividend has already been Paid
"Because of the emergency the eligible. Camera works employees and
to employees laid off but otherwise
plant will be paid the bonus on March 1.
those at the lens manufacturing
April
The Kodak Park payment will be made on made 1. the workers laid off at
to
"A similar advance payment has been Toronto, but not, as in Rochesthe Canadian Kodak Company's factory in
the number of lay-ofils has
ter, to persons now employed. In both cities
been small in proportion to the total force.
and in Eastman branches,
"Workers in the main office at RochesterStates, Canada and abroad,
stores and factories elsewhere in the United
of working ttme, will receive their
practically unaffected by curtailment payment. Forty-eight per cent of
wage dividend. July 1, the usual time of
the company's 25,300 employees are in Rochester. July 1 this year, will
before
"The total wage dividend, payable on and
$2,364,068 paid in 1980.
apparently exceed by a substantial amount the
to the greater number of employees
The probable increase is due principally
eligible.
of July 1 wilt amount
"The wage dividend paid at Kodak Park in advance
for the camera
to $980,184, received by 7.530 employees. The figures plant $76,427
works are $345.281 for 2,679 employees and for the lens and already
figures include employees laid off
for 606 employees. These
paid the wage dividend.
similar
"The 1931 wage dividend is the twentieth consecutive annual
the
payment the photographic concern has made. With this yeark sum
1912 will exceed $30,000,000.
total since
at least 26 weeks during 1980 and con"All workers with the company
the
tinuously employed up to the time of payment are entitled to share in
wage dividend, which amounts to $22.50 for every 81,000 received in wages
the case of laid-off employees
during the five years ended Dec. 311930. In
actively
otherwise eligible, the usual requirement that recipients must stall be
in the company's employ at the time the wage dividend is disbursed hart
paying the
been suspended. In effect, therefore, the company this year is not receive
wage dividend to a number of unemployed persons who wouki
it if the rule were strictly adhered to. -V.132, p. 1231.
-Soviet Contract.
Eitingon-Schild Co.
The company has signed a five-year contract with the Ponshno Syndicate
of Moscow for the purchase of furs, with an aggregate value of approximetelb 10
on Fey $ 6:0 00,000 at current prices, President Motty Eitingon announced
.5
on
As part of the contract the company will have a three-year monopoly
exclusive
sables and may designate other products, for which it will have
worth annually.
Purchase rights, UP to $8,000,000
the Soviet trading
The contract was signed in London With Arcros,States Government,
the United
organization, after approval of the deal bycondition in which the skins will
the
which was particularly concerned with
dyed here.
be imported. They will be delivered raw and dressed and of Russian furs
The Soviet Government will deliver $10,000,000 worth
If prices advance the Manson
each year, on the basis of present prices. taken by the same proportion.
Schild Co. has the option to raise the amount
present conAt price levels of 1928, Preisdent Eifingon said to-day, the
$30,000,000 annually.
tract would have represented a settling value of about the contract immedipart of the payment on
The company will advance
-V. 131.
completed.
ately. Arrangements for the financing have not been
P. 1103.
-Omits Dividend.
Co.
Electric Hose & Rubber
dividend ordinarily
The directors recently voted to omit the quarterly of 2% was made on
distribution
. 11e about
edgeb5 19n Jan. 15. The last regular
-Smaller Dividend.
Co.
Ely & Walker Dry Goods
dividend of 124 cents per
The directors have declared a quarterly2 to holders of record Feb. 18.
share on the common stock, payable March
dividends of 50 cents per share
Previously, the company paid quarterly
-V. 132, p. 663.
on this Issue.
-Reorganization.
Corp.
Empire Steel
which outstanding common
Reorganization of the corporation through
shares of new common
and preferred stock will be exchanged for A and B
has been announced.
stock,
FEB. 21 1931.]
Reflecting the continued depression in the steel industry during the past
year, the reorganization is a result of the refusal of banks to renew the
corporation's notes amounting to $795,000 and other additional obligations which are falling due shortly.
A proxy committee, including Paul Llewellyn, Chairman of the Board,
J. J. Waddell, Executive Vice-President, and A. W. Wheatley, has asked
stockholders to support the plan which has been approved by the directors.
According to the plan to be offered at a meeting of stockholders, one
share of the new class A common stock will be exchanged for each five
shares of common outstanding. In addition the corporation will offer
bonds totaling $7,000,000, of which one $100 bond and two shares of
class B common will be offered for $100.
In 1929 and prior years the corporation incurred heavy bank debts which
it has not been able to meet through earnings, the proxy committee states.
Important savings in overhead charges, economies in operations and
Improvements in marketing have been effected through the efficient activities
of the new management, but the world-wide depression in business has
further weakened the corporation's financial position, it is stated.
As a result the banks which are creditors of the company have declined
to renew the company's notes which have matured in the amount of
$795,000, and additional obligations are coming due shortly. In order
to give the company an opportunity to carry over until improving conditions will perm.t it to realize on the economies and general improvements which are being effected in its organization, it is essential that
the company promptly raise a minimum of $1,000,000 of new capital, the
proxy committee states.
"Under the present unsettled business condition it is impossible to secure
the necessary funds through any underwriting or public flotations,' the
committee adds. "The necessity therefore develops among stockholders
-V.131,
to furnish the required funds to support their present holdings."
P. 2703.
-Annual Report.
Endicott Johnson Corp.
George W. Johnson, President, says in part:
The earnings for 1930 were $765,267 after making provision for depreciation and taxes. General business conditions, coupled with the faising
hide market, are largesy responsible for the decline in earnings. During
the year hides lost 43%% of their value, 19% of this decline having been
In the months of November and December alone.
Total volume of business for the year was $54,499,447, a decrease of
20.3% from the sales of a year ago, which were $68,415,057. The unit
sales were 29,374,596 pairs, or 13.9% less than the 34,121,316 pairs sold
In 1929.
Complete inventories at the end of the year. taken on the basis of market
or cost, whichever was lower. were $11,833,797. There was a decrease of
27% in inventories during the year. We enter the new year with inventories at the lowest point in volume and unit price of any time since the
incorporation of the company. Inventories of finished merchandise decreased 29% during the year, from $9355,790 a year ago to $6,711,894 at
the commencement of 1931.
The cases involving our Federal tax liability for the years 1919 to 1924,
inclusive, have now bftrn settled, resulting in a concession by the Government of higher depreciation rates than we have heretofore been permitted to take. This accounts for a decrease in current surplus of $705,750:
a like amount has been added to the reserve for depreciation on buildings.
machinery and equipment.
Income Account for Calendar Years,
1927.
1928.
1929.
1930.
Sales_a
$54,499,448 $68,415,058 $69,333,401 873.078,800
Cost of sales & exps..
c52,400,277 b65,156,680 b64,807,159 b66.697,822
Net operating income_ $2,099,170 $3,258,378 $4.526,242 $6,380.978
See b
Depreciation
1,003,8231
Interest charges, net __
99,4341
652,461
486,814
902.288
230,644
Provision for taxes
272,518
1.146,003
Profit-sharing plan
$765.268 32,771,563 $3,601,263 $4,332.685
Net income
779,564
813.167
739,854
707,430
Pref. dividends (7%)_ _ _
2,026,800
2.026,800
2,026,800
Common dive.(10%)_ _ _ 2,026,800
$4,909
def.$1,968,962
Balance
9,211,922
8,696,053
Previous surplus
Reduction of res've for
108,661.
workmen's compensa 32,341
Over-provided taxes_ _ _ -
$794,899 $1,492.718
8,401349 7360,694
582,468
$6,835,752 $9,249,172 $9,778,706 88.953,412
Total surplus
Add. to res. for deprec.,
based on income tax
705,750
settlement
Add. prov. for settle. of
120,495
Fed.Inc.tax.prior yrs_
Prov. for conting incl.
mkt. decline of hide
390,381
commitments
450,000
450,000
450,000
Retirement of pref. stk_
602,974
101,962
116,896
Disc, retired pref.stock_
103,118
Balance, surplus
$5,016,151 $8,696,053 $9,211,921 $8,401,449
Earns. per sh.on 405,360
$8.68
$6.96
shs. corn. (par $50)_ _ $0.14
$5.01
a Sales of finished product and by-product to customers (net). b Including au manufacturing, selling and administration expenses, depreciation
and interest charges (less miscellaneous income). c Including selling,
manufacturing, administration and general expenses.
Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Liabilities
Assets
Preferred stock_ _y9,441.400 10,402,800
Land, bldgs., machinery, dm_ -x9,590,756 10,696,244 Common stock_ _20,268,000 20,268,000
7,000,000 7,000,000 Notes payable_
Good-will
1,000,000
Inventories
11,833,798 16,155,807 Sundry creditors__ 501,394
570,509
Workmen's comp. 400,000
Accts.& notes rec.,
508,661
9,786,838 11,844,688 Acc'ts payable_ _ _ _ 448,682
less reserve
710,267
Due employees unDue from employ's 423,126
der plan
922,680
Workers' houses 2,074,674 2,022,069
972,304
373,826 Reserve for taxes_ 380,316
Sundry debtors_ 373,190
511,051
215.511 Res. for mkt. deel.
Sundry investm'ts 173,746
of hide commit_
22,381
4,023,026 2,484,654
Cash
4 Res,for 0th. cont's 275,000
4
Deferred charges._
Initial surplus_
2,653,156 2,653,156
Approp. surplus 4,950,000 4,500 000
Current surplus- _. 5,016,151 8,696,053
Total
45,279,159 50,992,802
45,279,159 50,792,802
Total
x Land, buildings, machinery and equipment, $21,871.621: leaf; depreciation of $12,280,866. y Pref. stock authorized and issued. 315,000,000, less
retired and canceled and purchased for cancellation, $5,558,600.-V. 131,
p. 3213.
-Larger Common Dividend.
Equity Investors Corp.
The directors have declared a dividend of 623.6e. a share on the common
stock, payable March 2 to holders of record Feb. 6, and the regular quarterly dividend of 75c, a share on the pref. stock, payable April 1 to holders
of record March 16. Previously, the company paid quarterly dividends of
-V. 132, p. 1231.
50c. per share on the common stock.
-Earnings Statement.
Ernesto Breda Co.
Ernesto Breda Co., largest manufacturer In Italy of steam locomotives
and railway equipment, and its controlled subsidiary. Societa Flettrica
Nacional°, in its consolidated profit and loss statement for the 16 months
ended Dec. 31 1929 reports gross operating profit and miscellaneous income
aggregating lire 59,934,542 and net operating profit before charges and
taxes of lire 22.521.283. After all fixed charges, amortization of bond
discount and expense and taxes, the company reports a balance of profit
before amortization of capital increase expense and appropriations of the
Parent company for legal reserves and other accounts totaling lire 6,586,941.
-V. 130 p .3165.
1423
FINANCIAL CHRONICLE
Eureka Vacuum Cleaner Co.
-Earnings.
-
Years End. Dec. 311929.
1927.
1930.
1928.
Net sales to customers
and dealers
$6,971,406 810,804,602 $10,099,713 $12,780,161
Mfg.,adm.& sell. costs.. 77,168,033
9,120,875
8,871,982 10,551,345
Misc, charges agst. Inc387,457
269,520
228,704
141,118
Provision for Federal in145,000
come tax and reserve_
131,300
281,500
Net income
Dividends paid
1°683584,085 $1,269,207
551,236
1,102,472
$867,727 $981,806,1
1,240,291
1,112,663
Net addition for yr-def.$1,135,321
3166,735 def$372,o64
$693,534
Profit and loss surplus-- 3,898,406
5,033,726
4,866,991 x5,239,556
Shs,cap,stock outstand.
275,618
275,618
275 618
275.618
Earnings per share
$4.60
Nil
$.14
$6.55
x After deducting 10% stock dividends amounting to $102,472. y Including depreciation of $78,750.
Balance Sheet Dec. 31.
Liabilities1929.
1930.
Assets192)
1930.
Cash
$900,657 $190,763 Aeets payable for
purchase, &c___ $232,881 $331,426
122,043
Marketable secur_
350,000
600,000
Notes & acets rec_ 2,036,351 3,731,407 Notes payable
1,219,105 1,806,834 Prow. for eat. Fed.
Inventories
tax & for res'ves
90,003
145,000
86,585
Misc.accts.& adv. 117,393
255,625
Other assets
112,428 Res, for contIng__ 178,059
208,052
a1,102,472 1,103,472
Real est. equip.,&c 1,246,509 1,283,725 Capital stock
3,898,101 5,033.726
Freed ins.,exp.,&c 113,205
119,336 Surplus
Improv. to leased
10,545
15,126
prop., less amort
$5,851.313 $7,158,249
Total
Total
$5.851.818 $7,468,249
-V. 131, p. 3715.
a Represented by 275,618 shares of no par value.
Fabrics Finishing Corp.
-Sale.
-Judge Guy L. Fake in the U. S. District Court at Newark, N. J.. has
confirmed the sale of four plants of the corporation to the bondholders'
protective committee, headed by Paul Heinzelman (as noted in V. 132,
P. 663). The plants are the Diamond Silk Dyeing & Finishing Co., West.
New York, N. J.; Fiory & Son Piece Dye Works, Paterson, N. J.; Masson
Silk Dyeing Co. of Fairlawn, N. J., and the Modern Central Silk Dyeing
& Finishing Co. of Paterson. The receivers will offer for sale on March 3
-V. 132, p. 663.
certain other property of the company,
-Proposed Sale of Certain Assets
Fairchild Aviation Corp.
to The Aviation Corp.
-To Reduce Capitalization.
The stockholders will vote March 4 on approving (1)a detailed offer from
this corporation to the Aviation Corp. for the sale of certain of the assets
of the Fairchild corporation to the Aviation Corp. as of Jan. 27 1931
(see below), and (2) a proposal to authorize the reduction in the paid-in
capital of this corporation from the actual paid-in capital of $6,136,400 to
$5 a share for the 546,340 shares of the issued stock of this corporation,
Including the 5,100 shares in the treasury of the corporation, and after
such reduction that the capital of the corporation be further reduced by
$1,515,500 to be effected by the retirement of 5,100 shares of the treasury
stock now owned by the corporation, and by the retirement of 298,000
shares of the stock of this corporation now owned by the Aviation Corp.
and to be acquired by this corporation, and that the capital of this corporation be further reduced by $5 per share for each share of. stock of this
corporation acquired by the corporation through the exchange of all or any
part of 24,764 shares of the stock of the Aviation Corp. owned by the
corporation under the offer made to the stockholders of this corporation,
under which offer if all of said 24,764 shares of stock of the Aviation Corp.
were so exchanged, an additional reduction in capital of $309,550 would be
authorised, effected by the retirement of 61,910 shares of the stock of this
corporation.
The Aviation Corp. is now the owner of a majority of the issued and outstanding shares Of common stock of this corporation and many of the
officers of this corporation are also officers of the Aviation Corp., and
that the following directors of this corporation are also directors ofthe
Aviation Corp.; Thurman H. Bane, Frederic G. Coburn, Sherman M.
Fairchild, Graham B. Grosvenor, George R. Hann, Robert Law, Robert
Lehman, Wm. Dewey Loucks, Roland Palmed°, Joseph W. Powell, R. M.
Robinson, William B. Scarborough and D. J. Walsh Jr.
A letter to the stockholders Feb. 7, says in substance:
The Aviation Corp. owns 298,000 shares of the 541,240 shares of stock
of your corporation. The next largest individual stockholder is the undersigned. For several months the undersigned in conjunction with a number
of other large minority stockholders of your corporation has been in negotiation with the Aviation Corp. looking toward a rearrangement of the corporate structure of your corporation, which has been finally reduced to an
agreement subject to the approval of the stockholders and which the
Aviation Corp. believes will benefit it and which the undersigned and a
number of other large minority stockholders believed decidedly to be in
the interests of the minority stockholders of your corporation.
The substance of such agreement proposes for your consideration that
the corporation sell all of the capital stocks of Fairchild Airplane Mfg.
Corp. and Fairchild Engine Corp.. the investment in the Faircam Realty
Corp., and certain other assets which together comprise approximately
55% in estimated net tangible value of all of the property of the corporation, to the Aviation Corp., in exchange for certain shares of the stock of
of the Aviation Corp. Coupled with such transaction is a release of your
corporation from the lease it heretofore entered into with the Fairchild
Realty Corp. under which your corporation agreed to pay, for the first
10 years of said lease, sufficient rent to retire the principal and interest of
$600,000 of outstanding debentures of the Faircam Realty Corp., all
maintenance and insurance, and for any renewal period a rental equal to
6% upon the total investment of the Faircam Realty Corp.in said property,
in addition to maintenance and insurance, and which lease has been exceedingly burdensome to your corporation. Likewise, upon consummation.
the name "Fairchild" will be eliminated from the corporations acquired by
the Aviation Corp.
To the end that any stockholder may continue his interest in the assets
the
acquired by the Aviation Corp. instead of retaining his interest inoffer
assets retained by your corporation, the directors have authorized the
to stockholders of your corporation of record Feb. 7 1931, to exchange all
or any part of their shares of stock of the Aviation Corp. on the basis of
five shares for two shares. The Aviation Corp. has agreed to exchange its
298,000 shares in your corporation upon the same basis.
The vital reasons for such negotiations and contract, which were initiated
by the undersigned, are the following:
The Airplane company and the Engine company have been seriously
affected by the aviation depression and the general depression in business
and have been operated at a substantial loss for many months. Your
corporation has no funds to finance their future operation and if the Airsums
plane and Engine companies are to be intelligently operated, largetheremust be expended in experimental and development programs and
after for production. To meet such requirements your corporation would
be required to arrange a very substantial financing program, which, in the
present business condition, could not be arranged through public financing and could only be cared for through the offer of stock rights to the
stockholders of your corporation, which the Aviation Corp., through its
resources, would be able to take and pay for, but which the minority stockholders would probably be unable or unwilling to take, with the accompanying payment of substantial sums in cash and which, therefore, would
dilute the proportionate ownership of the minority stockholders in your
corporation.
Under the plan as outlined, such of the present minority stockholders as
do not elect to take the offer to exchange their stock, on the basis of five
shares for two shares, for stock of the Aviation Corp. will retain their
proportionate interest in the assets to be retained by your corporation, to
wit; Fairchild Aerial Camera Corp., Fairchild Aerial Surveys, Inc.,
Kreider-Reisner Aircraft Co., Inc., Fairchild Aircraft, Ltd., and Aviation
Corp. of Canada. Ltd.and a substantial sum in cash and certain other
miscellaneous assets. 'The Camera corporation has earned substantial
sums during the past two years, and the retention of that company and the
remaining subsidiaries, in the opinion of the large minority stockholders.
permits your corporation to continue to own an established, wellcoordinated business with substantial current assets, enjoying favorable
possibilities for further development.
Minority stockholders owning 137,000 shares out of the total minority
of 243,240 shares have definitely approved the plan as outlined, and have
1424
FINANCIAL CHRONICLE
[VoL. 132.
to the end that the undersigned may have a sufficient number of shares
of your capital stock to carry out the terms of said exchange offer, you will
deliver to the undersigned, or to such persons or corporations as the undersigned may designate, such number of other shares of your capital stock,
not in any case to exceed 17.732 shares, as, together with said 119,200
shares of your capital stock acquired by the undersigned as part consideration for the sale hereinabove mentioned, and the 24.764 shares of
ur capital stock which are at present owned by the undersigned, will
ry to enable the undersigned to carry out the terms of said exchange offer, in exchange for shares of the capital stock of the undersignep
neces
on the basis of five such shares of the undersigned for each two shares of
your capital stock.
(14) In the event that the stockholders of the undersigned, at the special
meeting above mentioned, shall authorize the sale and reduction of capital
above mentioned you shall deliver certificates, duly endorsed or accompanied by transfer powers and bearing all necessary stock transfer stamps,
for 119,200 shares of your capital stock, plus such additional shares of
your capital stock as the undersigned shall require to enable it to comply
with the terms of the above-mentioned exchange offer, to the undersigned
at its principal office in Wilmington. Del., on said closing date and concurrently therewith the undersigned will deliver to you, or such person or
corporation as you shall designate, the properties, securities and assets
first above mentioned, together with all documents necessary to the transfer
or assignment to you, or such person or corporation, of title to said properties, securities and assets. .At the election of the undersigned, in lieu
of delivering certificates for said 119,200 shares of your stock on said closing
date, you will deliver certificates for 298,000 shares of capital stock of
the undersigned, duly endorsed in blank, accompanied by a waiver of all
your right to surrender said shares in exchange for shares of your capital
stock under the exchange offer to be made by the undersigned as above
mentioned.
A letter dated Jan. 27 to The Aviation Corp., says in
(15) The closing date for the transactions contemplated herein shall be
a date 30 days after the day on which the above-mentioned special meeting
substance:
of stockholders of the undersigned shall vote upon the sale contemplated
In consideration of the suns of $1 and other good and valuable considera- hereby, or such other date as may be agreed upon by the Board of Directors
tions,receipt whereof is hereby acknowledged,the Fairchild Aviation Corp., of the undersigned and your executive committee. In the event that
hereby agrees, upon the terms and conditions hereinafter stated, and no postponement can be so agreed upon and it shall be impossible for any
subject to the approval of its stockholders, to sell to you, or to such cor- legal reason to consummate the sale above mentioned as herein provided,
poration as you may designate, the following:
and in that event either you or the undersigned may, by written
(a) All of the presently issued and outstanding shares of capital stock of then served upon the other party, notify the other party that it does not
notice
Fairchild Airplane Mfg. Corp. a New York corporation.
desire to proceed to carry out the terms and conditions hereof, and this
(b) All of the presently issued and outstanding shares of preferred stock
thereupon become null and void.
Lied common stock of Fairchild Engine Corp., a New York corporation. contract shall
[Signed by Sherman M. Fairchild, Chairman of the board of the Fairchild
(c) Accounts receivable from Fairchild Airplane Mfg. Corp. and from Aviation Corp.)
Fairpm Realty Corp., in the sum of $16,000 and $375,809, respectively,
and $56,299 in cash.
The foregoing has been approved and accepted by The
(d) Certain fixed assets consisting of furniture and fixtures, of the book
Aviation Corp., says F. G. Coburn, President of the latter
value of $5.659; in consideration for 119,200 shares of your capital stock.
Said sale shall be effective as of Jan. 12 1931 except as hereinafter other- company.—V. 130, p. 4614.
wise provided, and all inter-company accounts shall be adjusted as of said
date at the closing.
Fajardo Sugar Co.—New Directors.—
In connection with said sale it is agreed that:
Harry E. Henneman, Vice-President of the National City Bank, and
(1) You will repay or cause to be repaid to the undersigned all expenses David M. Keiser, a director of the Cuban-American Sugar Co., have been
Incurred, and all advances made, by it and its present subsidiaries (other elected directors.—V. 132, p. 859.
than Fairchild Airplane Mfg. Corp. and Fairchild Engine Corp.) for the
account of Fairchild Airplane Mfg. Corp. and Fairchild Engine Corp
Fiat (Turin, Italy).—Dividend Reduction Proposed.—
subsequent to Jan. 12 1931. as determined by Collins, Barth & Co. The
The company proposes to Pay a dividend of 18 lire per share as comundersigned will repay or cause to be repaid to you all expenses incurred, pared with 25 llre a year ago, a dispatch from Milan, Italy, says.—V. 130,
and all advances made, by youand your present subsidiaries and Fairchild P. 3721.
Airplane Mfg. Corp.for the account of the riresent subsidiaries of the undersigned (other than Fairchild Airplane Mfg. Corp. and Fairchild Engine
Fidelity Investment Association.—January Business.—
Corp.),subsequent to Jan. 121931, as determined by Collins, Barth & Co.
This Association, which is devoted to the sale of annuities, reports conYou also will take over all of the employees of the undersigned, Fairchild tracts written for January of $4,724,000 compared with $3,808,000 in
Airplane Mfg. Corp. and Fairchild Engine Corp. and assume contracts January 1930, a gain of $916,000, or 24%. These figures also represent
of said employees, with the exception of Ernest Robinson, whose contract an increase of $788,000 over December. Resources of the Association
the undersigned will assume, all such assumptions to be as of Jan. 12 1931. increased from $25,047,124 as of Jan. 1 1931 to $25,393,707 as of Feb. 1.
(2) On or before the closing date hereinafter designated, you will cancel a gain of $346, .
and surrender to the undersigned the options which you now hold covering
"The turn of the year," says Chairman Richard B. Scandrett Jr. "saw
582
the purchase of 50,000 shares of stock of the undersigned.
material improvement in the public attitude toward the business situation.
(3) On or before said closing date you will cause the Aviation Patent & This was immediately reflected in business transacted by the offices of our
Research Corp. to grant a non-exclusive license without royalty to the under- Association, which are located in 24 of the princlipal cities of the country.
signed and its present and future subsidiary and controlled corporations That this improved feeling is continuing is indicated by the fact that the
under all letters patent and applications now owned or controlled by the first 10 days of February have established a new high record for that
Aviation Patent & Research Corp.
period."—V. 132, p. 319.
(4) On or before said closing date said Fairchild Airplane Mfg. Corp.
shall assign and transfer to the undersigned or its nominee,current inventory
First American Bancorporation, Inc.—Defers Div.—
of the book value of $34 000, consisting of new or used completed KreiderThe directors have decided to defer the quarterly dividend of 25 cents per
Reisner airplanes.
share due Feb. 10 on the class A stock. This rate was paid regularly from
(5) You will, upon receipt of 10 days' notice from the undersigned, at Aug. 10 1929 to and incl. Nov. 10 1930:—V. 131, p. 3375.
any time prior to July 1 1931 purchase from the undersigned all but not
part of the stock of the Aviation Corporation of Canada. Ltd., which the
First National Stores, Inc.—Earnings.—
Undersigned now owns,or any securities which the undersigned may,during
For income statement for 3 and 9 months ended Dec. 31 see "Earnings
such period, receive by reason of the reorganization of said corporation, Department" on a preceding page.
for $40,000 cash.
A statement issued in connection with the report says:
(6) The undersigned will, at or before said closing date cause Fairchild
"During the quarter ended Dec. 27 1930, there occurred the largest
Aircraft. Ltd., to release its interests, if any,in any development now being reduction in retail food prices that this company has experienced in its
undertaken or which may hereafter be undertaken by the Fairchild Airplane history. During the month of December, declines were so extreme and
Mfg. Corp. and (or) Fairchild Engine Corp., which release you agree may general that it would appear that the crisis of the long extended decline in
be evidenced by the consent of said Fairchild Aircraft, Ltd., to this agree- food prices must have passed its climax. Immediate readjustments of our
ment or the substance thereof.
inventory to current market prices were made and are deducted from the
(7) You will assume or cause Fairchild Airplane Mfg. Corp. and Fair- earnings as reported.
child Engine Corp. to assume all liabilities (matured or unmatured, fixed
Retail sales of the company for four weeks ended Jan. 24 1931 were
or contingent, liquidated or unllquidated) which the undersigned or its $8,064,348 as against $8,496,685 in 1930, a decrease of 5.09%. The tonnage
present subsidiaries may have incurred or to which it or they may be sub- of merchandise sold in 1931, however, exceeded that handled in the same
ject arising from or in connection with the manufacture and (or) sale outside period of 1930 by approximately 8.76%. This would indicate that retail
of the Dominion of Canada of airplanes, engines and accessories thereto prices of food commodities were nearly 14% lower in January 1931 than in
prior to Jan. 12 1931.
1930.—V. 132, p. 1231.
(8) The undersigned will assume all liabilities (matured or unmatured January
fixed or contingent, liquidated or unliquidated) which you or your present
(S. B. & B. W.) Fleisher, Inc.—Sale Recommended.—
subsidiaries may have incurred or to which you or they may be subject,
that there is no possibility of a reorganization and that
arising from or in connection with the manufacture and (or) sale of aerial It Having decided
is unwise to delay any longer a complete settlement of the affairs of
cameras and accessories thereto, and (or) the busines of aerial surveying, the company,John Fisler and Arthur A. Fleisher, receivers in equity, have
and the manufacture and (or) sale within the Dominion of Canada of air- recommendde in a report filed in the U. S. District Court in Philadelphia
planes, engines and accessories thereto, prior to Jan. 12 1931.
that
large mill and factory build(9) The undersigned will make every reasonable effort to dispose of the ings,the remaining assets, consisting of several
sold at public auction as soon as armachinery and equipment,
stock of Pittsburgh Metal Aircraft Corp. and the options to purchase raogements can be made. March behas been set for a hearing on the report.
6
stock thereof which the undersigned now owns and from which it is expected
that approximately $16,000 in cash may presently be realized. In the event —V• 131, P. 3375.
said sale is consummated prior to the closing date the undersigned agrees
Fourth National Investors Corp.—To Change Stated
to pay you on said closing date 55% of the proceeds of said sale. In the
event said sale shall not have been so consummated the undersigned agrees and Par Value of Common Stock.—President Fred Y. Presley,
to deliver to you on said closing date 55% of the stock, and options to pur- Feb. 14, says in substance:
chase stock, of said Pittsburgh Metal Aircraft Corp. now owned by the
The directors on Feb. 13 1931 declared it advisable to submit to holders
undersigned.
(10) Within three months after the closing date will cause the names of of common stock for their written consent and for their approval at the
Mfg. Corp. and Fairchild Engine Corp. to be changed annual meeting of stoclmolders, to be held March 3, proposals to reduce the
Fairchild Airplane
so as to eliminate the word 'Fairchild" therefrom and thereafter you will capital of the corporation represented by the shares of common stock from
not and will not suffer or permit any subsidiary corporation of yours to $40 to $1 per share and to change the shares of common stock without
use the name "Fairchild" as part of its corporate title or otherwise, except par value into the same number of shares of common stock with a par value
that such name may be used in connection with the manufacture, sale of $1 per share. The purpose of these proposed changes is to effect for
and service of airplanes of types and sizes heretofore and presently manu- the corporation, under certain circumstances, a substantial saving in both
for the
factured by Fairchild Airplane Mfg. Corp.,and in the servicing of airplanes the Delaware and New York State annual franchise taxes, and transfer
already sold, provided that all such airplanes which may be so manufactured stockholders, a saving in transfer taxes. In the case of the sale or taxes at
the manufacturer plainly stamped of 100 shares this saving would amount to 99% of the transfer
shall have the corporate or trade name of
present payable.
thereon.
The reduction of the capital of the corporation to an amount equivalent
(11) You will pay or cause to be paid 55% of all expenses which may have
under
been or may hereafter be incurred by the undersigned in connection with the to $1 per share of common stock is a necessary legal preliminary from
sale contemplated by this agreement, excluding therefrom fees of counsel. the Delaware law to the changing of the shares of common stock 132,
agreed to hold you harmless from shares without par value to shares with a par value of $1 per share.—V.
(12) The undersigned has heretofore
any liability arising out of your certain guaranty heretofore given by you P. 319, 136.
through the National City Bank of the City of New York, on behalf of
Fox Film Corp.—New Financing Expected.—
Fairchild Aerial Surveys, Inc., in the amount of approximately 185,000
Bankers for the corporation, it is reported, plan to offer a bond issue of
Argentine pesos, and the undersigned hereby agrees to arrange to have you
released on or before Jan. 1 1932 from such guaranty and all liability there- approximately $55,000,000 or more in tho near future to provide funds
for the retirement of that amount of notes, which mature April 15.—
under.
(13) In the event that you, or such parson or corporation as you may V. 131. p. 3883.
contemplated hereby the undersigned
designate, agree to make the purchase
will offer to Its stockholders the privilege (subject to the authorization by
Freeport Texas Co.—Acquircs Cuban Manganese Deposits.
the stockholders of the undersigned of the sale contemplated hereby and
The company has extended its activities to the manganese field through
the reduction of the capital stock of the undersigned to not less than 181,330 the acquisition of a controlling interest in the Cuban-American Manganese
shares, and to the consummation of said sale as herein provided)offsur- Corp., which owns extensive manganese deposits in Cuba, near the port of
rendering all or any part of the capital stock of the undersigned which they Santiago, it was announced by President Eugene L. Norton. Minority
hold in exchange for your stock on the basis of five shares of the capital holders in Cuban-American Manganese include David M. Goodrich.
stock of the umiersigned for each two shares of your capital stock, and, Chairman of the Board of the B. F. Goodrich Co., with which the Freeport
pursuant to such offer, you will exchange the shares of the capital stock Texas Co. has collaborated in the development of processes and properties.
of the undersigned now held by you for shares of your capital stock, and, according to the announcement.
signified in writing their intention to retain their ownership in the stock
of this corporation and not accept the offer to exchange their stock in this
corporation for the stock of the Aviation Corp.
The plan is contingent upon a rearrangement of the Faircam Realty
Corp., the landlord of the Farmingdale plant, which the undersigned
believes will be consummated.
Subject to the foregoing, therefore, and the necessary approval of the
stockholders of this corporation, you, as a stockholder of record Fob. 7
1931. are specifically offered the following:
,
I. The right to exchange all or any part of the stock that y ou hold in
this corporation for stock of the Aviation Corp., on the basis of five shares
of stock of this corporation for two shares of stock of the Aviation Corp.
If you desire to avail yourselves of this offer your stock must be surrendered
so as to be actually received by Fairchild Aviation Corp., 122 East 42nd St.,
N. Y. City, on or before March 3 1931, where it will be received and held
In trust and returned on or before July 31 1931, if the two transactions
above outlined are not consummated, or upon consummation thereof the
stock of the Aviation Corp. to which you are entitled on exchange will be
forwarded to you. Fractional shares of stock of the Aviation Corp. will
not be issued but in lieu thereof cash adjustment will be made for such
fractions at the rate of $3.75 per full share of stock of the Aviation Corp.
2. Without disturbing your ownership in the corporation, you may, of
course, hold your stock in this corporation under the rearranged corporate
structure as herein outlined, in which instance you will affiliate yourselves with the owners of the 137.000 shares of this corporation who have
approved the plan and have determined not to exchange their stock,
deeming it more advantageous, with the reduced stock under the plan, to
hold their respective interests in the assets to be retained lay this
corporation.
[Signed by Sherman M.Fairchild, Chairman of the Board.]
r
FEB. 21 1931.]
1425
FINANCIAL CHRONICLE
Products of the Cuban properties, Mr. Norton indicated, will include Present share to be exchanged for 3.71120 shares, and then to increase
manganese sulphate, recommended recently by the Department of Agricul- the authorized total to 2,000,000 shares. The stockholders will vote
ture as a substitute for or for mixing with certain kinds of fertilizers. Plans. Feb. 25 on approving the above proposals.
he stated, have been completed for the immediate erection of a Cuban plant
1927.
1928.
1929.
1930.
Calendar Yearsto treat 1,000 tons of ore a day by a "now patented process" for the con- Profit from operations__ $7,757,358 $9,574,231 $9,610,589 $10,411,429
centration of manganese ores to increase their metallic content to the :Interest on funded debt
8.915
1,506
4,725
percentage required by American steel manufacturers. The process, he Int.& disc, on dabs --_
287,645
added, was perfected by Freeport Texas and Goodrich engineers in co- Depreciation
1,433,647
1.012,591
1,438,768
1,557,420
operation with metallurgical laboratories, and has been tested with success Federal income tax
1,193,506
1,001,538
894,735
746,311
on a commercial scale.
The Cuban-American Manganese Corp. on Feb. 14 filed a certificate at
Net profits for year.._ _ $5,165,982 $7.239,221 37,591.715 $7.775,361
Dover. Del., increasing its authorized capital stock (no par value) from Earned surplus begin-V.132, p. 1042.
250,000 shares to 350,000 shares.
13,092,755 13,095,799 11,472,857 9,451,409
ning of year
Frontenac Corp.-Frontenac Trust Shares Offered.BaneNorthweet Co.; First Securities Corp.: Kalman & Co.; Lane, Piper
& Jaffrey, Inc., and Wells-Dickey Co. are offering at the market (about
$17.50 per share) shares in a new trust known as Frontenac Trust Shares.
Frontenac Trust Shares are issued against and represent a proportionate
ownership in the holdings of the trust, which are deposited in their entirety
with the Trust Co. of New Jersey, Jersey City, Certificates are in bearer
form with coupons attached, registerable as to principal, and in denominations of 5, 10, 25, 50, 100, 500 and 1,000 shares.
The trust indenture provides that the policy and purpose of the Trust
shall be to hold the shares of stocks, now or hereafter deposited, for longterm investment and not for the purpose of speculative trading.
The trust indenture further declares that it is the intention of the Frontenac Corp. to select stocks from time to time and fix the relative investment
in each so that they will at all times represent diversification of investment
among various industries and businesses.
Management.
-The board of directors of the Frontenac Corp. consists
of the following: Edward W. Decker, William A. Durst and Henry D.
Thrall, representing BancNorthwest Co.; C. T. Jaffrey, L. E. Wakefield
and Julian IL Baird, representing First Securities Corp.; C. 0. Kalman
and Edwin White. representing Kalman & Co.; C. P. Jaffrey and Harry C.
Piper, representing Lane, Piper & Jaffrey, Inc.; Stuart W. Wells and J. L
Seybold, representing Wells-Dickey Co.
The Frontenac Corp. will receive a fee computed at the monthly rate of
1-24th of 1% of the liquidating value of the Trust, excluding any cash on
hand or receivable. The Frontenac Corp. will pay all expenses incurred
by it including the cost of independent statistical service and the annual
compensation of the trustee. No charge can be made against the trust
for these expenses.
Offering Price.
-The current offering prices of Frontenac Trust Shares
are determined as follows: To the round lot market quotations of deposited
stocks is added the round lot brokerage commission and a fee covering distribution cost trustee's initial charges and profit, which fee is 6% of this
total. To this amount current accumulations are added and the price
per share is adjusted to the nearest one-eighth of one dollar.
Portfolio.- At its inception, the trust holds the following stocks and the
Percentages indicate the approximate relative market value of the investment in each stock:
2.02% Internat. Business Mach.Corp.
2.44% AR Reduction Co., Inc.
2.00% Allied Chemical & Dye Corp.
2.27% Internat. Match Corp., part. pref.
2.27% Liggett & Myers Tob. Co.. cl. B.
2.83%American Can Co.
4.77% American Tel. & Tel. Co.
2.98% McKeesport Tin Plate Co.
2.83% American Tobacco Co.,class B. 1.26% Minneapolis-Honeywell Reg. Co.
1.25% Archer-Daniels-Midland Co.
1.44% Munsingwear, Inc.
2.49% Atchison Topeka & Santa Fe Ry. 2.02% National Blocuit Co.
3.16% New York Central RR.
1.76% Borden Co.
1.98% Caterpillar Tractor Co.
1.50% Northern Pacific Ry.
2.77% Chesapeake & Ohio RY•
1.44% Otis Elevator Co.
3.42% Consolidated Gas Co. of N. Y. 3.50% Pacific Lighting Corp.
2.38% Pennsylvania RR.
2.06% Corn Products Refining Co.
1.48% Pillsbury Flour Mills, Inc.
1.49% Cream of Wheat Corp., v. t. c.
4.41"; du Pont(E. I.) de Nemours & Co. 4.03% Public Service Corp. of N. J.
2.49% Southern Calif. Edison Co., Ltd
3.36% Electric Bond & Share CO.
3.63% Standard Oil Co. of N. J.
5.60% General Electric Co.
1.51% Union Carbide & Carbon Corp.
1.70% General Mills, Ina.
2.60 Great Northern Iron Ore Properties. 5.36% United States Steel Corp.
3.75% Woolworth (F. W.) Co.
shares of beneficial interest.
1.75% Great Northern Ry.
Distributions
.-The trust indenture provides that all cash dividends and
interest and all other amounts in the distribution fund on Jan. 31 and
July 31 of each year, shall be paid to the certificate holders on the following
Feb. 20 and Aug. 20. Coupons may he presented for payment at the
Principal office of the trustee in Jersey City, or any designated paying agent,
or at the office of any one of the organizers of the Frontenac Corp.
Stock nividends, split-ups or rights may be retained or sold and the proceeds distributed or reinvested in the discretion of the Frontenac Corp.
Total surplus
$18,258,737 $20,335,021 $19,084,572 317,226,769
Adjustment for revalua500,000
tion of capital assets726,200
728.200
726,200
720,200
Preferred dividends-- -5,027,712
5,242,571
3,051,005 6,018,066
Common dividends Earned surplus at end
of year
$14,481,532 $13,092,755 $13,095,799 311,472,856
Earnings per share, corn.
$18.40
$15.98
$15.18
$10.33
stock (429,719 sits.)....
:
Retired during year ended Dec. 28 1929.
Comparative Balance Sheet.
Dec.27'30. Dec.28'29.
Dec.27'30. Dec.28'29.
$
5
Liabilities-5
Assets$
2,600,000
Cash
4,898,867 1.624,747 Notes payable_
970,044
873,200 Accounts payable_ $331,273
Accts.rec.(lessres.) 863,019
Dividends payable 976,530 1,685,566
Invent, at lower of
cost or market__ 1,712,782 2,479,052 Est. Fed. inc. tax
894,735
69.667 for current year- 746,311
Investments
1,733.047
Property & plantx29,493,916 29,798,311 10-yr. 535% sink.
Insur., taxes,&c.. 268,864
205.547 fund gold deb_ _ 7,000.000
91,767
Accr.int,on deb_ _
Unamortized def.
75,000
Has,for flour contr
disc. & expense_ 546,923
137,978
Bond Bread, other
Has, for conting__ 143,361
58 cum. pref. stk_y9,077,500 9,077,500
tr. names, tr.
Common stock_ _ _z8.134,240 8,134.240
mks, copyrights
& good-will.. _ _ _ 5,675,748 5,675,748 Capital surplus_ _ _ 4,133,452 4,133,452
Earned surplus_ _ _14,481,532 13,092,755
--45,190,986 40,726,272
Total
Total
45,190,966 40,726,272
Represented by 90,'775
x After reserve for depreciation of $8,583,307. y
no par shares. :
Represented by 429,719 no par shares.-V. 132. P. 1042.
-Earnings.
General Bronze Corp.(& Subs.).
1928.
1929.
1930.
Calendar YearsGross earnings on completed contracts $8,617,397 $8.811,149 $5,279,316
Cost of completed contracts (incl.
labor, material and mfg.overhead) 6,389.989 6,773.045 4,012.983
295,770
773,705
978,474
Administrative & commercial exp- --Net income from operations
Other income
loss$751,066 $1,284,399
86,117
14,792
3970,562
63,984
loss 3736,274 $1,350,516 $1,034,547
Totalincome
Depreciation of plants, machinery &
44,379
97,051
123,316
equipment
118.200
125,000
2,710
Provision for income taxes
Bond interest
107,000
Net incomeloss$969,299 $1,128,464
Dividends on pref.stock (now retired)
496,406
350,829
Common dividends
$871.968
76,162
$832,058
$795.806
def$1,320,128
Balance, surplus
219 985
281 284
Shs. com. stk. outstanding (par $10).
281,284
$3.81
$4.01
Nil
Earnings per share
-Earned surplus Dec. 31 1929, $1,115.887;
Earned Surplus Account.
add: Adjustment of prior year taxes, Sic., $32,247; total, $1,148,134;
deduct: Deficit for year 1930, after dividends, $1,320,128; discount on
debentures, $243,278; deficit Dec. 31 1930, 3415,270.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
AssetLiabilities1929.
1930
$250,000
Cash
$1,869,016 $376,476 Notespayable_
278.588
Marketable Ewer_ 179,300
142,008 Accounts payable- $150,870
Accts. & notes rec 1,396,986 2,282.196 Accr. sal., wages,
153,414
-Acquisition.
General Alloys Co.
80,569
commissions, &c
1.291,924 1,546,279
Cleveland Alloys Inventories
251.299
Insur, deposits ai
The company has acquired the plant equipment of the
Subcontract MIA_ 209,537
101.876
Co., Cleveland, Ohio, manufacturer of corrosion-resistant alloys, which
advance paym'ts
31,996 Due officers
40,661
is out of business. The equipment, including a one-ton Moore electric Investments
30,000
121.672 Bond int. accr_ _
84,312
70,000
1,500
furnace, has been shipped to the company's new plant at Champaign. Ill., Land,b1dgs.,mach.
Mtges. payable_ __
62,440
62,440
where a now two-ton and a 500-pound furnace already are installed.
& equipment__ _x2,525,543 2,497,560 Prov. for def. nab("Steel.")
-V. 131, p. 1264.
Patents, patterns,
Prov.for Federal&
128,747
31,303
dies &supplies
Can. inc. taxes_
569.475
593,269
-1930 Earnings." Plant expenditures
General American Tank Car Corp.
10-yr. cony. deb__ 3,000,000
aPPlie, to future
Net earnings for 1930 were $6,518,181, compared with $5,770,740 in
7% 1st mtge,serial
87,500
61,300
operations
1929, an Increase of $747,440.
bonds
89,829
44,687
2,777,800 2,812,840
The earnings for 1930 are equivalent to 88.03 per share and are the largest Miscell. def. chgs..
47.018
45.798 Capitalstock
Good-will
in the history of the company.
1
1 Paid in & cap.surpl 2,082,668 2,390,699
Back of the increased earnings of the corporation in a year of business
Earned surplus___def415,270 1,115,887
depression is a program of diversification undertaken several years ago
$8,072,717 $7,703.291
which reached fruition in 1930. Contrary to a popular opinion, the operTotal
Total
$8,072,717 $7,703,291
ations of this company are by no means confined to the transportation of
x After depreciation of 3273,123.-V. 131, p. 3214.
oil and gasoline. This now represents only a department of the company's businass.
General Capital Corp. Feb. 9 Liquidating Value.
The company, through its subsidiaries. operates a very largo fleet of
The corporation had a liquidating value of $47.30 a share based on
refrigerator cars which transports fresh fruits, vegetables, meat and other
States and Canada. The closing prices Feb. 9. This compares with a liquidating value of $43.93 on
food products to and from all parts of the United
company also operates large fleets of milk, stock and express cars whose Dec. 31 1930.
Cash and bond holdings are now around $1,100,000 against 31,200,000
employment continually in the country's basic industries accounts for the
at the year end. The difference, plus income received, has been invested
-V. 132, p. 1232.
.
COmpany's sustained prosperity.
in additional high-grade stocks. Portfolio make-up remains about the same
-Wins Suit for Oil Royalties-To as on Dec. 31 1930.-V. 132, p. 860, 501.
General Asphalt Co.
Get Damages from Royal Dutch-Shell Group-Case Is Tried in
London.
A cable from London Feb. 18 stated that the General Asphalt Co. and
the Barber Asphalt Co. won their claim to Venezuelan oil in a court in
London Feb. 18.
The action was against the Anglo-Saxon Petroleum Co.. Ltd.(the Royal
Dutch-Shell group( from which the asphalt companies sought damages for
alleged breach of agreement relating to the delivery of oil from the Vises
concession in Venezuela, worked by the Colon Development Co., in which
the Anglo-Saxon company held a controlling interest.
The Judge ruled that the American companies must have judgment for
damages to be agreed on or assessed, and the American companies' attorney, Sir Patrick Hastings, after a consultation with Sir John Simon, appearing for tho defense, said there would be no difficulty about agreeing
on the damages.
In opening the American companies' case, counsel said if these damages
were to be assessed they would "be enormous and would run into millions
of pounds sterling." The asphalt companies' case was that under an
agreement of July 12 1923 they should receive 9 % of any oil found on
the Vigas concession.
The company in a statement issued in connection with the decision says:
"The Court entered judgment in favor of General Asphalt Co. for damages for all Colon royalty oil due to date, in addition to which the Royal
Dutch-Shell group is required to deliver royalty oil in the future. Costa
were assessed against the defendants, except that each party is required
to pay its own New York COMMISS1011 expenses.
"Between 490.000 and 500,000 barrels of Colon royalty oil have accrued
to7date, and on the basis of present production the future royalty oil from
this source will accrue to the General Asphalt Co. at the rate of about
-V. 131, p. 3049.
2,000 barrels per day."
-To Change Capitalization.
General Baking Co.
The Committee on Securities of the New York Stock Exchange has been
change the authorized common stack
advised that the company proposes to
from 500,000 shares of no par value to 1,855.630 shares, par value $5, each
-Omits Common Dividend.
General Development Co.
The directors have voted to omit the dividend which usually would have
been payable on the common stock (par $25) about Dec. 30 1930.-V. 128.
P. 3196.
.-Pension Payments
General Electric Co.
Nearly a million dollars was paid to pensioners by the company during
1930, President Gerard Swope has announced. On the last day of the
and having
there were 1,287 pensioners, averaging 69.20 years of age
been employed by the company for an average of 28.77 years before ren
their service
tirement; the ages of the men totaled nearly 90.000 years, and
with the company totaled more than 37,000 years. The pension payments
in 1930 averaged $817.
The payment of 3903.905 during 1930 compared with payment of
$739,126 in 1929, and $514,495 in 1928. A total of $3,772,502 has been
Paid to pensioners by the General Electric Co. since 1912, when the first
Payment was made.
a
Radio Suit.
-
-V. 132.
See Radio Corp. of America under "Public Utilities" above.
P• 860, 664.
General Motors Corp. Sales
-An
for January 1931.
official statement says:
In January, General Motors dealers sold 61,566 cars to consumers in the
United States, compared with 74,167 cars in January 1930. Sales by
General Motors to dealers in the United States in January amounted to
76,681 cars, as compared with 91.458 cars in January 1030. Total sales to
dealers in January, including Canadian sales and overseas shipments,
amounted to 89,349 cars, as compared with 106,509 in January 1930.
cars in
The following table shows sales to consumers of General It
Continental United States, sales by the manufacturing divisions of General
Motors to their dealers in Continental United States, and total sales to
dealers, including Canadian sales and overseas shipments:
1426
[You 182.
FINANCIAL CHRONICLE
Total Sales to Dealers
United States
Gould Coupler Co.
-Earnings.
Sales to
Sales to
incl. Canadian Sales
For
Consumers.
& Overseas Shipm'ts. ings income statement for 3 and 12 months ended Dec. 31, see "EarnDealers.
-V. 131, p. 2705.
Department on a preceding page.
1931.
1930.
1931.
1930.
1931.
1930.
Jan
61,566
89,349
74.167
94,458
76,681
106,509
Grace Securities Corp.
-Defers Dividend-Bal. Sheet.
Unit sales of Chevrolet, Pontiac, Oldsmobile, Marquette. Oakland,
John A. Cutchins, Vice-President and General Counsel, says in part;
Viking, Buick, LaSalle and Cadillac passenger and commercial cars are
All of the real estate of the company was sold at the price at which it
Included in the above figures.
-V. 132,P. 1232.
was carried by the company as of July 1 1930, to an entirely separate
corporation, which paid therefor $150,625 in cash, the balance of the
General Outdoor Advertising Co.
-New Directors.
purchase price being evidenced by notes secured by deeds of trust on the
B. L. Robbins and Russell L. Say have been elected directors, succeeding various properties and otherwise. The effect of this was to get into liquid
H.E. Fisk and William S. Yerkes.-V. 132, p. 1042.
form a large item of slow assets and to make available the above-mentioned
sum as working capital.
The charter of this company provides that when four quarterly diviGeneral Public Service Corp.
-To Increase Capital.
dends on preferred stock are passed, the voting power of the common
President S. B. Tuell, Feb. 5, stated:
stock shall cease and the entire voting power becomes vested in the pref.
The directors feel that opportunities may arise under prevailing market
conditions for making acquisitions on favorable bases by the issuance of stock. The decision as to whether or not to pass the fourth quarterly
stock of this corporation. As the consummation of such acquisitions may dividend, payable Jan. 1 of this year, was not an easy one to reach in
be contingent on prompt action, it is highly desirable that there be shares view of the fact that the earnings and surplus of the company made it
available for issuance without the delays incident to calling and holding a possible legally to pray the dividend. It was determined, however,that
special stockholders' meeting. At the present time the amounts of author- this issue must be faced honestly and squarely, and the board concluded
ized but unissued preferred and common stock are not large and the direc- that it would be an unwise thing to do in view of present conditions, and,
tors have accordingly recommended at this time increasing the authorized regardless of the outcome, they voted to pass the dividend, being unwilling
to follow a course of action which the soundest of business principles would
preferred and common stock.
not seem to justify. It is a source of gratification that several of the
The status of the capitalization as of Dec. 31 1930 was:
largest holders of shares of preferred stock completely concurred in this
Outstanding in
Gold debenturesAuthorized. Hands of Public course of action.
Balance Sheet Dec. 311930.
x
5% convertible series, due 1953
$4,780,000
Liabilities
Assets
y 9,163,000
% convertible series, due 1939
$17,090
Cash on hand and in banks
$80,586 Accounts payable
Preferred stock (no par value)
175,
(700 shs.
Notes payable-bank loans..
537,000
24,640 shs. Cash deposited with trustees
$6 dividend series
Collateral trust bonds
for redemption of bonds and
1,824,100
280 shs.
$5.50 dividend series
74,189 Interim certificates
1,000
interest
100,000 shs.
None
Junior preferred stock (no par value)_
3,255
2,924,417 Investment 55. certificates_
1,000,000 shs.
665,116 shs. Mortgage notes
Common stock (no par value)
x Additional debentures of this and other series may be issued under Industrial dr time loans (dis- 127,111 my mortgages sold with our
guarantee
62,150
counted $18,480 contra)_ -conservative protective provisions without fixed limitation as to amount.
Notes rec. discounted (contra)
18,480
Stocks and bonds and 1st mtge.
y In addition to these amounts outstanding in hands of public, $192,000
51,121
445,808 Reserved for int., taxes, &e._
notes
of gold debentures, 5% convertible series due 1953, and $836,000 of gold Bonds held in trust as collateral
148,967
Unearned int. and brokerage
debentures, 53 % convertible series due 1939, reacquired and held in
446,800
3,300 Pref. 75 cum. stock
for E.S. certificates
treasury.
750,000
86,439 Common stock
Accounts receivable
In addition to the shares of pref. stock outstanding in hands of public Real estate
74,899 Surplus required for payment
as shown above, there were 10 shares of $6 dividend series reserved in con- Accrued int. on notes & invest_
of 1930 pref. stock diva. and
32,527
nection with liquidation of Public Service Investment Co.and 49,720 shares Equipment including vault_ _ 31,979
15,969 Interest thereon
of 85.50 dividend series reserved for conversion of $4,972,000 of gold deben- Deferred charges
30,628
57,324 Free surplus
tures, 5% convertible series due 1953, leaving available for future issue,
as of Dec. 31 1930, 100,350 shares of pref. stock.
Total
$3,922,571
$3,922,571
Total
In addition to the shares of common stock outstanding in hands of public
Vas shown above, there were 129.987 shares reserved for conversion of - 131, P. 3377.
$9,999,000 of gold debentures, 5%% convertible series due 1939; 5,612
-To Increase Capital.
Grand Central Surety Co.
shares reserved for issuance in exchange for common stock scrip, and 10
At a special meeting of stockholders a resolution was adopted to increase
shares reserved in connection with liquidation of Public Service Investment
Co., leaving available for future issue, as of Dec. 31 1930, 199,275 shares the capital stock, par $10, from $250.000 to $400,000.-V. 129, p. 805.
of common stock.
-Earnings.
The increase at this time of the pref. stock by 325,000 shares and of the
Grand Rapids Metalcraft Corp.
common stock by 1,000,000 shares which has been recommended by the
1930.
1929.
Calendar Years1928.
board of directors is to be acted upon at the stockholders' meeting called Net operating earnings
loss$69,970
$212,593
$209,266
for Feb. 21.-V. 132, p. 1042.
$13,291
Other income (net)
31,041
General Shares, Inc.
-Exchange of Stock.
-
Total income
Provision for Federal taxes
See Insuranshares Corp. below.
-V. 132, p. 502.
Gleaner Combine Harvester Co.
-Receivership.
Judge Merrill E. Otis of Federal District Court, Kansas City. Mo. has
appointed three receivers and four attorneys for the company,but stated the
Court will allow payment only of one receiver's fee and one attorney's fee.
The receivers named include W. J. Brace, a former farm implement
man, who wall be operating receiver; George S. Carkener, member Kansas
City Board of Trade, and Paul Patton, who was receiver under the Jackson
County Court receivership.
Judge Otis also stated that the decision of two receivers on any question
will govern. The new receivership control rests with banking interests
which have been working for the reorganization.
Former Senator James A. Reed, C. W. Verman, J. D. Bowersock and
Paul A. Stinson have been named as attorneys for the receivers.
-V.
132, p. 1232, 1042.
-Defers Dividends.
(L.) Goldsmith, Inc.
The directors recently voted to defer the se ti-annual dividends due
Jan. 1 1931 on the 7% and 6% pref. stocks. A semi-annual distribution
of 3M % and 3%,respectively, was paid on these stocks on July 11930.
loss$56,679
3,577
$212,593
25.623
$240,308
29,000
loss$60,256
Net earnings
$186,970
$211,308
Earns, per sh. on 165.000 shs. corn.
Nil
$1.12
$1.28
stk. (no par)
Condensed Balance Sheet Dec. 31.
Liabilities1930,
1929.
Assets
1929.
1930.
Cash &U.S.Treas.
Notes payable__ $60,000
certificates
$46,278 $213,238 Accts. pay.& aocr•
61,031
Invest, at cost
9,794
152,387 expenses
120,176
4,350
14,188
Notes & accts. rec.
59,615 Res. for taxes- -41,070
Accr,int. rec
Employees 8% PI.
1,061
21,770
25,000
49,325 stock
Inventories
29,317
231,472
Common stock_ y231,472
50.716
Mach.& equip.,dm x36,189
4,149
244,103
Invest. in affil. cos
56,950
50,000 Surplus
Unexpired Maur.
513
Prep. exp. & adv._
494
$331,530 $575,795
Total
Total
$331,536 $575,795
x After deducting $50.96b reserve for depreciation. y Represented by
-V.132, p. 1043.
165,000 shares (no par value).
Goodyear Tire & Rubber Co.
-Suit.
-
Co.-Januaty Sales.
Grand Union
The company has been named defendant in a suit for over $500,000 filed
Four Weeks Ended Jan. 31Federal .District Court at Cleveland by the Overman Cushion Tire Co.
of New York. The suit alleges that Overman patents were infringed upon Sales
and asks for a temporary and permanent injunction restraining Goodyear -V. 132, p. 861.
-V.132, p. 1232.
from manufacturing or selling certain makes of tires.
in
1930.
1931.
$2,587,516 $2,647,595
Decrease.
$60,079
-Sales Lower.
Great Atlantic & Pacific Tea Co.
-
Gotham Silk Hosiery Co., Inc.(& Subs.).
-Earnings.
Calendar YearsNet inc. after all oper.
- charges
Interest on funded debt
Prov. for depreciation
Federal inc. tax (est.)-
1930
1929.
1928.
1927.
$273,449 $2,810,247 $3,838,952 $4,764,551
298,656
272,587
321,688
345,948
506,049
559,841
468,096
501,282
200,923
239,561
219.869
Net profit for year
loss$558,979 $1,804,619 $2.809,607 $3,697,452
Preferred dividends
271,922
314,392
333,380
348,775
1,121,597
Common divs. (cash)
280,550
1,093,974
1.036.989
(4)
Com. div,(in stock)_....
$368,630 $1,196,467 $2,311,688
Balance, surplus--_loss$1,111,451
$3.31
Nil
$5.53
Earns.per sh.on com.stk.
$8.06
Surplus Account: Surplus Jan. 1 1930, $4,337,188; add: discount on
debentures purchased for retirement, $35,972; surplus previously applied
to repurchase of preferred stock released through March 20 1930, reduction
of capital, $573,100; discount on 8,973 shares of preferred reacquired after
reduction of capital and carried in treasury. $247,154; sundry prior period
Federal tax and depreciation adjustments, &c., (net) $17,112; total.
$5,510,526; deduct: net loss for 1930, $558,979; preferred dividends 3271,922; common dividends, $280,550; reserve against commitments for silk
because of silk market decline, $530,000; settlement of employment contract and reserves for sundry investments and receivables, $106,159;
loss on abandoned plant acquired in 1926 from old "Onyx Hosiery. Inc.,
(being difference between sales value and depreciation book value) and
elimination of deferred property charges, $451,436 reorganization and preoperating expenses of Canadian subsidiaries. $75,000; leaving surplus
Dec. 31 1930, of $2,936.480.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
$
Assets$
$
Capital stock
a9,318,890 10,789,290
Fact'y land,b1dgs.,
mach.,eq.,&c._10,364,673 10,249,443 6% debentures-- - 4,306,000 4,775,000
Accts. payable- _ - 199,337
Trade marks, pat.
419,339
1 Accrued payroll,
1
& good-will__ _ _
int., incl. est.
13,400,1251 2,300,000
Callioans
Federal tax_ --70,295
f 1,096,870
286,324
Cash
Dividends payable
61,593
Accts. & notes rec.
357,396
Reserve for con(less doubtful
tingencies
accts., &c.)_ _ _ _ 1,436,823 1,772,240
153,010
Reserve for silk
Stock of sub. co. at
commitments... 530,000
1
1
nominal value_ _
1,085,177 4,102,841 Unapprop. surplus 2,936,481 4,337,189
Inventories
973,779 1,113,101
Other assets
Prepaid taxes, in483,050
surance, &c._ _ _ 162,014
1931.
1930.
5 Weeks Ended Jan. 31Decrease.
Sales
$97,558,824$104,270,933 $6,712,109
Estimated tonnage
102,084
98,485
x3,599
x Increase.
-V. 132, p. 861, 502.
Great Lakes Dredge & Dock Co.
-Earnings.
Calendar Years1930.
1929.
1928.
1927.
x Net operating profit.. $2,430,270 $1,584,908 $10.75,080 $2,847,082
Other income
82,174
62,792
117,407
158,588
Gross income
Federal taxes
Sundry deductions
Net income
Dividends
$2,512,444 $1,647,700 $1,292,488 $3,005,671
420,000
294,000
148,000
161,000
116.888
82,218,444 $1,499.700 $1,131,487 $2,468,783
($1.25)690,150(10%)690150(10%)690150(l8%)1242270
Net income
$1,528,294
8809,550
$441,337 $1,226,513
Shit. of capital stock outstanding (no par)---y69,015
y69,015
y69,015
552,120
Earns, per sh.on cap.stk.
$37.47
621.73
$16.39
84.01
x Net profit after depreciation of physical property of $583,047 in 1930,
$573,150 ln 1929,$502,044 in 1928 and $401,394 in 1927. y Par $100.
Balance Sheet December 31.
1929.
1929.
1930.
1930.
AssetsLiabilities$
$
Plant,tools,equipCapital stock
y6,901,500 0,901,506
ment, 803
x8,902,996 8,847,905 Accounts payable,
Investment seems.
586,421
208
45,300 &c
443,520
U. S. securities_ _ _ 1,946,592
Due sub-contractCash
347,987
1,496,269 1,191,753
ors
Notes rec.&accr.int
48,337 Reserve for Fed41,307
200,135
Accts.receivable 2,529,313 3,595,380
eral, &c., taxes_ 316,198
Inventories
187,672 Surplus
179,765
7,639,969 6,111,675
Other curr. assets_
124,162
95,180
Deferred assets_
107,203
109,557
Total
Total
15,301,188 14,147,718
x After reserve for depreciation of $8,095,342.
shares of no par value.
-V. 132. P. 664.
15,301,188 14,147,71
y Represented by 552.120
-To Merge Majestic Household
Grigsby-Grunow Co.
Utilities Corp.
-$5,000,000 Bonds to Be Issued to Sharehold
ers at 97.
-
Plans for consolidation of the Grigsby-Grunow Co. and its affiliate, th
Majestic Household Utilities Corp., through an exchange of stock on a
share-for-share basis, and the issuance of $5,000,000 funded debt by the
combined organization, were announced Feb. 16 following a meeting of
17,422,595 21,117,547 Grigsby-Grunow directors. companies at special meetings will be asked to
17,422,595 21,117,547 Total
Total
Stockholders of the two
a 7% preferred stock (par $100), 44,269 shares issued, less 8,973 shares approve the proposed consolidation and to subscribe for the $5,000,000 of
-V. 131. p. 1104. 6% first mortgage bonds, to be secured by fixed assets having a net b ok
n treasury; common stock 449,882 shams, no par value.
FEB. 21 1931.]
1427
FINANCIAL CHRONICLE
value of $15,899,429. Combined net current assets would be approximately
$9,000,000 after the proposed financing.
The bonds, which mature March 1 1936, will be offered to stockholders
at 97M. Each 6100 par of bonds will have a call on the capital stock of the
issuing company at the option of the holder, on the following basis: 12
shares during the remainder of the current calendar year, 10 shares in
1932,8 shares in 1933 and 5 shares thereafter.
Although the stockholders of the company have pre-emptive rights to
subscribe for the bonds,th a issue is being offered to creditors of the Majestic
Household Utilities Corp. and its distributors and dealers, subject to the
prior rights of stockholders.
Commenting on the plans, B. J. Grigsby, Pres, of both organizations,
said: "The Majestic Household Utilities Corp. is solvent, but not in a
liquid position, due to the fact that a great portion of the corporation's
capital was invested in fixed assets. The corporation has, however, one
of the most efficient production plants in the country, and is able to manufacture electric refrigerators at most favorable prices.
"Economies in operation from a closer working arrangement between
the two companies, including sharing expenses in the executive,engineering,
sales and production departments, will result, inasmuch as both sales
and Production seasons of radio and refrigeration are diametrically opposite.
The Grigsby-Grunow Co.is, at the present time,in an excellent position,
and this additional financing will amply take care of the working capital
necessary for refrigerator production. The current production of radio
sets has been increased to 3.000 daily, and will be increased next week to
4.000 sets daily."
-V. 132. P. 861. 664.
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
Assets
$120,000
Cash
$40 434 Notes payable
82,471 Accounts payable
161,356
Marketable securities
Notes & accounts receivable__ 934,127 Preferred dividends Pay., Jan.
39,106
481,029 2 1931
Inventories at cost
Pay rolls, int., taxes,&c
79,778
Notes & accts. rec. from em6,339
67.440 Federal income taxes
ployees & others
122,517 1st mtge. 654% sinking fund
Investments
1,160.000
10,549 gold bonds
Sinking funds
1,522,276
6,630,443 Reserves
Plants & equipment
1,955,300
32,824 Preferred stock
Deferred charges
Common stock
y397,500
1,863,536
Paid In surplus
1,096,643
Profit & loss surplus
$8,401,834
$8,401,834 Total
Total
y Represented by 79,500 shares of no par.
-At Dec. 31 1930 the company was contingently liable in the sum
Note.
-V.131, p. 122.
of $100,182 as endorsers on notes receivable discounted.
-15% Payment to Creditors.
Hamilton-Brown Shoe Co.
The U. S. District Court at St. Louis, Mo., has authorized William It.
Gentry, receiver for the company to make a payment of 15% to creditors
making a total of90% of the principal of all claims which have been allowed.
Following the announcement that the court had authorized a third divithird
-Receivership. dend on allowed claims of the company, Mr. Gentry said: "This Each
Guardian Investment Trust, Hartford.
total of 90% of the principal of all claims allowed.
with dividend makes a authorized to make a payment, receivers in Boston have
The Guardian Investment Trust, an organization closely affiliated
time I have been
F. E. Kingston & Co., brokerage firm now in receivership, was ordered paid one of like percentage and the same plan will be followed in regard to
Into receivership Feb. 18 by Judge Edwin C. Dickenson at Hartford.
the present dividend. "I hope to pay the balance in the near future,"
Appointment of the City Bank & Trust Co. of Hartford as receivers, he said.
-V. 132, p. 1043.
suggested in the petition, was held in abeyance when opposition to the
of two sharereceivership developed. The order was granted on petition
-Earnings.
Hawaiian Pineapple Co., Ltd.
holders of Trust. The proposed receivers offered a bond of $200,000.
1927.
1928.
1929.
-V. 131, p. 1722.
1930.
Calendar Years3,247,204 3.246,952 3,156,227
4,577,091
Total cases packed
outward
Gross sales, less
-Annual Report.
(M. A.) Hanna Co.
$12,237,957 $15,201,487 $15,732,673 $9,127,181
freight, &c
The report to stockholders for 1930 says in part:
12,361,105 7,208,858
National Steel Corp., in which we are largely interested, and from Expenses,except deprec. 8,768,839 11,031,211
490,819
546,154
604,911
657,609
•
which a part of our income is derived through dividends, has made an Depreciation employees
approximately Contrib. to
excellent showing in its first year of operation, and earned
126,012
142.455
system_ _ _ _
retirement
twice the dividends paid.
In common with the general trend of the stock market, there has been
Net profit on sales_ _ _ $2,669.054 83,439,353 $2,825,415 $1,427,502
a shrinkage in the market values of the very large part of our investment
349.695
381.514
451,684
541,489
account, which is represented by securities listed upon the New York Stock Other income
this drastic, general decline, the market
Exchange, but notwithstanding
$3,210.543 $3,891,037 $3,206.928 $1,777,198
income
Gross
value of those securities on Dec. 31 was still in excess of the book figure
167,537
86.243
27,025
44,198
Int. paid and accrued_ _ _
at which they are carried on the balance sheet.
A reduction in property account, with an accompanying increase in Employ. partic. under
203.843
281,507
206.243
profit share plan
investments,is the result of the completion during the year of a consolidation
of coal properties in the Freeport fields in Pennsylvania through which a
$2.960,102 $3,582,503 $2,916,843 $1,609,661
Net income
coal mine and coal lands formerly carried in property accounts have been
37,802
155,581
45.402
transferred into a substantial stock interest in the Union Collieries Co., Special credits
which now is one the largest producers in that field.
$3.005,504 $3,738.084 62,916.843 $1,647,463
Total
In anthracite. the Susquehanna Colleries Co. shows a tonnage equal to
47,289
88,606
54.328
25,833
1929-4.000,000 tons
-in the face of a decrease In the country's anthracite Special charges
production. Reduced costs through the concentration of operations and
$2,828.236 $1,600,174
$2.979,671 $3,683,756
Balance
improved practice generally have resulted in a substantially better showing
265,473
464,484
517,447
448,324
Accrued income taxes_
than in 1929.
Iron ore operations were considerably reduced in volume in proportion
Not inc. to surp. acct_ $2,531,347 $3,166.309 62,363,752 $1,334.701
to the reduction in the total shipments from the Lake Superior District,
8.152,254 6,426.894 5,289,135 5,794,201
Bal.at begin,of period
which were only about 70% of the 1929 tonnage.
Realization in excess of
Income Account for Calendar Years.
par value on sale of
15.701
5,624
20,416
8.587
1928.
1927.
1930.
capital stock
1929.
13,358
Dr1,661
Net profit
$2,967,701 $5,555,670 $4,525,342 $3,005,476 Profit on sale of real est_
Interest on funded debt_
631,570
454,750
306,250
533,710
$10,690,527 $9,613,618 $7.671.869 $7,144.603
Depreciation & depletion
Total
394,637 1,118,392 1,375,335 1,211,099
50,000
Federal taxes
92,335 Res. for employes' pens
257,244
93,006
95,944
Returnedto surplus_ _
Net corporate profit_ - $2,266,814 $3.646,323 $2,425,430 $1,247,292
$10,690,527 $9,709,562 57,671,869 17,094,603
Previous surplus
17,457,946 4,863,602 2,325,961
Total
2,907.838
901,048
1,244,975
1,557,308
1,496,158
Miscellaneous adjust.. _ 326,580
Cr78.292 Cash dividend
Dr7,302 Cr343,400
904,420
2.492.460
Realized from sale of
Stock dividend
common stock
10,475,016
2,259,765
$6,701,910 $8.152,254 $6,426,894 $5,289,135
Bal.at end of period
Total surplus
$20,051.340 $18,977.639 $5,094,791 66,493,187 Shs. cap. stk. outst'd'g
622.525
622.716
623.115
748,185
Dividends paid by Co.:
(par $20)
$2.14
$3.79
$5.08
$3.38
13.116
783.958
xOn 1st pref.7% cumEarnings per share
967,820
On $7 cum. pref.stk..
Comparative Balance Sheet Dec. 31.
paid by other co.'s
Divs.
1929.
1930.
1929
1930.
controlled (but not
$
Liabilities
Assets$
167,225
wholly owned)(net).
231,190
321,473
878,979
984,958 1,212,434 Accounts payable_ 827,935
Cash
dep.res. acct _
4.000,000
Transf.to
1,775,000
Accts & notes rec_ 1,411,295 1,680,279 Notes payable_
Decl.in consol.Burial. be5,111,572 1,890.689 Acer.Fed.& TerriInventories
'y
longing to minor int.
517,447
448,324
798.815 torial taxes
Marketable secure
due to dropping co.'s
545,172
155,581 Deferred liabilities 778,561
Cash value life ins. 178,799
from consol. bal. sheet
414,262
Growing crops..._ 5,901,141 5,690,372 Capital stock_ _ _ _y14,963,700 12,462,300
Earned surplus_ _ 6,458,359 7,915,630
Prepd. rent, ins.,
Surplus carried to bal236,624
1,801,060 1,517,140 Capital surplus- - 243,551
taxes, &c
ance sheet
$19,070,404 $17,457,945 $4.863,602 $2,325,962
Ld., bldgs.& equip
Shs. corn. stk. outstand.
x9,831,606 9,280,839
& etc
542.929
, 1,016,961
1,016.961
(no par)
542,929
$1.25
$2.81
$2.20
Earns, per share
$0.14 Good-will, patent
1
1
rights, &c
x Retired in 1930.
330,001
275,001
Other assets
Balance Sheet Dec. 31.
Consolidated
1930.
1929.
1929.
1930.
25,495,430 22,556,152
25,495.430 22.556,152 Total
Total
$
Liabilities$
$
$
Assetsx After deducting reserve for depreciation of $3,815,524. y Represented
Property accts--a5,406,572 7,290,328 $7cum.pref.stk.d13,996,300 13,556,900
-V. 132, p. 665.
101,874 lat pref.7% stock_
135,094
524,700 by 748.185 ($20 par).
Cash
Duefrom cust'rs_ _ 1,956,805 2,388,472 Common stock_b12.712,012 12,712,012
-Current advances_ 2,432,950 4,298,834 Other capital stock
Home Fire & Marine Insurance Co., San Francisco,
c508,671
Milken. accounts- 318,883 1,527,939 outstanding..
-1930 Business.
4,900,000 5,250,000 Calif.
1,560,607 1,679,663 Funded debt
Inventories
The company wrote $2,724,000 in net premiums in 1930, as against
559,060
662,117 Notes payable_
Miscell. advances_ 402,842
annual
$2,858,000 in 1929, a decrease of less than 3%, according to the surplus
Accts. payable_ _ _ 2,065,154 3,358,801
Inv. in secure. of
policy holders*
.
551,937 report. Gross assets now stand at $6,281,000 and which was largely due
85,448
41,867,260 38,339,659 Accrued taxes_ _ _
other cos
302,635 at $3,022,000, indicating a shrinkage of $230,000 investments exceeded
276,315 Other accr. nab_ _ 160,834
242,776
Deferred assets_ _ _
330,004
Misc.reserves_ _
757,497 to depreciation of security values. Income from
Res. gen. conting_ 1,003,633
693,874 dividend requirements by more than $90.000.-V. 130. P. 3888.
19,070,404 17,789,114
Surplus
Total
54,323,790 56,565,201
54,323,790 56,565,201
Total
a After reserve for depreciation of $4,527,000. b Represented by
companies consolidated
1,016961 shares no par value. c Minority stock of
-V. 131,
in this statement. d Represented by 35,963 no par shares.
p. 3377.
-Earns.
Hatfield-Campbell Creek Coal Co.(& Subs.).
Calendar YearsNet sales
x Cost of sales
Gross profit from sales
x Other operating income
Gross profit from operations
x gelling, delivery and administration expenses
1929.
1930.
$4,107,325 $4,928,299
3,661,271
4,297,671
$446,054
152,534
$630,628
182,321
$598,588
425,778
$812.949
448,895
$172,810
34,895
$364,054
41,459
-Earnings.
(George A.) Hormel & Co.
For income statement for 3 months ended Jan. 31 see "Earnings De-V. 131, p. 3377.
partment on a preceding page.
-Chairman Elected.
Hotel Waldorf Astoria Corp.
Charles Hayden has been elected Chairman of the board of directors,
-V. 129,
and Stuart McNamara has been appointed General Counsel.
P. 3808.
-Earnings.
Howes Bros. Co.
Calendar YearsNet earnings
Preferred diva. paid_
Common divs. paid_ _ _ _
1930.
$184,909
120,311
172,500
1929.
5285.889
120,311
115.000
1928.
5281.547
120.311
115.000
1927.
$260,160
120,311
69,000
$46,236
$70,849
$50,578
def$107.902
Balance
1,595,032 1,544.454
1,498,219
Profit and loss surplus
1.487.131
$14.39
$14.02
Nil
$12.16
Earned per sh. on corn._
Net profit from operations
Comparative Balance Sheet Dec. 31.
&C._ -Other income credits, interest, dividends,
Liabilities1930.
1929.
1929.
1930.
Assets$405,514 Cash
$207,705
$700,837 $347,022 Preferred stock. _41,850,000 51,850,000
Gross income
14,703 Aeclsreceivable_ _ 1.207,211 1,277,564 Common stock... 1,150,000 1,150,000
22,243
Other income charges, interest, discount, &c
79,547 xMerchandlse_ .. 4,248,998 3,204,247 L acceptances_
76.416
-C
296,746
on bonds
Interest
32.200 Investments
81,173
8,639
343,005 A cc'ts payable-- _ _
176,807
818,005
Provision for Federal income tax
Notes payable_ ___ 2,110,000
400,000
3279,064
Surplus
1,487,131 1,595,033
3100,407
I
O Net income
$1.52
$1.27
(no par).Earns, per sh. on 79,500 shs. corn.stk.
Total..----- _36,975,052 55,171,840 Total
$6,975,052 $5,171,840
charged offon plants and personal
x Depreciation and depletion have been $202,440.
-V.130. p.631.
x Includes cash advanced on hides and leathers.
under these headings, agregating
property
1428
FINANCIAL CHRONICLE
Hudson Coal Co.
-Earnings.
-
For the year ended Dec. 31 1930 earnings before interest, depletion and
depreciation amounted to $4,475,805, including an item of approximately
$350,000 properly applicable to prior years.
The interest on the company's first mortgage bonds amounted to 81,750.000. Interest on unsecured debt amounted to $309,512. Depletion and
depreciation amounted to $1,249,363, which includes the depletion charge
of $350,000 provided in the first mortgage indenture, on which the sinking
fund payment under that mortgage is based.
The net income of the company, after interest, depletion and depreciation, applicable to dividends on the stock, all of which is owned by the
Delaware & Hudson Co., was therefore $1,166,929. The corresponding
net income figure for 1929 was $651,223.-V. 130, P.355 •
3
Hudson Motor Car Co.
-The
-Dividend Decreased.
directors have declared a dividend of 25 cents per share on
the outstanding 1,596,660 shares of common stock, no par
value, payable April 1 to holders of record March 11. The
company on Oct. 1 1930 and on Jan.2 1931, paid a quarterly
dividend of 75 cents per share, as compared with $1.25
quarterly from Oct. 1 1927 to and including July 1 1930.
-V. 132, p. 1044.
Humble Oil & Refining Co.
-Estimated Earnings.
-
At the annual meeting, President W. S. Farish stated that the net profit
for 1930 would amount to slightly in excess of $12,000,000 after all deductions and writing of inventory down to market. This is equivalent to about
$4 a share on the 2.974.645 shares of $25 par value capital stock outstanding
at the close of 1929, and compares with net earnings of $32,535,080 or $10.93
a share for 1929. Mr. Farish stated further that the company has always
kept inventories on a cost basis, which,heretofore, has been at a level under
the market at the end of the year. During 1930, however, the cost basis
made inventories some $6,000,000 or $2 a share in excess of the market
basis.
-V. 132, p. 862.
Hygrade Lamp Co.(& Subs.).
-Earnings.
-Calendar Years1930.
• 1929.
1928.
Gross profit from sales
$1,424,844 $1.085,390 $1,039,549
Gross income
1,069,467
756,818
770,684
Depreciation
117,918
98,526
92,673
Amort. of lamp licenses, good-willAc
56,511
58,808
71,173
State & Federal taxes
120,239
79,574
105,946
Reserve for customers adjusts---- -77,391
Net income available for dividends
$697,408
$519,910
$500,892
Earns, per sh. on 117,684 shs. corn.
stock (no par)
$4.92
$3.41
$3.25
Note.-Dlvldends paid during the year amounted to $354,318, amounting
to $6.50 per share on the pref.; $1 per share on the common and $1 extra
on the common.
Consolidated Balance Sheet Dec. 31.
Assete
1930.
1929.
1930.
1929.
Cash
$132,773 $138,361 Notes pay. to bks_
150,000
U.S.Govt.obliga. 832,122
Accts. pay. & at
Other securities_ __
174.297
177,405
crued items__,. 314,153
124,249
Accts. ree.(rust.). 406,700
406,116 Prov. for Fed. &
Finished goods_
206,148
392,746
State taxes
120,219
79,674
Raw mat'Ls, goods
Contractual Habil.
97,500
132,500
In process dr sups 136,757
184,170 Cony. pref. $6.50
Cash surr. val. of
cumulative
y1,830,000 1,830,000
life insurance_ _ 105,711
82,683 Common stock_ _ x560,400
560,400
Accts.rec.(officers
Earned surplus_ _ _ 1,032,754
603,304
&employees).
3,466
1,845
Invest.In Tung-Sol
Lamp Wks., Inc 321,708
379,190
Land,bides., mach.
& equipment_ _ _ x613,638
639,598
Prepaid expenses
18,636
18,329
Lamp lie's, goodwill, exc
1,003,074 1,059,586
[vcr.. 132.
(Trustees of) Indiana University.
-Bonds Offered.
Fletcher American Co. and City Securities Corp. are offering
$500,000 4M% 1st mtge. Union Building bonds at prices to,
yield from 4.10% to 4.20%, according to maturity.
Dated Feb. 1 1931; due serially Feb. 1 1932-1951. Fletcher-American
National Bank, Indianapolis, trustee. Principal and interest payable
F. & A. Denom. $1,000 and $500. Exempt from Indiana personal
property taxes under existing laws.
These mortgage bonds are issued by the trustees of Indiana University,
under the authority of provisions of Chapter 49 of the Acts of the General
Assembly for the year 1929, and in accordance with a resolution adopted
by the board of trustees of Indiana University on Jan. 23 1931.
The proceeds of this issue are to be used to pay for the construction
and equipment of a Union Building, for educational and recreational
purposes, to be centrally located on the college campus of Indiana University at Bloomington, Ind. and to constitute a part of the physical equipment thereof. The trustees of Indiana University will expend $175,0W
on the construction of the Union Building, prior to and in addition to the
funds provided by these bonds.
In addition to providing that these bonds are a 1st lien on the land on
which the Union Building is to be constructed, together with the improvements to be thereafter constructed thereon, and the income from the
property, the trustees further covenant that they are now and will continue to collect from the students attending Indiana University, Union
Building fees, which, together with other income to be derived from the
operation of the Union Building, will at all times be sufficient to meet all
requirements of these bonds, and that such Union Building fees shall be
taken and considered as income from the property. The trustees further
covenant that pledges heretofore made by the students, alumni, and
friends of Indiana University shall be used in securing the Union Building
and that the proceeds of such pledges shall be taken and considered as
income from the property and shall be used in meeting the obligations of
the trustees under the terms of this mortgage until all of the bonds have
been fully redeemed and paid. The University will pay all operating
expenses and will keep the property in thorough repair through proper
replacements and maintenance.
-To Redeem Bonds.
Industrial Brownhoist Corp.
The corporation has announced plans for redeeming $974,000 of 1st
mtge.6% gold bonds of the Brown Hoisting Machinery Corp. on March 12.
Payment will be made either in cash or in a like amount of new bonds
of the redeeming corporation.
-V. 132, p. 1044.
-Earns $245,266.
Inland Investors, Inc.
The fourth annual report shows net earnings for be year 1930 of$245,266,
exceeding by a slight margin the amount necessary to pay regular dividends
of $2.40 per share on the common stock. These earnings are after losses
of $10,749 on securities sold.
The market value of the securities represented by each share of common
stock, originally about $50 a share, has been as high as $67.91 and as low
as $34.22, which is the amount reflected in the Dec. 31 1930 balance sheet.
At the end of January 1931, the figure was $36.35 per share.
-V. 130,
p. 1124.
-Smaller Dividend.
Insuranshares Certificates, Inc.
-
The directors have declared a quarterly dividend of 10 cents per share
on the common stock, payable March 15 to holders of record Feb. 27.
Three months ago a dividend of 15 cents per share was Pald• V• 131,P.1108
-
-Annual Report.
Insull Utility Investments, Inc.
President Samuel Insult Jr. reports in part as follows:
Pending permanent financing the company made arrangements for
the temporary financing covered,by notes payable of $58,476,219 secured
by pledged securities having a cost of $110,448,283 as shown by the balance
sheet.
In the accounts of the company for the year, stock dividends received
have been taken at their market value on the day received, and stock rights
received, if sold, have been taken at the amount realized and, if exorcised
or held to be exercised, at no value. On this basis the securities held in
the investment account of the company on Dec. 31 1930 had an aggregate
9o ,33 $253,726,627 and an aggregate market value of $188,315,665. On
c5 of .
7 6
Feb. 11 1931 the same securities had an aggregate market value of $236,-
Approximately 92.7% of the securities held by the company are listed
Total
Total
$3,955,026 $3,480,026
$3,955,026 $3,480,026 on the Chicago or New York Stock Exchange or on the New York Curb,
x After depreciation. y Represented by 18,300 shares (no par). z Rep- and 90.74% of them are securities of the following companies: Central &
South West Utilities Co.. Commonwealth Edison Co., Corporation Securiresented by 117,684 shares (no par).
-V.132. p. 1233.
ties Co. of Chicago, Middle West Utilities Co., Midland United Co. and
Its subsidiaries, the Peoples Gas Light Sc Coke Co. and Public Service Co.
Imperial Tobacco Co. (of Great Britain & Ireland).
- of Northern Illinois.
Ann.Report Oct. 31 Yrs. 1929-30.
The company was organized for the specific purpose of acquiririg and
1928
-29.
1927-28.
1926-27.
Net after deprec., &c__ _ £10,187,045 49,977,098 £9,599,705 £9,227,796 holding a substantial amount of securities of the Commonwealth Edison
Pensions
250,000
250,000 Co., Midland United Co., Peoples Gas Light & Coke Co.,Public Service Co.
Directors' fees
10,000
10,000
of Northern Illinois and Middle West Utilities Co. and subsidiaries, all of
the company. AfterTo general reserves
487,925
500,000
500,000
500,000 which are under the same general management as formed for
practically
wards, Corporation Securities Co. of Chicago was
Net income
£9,677,045 £9,479,173 £8,849,705 £8,477,796 the same purpose. The two companies, through management, ownership
Dividends oneach in the other, and similarity of investment portfolios, are closely allied,
Pref. A shares (5;4%)
272,759
272,758
272.759
272,759 and in their investment policy generally act together.
Pref. B shares (6%)
315,628
315,628
This company and Corporation Securities Co. of Chicago, together wfth
315,628
315,628
Pref. C shares (10%) 263,821
263,821
263,821
263,822 Public Service Trust and Second Ut.lities Syndicate, Inc. (the latter two
Ordinary shares
7.787 441
8,619,593
8,810,766
7,487,924 being owned jointly by this company and Corporation Securities Co. of
Ord. divs.-Regular _ _ _
(1535%)
(16_%)
(18%) (
173V) Chicago) hold 17.19% of the outstanding stock of the Commonwealth
Extra
73.5%
Ji%
%
734% Edison Co., 29.21% of the outstanding stock of the Middle West Utilities
Co., 28.78% of the outstanding stock of the People's Gas Light & Coke Co.
Surplus for year
£7.370
£210,058
£14,072
£137,663 and 11.45% of the outstanding stock of the Public Service Co. of Northern
-V. 132, p. 666.
Illinois. As most of these corporations, the securities of which are so held.
have a very substantial interest in North American Light & Power Co.,
it was considered advisable for this company to add the securities of North
Indiana Pipe Line Co.
-Earnings.
American Light & Power Co. to its portfolio.
Calendar Years1929.
1930.
1928.
1927.
tures,series B 930 the company issued and sold $60,000,000 6% gold debenOn Jan 20 1
.
Net income
$747,763
$837,490
1)849,112
$985,468
As a result of the exercise of warrants, 135 952 shares of common stock
825,000
1,050,000
1,200,000 2,200,000
Dividends
were issued during 1930: 62,970 shares to satisfy the warrants exercisable
$77,237
$212,510
Balance, deficit
$350,888 $1,214,532 during 1930 and 72,982 shares to satisfy the warrants exercisable at any
380,734
593,244
1,044,133
Previous surplus
2,458,664 time prior to Jan. 1 1935. Through the exercise of warrants. $4,744,000
of the debentures were retired and canceled.
The discount and expense incurred in the sale of these debentures,
$303,498
$380,734
Total surplus
$693,244 $1,244,132
ino
100,000
Ius
Appropriation to reserve
100,000
200,000 amountingto 33,778,512. were entirely written off out of the company's
593, 4231,044,132
24
Profit and loss surplus $203.4982 1$380,734 5$
Shares of capital stock
10.'11 la PARO`teti
1300,000 2;1 x100.000
outstanding (par $10)
300,000
x100,000
02.79 &L. /$8.49
Earns.per sh. on cap.stk.
i$3.49 .
$9.85
x Par $50 per share.
The dividends paid to stockholders during the year 1930 amounted to
$3 per share, of which $2.54 per share was paid out of earnings accumulated
since March 1 1913 and $0.46 per share was paid out of earnings accumulated prior to that date.
Comparative Balance Sheet Dec. 31.
Assets1929.
1928.
1930.
1927.
Pipe line plant
$5,359,172 $5,344,344 85,168,560 85,141,907
Materials and supplies53,368
Cash, other invest, and
2,496,554
accounts receivable__ _ 2,239,417
4,714,513
4,857,329
Total
$7,598,589 $7.840,898 $9,883,073 510,052,604
Liabilities
Capital stock
$3,000,000 43,000,000 $5,000,000 $5,000,000
Cap, stock reduct. acct18.014
5,060
Accts. pay.,incl. res. for
tax.fire ins. annuit.,&c. 1,381,340
1,529,080 1,498,647
1,329,803
Res. acct. for accr. depr. 3,008,689
2,913,068 2,791,181
2,678,669
203,498
380,734
Profit and loss
593,244
1,044,133
Total
37,598,589 $7,840,898 89,883,073 $10,052,604
a The cash distribution of $20 per share in connection with the reduction of the capital stock from $5,000.000 to $3,000,000, having been charged
on the records of this corporation to capital stock account; constitutes a
-V.131, p. 4062.
return of capital not subject to Federal income tax.
PaTh directors on July 28 1930 directed that 60,0000 additional shares
kl-e
of common stock be issued and offered pro rata to stockholders at $50 a
share. All of the 600,000 shares so offered were subscribed for.
Early in the year the company acquired all of the outstanding participation certificates of Public Service Trust in exchange for 51,084 shares of
common stock of the company, and later during the year it acquired all
of the outstanding stock of Second Utilities Syndicate, Inc., in exchange for
27,400 shares of common stock. As a result of these acquisitions, the
company acquired a substantial additional amount of toe securities which
constitute the principal items of Its portfolio. Subsequently, a 25%
interest in Public Service Trust and Second Utilities Syndicate, Inc.. was
sold to Corporation Securities Co. of Chicago. The present policy, so
far as practicable, is to divide new investments as between this company
and Corporation Securities Co. of Chicago in the ratio of 60 to 40.
Follow.ng is a summary of the purposes for which common stock was
issued during the year:
ashshs:
Issued in payment of dividends
51.'085
Issued in connection with acquisition of Public Service Trust._276 614
Issued in co
connection with acquisition of Second Utilities Syn27,400 shs.
dicate,Inc
Issued in connection with tile acquisition of securities from
Peoples Gas Light & Coke Co.Employees'Investment Fund_ 43.583 she.
8,555 she.
Issued in connection with other acquisitions of securities
Issued on account of exercise of warrants attached to 6% gold
135,952 she.
debentures,series B
Issued on account of exercise of warrants attached to $5.50
6 shs.
prior preferred stock
148,852 she.
Issued in connection with subscriptions of stockholders
92,047 shs.
T
Total shares of common stock issued during the year
On Jan. 1 1930 the company had a total of 35.323 stockholders, after
eliminating duplications where stockholders held more than one class of
stock. On Dec. 31 1930 there were 43,737 stockholders after similar eliminations.
Consolidated Income Account.
Year Ended Dec. 27 '28 to
Dec. 31 '29.
Dec. 31 '30.
Period$1,716,824
$4.326.418
Income
-Cash dividends
Stock dividends, taken in at market value at
5,051.832
234,194
receipt
date of
917,440
354,397
Interest on bonds, notes, &c
1,712,412
1,970,064
Profit on sale of securities
550,013
765,980
Profit from syndicate participation
3,681,078
8,059,555
Sale ofrights
44,020
5,977
Miscellaneous income
Total
Administrative and general expenses
Provision for income taxes
Interest on 5% gold debentures, series A
Interest on 6% gold debentures, series B
Other interest charges
$16,502,822
992,270
56,746
123,200
3,168,228
1,819,303
$12,887,383
285,951
213,458
164,350
Net income for the period
Cash dividends
-Prior preferred stock
Preferred stock,second series
Preferred stock,first series
Stock div. on common stock
$10,343,072
169,057
2,592,482
120,000
3,221,451
$11,598,745
259,418
899.033
80.000
2,828,080
$4,240,081
Surplus income
Profit realized on purchase and retirement of
5% gold debentures, series A
1,000,000
Appropriated to reserve for contingencies
$7,532,215
$3,240,081
6,782,094
aDr.230,061
$6,782,094
Surplus
Previous earned surplus
1929 stock div. on common stock
624.878
Cr.249,879
1,000,000
$9,792,114
$6,782,094
Earned surplus Dec.31
b2,705,168
2,304,364
Shares of common stock outstanding
$2.76
$4.49
Earned per share
a Being additional to the amount already provided for out of the 1929
income, figured on the shares outstanding at Dec. 31 1929. due to and
being upon the common stock issued subsequent to that date on which
this dividend declaration applies, 11,503 12-200 shares at $20 per share.
b Average number outstanding during year.
.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Liabilities$
$
8
Assets$
Cash
6,003,591 5,678,860 Notes payable__ _58,476,219 27,949,164
874,262 Aeons MY, incl.
Notes & sects ree.10,376,578
int.& taxes seer. 5,672,985
170,235
733,059
Int.& dive. receiv. 893,686
Dividends accrued 277,512
285,899
Organization ex310,566 Purchase contract
pease, &c
1,227,304
obligations
3,941,166 20,968,630
Reacquired secure.
3,847,396 5% deb.series A... 2,469,000 2,469,000
(market value).
6% gold debs.,
Advs. for purchase
4,400,000
series B
55,256,000
of securities_
Res. for °outing's_ 2,000,000 1,000,000
Investment secure.
x253,726,627 145745,773 Com, stock div.
(at cost)
declared
895,026 2,828,080
Due from subscribPrior pref. stock_a6,000.000 6,000,000
erg to corn.stk _12,778,510
.
Pref. stk., let ser_b4,000,000 4,000,000
Second series_ _c36,000,000 36,000,000
Paid-in surplus_ _ _ f2,971,487 d6,750,000
Corn. stk. scrip_ 239,650
Common stock_e97,015,137 45,261,166
9,792,114 6,782,094
Surplus
285,006,297 161027,092
Total
285,006,297 161027,092
Total
x Aggregate market value Dec. 31 1930, $188,315,665.
a Represented by 60,000 no-par shares. la Represented by 40.000 shares
(no par). c Represented by 450,000 shares (no par). d Paid-in surplus
arising from warrants attached to second series pref. stock. e Represented
by 3,435,586 si+ares (no par). f After discount and expense on series B
derientures written off, amountir.g to $3,778,513.
A list of securities owned is given in the re ort.-V. 131. .4223.
-Exchange of Stock.
Insuranshares Corp. of N. Y.
The Guaranty Trust Co. has been appointed agent to exchange Insuranshares Corp. convertible preferred stock for the $3 convertible preferred
stock and the class A stock of General Shares, Inc., on the basis of one
share of class A stock and one share of the convertible preferred stock for
-V. 132, p. 862. 502.
each share of Insuranshares surrendered.
-Earnings.
Interlake Iron Corp.
Calendar YearsSales (net)
Cost of sales
Gen. & selling expense
1928.
1927.
1929.
1930.
$22,600,173 $18,725,844 $16,862,1421
18,149,005 14,854,112 14,150,541}Not avail.
352,7261
542,601
529,990
Profit from operations $3,921,177 $3,329.130 $2,358,875 $2,066,070
246,129
Other income
348,650
370.988
502,095
Total income
Interest
Depreciation
Reserve for taxes
Prem, on pref. stock_
Reorganization expense
$4.423,272 $3,700,118 $2,707.525 $2,312,199
360,269
419,262
428,625
618.756
629,482
888,423
673.650
1,519,644
218,787
251,125
140.000
230,629
152.220
159,163
Net profits
Preferred dividends
Common dividends
$2,066,083 $2,002,640 $1,354,124 $1,030,228
110,359
1.999,717
759,907
664,623
379.870
Balance, surplus
Previous surplus
Miscell. surplus adjust
$66,366 $1,242.732
4,787,448
3,544,716
76,469
$689,500
2,855,215
$539,999
2,246,890
68,327
Total surplus
44,930,284 44,787,448 $3,544,716 $2.855,215
Shs.corn,stock (no par)- 2,000,000
759,762
189,936 .
189,936
Earns. per sh. on corn__ _
$1.03
$2.63
$7.13
$4.84
x Includes paid in surplus of $1,863.021.
Comparative Consolidated Balance Sheet.
Dec. 31'30 Jan. 2'30.
Dec.31 '30 Jan.230.
Assets3
s
3
Cash
377,274
429,506 Notes payable_ _ 3,600,000
170,000
Accts. receivable
1,826,687 2,976,739 Accts.& wages pay 2,957,435 2,236,057
Notes receivable
253,239 Accr'd int., &c_ _ _
68,358
73,935
Market. securities 377,042 1,325,805 Accr. State & local
taxes
Raw mat'isAtsupp112,950,3161 6,036,541
595,730
551,732
Mtg. products_ _ f
1 2,606,971 Prov. for Federal
Investments
23,979,572 22,192,172
income taxes.. 218.787
404,198
Funded debt_
Real estate, plant
9,278,000 9,614,000
& equipment_ _ x36,976,861 36,482,679 Reserves
3,121,178 2,796,377
451,522
499,599 Capital stock _ _ y52,169,504 52,169,504
Deferred charges
Paid-in surplus_ _ _ 1,863,022 1,863,021
Earned surplus... 3,067,262 2,924,427
76,939,276 72,803,252
Total
x After depreciation of $9,198,093.
-V. 131, p. 2705.
shares.
Total
76,939,276 72,803,252
y Represented by 2.000,000 no par
International Carriers, Ltd.
-To Reduce Capitalization.
The stockholders will vote March 10 on approving a proposal to amend
the charter of the corporation by reducing the issued stock by an amount
of $166650, representing the reduction of the number of issued shares from
611,643 shares to 594,978 shares through the retirement of 16,665 shares of
such stock purchased for retirement by the corporation, the surplus created
by such reduction to be credited to surplus account, to be used and dealt
with from time to time in the discretion of the board of directors.
The 16,665 shares to be retired have been acquired by the company at
prices substantially below liquidating value, in accordance with the policy
Bullock.-,
heretofore adopted by the board, says President Calvin
. 132,
1. 1044.
3
1429
FINANCIAL CHRONICLE
FEB. 21 1931.]
-New Debenture Issue and
International Match Corp.
Increase in Participating Preferred Stock Approved.
The stockholders on Feb. 13 authorized the issuance of $50,000,000 10
year 5% convertible gold debentures and also approved an increase in the
authorized number of partic. preference shares from 1,350,000 to 2,500,000.
It will be necessasy to reserve 625,000 shares of the increased stock for possible conversion.
Listing of Additional Participating Preference Stock.
The New York Stock Exchange has authorized the listing of an additional 625,000 shares of cumulative participating preference stock (par
$35), on official notice of issuance upon the conversion of the corpora,
tion's 10-year 5% convertible gold debentures, dated Jan. 15 1931, making
a total amount applied for of 1,975.000 shares. Compare also V. 132.
P. 503.
-Sub. Mdse. Sales.
International Paper & Power Co.
The total value of electric domestic merchandise sales of the Gatineau
Electric Light Co., Ltd., a subsidiary, made a new high record in 1930,
exceeding by 534% the previous high record of 1929 and surpassing 1928
sales by 72%. Merchandise sales in December were 53% greater than
in November and 74% higher than in December, 1929.
The revenue which the Gatineau company received in 1930 from the sale
of electric energy for lighting and heating was 11% greater than in 1929.
while consumption of energy for those purposes was also higher. As a
result of continued interconnection of the distribution facilities of the company, over 97% of the energy supplied by it can now be freely interchanged
between its various geographical divisions.
Over 50 miles of new service lines were constructed by the company
in 1930 and over 1,000 new customers were supplied with electric service.
Eight additional municipalities were given electric service in 1930 for the
first time. New retail stores for the sale of electric merchandise were opened
by the company in 1930 in Hull City and St. Jovite, and increased the com-V.132, p. 863.
pany's total number of stores to eleven.
-Production, &c.International Petroleum Co., Ltd.
During 1930 a total of 229 wells were drilled by the company in Colombia
and Peru, compared with 418 wells in 1929. Production of crude oil in
the two countries amounted to 30,112,837 barrels against 31.205,664 barrels
In the preceding year, a decline of about 3.2%.-V. 131, P. 4062.
-Forms Three Subsidiaries
International Utilities Corp.
to Acquire Chain Store, Trust and Utility Securities.
The corporation has formed three subsidiaries through which it will take
advantage of the present opportunities for buying equity in the public
utility, investment trust and chain store fields. These subsidiaries are
known as the International Public Utility Corp., International Shareholdings Corp. and International Stores Securities Corp., in each of which
the parent company has made a cash investment of $1,000,000 through
the purchase of all their common stocks.
Already the International Public Utility Corp. has acquired properties
with combined gross volume of sales of $1,100,000 a year, and with net
earnings before depreciation in excess of $337,000. These acquisitions have
been effected principally through the exchange of securities of the corporation for those of the acquired companies.
In connection with the announcement of these subsidiaries it was officially
stated that the corporation's balance sheet as of Dec. 31 1930 will disclose
a net asset position of approximately 320,000,000, the major portion of
which represents cash or its equivalent. This highly liquid cash position
resulted from the sale of important assets during 1930.
With these cash resources the corporation has acquired a well diversified
list of high grade utility, rail and industrial common and preferred stocks
and bonds at various times in the present favorable buying range. Furthermore, the corporation has acquired in the open market and has retired
approximately $700,000 of its own $7 pref. stock, or approximately 20%
of the total outstanding issue. It has also acquired 37,000 shares of its
own class A stock or in excess of 18% of this issue. The corporation has
also paid off all its floating debt.
-V. 132, p. 491.
erredk.Interstate
sto
Preferred Stock.-
Corp.
-Earnings Cover Dividends on
E. R. Tinker, President, in a letter to stockholders, says:
In view of the continuation of the decline in security values since the
date of our annual statement, as of June 30 1930, we think you should
be informed that the approximate value of our assets as of the date of our
last inventory, Jan. 10 1931, shows about 27% depreciation on the original
$25,000,000 invested in the corporation. This percentage is arrived at
by taking market quotations on the listed securities, which constitute the
larger proportion a our investments, a conservative estimate on the value
of other securities and our syndicate accounts, and the liquidation value
per share) oopen mar
in
ersharedw n 2 4
es of the corporation's own preferred stock
4 25
purchased
market.
The earnings for the period from the date of our annual report to Jan.
10 1931, from dividends and interest on investments have been sufficient
to cover expenses and pay the dividends on the preferred stock, leaving a
very comfortable margin for safety.
-V. 131, p. 1266.
-Reportfor 1930.
Investors Association.
President George Leib Jan. 15 says in part:
With the securities appraised at the market price which existed on
Dec. 31 1930 the asset or liquidating value of the stock was $27.98 per
share. The Investors Assodation owns a 50% interest in the Union
Trading Corp., which latter corporation holds common stock of the Crown
Zellerbach Corp. This latter stock suffered a market decline during
the last eight months of 1930. Transferring 50% of the paper loss of the
Union Trading Corp. to the Investors Association results ha a reduction in
stock w uup or licriDec
tlae break 3 18 as f dating31value . the Investors Association common
n3 of
0
The Investors Association, as such, has no indebtedness. The Union
Trading Corp. has a total indebtedness of $2,709,560. Through its 50%
stock ownership in the Union Trading Corp., the Investors Association
has a maximum contingent liability of$1,354,760. The Investors Association is carrying a cash balance of $840,937 and is amply prepared to meet
and (or) secure this contingent liability.
-Calendar Years.
Income Account
1929.
1930.
$141,203
$110,671
tstn saleo securits
e o and dividends earned, less Interest paid-_
287,013.
loss288,364
Profit
Gross income
Provision for Federal income and State taxes
loss$177,693
x1,302
U28,216.
42,267
Net income for year
Previous surplus
Adjustment of 1929 Federal income tax
1064178,995
227,912
267
$385,948
23,871
$49,184
148,970
$409,819'
181,906.
def$99.786
53,645
$227,913
6,356
Total
Dividends declared
Remainder
Paid-in surplus
def$46,141
$234,268
Balance Dec. 31
x State and county taxes only.
Balance Sheet Dec. 31.
Liabilities1930.
1929.
Assets1929.
1930.
$48,907
Cash
59,741 Dividends payable
5440,937
Call loans
100,000 Prov. for Federal
VMS
38,488
Accr. int. & diva.,
and receivables_
46,419 Capital stock_ _ _ _x83,600,000 3,127,100
63,848
def46,141
234,267
Secure. (at cost)_ _y2,649,073 3,290,523 Surplus
Total
83,553.819 83,448,782
Total
33,553,859 53,446,762
x Represented by 72,000 no par shares. y Securities costing $353,423
are pledged to secure notes payable of Union Trading Corp.
A list of the securities owned is given in the report.
-V. 132, p. 1045.
-Listing of Debentures.
Investors Equity Co., Inc.
-
The New York Stock Exchange has authorized the listing of $5,000,000
series A 5% gold debentures due June 1 1947, and $4,650,000 series B 5%
gold debentures (with and without warrants for common stock). due
April 1 1948.
1430
FINANCIAL CHRONICLE
Holders of .5% debentures, series A, due June 1 1947, and series B due
April 1 1948, have been requested to send their bonds, with all unmatured
coupons attached to Bankers Trust Co., 16 Wall St., N. Y. City, to be
exchanged for permanent engraved bonds.
-V. 132. P. 503.
Investors Syndicate.
-January Loans.
-
[Vox.. 132.
Comparative Balance Sheet Dec. 31.
AssetsLlabUUles1029.
1930.
1930.
Cash
$283,313
$12,009 Pref.stock,ser. A. $500,000
Accts. receivable
Series B
375
4,024
547,200
Invest. at coat.. _x1,508,905 1,570,586 Class A shares_
.
y410,773
Class B stock
z50,000
Accounts payable_
14,177
Res.for Fed.
tax_.
Res. for accrued
31,416
diva.on pref.stk
Res. for conting
57,680
Res, for retire, of
pref.stock ser. A 128,856
.
52,488
Surplus
1929.
$500,000
547,200
54,963
50,000
24,360
40,796
Average size of loans on city residential property funded by Investors
Syndicate during January showed a decrease compared with December, but
the average was larger than in November and above the average of the
12 months ended Jan. 31, according to a report issued by Vice-President
E. E. Crabb.
187,250
January loans funded by the company averaged $4,341, compared with
$5,039 in December, $4,057 in November and $4,274 for the year ended
113,267
Jan. 31. Average of loans in the latest 12 month period compared with
68,781
$4,234 in the year ended Dec. 31.
Loans in the year ended Jan. 31 numbered 1,728 and totaled 87,386,086,
Total
Total
81,792,593 $1,586,620
81,792,593 81,586,620
against loans totaling $7,315,789 in the 12 months ended Dec. 31.-V.
x Market value of general portfolio $759,041 (cost $1,316,405), balance
132, p. 863, 666.
of above ($192,500) represents holdings of Yosemite Holding Corp. coin.
stock. y Represented by 26,252 shares, no par value. z Represented
-Wins Patent Suit.
Irving Air Chute Co., Inc.
by 50,000 shares, no par value.
The U. S. Circuit Court of Appeals has rendered its decision in the case
A list of the securities owned is given in the report.
-V. 132, p. 138.
of the Irving Air Chute Co. against the Russell Parachute Co. holding that
the three Smith patents controlled by the Irving Air Chute Co. are valid,
Kalamazoo (Mich.) Stove Co.
-Smaller Dividend.
and have been infringed by the defendant, the Russell Parachute Co. This
decision reverses the decree of the lower court and orders an accounting to
The directors have declared a quarterly dividend of 6234 cents per share,
be made by the defendant.
payable April 1 to holders of record March 20. Previously the company
Judge Buffington in his decision reviewed the development of the para- made quarterly dividends of 81.12% per share, and in addition paid quarchute and described how the inventions covered by the Smith patents were terly dividends of 1 % in stock from April 1 1929 to and incl. June 30
made after many others had failed to develop a satisfactory parachute. 1930.-V. 131, p. 1904.
The U. S. Government tested some 15 different kinds of parachutes but
found that none save the Smith parachute solved the problem. The
-Earnings.
Ken-Rad Tube & Lamp Corp.
-Government ordered 400 Smith packs which found instant favor, and some
Calendar Years1930.
1929.
20,000 of these packs were sold, the United States and 25 foreign govern$1,097,575 $1,907,435
ordered packs of this type. The Court's decision Net sales
ments having bought or
865,438
1,187,592
concludes: "We have reached the firm conviction that the Smith patents Cost of goods sold
185.120
150,999
and the Smith pack made a signal contribution to aeronautics and that the General and administrative expenses
Selling expenses
188,727
229,567
defendant has wrongfully trespassed on Smiths patent rights.
Income Account for Calendar Years.
def$141,709
Operating profit
$339,278
1930.
1929.
1928.
Other income
25,795
32,339
Net income after charges & Federal
$241,697
$452,672
$414,376
&c., taxes
Total income
def$115,914
8371,618
x
236,388
Dividends paid
Other deductions
15,496
34,040
Income taxes
52,573
85,309
$452,672 • $414,376
Balance
211,000
209 000
200,000
cap. stk. outstanding(no par)_
Sbs. of
Net profit
def$131,409
8285,005
$1.17
0.16
$2.07 Dividends paid
Earnings Per share
225,000
x Company paid an initial dividend of 50 cents per share in July 1929
and 3734 cents per share in October 1929 and January 1930. The amount
Balance,surplus
def$131,409
860,005
In dollars chargeable against the year's earnings is not given in the annual Surplus adjustments
Dr.26,849
report.
Surplus beginning of year
295,579
262,424
Comparative Balance Sheet Dec. 31.
Assets-Liattilitles1929.
1929.
1930.
1930.
Surplus end of year
$164,170
8295,579
Cash
$270,088 8388,356 Accounts payable_ 864,196 $103,759 Earnings per share on 175,000 shares combined
44,248
Est. Gov't inc. tax
Trade accept. &
A and B stock (no par)
Nil
$1.47
47
Accrued sales tax_
95,380
accrual interest
Consolidated Balance Sheet Dec. 31.
410,940
Actts. receivable_ - 204,368
350,526 Capital stock
x367,100
Assets
1929.
521,952
179,490
1930.
Inventory
154,919 Surplus
505,571
1930
1029.
Cash
87,657
$25,668 $104,259 Accounts payable_ $11,397
Other assets
31,703
$19,180
Inv U 5 Gov bds
100.062 Accrued royalties_
76,477
Land, bides_ &c_ _
60,938
33,747
41,568
3,415
Trade accts. roe.. a142,507
187.608 Accrued income
Gdwill,patents,&c.
51,406
64,835
taxes
Other notes and
31,836
Deferred charges...
12,534
69,101
4,952 Other accrued exaccts. receivable
5.736
penses
316,005
280,788
Total
3,083
$981,164 51,036.650 Total
$981,164 $1,036,650 Inventories
2,734
Cash value, life ins
14,607 Dividends payable
16,339
56,250
x Represented by 211,000 shares (no par).
Due from employ's
Common stock_ __ c875,000
349
875,000
Prepaid insurance_
New Directors.
7.003 Surplus
7,884
164,170
295,579
Incorp expenses....
4,032
Fred H. Rice (President of F. H. Rice & Co.), Frank J. Maguire (o
554,772
Albrecht, Maguire & Co., Inc.). and Marc A. Daly, Albany representative Land,blgs &equip b539,466
of Associated industries of New York, Inc., have been elected directors. Licenses (cost
2
27,957
$222,500)
-V. 131. p. 3717.
1
Good-will
1
Johnson & Johnson, New Brunswick, N. J.
-Form
Three Foreign Units.
Total
Total
$1,095,217 81,321,261
$1,095,217 81,321,261
a After reserve for bad debts of $15,284. b After reserve for depreciaThree foreign subsidiaries of this company were formed on Feb. 19
with the filing of articles of incorporation of Johnson & Johnson Inter- tion of $185,058. c Represented by 150,000 shares class A stock and
-V. 130, la• 4618.
national, Johnson & Johnson de Mexico, and Johnson & Johnson de Ar- 25,000 shares class B stock.
gentina. The subsidiaries will operate in Cuba. Mexico and Argentina,
Kimball-Krogh Pump Co.
-Proposed Merger.
respectively. Capital stock for each company is fixed at $20,000.-V. 131, p. 1107.
See Victor Welding Equipment Co. below.
'. 130, p. 1125.
-Earnings, &c.'
Johnson Motor Co. (& Subs.).
Years Ended Sept. 301929.
1930.
1928.
$4,708,728 $4,832,894 83,348,623
Net sales
Cost of goods sold
2,995,206 3,070,622
1,940,706
Provision for depreciation
167,300
115,345
102,165
1,405,135
Selling, general, and admin. expenses
1,201,314
975,192
Net earnings
Other Income credits
$141,086
16,293
$445,613
18,362
8330,559
17,070
, Total income
4nterest_
Income tax (estimated)
$157,379
114,395
5,500
8463,975
80.639
36,659
$347,629
41,253
18,755
-Earnings.
Leasing's, Inc., N. Y. City.
1930.
.Years Ended Dec. 311929.
Sales
x$581,603
Cost of sales, oper. & general expenses
498,527
13,198
Other charges
8655,087
539,938
259
Operating profit
Previous surplus
Profit on stock acquired
Adjust. of Fed. & State taxes
Adjust. of unexpired insurance
8114,889
24,980
869,877
74,384
4,000
599
1928.
$444.319
400,190
2,564
$441,565
14,032
483
Net income
8346,676
$37,484
8287,621
156 244
Sint. of corn, stock outst. (no par)-98,412
98,412
Earnings per share
86.23
83.52
$2.92
Consolidated Balance Sheet Sept. 30.
LiaMliLiesAssels
1929.
1930.
1930.
1929.
$70,090 Notes payable____ $290,000 $388,764
$121,470
Cash
544,217 Accounts payable_
78,719
Customers' reedy_ 1543,447
186,147
4,441
14,655 Royalties payable_ 156,040
112,348
Sundry receivables
1.585,851 1,208,157 Accrued liabilities_
22,699
70.879
Inventories
26.488 Dealers' adv. pay_
45,134
10,000
Due fr. off. dr empi
103.859 Def'd credit (un103,507
Stock subscr. rec
earned interest).
296
908
Plant prop:rty. _ _y1,710,905 1,540,852
First mtge.68 scr.
Patents, libmses,
406,500
gold bonds
491,500
trade-marks and
311,572 Common stock __ .82,620,559 1,636,796
z313,981
good-will
170.663 Earned surplus_ _ _ 888,771
914,592
207,332
Deterred charges_
Sun). arising from
re-val. of plant
172,486
property
178,621
Total surplus
$148.862
8139,869
$56,080
Adjustment of inventories
1,299
Approp. marketabie securities at cost
3,469
Provision for taxes
19.618
6,780
Store fixtures written down
9,500
Dividends paid
(27%)45,136(20%)33,434 (8%)13,519
Sundry adjusts, not applic. to cur.oper
12,434
Balance Dec.31
$100,257
874,384
$24,981
Earns, per share on 33,434 shares capital stock (par 85)
$2.09
$2.85
$1.00
x Includes other income of $4,271.
Comparative Balance Shea Dec. 31.
Assets1930,
1929.
LtabIlWes-1929.
1930.
Cash
517.733 564,903 Accounts payable_ . $8,417
.
_
$6,999
Accounts receivable.. 3,350
483 Accrued payroll
1,283
1,453
Inventories
17,158
19,495 Federal & State tax.. 12,942
21,221
Prepaid lnsur., &c_ _ _
4,159
4,056 Capltal stock
167,170 167,170
Market,secur.(at cost) 77,640
Surplus
74,384
100,257
Land, buildings, &c.-x170,149 182,115
Goodwill and leases..
1
1
Total
$4,636,069 $3,990,554
$4,636,069 $3,990,554
Total
x Reserve for losses of $19,892. y After deducting reserve for depreciation of $383,043. z Reserve for amortization of patents of $4,579. a Represented by 156,244 shares of no par value. b Represented by 98,412
-V. 131. p. 949.
shares of no par value.
Total
8290,240 $271,056
Total
.. 290,240 $271,056
x After deducting reserve for depreciation of 8121,235.-V. 131, p. 3216,
639.
-Earnings.
--Joint Investors, Inc.
Calendar YearsDividends and interest received ---Net profit realized on securities sold__
1930.
$49,657
88,445
1929.
$39,743
418,741
Total income
Fees and exp. of custodian, registrar
and transfer agent and gen. exp_ -Fee for manag't and admin. services
Interest on bank loans
State and other sundry taxes
Provision for Federal taxes
Provision for contingencies
138,102
458.485
135,515
5,817
17,766
15,948
9,9501
40.7981
187,250
9,142
11,714
9,182
14,294
991
1,507
182
Net income
$111,945
Dividends on preferred stocks 62.832
Dividends on class A stock
)
31,882(
Dividends on class B stock
Retirement fund
24,556
Organization expenses written off__
Balance_
def$7,326
$180,957
53,112
16,341
16,341
63,922
$31,241
1928.
$27,761
107,755
4,606
Kinner Airplane & Motor Corp., Ltd.
-Deliveries.
-
Deliveries by this corporation for the first quarter of the current year
will approximate 75 engines as compared with 45 in the corresponding
period of 1930, according to President Robert Porter, who bases his opinion
on increased business so far this year. The company's plant at Glendale,
Calif., continues to operate on reduced schedule, but the present production will be increased to meet the larger demand for motors.
In January, this year, the company shipped 18 engines and orders are
now on hand for delivery of 38 engines in February, Mr. Porter said.
moese shfp19 ots comparep. 6h a total of 30 engines for the first two
Th nths oi mtr.-v. 13
8
2. wit 6.
t (G. R.) Kinney Co., Inc.-Janumy Sales.-Decrease.
s
onth of January1930.
1931.
$256,938
Sales
$797,449 31,054,387
$110,053
30,284 -V. 132, p. 666.
5,902
-January Sales.
Kroger Grocery & Baking Co.
5,902
Sales for the first four weeks of the fiscal year beginning Jan. 5 1931 totaled
35,068
year which was adopted by
9,634 319,193.570. Because of the 13 period business
the company on that date, an exact comparison with last year's sales is not
$23,264 practicable.
-V. 132, p. 864, 666.
FEB. 21 1931.3
FINANCIAL CHRONICLE
1431
decreased approximately 3,500,000 tons compared with 1929. The commercial production of the company was 3.182,364 tons, a decrease of 243,812
tons compared with the output of the properties in 1929. Commercial proThe directors at a meeting held Jan. 28 1931, voted, subject to approval duction by lessees from the company a; lands was 265,731 tons, a decrease
of stockholders at the annual meeting to be held on April 15 1931. (a) of 60,122 tons. Coal sold by the company was 3,33(1,305 tons, a decrease
to amend the stock purchase agreements executed by certain officers and of 6,561 tons. Stocks of coal on hand at the end of the year amounted to
employees of the company and its subsidiaries, under a stock purchase 356.151 tons, a decrease of 155,193 tons since Jan. 1.
An agreement with the mine workers for the term of five years and seven
plan, by reducing the purchase price therein specified and to authorize the
extension of such plan to officers and employees of Pro-phy-lac-tic Brush months from Sept. 1 1930 was negotiated without interruption to operaCo., a subsidiary acquired since the adoption of the stock purchase plan. tions. The agreement contains various constructive provisions which
The purchase price to be specified in agreements hereafter executed under it is believed wit' be conducive to the welfare of the industry.
said plan will be $85 per share; (b) to amend agreements relating to stock
The properties of the company were fully maintained and all necessary
options heretofore granted to certain officers and employees of the com- development work was carried on without curtailment.
pany and Its subsidiaries, chiefly so as to reduce the number of shares to
Improvements to plant were largely confined to preparation plant changes
which such agreements relate from 125.000 shares to 65,000 shares and to for the purpose of improving the quality of the product. Improvement and
reduce the option price under such agreements to $85 per share.
-V. 131. development work charged to capital account totaled $1,214,737.
p. 2906.
Income Account Year Ended Dec. 311930.
Leaders of Industry Shares.
-Sales Increase.
[Including operations of Navicoal Corp., a subsidiary.]
January sales of Leaders of Industry Shares in New York were 165% Gross revenue
$18,830,844
ahead of those during December, according to I. E. Dierdorff of South- Operating expenses
17,001,486
worth, Dierdorff & Co., New York distributors. Sales for the entire Taxes
1,139,462
country were 105% ahead of those in December. Mr. Dierdorff stated that Sinking fund
91,391
reports from the various members of the nation-wide distributing group Depletion
219,040
indicate that business has begun a slow but gradual upturn which should Depreciation
832,789
bring it back to a normal basis by Fall. Business in the upper Middle
Western territory, he said,is particularly good at the present time compared
Net loss for the year
$453,324
with the country as a whole.
-V. 132, p. 864. 667.
Consolidated Balance Sheet Dec. 31 1930.
LiabilideeAssetsLefcourt Colonial Building, N. Y. City.
-Sold at Coal lands, mining & marketLoans payable
$550,000
Auction.
$43,036,488 Audited vouchers & payrolls_
977.006
ing Property
50,000 Sundry creditors
121,047
The 40
-story Lefcourt-Colonial Building, which A. E. Lefcourt, the Investments
464,628 Accrued taxes
280,365
builder, completed on the southeast corner of 41st St. and Madison Ave., Cash
393.706
210,000 Suspended credit accounts.._ _
N. Y. City on May 1 1930, was sold Feb.6 in a foreclosure action and was Loans receivable
219,040
3,668,424 Depletion
bid in by the plaintiff, the Wall
-York Corp.,for $3,500,000 over a mortgage Customersaccounts
Sundry debtors
349,562 Deprec.& other over,reserves 10,665,327
of 5480,000, affecting a portion of the property.
2,521,876 Workmen's compensation inThe sale was held in the Vesey Street salesroom, under the direction of Coal in storage
395,655
surance reserve
669,584
James R. Murphy, auctioneer. Only one offer was made,that of Henry A. Materials&supplies
x28,491,263
260.536 Capital stock
Mark, it being understood that all bids were to be above the mortgage of Suspended debit accounts.-Surplus through appraisal of
$480,000. It is understood that the plaintiff corporation which has taken
9,581,296
assets
over the property represents the Lawbeck Corp. which made the building
443,607
Profit and lass deficit
loan on the project.
Lambert Co. (Del.).
-To Amend Stock Purchase Agreements.-
Total
$51,231,098
-Annual Report.
$51,231,098
Total
Lehigh Coal & Navigation Co.
B. D. Warriner, Pres. says in part:
x Represented by 2,000,000 shares no par).
-V.131. p. 281.
Now a Holding Company.
-Company is now substantially a holding company, having in accordance with resolution approved atthe special meeting
Lehn & Fink Products Co.(& Subs.).
-Earnings.
of the stockholders held Jan. 15 1930 conveyed and transferred to the Lehigh
Calendar Years1928.
1929.
1930.
Navigation Coal Co. by deed and agreements, dated March 1 1930. all the
$2,076,229 $2,079,917 $2,293,865
coal lands, mining and other property necessary or appropriate for the oper- Profit after expenses
127,865
134,103
143,607
ation of the coal business heretofore conducted by the company in consider- Depreciation
ation of the issue to the company of the entire capital stock of Lehigh
Balance
$1,932,622 $1,945,814 $2,166,000
Navigation Coal Co.
35,070
The operation of the coal business from Jan. 1 to March 11930. was con- Other income
ducted by the company for account of the Lehigh Navigation Coal Co., and
Total income
$1,967,692 $1,945,814 $2,166,000
the report of that company (see below) covers the coal operations for the
Federal taxes
260.921
224,206
259,731
entire year.
The coal lands and mining property were conveyed subject inter alia to the
Net profit
$1.706,771 $1,721,608 $1,906,269
liens of the funding and improvement mtge. and the consolidated sinking
1,254.373
967,500
1,257,498
fund mtge. of the company, and to the payment by the Lehigh Navigation Common dividends
33,750
Coal Co. of the amounts required under the respective sinking fund pro- Management dividends
Lysol, Inc., minority bit
1,531
992
1,027
visions of these mortgages.
Capital Stock.
-In pursuance of resolution approved at the special meetSurplus
8448.281
$466,208
5903.488
ing of the stockholders held Jan. 15 1930, the authorized capital stock was
Shs. of corn, stk. outstanding
419.166
415,000
419.166
increased and changed or converted from 643,355 shares (par $50), aggre$4.51
$4.07
$4.10
gating $33,167.750 par value, to 3,000,000 shares of common stock (no Earned per share
par). The old stock was changed into common stock (no par) by the issue
Consolidated Balance Sheet Dec. 31.
of three shares thereof in exchange for each share of the old stock.
1929.
1930.
1929.
1930.
One dividend of $1 per share on the capital stock of $50 par value and
AssetsLiabilities
$
$
three dividends of 35c. per share each on the common stock without nominal Capital assets_ _ _ _a1,672,158 1,786,395 Accounts payable
or par value were declared during the year, the total amount of dividends so Cash
825,485
512,116
accrued interest,
declared being 52,669,528.
Accts. rec., less res. 455,432
399,851
535,028
taxes, &c
177,388
Funded Debt.
% secured gold notes, dated Dec. 23 1929. Sundry debtors_ _ _
-The
80,942
260,921
46,303 Fed,inc.tax pay
amounting to $4,000,000 were called for redemption on Dec. 23 1930, and Inventories
400,000
800,000
845,762
836.532 Notes payable...
were paid and canceled.
bInvestments_ _ _ 1,148,440 . 972,551 Reserves
325,580
.
b526,498
Under the provisions of the consolidated sinking fund mtge. of 1914. Trade marks,trade
Interest of minorvalue were issued, certified
series 0 bonds amounting to $14,583,000 par
names,&c
ity stockholders
7,968,540 7,968,540
by the trustee and taken into the treasury of the company.
Cap. stk. of Prod.
in capital and
In order to provide funds for the redemption of the 534% secured gold
Realization Corp.
surplus of Ly1
1
notes, and to provide additional working capital for proper corporate pur- Deferred charges
19,491
21,845
sol, Inc
75,586
124,869
poses, other than the acquisition of railroad property and the improvement
Capital & surplus 01.685,695 11,237,413
the company. 56.000,000
or development of the railroads now owned by
consolidated sinking fund mtge. bonds,series C, were sold. The amount of
Total
13.072,347 12,782,336
13,072,347 12,782,336
Total
consolidated mtge.sinking fund gold bonds outstanding in the hands of the
a Land,buildings,machinery and equipment,&c.,less reserve for deprec.,
public at the end of the year was $19,892,000.
5843.546 less real estate mtge. 5M % due 1931. $415,000. b Invest. in
The total amount of funded debt outstanding in the hands of the public and
advances to foreign operating companies, at book value. c Repreat the close of the year was $23,538,000, an increase of $1,891,000 during the sented
by 419.166 shares of common stock of no par value: initial capital
year.
and surplus, $8,901,953. general surplus, 52,783,741.-V. 131. p. 2906.
Income Account Year Ended Dec. 31 1930.
$167,117
Canal revenue
Lerner Stores Corp. (& Subs.).
2,292,729
-Earnings.
Railroad rentals
1,542,687
Dividends
Calendar Years1929.
1930.
Interest
162.387 Number of stores operated Dec.31
163
132
Miscellaneous
93,258 Net sales
$25,293,928 $19.077,143
Operating profit before depreciation and amort --- 1.838.537
1,491,587
Total
$4,258,178 Depreciation
194,045
290.580
Canal operation
283.766
Taxes
180,000
Profit before Federal taxes
$1,547,958 $1,297.542
Interest
1,045,343 Other income
96.157
General expenses
214,503 Profit of Lerner Stores Realty Corp
161,883
Net income
Previous surplus
Sundry accounts adjusted
Total
Dividends
$2,534,566
10,689,580
189,141
Total Income
Federal income taxes
$1,647.958 $1,555,582
170.141
185.755
$13,413,286
2,669,528
Net income
Preferred dividends
Common dividends
$1,362,203 51,385,441
180.000
192,647
100,000
400.000
Profit and loss surplus
$10,743.758
Earned per share on 1,930,065 (no par) shares
$1.31
The foregoing figures reflect the net income of the company accruing from
its direct operations and from railroad rentals, dividends and income from
other sources, but do not show the undistributed earnings and losses of subsidiary cornpanies, the stock of which is owned or controlled. Giving effect
to the figures of these subsidiary companies, the consolidated net income of
company amounted to $2,189,729, or $1.31 per share on 1,930,065 shares
of stock.
Company's and its subsidiaries' proportion of undistributed earnings in
National Power & Light Co. and other companies, in which they have substantial holdings, amounts to approximately $700,000, which, however, is
not available for dividends.
General Balance Sheet Dec. 31 1930.
Liabilities
Assets
canal, &c., fixed assets$20,266,731 Funded debt
RR's,
;423,538,000
Bonds& stocks of atfil cos-- _x38,721,147 Audited vouchers & payrolls..
102,209
3,639,901 Sundry creditors
Other investments
36.278
Advances to atilt companies_ _ 2,798,652 Accrued taxes
1,069,756
1,921,044 Matured & accrued interest
Cash
on funded debt
1,045,151
522,762
Sundry debtors
30,664 Dividends unclaimed
Materials& supplies
10,300
18,377 Suspended credit accounts..
13,839
Accrued interest receivable398,314 Deprec.,&c., oper.reserves
635,327
Suspended debit accounts
Capital stock
z32,167.750
Surplus
10,743,758
$68,839,981
Total
$68,839,981
Total
x Includes bonds and stocks pledged aggregating $10,031,025. y After
$14,298,000 for unpledged treasury bonds. z Represented by
deducting
-V. 132, p. 1236.
1,930,065 shares (no Par).
-Annual Report.
Lehigh Navigation Coal Co.
President J. B. Warriner says in part:
The market for anthracite coal in 1930 was affected adversely by the genalbusiness depression. Production of the anthracite industry as a whole
$76556 11.105,441
Balance,surplus
Earn, per sh. on 200,000 corn. shs.(no par)
$.03
$8.83
Sheet Dec. 31.
Comparative Balance
1929.
1930.
Assets1929.
1930.
Cash
$689,990 $1,029,684 Trade acc'ts pay_-$1,183,780 $592,261
236,961
Acc'ts receivable
128,739 A ec'ts& notes pay. 185,462
163.697
198,341
123,975
Mdse.inventories_ 3.316,217 2,390,279 Accr. sal.& exps__
Res've for taxes
Furn. & fin, and
contingencies__ 256,478
233,777
leasehold fronts.,
&c
2,978,888 2,415.205 Deferred incromePrepd.rents, a&c.
55,768
55.186
Deposits and other
152,000
112,345 Other liabilities_
assets
154,855
587,487 61i% pref.stock__ 3,000,000 3,000,000
Deferred charges
850,579
Common stock__ x700,000
700.000
Co.'s stock purch,
2,491,136 1,721,581
Surplus
for resale to employees
68,742
Total
38.222.966 $6,663,741
Total
58,222,966 $6,663.741
-V. 132, p. 1236.322.
x Represented by 200.000 no-par shares.
-Stock Increased.
Libby-Owens Securities Corp.
The company on Feb. 17 filed a certificate at Dover, Del., increasing the
authorized capital stock, no par value,from 70,000 shares to 730,000 shares.
-V. 124, p. 2289.
-To Revise System of Bonus Distribu(P.) Lorillard Co.
tion-Reduces Price of Stock to Employees.
The stockholders at the forthcoming annual meeting to be held on march
10 will be asked to approve a change in the by-laws of the company which
will permit the paying of a bonus to employees. The present by-laws
provide that after all prior charges haVe been met, and 7% set aside for
the common stock, then 15% of the remaining balance may be distributed
to employees who own Lorillard common stock in the form of extra dividends
on that stock. Earnings for several years have not been sufficient to provide 7% for the common stock.
FINANCIAL CHRONICLE
1432
Under the new by-law, 5% of earnings available for the common would
be set aside for bonuses to employees who own common stock.
The company also proposes to amend the resolution authorizing sale of
stock to employees so that it may be permitted to sell not exceeding 250.000
shares at not less than $10 a share. Previous resolutions authorized sales
-V. 130, P. 1125.
at not less than $20 a share.
-McCall Corp.
-Outlook.
President William B. Warner at the annual meeting of the stockholders
said:
be
,
11 "We expect that the advertising lineage of McCall's magazines will
off slightly this year from lest year, but we should have increased income
from this advertising. The Red Book Magazine," Mr. Warner said,
"would probably still be in the red. Net paid circulation for March
any 800,000. We have taken care of the circulation on this
will bv
maga7, and we have good advertising in sight. Therefore, we will come
very dose to breaking even, but I do not expect this to take place."
-V. 132, p. 1046.
-New Names
McClintic-Marshall Construction Co.
-New Officers.
for Subsidiaries
Changes in the names of the McOlintic-Marshall Companies of Delaware
and New York to William Penn Companies, announced on Feb. 14 in
Wilmington, Del.,wasin connection with the recent acquisition of McClinticMarshall interests by the Bethlehem Steel Corp. Bethlehem, it is understood, will retain the name McClintio-Marshall for its new subsidiaries,
the name William Penn to be enipioyed for completing exchange of stock
and dissolution purposes, it was believed.
The McOlintic-Marshall Export Co., of Delaware has been changed to
been
William Penn Export Co., McCllntio-MCo.,arshall Co. Delaware, has York
changed to William Penn Co. and McClintic-Marshall Co., of New New
Construction Co. of
and Buffalo, has been changed to William Penn
York.
The McCUntie Marshall Construction Co. of Illinois, a subsidiary,
has changed its name to William Penn Construction Co. of Illinois.
George H. Blakeley, new President of the McClintic-Marshall Corp.,
announces additional officers, viz: Elbert A. Gibbs,formerly Vice-President
Riter-Conley Co.,
and General Manager of McClintio-Marshall Co., and C. M. Denise, in
Pittsburgh, is Vice-President in charge of operations;has been appointed
1918,
charge of contracting and sales department since
Vice-President in charge of sales; and Earle J. Patterson, Vice-President
& Treasurer of McClintic-Marshall Construction Co., is Vice-President &
-V.132.P. 1048.
Treasurer of the new company.
-Earns $4.08 a Share.
McCrory Stores Corp.
Corporation for the year ended Dec.31 1930 shows net income of $2,168,173 after depreciation and Federal taxes, &c., equivalent, after preferred
dividends, to $4.08 a share on the 457,605 shares of common and. class B
common stock outstanding. This compares with $2,223,233. or $4.20
In 1929. At the end of 1930 there were 242 stores in operation as against
245 in 1929.-V. 132, p. 1046.
-Earnings.
(Arthur G.) McKee & Co.
Earnings for Year Ended Dec. 31 1930.
Net profit on construction contracts, &c
Expense
Items applied on contracts
$774.740
1,228.570
Or.1,089,858
Net profit from operations
Other income-net
$818,026
3.722
Total profit
Provision for estimated Federal taxes
$821,747
74,000
$547,747
Net profit
326,344
Balance Dec. 31 1929
83.927
class A stock in excess of amount paid__ _
Prov. for 1930 dive, on
Total surplus
Dividends paid
Class B stock ($3.75 a share)
Class A stock purchased for retirement (1,218 shares)
$938,018
Balance Dec. 31 1930
Earnings per share on 84,410 shares class B stock (no Par)
Condensed Balance Sheet Dec. 31 1930.
Liabilities
Assets
$222,230 Accounts payable
Cash
318,920 Accrued Federal taxes, &c__
Govt.securities
U.S.
Customers'accounts receivable 287,728 Deferred income
202,123 Capital stock & surplus
Other assets
58,091
Land,office equip., tools,&c._
Supplies, inventory & unex9,906
pired insurance premiums
$574,512
$6.49
310,718
52,790
$24,216
74,300
425,969
1574,512
Total
$1,098,998
$1,098,998
Total
-V. 132. D. 322,
x Represented by 84,410 shares no par class B stock.
-Balance Sheet Dec. 311930.
Mahoning Investment Co.
Liabilities
Asset
Invest,In stock of other cos_ _ _$4,428,599 Capital stock
200,000 Notes Payable
receivable
Notes
34,566 Profit & loss
Cash
Total
-V. 125. P. 1060.
$4,663,166
$4,126,200
394,600
142,366
Total
34,663,166
-Proposed Merger
Majestic Household Utilities Corp.
-See Grigsby-Grunow Co. above.
and Financing Plan.
-V. 130, p. 2785.
-Report.
Manhattan-Dearborn Corp.
share, according to the
The corporation shows a book value of $42.72 perstocks owned to market
annual report. This is after writing down the listed of $2,000.000 for conand after setting up a reserve
as of Dec. 31 1930,
tingencies.
of which is subFigures for the Lawbeck Corp., the common stock are also included
stantially all owned by Manhattan-Dearborn Corp., for preferred stock
In the report. The Lawbeck Corp. earnings, available twice the preferred
-or substantially more than
dividends, were $693,276
dividend requirements.
of
The combined net earnings available for the common stock on Manhattanof
Dearborn Corp. were 31,028.172, before deducting losses323.the sale
-V. 132, a.
securities, and $140,731 after such deduction.
-Earnings.
Mapes Consolidated Mfg. Co.
Calendar YearsGross profit on sales
Selling and general expenses
1930.
$728,774
26,295
1929.
$827,083
1928.
$576.783
24.614
Operating profit
Other income
$700.479
23,158
*627.063
17,709
3552,249
3,897
Total income
Provision for Federal income taxes
Minority interest in profits of subs--
$723,638
87,885
2,869
$844,772
72.350
$558,147
89.533
Net profits
Balance of earned surplus at Jan. 1
$832.904
348,328
$572,422
105.908
$488,814
391.540
Total surplus
Amount transferred to capital stock by
resolution of board of directorsPreferred dividends
Common dividends
$981.232
*678,328
$878.154
420,000
330.000
700.000
12,248
80,000
Balance Dec. 31
Earns, per sh. on 120,000 shs. capital
stock (no par)
$561,232
$348,328
5105.908
$5.27
$4.77
$4.05
[voL. 132.
Comparative Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1030.
Assets
$13,660
$57,947 Accts. payable_- $12,396
Cash
$266,737
56,827
43,890
Accrued expenses_
Otis. of deposit
100,000
200,000 Prov. for Federal
U. S. Tress. etfs_
72,150
87,855
income taxes_ _ _
95,618
Marketable mews.
53,910 Minority int. in
Accts.receivable_
43,054
15,369
capital stock.
175,344
169.362
Inventories
700,000
y700,000
11,477 Capital stock
15,679
Prepaid insurance_
348,328
561,232
622,644 Surplus
Plant & equipment x654,537
69,645
75,753
Pats.,licences, &c.
$1,420,741 $1,190,965
Total
Total
31,420,741 31,190,965
x After deducting reserve for depreciation of $340,335. y Represented
3540.
-V. 131 p.
by 120,000 (no par) shares.
-Defers Prefored Dividend.
Mangel Stores Corp.
The directors have decided to defer the quarterly dividend of 194%
due March 1 on the 634% cum. pref. stock. This rate had been paid regularly from June 1 1929 to and incl. Dec. 1 1930.-Y. 130. P. 1125.
-Preferred Stock Called.
Manhattan Shirt Co.
The company announces that the board of directors has elected to
redeem all preferred stock now outstanding on April 1, next, at 120% of
the par value. Certificates representing preferred stock will be redeemed
-V.
n end 8 5
on2 p after April 1 on which date dividends shall cease to accrue.
6.
-Defers Dividend.
Marbelite Corp. cot America.
The directors have voted to defer the quarterly dividend of 50 cents per
share due Jan. 10 1931 on the 8% cum. Pref. stock, par 525.-V. 127, D•
.
-Exchange
Marks Bros. Theatres, Inc., Chicago, 111.
Offer.
--The preferred stockholders' committee, consisting
of Henry L. Buswell, Henry G. Lodge, and Albert Pick Jr.,
Jan. 28 1931, stated:
As of Jan. 31 1930 a protective committee of preferred stockholders of
Marks Bros. Theatres. Inc., was organized under an agreement to which
a substantial number of preferred stockholders became parties by depositing
their stock with Central Trust Co. of Illinois, 208 S. LaSalle St., Chicago,
III., as depositary. The object of the formation of this committee was to
to examine
obtain representation for the minority preferred stockholders; operations,
Into the condition of the company; to keep close check on its
and if possible to secure an offer from Paramount Publix Corp. for the
minority pref.stock not purchased by that company at the time it purchased
a controlling interest in the company's stock.
After negotiations continuing over the greater part of a year, the committee has at length obtained an offer from Paramount Publix Corp. to
exchange its common stock on the basis of one share of Paramount Publix
Corp. stock for each four shares of Marks Bros. Theatres, Inc., preferred
stock, provided on or before Fob. 28 1931. or such later date as Paramount
Publix Corp. at its option may fix, the committee is prepared to deliver
to Paramount Publix Corp. not less than 44,000 shares of the 'preferred
stock of Marks Bros. Theatres, Inc., out of the 45.000 shares of that stock
issued and outstanding and not now owned by Paramount l'ubllx Corp.
Shares of common stock of Paramount Publix Corp. will only be issued
for units of four shares of preference stock of Marks Bros. Theatres, Inc.,
or multiples thereof. It is desirable, therefore, to combine holdings
wherever necessary so that units of four shares of preference stock of Marks
Bros. Theatres, Inc., or multiples thereof, may be exchanged for the comThe
mon stock of Paramount Publix Corp. on the basis above set forth. purParamount Publix Corp. reserves the right, but is not obligated, to
offer which
chase any shares of preference stock deposited pursuant to this Paramount
are not entitled to receive in exchange therefor whole shares of
Publix Co
enee stockrp. stock, on the basis of $10 cash for each share of said preferby
The record of earnings of Marks Bros. Theatres, Inc.. as revealed
accountthe audited reports of Price. Waterhouse & Co., certified public reports
prospects of early profitable operations. TheirDec. 31
ants, does not offer
to
show a loss carried to earned surplus for the period from Jan. 1 27 1930 of
1929, of 3156,990, and a loss for the nine months ended Sept.
1930 has resulted in spite of substantial savings
$194,073. The loss during
Publix Corp.
effected under the management of the Paramount Inc., does not warrant
The financial condition of Marks Bros. Theatres,
even should earnings improve. The
the early resumption of dividends
to the company
Paramount Publix Corp. has found it necessary to advance shown by the
1930, as
a total amount of $275,000 in loans. On Sept. 27 company amounted to
of the
statement of Nov. 1, the current liabilities
against current assets
5722,852 (including indebtedness to Paramount), as a deficit of $74,030.
of $48,783. The earned surplus account showed
became impossible
Dividends had not been earned and further payments
when the amount in earned surplus was exhausted.
reported by Price, Waterhouse & Co.
The earnings which have been
approximately
reflect the deduction of depreciation in the amount ofof the company
properties
$90,000 per year on the appraised value of the company had the American
over cost. At the request of the committee,the
as of
Appraisal Co. make an appraisal of the properties of the companyto the
Nov. 1 1929. This appraisal showed a value approximately equal
elimination
original cost and if adopted by the company would result in the
then
of appraisal surplus. 'rhe book value of the preferred stock would
be not much if any in excess of $10 per share.
Corp.
Preliminary reports of earnings for 1930 show Paramount Put:gig
of
common stock earned $6.15 a share. It has a book value exclusive $4
of
good will of about $50 per share, and is paying dividends at the rateThere
of its common stock issued and outstanding. stock
per share on each share
IS thus good reason to believe that Paramount Publix Corp.common
will pay dividends regularly, and on the basis of 1930 earnings there is
reason to expect a substantial appreciation in the market price of the stock.
as general business conditions improve.
not
Owners of preferred stock of Marks Bros. Theatres, Inc., who have
deposiheretofore deposited the same with Central Trust Co. of Illinois, as
wish
tary under the preferred stockholders' protective agreement, but who their
to take advantage of the offer made to the committee, to exchange
stock on the basis of the enclosed offer from Paramount Publix Corp.
their local
may do so by forwarding their stock certificates either through
bank or by registered mail, or may present them directly to the Central
in
Trust Co. of Illinois, 208 South LaSalle St., Chicago, Ill., endorsed
blank, or with a stock power attached, executed in blank.
certificates of
Upon receipt of the certificates, the depositary will issue
comdeposit for a like number of shares in the name of the depositor. The
to
mittee was able to secure from Paramount Publix Corp. an agteement
event that not
contribute toward the expenses of the committee, in the Bros. Theatres.
the preferred stock of Marks
less than 44,000 shares of
upon
Inc., are exchanged for Paramount Publix Corp. common stockwhich the
the
basis above set forth. This substantially reduces the amount
be called upon to contribute toward the
stockholders would otherwise
made.
expenses of the committee, in order to take advantage of the offer
chargeable
The proportion of the charges and expenses of the committee
stockholders'
against each stockholder is 25c. a share, and a check for each
Illinois,
share ofsuch charges and expenses, payable to Central'trust Co. of
certificate and authorization.
depositary, must be sent with the stock the
forth, a certifibasis above set
If the exchange of stock is effected on
Paramount
cate for an appropriate number of shares of common stock of
preference stock as
Publix Corp., together with cash for such shares ofaccordance with the
to purchase in
Paramount Publix Corp. shall elect to each
depositor at the office of the
terms of their offer, will be dellvered
of deposit,
Central Trust Co. of Illinois, upon surrender of certificates
endorsed for transfer.
pro_perly
best
Publix Corp. submitted herewith is thecomThe offer of Paramount
obtain. As before stated, the
that the committee has been able to of the condition of the company and
opinion that in view
mittee is of the
and reasonable.
of the outlook for the future, the offer is eminently fair every owner of
and the committee recommends its prompt acceptance by
-V. 132. p. 1236.
stock.
the minority preferred
-Establishes Export HeadMarmon Motor Car Co.
-An official statement says: market
quarters in London.
and to
contact with the European
To establish an even closer
Sixteen In Europe,
make definite plans for the introduction of the Marmon headquarters from
Frank L. trembly, export manager, has removed ids
to London.
the Marmon factory In Indianapolis
FEB. 21 1931.]
From his new headquarters Mr. Hambly will direct Marmon affairs
throughout Europe by direct contact with Marmon distributors in the
principal countries abroad. He also will remain in close touch with the
Marmon factory to supervise export operations In South Amerim and
throughout the rest of the world.
The Marmon distributor In London is one of the largest automobile
merchants in the British Isles, and important new connections have been
established recently in Paris. Switzerland, and a number of other countries.
Export business during 1930 was of substantial volume and advance
Indications point to an even greater volume during the coming 12 months.
-V. 132, p. 865, 667.
-Kansas
Missouri
The Kentucky Natural Gas Co., a wholly-owned subsidiary, announces
the opening of a new oil field on its Burd lease in Hart County, Ky., while
drilling for gas along the right-of-way of the gathering line which runs from
Bowling Green to Centre, Ky. Two oil wells have been brought in which
promise to produce approximately 1,000 barrels per day each.
The new field is expected to become one of the largo shallow oil fields of
the State.
-V. 132. p. 1047. 504.
Oct. 4 30. Sept. 28 29.
84.873.472 $5,550,402
5,034,698
4,965.053
Years EndedSales
Cost of sales
$91,581 pf.$515.703
64,290
47,590
Gross loss
Other income
loss$27.291
459,269
$563,293
511,888
loss$486,560
277,672
$51.405
251,255
$764,232
$199,850
Total income
General selling and administration expenses
Profit before interest
Interest on bonds, bank loans,&c
Net loss for period
Comparative Balance Sheet.
Oct. 430. Sept.2829.
LiabilitiesAssetsOct. 4'.30. Sept. 2829.
.
Lands, buildings ee
7% pref stock _ _ _ y81,275,500 $1,150,100
equipment_ _ __x$5,618,012 $5,324,200 Common stock_ __22,207,820 2,972,053
2,552,500 2,416,900
Inventories
402,567 1,463,996 Funded debt
250,000 1,050,000
Cash
502,133 Notes payable_ _ _ _
182,298
399,742 Accounts Pay.PayAccounts receivable 152,895
rolls & accrued
Deferred charges
94,389
93,185
127,458
195,408
taxes
Interest accrued on
35,681
bonds
$6,448.958 87,784,460
Total
Total
66.448.958 67.784.460
Note.
-The company has agreed to purchase certain Cotton Mill shares.
if, as and when offered, at a cost of $200,000.
x After deducting reserve for depreciation of $2,811,811. y Represented
by 12,755 shares (8100 par). x Represented by 100,000 shares of no par
value.
-V. 130, p. 1126.
-Earnings.
Matson Navigation Co.
Years Ended Dec. 311930.
Earns.from vessel oper _ _
Not
Agency.gen., wharf ex.&c Available.
1929.
$2,238,827
1,435.724
1928.
$1,964,456
1,356.016
1927.
$1.755.724
1,150.153
Net profit from vessel's
Operations
$301.658
Miscellaneous earnings_ - 1,912.737
$803,103
1.982.590
$608,440
1,682,948
$605,571
1,868,174
Total earnings
Depreciation
Taxes
32,214.396
$2,785,693
23,085
109,564
82,291.388
23,699
49,797
$2,473,745
23,810
74,108
Net income
Dividends paid
$2,214,395 $2,653,044
978,071
1,467,120
$2,217,892
978,067
-New Oil Field in Hait
Pipe Line Co.
County, Ky.-
-Earnings.
Martel Mills, Inc.
$2,375,826
733.548
Balance, surplus_ ___$747,275 $1,674,973 $1,239.825 $1,642,278
Shs. of cap stk. outst'd'g
244,518
244,517
244,521
(Par 8100)
244,516
$9.07
$10.85
Earned per share
P.06
$9.71
Note.
-A stock dividend of 100%. amounting to $12,225,800, was declared during 1927.
Comparative Balance Sheet Dec. 31.
LiabilitiesS
S
1929.
1930.
Misccli. accounts- $876,411 1,530,336
ssea-2,216,170 1,758,485
Cash & market.sec 9,624,271 17,225,044 Reserves
494,359
Miceli. accounts- 958,364 1,394,667 Deferred credits_ _
Capital stock_ ___x24,452,100 24,451,800
Materials & sum). 155.631
267
Fractional accts._
567
Inv. ets adv. to subs 9,806.089
8,826,467 8,079,191
__ _12,669,667 14,186.319 Surplus
Floatiog
Real property_ _ 2,958,051 3,014,349
Deferred charges__ 603.801
Total
Total36,865,774 35.820,379
36,865,774 35,820,379
-V. 132, p. 1046.
x Represented by 244,521 abs. of $100 par value.
-Omits Stock Distribution.
Mayflower Associates, Inc.
The directors have declared the regular quarterly dividend of 50 cents
per share, payable March 16 to holders of record March 2, but decided to
omit the 17 stock dividend which ordinarily would have been payable
at the samAime. During 1930. the company paid 50 cents in cash and
1% in stock each quarter.
-V. 132. p. 668.
Mead Johnson & Co.
-Earns $9.51 a Share.
Exceeding earlier estimates, company, manufacturers of infant diet
materials, reports for year ended Dec. 31 1930. net profit after Federal tax
of $1,687,634, equal after preferred dividends to $9.51 a share on 165,000
common shares outstanding. This compares with $1,278,473 earned in
1929. equal, after preferred dividends paid, to $7.03 a share and marks the
10th consecutive year that the company has shown an Increase In earnings.
Balance sheet of the company shows a strong financial position .with
current assets slightly more than 5.5 times current liabilities. Cash and
marketable securities amounted to $2,723,326. Good will is carried at $1.
-V. 131, p. 3886.
Metro-Goldwyn Pictures Corp.
--Earnings.
For income statement for 12 weeks ended Nov. 21 see "Earnings De-V. 131, p. 4063.
partment on a preceding page.
Midland Steel Products Co.
-Steps Up Production.
Operations of the company for March will be at the highest level in
nearly a year, according to present schedules, it is announced by President
E. J. Kulas. Production is being stimulated by the increase in automobile
output and resulting expansion in releases for frames and brakes. At
the Detroit plant March production will be the best in volume since May
1930. The schedule of output of the company's mechanical four-wheel
brakes for March is nearly 23% greater than for March 1930. At the
Cleveland plant tentative schedules call for an increase of 70% over the
February level of operations, although somewhat less than in March 1930.
-V. 1:32. P. 865.
(I.) Miller & Sons, Inc., N. Y.
-Omits Common Dividend-New Director.
The directors have voted to omit the quarter y common dividend of
50 cents scheduled to be paid April 1 next. This rate had been paid since
and incl. Oct. 1 1928. The regular quarterly dividend of $1 .623. per
share was declared on the pref. stock, payable March 1 to holders of
record Feb. 19.
President George Miller stated that the company has more orders on
Its books than ever before in its history and looks forward with confidence
to the balance of the year.
Edward Winters of George II. Burr & Co. has been elected a director
to fill a vacancy. V. 131. p. 640.
-Temporary
Mil-Mar Silk Mills, Inc., Providence, R. I.
Receiver Named.
Judge Raymond J. McMahon of Pawtucket Feb. 2 was appointed temporary receiver for the company, of Central Falls under a decree entered in
Superior Court by Judge A. A. Capotosto.
Waiter Hampson of Pawtucket, a stockholder, filed the petition stating
that the corporation is unable to meet its obligations as they mature and
stated that at a meeting held Jan. 31 a majority of the stockholders voted
for receivership proceedings and dissolution of the corporation.
1433
FINANCIAL CHRONICLE
-Earnings.
(J. S.) Mitchell & Co., Ltd.
Calendar YearsGross profit
Expenses
Balance
Other income
Net income
Preferred dividends__
1930.
$347,396
x250.349
1929.
8365,251
x242.796
1928.
8357,093
x237.402
1927.
$313.652
210,304
$97.047
13,356
$122,455
10.354
$119,691
10.297
$103,348
17,505
8110,403
27.692
8132.809
35.949
$129,988
39,308
$120.853
41.314
$82,711
266.321
$96,860
168.052
890,680
y78,337
879.539
y56.303
$349,032
8264,913
8169.017
8135,842
47.396
Surplus
Previous surplus adj._
Total surplus
General reserve
$88,446
$169.017
$264,913
Net surplus
$349,032
Earns. per sh. on 15.000
$6.04
$4.63
86.46
$5.51
shs. corn, stock (no par)
x Including provision for income tax. y After deducting income tax for
preceding year.
Comparative Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
Assets$173,603 $164,885 Accounts payable_ $184,798 $199,230
Cash
8,750
6.650
472,418 Dividend payable_
Accounts receivable 418,461
15,800
x13,000
253,747 Accrued liabilities_
240,138
Inventories
110,000
123,857 Mortgage payable 100.000
125.267
Investments
500,000
421,654 Preferred stock. _ _ 380.000
414,131
Fixed assets
605,358
2,675 Capital and surplus y687,478
2,323
Prepaid
Total
81,373,926 61,439.139
Total
x Including provision for 1930 income tax.
shares (no par).
-V. 130, p. 4431.
81,373,926 61,439,139
y Represented by 15,000
-Earnings.
Mohawk Carpet Mills, Inc.
Calendar Years
Gross profits on trading
Depreciation
Credits allowances and discounts
Selling, general and administration expenses
-net
Interest and miscellaneous charges
Provision for Federal income taxes
1930.
$3,750.403
638.714
1,462,110
2,143,536
105.821
1929.
$5,007,370
592.098
2,242,970
207.346
152,813
$599.779prof$1812140
1,725,000
450.000
Net loss
Dividends paid
$1,049,779 sur$87,140
Balance, deficit
Nil
$3.02
Earn. per share on 600,000 shs. cap. stk.(no par).
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
Liabilities$
$
Assets
.
Capital stock_ _ _y15,000,000 15,000,000
Land,bldg.,equip75.000
x12,919,978 12,707,618 Coating. reserve_ _
ment, &c
2,820,000
266,043 Notes payable_
206,460
Prepayments
371,977
294,573
738,522 Accounts payable_
Cash & call money 363,675
94,441
33,000 Accruals
55.000
Market securities_
385,025
1,770.729 4,073,638 Tax reserve
Acc'ts receivable
5,781,926 7,792,964
5,757,599 8,625,944 Surplus
Inventories
97,500
Cos.stk. acquired_
01,170,941 26,444,966
Total
21,170,941 29,444,966
Total
-V.
y Represented by 600,000 no par shares.
x After depreciation.
131, p. 1267.
-Report.
Monarch Knitting Co., Ltd.
-1929.
1930.
Calendar Years
Net after charges, incl.
$121,550
der.s$59.614
depreciation
35,000
Res. for depreciation_ _ _
7.023
Reserve for taxes
39.375
52,500
Preferred dividends- -
1928.
1927.
$123,140
$78,045
9.898
6.369
$75.152
570,274
$113,242
456.953
$71.677
385.275
$645.426
P. & L. Burp. Dec. 31_
$498,313
* Before depreciation.
-V. 130, p. 4431.
$570,274
$456.953
1930.
Calendar Years81.367.438
Net sales
Cost of sales and operating expenses_ 1,027.395
1929.
81,007.739
799.746
1928.
$691.563
569.331
Operating profit
Depreciation
Federal income tax
$340,043
27,302
38,389
$207.993
26,794
20,621
$122,232
19.001
12.652
Net profit
Dividends, paid or accrued
$274.352
124,000
$160.578
72.000
$00,579
66,000
def$147,114
Surplus
645,427
Previous surplus
Amt. overprov. for inc.
taxes In prev. year....
-
79
-Earnings.
Monighan Mfg. Corp.
$24,579
$88,578
8150,352
Balance, surplus
The net profit of $274,352 for 1930 is equivalent under the participating
provisions of the shares, to $3.88 a share on 40,000 (no par) shares of
class A and $2.98 a share on 40.000 (no par) shares of class B stock. This
compares with $2.45 a share on class A and $1.55 a share on class B in 1929.
Comparative Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
Assets1930.
$63,631
$68,050
$29,351 Accounts payable_
Cash
$130.075
100,000
648,591 Bank loan
x788,938
Receivables
3,365
269,655 Commissions pay.
188,023
Inventories
18,000
70,000
Dividends payable
14,950
Investments
318 Customers advance
Marketable secur_
16,363
33,320
deposit
2,597
Prepaid expenses.
24,467
45,306
Accrued expenses_
Cash value of life
Res, for unsettled
3,650
insurance
claims against
Unexpired insurance
5,991
predecessor _
820
premium
600,000
Class A corn stock x600.000
Club membership
200,000
900 Class 13 corn, stock a200,000
(at cost)
125,092
130.025
315,290 Paid-In surplus_ _ _
Mach. and equip_ y290,448
113.158
1 Earned surplus..., 206,839
1
Goodwill
$1,416,904 $1,266,703
Total
61,416,904 61,266,703
Total
x After reserve for doubtful accounts of $25,659. y After depreciation
of $191.259. z Represented by 40,000 shares (no par). a Represented by
-V. 132. p. 1047.
40.000 shares (no par value).
-Defers Dividend.
Montague City (Mass.) Rod Co.
The directors recently voted to defer the quarterly dividend of $1.75 per
share due Dec. 1 1930 on the $7 panic. pref. stock, no par value. The
last quarterly distribution on this issue was made on June 1 1930.-V. 122,
p. 2203.
-Enjoined from Name Use.
Montgomery Ward & Co.
The United States District Court at Buffalo has granted an injunction to
the Crescent Tool Co. against the Montgomery Ward & Co., prohibiting
the latter from using in its catalogue or advertising the trade name "Crescent" either alone or In combination with any other words to describe its
wrenclies.-V. 132, P. 1047, 866, 840.
1434
FINANCIAL CHRONICLE
Muller Bakeries, Inc., Grand Rapids, Mich.
-Earns.
Years Ended Oct. 31Gross profit from sales (bread plants only)
Selling, delivery, advertising, administrative and
general expenses
1930.
$668,602
Operating profit
Net loss from operations (other plants)
$193,777
38,222
474,825
Total
51,713.898 51,782.870
Total
$1,713,898 $1,782,870
x Represented by 20,235 shares class A and 39,833 shares class B at
declared value ($1 per share). y Paid-in value.
Notes.
-Of the funded debt due Nov. 2 1930. $75,000 has been subsequently refinanced an the funded debt reduced by 550.000.
Accumulated preferred dividends amounting to $89,131, unpaid on Oct.
31 1930, have not been included above.
-V. 132, p. 669, 141.
National Aviation Corp.
-To Reduce Stated Value of
Stock.
The corporation has recommended to the stockholders that the stated
value of the capital stock be reduced from $15 to $5 a share, which would
result in the establishment of a capital surplus of approximately $4,000,000,
or sufficient to absorb all or any part of existing book losses and would
leave thereafter a substantial paid-in surplus. The management states
that it may utilize a portion of such a paid-in surplus to purchase the
stock of the corporation whenever advisable.
In a letter to the stockholders, President E. 0. McDonnell said: "The
sharp depreciation in security values which has occurred during the past
16 months has resulted in reducing considerably below cost the present
market value of securities in the company's portfolio. As of the close
of last year, the capital surplus, after deducting the 1930 deficit, amounted
to $880,871. In view of the excess of cost over market value of about
$3,000,000, this surplus is not sufficient to absorb further losses which
may be realized during the ensuing years should it appear desirable to
sell, at less than cost, any of the securities now in the portfollo."-V. 132,
p. 1237.
National Brick Co. of Laprairie, Ltd.
-Defers Div.
-
The directors have voted to defer the quarterly dividend of 135% due
March 15 on the 6% cum. pref. stock.
-V. 130, p. 4431.
National Fireproofing Corp.
-Earnings.
-
Net profit
Surplus Jan. 1 1930
Additional value entered on books for invest.in assoc. company
Add.to surplus due to cony. of6% pref. for no par common
Total surplus
Adjustment applicable to prior period
6% preferred stock dividends
Dividends on common stock
$1,152,102
300,000
$852.102
7,174,654
133,000
29,925
$8,189,681
55,195
472,534
269,174
Balance, surplus Dec. 31
$7,392,778
Earns, per share on 89,891 shares corn,stock (no par)
$4.22
Balance Sheet, Dec. 31 1930.
Assets
•
Pref.6% cum., cony.stock__ $7,867,250
Real est., mineral ids.& rights
$15,403,791 Common stock
a449,455
1 20-yr.534% sk.fd. gold debs. 2,810,000
Patents and good-win
180,000 Purchase money mortgage
Invest. In assoc. company_._
32,000
110,234 Accts. pay, for pur.,exps..kc_
Other assets
287,646
621,032 Unpd. wages,bonus,comm.dic
Investment In co. debens
51,243
2,822 Dividend on pref. stock
Sinking fund
118,009
320,462 Dividend on corn, stock
Cash
67,418
76,414 Adv. billing on uncompleted
Notes receivable
456,277 contr. billed to customers_ _
Accounts receivable
10,570
2,049,513 Accrued accounts
197,463
Inventories
112,786 Reserve
49,501
Deterred charges
Surplus
7,392,778
Total
319,333,332
Total
-V.132, p. 866.
a Represented by 89,891 no par shares.
National Lead Co.
-Earnings.
--
Report for 1930 shows net profit of 34.675,098 after depreciation,
tion and taxes equivalent to $7.58 per share on the common stock. depleThis
compares With record net earnings of 1610,222,897 or $25.49 per share on the
448,399 same share basis for 1929. Net sales amounted to $76,712,337. President
Cornish pointed out that earnings were about 50% in excess of common
$268,145 stock dividends and that no change in the dividend rate will be made.
46,251 -V.131, p. 1431.
1929.
$716.544
Operating profit (all plants)
$221,894
$155,555
Other deductions (net)
25,984
53,414
Extraordinary expenses
x26,833
43,886
Net income
$102,738
$124.594
x Loss from liquidation of machinery and equipment of non-operating
units in the amount of $139,159, charged direct to a reserve provided for
that purpose from capital surplus for the year 1930 and $27,166 for the
year 1929, not included.
Capital Surplus.
-Stated value of class A stock, outstanding Nov. 1
1929 (20,235 shares), $515,880: less stated value fixed at $1 per share at
annual meeting Jan. 8 1930, $20,235: reduction in stated value transferred to capital surplus account, $495.645: discount on preferred stock
retired during year, $5,069; total, $500,714. less charges to capital surplus,
appropriated as reserve for liquidating losses of idle plants, $150,000;
capital surplus at Oct. 31 1930, $350,714.
Current Surplus.
-Deficit, Nov. 11929, $31,668; less, adjustments applicable to prior years, $5,944: adjusted deficit, Nov. 1 1929, $25,723: net
operating profit for fiscal year 1930, $102,738; current surplus at Oct. 31
1930, $77.015; combined surplus at Oct. 31 1930, $427,729.
Comparative Balance Sheet Oct. 31.
AssetsLiabilities
1929.
1930.
1930.
1929.
Cash on hand and
Accounts payable
$265,758 $103,696
payrolls
deposit
46,796
67,054
Accounts receiv__
20,331
24,763 Accrued int.,taxes,
89,814
Insurance. dtc___
Inventories
65,412
13,343
16,866
Invest, and other
Funded debt
513,000
530,000
5,984
7,560 Reserves for conassets
Land, bldgs., mach.
tingencies
20,562
4,005
and equipment_ 1,093.728 1,283,206 7% pref. stock.. 632,400
640,900
233,816
233,816 Common stock_ _ _ x60,088 y555,713
Goodwill
Deferred assets_
28,869
40,045 Surplus
427,728 def.31,668
Earnings for Year Ended Dec. 31 1930.
Net earnings
Depreciation and depletion
[VOL 132.
819,333,332
-Initial Dividend.
National Food Shares Corp.
Initial distribution of 25 cents per share ($500 per unit), payable Feb.
15, has been declared on Trustee Food Shares, series A, for the five month
period from August 26 1930 to Jan. 31 1931. Distribution is payable by
The Bank of America N. A., trustee, and by The Girard Trust Co.. Philadelphia; The Atlantic National Bank of Boston. and The Baltimore Trust
Co.
Disbursement includes only regular dividends and interest. There is no
capital distribution and stock dividends amount to 1.6 cents per share.
Dividends declared during the period by General Foods, Gold Dust,
Hershey Chocolate, Loose Wiles, Procter & Gamble, Seeman Bros. and
Wrigley were not received by the trustee until after Jan. 31 and will be
included in the next distribution. Taking them into effect, earnings of
the trust during the period were at the annual rate of 6 ti% on the average
-V. 131.
Price of Trustee Food Shares, the official announcement states.
p. 2707.
-To Change Par Value of
National Investors Corp.
Common Shares.
-President Fred Y. Presley, Feb. 14, says:
National Radiator Corp.
-Reorganization Plan.
-
The reorganization committee (Rudolph B. Flershem, Chairman) in a
circular to the holders of the 06% debentures, outlining the reorganization
plan, says in part:
According to estimates of a leading authority on building statistics,
expenditures for residential building construction, which is the principal
outlet for the products of the corporation, began to decline in the middle of
1928, and in 1929 declined 30% as compared with 1928, and in 1930, 40%
as compared with 1929.
The consolidated net earnings available for interest, after depreciation,
since company was formed in 1927, are reported as follows:
a1927.
1928.
1929.
b1930.
Net earns, avail, for int.,
after depreciation__ $993,948 def$587,123 def$490,371 def$740,542
Debenture interest
756,378
271.805
743,958
713,328
Net after interest_ --- $722,143df$1,343,491 df$1, 34.329df$1,453,870
2
Addl charges to surplus_
$222,752
$658,689
$51,451
a Four months. I, Tentative figures.
The management of the corporation has endeavored to meet these conditions and in 1930 made substantial reductions in costs and overhead; it
has been particularly concerned to maintain a liquid working capital
position.
Tentative Balance Sheet Dec. 31 1930.
[Tentative balance sheet of the corporation (not consolidated) approved
as substantially correct by Lybrand, Ross Bros. & Montgomery, who are
at present engaged in auditing the accounts of the corporation.]
Assets
Cash in banks and on hand
$1,701,899
Notes and accounts receivable, less reserve
1,132,563
Inventories of raw materials, finished and semi-finished stocks
at book value
2,219,544
Investments at book value
67,939
Investments in and advances to affiliated companies
458,431
Special deposit under self insurance law, funds for redemption
of underlying bonds &c
32,596
Real estate, machinery, patterns and other equipment, leas
reserve for depreciation
7,050,692
Good-will, trade-marks and patents
6,634,501
Deferred assets and prepaid expenses
136,378
Total
$19.434,548
Liabilities
Accounts payable
$46,787
Taxes and other accounts accrued
151,768
Accrued interest on debentures
293,339
Reserves Mr redemption of underlying bonds, deferred notes
92,009
6;5% sinking fund gold debentures due 1947, outstanding
Dec. 311930,$10,831,000; loss held in treasury, $115.000_ _ _ _ 10,716,000
x Capital stock
8,134,643
Total
$19,434,548
x $7 cumulative convertible preferred stock (no par value). 58,646 shares
outstanding, and common stock no par value), 272,708 shares outstanding, stated at $10,000,000. less deficit of $1,865,356.
While the working capital as reported is reasonably ample, it will be
apparent that an increasing volume of business, such as the corporation
must anticipate in order to support even the reduced service on its capitalization as readjusted under the plan, will require the use of a correspondingly larger amount of cash to carry larger inventories and receivables.
In addition, increased expenditures for the design of now products, and
for equipment necessary in their manufacture, will be essential to keep
the corporation's competitive position as against other enterprises in the
Industry. Moreover, the outlook for the immediate future is obscure,
with no definite promise of an early recovery in earning power.
Confronted with these problems, the management has sought a solution
of the difficulties which would be most advantageous to the holders of the
corporation's securities.
Digest of Reorganization Plan.
-The capitalization of corporaPresent Capitalization and Indebtedness.
tion as of Dec. 31 1930 Is as follows:
Outstanding.
a$10,716,000
64% sinking fund gold debentures due Aug. 1 1947
b58,646 shs.
$7 cumulative convertible preferred stock (no par)
272,708 abs.
Common stock (no par)
a The interest due Feb. 1 1931 on the above debentures amounts to
$348,270. is No dividends on this preferred stock have been paid since
Aug. 1 1928.
New Company.-The capitalization of the new company upon the consummation of the plan will be approximately as follows;
Authorized.
Outstanding.
15
-year 5% debentures
$5,500,000
$5,358,000
$7 preferred stock (no par)
55,000 abs.
53,580 abs.
Common stock (no par)
*400,000 shs.
272,966 abs.
* Up to 90,902 shares to be reserved against the exercise of stock sub8121'11:n1011 warrants.
The new company will assume and agree to pay in full all liabilities of the
old corporation for taxes, wages, services and merchandise, which have
not been paid at the time of the acquisition by the new company of the.
assets and business of the corporation.
Distribution of New Securities.
Holders of the 634% sinking fund gold debentures, the $7 cumulative
convertible preferred stock and the common stock of the corporation, who
become parties to the plan, will be entitled upon its consummation and the
surrender of their certificates of deposit in form transferable by delivery,
to receive new securities upon the following basis:
(1) Holders of 63 % sinking fund gold debentures of the corporation
dell be ensitled to receive, for each $1,000 principal amount of deposited
wibenturet
$500 principal amount of new debentures and
5 shares of new preferred stock, and
20 shares of new common stock.
(2) Holders of $7 cumulative convertible preferred stock of the corporation will be entitled to receive, for each share of deposited preferred
stock, one share of new common stock.
(3) Holders of common stock of the corporation will be entitled to receive
a stock warrant granting the right to purchase as aforesaid one share of
new common stock for every three shares of deposited common stock of the
corporation, but only upon the payment to the depositary for the account
of the reorganization committee of the suns of $1 in cash in respect of each
share of new common stock covered by such stock warrant. No payment
will be required of depositors of common stock of the corporation atthe
time of deposit or until the plan has been declared operative and the stock
warrants are ready for distribution. After the stock warrants are ready
for distribution, the reorganization committee may fix a date on or before
which such payment must be made by depositors of common stock, and
upon failure to make such payment within the time so fixed,such dePositsr
will forfeit all rights under the plan. Stock warrants will be issued only
In respect of even multiples of three shares of common stock of the corporation and fractions arising in respect of less than three shares of such
common stock will be disregarded.
Method of Participation.
-Holders of debentures, preferred stock and
common stock of the corporation, in order to participate in the plan, must
deposit their securities with Bankers Trust Co., as depositary, 16 Wall St.,
Now York, on or before March 15 1931, or such later date as may be fixed
-V. 132, p. 1238.
by the reorganization committee.
The directors on Feb. 13 1931 declared It advisable to submit to holders
of common stock for their approval at the annual meeting of stockholders
to be held on March 3, a proposal to file a certificate with the Secretary of
State of the State of New York changing the shares ofcommon stock without
par value into the same number of shares of common stock with a par
value of $1 per share.
The purpose of this proposed change is to effect for the corporation, under
-4% Stock Div.
National Short Term Securities Corp.
certain circumstances, a substantial saving in the New York State annual
A 4% stock dividend was paid on the class A stock on Dec. 21 last to
franchise tax, and for the stockholders a saving In transfer taxes. In
the case of the sale or transfer of 100 shares this saving would amount to holders of record Nov.30 1930. On Dec. 15 1929,a 3% stock distribution
was made on this issue.
-V.132, p. 1048.
-V. 132, p. 141.
99% of the transfer taxes at present payable.
FEB. 21 1931.]
FINANCIAL CHRONICLE
-Listing of $6,062,500 10-Year
National Steel Corp.
1435
Properties Appraised.
-
5% Sinking Fund Gold Debentures.
C. E. Hicks, Secretary of the New York Dock Co. on Feb. 19, sent a
letter to the stockholders containing three appraisals of the Benenson
The New York Stock Exchange has authorized the listing of $6,062,500 properties in lower Broadway which the company
purchase.
-year 6% sinking fund gold debentures, due Jan. 1 1941.-V. 132, p. lie wrote that the average of these appraisals was proposes to$5,000,000
10
more than
1049. 867.
greater than the valuation sent out by the minority stockholders opposed
to the purchase. The letter gives the appraisals as follows: Crulkshank
National Surety Co.
-New Vice-President.
Co., $27,250,000; George R. Read A Co., $29,025,000; Laurence McGuire.
A. 0. Millikan, for many years in charge of the court bond department. 1129.700,000.-V. 132, p. 1238.
-V. 131, p. 3542.
has been appointed a Vice-President.
Nevada
Report.
-
Consolidated
Copper
Co.
-86th
Quarterly
New York Transit Co.
-Annual Report.
-
D. S. Bushnell, President, says in part:
During the year 1930 company transported 2,155.854.52 barrels of revenue-producing trunk line freight compared with 2,556,499.07
For income statement for 3 and 12 months ended Dec. 31 see "Earnings 1929, a decrease of 400,644.55 barrels, or 15.67%. Company's barrels in
gathering
Department" on a preceding page.
lines in Cattaraugus County moving Pennsylvania grarIJ crude through our
President D. C. Jackling says:
local division transported 447,207 barrels in 1930 compared with
production of copper from all sources for the fourth quarter, barrels in 1929, an increase of 85,321 barrels, or 23.57.7,, The 361,885
The net
.
compared to that for the three preceding quarters of 1930, is shown in the figurescover the various grades of crude petroleum handled,foregoing
namely,
following tabulation:
Mid-Continent and Pennsylvania grade oils.
Net Lbs. Copper Aver. Monthly
The trunk line operations reflect a substantial reduction in the movement
Production.
Production.
1930of Mid-Continent crude consigned to Buffalo. This loss of business was
33,166,657
Fourth Quarter
11,055,552
due to the diversion, because of economic conditions, of certain shipments
33,373,311
Third Quarter
11,124,437
formerly made by pipe line, to tank ship movement on the Great Lakes.
35,740,442
Second Quarter
11,913.481
The confused situation due to pro-ration of runs from producers' wells, as
First Quarter
39,699.763
13.233,254
well as the keen competitive conditions existing in the areas of production
The total quantity of company ores milled and smelted during the of Pennsylvania grade crude, have also affected adversely our business in
quarter was 1,797,568 tons. Of this total, 1,769,152 tons was concen- that locality. These factors are beyond our control. During the year just
trating ore, averaging 1.325% copper, and 28,416 tons was direct smelting closed your company made certain routing arrangements with other pipe
ore shipped to smelters. In addition to company ores, 235,455 tons of line companies for transporting Mid-Continent crude consigned to Bufcustom ore was milled or smelted at the Nevada plants. The average falo, which arrangements, while advantageous in enabling us to make new
daily tonnage of company ores milled at all concentrators was 19,230, as connections and to retain business for our line, will result in somewhat recompared to 19,563 tons per day for the preceding quarter.
duced receipts due to a change in the routing of a portion of this crude.
The average recovery In the form of concentrates from all company
Income Account for Calendar Years.
material milled during the period was 84.90% of the total copper con1927.
1928.
1930.
1929.
tained therein, corresponding to 20.97 pounds of copper per ton treated,
$165,231def$1549,413 def$69.433
$75,529
as compared to a recovery of 87.56% and 22.35 pounds per ton for the Net income
Dividends
90,000
170,000
previous quarter.
The net cost per pound of copper produced, after crediting revenue from
Balance, sur, or def__ def$94,471 sur$75,231def$1549,413 def$69,433
gold and silver and other miscellaneous earnings and income from subsidiaries, was 8.96 cents, as compared with 9.28 cents for the third quarter Shares of capital stock
outstanding (par $10)_
x50.000,
x50,000
100.000
100,001)
of the year. These costs include all operating and general charges of
Earns. per sh.on cap.stk.
Nil
Nil
$1.65
$0.76
every kind except depreciation and reserve for Federal taxes.
x Par $100.
The operating income deficit shown for the fourth quarter arises enSurplus Account Dec. 31 1930.
-Credit balance Dec. 311929, $336,221:
tirely through book entries representing reduction in the inventory value
of copper produced in previous quarters and sold during the fourth quarter balance,deficit, as above,$94,471. Credit balances Dec.311930,$241,750
at prices less than those at which it had been valued in prior inventories.
Balance Sheet Dec. 31.
The price actually received for copper sold during the quarter was approxiAssets-.
1929.
1930.
Liabilitiesmately one cent per pound above the production cost of 8.96 cents. On Plant
51.054:7 4 51,570,127 Capital stock
3
81,000,000 $1 000 000
the basis of the difference between cost of production and market price, Cash, other invest.
3,316
9,985
Cap.stk.red. acct.
the operating gain for the period was approximately $300,000.-V. 131.
& accts.receiv_
. 903,971
947,919 xAccts. payable_ _ 1,036,503 1,138,069
P. 3052.
Other assets
969,357 1,004,714 Depreo'n reserve__ 646,492 1,040,487
336,221
Profit and loss_ _ __ 241,750
-Dividend Decreased.
New Bedford Cordage Co.
-
The directors have declared a quarterly dividend of 25c. per share on the
common stock, payable March 2 to holders of record Feb. 18. A quarterly
distribution of 37jic. per share was made on this stock on Dec. 1 1930, as
compared with 50e. per share previously.
-V. 131, p. 3381.
Total
52,928,063 53,522,761
$2,928,063 $3,522,761
Total
x Accounts payable, including reserves for taxes, fire insurance and
annuities and death benefits.
-V. 130. p. 3557.
Niagara Share Corp.(Md.).-Capitalization Increased During the year 1930, the company increased the authorized number
of common shares from 7,500,000 to 10,000,000 and on Jan. 13 last, the
stockholders approved a proposal to reduce the par value of these shares
from $10 to $5 per share and to sot aside from surplus a reserve for fluctuation in the market value of investments in an amount substantially equal
$2,088,520 $1,632,038 $2,001,438 to the depreciation on Dec. 31 1930. After giving effect to these changes,
Total income
592,68
$S6e093y
481 957
Admin. &c. expenses
456
456 866 the corporation as of Dec. 31 last, had issued (less in treasury) 7.354,04134
188.624
216 911
Taxes franchises &c_ _ _
249,459 shares of common stock; 730,500 shares reserved for conversion of deben105 130
66.965
198,445 tures; 396,shares reserved for conversion of outstanding scrip, and 386,7513
Bond int. and discount
shares reserved for the following outstanding warrants or options to pur$894,493 $1,096,666 chase common stock: On or before March 1 1933 at $32 per share: 382,181
Net income
$588,557 $1,415,017
871,860
913,383
869,160 shares; on or before August 1 1933 at $40 per share, 7,500 shares; on or
881,946
Common dividends
($3.15)
($3)
($3) before Feb. 1 1931 at $20 per share, 75 shares; total 389,756 shares.
($3.30)
Rate
This corrects foot note cl following balance sheet in "Chronicle" of
47,139
19,952
38,573
202,412
Sundry charges,&c
Feb. 7. See V. 132, p. 1049.
$481.682 def$24,506
$188,933
def$495,801
Balance, surplus
North American Aviation, Inc.
-Changes in Personnel.
Prey, cap. stk. & surplus 16,477,099 15,995,417 16,019,924 15.830,991
C. M.Keys,formerly President of this corporation, has become Chairman
Surplus approp through
of the board, and Thomas A. Morgan, President, also of the Sperry Gyropurch. of trras.stock, Dr1,800.000
scope,Inc.,a subsidiary, has become President, it was announced on Feb.17.
Excess of declared value
Mr. Morgan will remain as President of the Sperry company.
ofcap.stk.acq.over cost Cr.141,375
"A new 'position, Vice-Chairman of the board of directors, has been
created." Mr. Keys said, "and J. Cheever Cowdin, formerly Senior ViceCapital stock and sur$14,322,673 $16,477,099 $15,995,417 $16,019,924 President, has been elected to fill the office, thereby becoming assistant
phis, Dec. 31
300,000
300,000 chief executive officer.
300.000
260,000
Shs.com.outst'g (no par)
"Captain Thomas B. Doe, President of Eastern Air Transport, Inc.,
$3.65
$2.98
$4.71
Earns, per share on 00M.
$2.27
labor and materials, including and who has been a Vice-President of North American Aviation. Inc.. was
x After deducting cost of manufacture,
elected First Vice-President."
-V. 132, P. 670. 505.
repairs, renewals, depreciation, &c. y Includes administrative expenses.
Note -During 1930 the company acquired 40,000 shares of common
North American Utility Securities Corp.
-To Retire.
stock which were placed in the treasury, the difference between cost and
First Preferred Stock.
book value being credited to surplus account.
The corporation has exercbied its option to redeem on March 15 1931
Comparative Balance Sheet Dec. 31.
all of the shares of its 1st pref. stock then outstanding, at $105 and divs.
1929.
1929.
1930.
1930.
Payment will be made at the office of the North American Co.. 60 BroadAssetsLiabilities
$
$
way, N. Y. City.
-V. 132, p. 1050.
x Land, bldgs.,may Capital stock__ _11,700,000 13,500,000
chinery & equip_ 3,959,331 4,178,493 Accounts payable
Northern Pipe Line Co.
-Annual Report.
Pats., tr.name,dm 5,502,709 5,502,709
461,212
_ _ 222,179
royalties,
D. S. Bushnell, President, says in part:
Cash
518,204 1,039,402 Accrued accounts_
23,262
During 1930 company transported 4,905,165.98 barrels of revenueMarket securs
1,619.046 2,421,638 Dividends payable
158,058 253,254
Producing freight compared with 5.471,522.12 barrels during the year 1929,a
Accts.receivable-- 667,804 1.507,442 Federal and States
Inventories
1,040,170 1,148,629
taxes accrued_ _ 111,688
216,911 decrease of 566,356.14 barrels or 10.35%. These figures cover the various
71,655
M isc.accts.& inv'ts
99,685 Contingent res've_ 261,164
281,240 grades of crude petroleum, consisting of Mid-Continent crude, Pennsylvania
Beebe's IsI'd Wat.
Surplus
2,622,673 2,977,099 grade crude and West Texas crude. During the early part of the year company experienced a substantial reduction in the movement of Mid-Oon1,509,516 1,509,516
Power, &c
tinent crude consigned to Buffalo through its lines. This loss of business
Prepaid exp., supwas due to the diversion, because of economic conditions, of certain ship187,327
305,464
plies, &c
ments formerly made by pipe line, to tank ship movement on the Great
Total
15,075,762 17,712,980 Total
15,075,762 17,712,980 Lakes. The confused situation affecting production in the Bradford field
x After depreciation. y Represented by 260,000 shares of no par value has also affected the movement of Pennsylvania grade oil forwarded by
company to interior points. These factors are beyond our control. On the
in 1930 and 300,000 in 1929.-V. 131 p. 4064.
other hand there has been an increase in the amount of Texas crude moved
to interior points. During the year company made certain routing ar-Meeting Postponed.
New York Dock Co.
of Mid-ConThe special meeting of stockholders which was to have been held on rangements with other pipe line companies for the handling while advantinent crude consigned to Buffalo, which arrangements,
Feb. 16 to vote on the proposed purchase of the Benenson Building at 165 tageous in
enabling us to retain business for our line, will result in someBroadway and other downtown real estate, has been postponed until what
reduced receipts due to the shorter haul participated in by company
Feb. 24.
on a portion of this crude.
Income Account for Calendar Years.
Stockholders Oppose Purchase of Benenson Properties.
1929.
1928.
1927.
1930.
In connection with the postponement of the meeting of stockholders
$140,018
$110,512
$399.632
$339.140,
Feb. 24, the minority interests have mailed a letter to all stockholders Net inc. all sources
to
giving details of their investigation of the proposed contract under which Dividends
(S%)160,
000 (8)160,000 (9)240,000 (8)320.000
the New York Dock Co. contemplates the purchase of large office buildings
def$49,488 def$19.982
Balance, surplus
$159,632
$19,140
and business properties in downtown Manhattan from the Benenson City
Terminal Corp., which is entirely owned by Grigori Benenson. Mr. Ms. cap. stock outstdg•
(par $50)
40,000
40,000
40,000
y40,000
Benenson is President and director of the New York Dock Co., and is
Earned per share
$9.99
$3.50
$2.76
$8.48
believed to own a majority of its outstanding stock.
y Par $100 per share.
The letter to stockholders, which is signed by Earl E. T. Smith of Paige,
Balance Sheet Dec. 31.
Remick,and B. K. Stevens of Stevens & Legg, in part follows:
Smith &
Liabilities1930.
1929.
Assets1929.
"We have employed Brown, Wheelock, Harris, Vought & Co., Inc.,
1930.
$2,000,000 $2,000,000
52,994,349 53,090,387 Capital stock
to report to us on the very complicated purchase agreement, of which we Plant
Accts. pay. & tax
have been furnished a preliminary draft, and to appraise the properties in Cash, other invest.
& accts.,rec_. 1,176,693 1,207,890 reserve, fire ins.
question. From their report, a summary of which accompanies this
annuities, &c_ _
693,693
404,933
747.010
408,563
letter, it appears that the proposed transaction is not for the best interest Annuity fund_ _ _ _
loser. fund
175,629 Accr. depr. reserve 1,948,945 1,965,839
179,649
of stockholders of the Dock company for the following reasons:
25,501 Profit and loss_ _ 142,055
191,543
25,437
The purchase price of approximately $27,000,000 is more than $3,- Other assets
"1.
000,000 in excess of the appraisal we have made.
Total
54,784,693 $1,904,392
Total
84,781,693 54,904,391
"2. It is entirely unsound for the Dock company to undertake to pay
out a minimum a approximately $7,000,000 in cash which would be in- -V.130, p. 1294.
creased to approximately $13,000,000 in case the properties at the date of
-Holders of Cony. Partic.
acquiring title were appraised under the contract at our appraiser's figures.'
Oliver Farm Equipment Co.
"We have decided, therefore, that it would be extremely unwise for your
Accumulations When Common Dividends
company to enter into the proposed arrangement, and we propose to vote Stock To Receive
Are Paid.our stock and all stock that we represent against the transaction."
-Earnings.
New York Air Brake Co.
1928.
1929.
Calendar Years
1927.
-1930.
x Gross profit
Y$553.72
0 $1,890,555 $1,434,170 $1,748,248
197,964
197,868
Other income
253,190
139,966
1436
[Vor. 132.
FINANCIAL CHRONICLE
Due provision has been made by apporpriate resolutions of the directors
Pathe Exchange, Inc.-Subsidicuies Chartered.
for the recognition by the corporation of the right of the holders of the cony.
Companies to succeed subsidiaries of Pathe Exchange, Inc., have been
partic. stock of record Jan. 14 1931, to receive a certificate, in registered incorporated in Delaware as a result of the acquisition of that company
form, evidencing the right to receive from the corporation, if and when any by the Radio-Keith-Orpheum Corp. They are: RKO-Pathe Distributing
dividend is declared and set aside on the common stock, an amount equi- Corp., IlKO-Pathe Pictures, Inc., RKO-Pathe Export Corp., RKOvalent to the unpaid dividend accumulated on the cony. partic. stock to Patho Studios, Ltd., and Patho News, Inc., each with a capital of 10,000
Jan. 15 19:31, the date of reclassification thereof into common stock. The shares of stock -V. 132, p. 1239.
board of directors shall not be under any obligation at any time to declare a
-Earns $2.88 per Share.
(J. C.) Penney Co., Inc.
dividend on the common stock and the right of the holders of the cony.
partic. stock to receive such amount, evidenced by such certificate, will not
Not earnings after all charges and taxes and after deductions for pref.
constitute a debt of or claim against the corporation unless and until a stock dividends, for the year ending Dec. 31 1930, totaled $7,096,892.
This was equivalent to $2.88 a share on the outstanding shares of common
dividend is declared upon the common stock. See also V. 132, p. 1050.
stock, after allowing $1,193,730 for preferred stock dividends. This com-Bond Interest Defaulted.
Ontario Bakeries, Ltd.
pares with a net of $11.279,864 for 1929, equivalent to $4.66 per share on
The company has defaulted the interest payment on $900,000 of 65' 2,399,661 shares of common stock outstanding.
Total sales for the year 1930 were $192,943,765 as compared with total
first mortgage bonds outstanding. The interest was due and payable Jan.2
and according to a director of the company no money was available out of sales in 1929 of $209,690,417,a loss for the year of $16,746,652 or 7.99%.earnings in the last six months to meet the $27,500 charge due. It is under- V. 132. p. 1240, 325.
stood that a committee has been appointed to consider the question and that
-January Sales Gain.
Perfect Circle Co.
a meeting of bondholders will be called in a short time to have every phase
Total sales of piston rings during the month of January increased 10%,
of this situation placed before them.
cities in Ontario and has a total while replacement sales, through automotive equipment jobbers, gained
The company operates bakeries in 11
output of 150,000 loaves daily (in addition to fancy baking). The com- 52% over the same month last year, according to an announcement by
pany was originally incorporated in 1926 as a merger of 11 baking concerns Vice-President Lothair Teeter.
In commenting on the January sales. Mr. Teeter said: "Our business
under the control of Municipal Bankers Corp. At that time $500,000 of
finished. We are very
first mortgage bonds were issued, dated Jan. 2 1926 and due in 1946. The showed a decided increase during the month justand feel that the coming
General Trust Corp. Subsequently an favorably impressed with this start made in 1931,
trustees for the bonds are Toronto
year will be one of the most profitable in l'erfect Circle history."
additional offering of 5400.000 of bonds was made.
The original share capitalization consisted of 50,000 shares of $100 preThe company s production schedule has been increased 100% in the
ferred stock and 100,000 shares of no par value common. The preferred last
C. N. Teeter. Although this increase
shares were later reduced from 50,000 to 20,000 shares by an amendment to does14 days, according to President their full capacity, it does indicate a
not bring the three plants lip to
the preferred and common shares are closely
the company's charter. Both
decided trend toward better business. it was stated. In commenting on
held.
Mr. Teetor, said: "Car manufacturers
The company's fiscal year ends March 1 and for the fiscal years 1928 the early spring business outlook.
respectively,
increasing their production schedules, which means that
and 1929 the company showed losses of $64,000 and $54.000 period ended are gradually rnqrepiston rings. We look for this division of our business
need
after depreciation. The company had its best year in the shown. In they will a gradual increase for several months to come. And as to our
to show
March 1 1930, when a profit after meeting all charges, was
some 550 automotive equipment Jobbers
follows
1930 a new board of directors assumed control of the company asWelling: replacement business, through
activity in this department is increasing by
and
E. C. Drury, T. W. Foram II. I. Price, H. Addison Johnstonthe company all over the United States, replacement sales for January showed an
leaps and bounds. In fact,
Galt. Ont., is general manager of
ton Hay. W. A. Dixon of
increase of 52% over the same month last year. We anticipate a steady
and increasing How of business throughout the year, duo principally to the
-Omits Dividend.
Pacific American Co.
fact that millions of car owners who delayed repairing and overhauling
The directors have voted to omit the quarterly dividend ordinarily payable their cars last year, are having the work done this year. -V.132. p. 868.
about March 1 on the no-par value common stock. The last quarterly
distribution of 50c. per share was made on this issue on Dec. 1 1930.
-Transfer Agent.
Perpetual Self Winding Watch Corp.
-V. 129, p. 490.
The Bank of America, N. A. has been appointed transfer agent of
-Balance 500,000 shares of capital stock.
Co. of Calif.
Pacific Mutual Life Insurance
Sheet Dec. 31 Listing.
-Balance Sheet Dec. 31.
Insulated Wire Co.
Philadelphia
1929.
1930.
1929.
1930.
Liabilities1930.
1929.
1929.
Assets1930.
$
I Liabilities3
g
S
Assets5819,163 Capital stk (25,Plant
on real eat 86,476,775 80,645,917 Res. on policies_148,061,585 135,394,631 Cash & property_ x$798,634
Loans
51,393,641 51,393,641
283,502 000shares)
249,579
for claims
Res.
Loans on ap2,510
144,733 Res Inc & prof.tax
29,605
approved_ ...._ 5,983,811 5.423,200 Notes & acme.rec_ 115,285
proved collat. 7,284,853 8,343,949
62,500
87,500
336,407 Dividends payable
Inventories
247.971
Claims awaiting
Loans to policy4,760
324,656 Accrued wages- _
1,611,161 U. S. Govt. seem_ 324,656
2,275,997
proofs__
31,430,513 25,663,320
holders
3,352
1,175
5,400 Accounts payableSecurities
33,077,330 30,349,900 Prem.&Int. paid
Bonds
Bonus payable__.
4,690
36,478
809,177 Treasury Stock..
Preferred stock.. 3,494,005 1,333,303in advance__ 1,030,599
313,549
2,672 Surplus
405,544
Accrued interest_ _
2,683
8,111,281 7,490,897 Res,for tax. pay
Realestate
5,623
5,026
948,500 Prepaid insurance_
976.000
1930
Int.due and accr 2.464,462 2,258,952
819,708
884,874
All 0th. Bab
Outstanding and
Total
51,780,313 51,922,156
Total
$1,780,313 $1,922,156
Capital stock_ _ _ 4,840,000 4,400,000
def. premiums:
x After deducting $289,125 reserve for depreciation -V. 131, p. 1110.
Life dept_ 3,608,493 3,313,218 Surpl. set aside
779,755 for future dlys
704,105
Accid't dept
-Earnings.
to polleyhold_ 4,016,717 4,199,902
1,017,288 1,090,229
Phoenix Hosiery Co., Milwaukee.
Cash
16,865 Surpi.unassigned 9,603,148 8,680,035
3,827
1929.
1928.
Other assets_
1927.
1930.
Calendar Years$624,326 $1,045,719
$544,523
loss$246,264
177,672,731 162,286,3135 Net income
Total
177,672,731 162,286,365
Total
93.253
78.890
66,460
45,645
Interest paid
66,700
50,501
158,738
The Governors of tho Los Angeles Stock Exchange have approved the Federal & State taxes93.197
93,197
93,197
93,197
application of this company to list 24,200 additional shares of capital Depreciation for year..
stock to be used in offering ofrights. The company has listed 508,200 shares
5371,176
$321,935
8727.324
loss$385,106
Net income
of which 484,000 were outstanding as of Feb. 2 1931.-V. 132, p. 1239.
276,236
268,444
234,289
250.232
Divs. on 7% pref. stocks
-Reports for 1930.
Pacific Western Oil Corp.
Corporation reports for 1930 net profits, after interest, depreciation,
share on
depletion and Federal taxes, of $2.316,544, equal to $2.31 aequivalentthe
to
common stock outstanding, as compared with $1,816.985,
and depreciation for 1930
$1.81 a share, for 1929. Deductions for depletionper share for 1929. Write
to $1.99 per share against $1.37
were equivalent
likewise larger than
offs for "abandon d wells" leases and equipment were
in 1929, approximately 51.4 cents per share being so written off in 1930
-V. 132, p. 671.
in tho preceding year.
against 40.4 cents a share
-Offer Made to Minority
Paramount Publix Corp.
-See
Preferred Stockholders of Marks Bros. Theatres, Inc.
latter company above.
Skouras Brothers Resume Theatre Operations.
def$635,338
Surplus
6,780,691
Previous surplus
Profit from purch. of 1st
24,671
preferred stock
$87,646
6,995,789
8102.732
6.939,248
$451,087
6,481,803
2,123
$6,170,024 $7,085,558 57.041,980 $6,932,890
Total surplus
Cr8,280
Dr.92.746 Dr.48,826
Adjust prior years
Equip. sold & scrapped.. Dr.29.092
Profit on redemption of
Cr.2,635
Dr.1.921
preferred stock
200.000
Prov.for contingencies
$6,140,932 $6,792.811 $6,995,789 $6,939,248
Profit & loss surplus
175,000
175.000
175.000
175.000
Corn. sus. outst.(par $5)
$0.59
$0.50
Nil
$2.58
Earns. per share on corn_
Announcement that the Skouras Brothers were to resume their theatre
Consolidated Balance Sheet Dec. 31.
by Spyros Skouras who.
operations as exhibitors, was made on Feb. 12 Circuit.
1930.
1929.
1930. 19929.
until recently, was head of the Stanley Theatres
Liabilities
Assets
Os Speaking for his brothers and himself, Spyros Skouras said: "We have,
7% cum,pref.stk_ 2,989,500 3,121,500
In our long experience in the exhibitioh end of the motion picture business, Land, buildings,
500,000
a theatre operation, it is
mach.& equip _ _x5,307,121 5,520,341 7% cum.2d p1, stk 500,000
always found that in order to be successful in steady
748,430
875,000
756,760 Common stock,,, 875,000
a
supply of the
Incumbent upon a theatre operator to havearrangements with the best Cash
Pur, men. notes__
20,000
60,000
Para- Customers' accts.
pictures and we, therefore, have concluded
380,725
1,458,833 1,973,919 Accts. payable, &c 255.6011
& notes receiv
mount Publix Corp. which will instum Paramount pictures for such theatres Other
351,229
Bank acceptances_ 380,479
accts. &
acquire or lease."
as we shall, from time to time,
confirmed by officials of the
20,000
69,826 Pur, money mtg.e.
17,077
notes receivable_
P.The announcement by Mr. Skouras was
218,844
Res,for taxes
Due from officers
140,640
-V. 132. p. 1239.
Paramount Publix Corp.
200,000
Res.for conting_ 200,000
36,357
& employees__
-New
314,417
277,950
Parmelee Transportation Co. Yellow Unit. as a new unit Cash value of life 377,294 332,729 Say. ctfs. & depos_ 6,140,932 6,792,811
Taxi Co.
insur. policy_ _ _ _
Surplus
the Minneapolis
The company has added
3,722,259 4,012,221
in which Parmelee now operates
In its operations, marking the fifth city is the reorganization of several Inventories
Deferred charges
117,737
company
138.731
taxi service. The Minneapolis
and begins operations with 200 cabs. Sundry investm'ts
15,000
10,000
former taxicab units in that city
4226.
-V. 131. p.
11,800,107 12,814,527
Total
11,800,107 12,814,527 Total
-Earnings.
x After deducting $4,282,277 for depreciation.
-V.130,9, 1665.
(David) Pender Grocery Co.
1928.
1927.
1929.
1930.
Calendar YearsPhoenix Securities Corp.
-New Name, &c.
$15,975,117 $15,920.689 $15,419,461 $12,599,161
Net sales
-V. IN. p. 868.
See Prince & Whitely Trading Corp. below.
Net profit before Federal
382,822
460.537
338,015
48,868
and State taxes
-Dividend Decreased.
Pierce Mfg. Co., New Bedford.
390.777
321.198
287,715
40,741
Net after taxes
'rho directors have declared a quarterly dividend of 81.50 per share.
105,000
105,000
x235,761
y105,725
Class A dividends
payable March 1 to holders of record Feb. 23. In each of the two preced$285,777
$51,954
5210.198 ing quarters, a distribution of $2 per share was made, as against $4 per
def$64,984
Balance, surplus
share in Juno 1930.-V. 131, p. 1726.
Shares class B stock out0
$400
65,.4 0
63,000
65,07065,070
standing (no par)
-Subsidiary Pays Larger Dividend.
Pirelli Co. of Italy.
$.3.43
$2.79
Nil
Earnings per share
The company has declared a dividend of 60 lire, the same as last year,
by Editor.
x Includes class B dividends. y Estimated
while the Pirelli International Co., a subsidiary, announced a dividend
31.
Balance Sheet Dec.
of 11 lire, an increase from the 10 lire paid last year.
-V. 130, p. 3894.
1930
1029
Li bUttfes1929.
1930.
AssetsClass A & LI stockx$1,517.065 $1,517,065
-New Express Service.
Pittsburgh Airways, Inc.
Land,b1dgs..c01119423.235
595,097
Air express service linking 16 Eastern cities was inuagurated Monday
y$737,954 5809,271 Accounts payable_ 250,000
ment, &c
.
200,000 (Feb. 16) through the association of the Colonial division of the American
366,638 Notes payable_ _ _
310,455
Cash
126,045 Res. for Fed. and
Airways the Now York Philadelphia & Washington Airways, the PittsNotes & accts. ree_ 108,947
8,127
50,300 burgh Airways and the Western Union Telegraph Co.
9,263 State tax
8,539
Inv. in other cos.._
8,810
8,810
A_
Pittsburgh Airways, Inc., will handle air express between New York,
1,645,151 1,817,898 Res.for dive. B Inventories
32,535 Newark, Coatesville, Greensburg, Harrisburg, Johnstown, Lancaster,
Res.for divs.
22,729
Prepaid expenses_
19,496
10,419 York and Pittsburgh. To this will be joined the air-express services already
Irmo.fund_,_
Fire
4.285
Cash surrender val
692,747
795,363 established through collaboration between Western Union and Colonial
10,419 Surplus
19,496
Fireinsur.fUnd,._..
3,032
between Boston, Newark and New York, and with the Now York, Phila2,326
Adv. to employees
delphia & Washington Airways also serving Newark, Trenton, Camden
Dep.with bankrupt
6,284
and Baltimore.
11,824
1- banks
At the same time a reduction in rates is announced between New York
60,738
47,792
Deferred charges._
and Boston, with the addition of Hartford as a regular stop. The rate
1
1
Good-will
between these points formerly began at $1.25 and scaled upward. The
$°,919,481 33,209,590 new rate between Boston, Hartford and New York is 20 cents a pound
Total
Total
52,919.481 33.209.590
x Represented by 30,207 shares of class A no par pref.stock and 65,070 with $1 for the first pound.
Newark airport, the New York terminal of the
The
shares class II no par common stock. y After deducting $945,537 reserve three flying time from the to Washington, is one hour and 50 minutes,
air lines, to Boston or
-V. 131, p. 2391.
for depreciation and amortization.
ei
FEB, 21 1931.]
FINANCIAL CHRONICLE
1437
and to Pittsburgh four hours. This fast aerial service, coupled with motorProcess Corp.
-New Director.
izedtpick-up and delivery by Western Union messengers in all 16 cities,
S. Ilorwich and Harry C. Reinwald have
elected directors to succeed
Is the nearest approach to the elimination of time from distance in the S. Goldblatt and R. Rothschild, resigned. been131. p. 3381.
-V.
transportation of packages.
The Now York rate to all except four points is $1 for the first pound and
Procter & Gamble Co.
-Record Profit Shaving Divi20 cents for each additional pound. The rate to Greensburg, liarrisburg.
Johnstown and Pittsburgh is $1.10 for the first pound and 30 cents for dends to Employees Paid in 1930.
each additional pound.
The company in 1930 paid to employees throughout the United States
From Boston, Pittsburgh and Washington, the rates range from 20
cents a pound with $1 for the first pound, to 50 cents a pound with $1.30 for and Canada $984,562 in profit-sharing dividends, the largest amount ever
the first pound. This maximum rate applies between Pittsburgh and distributed among the workers as their share of the company's profits for
Boston and Pittsburgh and Washington. The rate between Boston and a single year, it is announced. The sum represents an increase of almost
$200,000 over that paid in profit sharing dividends in 1929. Over half of
Washington is 40 cents a pound with $1.20 for the first pound.
Officials of the three lines and of the telegraph company predict a rapid the amount paid this year, or $531.000, was paid to employees in the
growth In air express as a result of this service. Beginning Monday, Cincinnati area. The employees, under the profit sharing plan, either own
packages may be left at Western Union offices or will be picked up by outright, or have subscribed for 333,599 shares of the company's common
stock, having a market value of above $23.000.000.-V. 132, p. 671.
messenger on call.
Pocahontas Corp.
-Bonds Called.
Ono hundred eighty-five 6% gold bonds, dated Dec. 15 1923, have been
called for payment March 17 at 102 and int. at the Union Trust Co. of
-V. 131, p. 954.
Pittsburgh, trustee.
Power & Light Securities Trust.
-Annual Report.
The trustees in the report to shareholders state in part:
The securities owned at the end of the year, carried on the balance at
cost of $3,778,329, had a market value as of Jan. 31 of $2,574,811 which was
approximately 30% below cost. The total net assets of the trust at the end
of the fiscal year, after deducting reserves, were $2,606,806. This is equivalent to $41 per share on the 63,567-89-200 shares of beneficial interest now
outstanding.
During the past fiscal year the Trust purchased 14,782 of its shares for
cancellation and there were issued as stock dividends 3,203.88 shares.
resulting in a net reduction of 11,578 in the outstanding shares.
Income Account Years End. Jan. 31.
1931.
1930.
$139,449
Interest and dividends received
$132,936
23,203
Stock dividends and rights sold
121,930
22,985
Stock divs. rec, not sold
101,832
Profit from securities sold
315.524
Total
Interest paid
Depositary, agent's, and transfer agent's exp___ _
Trustees compensation
Legal and miscellaneous expense
Reserve for Federal and State income taxes
Excess of 1929 taxes over reserves
$287,470
Net earnings
Cash dividends paid
Stock dividends paid
Reserve for stock div. payable Fob. 11930
$206,457
133,198
$484,534
60,338
103,091
58,489
$73,259
63,567
$3.24
$262,616
75,145
$6.45
Balance to surplus
Shares capital stock outstanding
Earned per share
Balance Sheet a
Assets1930.
1931.
Securities at cost _a$3,778,329 $4,299,373
Secured call loans_
200,000
Cash
128,950
cReceivables
53,674
16,684
15,313
50
21,635
27,330
$570,390
1,830
16,298
14,853
725
52,150
of January 31.
Liabilities1931.
1930.
Capital stock...13 $3,336,235 $4,103,383
Reserve for stock
div. pay. Feb. 1
53,489
Cash overinvested
43
Reserve for taxes__
21,635
65,654
Surplus and undistributed inc._ __ 474,090
400,798
Total
Total
$3,832.004 $4.628.323
$3,832,004 $4,628,323
a Market value of securities was $2,574,811. b Represented by 63,567
also outstanding 79,485 option warrants to
-89-200-shares. There are
purchase additional shares of Beneficial interest at $75 per share. c Represents transactions which were completed and entered as cash on Feb. 6.
-V. 132 p. 1240.
A list of the securities owned is given in the report.
-Purchase of Long Oil Co. Is
Prairie Oil & Gas Co.
Restrained
Sale of the Long 011 Co. of Manhattan, Kan., to the Prairie Oil & Gas
Co. was restrained on Feb. 19 by the Shawnee County District Court,
Topeka, Ran., on petition of two minority stockholders of the former concern. The Prairie company held an option expiring Feb. 19, under which
It had negotiated for the purchase of 80% of the stock of the Long company,
operator of 40 gasoline filling stations in Kansas. Judge George A. Kline
set Feb. 21 for hearing arguments on the application for a temporary injunction and receivership.
Prairie officials at independence. Kan., stated they expected confirmation of the terms of their agreement for the Long company purchased and
announced arrangements had been completed for buying about 40 retail
outlets from the Keeton Oil Co. of Salina, Kau. The Prairie company,
which formerly confined itself to purchase and sale of crude ob. is turning
to other departments of the Industry since it lost important crude outlets
to large refiners.
-V. 132, p. 142.
Liabilities1930.
1929.
Cap, stock, corn__ $2,000.000$2,000,000
Accounts payable_
19,833
15,108
Res. for deprec... _ 1,724,592 1,725,628
Profit & loss
284,948 482,980
Total
54.029,37584.223,716
84,029,37554,223,716
Total
Morgan M. Butler, John F. Glennon and James G. Bacon have been
elected directors, succeeding the late Frederic Taber, Robert T. Snelling
and Frank K. Hale.
-V. 132, p. 1051.
Radio-Keith-Orpheum Corp.
-Owns 50% Interest in
Trans-Lux Movies Corp.
See Trans-Lux Daylight Screen Corp. below.
-V. 132, P. 326.
Railway & Light Securities Co.
-Reports 17.4%
Increase in Asset Value of Shares Since Jan. 1.
-
The company reports that the net asset value at market Feb. 18 1931
was $53.09 per share, as compared with $45.22 per share for Dec. 31 1930.
which represents an increase of 17.4%. On both dates there were 149,919
shares of common stock outstanding of an authorized issue of 450,000
shares.
The assets of the company on Feb. 18 1931 were divided approximately
as follows: Bonds and notes, 26.5%; stocks, 57%; Cash and other cash
assets, 16.5%.
In comparison on Dec. 31 1930 they were divided as follows: Bonds and
notes, 27.5%; Stocks, 52%; Cash and other cash assets, 20.5%.
Although the company has increased Its holdings of securities, it still
has an ample cash reserve to be employed for further commitments as
the management deems advisable.
-V. 132, p. 506, 326.
Rand Mines, Ltd.
-81.215 Div. on American Shares.
The Bankers Trust Co. as depositary of certain ordinary sterling shares
of Rand Mines, Ltd. has received dividend No. 55 of 40% and is paying
to holders of its certificates for "American shares" (each such certificate
representing 2 deposited ordinary shares) 51.215 per "American share,"
the equivalent of such dividend at the current rate of exchange. The dividend will be paid on March 2 1931 to holders of record of "American shares"
on Feb. 24 1931.
A distribution of 51.52 per "American share" was made on Feb. 28, and
on Aug. 29 1930.-V. 132, p. 672, 326.
Reliance International Corp.
-Earnings (Corrected).
[The following tables are given to correct the erroneous comparisons
given in last week's "Chronicle,"]
Year Ended Aug. 30 to
PeriodDec. 31 '30. Dec. 31 '29.
Interest received
$133,167
$227.011
Cash dividends received
44,492
587,146
Total income
Expenses (including management fee)
Net loss from sales of securities
$814,157
172,842
203.562
$177.659
30.245
132,158
Net income
Capital surplus
Excess of proceeds from sale of capital stock
Discount on preferred stock purchase
$437,752
2,708,730
x1,155.000
766,270
$15,255
2,841,033
Total
Dividends paid on preferred
Additional organization expenses, &c
85.067,753 82,856,289
147.558
815.118
32,500
1929.
13,549,500
14,430,500
195,296
23,500
5,031,500
Total
17,061,387 17,893,464
17,661,387 17,893,464
Total
a Includes call loans. b Market value, $11,768.174 in 1930 and $14.835.600 in 1929. x Represented by 385,000 shares class A stock, valued
at $1,540,000 and 660,000 shares class B stock valued at $330,000
y 227,552 shares $3 series.
-V. 132. p. 1240.
The directors have declared the regular quarterly dividend of 75c. per
share on the common stock, no-par value, payable March 31 to holders of
record Feb. 28. In each of the eight preceding quarters, the company paid
an extra dividend of 50c. and a quarterly dividend of 75c. per share on this
Issue -V. 132, p. 1051.
Pressed Steel Car Co.
-Balance Sheet Dec. 31
1930.
Liabilities
Common stock. y13,549,500
Preferred stock...14,430,500
Mortgages
126,000
Stock of sub. co.._
23,500
5% bonds 1933... 5,031,500
15-year 5% cony.
gold debentures_ 488,500
Equip, trust ctIs_
Bankers accept__ 1,035,207
Ill. Car & Eq. bds_ 411,000
Equip.7% g. notes
Accounts payable_ 2,554,083
Surplus& profits__16,639,233
-Balance Sheet Dec. 31.Quissett Mill.
Assets1930.
1929.
Real estate & machinery
52,273,48282,273,132
Cash, receivables
& investments_ 1,046,344 1,272,087
Inventory
709,549 678,496
Capital surplus Dec. 31
$4,220,135 $2,708,730
x Excess of proceeds from sale of capital stock during the year over
value placed thereon by directors.
Condensed Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Assets
LiabilUies$
$
Cash
220,508 a1,801,616 Sundry accounts
Die from foreign
59,734
193,652
payable
bunkers
13
1,414 Pref. stock
y11,377,600 13,750,000
Accru'cl int. receiv.
42,775
44,215 Common stock_ _ _x1,870.000 1,375,000
b Invest at cost_ _17,398,091 16,046.219 Capital surplus... 4,220,134 2,708,730
Prairie Pipe Line Co.
-Omits Extra Dividend.
-
1930.
1929.
Assets
Plant, equipment,
die
x39,172,584 39,240,763
Securities & stocks
owned
3,963,524 3,987,901
Notes & accts. rec.
from subsidiaries 907,371
863,208
3,720,660 2,716,223
Cash
Notes receivable. _ 1,373,126 1,455.198
Unmat.accts. rec. 320,508 1,272.009
.Accts. receivable._ 1,955,935 5.076,139
Inventories
2,664,678 3,483.080
Prepaid expenses._ 210,635
270,552
Purity Bakeries Corp.
-To Decrease Capital.
The stockholders will vote March 3 on approving a reduction in the
authorized capital stock by 125,000 shares of SG cum, pref. stock.
-V.
132, p. 1240.
488.500
1,020,000
1,299,233
411,000
220,000
5.138,121
16,557,924
Reliance Management Corp.
-Annual Report.
-
President Morton II. Fry, Feb. 10. says:
In order that stockholders may be informed of the present status of
the corporation, it may be stated that the corporation's books as of Jan.
31 1930, indicated net assets, taking investments at market value (except
the investment in Reliance International Corp. class II common stock
which is given no valuation), of approximately $4,530,939. These net
Total
54.289,024 58,365,075
Total
54,289,024 58,365,075 a.ssets were equivalent to $1,399 per $1,000 debenture and, after deducting
x Includes $39,240.763 for plant, and, buildings, equipment and fran- outstanding debentures at par. were equivalent to $5.87 per outstanding
share of capital stock. [Similarly computed the net assets were equivachises Jan. 1 1930; additions and betterments during 1930.
$254,568 for depreciation, obsolescence, &c.. charged off at $186,388, less ent to $1,327 per $1,000 debenture and $4.92 per share as of Dec. 31 1930.1
close of year.
y Represented by 395.622 shares (no-par value).
y
Comparative Income Account.
Our usual comparative income account for the year ended Dec. 31 1930
Year Ended Jan. 25 '29
was published in V. 132, p. 1240.
Dec. 31 '30. to Dec.31'29
Period522.721
Interest received
$249,499
Prince & Whitely Trading Corp.
-Changes Name and Cash dividends received
33 :695
9 17
0 3
4
Management fee
121..890
6 93
3 6
Reduces Capital.
The stockholders on Feb. 19 unanimously approved the recommendation
Total
$447,589
$435.352
of the directors to change the name of the trust to the "Phoenix Securities Expenses
62,903
29,232
Corp." and effect certain changes in the capital structure. The capital
of the corporation was reduced by changing to $25 per share the amount
$384,686
Balance
5406.120
capital represented by the preferred stock and by writing down to Si Profit
of
on sales of securities (net)
loss1.152.501
69,387
per share the capital represented by the common. The total amount
of this reduction will be credited to surplus.
Total
loss$767,815
$475,507
meeting also voted to reduce the authorized preferred stock from Interest profit
The
on debentures
239.416
215,972
700,000 shares to 300,000 shares and the authorized common from 3,500.000 Provision for Federal income tax
9.000
to 2,000,000. The articles of incorporation were changed to provide that
as long as any preferred stock is outstanding no dividends shall be paid
Net income
loss$1.007.232
S250,535
on the common stock unless immediately after such dividends have been
Surplus Account.
-Earned surplus Dec. 31 1929.
paid or sot apart, the corporation shall have not assets equal to at least debentures purchased, $275,330; total, $625,864. $250.535; discount on
Loss for year 1930.
$50 per share of preferred stock.
$1.007.232; net adjustment of taxes for prior years, $256; profit and loss
The stockholders also consented at this meeting to a termination of the (illicit, $481.623. Capital surplus Jan. 1 1930,
$1,060,151; New York
management agreement which the corporation heretofore entered into with State license fee and Federal transfer tax on issuance
of warrants, $12,833.
-v.132, p. 868.
the firm of Prince & whitely.
Capital surplus Dec. 31 1930, $565,694.
1438
FINANCIAL CHRONICLE
Comparative Balance Sheet Dec. 31.
Assets1930.
1929.
1930.
1929.
Liabilities
Cash '
559,264
$498,292 s3708,763 Sundry accts. PAY - $33,944
Due from foreign
N. V. State Banbanks & bankers 108,252
9,924
11,209 °Mae tax
Account receivable
6,105 Unclaimed diva. &
Accru'd int. reeeiv.
3,425
4,311
bond interest_
2,218
Invest, at oust_ _ _y7,371,390 9,750,021 Aced Int, on de's..
104,167
69,020
Manag. fee receiv_
8,693
5% debentures_ _ 3,313,000 5,000,000
Deferred charge_ _
8,270
Capital stock (2204,004,200 4,004,200
210shares)
565,694 1,050,151
Capital surplus_
250,536
Earned surplus_
Total
37,999,209 810478,316
$7,999,209 310478,316
Total
x Includes call loans. y Market value, $3,885,846. 330,000 shares of
Reliance International Corp. class B common stock included at no value
In computing market values.
A list of the securities owned is given in the report.
-V. 131, P. 4065.
Reo Motor Car Co.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of 10 cents per shar..
on the outstanding $20.000,000 common stock, par $10, payable April 1
to holders of record March 10. Previously, the company made quarterly
distributions of 20 cents per share.
-V. 132, p. 1241.
(R. J.) Reynolds Tobacco Co.
-Adopts Cellophane
Wrapper.
-
[VOL. 132.
Comparative Balance Sheet Dec. 31.
Assets
Liabilities1930.
1929.
1930.
1929.
Cash
$32,173
$9,278 Acc'ts payable- _
$130,296 $200,406
Investment occurs.
&c 0th. acc_
98,779
125,812
46,386
62,736
Rec'les, less res
207,141
192,412 Deprec'n reserve_- 184,000
112,000
Inventories
' 8,500
835,962
841,036 Insurance reserve.
5,500
Sundry invest_
79,610
27,114 534% bonds
2,500,000 2,500,000
Fixed assets
4,676,948 4,643,297 6% pref. stock,._,. 1,500,000 1,500,000
Deferred charges_
42,869 Common stock _ y1,300,032 1,300,0011
19,635
Profit and loss__ -- 281,034
211,176
Total
Total
$5,950,248 $5,881,818
$5,950,248 85,881,818
y Represented by 60,001 shares (no par).
-V. 130. P. 4623.
Rollins Hosiery Mills, Inc.
-Earnings.
Earnings for Period from Jan. 4 1930 to Dec. 31 1930.
Net income after all charges, incl. manufacturing, selling and
administrative expenses
Depreciation
Interest and discount on first mortgage bonds
Interest on bank loans
Federal income tax
Net profit
Previous earned surplus
$210,140
120,295
27,223
22,565
4,800
$35,257
170,630
Total earned surplus
3205,887
Preferred dividends paid
144,000
The problem of sealing cigarettes so that practically none of the freshEarned surplus Dec. 31
ness they possessed at the time of manufacture IS lost before they reach
361,886
the smoker has been solved by the company, which began this week placComparative Balance Sheet.
ing on the market Camel Cigarettes in a moisture-proof cellophane wrapper,
AssetsDec. 31 '30 Jan. 4'30
Dec. 31'30. Jan. 4'30. Liabilitiesdeveloped in the company's plant at Winston-Salem, N. C., after months Cash
$108,205 Notes payable_
$400,000 $200,000
of experimentation and scientific research. It is stated that within a few Insurance deposit_ $195,410
Purch.money oblig
23,034
239,995
days Camels in their new wrap will be available at almost every store Acc'ts receivable
829,033 Trade accts. Pay-8,670
783,906
147,217
throughout the country.
-V. 132. p. 672, 326.
Inventories
1,322,363 1,889,026 Accrued salaries,
taxes, &e
52,370
assets_
25,687
43,920
- Sundryassets
Rhodesian Anglo American, Ltd.-Offm s Debentures.
aFixed
Reserve for Federal
The directors have offered at par to stockholders pro rata to their stock- Deferred charges 1,162,365 1,046,256 income taxes_ _ _
5,721
67,952
57,052
51,991
holdings on Jan. 14 1931 £1,500,000 (or its equivalent in U. S. dollars) of
let mtge.bonds_
390,000
455,000
% debentures, due in 1945. The debentures carry detachable stock
Preferred stock_ _,.x2.000,000 2,000,000
options.
Common stock_ _ _ y400,000
400,000
The shareholders have received formal notice of the issuance of £1,Surplus
287,370
396,113
500,000 7N% debentures, equivalent to approximately $7,500,000 and
authorized capital stock to £6,500,000 oy the creation of
an increase in the
Total
83,544,131 83,050,198
Total
$3,544,131 $3,950,198
3,000,000 additional shares of 10s. each.
x Represented by 40,000 shares of $3.60 cumulative stock. y RepreThe debentures will be issued both in pounds and in dollars. Debentures
-V. 132, p. 1052.
sented by 40,000 shares. z After depreciation.
in the American form will be in the denomination of $1,000 each. They are
offered at par pro rata to shareholders on the basis of one $1,000 debenture
Roos Bros., Inc.
-Earnings.
for each 1.000 shares of stock owned, fractions being disregarded.
1929.
Calendar Years1930.
Subscribers to each $1,000 of debentures in the American form will
1928.
$4,952,127 $5,412,813 $5,040.659
receive an option on 103 shares of 10s. each at a price of 12s. per share, Sales
309,198
424.511
exercisable on or before July 31 1932, and a further option on 206 shares of Net profit
423,006
10s. each at a price of 20s. per share exercisable on or before July 1 1938. Write off on non-recurring exp. of
opening new store
39,000
The subscription price will be payable in four installments of 25% each.
38,810
45.513
The first installment is payable by American subscribers not later than Federal income tax
52,301
Feb. 24 at the offices of the Newmont Mining Co., 14 Wall St., New York
Net income
$270,388
$339,998
City. See also V. 132, p. 869.
$370,704
65,000
65,000
Preferred stock dividends
65,000
Richfield Oil Co. of Calif.
-Exchange of Shares.
200,000
200,000
Common stock dividends
200,000
In a letter to the stockholders of the above company, dated Feb. 17,
$5,388
$71,998
Balance
Henry L. Doherty Co. announced that further offers of Richfield common
$105,704
1,275.199
1,200,201
stock in exchange for Cities Service common would be accepted only in Previous surplus
1,094,497
the order received and subject to the time and amount limitation of the Approp. to own insurance reserve__ -- Dr5,934
offer made on Jan. 26.
$1,274,653 $1,275,199 $1,200,201
Under this offer one share of Cities Service common stock would be Common stock & surplus
$3.44
$2.57
$3.82
given in exchange for four shares of Richfield stock, to a total of not more Earnings per share on common stock_
than 500.000 shares of Richfield, until Fob. 25.
Balance Sheet Dec. 311930.
"The expressions of the holders of securities of the Richfield company,"
Liabilities
Assetsthe letter said, "in regard to the offer have been most gratifying. Inquiry Cash
Mdse.& gen. creditors
$165,605
from the receiver seems to make definite that there is no other offer pend- Customers' accts. receivable- $93,686 Other accounts Payable
159,431
976,602
ing, as was at one time rumored."
Other accts. receivable
10,833
9,677 Accrued div. on pref. stock__
7,100
Inventories
1,046,462 Deposits on sub-leases
Bondholdm s' Committee Urges Concerted Action.
Life insurance surrender value_
1.000,000
1.601 Preferred stock
The bondholders protective committee Feb. 14 issued a notice to holders Prepaid expenses
y1,274,653
49,373 Common stock
first mortgage and collateral trust gold bonds, series A, convertible, Fixture & equipment
of the
11,159
'
,
x408,473 Own insurance reserve
urging them for their own protection to act immediately in depositing Lease deposit
40,000
their bonds.
2,905
Other assets
appointment of a receiver in equity Jan. 15 1931, the Good-will
Referring to the
1
committee states:
"We are advised that the appointment of such receiver and the fact
Total
$9,628,783
$2.628,783
Total
that the company consented thereto constituted an event of default under
X After deducting reserve for depreciation of $539,453. y Represented
the indenture securing these bonds. Most of the company's assets are
-V 130. p. 4434.
indirectly subject to this indenture, and the indenture gives by 80,000 shares of no-par value.
directly or
important powers and rights to bondholders acting collectively on the
Roxy Theatre (Roxy Theatre Corp.), N. Y. City.
happening of an event of default.
In view of the foregoing circumstances it is obvious that the protection New President.
of the bondholders demands prompt and concerted action, and such action
Harley L. Clarke, President of the General Theatres Equipment, Inc..
can only be insured by an immediate deposit of bonds under the deposit has been elected President of Rosy Theatre Corp., succeeding S. L. Bothaagreement. All bonds should be deposited before March 10.
fel, resigned.
-V. 130, p. 1667.
The depositaries are Security First National Bank of Lao Angeles, the
Bank of America National Association, New York and American Trust
-Earnings.
Royal Baking Powder Co.
Co., San Francisco. (For names of members of protective committee
For income statement for 6 months ended Dec. 31 1930, see "Earnings..
see V. 132, p. 672).-V. 132, p. 1241, 1052.
Department" on a preceding page.
-V. 131, p. 4227.
-Earnings.
Rochester & Pittsburgh Coal Co.
[Including Jefferson & Indiana Coal Co.]
Calendar Years
-1929.
$5,296.442 $5,429,979
Gross earningsfrom all sources
4,264,330
4,468,611
Operating expenses
326,999
Depreciation
319,866
66,100
63,466
Depletion
108,011
200,032
Interest
$531,001
Net income
75.000
Preferred dividends
$456,001
Balance
Sheet Dec. 311930.
Consolidated Balance
Liabilities
$280,847 Accounts payable
Cash
Cash
870,818 Notes payable
Marketable securities
57,750 Mortgages (due on demand)_
Notes receivable
1,850,571 Accrued interest and taxes__ _
Accounts receivable
27,61,7 Dividend on pref. stock
Accrued int, and diva
683,502 Deposits
Inventories
17,725 Bonded & long term lndebt__
Advances
10,050,805 Deferred credits
Investments
3,422 Res.for workmen's compenSinking funds
60,151 Preferred stock
Deferred charges
Common (class A)stock
Lands, plant & equip. &
:15,885,950 Common (class B)stock
gas wells
Paid-in surplus
Earned surplus
$378,003
75,000
$303,003
(Helena) Rubinstein, Inc.
-New Directors.
$1,167,129
225,000
10.000
34,151
37.500
109,363
1,755,959
2,629
200.000
12:044:600
9,036,500
2,080,915
685,410
Total
$29,789,156
Total
$29,789,156
x After reserve for depreciation of $6,866,544.-V. 132, p.673.
Rolland Paper Co., Ltd.
-Earnings.
Calendar Years
1930.
1929.
Earnings for year
14379.357 14440,479
Bond interest
137,500
137.500
Allowance for depreciation
72,000
72,000
Net profit
$169.858
$230,979
Previous surplus
211,176
80,196
Total surplus
$381,034
$311,176
Preferred dividends
90,000
90,000
Proportion of organization expenses written off......
10,000
10,000
Surplus Dec. 31
$281,034
$211 176
$1.33
$.18
Earns, per sh. on 60,000 shs. corn. stock (no par)
a After operating expenses, Federal and general taxes and provision for
bad and doubtful debts. b Before provision for income tax.
Royal Worcester Corset Co.
-Changes in Personnel.
At the annual meeting new officers were elected as follows: Richard D.
Olmstead, President; Walter W. Ridler, Treasurer; and Harlan T. PierPont, Secretary.
Messrs. Olmstead and Ridler and Maurice F. Reidy were added to theboard of directors, succeeding Dr. Homer Gage, Arthur H. Gray and M.G.
Van Arsdale. Theodore T. Ellis was elected Chairman of the board and
with Harlan T. Pierpont and Richard D. Olmstead, constitute the executive committee.
The report of the Treasurer, dated Dec. 31 1930, showed current assets.
of $526,268, against current liabilities of $39,200, a ratio of 13.42 to 1.V. 127, p. 3104.
John M. Hancock of Lehman Bros. and William T. Philipps have been,
elected directors, replacing Robert L. Pond and A. J. Burke.
-V. 131,
P.956.
SL Mary's College and Academy, Monroe, Mich.
Bonds Offered.
-First Detroit Co., Inc., Detroit, and
Foreman-State Corp. Chicago, are offering at 98 and hit.,
to yield 5.20%, $500,000 1st mtge. 5% sinking fund gold
'
bonds.
Dated Jan, 2 1931; due Jan. 2 1946. Principal and int. payable at the •
office of the Detroit Trust Co., Detroit, trustee. Interest payable (J. & J.)
without deduction for the normal Federal income tax up to 2%. Denom.
$1,000 and $500 c*. Red. on any int, date on 30 days'notice at 101 and int.
St. Mary's College and Academy is the name of a Catholic Community
known as Sisters, Servants of the Immaculate Heart of Mary, which was
established at Monroe, Mich., in 1845. From a modest beginning, the
Community has grown steadily in size and importance until to-day it takes
rank among the important educational institutions of Michigan. It is the
owner of valuable properties in Monroe and Detroit, which are used chiefly
for educational purposes, and which include the Boys' Primary School, the
Mother House and Chapel at Monroe, and Marygrove College in Detroit.
The Community at present is composed of 706 professed members,or Sisters.
and 113 candidates.
These bonds will be secured by a direct 1st mtge. upon the property of the
Community and the buildings about to be constructed on the new campus
at Monroe, which it is estimated will cost not less than 152,000,000. The
present value of such properties, which were designed primarily for educational-purposes, has been established by D. E. Murray of the Detroit Trust
Co. at in excess of $5,400,000, so that on completion of the now buildings
the value of the mortgaged properties will be in excess of $7,400.000 to
secure a maximum authorized amount of $3,500,000 first mortgage 5%
sinking fund gold bonds. The amount of first mortgage 5% sinking fund
gold bonds issued to date totals $2,000.000, of which $1,300,000 are pledged
FINANCIAL CHRONICLE
-year 5% collateral trust gold bonds
as security for an equal par amount of 2
of the Community. (Compare also V. 132, p. 326.)
Bonds Called.
The Detroit Trust Co., trustee, announces that all the outstanding
$173,000 5,34% sinking fund gold debentures, dated Oct. 1 1927, will be
redeemed April 1 1931 at 101 at the office of the trust company. With
the retirement of these debentures the only outstanding obligations of the
Monroe institution are two issues underwritten this year by the First
Detroit Co. and the Foreman State Corp. of Chicago. They are $1,500,000 two year 5% collateral trust gold bonds and $500,000 1st mtge.
5% sinking fund bonds due in 1946.-V. 132, p. 326.
-Earnings.
St. Joseph Lead Co.(& Subs.).
1928.
Calendar Years1930.
1929.
1927.
a Income
$5,809,486 $11,954,769 $7,815,039 $8,282,310
Depletion & deprec__ -. 3.885,534
3,533,675
2,826,151
3,406,158
Federal taxes
390,314
883,939
455,624
781,099
42,289
Applic. to min. int., &c
23,646
71,153
67,928
Netincome
Dividends(cash)
$1,509,991 $7,466,002 $4,490,973 $4,027,125
x975,236
5,851,400
5.851,377
5,851,332
1439
of capital represented by shares of stock having no par value to the extent
of one-fourth thereof, that is to say, for the prior stock from $92.86 to
$69.645 per share,for the convertible stock from $21.50 to 516.125 per share,
for the common stock issued upon subscriptions to units of convertible and
common stock and upon allotment certificates from $4 to $3 per share,
for common stock issued upon conversion of convertible stock from $7.16 2-3
to $5.375 per share and for common stock issued upon exercise of common
stock purchase warrants embraced in said allotment certificates from $8 to
$6 per share, or from a total capital now represented by outstanding shares
without par value of $60,490,387 to a total capital represented by such
shares without par value of $45,367,790, after giving effect to the retirement
above advised of shares owned by the corporation and after treating as
full paid and outstanding the shares now represented by unpaid subscriptions (including as such said allotment certificates, but not the said warrants
embraced therein), such reduction to apply accordingly with respect to all
shares without par value hereafter issued pursuant to said subscriptions,
said allotment certificates, said warrants and the conversion of said convertible stock, and that (a) the difference, to wit, $8,611,424 between the
total purchase price of said shares so retired and the said total amount of
capital represented by said shares, and (b) the amount, to wit $15,122,596
by which the capital represented by said outstanding shares of stock having
no par value is reduced, as well as (c) the amount by which the capital
represented by shares without par value may be reduced upon the subsequent issuance of said shares in accordance with the foregoing, be carried
to surplus on the books of the corporation and utilized as such in the conduct of the affairs of the corporation, including the write-down as desired
of the assets owned by the corporation to their then market value and the
payment of dividends.
The total number of authorized shares of the capital stock of this corporation is 5,666,000, without par value, of which 700,000 shares are 55,50
dividend prior stock, 466,000 shares are convertible stock, and 4,500,000
shares are common stock.
Balance, surplus.. _ _ _
$534,755 $1,614,602df$1,360,404df$1,824,208
Shares of capital stock
1,950,460
1,950,508
outstanidng (par $10)
1,950,462
1,950,508
sEarns. per sh.on cap.stk
$3.83
$2.29
$0.73
$2.07
x Being the dividend of 50c. per share payable March 20 1931. Previously the company declared dividends one year in advance (which were
charged against the year's earnings in which declared) but failed to do so
In December 1930. a After wrting off development and exploration expenses on properties abandoned and including interest, dividends and miscellaneous income (amounting to $1,160,197 in 1930).
President R. S. Reynolds, Feb. 16 says in substance:
The corporation by reason of the effect of the depression on its own
Consolidated Balance Sheet (Incl. Subs.) Dec. 31.
securities was able to purchase some of its prior stock and allotment certi1930.
1929.
1929.
1930.
ficates. This was accomplished at $8,611,424 less than the capital they
LtabtlUtes3 "
Assets$
Capital stock_ __ _c19,504,620 19,504,600 represented upon the books of the corporation. The proposal is to retire
Ore res. & mining
468
489 the shares thus acquired and carry said $8,611,424 from capital to surplus
rights
814,689,556 17,298,768 Scrip
Ridge. & equipb13,807,725 13,624,847 Min. int, sub. cos_ 123,538
228,756 on the books of the corporation.
The corporation has found itself unable legally to pay dividends because
2,000,000
821,798 Notes payable
Railway construe_ 229,385
Investments
2,857,579 1,961,183 Accts.& wage pay. 1,422,211 1,647,885 of the effect of the world-wide depression on market values. Many corDivs. payable_.. 975,231 5,851,382 porations in this situation have resorted to the expedient, allowed by the
Cash
2,257,006 1,752,036
Federal taxes
386,490
Marketable see. &
821,459 laws of Delaware, of reducing capital represented by shares without par
•
call loans
142,330 2,722,404 Rester conting.eic 1,128,961 1,419,963 value. After a great deal of consideration and consultation with some
15,192,209 14,857,453 of the largest stockholders of the corporation, the directors are advising
Accts.receivable 1,064,683 1,751,115 Surplus
that the capital of the corporation represented by shares without par value
Inventories
5,443,316 4,135,060
should be reduced proportionately to the extent of one-fourth, the amount
Deterred charges__ 242,149
266,578
of such reduction to be carried to surplus.
Such action will enable the corporation at once to pay accumulated diviTotal
Total
40,733,728 44,331,785
40,733,728 44,331,785
the extent ofsuch one-fourth,reduce the basis
a After depletion of $28,095,909. b After depreciation of $6,936,352. dends because it will, tounder the Delaware Statute (Sec. 34) which for the
allows
payment of dividends
c Par value $10.---V. 131, p. 3721.
dividends to be paid (a) out of net assets in excess of stated capital or (b)
In case there shall be no such excess, out of net profits for the current
Sally Frocks, Inc.
-January Sales.
and (or) preceding year, provided any such payment out of net profits
Month of January1931.
1930.
leaves unimpaired the amount of capital represented by all classes of shares
1929.
Sales
$380,162
$419,456
$249,354 having a preference. The total amount of such reduction will be 515,122.-V. 132, p. 507.
596, or from a total capital represented by shares without par value of $60.490.387 to a total capital represented by shares without par value of $45.Schulte-United, Inc.
-Irving Trust Appointed Trustee 367,790, after giving effect to the retirement of owned shares as above
mentioned and after treating as outstanding the shares now represented by
for Company, Also for Miller's, Inc.
unpaid subscriptions, and it is this amount of $15,122,596 that will be
Irving Trust Co., receiver in bankruptcy for Schult-eUnited, Inc., and carried to surplus on account of such reduction of capital represented by
Millers, Inc.. has been appointed trustee of both companies at a meeting shares without par value.
of merchandise creditors. The hope was expressed at the meeting that
The amounts so carried to surplus are to be utilized as such In the conduct
merchandise creditors of Millers, Inc.. will receive almost 100 cents on the of the affairs of the corporation, including the write down as desired of
dollar. The possibility that merchandise creditors of Schulte-United, Inc., the cost of assets owned by the corporation to their then market value and
will receive substantial dividends was expressed by Archibald Palmer, the payment of dividends.
attorney for both groups of creditors.
Such reduction and its utilization will apply accordingly upon all shares
In nominating the Irving Trust Co. as trustee in both cases, Mr. Palmer issued hereafter upon present subscriptions, present allotment certificates,
-cent to $1 Stores, Inc., the warrants embraced in such certificates, and the conversion of constated negotiations are pending whereby Schulte 5
is to subrogate in part its $15.000,000 claim against Schulte-United. Inc., vertible stock.
-V. 132. p. 1054.
to the benefit of merchandise creditors and that an agreement has already
Selected Shares Corp.-Januaty Sales.
been concluded under which Millers, Inc., of Delaware, a holding corporaSales of Selected American Shares and Selected Income Shares for Janution, is to subrogate its claim of approximately $1,400,000 against Millers,
the same period of 1930, according to an
Inc. As a result of the latter agreement, he said, he believed that mer- ary 1931 increased 707% over
chandise creditors of Millers, Inc., would receive nearly full payment of announcement by Alvin H. Baum, Executive Vice-President of Selected
Shares Corp. During January the nationwide selling organization of
their claims.
Merchandise claims against Schulte-United. Inc., approximate $2,- Selected Shares Corp. increased its membership 15% over the preceding
-V. 132, p. 1054.
those against Millers, Inc., total approximately $600,000. month, he added.
000,000. while
-V. 132, p. 507.
-Lower Div.
Selfridge & Co., Ltd., London, England.
The company has proposed a common dividend for the year ended Jan. 31
-Trustee Named.
Schulte United, Ltd.
-V.130, p. 4434.
1931, of 10%, against 20% for the preceding year.
Douglas L. Ross, custodian, was officially named as trustee of this
bankrupt company at a meeting of the creditors held in the Montreal
-New Director.
Sentry Safety Control Corp.
Court House Feb. 4. John R. Reskins, general manager of the company,
George Ryan has been elected an additional director, Increasing the
is to continue in the same capacity under the trustee.
board to six members.
-V. 130, p. 4434.
In his statement to the meeting, the General Manager estimated that the
sales for the current year, provided that all the stores are operated, would
-Wins Suit.
(W. A.) Sheaffer Pen Co.
reach a total of $3,500,000, which compares with $3,100,000 in 1930.
Federal Court at Chicago
Terminating
of litigation,
The Canadian company was placed in bankruptcy following similar (Ill.), presided 12 years Judge Juliana jury in the
Mack has returned a verdict in favor
over by
actions against the American organization, in order that the interests of
other defendants in a $750.000 suit brought
of creditors would be protected. The company operated 14 stores, three in bythe above company and 10 charging violation of the Clayton anti-trust
the Sydney & Morris Co.
Quebec, nine in Ontario, one in St. John, N. B., and one in Winnipeg.
The merchandising problems of the company appear to have been solved, laws. Judge Mack overruled a motion for a new trial and entered a
according to a statement by the trustee, but the company is operating judgment dismissing the case.
refuse
under some unfavorable leases which will require adjustment. Failing a to The Court upheld the right of this company and co-defendants to manusell merchandise to any retailer who should not maintain the
settlement in this regard, some of the stores may be closed.
facturer's nationally advertised prices or who jobbed the merchandise
sold him. ("Wall Street Journal.")
-V. 132, p. 327.
Seaboard Insurance Co.
-Smaller Dividend.
The directors have declared a quarterly dividend of 1234 cents a share on
-Smaller Dividends.
Signal Oil & Gas Co.
the $10 par value stock, paid Feb. 16 to holders of record Feb. 12. This
The directors have declared quarterly dividends of 25 cents each on the
is a reduction from the quarterly of 1734 cents paid Nov. 15 1930.
class A and B stocks, payable March 10 to holders of record Feb. 28. The
Seaboard Investment Trust of Boston.-Acquisitions. company paid quarterly dividends Of 50 cents per share on both classes of
--V. 130, p. 2080.
The Maryland P. S. Commission has set Feb. 25 as the date for hear- stock in June, September and December last.
ing the application of the Seaboard Investment Trust of Boston for con-January Sales.Simmons Co.
trol and operation of the Washington Gas Light Co., the Georgetown Gas
Decrease.
l:nth of January1931.
Light Co. of Montgomery County, a subsidiary of the Washington comry
5519.276
19 3
3 ;770
$1,504,494 $2,050
pany, and the Washington Suburban Gas Co., formerly known as the Sales
Hyattsville Gas Corp.
Sales, including subsidiaries, for January 1931 were $2,141,890 as comThe application states the Seaboard Investment Trust which is allied pared with $3,043,342 in January 1930 a decrease of $901.452.-Y. 132. p.
with Harris, Foi.bes & Co., will change its name shortly to Washington & 327.
Suburban Gas Co. Through an arrangement with the Columbia Gas &
-Earnings.Simpsons, Limited (& Subs.).
Electric Corp., the Washington Gas Light Co. has been distributing
natural gas in the District of Columbia since the latter part of January.
Year Ended 7 Mos. End.
V. 131, p. 2079.
Jan. 28 '31. Jan. 29 '30.
PeriodCombined profit from operations after deducting
Second NaVonal Investors Corp.
-To Reduce Stated
selling & general expenses, subscriptions & donations, depreciations, bond int. of constituent
and Par Value of Common Stock.
-President Fred Y. Presley,
companies, directors' fees & provision for bad
Feb. 14, says in substance:
debts$3,277,687 $1,807.855
The directors on Feb. 13 1931, declared it advisable to submit to holders Divs. paid & accrued on 6% cum. pref. shs. of The
201,000
119,830
of common stock for their written consent and for their approval at the
Robert Simpson Co., Ltd
annual meeting of stockholders, to be held on March 3, proposals to reduce Int. paid & accrued on 5% 1st mtge. sinking fund
80,485
gold bonds
the capital of the corporation represented by the shares of common stock
o
ndsof Robert 6%
& aceruedn Simpson Co., Ltd
1st mtge. & coll, trust
from $5 to $1 per share and to change the shares of common stock without Int.
638.751
346,154
par value into the same number of shares of common stock with a par
gold bonds of Simpsons, Ltd
value of $1 per share. The purpose of these proposed changes is to effect Divs. paid &i,
sim psonsaccrued on 63X % cum. pref. shares
671,136
379,166
for the corporation, under certain circumstances, a substantial saving in
both the Delaware and New York State annual franchise taxes, and for the Dividend paid on 120,000 class A no-par value
stockholders, a saving in transfer taxes. In the case of the sale or transfer
60,000
shares of Simpsons, Ltd
of 100 shares this saving would amount to 99% of the transfix' taxes at Dividend on 120,000 class A no-par value shares
240,000
present payable.
of Simpsons. Ltd
776,675
The reduction of the capital of the corporation represented by the common Reserve for depreciation of buildings & equipment.
101,000
140
6,
3
stock to an amount equivalent to $1 per share Is a necessary legal preliminary Profits tax reserve
under the Delaware law to the changing of the shares of common stock Reserve for bonuses & employees' savings & profit135,000
187,542
sharing fund
from shares without par value to shares with a par value of $1 per share.
-V. 132, p. 143.
$433,641
$511,414
Net addition to surplus
Selected Industries, Inc.
-To Reduce Stated Capital.
- -V. 131, p. 2549, 2080.
The stockholders will vote March 10 on reducing the capital of the cor-Extra Dividends.
Sioux City Stock Yards.
poration (1) by $18,769,917, by retiring the shares of stock owned by
The directors have declared the regular quarterly dividends of $2 a share
this corporation, to wit, 194,792 shares of prior stock and 170,383 shares
of common stock, represented on the books of this corporation by a total on both the preferred and common stock, with extras of $4 a share on the
capital of said $18.769.917, and (2) by $15,122,596, by reducing the amount preferred and common stocks, all payable Feb. 16 to holders of record Feb.14
770
1440
[you 132.
FINANCIAL CHRONICLE
for the 20
-year 63.6% sinking fund first mortgage gold bonds of Superior
655 Park Avenue, Inc.
-Certificates Called.
All of the outstanding 1st mtge. participating Prudence certificates. Elevator Corp. states that the securities of Superior Elevator & Forwarding
dated August 1 1923, of the above corporation have been called for pay- Corp. to which they are entitled under the plan of reorganization dated
ment March 2 next at par and interest at the office of the Prudence Co., Dec. 15 1930, will be ready for delivery on or about Feb. 16 1931. As
Inc., 162 Remsen St., Brooklyn, N. Y. A premium of 1% will be paid provided by the plan, holders of certificates of deposit will receive the
on all certificates presented for payment on or before March 2.-V. 119, following securities:
For each $1,000 of Superior Elevator Corp. first mortgage certificates
p. 1892.
represented by the certificates of deposit: $500 of general mortgage bonds,
trust certificate for 20 shares of preferred stock, and voting trust certificate
Standard Dredging Co.
-Omits Common Dividend.
The directors have decided to omit the quarterly dividend ordinarily for five shares of common stock.
For each $500 of Superior Elevator Corp. first mortgage certificates
payable about March 1 on the common stock. In each of the four quarters
of 1930, the company paid a quarterly dividend of 15 cents per share in represented by the certificates of deposit: $250 of general mortgage bonds;
trust certificate for 10 shares of preferred stock, and voting trust certificate
cash and 1-80th of a share in common stock on the latter issue.
-V. 131, for 2M shares
-V. 131, p. 4228, 3054.
of common stock.
P. 3053.
Stix, Baer & Fuller Co.
-Smaller Dividend.
The directors have declared a quarterly dividend of 25 cents a share on
the common stock, payable March 2 to holders of record Feb. 15. Previously
company paid quarterly dividends of 373i cents per share.
thep. 748.
Stone & Webster, Inc.
-Smaller Dividend.
-
The directors on Feb. 18 declared a dividend of 75 cents a share on
the capital stock, payable April 15 to holders of record March 17. From
April 15 1930 to and including Jan. 31 1931, quarterly dividends of $1 a
share were paid.
Earnings for 1930.
-
-To Succeed SuSuperior Elevator & Forwarding Co.
-See latter company.
perior Forwarding Co., Inc.
Balance Sheet Jan. 12 1931 (New Company).
Liabi2itiesAssets$300,000
Cash in bank
$91,958 First mortgage bonds
99,019 General mtge. Income bonds-- 1,012,500
Accounts receivable
Capital reserve for issuance of
Land, buildings & equipment
23,084
2,073,690 additional securities
(appraised value)
40,500
Prepaid taxes
20,663 Preferred stock (par 81)
10,125
6,832 Common stock (par $1)
Prepaid insurance
562 Paid in surplus
Prepaid rent, &c
908,015
Produce exchange membership
1,500
For the 12 months ended Dec. 31 1930, company reports net consolidated
Total
$2,294,225
$2,294,225
Total
earnings, Including those of subsidiary companies, of $7,211,159, equal
to $3.82 per share on the average of 1,888,694 shares outstanding during
Directors.
-A. F. Beringer, Paul W. Fisher, E. H. Letchworth, E. A.
the period. Of these earnings, $780,836, equivalent to 41 cents per share, Pearson, D. G. Sherwin.
was profit carried direct to surplus on securities acquired on organization
Officers.
-A. F. Beringer, President.; Thos. C. O'Brien, Vice-President;
from the predecessor company and sold within the period.
E. H. Letchworth, Vice-President; Jas. E. MacKerraoher, Asst. to Vice.
The earnings include Stone & Webster, Inc.'s proportion of nine months' President; F. W. Dell, Treasurer; Paul W. Fisher, Secretary; Homer H.
earnings of the Engineers Public Service Co., of which Stone & Webster, Woods, 4sst. Treas. & Asst. Secretary.
Inc., held over 90% of the common stock on Dec.31 1930.-V. 131, p.4067.
-Earnings.
-Extra Div.
- Superior Steel Corp. and 12 months ended Dec. 31 see "Earnings
Stromberg-Carlson Telephone Mfg. Co.
For income statement for 3
An extra dividend of 1234c. a share and the regular quarterly dividend
of 25c. a share have been declared on the common stock, both payable
March 2 to holders of record Feb. 16.-V. 131, P. 1728.
-Shipments.
-Stutz Motor Car Co. of America, Inc.
Shipments of Stutz motors cars for January 1931 were five times more
than the shipments in January 1930, according to President E. S. Gorrell.
The carryover of unfilled orders which will be shipped in February is 60%
greater than the total number of shipments made in February 1930.132, p. 871.
-V. 131, p. 2710.
Department" on a preceding page.
-Earnings.
Sweets Co. of America.
For income statement for month of January, see "Earnings Department" on a preceding page -V. 132, p. 508.
Swift Internacional Corp.-Ealflings.
Profit and Loss Surplus Accountfor Calendar Years-Argentine Gold.
1928.
1927.
1929.
1930.
Profit
$6,549,287 85,560,089 $4,605,021 $2,005,205
Sullivan Packing Co.
-Defers Preferred Dividend
1,865,520
3,109,200
1,865,520
Dividends
5,441,100
The directors have decided to defer the quarterly dividend of 2% due
$139,685
Surplus
$1,108,187 $2,450,889 82,739.501
Feb. 1 on the 89' cum. pref. stock, par $1100. The last regular quarterly Previous
surplus
16,586,857 14,237,268 11,547,071 11,435,388
distribution at this rate was made on Nov. 1 1930.-V. 108, p. 15113.
Total surplus
$17,695,044 $16,688,157 $14,286,572 $11,575,073
18,802
92,100
40.104
To reserve account
111,202
Sundstrand Machine Tool Co.
-New Director.
9,200
9,200
9,200
9,200
A. E. Johnson has been elected a director to fill a vacancy on the board. Director's & aud's fees-Profit & loss surplus- -$17,574,642 $16,586,857 $14,237,268 $11,547,071
-V.132, p. 144.
Shs. of cap. stk. outstdg.
1,500,000
Sun Maid Raisin Growers Assn.
1,500 000
-Offer to Retire
1,500,000
1,500,000
(Par $15)
$1.33
$.06
Earns. per sh. on cap.stk
$3.07
$4.36
Bonds at 90% of Par.-.
Comparative Balance Sheet Dec. 31.
The Bank of America National Association, New York City, has been
1929.
1930.
authorized, until further notice to it, to accept 1st mtge. 634% sinking
1930.
1929.
$
Assetsfund bonds for collection at 90% of their principal amount, without Interest.
$
22,500,000 22,500,000
Bonds deposited for collection should have attached thereto Aug. 1 1930 Cash
\ 1,065,520
946,506 Capital stock
166,328
and subsequently maturing coupons and should be sent to the bank, Accts. receivable_ _10,960,880 12,587,555 Notes payable__. 180,097
-V.130, p.480.
Inventories
44 Wall St., N. Y. City, according to Dillon, Read & Co.
29,544,637 24,310,514 Accounts payable- 6.970.813 4,900,625
9,166,873 4,493,402
Stocks & bonds_ _ 5,249,739
.
815,915 Reserves
Land, bldg,., &c_x12,147,918 12,375,730 Res. various co.'s_ 2,576,318 2,369,008
Sun Oil Co.
-Earnings.
_17,574,642 16,586,857
Surplus
1930.
1929.
Calendar YearsGross oper.income (excl. inter-company sales) _ ---$98,333,616 $86,007,948
58,968,743 51,016,219
Total
Total
58,968,743 51,016,219
77,482,000 67,441.826
Costs,operating and general expenses
x After deducting reserve for depreciation.
x1,695,519
Taxes (incl. estimated Federal income tax)
1.546,245
-V. 131, P. 4229.
2,992,377
3.131,580
Intangible development costs
Symington Co.
-Earnings.
1.640,545
Depletion and lease amortization
1.322,297
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Depreciation, retirements and other amortization_ 5,036,363 4,143,575
Department" on a preceding page.
-V. 131, p. 2710.
$9,486,812 $8,422,424
Net operating income
-Expansion.
Teleregister Corp.
391.587
515,380
Non-operating income (net)
This corporation, a subsidiary of the Western Union Telegraph Co. en
$9,878,399 $8,937,804 gaged in supplying centrally operated quotation board service to stock
Total income
500,808
Interest & discount on funded & long-term debt_ _ _
529,450 brokers, has decided to proceed with its original program of general expan244,876
Other interest
165,861 sion and expects to spend a large sum in addition to its plant during 1931.
1.387,232
a Inventory write down
This year's program calls for the extension of Teleregister service to
Philadelphia and Boston,and other large cities are being surveyed. The
$7,745,484 $8,242,492 corporation was influenced in its decision by the satisfactory progress it has
Net profit accrued to corporation
9,136,518 6,498,158 made in New York and Chicago. and by the improvement in the general
Earned surplus, beginning of period
19,948
Adjustments (net debit)
37,286 business outlook.
-V. 130, p. 304.
$16,862,054 $14,703,362
Totalsurplus
549,957
Dividends on preferred stock (cash)
299,955
1,410,216
Dividends on common stock (cash)
1.298,607
4,296,627
Stock dividend on common stock
3,968.282
Earned surplus, unappropriated (end of period) $10,605.255 $9,136,519
y1,409.247
1,417,292
Shares common stock outstanding (no par)
$5.10
Earnings per share
$5.60
a Due to last quarter reduction in crude prices bringing all inventories.
Dec.31 1930,to cost or market, whichever is the lower. y Being the number
of shares outstanding prior to payment of 9% stock dividend on Dec. 15
1930. * In addition to the amount of taxes shown above, there was paid
(or accrued) for State gasoline taxes the sum of $8,441,933.
Consolidated Balance Sheet, Dec. 31.
1930.
1929.
1029.
1930.
s
$
Assets51,348,600 31,202,886 Notes payable_ - __ 2,586,000 1,895.000
Cash
512,751 Accounts payable_ 6,326.472 7,978,687
Marketable secure. 392,176
Accrued liabilities_ 1,221,520 1,380,239
Accepts. & notes
412,990 Other curt. liab___
23,105
115,257
607,268
receivable
Accounts. receiv'le 4,334,207 4,667,533 Fund. & long term
8,398,000 8,695,000
debt
135,480
Due from empl'ees 146,103
14,267,595 15,032,519 Accr. diva. (pref.
Oil
50,000
25,000
stock)
Mats.& supplies_ _ 4,937,222 4,338,456
750,430
Est. Fed. Inc. tax_ 778,821
Inv. in non-affil.
428,600 Excess shipyd. pl.
431,151
companies
Inv.in affil. cos_ _. 7,202,724 5,072,039 & prop. facilities 1,246,679 1,246,980
Devel. work Diesel
Props., pl., equip.
engines & other
and patents_ _ _x58,698,718 51,936,661
604,221
326,706
machinery
Prepd.& def. ohm 1,734,918 1,483,450
Other res. (invent.
520,638
and conting)_ _ _ 553,857
Capital & surpl. of
8,319
8,209
minority tilts_
Pref. cap.stock_ _10,000,000 5,000,000
Corn, cap. stock.y52,015.945 47,917,187
Earned surplus_ ..10,605,255 9,136,519
-To Reduce Stated and
Third National Investors Corp.
-President Fred Y. Presley,
Par Value of Common Stock.
Feb. 14, says in substance:
The directors on Feb. 13 1931 declared it advisable to submit to holders
of common stock for their written consent and for their approval at the
annual meeting of stockholders, to be held on March 3, proposals to reduce
the capital of the corporation represented by the shares of common stock
from $40 to $1 per share and to change the shares of common stock without
par value Into the same number of shares of common stock with a par
value of $1 per share. The purpose of these proposed changes is to effect
for the corporation, under certain circumstances, a substantial saving in
both the Delaware and New York State annual franchise taxes, and for the
stockholders, a saving in transfer taxes. In the case of the sale or transfer
of 100 shares this saving would amount to 99% of the transfer taxes at
present payable.
• 41
The reduction of the capital of the corporation to an amount equivalent
to $1 per share of common stock is a necessary legal preliminary under the
Delaware law to the changing of the shares of common stock from shares
without par value to shares with a par value of $1 per share.
-V.132, p. 144.
(John R.) Thompson Co.
-January Sales.1931.
Month of JanuarySales
$1,191,561
-V. 132, p. 508.
1930.
1929.
1928.
$1,299,635 $1,224,161 $1,235,352
-New Vice-President.
Thompson Products, Inc.
Lee M. Clegg has been appointed Vice-President In charge of sales.
V. 132, p. 1057.
-Extra Dividend.
Thomson Electric Welding Co.
-
An extra dividend of $1 per share and the regular quarterly dividend
of 50 cents per share have been declared, both payable March 1 to holders
of record Feb. 23. An extra of like amount was paid in each of the eight
-V. 131, p. 3723.
preceding quarters.
-Earns$3.53 per Share.
Tobacco & Allied Stocks, Inc.
The annual report for 1930 shows:
Total
94,140,681 85,273,367 •
94,140,681 85,273,367 Total
Liquidating value $43.35 as compared to $44.40 Dec. 311929: decrease
x After reserve for depletion, depreciation and amortization of $30,640,- of 2.4%.
390. y Represented by 1.536,361 no par shares.
Total income for year $212,102 on 60.000 shares capital stock out-V. 132, p. 1055.
4
standing. or $3.53 per share.
Sunray Oil Corp.Potential Gas Output.
98.75% of corporation's assets are represented by cash, call loans and
aul I
The corporation's Harris No. 1 oil and gas well in the Oklahoma City dividend paying securities.
pool, one of the largest gas wells in the country, now pinched back and
54.40% of corporation's investments are in cigarette nsanufacturing
delivering into the lines 10,000,000 on. ft. of gas daily, has Just been companies.
remeasured and classified by the Operators Committee of the Oklahoma
Return on average security investments for year 1930 was at rate of
City pool as having a potential production of 150,000,000 on. ft. of gas 5.99% per annum on cost thereof.
daily. Total potential gas production of the corporation from all its
The corporation has never directly or indirectly incurred any bank
holdings is between 500 million and one billion on. ft. of gas dally.
-V. loans.
-V. 130, p. 3373.
132, p. 675.
-Electric Output.
Toledo Edison Co.
Superior Forwarding Co. Inc.
-New Securities Ready.Month ofThe committee in a notice to holders of certificates of deposit issued Output (in k.w.h.)
by The Marine Trust Co. of Buffalo, or the Bank of California, N. A. -V. 132, p. 312, 1223.
Jan. 1931. Dec. 1930. Jan. 1930.
40,883.620 41,560,999 42,076,506
FEB. 21 1931.]
FINANCIAL CHRONICLE
Transamerica Corp.-Pians To Acquire 929,959 Shares
of Its Capital Stock.
The corporation has notified the New York Stock Exchange that it has
heretofore acquired or is about to acquire 929,959 shares of its capital
stock as follows: 485,000 shares from the Intercoast Trading Co. by Purchase; 54,626 shares received upon the termination of an escrow agreement
under which such shares were deposited in escrow in connection with the
acquisition by the corporation in 1928 of shares of Bank of America of
California; 258,605 shares in connection with the enforcement or adjustment of contracts made in 1929 or early in 1930 for the sale of such shares
by certain subsidiaries of the corporation, and 131,728 shares from AmerItalia Corp. by purchase.
In the latter case, under authority of the committee on stock list of the
Exchange, the Transamerica Corp. has issued or IS about to isse, out o
such shares so acquired, shares for the following purposes: 300,000 shares
for delivery to the Associated Telephone & Telegraph Co., a Delaware
corporation, for the acquisition by the corporation (or its subsidiary) of
shares of the common stock of Associated Telephone; 255,275 shares or
less in exchange for shares of the capital stock of Banes d'America e d'Italia
and Ameritalia Corp. in accordance with the terms of a published offer of
exchange made by the corporation to the stockholders of said companies
under date of Oct. 7 1930, and 24,789 shares in connection with the acquisition of certain shares of the capital stock of )'Union des Mines, a French
corporation.
She remaining 349,895 shares, after giving effect to the issue of shares
for the three purposes above mentioned, together with 404,798 treasury
shares reported in the application, will not be issued out of the treasury
-V. 132, p. 871.
except with the approval of the Exchange.
-Annual
Trans-Lux Daylight Picture Screen Corp.
Report.
-
1441
take up fractional shares under the terms of the offer of the company,
making the total amount applied for 704,698 shares.
Comparative Balance Sheet.
Sept. 3030. Dec. 31'29.
Sept. 30'30. Dec. 31'29.
Liabilities
Assets$
Permanent assets_x9,756,132 8,943,160 Preferred stock__ 3,529,670 3,547470
186,500 Common stock... 6,620,870 6,181,480
Patents, &c
183,616
749,859 Mortgages pay.,&c
Cash
924,543
(currency) _ _
14,000
Accounts and bills
5,508,822 5,813,734 Accounts payable- 1,388,603 1,460,015
receivable
500,000.
1,175,000
3,793,702 3,727,066 Bills payable
Inventories
185,446
Dividends payable
Miscel. supplies &
500,464
200,300 Aeon taxes,Int.,&c. 212,126
prepaid expenses 248,052
119,371 Mtge. & land con188,879
Investments
102,026.
43,727
tract payable__ _ 125,028
38,305
Other assets
199,358
102,222 Conting., res., &c. 339,790
Deferred charges
95,568
115,643
Deferred obligations 102,556
7,243,976 7,080,337
Surplus
Total
Total
20,737,619 19,885,939
x After depreciation of $3,481,391 -V. 131,
20,737,619 19,885,939
p. 4068, 3547.
-Extra Dividend.
Twentieth Century Depositor Corp.
The second semi-annual dividend on 20th Century Fixed Trust shares
has been declared in the sum of $694.75 per unit or 69 cents per trust share.
The coupon will be payable on March 1, the certificates having gone exdividend on Feb. 15. This amount is 39 cents per share in excess of the
regular semiannual coupon amount of 30 cents and is an extra distribution.
-V. 132, p. 144.
-Extra Div.
Union Natural Gas Co. of Canada, Ltd.
The directors recently declared an extra dividend of Sc. per share in
Chairman Percy N. Furber, Feb. 9, says in part:
addition to the regular quarterly dividend of 35 cents per share, both
The outstanding accomplishment of the past year has been in our motion payable March 10 to holders of record Feb. 28. Like amounts were paid on
years of costly research work, Dec. 10 1930.-V. 131, p. 2539.
Picture department, where after over 10
results have been attained which have resulted in the formation of a new
-New Sub. President
United Aircraft 8c Transport Corp.
company called the Trans-Lux Movies Corp. This company will develop
E. E. Wilson has been elected President of the Chance Vought Corp.,
our motion picture department, and has a capital of $500,000 cash, onehalf of which amount has boon subscribed by our company and one-half a division of the United corporation, succeeding F. B. Rentschler, who is
by the Radio-Keith-Orpheum Corp., commonly known as the R-K-0. Chairman of the board of directors. As President of the Sikorsky Aviation
-Lux Movies Corp. has been trusteed and will Corp. of Bridgeport, Mr. Wilson is the head of another division of the
The entire stock of the Trans
-Lux Daylight Picture Screen United concern.
be held intact in the treasuries of the Trans
-V. 132, p. 144.
Corp. and the Radio-Keith-Orpheum Corp., respectively.
-Earnings.
United Business Publishers, Inc.
The new company will open its first three theatres in N. Y. City about
Company reports consolidated net earnings, before interest and taxes,
the end of February or early March of this year, two on Broadway at 49th
compared with $1,511,209 for 1929. Net income
St. and one on Madison Ave. at 58th St. it is planned to open up a large of $1,129,876 for 1930,
available for dividends amounted to $596,953 in 1930 as compared with
number of similar theatres all over the country.
$903,929 in 1929, equivalent, after deducting dividends on preferred stock,
1929.
1930.
1928.
Calendar Years$52,011
$68,286
$55,987 to $1.52 and $3.64 per share, respectively, on the 150,000 shares of corn.
Grosssales
-V. 131, p. 3054.
6,578
8,750
9,276 stock outstanding.
Returns,allowances,&c
27,641
34,345
Cost ofsales
26,268
-Organized.
United Chemical 8c Drug Corp.
This corporation was recently incorporated in Connecticut with an
$17,792
$25,191
Profit on sales
5.20,443 authorized stated capital of $600,000, divided into 5,000 shares of $100 pref.
769,579
802,083
Rentals net
467,522 stock and 10,000 shares of common stock of no-par value.
The officers of the corporation are: President and Treasurer, Irving
$787,371
Total profit
$827,274
$487,965 Feinberg; Vice-President, P. E. Anderson; Secretary, H. J. Pollinger:
Selling, adminis, Daylograph devel.
Asst. Treasurer, Jacob Simon. Mr. Feinberg is Secretary-Treasurer of
338,957
& exper. exp
322,199
195,348 Ramses, Inc., manufacturer of toiletries, which was taken over by the
upon the formation of the latter. Mr. Simon is PresiUnited
$448,414
$505,075
Profitfrom operations
$292,617 dent of corporation
Ramses, Inc.
33.518
51,036
Other income
18,696
The headquarters of the corporation are in Bridgeport, Conn.
completed for the taking over by the United corporation
$481,932
$556,111
Total income
$311,212 ofPlans have been botanical houses, the R. Hillier's Sons Co. and King &
two New
6,325
30,723
Deductionsfrom income
52,566 Howe, Inc. York Paint & Drug Reporter.")
("Oil,
$475,607
$525,388
Net profit
$258,746
-Earnings.
United Electric Coal Cos.
789,062
785,862
Shs. cap. stk. outstanding (no par)
730,488
For income statement for 3 and months ended Jan. 31 see "Earnings
$0.60
$0.67
Earnings per share__
$0.35 Department" on a preceding page. 6
Edit
Comparative Balance Sheet Dec. 31.
Chairman Elected.
1930.Liabilities-.
1930.
1929.
AssetsHarry N. Taylor, President of the United States Distributing Corp.
586,343 Accounts payable.. $32,192
$106,138
$56,900
Cash
has been elected Chairman of the board and General Manager of the
101,394 Accruals
3,766
2,799
Bankers' acceptUnited Electric Coal Companies. Mr. Taylor has resigned as President of
349,646 5
-year 6Ii% gold
Invest. in bonds.- 270,589
24,925
6,500
notes
26,387
51,000 the former company,effective March 1.-V. 131, p. 4230, 4068.
Notes receivable_ _
3,900 Mtge.on real est_ _
3,845
14,500
Interest receivable
-Omits Dividend.
United Founders Corp.
138,215 Capital stock
5,917.965 5,893,965
Accts.receivable__ 115,948
The directors on Fob. 18 decided to omit any stock dividend on the
994,249 1,198,341
98,526
125,942 Surplus
Inventories
capital stock for the quarter ending March 311931. A dividend of 1-70th
Inv.In still. cos_ _ - 150,000
of a share was paid on each share of common stock in each of the five
Land, bldgs., mapreceding quarters.
108,602
chines,equlp,&c. x87,401
Such action had been expected in financial circles since the directors of
750,670
Rentals & Install_ _ 637,858
the American Founder's Corp. (78% of the common stock of which is
37,050
37,050
Other equipment_
owned by the United Founders Corp.) decided in December to discontinue
6,363
6,580
Sinking fund
stock dividends with the quarter ending Jan. 31.-V. 132, P. 649, 509.
455,120
Deferred charges... 404,503
5,009,846 5,029.336
Patents
Improved-President Cutter
56,954,672 87,217,505
Total
$6,954,672 87,217,505
Total
x After deducting $36,009 reserve.
Note.
-The corporation is obligated to invest an additional $200,000
-V.131,
in stock of the Trans
-Lux Movie Corp., when, as and if called for.
p. 2913.
United Fruit Co.
-Position
Repmts Better Spirit in Central America.
-
Increasing evidence of the willingness of Central American countries
to co-operate internationally was the most significant development of the
Year in the Caribbean area, according to Victor M. Cutter, President of
the company, in his address to stockholders at the annual meeting Feb. 18.
After discussing in detail the situation in Colombia, Costa Rica, HonTraung Label & Lithograph Co.
-Earnings.
duras, Guatemala, Panama, Nicaragua and Salvador, Mr. Cutter said:
Calendar Years1927.
1928.
1930.
1929.
They have not escaped the consequences of low prices for their major
Net profit, after deprec
$128,713
$101,753 products, yet their first concern has been to continue the service of their
$138,097
$131,237
Prov.for Federal taxes-z16,713
x14,045 foreign obligations. This has meant radical curtailment of operating
18,500
14,958
Miscellaneous
1,909
1,613
10,262
3,765 exPenses-something which is never popular, yet the thoroughness with
Which the statesmen of these countries have met this problem constitutes
Balance _______
$117,984
$110,090
$106,015
$83,943 the best assurance for a successful future."
Dividends _______
101,907
45,000
87,680
45,000
In his address Mr. Cutter said, in part:
In common with other industrials, results for the last year indicate
Balance, surplus_
$16,077
$18,335
$65,090
$38,943 that the United Fruit Co. suffered to some extent from the world-wide
Earns. per sh. on 30,
000
business depression. Your management is not wasting time in mourning
shs. class A stock ---a$3.98
$3.88
$3.73
$2.92 over the past, nor
conditions; its efforts are directed
a Earnings on the class A stock on a participating basis, after allowing toward the future. bewailing present
for participation of class B stock, were equivalent to $1.62 per share.
"Our fundamental problem is that which it always has been: to produce,
z Estimated.
-V-. 131, p. 2081.
transport and sell the highest-quality products at the lowest possible
price in such increasing quantities as will insure stable and permanent
-Acquires Wedgwood Assets.
Tr -Continental Corp.
profits, compatible with reasonable prices to the consumer, fair wages to
Sale of the assets of Wedgwood Investing Corp. to the Tr -Continental labor and management and a just return to stockholders."
--V. 132, p. 1021.
Corp. has been approved by the stockholders of Wedgwood and the transaction consummated, It is announced by Earle Bailie, President of the
-Earnings.
United Piece Dye Works (8c Subs.).
Tr -Continental Corp. Arrangements for the acquisition of Wedgwood
1929.
1930.
Calendar Yearswore recently announced by Mr. Bailie as the first step in an expansion
$6,436,5121
program undertaken by the Tr -Continental Corp. in accordance with the Operating income
323.862
Other income
trend toward larger units in the investment trust field.
The announcement revealed that Wedgwood has received 27,769 shares
$6,760,374
Total income
of Tri-Continental preferred stock, $100 par value, which is equal to
Not
1,779,269
the number of preferred shares of Wedgwood of the same par value out- Expenses
1,159,786 I Available
standing on the date of the sale, and also 55,000 shares of Tri-Continental Depreciation
455,791
Federal taxes
common. Wedgwood has 165,000 shares of common outstanding. Upon
dissolution of the Wedgwood Investing Corp., its stockholders will receive
$3,365,528 $3,391,320
Net profit
one share of Tr -Continental preferred stock for each share of Wedgwood
487,500
480,004
preferred stock held; and one share of Tr -Continental common for each Preferred dividends
1,800,000
1,800.000
Common dividends
throe shares of Wedgwood common held.
John C. Martin,President of the Wedgwood company and Vice-President
$1,085.524 $1,103,820.
Surplus
and General Manager of Curtis-Martin Newspapers, Inc., Inc., publishers
stk.(no par)_ _
$3.22
$3.20
of the Now York Evening Post and Philadelphia Public Ledger and Inquirer, Earns. per sh. on 900,000 shs. com.
Comparative Balance Sheet Dec. 31.
has been elected to the board of directors of the 'Fri-Continental Corp. He
1929.
1930.
1929.
also a director of the Chase National Bank of New York, the Philadelis
1930.
Liabilities$
$
$
phia National Bank and the Curtis Publishing Co.
Assets$
Preferred stock... _ 7,193,600 7,500,000
The Wedgwood Investing Corp. was organized in 1928. Its portfolio Land, bldgs., madiversified list of public utility and industrial common stocks,
Included a
chine & equIp_x12,091,960 12,714,630 Common stock_ _ _ y1,125,000 1,125,000
1 Accts. payable dr
1
and 16,000 shares of common stock of Curtis Publishing Co., publishers of Good-will
960,449
accrued nab__ __ 1,186,466
the Ladies' Home Journal, Saturday Evening Post and Country Gentle- IL S. Govt. secur_ 3,603,059
121,875
1,925,784 2,760,884 Dividends payable 117,383
man, magazines with an aggregate circulation of approximately 7,000,000. Cash
455,791
362,741
__Ir. 132, p. 508, 485.
Accounts roc_ _ 3,471,200 4,011,253 Federal taxes
surplus_
271,968
Steel Co.
Additional Common Stock. Inventories on Inv 1,569,140 2,033,042 Capital surplus_._ 155,465 11,843,497
-Listing of
Truscon
Earned
_ _12,909,157
25,352
Accrued Inc.
235,129
96,466
The New York Stock Exchange has authorized the listing of 40,994 Unexpired ins., &c.
430,535
additional shares of common stock ($10 par) on official notice of issuance as Investments
309,900
follows: 38,646 shares, representing a 6% stock dividend on the com23,092,862 22,185,530
23,092,862 22,185.530 Total
mon stock outstanding on Jan. 5 1931, exclusive of fractional shares.
Total
1,087 shares, representing total of fractional shares to be issued as part
x After depreciation of $10,148,480. y Represented by 900,000 no par
of 6% stock dividend; 1,261 shares, representing the stock required to shares.
-V. 131, p. 4230.
1442
United States Distributing Corp.
-Resignation.
Harry N. Taylor announces his resignation as President, effective
March 1.-V. 131, p. 2711.
United States Electric Light & Power Shares Inc.Statement Shows Income of $1,044.61 Per Unit for 1930
With Dividends Totaling $860 Per Unit.
The company, in a statement to holders of series B trust certificates,
reports total income accumulations of $1,044.61 per unit for the year 1930
out of whiah $860 was distributed to shareholders in the form of dividends,
leaving $184.61 accumulated for the Feb. 15 1931 distribution. The
report states that during 1930 the fund received increased regular cash
dividends on 10 of the stocks included in the portfolio. On none were such
payments reduced.
Three changes in the composition of the trust units were made during
the year 1930 as fellows:
"Montreal Light, Heat & Power Consolidated sub-divided each share of
its capital stock into two shares without par value. The one share then
In the portfolio resulted in two new shares.
"American Light & Traction reduced the par value of its common stock
from $100 a share to $25 a share and gave in exchange for each share of
$100 par value, four new shares of $25 par value. The one share then in
the portfolio was exchanged for four shares of new stock.
"United Corp. made an offer to holders of United Gas Improvement
Co. stock to exchange its stock for United Gas Improvement Co. stock
on a share for share basis.
"Of the 22 shares of United Gas Improvement Co. stock then in the
portfolio, 10 shares were exchanged for 10 shares of United Corp., reducing
the number of shares of United Gas Improvement Co. stock in the portfolio to 12 and increasing the number of shares of United Corp. to 26.V. 131, p. 3890.
-Earnings.
United States Foil Co.
1930.
1929.
Years Ended Dec. 31Earnings for year after deducting all expenses of
management
Federal income taxes
$942,191
$1,451,849
69,715
Operating income
Other income
$942,191
56,101
$1,382,134
$998,292 $1,382,134
3,451,738
2,777,343
Total income
Previous surplus
$4,450,031
47,747
577,493
Total surplus
Preferred dividends
Common dividends
$4,159,477
47,747
659,992
Balance
$3,824,791 $3.451,738
Earnings per share on 659,992 shares of common
stock outstanding (no par)
$1.44
$2.02
Comparative Balance Sheet Dec. 31.
LiabilitiesAssets1930
1929
1930.
1929.
Securities at cost_ _37,651,145 $6,907,028 Notes payable_...._ $775,000 61,400,000
Cash
210,505
276,184 Unpaid cap. stock
Notes & accts. rec..
80,208
750,750
subscriptions_ __ 475,857
Furniture,fixtures,
Accts. payable... _
9,537
85,635
&c
16,306 Dividends payable
94,436
183,373
Accr. int. & taxes_
14,483
81,767
Res. for contIng ,
dm
415,674
415,674
.
7% Pref stock_ _ _ 682,100
682,100
Common stock_ _ _ 1,649,980 1,649,980
Surplus
3,824,791 3,451,738
Total
$7,941,858 $7,950,268
V•
- 131, P. 3890.
[VOL. 132.
FINANCIAL CHRONICLE
Total
$7,941,858 $7,950,268
United States Gypsum Co.
-Acquires Plant.
The company recently acquired the insulation board plant of the Chicago
Mill & Lumber Co. at Greenville, Miss., through an exchange of stock.
The Gypsum company has discontinued the distribution of products of
the Insulite Corp. which it has handled for over a year.
-V. 132, p. 1056.
United States Tobacco Co.
-To Retire Pref. Stock.
The stockholders will vote March 3 on approving a proposal to change
the company's charter to permit the retirement of 29,200 shares of preferred
stock which have been accumulated at an average price of less than $125
a share. There are now outstanding 55,200 shares of preferred stock,
Including those held by the company.
-V. 132, p. 677, 1215.
although at least one deal was near completion. The committee consisting
of John W. Gordon and W. Riddell of St. Catharines and J. G. Hutcheson,
Toronto, have agreed to sale of the property.
During 1929 an issue of $1,200,000
first mortgage 20
-year bonds
was offered. It is understood that there is some $546,800 outstanding including an underwriting charge of 10%. Bond interest has been passed
since May 1 1930. There are also liabilities amounting to some $150,000
against the property of which $100,000 is protected by liens and the remainder is unsecured.
Sinking fund consisted of $600,000 of 20
-year endowment life insurance
Policies placed on the lives of two of the officers of the company and it is
reported that the underwriter of the bonds has paid premiums up to May
1930.
06%
Victor Welding Equipment Co., San Francisco, Calif.
Proposed Consolidation.
The company has arranged to acquire, by consolidation, the business
and assets of Kimball-Krogh Pump Co. To effect this, a new company
will be formed under the name of Victor Equipment Co. Stockholders in
the two old companies will receive shares in the new company on a basis that
Is to be presented to them at a stockholders' meeting about to be called
for both companies.
The asset position of the new company will be greatly strengthened as
well as the current asset position. No public financing will be undertaken
nor will any additional stock be offered to the public. Arrangements have
been made to pay all current obligations of both companies by the issuance
of deferred notes against the properties of the new company.
L. Stettner, now President of Victor Welding Equipment Co., will
head the combined companies. It is expected that substantial economies
will be effected in reduction of overhead and manufacturing costs as well
as in sales expense.
Vogt Manufacturing Corp., Rochester, N. Y.
-Earns.
Years Ended Dec. 31Gross manufacturing profit
Selling & administration expenses
1930.
$436,626
206,895
1929.
$687,073
263,860
Operating profit
Other income (net)
$229,731
30,992
$423,213
53,559
Net profit(before taxes)
Reserve for taxes
$260,722
44,500
$476,773
71,600
8405.173
Net profit
$216,222
$2.16
$4.05
Earnings per share on 100,000 shares stock (no par)
Comparative Balance Sheet Dec. 31.
1929.
1929.
1 Liabilities1930.
Assets
1930.
.
Cash
$148,383 $305,233 Capital stock_ _ _y31,463,655 $1,557,994
Accounts payable.
79,863
127,742
U. S. Gov. sec. dr
7,694
Accruals
3,636
market stks. &
233,864 Reserve for taxes.62,443
71,600
bonds
196,028
156,892
Accts.receivable_ _
90,874
Cash Burr. value
25,879
life insurance_ 26,035
324,264
Inventory
316,702
Inv. in Waterloo
Mills,Inc
200,000
Mtge.receivable_ _
19,000
Real est., plant,
704,733
mach.,equip.,&c x603,607
14,164
Deferred charges_ _
8,967
1
1
Patents
$1,609,597 $1,765,030
Total
Total
$1,609,597 $1,765,030
x After depreciation. y _Represented by 100,000 shares of common
stock (no par)
.-V. 130, p. 4438.
-Earnings.
Vulcan Detinning Co.
1927.
1928.
1929.
1930.
Calendar Yearsx$4,203,640 $6,060,292 85,171,979 $4,401,280
Sales,&c
4,107,817
4,616,869
5,387.666
Expenses, deprec., &c_ _ _ 3,817,912
Net oper.income
Other income
$385,728
40,011
$672.626
65,341
$555,110
22,963
$293,462
29,442
Totalincome
Res. for tax, &c., chges_
$425,738
90,004
$737,967
119,271
$578,074
139,691
$322,904
73,335
Net income
Preferred dividends
Common dividends
$335,734
145,628
129,032
$618,696
507,531
$438,383
199,358
$249,569
259.358
United Stores Corp.
-Increases Dividend.
-
$239,025
def$9,789
$111,165
$61,074
Surplus
The not profit for 1930 is equivalent to $6.13 a share on 32,258 shares of
common stock and compared with $14.05 a share on the combined 20,000
shares ofcommon and 12,258 shares of Class A common shares in 1929.
x After inventory debits amounting to $334,563.
Comparative Balance Sheet Dec. 31.
-New Directors, &c.
United Verde Copper Co.
Liabilities1930.
1.929.
1929.
1930.
AssetsWilliam E. Gower, George G. Knox and F. Y.
George Adams Ellis,
Robertson have been elected directors, succeeding Sydney Sanner, H. S. Plant & equip_ _ _ x$2,242,951 $2,257,148 Preferred stock_ _ _$1,970,900y$2,247,800
Patents & goodwill 3,288,869 3,288,869 Common stock_ _ 3,225,800 z3,225,800
Sturgis, W. J. Field and R. E. Cook.
249,123
332,247
662,036 Accts. payable, dm 182,655
Charles W. Clark has been elected President and Robert E. Talley Cash
541,565
203,574 Res.for taxes
263,816
260,751
formerly President, has been made Vice-President in charge of mining Investments
225,489 Dividends payable
66.749
129,249
Accts. receivable_ _ 237,039
-V. 131, p. 1435.
smelting operations.
and
352,037
698,875 Surplus
1,293,695 1,232,620
Inventories
-Earnings.
8,908
9,352
Veeder-Root, Inc.
Advances
Year Ended Year Ended 8 Mos. End.
$7,003,615 37,345,343
Total
Total
$7,003,015 37,345.343
Jan. 3 31. Dec. 28 29. Dec. 31 28.
Periodx After deducting depreciation and obsolescence reserve of $352,851.
$256,842
$492,948
Profits from operations
$277,337
117,356
98.392
Provisions for depreciation
67,319 y Includes $1,344,400 pref. and $903,400 lard. A stock. z Includes
2.000.000 common and 1,225.800 corn. A stock. Since June 15 1930 there
Net profits
$139,486
$394,556
$210,018 has been no distinction between the pref. and pref. A stocks and the corn.
16,151
-V. 131, p.3222.
30,811
Income from investments
16,741 and corn. A stocks.
The directors on Feb. 18 increased the quarterly dividend on the pref.
stock from 62
cents per share to
per share, placing the stock on a
$4 annual dividend basis. The dividend is payable March 16 1931 to
holders of record on March 2.-V. 132, p. 328.
Total income
Provision for Federal taxes
$155,637
14,546
$425,366
47,780
$226,759
32,098
Net income
Dividends paid
$141,091
188,750
$377,586
188,125
$194,661
93,750
def$47,659
$189.461
$100,911
Balance, surplus
$1.89
$5.01
$2.60
Earns, per share on capital stock
Balance Sheet.
Condensed
LiabilitiesJan.3'31. Dec. 28'29.
'31 Dec 28'29
Jan 3
Assets-$34,548 Accts. royalties &
$31,115
Cash
commission pay. $24,363
2,852
$19,509
2,147
Notes receivable
186,111 Accr.salaries wages
Accts receivable_ 130,194
39,815
87,031
taxes & expel_ _
478,957
313,391
Investments
Capital stock
1,896,250 1,896,250
Cash Burr val of
369,658
389,753
6,820 Initial surplus_
issuance
19,946
172,299
453,868 Earned surplus_ _ _
448,903
Inventory
Land, bldgs., machine & equip_ 1,276,553 1,375,016
Other assets
96,827
2,778
Pats. de trade mark
23,890
Deferred charges__
50,901
Total
$2,350,031 $2,564,842
-V. 131. p. 2550.
Total
$2,350,031 $2,564,842
-Asks Permission to Sell
Victory Building, Toronto.
Building.
Action has been taken by the Royal Trust Co., Montreal, in the interests
of the bond holders, to secure court sanction for the sale of the Victory
Building, a semi-completed office building in Toronto owned by 80 Richmond St., West, Ltd. Work on the building was discontinued in November
1929, due to inability to complete financing. The "Financial Post" of
Toronto in reporting the matter says:
Action taken by the trust company would permit action on any plans for
financing the building to completion. It is understood that the present
company can not secure a loan for this purpose and to date the bondholders committee has not been successful in securing the needed assistance
Waldorf System, Inc.
-To Retire Pref. Stock.
This corporation, which operates about 150 restaurants in 45 cities, plans
to retire about 11,000 shares of its 8% cumul. pref. stock on March 1.
About59,000 shares are outstanding and the company plans to retire it all as
soon as possible. The stock, which is of $10 par value, is callable at $11 a
share.
-N.132, p. 1244.
Walworth Co.
-Common Dividend Reduced.
-
The directors have declared a quarterly dividend of 25 cents per share
on the outstanding 333,260 shares of common stock, no par value, payable
March 16 to holders of record March 5. The company,from Dec. 15 1929,
to and incl. Dec. 15 1930 paid quarterly dividends of 50 cents per share
on this issue.
-V. 131, p. 3055.
'
Ward Baking Corp.
-New Directors.
Maurice B. Keady and Julian M. Livingston have been elected directors.
-V. 132, p. 1244.
Wardman Realty & Construction Co.
-Protective Committee.See Wardman Real Estate Properties, Inc.
-V. 127, p. 2555.
Wardman Real Estate Properties, Inc.
-Protective
Committees Formed.
Protective committees are being formed to represent various classes of
outstanding obligations of Wardmen Real Estate Properties, Inc., and of
Wardman Realty & Construction Co., both of Washington, D. C., in view
of the probability that the former company will default in the payment of
Interest due March 1, on its first and refunding mortgage it;i% bonds,
dated Sept. 11928.
These companies own or control the Wardman Park and Carlton Hotels,
the building occupied by the Department of Justice, the Boulevard, Cathedral Mansions, Chastleton, Connecticut Avenue and Davenport, the
Highlands, Stoneleigh Court, 2700 Connecticut Avenue Apartments and the
Annapolis Hotel, all located in Washington, D. C.
The protective committee formed by the holders of Wardman Real
Estate Properties, Inc., first and refunding mortgage bonds is composed of
William Buchsbaum, Paul W. Fisher, William M. Greve, Frederick J.
FEB. 21 1931.1
FINANCIAL CHRONICLE
Leary, Andrew J. Miller, Joseph P. Tumulty and Leonard L. Stanley,
Chairman. The Secretary of the Committee is Bruce Angus, 15 Broad St.,
New York City. The Central Hanover Bank & Trust Co., has been designated as depositary and the Foreman-State Trust & Savings Bank of
Chicago has been appointed sub-depositary. The committee has sent out
letters to bondholders calling their attention to the urgency of uniting for
the enforcement of their rights by depositing their bonds.
A protective committee has also been formed by the holders of the 635%
gold debentures dated Sept. 1 1928. of the Wardman Realty & Construction
Co., composed of William R. Compton, Ellery C. Huntington and George
G. Shriver, Chairman. The Secretary of the Committee is William C.
Scott, 49 Wall St., New York City. The depositary of this committee is
the Irving Trust Co. of New York while the Continental Illinois Bank &
Trust Co. of Chicago has been appointed sub-depositary. This committee
has communicated by letter with holders of the debentures, to call for
deposit of the securities.
The recommendation of both committees is that security holders deliver
or forward their securities immediately by registered mail to the proper
depositary, accompanied by a signed letter of transmittal, upon which
they will be held under a deposit agreement, copies of which may be obtained from the depositary,its sub-depositary or the committee Secretary.
V. 129, p. 145.
1443
Westinghouse Electric & Mfg. Co.
-Radio Suit.
-
See Radio Corp. of America under "Public Utilities."
-V. 131, p. 4068.
Weston Biscuit Corp.
-Meeting Postponed.
-
The stockholders' meeting, which was originally called for Feb. 17, win
be held on March 2 for the purpose of approving the merger of this company with Weston Biscuits Co., Ltd.
The stockholders of record March 3 (not Feb. 20 as formerly announced)
shall be entitled to convert their shares into stock of the consolidated
company on the basis outlined in the "Chronicle" of Jan. 31 1931, p. 872.
The Weston Biscuit Corp. has outstanding 5,000 shares of pref. stock
-V. 132, p. 872.
and 102,000 shares of common stock.
(H. F.) Wilcox Oil 8c Gas Co.
-Rights to Subscribe.
Holders of common stock of record Feb. 20 1931, will be offered the
right to subscribe at $100 per share, plus dividend, for series A cony. 7%
pref. stock, par $100, to the extent of one share for each 40 shares of stock
held. Rights expire March 18 1931.-V. 132, p. 1245.
-Dividend Decreased.
Wilson-Jones Co.
The directors have declared a quarterly dividend of 371.i cents a share,
payable March 2 to holders of record Feb. 24. Previously, the quarterly
rate was 75 cents a share.
Warner Co.
-$2,501,300 Obligations Retired-Tenders.
- A statement issued in connection with the dividend said: "Although
The company, in the 21 months from April 1929 to Dec. 31 1930, has
retired $2,501,300 of its obligations underlying the common stock and It is estimated that earnings for the quarter ending Feb. 28 will be equal
further improved its plants and equipment, particularly in development of to approximately 75 cents a share, the directors felt that it would be more
the
distributing terminals and concrete mixing plants in the amount of $1. conservative to reduce the dividend rate, inasmuch as earnings in and
equal dividend
It is pointed out in the annual report for the year ended Dec. 31 quarter ended Nov. 30 last, did not improving, it is requirements,
not as yet clearly
while indications are that business is
1930.
"During this period", the report says,"the company received $1,112,000 evident that the company's business in general has definitely turned the
from sale of common stock through the exercise of stock purchase warrants. corner."
As of Jan. 31 1931, the company had current assets of $3,059,376.
Hence, the common stock position has been strengthened from reserve
$2,195,867. As
accumulations and undivided profits to the net amount of $3,064,900. current liabilities of $863,509 and net working capital of
of Jan.31 1930,current assets totaled 53,965,696,current liabilities $948,746
Included in the amount ofretired senior obligations is $396.000 ofanticipated and
net working capital $2,116,950.-V. 129. P. 130
4•
sinking fund requirements for early 1931. It was decided to utilize yearend surplus cash in this way rather than invest in low yield short term
Windsor Hotel, Ltd.
-Earnings.
securities."
1929.
1930.
Calendar YearsThe Tradesmens National Bank & Trust Co., trustee, Phila., Pa., will
$606,190
$681.180
until 12 o'clock noon, Feb. 25 receive bids for the sale to it of 1st mtge. Net earnings
170,000
200,000
sinking fund bonds, dated April 1 1929, to an amount sufficient to Depreciation
6%
214.814
209,603
exhaust 8105,000 at prices not exceeding 105 and interest.
-V.132, p. 1244. Bond interest
$296,366
$196,587
Net profit
Wedgwood Investing Corp.-Sale.
146.250
Preferred dividends
146,250
See Tr -Continental Corp. above.
-V. 132, p. 509.
$150,116
$50,337
Surplus
160,840
323,781
Previous surplus
Western Auto Supply Co.
-Earnings.
12,825
2,057
The company for the year 1930 reports net earnings, after all charges Adjustments
and Federal income taxes, amounting to $747,000, equivalent to $3.81
$323,781
Profit & loss, balance
6376,175
per share on the 195,961 common shares outstanding for an increase of
Balance Sheet Dec. 31.
40% over 1929.-V. 132, p. 1244.
1929.
Assets
1930.
Liabilities1929.
1930.
Cash
$78,633 2198,708
$74,874 $142,341 Accts. payable_ _
Western Dairy Products Co.-Earnings.135,405
Invest.(at cost)_ _ 969,814
848,108 Accrued charges_ _ 118,033
(Incl. Western Dairy Products Co. Inc., and Arden Sanitary Gold Seal Accts.receivable_ _
2,089
2,130
52,423
58,306 Unclaimed wages_
Fermi, Inc.]
Interest receivable
9,176 1st mtge. bonds_ _ _ 2,230,700 2.291,200
11,627
Calendar YearsInventories
104,199 Ref. mtge. bonds_ 1,076,800 1,098,100
88,122
x1930.
1929.
Net sales
Preferred stock_ __ 2,250,000 2,250,000
$24,102,605 $26,047,400 Lands. bldgs., &
Cost and expenses
equipment
6,755,000 6,755,000 Common stock_ _ _x1,309,827 1,309,827
21,749,356 23,508,666
350,167
Other assets
40,147 Deprec.reserve_ _ _ 550,167
40,605
323,781
Operating income
Profit & loss acct. 376,175
$2,353,249 $2,538,734
Dividends received from Cal. Dairies
Other income
Total
17,992,465 $7,957,277 Total
$7,992,465 $7,957,277
57,345
147,062
x Authorized and issued 50,000 shares no par value represented by
Total income
$2,410,594 $2,685,796 capital surplus.
-V. 128, li• 3 5
8 3•
Depreciation
809,509
804,608
Federal taxes
-Annual Report.
Woods Mfg. Co., Ltd.
79,000
129,500
Interest
397,697
350,652
1927.
Calendar Years1929.
1930.
1928.
Undistributed income Cal. Dairies
$229,678
Operating income
loss$69,209
$281,043
$222,266
Bond int. & discount__ _
56,640
51,036
55,129
52,519
Net income
$1.124,388 $1,401,036 Depreciation
33,314
33.314
33,314
33,314
California Co-operative Creamery Co. pref. diva,
12.929
15,675
Income taxes
11,191
to date ofredemption
15,190
Divs, on series A and B pref. stocks of West Dairy
$126,7
Net income
$176,925
$125,243
1084153,559
Products,Inc
301,350
280,882 Preferred dividends_ _ _ _
106,91
106,981
106,981
106,981
Divs,on class A stock of Western Dairy Products
Co
525,248
525,248
$19,814
Surplus
$69.944
$18,262
def$260,540
206,153
Previous surplus
225,988
295,912
314,174
Surplus
$297,790
$579.716 Rebate of income tax__ _
18,225
Earnings per share on class B shares
$1.00
$2.01
Comparative Balance Sheet Dec. 31.
Profit and loss balance
$225,967 .
$295,912
$314,174
$71.859
Earns, per sh. on 17.106
1929.
1930.
1930.
1929.
she. com.stk.
$1.15
AssetsNil
$4.09
$1.07
Liabilities$
$
$
(par$100)
$
Cash
$577,613 $997,507 Accounts payable_ $708,977 $1,374,231
Balance Sheet Dec. 31.
Customers'notes&
Accr. liabilities_ _
. 289,660
298,541
1929.
Assets-1930.
Liabilities1929.
1930.
accts.recelv- _ 1,316,097 1,546,031 Prey,for Fed. inc.
Plant, &c
$3,025,060 $3,020,679 Preferred stock__ _$1,528,300 21,528,300
Sundry notes &
117,000
tax
129,500 Good-will
1,673,941 1,673,941 Common stock_ _ _ 1,710,600 1,710.600
accts.receiv. 299,851
205,116 Funded debt
5,880,500 6,100,500 Cash
792,000
778,000
7,554
2,563 Bonds
Inventories
424,677
646,559 Prof. stk. Western
Accts.receivable
331.000
225,000
368,923 Bank loan
301.362
Prepaid expenses_ 204,318
167.108
Dairy Prod.,Inc 4,312,740 4,398,000 Inventories
328.335
1,085,774 1,463,886 Accounts payable_ 217,556
Inv.in AIM.cos.- _ 897,832
571,443 Corn. stk. Arden
Prepaid expenses_
11,948
11,707
34,371 Accrued interest
34,853
Plant & equip_ _ _x10,533,624 11,014,708
GoId Seal Farms,
Deferred charges
54,163 Deprec'n reserve 1,335,484 1,302,170
49,963
Goodwill
6,210,324 6,210,324
Inc
29,473
27,145
300.000
300,000
Reserve account
Untunortized bond
x7,992,587 7,822,523
Capital stock
314,174
71,859
Surplus
disc.& exp
158,137
176,839 Earned surplus_
1,490,754 1,634,941
Deferred charges
199,218
249,747
Total
7
Total
$8,178,507 $8,818,528
$8,1 78,507 $6,618,526
Total
20,821,691 21.785,381
Total
20,821,691 21,785,381 -V. 132, p. 1245.
x Represented by 131,312 no par shares of class A stock and 297,418
Zonite Products Corp.
-Earnings.
no par shares of class B stock.
-V. 131, p. 2915.
For income statement for month of January,833 "Earnings Department"
on a preceding page.
Western Maryland Dairy Corp.
-V.131. p. 2551.
-New Directors.
The following new directors have been added to the board: H.N. Bremner
Jr., Albert D. Graham, E. V. McCollum and C. Henderson Supplee.
-V. 131, p. 3891.
CURRENT NOTICES.
(William) Whitman Co., Inc.
-Earnings.
-
It is reported that in the year ended Dec. 31 1930, company and subsidiaries lest $811,539. For the 1929 year it was stated that the company
suffered a small loss, while in 1928 it earned approximately $179.000.
Pres. William Whitman Jr. states the world-wide depression affected the
company as it did most others, and business for the year was unsatisfactory.
The loss of $611.539 was occasioned by reduced activity, by inventory losses
and mark-offs. All inventories were taken at the lower of cost or market
and adequate provision was made for any anticipated losses on doubtful
Items.
Pres. Whitman further states that the company "is in excellent financial
condition to await the return of normal times. We hope for an improvement
in the second half of this year."
Balance Sheet Dec. 31.
[Including Acadia Mills, Monomac Spinning Co., Mary Louise Mills,
Tallapoosa Mills, Whitman Building Trust.1
1930.
1929.
1930.
1929.
$
AssetsLiabilities$
$
$
_
..
Plant & mashry._ _ 7,945,357 7,932,983 Preferred stock _ 2,249,200 2,500,000
equip__ 413,611
420,680 Com.stk.& Burp_ _x8,963,764 8,621,406
Real est.&
982,044
450,316 Sundry credits for
Cash
500,312
mdse. purchased
32,046
U. S. Trem. ctfs_
48,006
Monthly bal. due
Accrint. suspense
39,503
consignors
8,005
149,641
&a
400,432
Notes pay.affil.cos
Accts.& notes rec.,
50,000
1,375,223 1,963,654 Min. int. In anti.
less reserve
1,259,381 1,989,813
companies
211,510
Inventories
515,159
Accr.expenses_ _ _
.
16,695
Inv.in stocks of as25,657
-_ 0,011,258 6,206,779 Res.for deprec.4c 6,585,194 7,551,431
sociated cos
157,741 Res.for disc.,&c_ 17,113
Misc. stks. & bds_ 106,984
18,456
91,801
100,262
Deferred chargeS-18,225,163 19,730,547
18,225,163 19,730,547
Total
Total
x Represented by 107,907 no par shares, the stock having been changed
to no par share in 1928 but without change in the number of shares.
Contingent liabilities on endorsements for Arlington Mills: Notes payable
81.325.000; customers notes and trade acceptances, $26,217.-V. 130.
P.1847.
-Thornton & Curtis, Boston, announce that Paul F. White formerly
with A. C. Allyn & Co.,is now connected with their organization as manager
of the bond trading department.
Alfred L. Baker & Co., Chicago. announce that Albert B. Kornfeld
for several years connected with A. G. Becker & Co., has become associated
with their stock department.
-Benjamin, Hill & Co., members of the New York Stock Exchange,
announce that Max Phillpson has become associated with them in their
Customers' Department.
-Announcement is made of the admission of Le Roy Frost Jr., formerly
of B.Y. Frost & Co.,as a general partner in the New York Stock Exchange
firm of Baylis & Co.
-Edward B. Smith & Co., 15 Broad St., New York, has prepared s
review of the present position and future prospects of the Manufacturers
Trust Co.
-Morrison & Townsend, announce the removal of their office to those
formerly occupied by Harvey Fisk & Sons, at 120 Broadway, N. Y. City.
-E.A. Pierce & Co. are distributing copies of an article entitled "Looking
Ahead with the Chain Stores," reprinted from Barron's of Feb. 16 1931.
-James F. Draper, formerly with Lord, Westerfield & Co., has become
associated with Ross Beason & Co. as wholesale man for New York.
Hornblower & Weeks, members of the New York Stock Exchange,
have prepared a special analysts of F. W. Woolworth Co.
Troster, of the firm of Holt, Rose & Troster, has reCol. Oliver
turned to his desk after a prolonged illness.
Robert J. Lewis is now associated with the New York office of Estebrook & Co.
-Braham St Co.,Inc.,announce the removal of their offices to 37 Wall St.
1444
FoL. 132.
FINANCIAL CHRONICLE
The commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
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, Feb. 20 1931.
COFFEE on the spot was quiet at 93/20. to 100. for Santos
4s and 63c.for Rio 7s. Fair to good Cucuta, 13 to 1334c.;
prime to choice, 143 to 153(c.; washed, 163 to 17c.;
Ocana, 123 to 133e.; Bucaramanga, natural, 133 to
148.; washed, 175j to 173/2e.; Honda, Tolima and Giradot,
%
%
17% to 173 c.; Medelin, 183' to 18%c.; Manizales, 173 to
1843.; Mexican washed, 17 to 19c.; Puerto Rico washed, 17 to
19e.; Surinim, 12 to 1234c.; East India, Ankola, 23 to 248.;
Mandheling, 233/3 to 32c.; genuine Java, 243' to 253'e.;
Robusta, washed, 93 to 93/ae.; Mocha, 16 to 17e.; Harrar,
1634 to 17c.; Abyssinian, 123 to 12Mc.; Salvador, washed,
153 to 173,c.; Nicaragua washed, 143'2c.; Guatemala prime,
%
17% to 18c.; good, 16 to 163'c.; Bourbon, 14 to 143-ie.;
Trie-a-la-main, 133/i to 14c.; Machine, 13 to 133'c.; San
Domingo washed, 15% to 163e. On Feb. 16 cost-andfreights included Santos Bourbon 2s for prompt shipment
at 9.15 to 93c.; 2-3s at 8.85 to 9.15e.; 3s at 8.90c.; 3-4s at
8.55 to 9c.; 3-5s at 8.45 to 8.850.; 4-5s at 8.40 to 8.55c.; 5•6s
at 7.90 to 8.30c.; part Bourbon 3-5s at 8.40e.; 4-5s at 8.450.;
Peaberry 3s at 8.70c.; 4s at 8.45c.; Rio 7s at 5.550.; 7-8s at
-May shipment, Victoria 7-8s
5.45e.; 8s at 5.350. For Feb.
were offered at 5.30c. and for March-May at 53c. On the
18th cost-and-freight offers were in fair supply following the
holidays in Brazil, but the prices with some declines were
otherwise unchanged. For prompt shipment, Santos Bourbon 2s were quoted at 9.15c.; 2-3s at 8.90 to 9.150.; 3s at
8.80 to 9.00c.; 3-4s at 8.60 to 8.90c.; 3-5s at 83 to 8%o.;
4-5s at 8.40 to 8.60e.; 5s at 8.30o.; 5-6s at 8.05 to 8.150.;
6s at 7.65 to 8.00c.; 6-7s at 8.050.; part Bourbon 3-5s at
8.30 to 8.40c.; 4-5s at 8.350.; Peaberry 3s at 8.60o.; 4s at
8.35 to 8.55c.; Rio 7s at 5.45 to 5.55c.; 7-8s at 5.35 to 5.400.;
8s at 53c.; Victoria 7-8s at 53jc.; rain-damaged 4s at 8.700.;
6-7s at 7.4504 7-8s at 73jc.; Victoria 7-8s for April-June
shipment at 53je.
-and-freight offers from Brazil were
On the 19th inst. cost
generally lower, the declines ranging from 10 to 15 points.
The offers for prompt shipment included Santos Bourbon
2s at 9c.; 2-3s at 8.80 to 9.00c.; 3s at 8M to 9.15c.; 3-4s at
83's to 8.70e.; 3-5s at 8.10 to 8.65c.; 4-5s at 8.00 to 8.300.;
5s at 7.90 to 7.95c.; 5-6s at 7.90 to 8c.; 6s at 73's to 734o.;
7-8s at 7.40c.; part Bourbon 3s at 83 to 93'c.;3-5s at 8.200.;
7-8s at 73j to 7.80c.; Peaberry 3s at 8.45 to 8.55c.: 3-4s at
8.45 to 834c.; 4s at 8.15 to 8.35c.; 6s at 73-ic.; Rio 7s at
5.35 to 5.45e.; 7-8s at 53 to 5.300.; 8s at 5.20c.; Victoria
7-8s at 5.20c. Some business was done in Santos grades on
bids but the particulars were not made public. Rio 8s were
offered for Feb. through May shipment at 5.15c. To-day
Santos cost-and-freight offers were weak; Rio lower. The
prompt shipment offers included Santos Bourbon 2-3s at
8.90c.; 3-4s at 83/i to 8.70c.; 3-5s at 83j to 8.40c.; 4-5s at
8.10c.; to 83'c.; 5s at 7.95 to 8.2004 5-6s at 7.80c.; 6s at
73% to 7.80c.; 7-8s at 7.15 to 7.40e.; Peaberry 2-3s at 8.80o.;
3s at 8.55e.; 3-4s at 8.35 to 8.45e.; 4s at 8.15 to 83.c.; 4-5s
at 8.20c.; Rio 7s at 5.30o.; 7-8s at 5.20c.;8s at 5.15c.
The New York Coffee Exchange on Feb. 18 estimated the
world's visible supply of coffee, including the stocks in the
interior of Brazil, for Feb. 1 1931 at approximately 36,000,000 bags. This is the first time in its 49 years of existence
that the Exchange has attempted to estimate the entire
visible world's supply of coffee,including stocks in the interior
of Brazil. Figures are estimated in bags of 132 pounds each.
With consumption for the next five months placed at about
10,000,000 bags, the estimated world's visible supply at the
start of the new 1931-32 coffee crop, on July 1 1931, should
be about 26,000,000 bags. Approximate consumption is
placed at 24,000,000 bags annually.
One firm said:"The Brazilian Government is trying to help
the Coffee situation but the various plans are not clear.
they do not reduce stocks or attempt to take any action that
encourages the consuming markets of the world to help in
carrying the excessive supplies. This is needed and can be
accomplished only by reducing prices until they are below
the cost production, which will encourage dealers to increase
their stocks and create a speculative demand. The issuance
)
.
of paper currency with which to purchase coffee by the
Government will perhaps increase the milr9is cost,. but will
not increase consumption. In the meantime, prices continue to slowly decline." Spot trade later was dull and prices
declined to 93 to 93c. for Santos 48, 63c..for Rio 7s and
6c. for Victoria 7-8s. On the 14th inst. prices ended 7 to
13 points higher on Rio and 4 to 11 higher on Santos futures
with sales of 5,000 bags of Rio and 10,000 of Santos. Europe
was the largest buyer. The selling was scattered. Cost and
freights were generally unchanged; bourbon 3-4s, 8.40 to
On Feb. 14 Santos exchange was un8.65c.; 3-55, 8.45c.
/
changed at 438d. and the dollar at 118300. Rio exchange
was %d. lower at 4 23.64d. and the dollar 70 higher at
113340. Rio 7s declined 125 reis on the spot to 11$925.
According to cables to the New York Coffee & Sugar Exchange from Brazil, the "Government purchases will not
include coffee belonging to the loan of $20,000,000,000, also
no grade coffees."
On the 16th inst. futures ended 3 to 10 points lower on
Rio with sales of 6,000 bags and 8 to 18 points off on Santos
with sales of 8,750 bags. Liquidation continued here.
Rio was closed. Santos exchange declined. On the 16th
Rio was closed but at Santos exchange opened 1-32d. lower
and the dollar rate 100 higher; later cables reported a further
decline of 1-64d. in the exchange to 4 21-64d. and an advance of 50 reis in the dollar to 11$450. On the 17th inst.
futures ended 2 points lower to 4 points higher on Rio
with sales of 12,500 bags and unchanged to 4 points higher
for Santos with sales of 12,000 bags. On the 18th inst.
prices of Rio futures here closed 5 to 13 points lower with
sales of 8,250 bags and Santos 10 to 22 points lower with
sales of 19,500 bags. Lower Brazilian exchange and March
liquidation here were the dominating features. On the
19th inst. March liquidation continued. Rio futures here
closed unchanged to 5 points lower, with sales of 19,500
bags. Santos also closed unchanged to 5 points lower,
with sales of 34,250 bags. The spot market here was dull
and weak.
To-day the market was irregular but at times offerings
were small. Santos futures ended 1 point lower to 3 points
higher with sales of 15,000 ba,gs and Rio 7 lower to 8 higher
with sales of 18,000 bags. Final prices show a decline for
the week of 7 to 15 points on Rio and 22 to 30 points on
Santos. To-day Brazilian exchange was easier, Santos
declining 1-64d. to 4 7-16d.; dollar 50 higher at 118600;
Rio was 1-16d. lower at 43d.; dollar 170 higher at 118630.
Rio spot 11$925.
Rio coffee prices closed as follows:
5.39§nom.
Spot (unofficial)
March
May
July
831 ®
5.27®nom.1September
December
5.39®
Santos coffee prices closed as follows:
Spot (unofficial)
March
May
July
8.17§nom I September
. December
8.14
5.39 noni.
5.40 nom.
8.i2 nom
8.12 ---8.12 nom.
COCOA to-day ended 5 to 6 points higher with sales of
109 lots. Closing prices were with March, 5.24c.; May,
5.38c.; July, 5.57c.; Sept., 5.77c.; Dec., 5.97c.
-Spot Cuban raws were quiet at one time at
SUGAR.
3.32c. Futures on the 14th inst. declined 2 to 3 points with
sales of 23,150 tons. March was sold by Europe with some
pressure on later months and spot sugar was said to be more
freely offered. On Feb. 14 the New York Exchange stated
that stock of raw sugar in licensed warehouses in New York
on Feb. 13th, amounted to 961,288 bags, a decline of 463
bags for the week. Stocks a year ago were 2,289,924.
On Feb. 14 London closed barely steady and unchanged to
%d.lower. Liverpool closed quiet and Md. lower. Havana
cabled that outlining the steps already taken for the stabilization of the world's sugar industry, Thomas L. Chadbourne, in a statement issued there yesterday fisted additional measures needed, including the co-operation of all
sugar producing nations and also those that might produce
the commodity. Mr. Chadbourne was quoted as saying
that the task was a colossal one and had only been begun.
Refined here 4.50o. Spot raws 3.300. for Cuban duty paid.
Meinrath of Chicago states its final estimate of the current
domestic beet sugar crop at 1,077,912 tons against 909,000
tons last season. One estimate of the production during
1930-31 was 28,768,000 tons against 27,690,000 last year.
Consumption is estimated at 27,226,000 against 26,374,000
last year. There are 2,000,000 to 2,500,000 tons segregated
in accordance with the Chadbourne plan to be distributed
over five years.
On the 16th inst. futures ended 1 point higher. There was
some liquidation of March as the notices approached.
Cuban interests sold. Later came a better demand, partly
to cover. London acted very well. Here sales were 16000
tons, all on the basis of 1.320. o. & f., including Porto Rican
:
and PhilippinesL 10 000 Porto Rico for March 4 clearance
and 3,000 tons Phihppines due late in Feb. at 3.32c.; 1,000
tons Philippines for May-June shipment on the basis of
3.42c. delivered. On the 16th early London cables reported
a quiet market with sellers of centrifugals afloat at 6s.;
for March shipment at 6s. 23.d., and for April at 6s. 3d.
c. 1. f. U. K. Refiners and the trade were indifferent.
Havana cabled Feb. 16 that Thomas L. Chadbourne is to
confer with President Machado when he arrives there from
New York. The National Sugar Export Commission on
Saturday adopted the average 1929 and 1930 outputs as the
basis for 1931 allocation of quotas for each sugar mill, but
it is believed that this schedule may be modified somewhat
to meet the demand of small producers. On the 17th inst.
futures closed 2 to 3 points lower with sales of 28,250 tons.
The decline was due to March liquidation and Cuban selling
ofilthe list. Also refiners did not continue to buy spot
Cuban and other sugar freely. On the 17th inst. 26,000
bags Cuba for prompt shipment sold at 1.30c. c. & f., and
2,800 tons of Porto Rieos loading March 9 at 3.30c. On
the 17th inst. two cargoes of Cuba were sold for March shipment to the United Kingdom at 6s. 1%cl. c.i.f., or equal
to 1.30c. c. & f. New York. On the 17th Willett & Gray
had a cable from the Philippines reporting that from Nov. 1
to Jan. 31 the shipments to Atlantic ports were 201,000
tons, against 177,331 tons for the same time last year and
to San Francisco 25,000 tons against 12,914 tons last year.
On the 17th in London there was a sale of 1,000 tons Cubes
for March shipment to Grennoek at 6s. 1%d. with sellers
of March shipment at 6s. 2%d. and of April at 6s. 3d.
A
There were buyers of March shipment at 6s. 3 d.
Receipts at United States Atlantic ports for the week
were 72,711 tons, against 33,639 in the previous week and
26,014 in the same week last year; meltings, 54,279, against
36,085 in previous week and 47,987 in the same week last
year; importers' stocks, 167,608, against 171,508 in previous
week and 361,097 last year; refiners' stocks, 94,343, against
72,011 in previous week and 143,571 last year; total stocks,
263,951, against 243,519 in previous week and 504,668 last
year. On the 18th inst. futures advanced 1 to 2 points on
covering of hedges with sales of 28,500 tons, Cuban and
Porto Rican houses bought. On the 18th inst. a rumor
was in circulation that a revival of the Single Seller is under
consideration in Cuba and that the disposition of the crop
will be turned over to it. It was not confirmed. On the
early
18th inst 3,000 tons of Philippines raw sugar forbuyers
March arrival sold at 3.300. There were further
at this price, but no sellers below 3.32e. delivered basis
for either Cubas or duty frees.
On the 18th London early was steady. On the 17th
2,500 tons of Penis sold for March shipment at 6s. 1%d.
c.i.f., equal to about 1.17e. f.o.b. Cuba, and some Continental beet raws were also sold on the same basis. On
the 19th inst. with March liquidation still in progress,
futures closed unchanged to 2 points lower with estimated
sales of 27,900 tons. It was largely a waiting affair; 5,000
tons of Philippines sold at 3.30c. On the 19th official
advices to the N. Y. Coffee & Sugar Exchange stated the
stocks of beet sugar in Germany on Feb. 1 as 1,856,200 tons,
and in Hungary on Dec. 31 as 129,100 tons. To-day
futures closed unchanged to 1 point higher with sales of
58,400 tons. Less March liquidation and a steady demand
for September supposedly for Europe gave the market a
firmer tone. Final prices show a decline for the week of
2 to 3 points.
Prices were as follows:
Spot (unofficial)
March
May
July
September
1.30''
December
1.2010
1.30 © 1.31 January
1.38@nom.
1.46@nom.
1.54 © 1.55
1.5685 1.57
LARD on the spot was steady at 8.50 to 8.60e. for prime
4
Western with refined Continent, 87 0.; South America,
9X4c.; Brazil in kegs, 10%c. Futures on the 14th inst. ended
unchanged to 5 points lower though hogs were steady and
grain somewhat higher. On the 16th inst. futures ended
unchanged after being 3 to 12 points higher. Hogs were
firm early but later reacted a little. Western receipts of
hogs were 143,100 against 157,400 for the same day last
year. Exports from New York on the 14th inst. were 3,665,000 lbs. to England and Holland. For the week they
were 10,951,000 lbs., against 9,882,000 the week previously.
Contract stocks of lard at Chicago Feb. 15 were 2,802,385
lbs. and other stocks of lard 7,178,403. On Feb. 1 1930
contract stocks amounted to 21,084,310 lbs.
On the 17th inst. futures closed 5 to 10 points lower.
Total western receipts of hogs were 128,300 against 115,600
last year. Exports were 653,000 lbs., largely to England
and Germany. Cash lard was weaker. A correction was
made in the stocks of lard other than contract at Chicago
which were posted on Monday. The total originally given
was 7,178,403 lbs. and the corrected total is 4,971,860 lbs.
This made a total of all grades of lard, including contract,
27,774,245 lbs. against 24,328,762 on Feb. 1, and 44,593,490
on March 1 1930. Prime Western was 8.40 to 8.50c. On
the 18th inst. futures declined 5 to 8 points with corn and
hogs lower. Hogs fell 35 to 50c. Exports from New York
were 1,486,847 lbs., largely to Europe. Cash lard was
lower; prime Western, 8.35 to 8.45c.; Refined Continent,
W South America, 9c.; Brazil in kegs 10e. On the 19th
in.;
inst. futures ended 3 to 5 points higher with hogs firmer
and grain up. Exports of lard were 1,567,000113s. to London
and Hamburg. To-day futures closed 2 to 10 points higher
on covering of shorts. Final prices show a decline in some
months of 2 to 5 points though May ended unchanged
for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
8.12
8.02
7.97
8.12
8.00
March delivery
8.07
8.25
8.20
8.12
8.25
8.15
8.25
May delivery
8.27
8.40
8.40
8.32
8.32
July delivery
8.40
PORK steady; mess, $26.50; family, $27.50; fat backs,
$18.50 to $23.50; ribs, 10.75e. Beef quiet; mess nominal;
packet, $15 to $16; family, $17 to $18; extra India mess,
1445
FINANCIAL CHRONICLE
FEB. 21 '1931.]
$34 to $36; No. 1 canned corned beef, $3.25; No. 2, $5.50;
6 lbs. South American, $16.75; pickled tongues, $70 to $75.
Cut meats steady but quiet; pickled hams, 10 to 16 lbs.,
143 to 17%c.; pickled bellies, 6 to 12 lbs., 15 to 183c.;
%
bellies, clear dry salted boxed, 18 to 20 lbs., 12%c.; 14 to
16 lbs., 13c. Butter, lower grades to high scoring, 23% to
295.e. Cheese, flats, 18 to 223..c.; daisies, 16 to 19%0.
Eggs, medium to extra, 15 to 183e.; closely selected heavy,
193 to 1930.; premiuni. marks, 2
/
03ro.
-Bulk gasoline of late has been steady.
PETROLEUM.
Jobbing demand showed improvement. Leading refiners
quoted 73/2c. for U. S. Motor in tank cars at refineries. A
few were quoting 8c. Domestic heating oils were a little
more active. There was a better demand for grade C bunker
fuel oil at $1.05 spot at refineries. Diesel oil was fairly
active at $1.85 same basis. Kerosene was rather easy with
41-43 water white 63 to 63.C. in tank cars refineries.
Consumption is holding up well and export inquiries recently have been a little more active. Lubricating oils show
little change. The demand is mostly confined to small
quantities to fill immediate needs. Pennsylvania bright
stock was a little more active and textile oils were moving
a little more freely.
Tables of prices usually appearing here will be found on an earlier page In
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
OILS.
-Linseed demand was a little better. Most of the
jobbers were looking around for their Spring supplies. And
paint makers were inquiring more freely. Crushers were
asking 9.4c. for raw oil in carlots, cooperage basis, but it
was intimated that this price could have been shaded two
points on a firm bid. Cocoanut, Manila Coast tanks, 43'c.;
spot N. Y. tanks, 43 c.; corn, crude, tanks f. o. b. mills,
A
7%04 Olive, Den., 82 to 85c.; China wood, N. Y. drums
carlots, spot, 614c.; tanks, 6 to 63c.; Pacific Coast tanks,
5% to 6c.; Soya Bean, carlots drums, 7.1c.; tanks, Edgewater, 6.5e.; domestic tank cars, f. o. b. Middle Western
mills, 6c. Edible, olive, 1.65 to 2c. Lard, prime, 123'e.;
extra strained Winter, N. Y., 9Mc.; Cod, Newfoundland,
48c. Turpentine, 443j to 503.c. Rosin, $4.15 to $9.
Cottonseed oil sales to-day including switches 18 contracts.
%
Crude S. E.,63 c. Prices closed as follows:
Spot
February
March
April
May
7.25
7.25
7.39@7.40
7.44@7.58
7.64@
June
July
August
September
7.657.74
7.72 7.73
7.77@7.83
7.82@7.84
RUBBER on the 14th inst. dropped 20 to 25 points on
futures with the January consumption 1,500 to 2,000 tons
smaller than had been expected though it was 28,556 tons
against 21,492 tons in December. In January last year the
total was 36,600 tons. The January imports were over
37,000 tons. The result was a further increase in stocks on
hand to 209,400 tons from 202,200 tons at the close of
December. Also the amount afloat at the end of last month
showed practically no change at 56,100 tons. The sales at
the Exchange on the 14th inst were 240 tons of No. 1
standard and 200 of old "A." No. 1 standard closed on
the 14th inst. with February, 7.55c.; March, 7.55 to 7.59c.;
May, 7.80 to 7.84c.; July, 7.97c.; Sept., 8.20c. Old "A"
February, 7.50 to 7.60c.• March, 7.50 to 7.60e.; April,
7.60c.; May, 7.70 to 7.8oc.• July, 7.90c.; Sept., 8.10 to
8.2004'December, 8.40 to 8.50e. Outside prices: spot and
'
4
February, 75% to 73 c.; March, 73% to 77c.; April-June,
%
77 to 8%0.; July-Sept., 8% to 83' October-December,
4
8c.;
83s to 8%c.; spot, first latex, thick, 73% to 8c.; thin, pale,
/
latex, 8 to 8%e.• clean, thin, brown No. 2, 7% to 7%c.;
specky crepe, 67 to 7 8c.; rolled brown crepe, 6% to 64o.;
4
'
No. 2 amber, 73/s to 758c.; No. 3, 74 to Thic.; No. 4,
/
7 to 7%e.
On Feb. 14 London opened quiet and unchanged and
closed easier, unchanged to 1-16d. decline; February,
3 13-16d.• March, 37 d.; April, 37 d.; April-June, 4c1.;
4
4
July-September, 4%d.; October-December, 43d.; JanuaryMarch, 4 7-16d. Singapore closed steady, 1-16d. decline;
February, 354,d.; April-June, 3 11-16(1.; July-September,
378d. No. 3 Amber Crepe, 3 3-16d., off 1-16d. On the
/
16th inst. prices declined 10 points net with sales of650
tons of No. 1 standard and 305 of old "A." Closing prices:
prices: No 1 standard March, 7.50 to 7.60c; May, 7.77
to 7.800.; July, 7.97 to 80.; September, 8.19c.; December,
8.52 to 8.55c. Old "A" contract March, 7.500.; July,
7.80 to 7.90c. Outside prices: Plantation spot and February, 75/s to 73 e. On the 16th London was net unchanged
%
to 1-16d. lower at the New York opening, and closed on
about the same basis with February and March 3 13-16d.;
April, 37 d. to 3 15-16d.; April-June, 3 15-16d.; July4
September, 4 1-16d. to 43'd. October-December, 43d.;
8
January-March, 49/d. Singapore market closed until Friday in celebration of the New Year. On the 16th London
opened easier, 1-16d. to Nd. decline and at 2.37 p.m. was
quiet, unchanged to 1-16d. decline; February, 3 13-16d.;
4
March, 3 13-16d.; April, 37(1.; April-June, 3 15-16d.; JulySeptember, 4 1-16d.; October-December, 4%d.; January%
March,43cl. Singapore closed dull; February,3%d.; AprilJune,3 11-163.; July-September, 33'd.; No.3 Amber Crepe,
3 3-16d., off 1-16d. The Singapore market will remain
closed until Friday, Feb. 20. The London stock increased
269 tons to 81,432 tons, against 81,163 tons a week ago and
62,659 tons for last year. Liverpool stock increased 386
tons to 43,679 tons, against 43,293 tons a week ago.
1446
FINANCIAL CHRONICLE
On the 17th inst. prices closed 1 point lower to 3 higher;
sales 1,012 tons. Importers and dealers sold Broadway
:
and shorts bought. No. 1 standard closed with February
7.55e.; March, 7.60c.; July, 7.97 to 8.05c.; sales, 890 tons
old "A" March, 7.50 to 7.60c.; April, 7.60e.; July, 7.90
to 8c.; sales 122 tons. Outside prices: Spot and February,
7% to 7%c.• March, 7M to 7%,c.; April-June, 7% to 80.;
July-Sept., 8'to 834c.; Oct.
-Dec., 834 to 8Mc. On the 17th
London was unchanged at the New York opening, declined
slightly in some cases and then rallied to previous closing
prices. Final quotations were: February,3 13-16d.; March,
3 13-16d.; April, 37 d to 3 15-16d.; April-June, 3 15-16d.
4
-Dec., 4%d.
to 4d.; July-September, 4 1-16d. to 4Md.; Oct.
to 4 5-16d.; Jan.
-March, 4 5-16d. to 4%41. On the 18th
inst. prices ended 2 to 6 points lower with sales of 1,062
tons. Spot prices also declmed He. No. 1 standard closed
with March, 7.55 to 7.58c.; May, 7.75 to 7.85c.; July,
7.95 to 8.05c.• Sept., 8.15 to 8.20c.; sales, 670 tons. New
"A" ended with March, 7.55e.; May, 7.75c.; July, 7.95e.;
old "A" ended with March, 7.500.; April, 7.600.; May, 7.70
to 7.80c.• July, 7.90 to 80.; Sept., 8.10 to 8.20c.; Dec.,
8.40 to 8.
9
50e. Outside prices: Spot and February, 7 Mc. to
7K March, 7% to 7%d.; April-June, 7% to 73/80.; July3c.;
-Dec.,8% to 8%e.;spot, first latex,
Sept., 734 to 834c.; Oct.
thick, 734 to 7%c.• thin, pale latex, 734 to 8Me.; clean,
thin brown No.2,fto 734c.; specky crepe,6% to 7c.; rolled
brown crepe, 634 to 6%c.; rolled brown crepe, 634 to 6%c.;
/
No. 2 amber, 734 to 734c.; No. 3, 734 to 738c.; No. 4, 7 to
71%c; Pares, upriver, fine spot, 9%c.; Guayule, washed
dried, 150.; Peruvian block, 1534 to 16e.
On the 18th London was net unchanged to 1-16d. lower
at the Now York opening and closed on about the same basis.
-March, 3Xd. to 3 13-16d.• April,
Quotations were Feb.
4
4
3 13-16 to 37 d.; April-June,37 d.;July-Sept.,4 to 4'1-16d.;
-March, 4 5-16 to 44d.
Oct.
-Dec., 434 to 4 5-16d.; Jan.
On the 19th inst. prices closed 4 points lower to 1 point
higher. Broad Street interests sold March against purchases of Sept. Cotton people sold July against buying of
May. No. 1 standard contract closed with March 7.53 to
7.56c.; May,7.72 to 7.74c.; July, 7.92c.; Sept., 8.140.; Dec.,
8.50c.; sales, 570 tons. New "A," March, 7.53c.; April,
7.63c.; May,7.73c.; June, 7.83c.; July, 7.93c.; Aug. 8.030.;
Sept., 8.13c.; Oct., 8.23c.; Nov., 8.33c.; Dec., 8.43.; Jan.,
1932, 8.53e. all nominal. Old "A,"' March, 7.50c.; May,
7.70 to 7.804;.; Sept., 8.10c. Outside prices: Spot and Feb.,
4
734 to 734e.; March, 7% to 7%c.; April-June, 7% to 77 c.
To-day prices closed 2 to 10 points lower on No. 1 standard
with sales of 71 lots, and unchanged to 10 off on old "A,"
with sales of 56 lots. The cables were lower and March
liquidation was resumed as well as other selling. Final
prices show a decline for the week of 40 points. To-day
London was net unchanged to 1-16d. lower at the New York
opening and the closing was on about the same basis, with
Feb. and March 3% to 3 13-16d.; April, 3Md.• April/
June, 378d. to 3 15-16d.; July-Sept., 4 to 4 1-16d.; Oct.
-March, 4%d. Singapore closed dull
Dec., 4 3-16d.; Jan.
and unchanged; March, 3 9-16d.; April-June, 3 11-16d.;
4
July-Sept., 37 d.• No. 3 amber crepe, 3%d., up 1-16d.
Unofficial estimates of stocks show: London, 750 tons in •
crease and Liverpool 900 tons increase.
[V0i.. 132.
native cows, January-February, at 6c.; 2,500 heavy native
steers, February, at 7c.; 10,000 Colorado steers, February,
at 634c. Futures here on the 19th inst. closed with March
8c.; May, 8.59 to 8.60e.; September, 9.80 to 9.87e. To-day
futures ended 5 to 16 points higher with March 8.05c.;
May, 8.65c.; July, 9.30c.• September, 9.91e. and December,
10.910. after sales of 46'lots. Final prices show a rise for
the week of 5 to 10 points.
OCEAN FREIGHTS.
-Trading was better and rates
firmer. River Plate rates were up again.
CHARTERS Included 32,000 quarters grain, May 10 canceling, Montreal,
Antwerp, Rotterdam, 9c.; Hamburg, Bremen. 10c.; French Atlantic, 10c.,
additional port, Mc. extra. 34,000 quarters West St. John, March 5-20,
Mediterranean basis, 123ic. option North Africa, 13c. 33,500 quarters.
Montreal, April 25
-May IS, Marseilles, Genoa, Leghorn, Naples, 12c.,
12%c.13c. 28,000 quarters, Montreal, May 5-25, United KingdomContinent,
2s. 1%d.; a port, 2s. 430.; picked ports, Antwerp-Rotterdam.
9 and 9,./c.; Hamburg-Havre, 103i and 103ic. 32,000 quarters,St.John,
March 5-25, Mediterranean, 125/c.: Atlantic range, March 1-10. 22,00(1
4
quarters. Havre-Dunkirk,9 Si' and 9;tc. Grain booked includes two loads,
Bremen, 7c.; five loads, French Atlantic, 10c.; two loads, Bremen, 7c.;
five Hamburg, Sc.,oth February; two Baltimore-Rotter..am,
March; 14 loads, Voston-Bary, Feb. is. 9d.; three loads, Baltimore
Liverpool, Feb., Is. 6d.; four loads. New York-Havre-Dunkirk, Feb.,
10c.; 10 loads, Boston March, Liverpool, Manchester Is. 6d., and two
es
loads, New York-Cork;Feb., 2s. 6d.; a few loads, New York to Rotterdam,
9c.,and some to Liverpool at Is. 6d., both February;one load, Glasgow,is.,
a few to Rotterdam at Sc. and a few to Hamburg at Sc., all February.
trip up from Cuba, $1; Canadian round,
Trips, West Indies round,
$1.10; West Indies round, 65c.;delivery Gulf, redelivery United Kingdom85c.•.
Continent, prompt, 70c.; West Indies round, prompt, 65c.; delivery South
Atlantic redelivery United Kingdom-Continent, prompt, $1; West Indies
round, prompt, 65c. Sugar Santo Domingo, second half March, United
Kingdom-Continent, 12s. 6d.; Marseilles, 13a. 6d•Ll3art car. Port
au
Prince, late February, 12s. 6d.; Santo Domingo, first half march, Marseilles, 14c. Tankers, clean, March, Black Sea-United Kingdom, 7s. 6d.;
clean, completing option, Constanza, March-April, French Atlantic,
one port, 7s. 6d.; two ports, 8s. 2d.• clean, completing option one port,
-United Kingdom IN, or
French Atlantic, 9s. 6d.; two ports, East Coast
one port, French Atlantic, and two ports, East Coast
-United Kingdom,
10s. 6d.
COAL.
-Bituminous prices were weaker with trade in
both soft and hard coal smaller. Atlantic output of bituminous is larger. The exhibit of Western stocks is considered bullish. Chicago prices for some products f.o.b.
mine point downward, however. Mine run is quoted,
southern Illinois, $2.15; central Illinois, $1.70; Danville,
$1.90; Belleville $1.40; Pocahontas, $1.75 to $2.25; Beckley,
the same; Sewell, the same; Indiana, fourth vein, $1:90;
fifth vein, $1.20.
-Trade was fairly active here. At LynchTOBACCO.
burg, Va., according to advices to the "U. S. Tobacco
Journal," prices fell to an average of $6.72, the lowest this
season. Sales, 268,872 lbs., making a total thus far this
season from the 1930 crop of 5,742,641 lbs. The Richmond
sun-cured tobacco market closed a little stronger; sales,
21,462 lbs. at an average of $8.65; later 14,962 lbs. sold at
.60. The highest price at which a transaction was made
was $26. In quality the leaf graied 5% good,35% medium
and 60% common. On Wednesday 20,992 lbs. were sold at
an average of $8.20. Top price then was $31. At Martinsville, Va., trade was smaller; total sales for the season,
4,471,790 lbs. 'At Bedford, Va., sales were heavier than
during any week of the season, those at the warehouses
having been reminded of the old days before the •irouth. At
Oxford, N. C., 857,052 lbs. were sold at an average of
$9.66; sales to date, 25,765,748 lbs. at an general average of
$15.04.
-On the 14th inst. Sept.and Dec. the only months
HIDES.
-Export sales of copper have been large and
COPPER.
traded in were unchanged to 4 points lower; sales 550,000
lifted to 10.55e. on
price
lbs., March, 8c.; May, 8.61 to 8.64c.; July, 9.20c.; Sept., the exportwas that day were 4,800the 19th inst. The sales
tons or about 10,800 for
on
9.80c.; Dec., 10.80c. Common dryhides were quiet with for
small arrivals. Prices were steady. City packer were quiet the past three days. The domestic price was 10Xe. A
domestic and export prices would not
and unchanged. Of River Plate frigorifico 5,500, Feb. further rise in both
on
frigorifico extremes sold at 11 11-16c. Country hides were surprise many. In London 6d.the 19th inst. spot standard
futures
£46
dull. On the 16th inst. prices declined 10 to 15 points with advanced £1 5s. totons 17s. and 1,350 up £1 7s. 6d. to £46
spot
futures; electrolytic,
sales of 1,120,000 lbs. closing with March, 7.900.; May, 17s. 6d.; sales 50
£49 5s. bid
8.50 to 8.52c.; Sept., 9.70 to 9.72c.; Dec., 10.65 to 10.75c. advanced £1 to session that against £49 15s. asked; at the
day standard rose 3s. 9d. on
On the 17th inst. prices ended 5 to 7 points lower with sales second London
futures. On the National Metal Exsales of
of 1,520,000 lbs. closing with March, 7.85e.; May, 8.44 to change 900 tons of
on the 19th inst. five lots of new contract and two of
8.45e.; Sept.,9.63 to 9.64e.; Dec., 10.60 to 19.65c. Common
prices for the new contract. were with
dry hides were in fair demand but trade is restricted by the A were sold; closing
smallness of available supplies. Of frigorifico River plate March, 9.60e. bid; April, 9.80e. bid; May, 10c.; June,
10.35c.; August,
10.10c.,•
hides the sales last week were only 4,000 Argentine steers points July, 10.20 tosucceeding month.10.25e. with five
higher for each
To-day futures
7-16c. and 4,000 Uruguayan steers at 12% to 12%c.
at 11
Cucutas, 15c.; Orinocos, 11c.; Maracaibo &c., 10c.; Sava- ended 5 to 45 points lower with sales of 25 tons. March
nillas, 9% to 10e; Santa Marta, 10Me ; Packer, native closed at 955c.; May, 9.65c.; July, 9.75c.; Sept., 9.85c.
steers, 734c, butt brands, 7Mc ; Colorados, 7c.; Chicago and Dec., 9.900.
light native cows, 734c New York City calfskins 5-7s,
TIN was higher with prompt Straits 2734e. at the close
1.20e.; 7-9s, 1.65c.; 9-12s, 2.25 to 2.35c.
on the 19th inst. An important announcementconcerning
advanced 5 to 7 points with sales the restriction scheme was expected after the close on the
On the 18th inst. prices
of 2,960,000 lbs. Chicago prices were generally Mc. lower. 19th inst. On the National Metal Exchange 75 tons sold
Sales included 5,000 light native cows, January-February, with prices up 35 to 40 points. March closed at 26.80c.;
at 634e., or Mc. off; 5,000 branded cows, January-February, -April at 26.950.; May at 27.100.; June at 27.35 to 27.45e.;
6c, or Me. off. 20,000 Colorado steers January-February, July, 27.40c. and August at 27.55 to 27.75e. In London on
6Me., Mc. off; 800 heavy native cows, January-February, the 19th inst. prices advanced 17s. 6d. to £121 5s. for spot
6c., or Me. down. Here futures ended with March 7.90c.; and £122 15s. for futures; sales, 30 tons spot and 550 futures;
May, 8.5043.; September, 9.70 to 9.75c.; December, 10.65e. spot Straits ended at£124 10s. Eastern c.i.f. London ended
On the 19th inst. prices declined 9 to 10 points with sales at £123 on sales of 375 tons; at the second London session
of only 800,000 lbs.; sales of packer hides included 12,000 standard advanced 5s on sales of 200 futures. London
light native cows, January-February, at 6Mc.; 40,000 heavy cabled: "Announcement was made in the House of Commons
native steers, January-February, at 7c., or Mc. off; 20,000 of the approval of the British Government of the Malayan
butt branded steers, January-February, at 7c., Mc. off; and Nigerian tin restriction plan. It is effective March 1,
20,000 heavy Texas steers, January-February, at 7c., or subject to co-operation by Dutch and Bolivian producers,
Mc. off; 15,000 Colorado steers, January-February, at 6Me.; with control committee representatives of four Governments.
9,000 light Texas steers, January-February, 634c.; 7,200 Other producers including Burmah and Siam will be
invited
ex-light native steers, January-February, 7c., or Mc. off; to adopt the plan." To-day futures closed 20 points
10,000 branded cows, January-February, at 6e.; 4,090 heavy to 5 points higher. There were no sales. February lower
ended
1447
FINANCIAL CHRONICLE
FEB. 21 1931.]
Totai.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts atat 26.80c.; March at 26.85e.; May 27.05c.; July 27.25e.
and September at 27.50c.
2,567 2.635 4,341 2,582 2,842 2,320 17,287
Galveston
1,037 1,037
LEAD was marked up $2 a ton to 4.60c. New York, by Texas City_ _ __ _ 2,345 2,902 4.240 2,277
762 9,735 22,261
Houston_ _
278 1.778
85
385
466
399
165
the American Smelting & Refining Co. on the 19th inst., Corpus Christ!.,..
-___ 2.855 24,461 38.926
while producers in the Middle West advanced the price only New Orleans_ _ _ _ 2,035 5,807 3.768
193 2,653 8,727 13.038
131
966
368
Mobile
1,030 1,030
$1 to $4.35 East St. Louis. London of late has been stronger. Pensacola
1,870 1,018 2,170 1,492 1,439 1,896 9,885
On the 18th inst. prices there rose 2s. 6d. and on the follow- Savannah
221 2.064
421
156
15 1,197
54
Charleston
--__ 2,729 2,729
------ ing day there was a further rise of 7s. 6d. to £13 17s. 6d. Lake Charles_
-- --454 1,651
168
258
112
416
243
Wilmington
spot and £14 for futures; with sales of 600 tons of futures Norfolk
for
373
348 1,497
246
262
126
142
255
255
on the 19th. Stocks of refined lead in the United States Baltimore
increased about 10,000 tons during January. They were
Totals this week- 9,962 14,178 16.620 7,589 11,598 53.491 113,438
113,143 tons against 103,247 tons at the end of December
The following table shows the week's total receipts, the
and 90,402 at the end of November, according to the American Bureau of Metal Statistics. Production in January total since Aug. 1 1930 and stocks to-night, compared with
amounted to 47,297 short tons against 53,209 in December, last year:
and 49,988 tons in November. Shipments in January were
Stock.
1929-1930.
1930-1931.
37,633 tons against 40,595 tons in December and 43,062 in
Receipts to
This SinceAug This SinceAug
November.
Feb. 20.
1930.
1931.
Week. 1 1930. Week. 1 1929.
ZINC was in small demand and easier at 3.95 to 4c.
17,287 1.277.421 12,054 1,623,025 618,784 371.011
Galveston
East St. Louis. In London, however, prices of late have Texas City_ _ _ -- 1,037 107,585
20,252
43,903
947 132.397
been rising. On the 18th inst. spot zinc there rose 3s. 9d. Houston _____ __ 22,261 2.699,072 17,460 2,480,595 1,398.491 983,200
80,608
20,613
492 380,927
566,072
and futures were up 2s.6d. with sales of 250 tons of futures Corpus Cluisti_ -- 1,778 22,594
14,754
455
__-Beaumont____
and on the 19th inst. there was a further advance of 7s. 6d. New Orleans -- 38,926 1,160,407 26,359 1,406.144 791,833 497.460
to £12 16s. 3d. for spot and £13 is. 3d.for futures with sales Gulfport_
33,849
13,038 481,888 3,288 354.102 224,577
Mobile
27,970
---_
of 50 tons of spot and 500 futures.
54,255
1,030
Pensacola_ __ _
861
1,336
378
---469
---Jacksonville__
structural and steel pipe is no Savannah_ _ _ _ -STEEL.
-The demand for
9,885 619,070 1,419 427,324 344.691 • 63,388
7,094
49,050
Agricultural steel following the rains Brunswick
better than it has been.
25,211
201 176,784 170,317
Charleston
in dry areas has been better. Last week it is said the sales Lake Charles_ _ _ 2,064 264,881
8,780
25
53,893
2,729
24,422
18.705
85,128
10,000 tons, the smallest for Wilmington
543
54,236
of structural steel fell below
__ 1,651
______ __
many months. Iron and steel scrap is 25e. lower at Chicago NorfolkNews, &c_ 1,497 134,406 1,034 134,832 93,827 66,953
97,985
2,654 228,533
100
and Detroit. As regards agricultural steel the demand has N'port
New York --------1,125
2,038
1,282
2,887
111
802
improved for such items as fencing, wire products and Boston
1,124
1,305
24,374
15,527 1,398
255
Baltimore
5,094
farming implements. Operations of the steel industry are Philadelphia
5,213
645
makers average 70% as against
up to about 52%. Tin plate
113.4387,562,765 65,886 7,289,189 4,025,010 2.213.461
Totals
65% a week ago. Later better reports came from Youngsthat comparison may be made with other years,
auto companies larger. Heavy
In order
town with the demand from
we give below the totals at leading ports for six seasons:
melting scrap was $12.50 to $13.
PIG IRON.
-Pittsburgh prices declined 50c. Pitts1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
burgh and Mahoning Valley districts quoted $16.50 to $17. Receipts at-17,287
furnace on foundry and basic iron. Malleable and Bessemer Galveston__ 22,261 12,054 22,904 29,571 47,073 30,472
25,547
48,005
11,560
20,866
17,460
39,480
iron are at $17 to $17.50. This clears the atmosphere. Houston
23,180
61,084
26,120
26,359
38,926
New (Means_
3,362
3,053
4,476
3,288 '4,865
12,038
The decline seems to suggest that not improbably a better Mobile
9,133
20.437
3,750
1,803
1,419
9,885
Savannah
business has been done through this testing of the actual Brunswick
4,713
10.046
1,145
355
201
2,064
market. The composite price of pig iron is $15.71 as against Charleston
3,189
2,910
561
1,176
543
1,651
Wilmington
$15.88 a week ago. Cleveland has been less active after Norfolk
3,050
693
8,053
1,395
1,034
1.497
selling 20,000 tons last week. The demand from the auto isrportic.,&c.
1,566
1,810
8,109
1,376
3,528
castings industry has fallen off. It is true that shipments Au others......6,829
75,323 210.193 120,512
80,860
65,886
are larger both from Cleveland and Chicago.
Totalthisvilr_ 113,438
WOOL.
-Boston wired a Government report which said: Since, Amc.1 7.562,7657,289.189 8.014.272 6,962.693 10503063 7,874,332
"Moderate quantities of most all grades of domestic wools
The exports for the week ending this evening reach a total
are moving, but sales generally are slower than last week.
64s and finer qualities. Lower of 122,616 bales, of which 11,632 were to Great Britain,
Prices are fairly.steady on
22,981 to Germany, 10,509 to Italy, nil
grades are showing easing tendencies, owing to the slower 30,722 to France, to Japan and China and 17,834 to other
of 56s domestic wools are being to Russia, 28,938
demand. Fair quantities
corresponding week last year total
sold. Strictly combing Ohio and similar fleeces of this destinations. In the bales. For the season to date aggrein the grease, or about 45 to 48e. exports were 108,951
grade bring around 25c.
4,730,709 bales, against 5,197,338
scoured basis. Strictly combing 56s territory wools sell gate exports have been
season. Below
range, 50 to 53e. scoured basis." bales in the same period of the previous
at the low side of the
14,500 bales of carpet wool will be are the exports for the week:
Liverpool cabled that
Exported to
offered at auction at the East India sales which will open
Week Ended
Japan&
in Liverpool on March 3, and close Mar.5. At the Welling- Feb. 20 1931. Great
Gerton sales on Feb. 13, 14,800 bales were offered and 14,000 Exports from Britain. France. many Italy. Russia. China. Other. Total.
of crossbreds was good but merinos Galveston
sold. The selection
7.984 9,293 39,831
9,741 10,013 2,800
4,873 5,033 23,541
4.593 4,813 4,229
were dull. Competition between Yorkshire and Continental Houston
295 2,227
1,131
449
352
was keen. Compared to the Timaru sales of Feb. 7, Texas City _ 3,245 12,986
buyers
150 16,381
-Corpus Christi
2.729
crossbreds were 5% higher and merinos unchanged. Fine Lake Charles._
"KZ 2.029
1,075 2.213 19,161
and medium crossbreds were wanted and closed firm. New Orleans__ - 6,937 2:500 4,585 1,451
1,030
1,030
Prices realized: Average merinos,6 to 8d.;crossbreds, 56-58s, Pensacola
1,250
Charleston
1,250
450
450
A
Norfolk
%
53 to 73d.;44-46s,4 to 73 d.;36-40s,4 to 5d.
141
"Rio
41
New York
The Napier sales for Feb. 18 had been cancelled and the Los Angeles_ _
750 9,850
7,450
900
750
-- - 6,025
5,825
next Wellington sale will occur March 20, and the next San Francisco_
200
-- -Wanganui auction on March 23. The next Perth sale will be
28,938 17,834 122,616
Total
11,632 30,722 22,981 10,509
held March 2. The earthquake which recently visited
20,239 14,936 108.951
19,430 15,250 16,537 13,559
Napier ruined the wool storehouses in the centre of the Total 1930
23.719 129.545
Total 1929_
51,176 14,929 23,937
---- 14.182 1.600
town,. disrupted communication and damaged railroad and
Exported to
shipping facilities, making it impossible for buyers to reach
From
1
the town. At Melbourne on Feb. 18 selection general and Aug. 201930: Great
iJapan&
I
I GetFeb. 1931,
the bulk sold. Demand very sharp, especially from the Exportsfrom Britain. France. many. Italy. Russia.' China. Other. Total.
Continent, Japan and local manufacturers. American
860,020
-1189,868
Galveston,.,._ 128,539142,688 162,613 74,4611 3,435327.223 161,871 1,562,498
184,694
buying was good; Yorkshire dii comparatively little. On Houston
170,310376,183 353,441 147,212
- 2,469 4,134 44,714
14,442 11,717, 10,527 1,425
account of the improved exchange rate the recent gain in Texas City._
- 109,319 42,742 477,913
17,975
3,950 22,766
prices was fully maintained. Prices closed 10% above the Corpus Christi 62,333 149.514 95,990 300'
9,055
4,255 5,206
Beaumont
---- 5,906 1,494 54,03.3
23,914 9,806
1,353 11,560
Lake Charles_
of January.
end
116,651 72,129 25,844 166,135 61,135 645,683
75,694
9,119 2.712 184,457
SILK to-day ended 2 points lower to 1 point higher with New Orleans_ 128,095 6,311 61,659 1,716
102,940
Mobile
202 54,336
2,175
21 1,000
12,03838,9
Pensacola..
sales of 9.30 bales. Feb. and March closed at 2.56 to 2.60c.; Savannah
29,609 6,192 353,189
117,409 1,iii 188,701 9,707
.
49,050
April, 2.54 to 2.550.; June, 2.47e.; July, 2.46 to 2.470. Final Brunswick_.. 7,79341,257
9,295 149,575
-iia 86,573
53,444
Charleston.. _ _
prices show an advance of the week of 1 point.'
34,904
2,501
93 11),E.613
4,7608,0
Wilmington...
fitio 521 56.945
691
34,483 2:iii 17,539
Norfolk
COTTON
Friday Night, Feb. 20 1931.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
113,438 bales, against 106,106 bales last week and 105,953
bales the previous week, making the total receipts since
Aug. 1 1930,7,562,765 bales, against 7,289,189 bales for
the same period of 1929, showing an increase since Aug. 1
1930 of 273,576 bales.
Gulfport
New York__ _
Boston
Baltimore_ _ _
Los Angeles_ _
San Diego__
.
in Francisco
Seattle
Total
50
1,956 5,132
300
2,739
205
I
8.4771 2,970
2,104
332
1,071
15,550
300
76,123
--- -1
3,300
40
29,437
10,000
3.9
2,449
55
50
18,094
3,738
205
6,817 110,237
400
400
1,185 37,902
_
10,000
5,382
312
859,346 791,641236,220 357,393 29,279961,287 495,5434,730,709
78,040
530,060
Total 1929-301,066,866 686,3301.410.017502,192 132,782923,833 568,779 5,197.338
1111550
5,197.726
Total 1928 29 L495,006 648,965 1.562,193 52,451
-It has never been our practice to Include In the
-Exports to Canada.
NOTE.
reports of cotton shipments to Canada, the reason be ng that virtually
above table
1448
all the cotton destined to the Dominion comes overland and it is impossible to
give returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding this matter, we will
say that for the month of January the exports to the Dominion the present season
have been 14,010 bales. In the corresponding month of the preceding season the
exports were 17,651 bales. For the six months ended Jan. 31 1931 there were
125,763 bales exported,as against 117,088 bales for the six months ending Jan. 31 1930
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Great
Other Coast
GerFeb. 20 at
- Britain. France. many. Foreign wise.
Galveston
New Orleans_ _
Savannah
Charleston_
Mobile
Norfolk
Other Ports* _ _
(You 132.
FINANCIAL CHRONICLE
5,000
2,896
2,000
3,000
2,689
2,700 9,000
2,499 11,321
5,333
1:;84
2,000
2,0566 4,666
-
26:666
Leaving
Stock.
Total.
1.500 21,200
2,225 21,630
300 2,300
33
33
7,017
1,000
35.000
597,584
770,203
342,391
170,284
217,560
93.827
1,745,981
Total 1931
13,580 7,689 9,199 51,654 5,058 87.180 3,937,830
Total 1930_ _ 23,252 12,456 15,490 65,276 4,989 121,463 2,091,998
Total 1929_ - 28,026 16,429 21,645 67,588 10,685 144.373 1,907,066
•Estimated.
Speculation in cotton for future delivery has been a little
larger and prices advanced steadily until yesterday and
to-day on a good trade demand, domestic and foreign. On
the 14th inst. prices declined moderately on scattered
liquidation. Stocks and grain were lower. The domestic
consuniption in January was 454,188 bales against 406,000
in December and 576,160 in January last year. The warehouse stocks were 7,940,000 bales, or about 2,500,000 larger
than a year ago. But the decline was halted by heavy buying of March attributed to Wall Street, Liverpool, and
Bombay, mostly to England and India. Japanese interests
and co-operatives also bought. The co-operatives were said
to have bought freely. It was estimated that the sales of
print cloths within about a week have been 500,000 to 750,000
pieces, with 384-inch 64x60's up to 514c. in contrast with
/
1
/
Sc. a short time ago.
The Census Bureau report on Saturday stated the domestic consumption for six months ended Jan. 31 at 2,466,432
bales against 3,314.346 in 1929. There were 1,613,475 bales
of cotton on hand in consuming establishments on Jan. 31
compared with 1,659,432 at the end of December and
1,825,793 at the end of January last year. Stocks on hand
in public storage at the end of January were 7,939,454
against 8,377,720 at the end of December and 5,404,731 on
Jan. 31 1930. Active spindles during January, 25,611,458
against 25,525,820 during December, and 29,177,228 during
January a year ago. Exports for the month of January
were 624,631 compared with 765,835 during December and
728,737 during January last year. Imports for January,
11,299 against 4,461 during December and 51,474 during
January last year. Linters consumed during January,
49,346. Domestic consumption of 454,188 bales for January
this year compared with 406,207 the previous month.
On the 16th inst. prices were irregular, within narrow
limits, closing practically unchanged. The buying was by
domestic and foreign trade interests and shorts. Liverpool
and the South sold. Beneficial rains fell in the Central
and Western belts. Outside speculation was small. American and Japanese trade interests bought. Co-operatives
seemed to be buying. Textile news was good. Last week's
sales here of print cloths were said to have been 45,000,000
yards. Manchester's trade had a better look. Prospects
of peace in India and the lifting of the boycott seemed
better. The stock market was higher. Contracts here were
comparatively scarce. On the 17th inst. prices advanced
13 to 15 points, and held much of it on domestic and foreign
trade buying. Contracts were comparatively scarce. Foreign markets were mostly higher. Egyptian cotton in Liverpool closed 14 to 26 American points higher. Moreover, the
Indian Government estimated the Indian crop at 4,836,000
bales of 400 pounds each, against 5,260,000 last year, a
decrease this year of some 425,000 bales. The Indian acreage was stated at 23,531.000 against 26,692,000 last year, a
decrease this year of 2,161,000 acres. Spot houses were
said to be persistent buyers of March at 28 points under
May. The co-operatives sold, it was said, 15,000 bales of
March, but spot houses and others promptly bought it.
On the 18th inst. prices advanced 18 to 23 points, owing
to continued buying by trade interests, domestic and foreign.
The co-operatives are supposed to have sold 15,000 to 20,000
bales of March, but it was well taken. Foreign markets
were all higher. Contracts were comparatively scarce,
viewed from the standpoint of an insistent trade demand.
Speculation IVOS quiet. Merchants and mills were doing
the buying. On the 19th inst. prices closed 5 to 7 points net
lower after rallying from a lower level. But trade interests
In India, China, and Japan bought, to say nothing of this
country. Wall Street bought, with stocks and bonds higher.
Worth Street was firm, and of late the sales in this district
have been large. Manchester reported a better demand for
both cloths and yarns. Tattersall added that the general
prospects were better.
To-day prices dropped about 20 points In an overdue
reaction following a very sharp advance in a recent period.
Foreign markets were lower. There was less trade demand.
Offerings increased. The technical position was weaker
after a continuous rise. It is true that the reaction was
not excessive in the light of recent price movements. But
some deprecate any marked advance at this time as likely
to check the movement to get the acreage reduced sharply.
This is considered most essential. Prices show an advance
for the week of 2 to 5 points. Spot cotton declined 20
points and ends at the same price as a week ago for
middling.
Staple
Premiums
60% of average of
six markets quoting
for deliveries on
Feb. 27 1931.
15-16
Inch.
1-inch dr
longer.
.25
.25
.25
.25
.25
.24
.23
Differences between grades established
for delivery on contract Feb. 27 1931.
Figured from the Feb. 19 1931 average
quotations of the ten markets designated
by the Secretary of Agriculture.
.55
.55
.55
.55
.55
.45
.43
Middling Fair
White
.88 on
Strict Good Middling_
do
70
Good Middling
do
.52
Strict Middling
do
.30
Middling
do
Basis
do
Strict Low Middling__
.52 off
do
Low Middling
1.31
*Strict Good Ordinary.. do
2.06
do
*Good Ordinary
2 71
Extra White
Good Middling
52 on
do do
Strict Middling
.30
do do
Midding
Even
Strict Low Middling__ do do
52 off
do do
Low Middling
1.31
.25
Spotted
.55
Good Middling
.20 on
.25
do
.55
Strict Middling
.03 off
.24
.45
do
Middling
.52 off
*Strict Low Middling-- do
1 32
do
*Low Middling
2.07
.23
.42
Strict Good Middling_ __Yellow Tinged
.08 off
.23
do do
.42
Good Middling
58
.23
.42
do do
Strict Middling
.95
do do
*Middling
1.45
*Strict Low Middling-- do do
2.06
do do
*Low Middling
2.75
.22
.42
Light Yellow Stained.1.28 off
Good Middling
do do
*Strict Middling
do
1.70
do do
do
*Middling
2.30
.22
Yellow Stained
.42
Good Middling
1.50 off
do do
*Strict Middling
2.08
do do
*Middling
2.80
.23
.43
Gray
Good Middling
.75 off
.23
do
.42
Strict Middling
1.00
do
*Middling
1.45
Blue Stained
*Good Middling
1.53 off
do do
*Strict Middling
2.08
do do
*Middling
2.78
*Not deliverable on future contracts.
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Feb. 14 to Feb. 20Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland
10.95 10.95
11.05 11.25
11.20
11.00
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
Feb.20 for each of the past 32 years have been as follows:
1931
1930
1929
1928
1927
1926
1925
1924
1l.00c.
15.40c.
20.25c.
18.60c.
14.10c.
20.75c.
24.50c.
29.90c,
1923
1922
1921
1920
1919
1918
1917
1916
29.00c.
18.75c.
13.20c.
39.00c.
26.65c.
32.00c.
16.35c.
11.45c.
1915
1914
1913
1912
1911
1910
1909
1908
8.550.
13.00c.
12.50c.
10.500.
14.10c.
14.500.
9.800.
11.40c.
1907
1906
1905
1904
1903
1902
1901
11.000.
11.000.
7.90c.
14.50m
10.050.
8.81c.
9.31c.
8.88c.
1900
FUTURES.
-The highest, lowest and closing prices at
New York for the nast week have been as follows:
Saturday,
Feb. 14.
Tuesday, Wednesday, Thursday,
Feb. 19.
Feb. 18.
Feb. 17.
Monday,
Feb. 16.
Fridog,
Feb. 20.
Feb.
Range__
Closing.. 10.7511.0310.98
10.7310.85March
Range.. 10.87-10.98 10.83-10.91 10.9340.99 11.00-11.16 11.08-11.25 10.9241.11
Closing_ 10.87-10.8510.97-10.98 11.15-11.16 11.1041.12 10.92-10.94
April
Range... 11.00
Closing_ 10.9910.99 -11.1011.24 ---- 11.0611.29May
Range__ 11,12-11.23 11.0841.19 11.20-11.27 11.29-11.45 11.3641.52 11.20-11.40
Closing_ 11.12-11.13 11,13-11.14 11.24-11.25 11.44-11.45 11.39-11.41 11.21-11.22
June
Range.Closing. 11,2411.25 11.5111.3611.5611.33July
Range... 1.37-11.48 11,3341.42 11.4541.51 11.54-11.69 11.60-11.74 11.45-11.62
Closing.. 1.37-11.39 11.3711.49-11.50 11.69 --- 11.64-11.46August
Range._
Closing_ 11.52 ---- 11.52 ---- 11.62 ---- 11.82 ---- 11.79 ---- 11.60 -Sept.Range__- Closing. 11,54 -- 11.56 -- 11.66 ---- 11.8711.8411.64
Oct.
Range.... 11,64-55.72 11.61-11.70 11.7441.79 11.83-11.99 11.8942.04 11.72-11.90
1.64-11.72
Closing_ 1.64-11.65 11.6011.76-11.77 11.97-11.99 11.94-11.95 11.74Woo.
Range __
Closing_ 11.7411.7511.8612.0712;03 -- 11.83Dec.
Range.. 11.85-55.9511.89-11,86 11.9241.99 12.02-12.17 12.0842.19 11.9042.09
Closing_ 11.85-11.84-11.85 11.97-12.1712.12-12.13 11.92-11.94
Jan.
Range.... 11.9241.99 11.88-11.95 12.01-12.05 12.13-12.25 12.19-12.28 12.01-12.18
Closing.. 11.92-11.91 1204. -12.2512.25- 01-12 02
19
Range of future prices at New York for week ending
Feb. 20 1931 and since trading began on each option:
Option for
-
Range for Week.
Feb. 1931
Mar.1931._ 10.83 Feb. 16 11.25
Apr. 1931
May I931_. 11.08 Feb. 16 11.52
June 1931
July 1931._ 11.33 Feb. 16 11.74
Aug. 1931
Sept.1931
Oct. 1931._ 11.61 Feb. 16 12.04
Nov. 1931
Dec. 1931.. 11.80 Feb. 16 12.19
Jan. 1932.. 11.88 Feb. 16 12.28
Feb.
Feb.
Feb.
Feb.
Range Since Beginning of Option.
10.20
19 9.55
11.23
19 9.80
10.76
19 10.00
10.44
10.19
19 10.22
Jan. 27 1931 16.65
Dee. 16 1930 16.20
Sept.25 1930 13.34
Dec. 16 1930 15.00
Jan. 23 1931 10.76
Dec. 16 1930 13.82
Dec. 13 1930 12.15
Dec. 16 1930 12.57
Dec. 16 1930 12.31
Feb. 15 1930
Apr. 1 1930
June 18 1930
June 2 1930
Jan. 23 1931
Aug. 7 1230
Oct. 28 1930
Oct. 28 1930
Nov. 13 1930
Feb. 19 10.76 Jan. 2 1931 12.19 Feb. 19 1931
Feb. 19 11.39 Feb. 3 1931 12.28 Feb. 19 1931
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
FEB. 21
1449
FINANCIAL CHRONICLE
1931.]
MARKET AND SALES AT NEW YORK.
all foreign figures are brought down to Thursday evening.
The total sales of cotton on the spot each day during the
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States, week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
including in it the exports of Friday only.
which show at a glance how the market for spot and futures
1928.
1931.
1930.
1929.
Feb. 20bales 888,000 921,000 970,000 778,000 closed on same days.
Stock at Liverpool
Stock at London
Stock at Manchester
91,000
68,000
1,098,000 1,034,000 1,061,000
210,000
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
846,000
539,065
357.000
12,000
111,000
67.000
Total Continental stocks
1,086,000
113,000
496,000
295,000
8,000
106,000
70.000
607,000
249,000
16,000
80,000
61,000
545,000
321,000
15,000
97,000
57,000
975,000 1,013,000 1,035,000
Spot Market
Closed.
Saturday_ _ _ Quiet,5 pts. dee__ _ _
Monday ___ Quiet, unchanged
Tuesday --- Steady, 10 pts. adv_
Wednesday. Steady. 20 pts. adv_
Thursday.. Quiet,5lats. dee_ _
Quiet,20 pts. dec
Friday
Futures
Market
Closed.
SALES
Spot. Contr'ct Total.
Steady
Steady
Steady
Firm
Steady
Barely steady_
Total week_
Since Aug. 1
29325297,800327,125
2,009,000 2,074.000 1,881,000
226,000 162,000 158,000 OVERLAND MOVEMENT FOR THE WEEK AND
33,700 483,000 401,000
SINCE AUG. 1.
86,000
96.000
77,000
-1929-30---1930-31473,000 439,000 403,000
Since
Sinc
Feb. 201,314,000 1,10t,,00043,000
Week. Aug. 1.
Week Aug. 1.
2,213,461 2,051,438 2,142,036 Shipped
6,196 220,142
3,857 170.974
Via St. Louis
1,306,632 936,027 1,023,120
46,440
2,124
43,368
705
Via Mounds, &c
973
3.309
30
1,322
---Via Rock Island
24,847
950
12.871
266
Via LOUISIdlle
9,950.300 7.966,066 7,350,466 6.828.156
Total visible supply
4,628 120,221
3,442 111,377
Via Virginia points
11.096 429,101
Of the above, totals of American and other descriptions are as follows:
20,425 316,626
Via other routes, &c
2,184,000
Total European stocks
186,000
India cotton afloa. for Europe
American cotton afloatfor Europe 247,000
EgYPt,Brazil.&c.,afloatforEurope 82,000
695,000
Stock in Alexandria, Egypt
965,000
Stock in Bombay,India
4.025,010
Stock in U. S. ports
1.556,997
El.ock in U.S interior towns
9,203
U.S. exports to-day
Amen can--
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U.S. interior stocks
U. S. exports to-day
492,000 435,000 697,000 547,000
76,000
69,000
104,000
53,000
966,000 879,000 945,000 1,003,000
247.000 337.000 483,000 401,000
4,025.010 2,213,461 2,051,439 2,142,036
1,556,997 1,306,632 936,027 1,023,120
973
9.293
7,400.300 5,248,066 5,181,456 5,169,156
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
396,000
486,000
273,000
231,000
37,000
22,000
106.000
120,000
96,000
68,000
185.000 226,000 162,000
82,000
86,000
96,000
695,000 473,000 439,000
965.000 1,314,000 1.109,000
15,000
32,000
158,000
77,000
403,000
743,000
28,695
656,538
25,024
844,060
255
345
4,223
17,466
8.886
178,138
1,609
396
8,121
29.005
11,148
277,610
4,823
204,490
10,126
317,763
Leaving total net overland *__23.872 452,048
* Including movement by rail to Canada.
14,898
526,297
Total gross overland
Deduct Shipments
-
Overland to N. Y., Boston, Stc
Between interior towns
Inland, &c.,from South
Total to be deducted
The foregoing shows the week's net overland movement
this year has been 23,872 bales, against 14,898 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 74,249 bales.
-1930-31- -- -1929-30-,
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
7.289.189
113,438 7,562,765 65,886
9,950.300 7,966,066 7,350,466 6,828,156 Receipts at ports to Feb.20
Total visible supply
526.297
14,898
452,048
23,872
6.046.
8.47d. 10.496. 10.40d. Net overland to Feb. 20
Middling uplands, Liverpool..
11.00c. 15.30c. 20.25c.
Middling uplands, New York
19.00c. Southern consumption to Feb. 20_ 85,000 2,345.000 110,000 3,040,000
10.40d. 14.35a. 19.106. 19.50d.
Egypt, good Sakel, Liverpool
222,310 10.359,813 190,784 10,855,486
Total marketed
13.75d. 14.50d. 12.001.
Peruvian, rough good, Liverpool*31,765
905,302 *19,446 1,096.722
4.91d.
6.306.
9 00 .
Broach, fine, Liverpool
9.356. Interior stocks in excess
5.766.
7.656. 10.106. 18.156. Excess of Southern mill takings
Tinnevelly, good, Liverpool
731,721
414,027
---over consumption to Jan. 30
Total East India, &c
Total American
2,550,000 2,718,000 2,169,000 1,659,000
7,400,300 5,248,066 5.181,466 5,169,156
Continental imports for past week have been 68,000 bales.
171,338
Came into sight during week__ _190,545
12.683.929
11.769.142
The above figures for 1931 show an increase over last
Total Insight Feb. 20
week of 49,579 bales, again of 1,984,234 bales over 1929, an North.spinn's' takings to Feb.20_ 15,705 668,575 27.212 827,127
increase of 2,599,834 bales over 1928. and a gain of
* Decrease.
3,122,144 bales over 1927.
Movement into sight in previous years:
Bales.
Since Aug. 1WeekBales.
-that is,
AT THE INTERIOR TOWNS the movement
13,030,669
1929
189,669 1928-29
-Feb. 22
11.550,905
the receipts for the week and since Aug. 1, the shipments for 1928-Feb. 23
162,799 1927-28
15,598,121
320,168 1926-27
-Feb. 24
the week and the stocks to-night, and the same items for the 1927
corresponding .period of the previous year, is set out in QUOTATIONS FOR MIDDLING COTTON AT OTHER
detail below:
MARKETS.
Movement to Feb. 20 1931.
Towns.
Ship- Stocks
meats, Feb.
Season. Week.+ 20.
Receipts.
Closting Quotations for Middling Colton on
Morentent to Feb. 21 1930.
Ship- Storks
meets, Feb.
Week. Season. Week. 21.
Receipts.
1Veek• I
Ma.,Birming'm 1,039 89,199 1,981 31,992 1,014 104,263
505 18,164
601 15,034
Eufaula
46 28.152
129 57,233
Montgomery.
186 63,888 1,2021 64,957
45 71,355
Selma
378 95,357 3,5371 65,775
krk., Blythville
136 76,44: 1,69 28,170 2,222 123,474
13,551
280 29,359
Forest City
31
8391 8,793
Helena
9851 26,718
789 57,812
40 40,984
Hope
5461 7,061
89 54,240
200 31,721
1201 3,704
Jonesboro.. _.
247 38,552
70 25,811
791 96,796 2,1731 48,327
632 123,240
Little Rock...
223 50,898
3151 6,875
Newport..87 27,374
Pine Bluff _ _ _
789 181,078
432 81,973 2,092 29,492
Walnut Ridge
34 23,626
200 4,260
259 54,292
.......
Oa., Albany.....
5
7,342
6,482
1311 3,827
Athens
1,700 40,521
200 30,160 1,280 39,402
2,631 175,149 2,099151,306 3,620 142.349
Atlanta
4,804 294,792 3,881110,472 3,014 279,691
Augusta
100 18,650
87 23,362
251
46,771
Columbus-- _
Macon
1,885 86,077 1,175 34,245
274 72,270
55 20,561
200 15,777
150 22,751
Rome
132 104,761 1,093 80,146
425 142,830
Ls., Shreveport
238 110,282 2,358 48,747 2,137 182,888
Miss., Crksdale
Columbus_ .. _
167 24,515
319 13,730
174 27,723
Greenwood
159 136,982 3,177 70,470 1,470 222,350
691 25,698
274 50,752
162 58,554
Meridian....
11,474
191 8,421
68 23,746
Natchez
36
188
Vicksburg_ _ _
42 34,703
907 17,469
31,441
151
17 32,665
761 15,710
41,080
Yazoo City.._
Mo., St. Louis_ 3,932 173,723 3,857 16,751 8,256 224,852
618 16,414
848 34,390
N.C.,Gr'nsb'ro 1,719 37,749
Oklahoma
15 towns*__.. 1,475 526,011 4,847 59,734 4,416 730,815
3. C.,GreenvIlle 5,196 115,183 2,823 67,472 3,541 135,870
Tenn.,M emphis 25,107 1,105,994 34,130341,636 36,602 1.646,667
1651
42 28,089
67 26,316
331
Texas, Abilene_
97 24,473
19
10
41
11,090
Austin
171
89
206 5,939
10,549
42 19,235
Brenham........
701 138,834 1,OIOj 17,853 1,001 106,197
Dallas
208 72.417
41
63,156
150j 3,688
Paris
32,698
54,661
268 10,930
----- -Robstown-___
22,981
308 23,636
San Antonio.
4151 1,531
157 57,655
840 5,331
380 32,677
Texarkana _ _
447 102.767
193 60,113 1,043 6,515
Waco
Total, 56 towns 55,0104,281,868 83,6141556997 73.9335,472,136
1,155 15,706
123 5,303
295 27.914
493 30,476
1,539 43,398
777 12,488
699 16,972
634 2,807
512 3,603
3,193 31,404
254 4,691
2,197 35,788
357 6,826
____ 2.494
500 23,089
2,166 102,145
3,840 93,802
1.1 2,497
74: 21,197
250 17,981
1,788 56,348
2,627 36.036
818 9,841
3,336 69,207
771 6,612
101 9,561
161 7,426
638 101 7
8
6,196 13,831
1,328 10,86E
8,386 71,10,
3,506 70,471
39,561395,541
74
331
67
922
70 3,467
1,261 12,972
213 4,361
62 2,451
---_
724
909 5,392
164 8,372
Week Ended
Feb. 20.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock.._ Dallas
Fort Worth
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
10.75
10.67
10.10
10.47
10.50
10.90
10.31
9.60
10.70
9.50
10.15
10.75
10.67
10.10
10.45
10.50
10.85
10.31
9.60
10.70
9.50
10.10
10.10
10.85
Holiday
Holiday
10.58
10.63
10.90
10.44
9.70
10.80
9.62
10.25
10.25
11.00
10.93
10.35
10.75
11.00
11.00
10.69
9.90
11.00
9.70
10.40
10.40
11.00
10.85
10.30
10.72
11.00
11.20
10.56
9.90
10.95
9.70
10.40
10.40
10.80
10.69
10.15
10.53
10.75
11.10
10.38
9.70
10.75
9.62
10.20
10.20
NEW ORLEANS CONTRACT MARKET
Saturday,
Feb. 14.
Monday,
Feb. 16.
Tuesday, Wednesday, Thursday,
Feb. 19.
Feb. 18.
Feb. 17.
Fr
Fel
February 10.9:
11.17-11.18 11.10March..... 10.9010.88April
11.43-11.44 11.38-11.40 11.21
May
11.15 -11.14June
11.41
11.67-11.68 11.64July
11.38-11.40 11.37-11.38
HOLT- August.. _ _
DAY.
September
11.7;
11.91 11.96October _ _ 11.65-11.67 11.66November
11.9! Bid.
12.12-12.14 12.09December_ 11.83 Bid. 11.83-11.84
January _ _
February..
Tone
y.
St1
Steady.
Steady.
Spot
Steady.
Steady.
Steady.
St( y.
Steady.
Steady.
_ Steady.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN JANUARY, ere.
Feb. 14 by the Census Bureau, will be found in an earlier
part of our paper in our department headed "Indications of
Business Activity."
-Reports to
kWEATHER REPORTS BY TELEGRAPH.
91,6771306632 us by telegraph this evening denote that light to moderate
rain has fallen during the week in many sections of the
* Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have cotton belt. Temperatures have averaged about the same
decreased during the week 31,765 bales and are to-night as in the preceding week.
Thermometer
Rain. Rainfall.
250,365 bales more than at the same time last year. The Galveston, Tex
1 day 1.19 in. high 73 low 45 mean 59
1 day 0.04 in. high 72 low 30 mean 51
receipts at all towns have been 18,923 bales less than the Abilene, Tex Tex
1 day 0.44 in. high 78 low 50 mean 64
Brownsville,
1 day 1.04 in. high 78 low 48 mean 63
Corpus Christi, Tex
same week last year.
1450
FINANCIAL CHRONICLE
Rain.
1 day
2 days
2 days
2 days
1 day
3 days
4 days
7 days
1 day
7 days
7 days
4 days
Dallas, Tex
Del Rio, Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
New Orleans, La
Shreveport, La
Mobile, Ala
Savannah, Ga
Charleston, S. C
Charlotte, N. C
Memphis, Tenn
Rainfall.
0.16 in.
0.62 in.
1.38 in.
1.44 in.
1.06 in.
2.18 In.
1.24 in.
0.71 in.
0.56 in.
0.88 in.
0.64 in.
1.58 in.
Thermometer
high 70 low 34 mean 52
high 74 low 40 mean 57
high 74 low 42 mean 58
high 70 low 38 mean 54
high 76 low 44 mean 60
high __ low __ mean 58
high 69 low 34 mean 52
high 70 low 34 mean 56
high 73 low 34 mean 54
high 74 low 32 mean 53
high 67 low 24 mean 47
high 58 low 28 mean 45
The following statement we have also received by telegraph, showing the height of rivers at the point named at
8 a. m. of the dates given:
Feb. 20 1931. Feb. 21 1930.
Feet.
Feet.
13.4
1.8
9.9
28.8
17.6
17.5
15.2
19.0
13.5
41.9
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
[Vol,. 132.
35,000 bales. Exports from all India ports record an increase
of 2,000 bales during the week, and since Aug. 1 show an
increhse of 161,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
Feb. 18.
1930-31.
1928-29.
110,000
5.396.028
Receipts (cantars)This week
Since Aug. 1
1929-30.
190,000
6.305.660
120.000
6.521.352
This Since
Week. Aug. 1.
Exports (bales)To Liverpool
To Manchester, &c
To Continent and India
To America
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
---- 116,362
-- 116,157
8,868 313,322
---- 100,906
ea nun MO 191 911100 A517 1R52
Trital arr./v.1w
3,000 90,079 4,000 106,242
6.000 77,129 4.000106.677
18,000 343,514 13,000304,851
---- 69,418
1.000 8,401
52 ffilfi RAR 747
RECEIPTS FROM THE PLANTATIONS.
-The folNote.
-A canter is 99 lbs. Egyptian ha es weigh about 750 lbs.
This statement shows that the receipts for the week ended Feb. 18 were
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland re- 110.000 cantars and the foreign shipments 28,000 bales.
ceipts nor Southern consumption; they are simply a state-Our report, received by
MANCHESTER MARKET.
ment of the weekly movement from the plantations of that cable to-night from Manchester, states that the market in
part of the crop which finally reaches the market through both yarns and in cloths is steady. Demand for both yarn
the outports.
and cloth is improving. We give prices to-day below and
leave those of previous weeks of this and last year for comStocks at Interior Towns. Receiptsfrom Plantations
Week
Receipts at Ports.
parison:
Ended
1930. I 1929. I 1923.
1930.
1929.
1928.
1930. 1929.
1
1923.
)
5-- 256,569282.747388.988 1.797.998 1.451.947 1223,573232.8421285.38.1 396.809
12_ 222,908 281,899 311.736 1815.747 1.461.857 1.232.683240,657 291.308 320,846
.
12_ 210.864 260.772265.780 1.811.062 1.476.699 1232.436 206,179275.614 265.553
26_ 161.383 187.785 255.661 1,800,744 1493,0151,255,001 151.065 204,101 279,131
1
===
1931.
1930.
1929.
Jan- 1931. I 1930. 1029.
1931. I 1930. 1929.
2 122.377 154.364188.298 1,777.081 1.476.971 1.240,631 98.714138.320 173.028
9-- 115,570137.609,172.340 1,750.850 1.477.3451.203,459 89.348138.073 135.168
16-- 106.805 104,5231151,1771.725,164 1,456,8331,161,140 81.110 84.011108.858
23_ 80.428 98.389171,761 1696,148 1,432.397 1,118.699 51,412 73,942 120.320
30_ 115,045 87,594 155,731 1.655.3721.403.1071,072.678 77.269 58,314 109,710
-I
Feb.
6105,9531 82,277135,078 1,627,318 111,82511355,621 74.897 34,721 70,313
13-106,106 53,506 81,570 1,588,762 , , I 986,412 67,552 23,972 40,069
20-.113.043 65,886 80.8661,536.9971,308,632 936,027 81,673 46,440 50,481
1920
1930.
I
Nov.I
1
7- _ 97.331 403.514 396.001 1.692.117 1,348.324 8.050.545485,714446.617412.407
14 _. 372.279310.357:321.467 1.684.197 1.409.376'0.099.921 464.359 411,409 400.843
2L. 338.371 262,5098M ,505 1.712.633 1.441.290 1.155.384 366.807 291.423406.98
8
28.... 298.028268.191)365.189 1.770.725 1.448,310 1215.753 356,120)275.215425.558
32s Cop
Twist.
tig Lbs. Shirt- Cotton
tags, Common hltdelPg
to Finest.
WRVS
166.d.
d. s. d.
81---- 1/4t161014 8 6
goy.
7.... 9440,1034 8 6
044610% 86
21__._ 9I4010;# 8 6
28.. • 9140101f 8 8
Dec.
5.... 9 010
86
12___ iik0 98( 8 5
R.-- 83(0934 86
56-- -- 83(0 Sni 8 5
2-...
9-16____
23___.
30- ___
Feb.
6___
13____
20_ _ _ _
8440 034
8340 934
8140914
8340 23'i
8140 934
5
5
6
4
4
32s Cop
Twist•
814 Lbs. Short- Cotton
tags. Caramels Slide*
to Finest.
Ueda.
s. d.
092
d.
6. s. d.
s. d.
d.
6.24 141401511 12 6 013 0
69 2
0 92
09 2
@ 02
6.03
598
5.94
5.01
1314@1414
1384@143i
1374014%
131i0141i
123
122
12 3
12 3
@125
012 4
012 5
012 5
9.56
956
9.76
0.69
69
6 2
15 9
09
5.70
5.43
5.32
5.31
134461434
13 Si0144#
1314614%
13 Si 0141S
12 3
12 3
12 3
12 8
012 6
612 5
012 5
612 5
9.68
9.47
9.36
9.51
5.33
5.40
5.41
5.63
5.63
131561434
1314151434
131401434
131V61414
13 61434
12 2
12 2
12 2
12 2
12 2
1930.
012 4
012 4
@124
(612 4
012 4
1931.
0
6
0
0
0
2
1
1
1
1
1
1
0
0
d.
9.88
9.53
9.58
9.49
The above statement shows: (1) That the total receipts
9.40
8.95
from the plantations since Aug. 1 1930 are8,547,280 bales;
in 1929 30 were8,361,898 bales,and in 1928-29 were 8,608,154
8340 934
4 0
8.60
0
5.72 123(014 11 4 012 0
9 010
8.69
4 0
0
5.85 123401314 11 0 011 4
bales. (2) That although the receipts at the outports the
1410103(
8.47
4 0
0
6.04 123401334 10 6 @II 2
past week were 113,438 bales, the actual movement from
plantations was 81,673 bales, stock at interior towns
SHIPPING NEWS.
-As shown on a previous page, the
having decreased 31,765 bales during the week. Last year exports of
cotton from the United States the past week have
receipts from the plantations for the week were 46,440
reached 122,616 bales. The shipments in detail, as made
bales and for 1929 they were 50,481 bales.
up from mail and telegraphic reports, are as follows:
Bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- HOUSTON-To Havre-Feb. 11-I_ouisane, 2,673
2,673
The following brief but comprehensive statement indicates
To Dunkirk-Feb. 11-Loutsane, 1,920
1,920
To Ghent
-Feb. 11-Loulsane, 94
94
at a glance the world's supply of cotton for the week and
-Elk.Feb. 14
To Rotterdam-Feb. 13-Gasterdijk, 552..
since Aug. 1 for the last two seasons from all sources from
1,336
horn, 131; Svanhild,653
-Tern!, 1,200---- 4,076
-Feb. 13-Jolee. 2,876_ _ _Feb. 14
To Genoa
which statistics are obtainable; also the takings or amounts
153
-Feb. 13-Jolee, 153
To Naples
gone out of sight for the like period:
-Elkhorn, 3,623-_ _Feb. 17-BockenTo Bremen-Feb. 14
Cotton Takings.
Week and Season.
1930-1931.
Week.
1929-1930,
Season.
Week.
Season.
9,900,721
Visible supply Fob. 13
8.079,918
5,302,014
Visible supply Apr. 29
3,735,957
_ 190.545 11,769.112 171,338 12,683,929
American in sight to Feb.20 _
148,000 1,896,000 113,000 2,117,000
Bombay receipts to Feb. 1930,000
347,000
12,000
Other India shipments to Feb.19
414,000
55,000 1,110,900
Alexandria receipts to Feb. 18
38,000 1,263,200
20,000
429,000
Other supply to Feb. 18 5b
10,000
551,000
10344266 20,854,056 8,424,256 20,765,086
Total supply
Deduct
Visible supply Feb. 20
9,950,300 9,950,300 7,966,066 7,966,066
393,966 10,903,756 458,190 12,799,020
Total takings to Feb. 20 a
209,966 7,775 856 295,190 6,199820
Of which American
184000 3,127,900 163,000 3,599,200
Of which other
* Embraces receipts in Europa from Brazil, Smyrna, West Indies, acc.
a This total embraces since Aug. 1 the total estimated consumption by
-30
Southern mills, 2,345,000 bales in 1930-31 and 3.040,000 bales in 1929 -and the aggregate amounts taken by Northern
takings not being available
and foreign spinners, 8.558,756 bales in 1930-31 and 9,759,020 bales in
1929-30, of which 5,430.856 bales and 6,159.820 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1930-31.
Feb. 19.
Receipts at
-
Week.
Since
Aug. 1.
1929-30.
Week.
Week.
Since
Aug. 1.
Since August 1.
For the Week.
Great
Great Conti Japan&
Britain. neat. China.1 Total. Britain.
Bombay
1930
-31........
1929-30_ _ 5,1
1928-29._ 2,00
Other India1930
-31 _ _ 4,000
1929-30._ 1,000
1928-29._ 6
Total all
1930
-31_ _
1929-30_ _
1928-20....
1928-29.
148,000 1,896.000 113.0002,117.000 79,000 1.581.000
Bombay
Exports
from-
Since
Aug. 1.
18,000 77,000 95,000
27,000 79,000111.000
3,000 83,000 68,000
26,000
11,000
8,000
30,000
12.000
14,000
4,000 44,000 77,000 125,000
6,000 38,000 79.000 123.00
11,000 63.000 82,000
8.0
Continent.
Japan &
China.
Total.
84,000 415,000 1,033,000 1,537,000
45,000 452,000 812,0001,309,000
28,000 426,000 846,0001,300,000
89,000 258,000
71,000 343,000
62.000 284,000
347,000
414,000
346,000
173,000 673.0001,038,000 1,884,000
116,000 795,000 812.000 1,723,000
90,000 710,000 846,000 1,646.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
helm, 1,190
4,813
To Barcelona-Feb. 14-Sapinero, 1,184___Feb. 16 Mar
2,688
Negro, 1,504
To Japan-Feb.14-Sangstad,4,273
4,273
TI China-Feb.I4-Sangstad,600
600
To Copenhagen-Feb. 14-Svanhild, 500
500
To Porto Colombia-Feb.17-Agnete Maersk,415
415
GALVESTON-To Havre
-Feb. 13
-Wray Castle, 2,041- - _Feb.
-Deer Lodge, 3,455
14-Louisane, 2,829--Feb. 13
8,325
-Wray Castle, 3,898: Deer Lodge, 125.....
-Feb. 13
To Ghent
Feb. 14-Louisane,906
4,929
-Elkhorn, 3,674---Feb. 13
-Rio Bravo,
To Bremen-Feb. 12
-Marie Leonhardt, 4,574---Feb. 181,249_ _ _Feb. 14
Brockenheim, 516
10,013
-Elkhorn, 576_ _Feb. 14-GaasterTo Rotterdam-Feb. 12
dijkl, 148_ _Feb. 18-6vanhild,1,016
1,740
To Genoa
-Feb.11-Jolee, 1,907- _Feb. 16
-Tern!,646
2,553
To Naples
-Feb.11-Jolee,247
247
To Barcelona-Feb.13
-Sapinero,391_.Feb. 17
-Mar Negro,
1,293
1,684
To Japan-Feb. 13-Sangstad, 2.677. _Feb. 16-13uyo Mario,
_Feb.
4,611
7,288
To China-Feb.13-Sangstad,75_job.16-Buyo Maru,621
696
To Dunkirk-Feb. 14-Louisan°, 380; Tortugas, 1,020_
Feb. 13
-Deer Lodge, 16
1.416
To Oslo
-Fob.14
-Tortugas,50
50
To Copenhagen-Feb.14
-Tortugas,644
644
To Gothenburg-Feb. 14-Tortugas. 246
246
NEW ORLEANS
-To Mexico
-Feb. 10
-Baja California, 200...
200
To Japan-Feb. 18-Effna, 400
400
To Liverpool
-Feb. 14-Observer, 5,835
5,835
To China-Feb, 18-Effna, 1,275
1,275
To Manchester-Feb. 14-Observer, 1,102
1,102
To Bremen-Feb. 13-Grete, 1.063_ ..Feb. 14
_Feb.
-Winston
Salem, 2,445
3,508
To Ghent
902
-Davenport, 552.._
_ _Fob. 14
-Feb. 13-Grete,
To Hamburg
-Feb. 13-Grete, 1,077
3501,077
To Rotterdam-Feb. 13-Grete, I00_- _Feb. 14
-Davenport,
754
854
To Canada
75
-Delight, 75
-Feb. 14
To Porto Colombia-Feb. 14,-Agnete Maersk,82
82
To Havre
2,300
-Davenport, 2,200; 100 additional
-Feb. 14
1,451
To Genoa
-Chester Valley, 1,451
-Feb. 16
100
To LapazFeb. 14-Iriona, 100
450
NORFOLK
-Hannover. 450
-To Bremen-Feb. 16
1,250
CHARLESTON-To Manchester-Feb. 14
-Tulsa. 1,250
650
LOS ANGELES
-Feb. 14-Arizona, 650
---To Havre
100
To Dunkirk-Feb. 14
-Arizona, 100
900
To Bremen-Feb. 16
-Oakland, 900
To Japan-Feb. 14-Kokuroku Marti, l.875_ _Feb. 16Feb.
4,475
-President Garfield, 1,900
Silverpalm, 700___Feb. 16
To China-Feb. 14-Kolcuroku Mario, 175_ _Feb. 16- Sliver2,975
-President Garfield, 200
palm, 2,600_ _Feb. 16
200
To India-Feb. 14-Kokuroku Mario, 200
550
To Bombay-Feb. 16
-President Garfield, 550
200
SAN FRANCISCO-To Great Britain-Feb. 16-(?), 200
3,425
To Japan-Feb. 16-(7), 3,425
2,400
To China-Feb. 16-(7). 2.400
100
NEW TORK-To Gijon-Feb. 16
-Alfonso XIII, 100
41
To Hamburg-Feb. 17
-President Harding, 41
FINANCIAL CHRONICLE
FEB. 21 1931.]
1451
Bales. 76%c. The export sales were 800,000 to 1,000,000 bushels.
CORPUS CHRISTI
-Feb. 17-West:Cohas, 1,535
-To Liverpool
2.490 On the 18th inst. trading was small. Snow fell in Nebraska.
--Feb. 18
-Minnie de Larrinaga, 955
To Manchester-Feb. 17
-West Cohas, 354---Feb. 18
Light rains occurred in parts of Kansas, Iowa, Indiana, and
755
Minnie de Larrinaga, 401
12.736 Ohio, but the forecast called for generally clear weather,
To Havre-Feb. 17-Waban, 12,736
250 with rising temperature here and there. The Government
To Dunkirk-Feb. 17-Waban.250
50
To Ghent
-Feb. 17-Waban, 50
100 weekly weather report was about a standoff. Light to heavy
To Rotterdam-Feb. 17-Waban, 100
1.030 rains in the main areas of the winter belt were said to
PENSACOLA-To Bremen-Feb. 19-Delfshaven, 1,030
-Deer Lodge,132_ -Feb.11
TEXAS CITY-To Havre-Feb.14
352 have generally replenished the surface water supply, but
Wray Castle, 220
28 in the Ohio Valley there was much need for further rains.
To Antwerp-Feb.11-Wray Castle, 28
267
To Ghent,
-Wray Castle, 267
-Feb. 11
449 In the Southwest there was beneficial moisture. Western
To Bremen-Feb,13
-Marie Leonhardt,449
1.081 Kansas was still dry. Export sales in all positions were
To Japan-Feb. 13-Buyo Maru. 1,081
50
To China-Feb. I3-Buyo Maru,50
700 estimated at 700,000 bushels, including 350,000 bushels to
LAKE CHARLES
-To Bremen-Feb. 15-Bockenheim, 700
1,770 Greece of No. 1 Northern Manitoba. Liverpool reported a
To Genoa-Feb.18-Jolee, 1,770
259
To Naples
-Feb. 18-Jolee, 259
122,616
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool .45c.
Manchester.45c.
Antwerp .450.
Havre
.31c.
Rotterdam .45o.
Genoa
.50c.
Oslo
.50e.
High StandDensity. ard.
Stockholm .600. .750.
.50e. .650.
Trieste
.50e. .650.
Flume
.450. .600.
Lisbon
.60e. .750.
Oporto
Barcelona .400. .550.
.400. .550.
Japan
Standant.
.600.
.60c.
.60c.
.46c.
.60c.
.650.
.650.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonica
Venice
High
Density.
.450.
.40e.
.45c.
.45c.
.750.
.75e.
.50c.
Standard.
.60c.
.55e.
.60e.
Mc.
.90c.
.90c.
.650.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks,&c.,at that port:
Jan. 30. Feb. 6. Feb. 13. Feb. 20.
19,000
18,000
25,000
18,000
8,000
7.000
14,000
9,000
1,000
1,000
1,000
1,000
36,000
39,000
40.000
40,000
873.000 884,000 893,000 888,000
482,000 493,000 493,000 192,000
37,000
64,000
29,000
34,000
11,000
18,000
18,000
16,000
98,000 116,000 117.000
123,000
41,000
39,000
33,000
42,000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total import
Of which Alnerican
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Monday.
Saturday.
Market, {
12:15
P. M.
Quiet.
Mid.UPI'ds
Quiet.
Quiet,
More
and
unchanged. demand.
5.96d.
5.936.
Sales
Tuesday. Wednesday. Thursday.
4,000
3,000
5.966.
6.054.
5,000
4,000
A fair
business
doing.
6.126.
5,000
Friday.
Moderate
demand.
6.044.
4,000
ea
Futures.i Quiet, un- Quiet,3 pts Steady, Quiet, un- Barely stdy Q't unch'd
Market
chnaged to dec. to 1 pt 3 to 4 pts. hanged to 1 to 3 pts. to 3 points
decline.
opened
4 ins. adv. advance. advance. 1 pt. dec. decline.
Market
4
P. M.
I
Firm,
Barely stdy Q't but st'y
Firm,
steady,
Steady,
2 to 3 pts. 5 to 8 pts. 10 toll pts 8 to 9 pts. 3 to 4 pts. 6 to 8 pts.
decline.
advance, advance, advance.
decline,
advance,
Prices of futures at Liverpool for each day are given below:
Sat.
I
Mon.
Tues.
Wed.
Thurs.
Fri.
12.152.3d12.151 4.0012.15 4.0012.15 4.00 12.15 4.00 12.15 4.00
p. ra v. m.lp. m.p. m p. m. p. m.p. m p. m.p. m.P. m.P. m. p. m.
Neto Contract. d.
d.
5.811
February
March
5.85
April
.. 5.89
May
5.94
June
5.99
July
- 6.04
August
6.08
September --------6.11
October
6.15
November_ _
6.19
December
6.24
__
January(1932) __
6.26
February
6.30
I
d,
d.
5.761 5.73
5.77
5.80
5.851 5.82
5.90' 5.87
5.951 5.92
6.011 5.98
6.06, 6.03
6.09, 6.06
6.12 6.09
6.16 6.13
6.21 6.18
6.24 6.21
6.28 6,25
d.
5.76
5.80
5.85
5.90
5.95
6.00
6.05
6.08
6.12
6.16
6.21
6.23
6,27
d.
5.84
5.88
5.93
5.98
6.03
6.08
6.13
6.16
6.20
6.24
6.29
6.31
6.35
d.
5.85
5.89
5.94
5.99
6.04
6.10
6.15
6.18
6.22
6.26
6.31
6.33
6.37
d.
5.93
5.96
6.01
6.06
6.11
6.17
6.22
6.25
6.28
6.32
6.36
6.39
6.43
d.
5.97
6.00
6.05
6.10
6.15
6.20
6.25
6.28
6.32
6.36
6.40
6.43
6.47
d.
5.96
5.99
6.04
6.09
6.14
6.21
6.25
6.28
6.32
6.36
6.40
6.43
6.47
d.
5.89
5.91
5.96
6.02
6.07
6.13
6.17
6.21
6.24
6.28
6.33
6.36
6.40
mocommmocecopo
p
mob0000.icwo
Feb. 14
to _
Feb. N.
BREADSTUFFS
Friday Night, Feb. 20 1931.
Flour was quiet, and at one time unsettled. Export
demand was small. Later flour was rather weak, with
wheat. Feed was firm. Feed on the 17th inst. was reduced
50c. On the 19th inst. another decline of 50c. In feed was
announced.
Wheat has been dull, with export slow and professionals
selling. It has been largely a waiting affair, but both the
winter wheat and the spring wheat belts need snow or rain,
and July is higher. On the 14th inst. prices ended % to %c.
1
net higher at Chicago, and 1% to 17 c. higher at Winnipeg.
The weather was cold in the Southwest. Rain or snow was
needed. This and the better, technical position offset the
cheaper Russian offerings and the liberal Australian exports in prospect owing to the fact that the Australian
Government will give a bonus of 6(1. (about 12c.) a bushel
on exports. Russian offerings are expected to be large
early in the spring. On the 16th inst. prices declined 14
/
1
c.
net, with good rains in the Southwest, including Texas,
and Kansas. The report that Chairman Legge.
Oklahoma,
of the Farm Board, is to resign shortly, also had an unsettling effect. The United States visible supply Increased
last week 2,078,000 bushels against a decrease of 632,000 last
year; total now 194,503,000 against 159,052,000 a year ago.
On the 17th inst. prices closed % to %c. higher in Chicago
and 1c. higher in Winnipeg. The cables were better than
due, with some reduction in Argentine surplus and a
decrease in European stocks. Crop reports from France
were unfavorable. May wheat in Minneapolis closed at
sale of a full cargo of Australian wheat to Europe at
6314c. c.i.f.
)
1
On the 19th inst. prices advanced % to 1%c. on covering
and reports that foreign countries might declare an embargo
against Russian merchandise of all sorts to ward off Russian dumping. Export business was small. Chairman Legge
of the Federal Farm Board was quoted as saying that the
carryover on July 1 might be 275,000,000 bushels. But
the Argentine and Australia have reduced crops and Russian shipments in any ease, it was suggested, might not be
very heavy until July. Some thought the market here was
short.
Washington wired, Feb. 19: "There is a strong possibility
that Grain Stabilization Corp. will hold 200,000,000 bushels
of wheat by July 1, or nearly all of the estimated carryover. Alexander Legge, Chairman of Federal Farm Board,
said the Board at present holds approximately 100.000,000
bushels. Farmers are rushing their wheat to market, and
receipts are about twice as much as those of the same time
last year. Legge said strong movement of wheat towards
markets has been brought about because of price factors
and good transportation means because of open winter.
Also grain trade has urged farmers to rush wheat to market, •the Chairman said, and indicate that this move was
In the nature of an attempt to embarrass the Board."
To-day prices ended unchanged to %c. higher. There was
considerable covering. The market acted short. Later on,
however, much of an early advance was lost. There was
active selling against offers. Professionals sold, owing
partly to a statement attributed to S. R. McKelvie of the
Farm Board to the effect that the Grain Stabilization Corp.
will not continue in the market next year. Also the export
sales were only 300,000 to 400,000 bushels. Corn declined
and this affected wheat noticeably. Members of the Farm
Board want the American acreage reduced 25%. Liverpool
closed 1% to Vhd. higher. Buenos Aires surprised everybody by rising 2%c., while Argentine exchange was up le.
Bradstreet's North American exports are 5,325,000 bushels
against 5,540,000 last year. It seems to point to a total
world's shipments again this week of 16,000 000 bushels or
more. Final prices show a decline of % to an advance of
%c. for the week. All the grain markets in this country
will be closed Monday, Washington's Birthday. Winnipeg,
United Kingdom, Continental markets, and all Argentine
markets will be open as usual.
Establishment of a new futures market for trading in
Canadian wheats in bond was approved on•the 19th inst. by
the Board of Managers of the New York Produce Exchange.
The dealings will start early in March.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2red
92% 9334 92H 91H 92
23%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
793.4 793.4 79
7934 7934 79
May delivery
8234 82 Si 82 Si 8234 82 Si 82
July delivery (new)
69 3 6834 6834 GS% 6934 69
September delivery (new)
6934 69
69
67% 6834 68
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Tues. Wed. Thurs. Fri.
Sat. Mon.
May delivery
63
6434 6534
6334 6234 63
July delivery
6434 6334 6434 6434 6834 66$
October delivery
66H 6534 6634 6634 6834 68 4
Indian corn declined, with cash corn dull and some
noticeable liquidation in March. On the 16th inst. prices
ended %c. lower to %c. higher, without features of special
/
interest. On the 113th inst. prices ended 114 to 1%c. off(
with wheat lower, receipts large, and considerable country
offerings offsetting bad weather. The United States visible
supply increased last week 465,005 bushels against 1,735,000
last year; total now 17,188 000 bushels against 18,929,000
to / net,
1c.
4
a year age On the 17th in. prices advanced
with unsettled weather, country offerings small, and a
rather better Eastern demand. Also the technical position
was better. On the 18th inst. prices ended % to %c. lower,
after being that much higher. The early rise was on unfavorable weather in the belt and rumors of large sales to
the East. But later, with a forecast for clearing weather,
prices fell. The rumors were unconfirmed of large shipping sales. They turned out to be 56,006 bushels. Purchases of 26,000 bushels were made to arrive, including
20,000 from other terminals. Hogs declined heavily, and
-to-1 basis, which
they brought the hog-corn ration close to 10
may have some effect on feeding operations and result in
farmers paying less attention to hogs.
1
On the 19th inst. prices closed % to 11 c. higher, acting
/
2
c.
oversold, and rallying 1 to 11 from the low of the day.
1452
FINANCIAL CHRONICLE
[Vol... 132.
The destination of these exports for the week and since
To-day prices declined % to lc., after irregular fluctuations. The tone was firm at one time. Old May got into July 1 1930 is as below:
the "Gffers." Later it broke, and closed in the "bids."
Corn.
Wheat.
Flour.
Selling was general on the advance. It is said that 75,000 Exports for Week
Since
Since
Week
bushels were bought from other markets to go to Chicago,
and Since
Week
Since
Week
July 1
July 1
Feb. 14
July 1 toFeb. 14
Feb. 14 July 1
and that further quantities were offered. Selling out of
1931.
1930.
1931.
1930.
1930.
1931.
March in expectation of deliveries also had some effect
Bushels.
Barrels.
And the cash demand continued to be poor. This is a sore United Kingdom_ Barrels. 2,673,850 Bushels. 34,197,000 Bushels. Bushels.
86,000
669,000
59,649
46,000
23,000
point. Final prices show a decline for the week of % to 1%c. Continent
25,750 3,218,912 1,345.000 92,730,000
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
813i 80%
No.2 yellow
82% 79% 80% 81
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
6231
62% 62% 63
March
6431 6531 65
65
May delivery
deliveryg
65
6631 66h 6731 66%
July delivery (new)
67
66%
66
66% 66
September delivery (new)
6631 65
1,683,000
62,000
2,000
2,463,000
3,000
2,000
52,000
254,864 7,924,697 2,209,000 131,137,000
184.688 6.040.578 2,315,000 95,844,000
26,000
8,000
186,000
309,000
So.dr Cent. Amer.
West Indies
Brit. No.Am.Col.
Other countries_ _
.
Total 1931
Total 1930
83,000
66,700
2,500
17,265
879,540
789,850
15,900
328,635
135,000
80,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
Oats have been steady, if not firm, with cash oats well seaboard ports Saturday, Feb. 14, were as follows:
GRAIN STOCKS.
.
sustained, there being no pressure to sell. On the 14th
Oats,
Rye,
Barley,
Corn,
Wheat,
Inst. prices ended Ihc. lower to 4c. higher, from which may
bush,
bush.
bush,
bush.
United Statesbush,
13,000
88,000
31,000
30,000
be readily inferred that the trading was small and unin- New York
1,397,000
2,000
3,000
prices declined % to %c., with Boston
teresting. On the 16th inst.
79,000
55,000
7,000
8,000
207,000
visible supply decreased Philadelphia
38,000
3,000
76,000
85,000
corn lower. The United States
Baltimore
6,358,000
377,000
486,000 last year; total Newport News
last week 829,000 bushels against
57,000
95,000
124,000
New Orleans
4,514,000
4,719,000
now 22,497,000 bushels against 23,194,000 a year ago. On Galveston
350,000
5,000
235,000
179,000
Fort Worth
6,596,000
,4c. lower to %c. higher. On the
the 17th inst. prices closed 1
1,186,000
507,000
633,000
449,000
Buffalo
11,201,000
672,000
" afloat
6,343,000
18th inst. prices ended unchanged to %c. higher. Covering
178,000
3,000
5,000
17,000
3,221,000
of hedges against shipping sales of 133,000 bushels braced Toledo afloat
450,000
"
441,000
45,000
14,000
25,000
32,000
298,000
prices. Bo did Northwestern buying., That offset the Detroit
20,583,000 3,033,000 4,320,000 2,426,000 1,145,000
/
reaction in corn. On the 19th inst. prices advtanced 34 to Chicagoafloat
1,767.000 2,259,000
792,000
"
2,199.000
230,000
509,000
2,517,000 1,226,000 3,916,000
%c. net. To-day prices ended lc. lower to %c. higher, after Milwaukee
258,000
"afloat
nervous fluctuations upward and downward. There was Duluth
706,000
30,789,000 1,671,000 3,507,000 3,966,000
" afloat.
a fair amount of trading in following corn. Cash oats were
362,000
873,000 3,629,000 4,486,000 4,833,000
33,026,000
Minneapolis
comparatively steady. Final prices show a decline of % to Sioux City
444.000
1,000
478,000
20,000
915,000
242,000
25,000
a rise of %c. compared with a week ago.
St. Louis
74,000
6,419,000 1,137.000
30,000
143,000
314,000
KansasCity
24,839,000 1,203,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
60.000
5,795,000
Hutchinson
Fri.
Wed. Thurs.
Mon.
Tues.
Sat.
220,000
5,000
1,945,000
4331-44 4454-44 44-4434 Wichita
4331-44 4355-44 4354-44
No. 2 white
191,000
7,000
St. Joseph, Mo
5,893,000 1,393,000
7,000 1,254 000
PeorIa33,000
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
577,000
77,000
Sat. Mon. Tues. Wed. Thurs. Fri.
848,000 1,633,000
Indianapolis
222,000
16,000
121.000
33% 32% 3331 3231 Omaha
33$ 33
12,410,000 3,156,000
March delivery
33
May delivery
3331 3331 3334 3331 3334
Total Feb. 14 1931_ _194,503,000 17.188,000 22,497,000 14,251,000 10,187,000
32
3234 3234 32% 3351 33
July delivery (new)
Total Feb. 7 1931-192.425,000 16.723,000 23,326,000 14,499,000 10,432,000
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Total Feb. 15 1930.-159,052,000 18,929.000 23,194,000 14,142,000 8,816,000
Sat. Mon. Tues. Wed. Thurs. Fri.
Note.
-Bonded grain not Included above: Oats, New York. 3,000 bushels; on
3031 30% 31% 315( 3231 31%
May delivery
650,000 bushels
31% Lakes. 67,000; total. 60,000 bushels, againstBuffalo afloat, In 1930. Barley,
2934 2934 30% 3034 32
July delivery
1,129,000: Duluth,
New York, 9,000 bushels; Buffalo, 85,000:
1930.
Rye has shown relatively greater strength than other 51,000; total, 1,264,000 bushels, against 2,934,000 bushels In481,000;Wheat, New
Baltimore,
York, 1,231,000 bushels; Boston, 431,000; Philadelphia,
grain, and now there are intimations of a better foreign 601,000; Buffalo, 3,950,000; Buffalo afloat, 11,101,000: Duluth, 25,000; Toledo
14th inst. prices ended unchanged to %c. afloat, 582,000; total, 18,390,000 bushels, against 80,665,000 baehels in 1930,
inquiry. On the
Oats,
Rye,
Barley,
Corn,
Wheal,
higher, showing that the rise in wheat fell flat so far as
bush,
bush.
bush.
bush.
bush,
rye was concerned. On the 16th inst. prices closed unCanadian
756,000 1,319,000 1.488,000
Montreal
4.511,000
changed to 14c. net higher on covering. The United States Ft. William & Port Arthur43,984,000
/
3,227,000 7,705,000 13,906,000
252,000
642,000
visible supply decreased last week 248,000 bushels against
afloat
1,779,000 1,202,000 6,385,000
Other Canadian
13,847,000
14,251,000 against
14,142,000 a
8,000 last year; total now
5,762,000 10,478,000 22,421,000
/
Total Feb. 19 1931_ _ _62,342,000
year ago. On the 17th Inst. prices closed %c. lower to 14c.
6,043,000 10,589,000 22,644,000
62,535,000
Total Feb. 7 1931
higher. On the 18th inst. prices advanced % to %c., with
8,126,000 8,150,000.16,410,000
Total Feb. 15 1930.-74,971,000
no pressure to sell. On the 19th inst. prices advanced 1 to
Summary
194,503,000 17,188,000 22,497,000 14,251,000 10,187,000
2e., with wheat. There were rumors, too, of an export American
5,762,000 10,478,000 22,421,000
62,342,000
/
inquiry. To-day prices ended 114c. lower to Vic. higher. Canadian
----Total Feb. 14 1931_ _ _256.845,000 17,188,000 28,259.000 24,729,000 32,608,000
the business was based on spreads. Some bought
Much of
Total Feb. 7 1931_ __ _254,960,000 16,723,000 29,389.000 25,088,000 33,076,000
firmness into prices. But liquidaearly, end this injected
Total Feb. 15 1930 _ _.234,023,000 18,929,000 31,320,000 20,292,000 25,226.000
tion was the order of the day later on as other grain fell.
The world's shipment of wheat and corn, as furnished by
At the same time, there was some talk of a foreign inquiry Broomhall to the New York Produce Exchange,for the week
for rye, which may yet come to something. It has not yet. ending Friday, Feb. 13, and since July 1 1930 and 1929,
Final prices show a rise for the week of 1 to 254c.
are shown in the following:
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
39
39
39% 39
40%
q
4031 4031 4131 41
43
42%
41% 41% 41% 413
42% 43
March delivery
May delivery
July delivery (new)
Wheat.
Exports
-
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat. New YorkNo. 2 white
9331
No.2 red. f.o.b., new
44©44%
No. 3 white
Manitoba No. 1. f.o.b N.Y. 7731
41554C342
Rye
-No. 2, f.o.b. New York 46%
Chicago. No. 1
Corn. New YorkBarley
No.2 yellow. all rail
No. 2 c.i.f. New York.dom. 57%
No.3 yellow, all rail
Chicago. rash
39060
FLOUR.
$3.85R$420
Spring pat. high proteln$5.00 $5.85 Rye flour, patents
4.90 Seminole, mad., No. 2
4.60
2302%
ki,PrInii Patents
4.80 Oats goods
4.50
$2.0563 2.10
Lustre first spring
4.40 Corn flour
4.00
2.050 2.10
loft winter atraighte
4.80 Barley goods
4.25
Hard winter straights
Coarse
5.00
3.25
Hard winter patents...... 4.70
Fancy pearl. Nos. 1,
4.25
4.00
Hard winter dears
2, 3 and 4
6.80
6.1561 6.50
Fancy Minn. patente
6.30
7.25
6.55
City mills
For other tables usually given here, see page 1362.
MI
The exports from the several seaboard ports for the week
ending Saturday, Feb. 14 1931, are shown in the annexed
statement:
ExportsfromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
St. John, N. B
Halifax
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley,
Bushels. Bushels, Barrels. Bushels. Bushels. Bushels.
204,864
1,376,000
6,000
70,000
1,000
88,000
1,000
48,000
23,000
2.000
1,000
20,000
3,000
7,000
17,000
25,000
620,000
3,000
Total week 1931-- 2,209,000
Same week 1930____ 2.315,000
26,000
8,000
254,864
184,688
1,000
34,000
25,000
19.000
North Amer_
Black Sea__
Argentina...
Australia _
India
0th. countr's
Total
Week
Feb. 13
1931.
Since
July 1
1930.
Corn,
Since
July 1
1929.
Week
Feb. 13
1931.
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
6,391,000247,629,000206,354,000
42,000 1,144,Ois 2,535,000
2,192,000 86,718,000 18,899,000 604,000 26,085,000 14,314,000
4,386,000 41,651,000 118,248,000 4,977,000 157,546,000 130,777,000
4,000,000 63,424,000 37,293,
8,984,000
320,000
416,00i 30,504,000 27,636,
230,000 34,089,000 23,115,000
17,385,000478.910 0004 750 000 5,853.000218,864,
.08
170.741,000
WEATHER REPORT FOR THE WEEK ENDED
FEB. 17.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Feb. 17, follows:
At the beginning of the week fairly cold weather prevailed over the more
eastern States, but there was a general warming up over the interior and
a rapid reaction to higher temperatures in the East. Moderate to abnormally warm weather was the rule during much of the week, though there
was a second decided drop in temperature in the East and Southeast on
the 15th. Precipitation was widespread over the Southwest and in Central
and Southern States the latter half of the week, with active movements
of "highs" and "lows".
The table on page 3 shows that the weekly mean temperatures were
near normal in the middle and north Atlantic areas, and decidedly_ subnormal in the Southern States east of the lower Mississippi Valley. Freez
ing weather extended to northern Florida, and low temperatures were
again reported in the interior of the Northeast, the lowest being 14 deg.
below zero at Northfield, Vt., on the 11th. In the interior valleys minimum
temperatures varied from around 15 deg, to about 20 deg. In the northcentral portion of the country, between the western Lake region and Rocky
Mountains, another warm week prevailed. The temperatures in this area
have been abnormally high nearly continuously since the first of December,
with every week showing plus departures.
Chart II shows that rainfall during the week was widespread and generous in amount practically everywhere from the lower Missouri and Ohio
Valleys southward to the Gulf, with the weekly totals rather uniformly
from about 1 inch to 1.5 inches. In the Atlantic States the falls were lighter.
though rather generous in amount in many places south of Virginia. Rainfall was again heavy in the far Southwest. especially in Arizona, but mostly
light to moderate in the more northwestern States. Very little precipitation
occurred from the upper Mississippi Valley westward to the Rocky Mountains, while in the southwestern Great Plains the amounts were light.
FEB. 21 1931.]
FINANCIAL 1HRONICI2
The outstanding features of the week's weather were the continuation
of helpful rainfall over the central and southern portions of the country,
and the abnormally heavy rains in the far Southwest. As a result offrequent
showers, mostly moderate in intensity during the last two weeks, the
soil generally, and to fairly good depth in many places, is now in good
condition for working and for growth of all vegetation over practically
the entire southern half of the country. This is especially true in the Ohio
and the central and southern Mississippi Valleys.
From the central Mississippi Valley eastward to the Atlantic Ocean,
however, much more moisture is required to condition the subsoil and restore normal water supply to streams, wells and springs. As the rains
were mostly light to moderate in character, there has been little runoff.
and, consequently, only the smaller streams, ponds, cisterns and the
like, have received material benefit; at the same time the water situation
for domestic and stock uses has materially improved over nearly all of
the droughty sections.
The mild, open weather of the winter has favored seasonal farm work,
and such activities, as well as vegetation, are abnormally advanced over
the southern half of the country. Much spring garden and truck planting has been done under favorable conditions well northward of a normal
year, while more than the usual amount of spring plowing has been accomplished rather generally. Corn planting continued in Florida and southern Texas, and early truck is being put in as far north as southern Virginia
and to northern Arkansas. Some spring wheat was seeded during the
week, and early-sown oats are coming up as far north as southern Kansas.
Wheat fields are mostly bare of snow; the crop shows improvement since
the rains In the central and eastern belt, but it is still unfavorably dry
In the upper Mississippi Valley and some sections of the Great Plains.
The cooler weather in the Southeastern States was beneficial in retarding
fruit buds, but there is some apprehension as to the continued warmth
In other sections.
1453
tinues to be laid on the prospect of extremely low prices
which are expected to rule on almost all retail offerings of
spring clothing, with the idea in mind that the declines in
value in textiles more nearly correspond to the nation-wide
reduction in purchasing power than the price revisions in
other industries.
DOMESTIC COTTON GOODS.—Activity in cotton goods
markets, largely of a seasonal character, but proving of a
more protracted nature than many market observers ventured to expect, continues to hold up very well, with print
cloths retaining their position as the leading sellers. Further news relating to the statistical position in various
divisions of the cotton goods trade has been constructive,
and the pervading influence of the continued rise In the
stock market has continued to fortify sentiment in its
gradual strengthening of confidence. It is reported that
print cloths are in a better condition than for several years
past, statistically. While unfilled orders are estimated as
averaging about 10 weeks ahead, available supplies, also in
the average, are said to be only enough for about two weeks,
and it is noted that the reduction in stocks applies not
The Weather Bureau furnishes the following resume of merely
to the wide constructions, but also to semistaples.
the conditions in the different States:
Narrow sheetings, which have been the persistent tenants
Sunday, otherwise moderate temperatures;
virginfa.—Richmond: Cold
light rains favorable for farm operations, but more moisture needed. of a very unsatisfactory position up until a short time ago,
Much plowing done and early truck planted. Grains and hardy truck are reported as having registered significant increases in
fairly good. Favorable for lambing.
North Carolina.—Raleigh: Temperatures averaged above normal In unfilled orders and shipments, and a decrease in stocks-on-extreme west; normal or somewhat below in most other sections. Light hand. Carded broadcloths retain their relatively favorable
to moderate rain Friday night and Saturday helpful, but inadequate.
Much outdoor work accomplished, including plowing. Early garden ratio of supply to demand. Small gains in tire fabric protruck being planted; lettuce and cabbage being transplanted. Considerable duction are in evidence, and a modest demand for mechanical
spring oats sown in south; winter grains in satisfactory condition.
South Carolina.—Columbia: Two cold periods, especially nights, checked cottons is materializing, which, if not yet up to hopes, is
abnormal development of fruit buds. Truck and winter cereals in good nevertheless a source of encouragement. Colored goods
condition generally. Fairly copious rains 14th improved soil for plowing
which proceeded rapidly. Potato planting extending into interior. To- lines are said to have been moving into distribution steadily
bacco in beds healthy.
in recent weeks, though in many eases business has been
Georuta._Atlanta: Weather favorable, though cold at beginning and
again Sunday; further beneficial rains. Plowing well along. Further placed subject to protection against further declines. Price
Planting of Potatoes and seeding tobacco in south. Winter crone gener- advances in sheetings and print cloths have followed such
ally in good condition. Cold weather favorable for retarding fruit buds.
Elerida.—Jacksonville: Much sunshine first half of week and farm work encouraging developments, and a sympathetically firmer
advanced; rain on last days, except Sunday, unfavorable for lowlands, tendency is noted in a number of other quarters, notably in
but beneficial on uplands. Oats good; strawberries improved. Planting
.corn continued in central and locally elsewhere. Tobacco beds doing well. goods which are not currently in active demand, and cannot
Melons and truck backward as a result of low temperatures and local frost,
but considerable acreage of potatoes up in Hastings district. Citrus ex- be expected to move in normal volume until general business activity is such that greater employment in industrial
cellent; bloom unduly advanced in central.
Alabama.—Montgomery: Temperatures alternately much below and channels, particularly in transportation and building, and
mach above normal, witn freezing in central and north on several days.
Moderate rains on two days. Cold and rain delayed farm work. Cotton real relief in distressed agricultural communities, are in
and corn lands being prepared locally. Oats mostly doing well; sowing
continued. Planting potatoes progressed slowly; sweet potatoes not keep- evidence. While buyers have continued to press for coning well locally. Truck crops good progress in coast section; mostly poor cessions in the gray goods market, mills are turning down
elsewhere. Pastures mostly poor or dormant. Fruit buds swelling in many orders with more confidence, feeling that the present conplaces and some trees blooming In south.
Mississippi.—Vicksburg: Generally fair to Wednesday, inclusive, in dition of stocks, together with relative firmness in the raw
extreme north and to Tnursday elsewhere, with mostly moderate rains market justifies them in waiting for business at profitable
daily thereafter, except Sunday. Freezing temperatures in north and central Sunday. Generally rather poor progress of farming activities.
levels. Print cloths 27
-inch 64x60's constructions are quoted
Louisiana.—New Orleans: Good rains on a few days, providing desired
soil moisture. 'Unfavorably cold for potatoes early in week. Good progress at 3%c., and 28-inch 64x60's at 4e. Gray goods 39-inch
made in plowing and planting potatoes, except where too wet locally in 68x72's constructions are quoted at 6%c., and 39-inch 80x80's
north. Pastures improving slowly. Truck and strawberries progressing at 7%c.
well.
Texas.—Houston: Warm In west to near normal on coast: precipitaWOOLEN GOODS.—On the theory that the public cannot
tion light in north and west and mostly heavy elsewhere, delaying farm
work in southeastern half. Progress and condition of pastures, wheat, much longer delay purchasing clothes that it has denied
-oats, and truck good to excellent. Condition of citrus trees and straw- itself so
consistently during the past year, it is the prevailberry plants good., but strawberries somewhat late. Livestock doing well.
Forest and fruit trees and pastures abnormally advanced. Corn planting ing expectation in woolens and worsteds markets that spring
progressing slowly in south.
Oklahoma.—Oklahoma City: Moderate temperatures; sunshine defi- business will run into large volume. According to some
cient. Light to moderate rains beneficial for winter grains. Progress of estimates, more suits will go into consumption in the next
wheat very good; condition ranges from fair to excellent. Satisfactory few
months than in any similar period in the past two
-progress in seeding oats; early-planted coming up to good stands. Planting potatoes and early gardens in east and south. Farming and all vege- years. Currently, buying of spring fabrics is reported to be
tables abnormally advanced. Fruit buds not yet injured.
Arkansas.—Little Rock: Frequent rains stopped farm work, but very steadily on the increase, centering in light grays, and with
favorable for growth of wheat, oats, meadows, rye, pastures, truck, and distinct favor being shown to goods of a definitely summer
spring gardens, all of which are in'good condition. Rather low temperatures
on 14th damaged early gardens slightly in north, but very beneficial for flavor. Other colors in light shades with patterns tending
-fruit in checking advance of buds. Feed scarce, but stock in good condition toward the gay, promise to be in vogue. The tendency to
due to green pastures and ranges.
Tennessee.—Nashville: Thermal average below normal with much step up production which coincided with the development
-subfreezing temperature, but not extremely cold, attended by variable of good demand both for men's wear suitings and women's
amounts of precipitation. Generally favorable for winter grains. Some
wear goods, has placed the production rate of the industry
-spring oats sown and plowing well under way. Stock in good condition.
Kentucky.—Loulsvifie: Moderate to heavy rain, with considerable run- well over 50% of capacity, it is estimated, and the demand
-off. filled small streams. Surface water now sufficient and fair amount
of moisture entered subsoil, due to the slow rate of rainfall; the soil needs in point continues to hold up very well. The overcoatings
much more to insure crops. Hard freezes stopped growth, but no ap- division is the only one in which
real quietude exists. Topparent injury. Weather more favorable for handling tobacco.
coatings, on the other hand, are selling well, with demand
centering in staples and semistaples. Most openings of new
THE DRY GOODS TRADE
fall men's wear goods will be made early next month, it is
New York, Friday Night, Feb. 20 1931.
reported. It is expected that the lines offered will not be
Optimism such as has not been in evidence for several as extensive as in previous years, except in the case of cermonths has continued to find voice in textile markets, tain large units which customarily present all their offerpartly proceeding from the general stimulus to sentiment ings at the same time. More mills, than usual, it is said,
.derived from the continued rally in stocks, and partly from are tending to adhere to the policy of offering only a few
the sustained and in a number of instances increased fabrics initially, bringing out new batches of offerings
activity apparent in most divisions of the trade. Most periodically thereafter. It is claimed that this plan was
.divisions are also displaying a somewhat firmer undertone, followed successfully last year, notably by producers of
though an appearance of greater stability is the main source fancy suitings. Women's wear openings of fall goods are
of encouragement, with actual price advances few and far scheduled for around Easter, in line with indications that
'between. Cotton goods have recorded the greatest relative present business on spring goods will continue until April.
betterment in volume, orders having continued to flow into Featuring the offerings for fall will be kashas, eponges,
the market quite freely during the current week. However, hopsacks, and suedes, it is reported.
rayon and silk goods and worsteds for the spring season
FOREIGN DRY GOODS.—BusIness in linen markets is
have also registered measurable increases in activity. rather slow. Linen towelings are being purchased by such
While the present improvement is doubtless largely seasonal, concerns as steamship lines and hotels, and dress goods are
Its extent, when considered in that light, has exceeded many selling in better volume than in the corresponding period
.expectations. The fact that the public's needs have been last year. However, household lines are in a lull from
which
so severely curtailed during the current depression is giv- they are not expected to emerge for some time, and iming rise to the hope that the time is not far distant when porters are said to be suffering from competition from
pure necessity will result in greater consumption of goods, cotton goods. Burlaps continued their advance, though
'but it remains to be seen how far that factor can balance .encountering some irregularity which was estimated to be a
-the opposite factors of extensive unemployment, and dis- temporary development. Light weights are quoted at
4.40c.,
Iressing conditions in drouth-affected areas. Stress con- and heavies at 5.85c.
1454
FINANCIAL CHRONICLE
ffitate awl Txtg glepartuunt
NEWS ITEMS
Boston, Mass.—Governor Ely Signs City Tax Limit Bill.—
Governor Ely has signed the Boston tax limit bill, under the
provisions of which the city may expend $16 per $1,000 of
valuation for municipal purposes, reports the Boston "Evenmg Transcript" of Feb. 18.
Connecticut—Changes in List of Legal Investments.—
Under date of Feb. 11 a bulletin was issued by the State
Bank Commissioner giving the following changes in the
list of investments considered legal for savings banks and
trust funds:
Additions.
Buffalo General Electric Co., general and refunding, series B. 4)is 1981
(when issued).
Pacific Gas & Electric Co., first and refunding, series F,43s 1960.
Kansas City Power & Light Co.,first mortgage 4;is 1961 (when issued).
Deductions.
Citizens Gas Co., first and refUnding, 5s 1942.
Alabama Great Southern RR. Co., first consolidated 48 and 5s 1943.
Equipments, series G, 5s serially to 1938.
Edinburg, Tex.—City Receivership Proposed.—A dispatch
from this city to the "Wall Street Journal" of Feb. 18
reports that at a conference between creditors and municipal
officials a receivership for the city was proposed. The
outstanding bonded indebtedness on June 30,1930 is reported
as having been $1,963,000. It is stated that there is no cash
or securities in the sinking fund and the interest amounting
to $150,000 on its bonds is said to be three months past
due. According to the 1930 census Edinburg had a population of 4,821 and it is the seat of Hidalgo County.
Iowa.—Referendum to Be Held June 16 on $100,000,000
Road Bonds.—A Des Moines dispatch, appearing in the
"United States Daily" of Feb. 17, reports that a joint
resolution was adopted by the House of Representatives
fixing June 16 as the date upon which a referendum will
be held to allow the voters to pass upon the constitutional
amendment authorizing the issuance of $100,000,000 in road
bonds, approved by the House on Feb. 2.—V. 132, p. 1069.
New York City.—City Property Assessed at $19,162,517,014
on Final 1931 Rolls.—On Feb. 16 James M.Sexton, President
of the Department of Taxes and Assessments, made public
the final tax assessment figures on real and personal property
in the city, showing a net increase of $578,548,612 over the
figures of the previous year. The total assessed value of all
city property for this year reaches $19,162,517,014, which
compares with the $18,583,968,402 for 1930. The complete
tabulation of assessment valuations, as given out by the
Board of Taxes and Assessments, follows:
FINAL 1930 AND 1931.
Real Estate.
Net Increase.
1931.
1930.
Manhattan—
$9,093,001,835 $9,485,832,565 $392,830,730
Real estate
234,792,450 21,928,250
estate of corporation.__ 212,864,200
Real
310,566.772 23,037,198
287,529,574
Franchisee
$9,593,395,609 $10,031,191,787 $437,796,178
Total
The Bronx—
1,911,674,692 40,235,945
1,871.438.747
Real estate
58,830,700
58,349,700
481,000
Real estate of corporation--79,072,355 11,284,003
67,788,352
Franchises
$1,997,576,799 $2,049,577,747 $52,000,948
Total
Brooklyn—
4,076,742,920 4,078,304,515
1,561,595
Real estate
61,184,550
59,430,050
Real estate of corporation__ 1,754.500
154,846,236 18,626.670
136,219,566
Franchises
$4,272,392,536 $4,294,335,301 $21,942,765
Total
Queens—
1,994,144,560 72,462,855
1,921,681,705
Real estate
56,664,950
53,251,850
3,313,100
Real estate of corporation.-73,108,668
64,839,747
8,268,921
Franchises
Total
Richmond—
Real estate
Real estate of corporation
Franchises
$2,039,773,302 $2,123,818,178 $84,044,876
285,440,010
6,913,900
8,036,616
291,556,035
6,933,900
8,753,976
6.116.025
20,000
717,360
$300,390,526 $307,243,911
$6,853,385
Total
Recapitulation of Real Estate.
$17,248,305,217 $17,671,512.367 $513,207,150
Real estate
418,306.550 27,496,850
Real estate of corporation _ 390,809,700
626,348,007 61,934,152
564,413,855
F{anchises
$18,203,528,772 $18,806,166,924 $602,638,152
Total
Recapitulation of Personal Estate.
$234,391,200—$27,462,950
- $261,854,150
Manhattan
24,607,850 —4,546,750
29,154,600
The Bronx
80,100,260
4,675,500
75,424,700
Brooklyn
15,179,990
3,674,435
11,505,555
2,070,850
—429,775
2,500,625
QueensRichmond
Total
Manhattan
The Bronx
Brooklyn
Queens
Richmond
$356,350,090—$24,089,540
$380,439,630
Recapitulation of Real Estate and Personal Estate.
$9,855,249,759 $10,265,582,987 $410,333,228
2,026,731,399 2,074,185,597 47.454,198
26,618,265
4,347,817,236 4,374,435,501
2,051,278,857 2,138,998,168 87,719.311
30%314,761
6,423,610
302,891,151
Total
2
$18.583,968,40 $19,162,517,014 $578,548,612
[VOL. 132.
Comptroller Berry's belief that a reduction in this year's tax rate could be
brought about by certain readiustments in the city's financial system
and his personal efforts to justify his attitude bore fruit to-day (Wednesday)
with his announcement that taxpayers could look forward to a possible
reduction of 12 points from the expected tax rate of 2.69.
The estimated tax rate has been 2.69 and General Berry now feels confident that the rate will be about 2.57 on each $100 of valuation.
The Comptroller's announcement was prompted by the official statement that the financial assessed valuation of taxable property in the City
of New York would be $19,162,517,014, an increase of $578,548,612 over
1930.
The greater part of the expected reduction of 12 points in the tax rate
is due to the transfer of excess moneys in certain of the city's sinking funds
to the general fund for the reduction of taxation. This was made possible
through legislation enacted recently at Albany which had been prepared
under the direction of the Comptroller and personally advocated by him
before the legislature. The legislation had the approval and co-operation
of Mayor Walker and most of the city's important civic organizations.
Comptroller Berry in discussing the outcome of his efforts said:"I am
happy that the matter has turned out so successfully."
New York State.—Governor Roosevelt Signs Special Bill
on Low Rate State Bonds.—A bill was recently signed by
Governor Roosevelt whichl provides that the special tax
exemption on State obligations bearing interest at 3% or
less will not obtain on future issues of securities. By the
terms of this measure the provision contained in Section 190
of the State tax law that corporate or individual taxpayers
subject to the franchise tax who own 3% State bonds shall
enjoy an annual credit of 1% of the par value of the bonds
to apply on the tax payment, is amended so as to apply
only to past issues. This new statute is of particular interest
at the present time due to the fact that State Comptroller
Morris S. Tremaine intends shortly to offer a large amount
of bonds and he is expected to invite the bidders to name
the interest rate on the securities which may fetch a coupon
rate as low as 3%. The text of the measure (S. Int. 598)
which was approved as Chapter 10, Laws of 1931, reads as
follows:
AN ACT to amend the tax law in relation to limiting certain tax credits
allowable for ownership of certain State bonds to credits for such bonds
heretofore issued and sold.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. Section 190 of chapter 62 of the laws of 1909, entitled "An
act in relation to taxation, constituting chapter 60 of the consolidated laws.'
as last amended by chapter 286 of the laws of 1926, is hereby amended
to read as follows:
Sec. 190. Purchase of State bonds;credit to be given. Every corporation,
company, association or taxpayer required by section 187, section 189 or
tax,
articles 9-a, 9-b or 9-c of this chapter to pay a and which shall own any
sold by the State prior
of the bonds of the State of New York, issued
to the time that this section as hereby amended takes effect, shall have credited
to it annually to apply upon or in lieu of the payment of such tax an amount
equal to one per centum of the par value of all such bonds of the State,
bearing interest at a rate not exceeding three per centum per annum,owned
by such corporation, company or association and registered in its name or
a public
registered in the name of a public department,United officer or officers
States, in trust for
of this State, or of any other State, or of the
such corporation, company or association on the 30th day of June prior
however,
the date when such tax shall become due and payable: provided,company
to
that there shall in no case be credited to any such corporation, corporaor association an amount in excess of the amount due from such
tion, company or association for taxes payable to the State under this
chapter for the fiscal year for which such credit is given: and further provided
that any such credit so allowed under this section shall not bear interest.
Sec. 2. This act shall take effect immediately.
Explanation.—Matter in italics is new, matter in brackets[ I is old law
to be omitted.
New York State.—Second Supplemental Legal Investment
List Issued.—On Feb. 19 Joseph A. Broderick, State Superintendent of Banks, issued another supplemental list, as of
that date, amending the original list issued on Dec. 1 1930
(V. 132, p. 159). The list shows merely municipalities that
have been added to the eligible group, just as did the first
supplemental list of Feb. 2 (V. 132, p. 1070). Certain securities of two railroads and one public utility company are
also included in the additions. The bulletin as issued by
the Superintendent of Banks, is as follows:
NEW YORK STATE BANKING DEPARTMENT.
Albany, N. Y.
Supplemental List, Feb. 19 1931—Announcements to tne List of Securities
Legal Investments for Savings Banks, dated Dec. 1 1930.
Considered
The provisions of Section 52 with reference to the annual list, namely:
the Superintendent of Banks is not in any way liable for the omission therefrom of any bonds which may be found subsequently to qualify, or for the
inclusion therein of any bonds which may be found subsequently not to
qualify, apply as well to this announcement.
JOSEPH A. BRODERICK,
Superintendent of Banks.
Supplement No. 2.
Additions to Lege Investments List.
Sharon School District, Pa.
Fairfield County, Conn.
Steelton School District, Pa.
Hamden, Conn. (town).
Waynesboro, Pa. (hero).
Shelton, Conn. (city).
Waynesboro School District,Pa.
West Hartford, Conn. (town).
*Jefferson County (Birmingham), Ala.
Gardner, Mass. (city).
*Elgin, Illinois.
Needham, Mass.(town).
*Alleghany County (Cumberland), Md.
Linden, N. J (city).
*Cumberland, Md.
Bellevue, Pa.(hero).
*Nashua, N.H.
Chambersburg, Pa. (hero).
*Marion, Ohio.
Dormount, Pa.(born).
*Marion School District (Marion), Ohio.
Dormont School District, Pa.
*Marion County (Marion), Ohio.
Munhall, Pa. (boro).
*Jefferson County (Beaumont), Texas.
Munhall School District,Pa.
Sharon, Pa. (city).
Note.—Unllmlted tax obligations only are legal for places indicated with
an asterisk (
5).
Boston & Maine RR.Co.(Concluded):
Boston & Maine RR. Co.:
Gen. 5s, 1932, Series HE.
Gen.6s, 1931, Series J.
Gen. 55, 1955, Series II.
Gen. Os, 1935, Series K.
Gen. 58, 1967, Series AC.
Gen.6s, 1933, Series M.
Gen. 4s, 1942.
Gen.(1s, 1934, Series 0.
Gen. 4 hs, 1944.
Gen. 55, 1940, Series Q, Rand S.
Gen. 3s, 1950.
Gen. 5s, 1941, Series T and U.
Philadelphia Baltimore & Washington
Gen. 55, 1842, Series V. Wand X.
R. R. Co.:
Gen. 5s, 1943, Series Y and Z.
Gen. 4 hs, 1977, Series C.
Gen. 5s, 1944, Series AA and BB.
(Only bonds of this issue bearing guarGen. 5s, 1945, Series CC and DD.
anty endorsement of Pennsylvania
Gen. 5s, 1946, Series HE.
RR.Co. are considered legal.)
Gen.43s, 1947. Series FF.
Buffalo General Electric Co..
Gen. 4s, 1947. Series GO.
Gen.& Ref. 434g. 1981, Series B.
New York City.—Comptroller Berry Sets 1931 Basic Tax
Rate at $2.57.—On Feb. 18 Comptroller Charles W. Berry
announced that the city's basic tax rate for this year would
be $2.57 on every $100 of assessed value, an increase of four
.
.
points over the $2.53 rate of last year Comptroller
Berry explained that, as a result of recent legislation enacted
at Albany enabling the city to transfer some inactive sinking
New York State.—Assembly Passes Measure to Repeal
funds to the general fund for the reduction of taxation— Eighteenth Amendment of the Federal Constitution.—On Feb.
V. 132, p. 1258—the increase is smaller than would otherwise 16 by a vote of 85 to 62, the Assembly passed a resolution
have been the case. The Department of Finance made the
sponsored by Assemblyman Louis A. Cuvillier, New York
following announcement of the reduced rate:
FEB. 21 1931.]
FINANCIAL CHRONICLE
Democrat, requesting Congress to call a National constitutional convention to repeal the Eighteenth Amendment.
This is the third victory in the lower house for the wet
forces this session. Sixteen Republicans joined the Democrats to pass (this {measure. We quote in part as follows
from an Albany dispatch of the preceding day to the New
York "Herald Tribune" of Feb. 17:
The Assembly to-night passed the second wet bill of the session, designed
to bring about the repeal of the Eighteenth Amendment. The vote was
85 to 62, 16 Republicans joining the Democrats to assure passage.
The bill, sponsored by Assemblyman Louis A. Cuvillier, of New York,
veteran leader of the legislative wet forces, petitions Congress to call a
Natonal constitutional convention to repeal the prohibition amendment.
Two weeks ago the Assembly passed a resolution by Assemblyman R. B.
Smith, Onondaga, Republican, petitioning Congress to submit a repeal
resolution to constitutional conventions called by the States. Twenty-two
Republicans joined the Democrats to pass the Smith resolution. Mr.
Smith voted against the Cuvillier bill to-night.
Republican Votes.
The Republicans who voted for the Cuvilller repeal bill to-night were:
New York: Abbot Low Moffat.
Kings: Robert K. Story Jr.
Westchester: William F. Condon, Ralph A. Gamble, Alexander H.
Garnjost.
Erie: Frank X. Bernhardt, Howard W. Dickey, Charles J. Gimborne,
William L. Marcy Jr., R. Foster Piper.
Monroe: W.Ray Austin, Haskell H.Marks, Harry,!. McKay,Richard L.
Saunders, Truman G. Searle.
Orange: Rainey S. Taylor.
There were three absentees, Jacob,!. Schwartzwald, Democrat, of Kings,
and A. Grant Stockweather and Arthur L. Swartz, Republicans, of Livingston and Erie.
Ohio.
-Feared Special Assessment Bonds Will Be Adversely
Affected by Court Ruling.
-A recent decision, which is understood to have been handed down by the State Supreme
Court in the case of Bowman vs. the Commissioners of
Allen County,is expected to have a possibly depressing effect
on the credit of Ohio counties. The court is reported to
have held that a county has no right to levy against the
entire tax duplicate any deficiency that may arise after special
assessment bonds have been sold. The following account
of the decision was given by the Toledo "Blade" of Feb. 13:
T!O
1455
$115,000 ad valorem tax bonds. Due from March 1 1934 to 1956.
85,000 acreage tax bonds. Due from March 1 1932 to 1966.
Denom. $500. Dated March 1 1931. Legality approved by Thomson.
Wood & Hoffman of New York. A certified check for 2% of the par value
of the bonds, payable to the President of the Drainage Board, must accompany the bid.
ARIZONA, State of (P. O. Phoenix)
-BOND SALE.
-The $2,000,000
issue of tax anticipation bonds offered for sale on Feb. 16-V. 132, p. 1259
was purchased by R. W. Pressprich & Co. of New York, at 2%, at par.
Dated about Feb. 24 1931. Due about June 24 1931.
BACA COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Springfield),
-ELECTION SALE.
Colo.
-PRE
-A $38,000 issue of 434% school building
bonds has been purchased by the International Co. of Denver,subject to an
election to be held in March. Due in 30 years and optional in 15 years.
BALTIMORE, Md.-ADDITIONAL BONDS ISSUED DURING 1930.
-The City Treasurer informs us that the sinking fund commission purchased on April 1, at a price of par, the following issues of 4% bonds aggregating $1,142,000:
$958,000 port bonds. Due from 1934 to 1960, incl.
184,000 port bonds. Due from 1961 to 1963, Incl.
Each issue is dated Oct. 1 1930.
BANGOR, Penobscot County, Me.
-TEMPORARY LOAN.
-The
Merrill Trust Co. of Bangor. purchased on Feb. 16 a $200,000 temporary
loan at 2.50% discount. The loan matures Oct. 8 1931 and was bid for by
the following:
erDiscount.
Merrill Trust Co.(purchaser)
2.50
W.O. Gay & Co
2.60
Merchants National Bank of Boston
2.78
Eastern Trust & Banking Co
2.95
BEAUMONT, Jefferson County, Texas.
-BONDS REGISTERED.
The three issues of 4H %_ coupon bonds, aggregating $400,000, offered for
sale without success on Feb. 10 (V. 132, p. 1259) had been registered by
the State Comptroller on Feb. 5. Dated Feb. 1 1931. Due from Feb. 1
1932 to 1971.
-John J.
-BOND OFFERING.
BELLEVILLE, Essex County, N. J.
Daly, Town Clerk, will receive sealed bids until 8 p. m. on March 3 for
the purchase of $1,098,000 4, 4 or 43i% coupon or registered bonds.
divided as follows:
$830,000 general improvement bonds. Due Oct. 1 as follows: $40,000
from 1932 to 1938 inclusive; $50,000 from 1939 to 1943, inclusive,
and $60,000 from 1944 to 1948 inclusive.
268,000 water bonds. Due Oct. 1 as follows: $7,000 from 1932 to 1948,
Inclusive;$9,000 in 1949, and $10.000 from 1950 to 1963,inclusive.
Each issue is dated Oct. 1 1930. Denom. $1,000. Principal and semiannual interest (April and October) are payable at the First National
Bank, Belleville. No more bonds are to be awarded than will produce a
premium of $1,000 over the amount of each issue. A certified check for
2% of the face value of the bonds bid for, payable to the order of the Town,
must accompany each proposal. The approving opinion of Reed, Hoyt &
Washburn, of New York, will be furnished the purchaser.
"Owners of special assessment bonds issued by Lucas or any other
county in the State, may be left holding the bag in cases where these
BERLIN, Green Lake County, Wis.-BONDS OFFERED.
-Sealed
assessments are not paid, it was believed Friday by officials here following
the receipt by Harry Commager assistant prosecuting attorney, of a copy bids were received until 10 a. m. on Feb. 20, by Walter H. Wells, City
Clerk, for the purchase of a $28,000 issue of 5% coupon semi-ann. bridge
of an Ohio Supreme Court decision.
"This decision, signed by six of the seven judges, holds that a county bonds.
has no right to levy against the entire tax duplicate any deficiency that
BINGHAMTON, Broome County, N. Y.
-BELATED BOND SALE
may arise after special assessment bonds have been solct.
-The City Treasurer informs us that $39,900 4 X% various
This would mean, it is interpreted, that should such special assessments REPORT.
be reduced, abated, or left unpaid, the purchaser of bonds for them could improvement bonds were purchased for investment on Dec. 3 1930 by the
not collect and would stand to lose whatever amount that may necessarily water fund commission. The bonds were sold at par and are dated Dec.
1 1930. Due in 1931. Included in the purchase were $35,000 street imbe deducted from such assessments.
"In the past it has been the practice of counties to levy deficiencies in provement bonds, $3,800 election bonds, and $1,100 Department of Public
any special assessments against the entire tax duplicate, thus requiring Safety bonds.
all taxpayers of the entire county to make up such deficits and make bonds
BIG CREEK SCHOOL DISTRICT(P.O. Welch), McDowell County,
secure.
W. Va.-ADDITIONAL INFORMATION.
-The $150,000 issue of school
"County Auditor George Kratt said Friday that half of the outstanding
Sinking
bonds of Toledo at the present time are for special assessments. The bonds (not $175,000) that was purchased by the State at par. Fund Commission-V.
Due $7,500
tremendous effect on the credit of Ohio from Jan. 1 132, p. 1071-was awarded as 5% bonds,
decision, it is feared, will have a
1932 to 1951, incl.
counties.
"The ruling, returned in the case of Bowman vs. the CommAssioners of
-BOND OFFERING.
BIRMINGHAM, Jefferson County, Ala.
Allen County, has not been formally announced in Columbus.'
Sealed bids will be received until noon on March 3, by C. E. Armstrong,
City Comptroller,
Bill Passed by bende...Miregating for the purchase of two issues of 4, 01.,4.411 or 5%
-310,000,000 Road Bond
West Virginia.
$810,000, as follows:
1, as follows: $13.000, 1934 to
park bonds.
Legislature.
-On Feb. 11 a bill which authorizes the re- $500,000 $17,000, 1944Due on April $25,000, 1954 to 1961, all incl. 1943;
to 1953, and
issuance of $10,000,000 in road bonds under the terms of 310,000public improvement bonds. Due $31,000 from April 1 1932 to
1941, incl.
the 1920 amendment to the State Constitution completed
Prin. and int.(A. & 0.) payable in
Denom.$1,000.
its legislative journey when it was passed by the House of gold at the CentralDated April 1 1931.Trust Co. in New York City. The
Hanover Bank &
according to approving opinion of Thomson, Wood & Hoffman, of New York, will be
Delegates on a vote of 85 "for" to 2 aginst,"'
rates at which they will pay
an Associated Press dispatch from Charleston. It is stated furnished. Bidders shall use the lowest of saidthe understanding that both
par or more for each issue of the bonds with
that an amendment to change the maximum interest rate Issues ought to be sold to one party on an all or none bid. No separate
interest
from 43 to 4% was voted down and a resolution that would interest rate bid will be considered for any particular issue, and one separate
rate must be specified for each issue. A certified check for 1% of
have instructed the State Road Commission to proceed the amount of bonds bid for, payable to the city, is required.
against counties that had failed to pay for right of way for
BLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIELD TOWNSHIPS FRACTIONAL SCHOOL DISTRICT NO.1(P.O.Birmingham),
State roads was also rejected.
Oakland County, Mich.
.Ray A.Palmer,Secretary
-BOND OFFERING
of the Board of Education, will receive sealed bids until 8 p. m.on March 2
for the purchase of $100,000 4X% school bonds. Dated April 10 1931.
Denom. $1,000. Due April 10 as follows: $3,000 from 1932 to 1935 bid.;
$4,000, 1936;$3,000 in 1937 and $9,000 from 1938 to 1946 incl. Prin. and
semi-ann. i
mt. are payable in Birmingham. A certified check for $3,000
ADAMS AND ARAPAHOE COUNTIES JOINT SCHOOL DISTRICT must accompany each proposal. The purchaser shall pay for the printing
NO. 28 (P. 0. Aurora), Colo.
-Sealed bids will be of the bonds and legal opinion.
-BOND OFFERING.
received until 1 p. m. on Feb. 19 by the Clerk of the Board of Education,
-Sealed
BLUEFIELD, Tazewell County, Va.-BONDS OFFERED.
for the purchase of a $50,000 issue of 4 or 43.6% semi-ann. school bonds. bids were received until Feb. 20 by Edward Ruehl, Town Manager, for
Duc in from 10 to 30 years. These bonds are being offered subject to an the purchase of
a $40,000 issue of water plant bonds. (These bonds were
election to be held on March 3.
voted by a 3 to 1 majority on Aug. 12-V. 131, p. 1745).
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-99,500,000 Bonds
-H. L.
-BOND OFFERING.
BOLIVAR, Allegheny County, N. Y.
Authorized to Be Sold.
-At a meeting of the Board a County Commissioners Wilbur,
Village Clerk, will receive sealed bids until 8 p. m. on Feb. 24 for
on Feb. 13 authorization was granted for the sale of $9,500,000 public
registered paving
impt. bonds, of which $5,450,000 represent cominissionres' bonds and $4,- the purchase of $40,000 not to exceed 6% int. coupon or
bonds. Dated Feb. 1 1931. Denom.$1,000. Due $4,000 on Feb. 1 from
050,000 bonds authorized by vote of the electorate.
1932 to 1941 incl. Prin. and semi-ann. int. (F. & A.) are payable at the
State Bank of Bolivar. Rate of interest to be expressed in a multiple of
ALTOONA SCHOOL DISTRICT, Blair County, Pa.
-BOND OFFERING.
-W. N. Decker, Secretary of the Board of Directors, will receive X or 1-10th of 1% and must be the same for all of the bonds. A certified
each
sealed bids until 8 p.m. on March 2 for the purchase of $75,000 4% coupon check for $800, payable to the order of the Village, must accompany New
school bonds. Dated April 1 1931. Denom. $1,000 Due April 1 as proposal. The approving opinion of Clay, Dillon & Vandewater of
ork, will be furnished the purchaser.
follows: $2,000 from 1932 to 1941,inci.. and $5,000 from 1942 to 1952,incl.
The purchaser will furnish the ponds, bus the district will pay for the print-E. C.
-BOND OFFERING.
BRADFORD, McKean County, Pa.
ing, not exceeding $95,and for the attorney's opinion, not exceeding $75, Charlton, City
Clerk, will receive sealed bids until 4 p. in. (to be opened
A certified check for $3,000 must accompany each proposal.
at 7.30 p. m.) on March 2 for the purchase of $70,000 4%% coupon street
AMELIA SCHOOL DISTRICT, Clermont County, Ohio.
-BOND paving bonds. Dated Jan. 1 1931. Denom. $500. Due $3,500 on
-John Stye, Clerk of the Board of Education, states that an issue Jan. 1 from 1932 to 1951 inclusive. Principal and semi-annual interest
SALE.
of $60.000 4Yi% coupon school bonds has been purchased by the State (Jan. and July) are payable at the office of the City Treasurer. A certiTeachers Retirement System, of Columbus, at a price of 101, a basis of fied check for 5% must accompany each proposal.
about 4.39%. Due $1,000 March, and $1,500 Sept. 1 from 1932 to 1955
BRAZORIA COUNTY ROAD DISTRICT NO. 29 (P. O. Angleton),
incl. These bonds were voted at the general election on Nov. 4 1930.
-BOND SALE.
-The $500,000 issue of 5%% coupon road bonds
ANADARKO, Caddo County, Okla.
-BOND SALE.
-A $50,000 issue Tex.
-was purchased by the J. R.
p. 885
of hospital bonds is reported to have been purchased by Calvert & Canfield, offered for sale on Feb. 9-V. 132, and Garrett & Co. of Dallas, jointly.
Phillips Investment Co. of Houston,
Oklahoma City.
of
Dated Aug. 151930. Due from Aug.15 1931 to 1960 bid.
(This issue Is reported to have since been disposed of privately.)
-BOND OFFERING.
-Calvin
BROCKTON,Plymouth County, Mass.
ARLINGTON, Kingsbury County, S. Dak.-BOND OFFERING.
- R.
until 5 p. in. on Feb. 25
Sealed bids will be received by S. C. Ness, City Auditor, until 7:30 p. m. for Barrett, City Treasurer will receive sealed bids
the purchase of the following issues of 4% coupon bonds aggregating
Feb. 27, for the purchase of a $25.000 issue of 5% sewer bonds. Denom.
on
$500. Dated April 1 1931. Due on April 1, as follows: $1,500, 1933 and $408,000:
March 1 as follows: $31,500.
1934; $1,000, 1935; $1,500, 1936 to 1939; $1,000, 1940; $1,500, 1941 to $153,500 macadam pavement bonds. Due $30,000 in 1935 and 1936.
1932;$31,000 in 1933 and 1934,and
1944; $1,000, 1945; $1,500, 1946 to 1949, and $1,000 in 1950. Principal
151.000 water loan No. 1 (1931) bonds. Due March 1 as follows: $7,000
and interest(A.& O.) payable at the office of the City Treasurer. Legality
In 1932. and $6,000 from 1933 to 1956 had.
approved by Junell, Oakley, Driscoll & Fletcher of Minneapolis, A.
53,500 permanent sidewalk loan bonds of 1931. Due March 1 as follows:
certified check for 5% of the bonds bid for is required.
$11,500 in 1932; $11,000 in 1933 and 1934, and $10,000 in 1935
ARNAUDVILLE GRAVITY DRAINAGE DISTRICT NO. 17 (P. O.
and 1936.
-BOND OFFERING.
Arnaudville), St. Landry Parish, La.
-Sealed bids
30,000 water loan No. 2(1931) bonds. Due $6,000 March 1 from 1932
will bo received until 11 a. m. on March 4 by the Clerk of the Board of
to 1936 incl.
Commissioners, for the purchase of the following two issues of 6% bonds
20,000 water loan No.3(1931) bonds. Due March 1 as follows: $2,069
aggregating $200,060:
from 1932 to 19361 ncl.,and $1,000from 1937 to 1946 bid.
BOND PROPOSALS AND NEGOTIATIONS.
1456
FINANCIAL CHRONICLE
Each issue is dated March 11931. Denoms. $1,000 and $500. Bonds
semimay be registered as to both principal and interest. Int. Is payabcr
f the
lly
annually in March and Sept. Prin. and int. are payable at the offi
Treasurer, with interest coupons payable at holder's option at the First
National Bank of Boston, which will supervise the engraving of the bonds
and certify as to their genuineness. The favorable opinion of Ropes. Gray,
Boyden & Perkins of Boston, as to the validity of these issues will be furnished without charge to the purchaser.
Financial Statement Feb. 14 1931.
$84,625,188
Valuation for year 1930 less abatements
4,178,300
Total debt (present loans included)
1,594,300
Water debt (included in total debt)
None
Sinking funds other than water
Population,63.148.
-BOND
BROOKLYN (P. 0. Cleveland), Cuyahoga County, Ohio.
OFFERING.
-Charles L. Rogers, Village Clerk, will receive sealed bids
until 1 p. m.on March 14 for the purchase of $48,669.25 6% special assessment sewer bonds. Dated Feb. 11931. One bond for $669.25, others for
$500. Due Oct. 1 as fohows: $4,669.25 in 1932; $5,000 from 1933 to
1935, incl.; $4,500, 1936: $5,000 from 1937 to 1939, Incl.; $4,500, 1940.
and $5,000 in 1941. Principal and semi-annual interest (April and Oct.)
are payable at the Cleveland Trust Co.. Pearl St. branch, Cleveland.
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
multiple of 11 of 1%. will also be considered. A certified check for 5%
of the amount of bonds bid for, payable to the order of the Village Treasurer, must accompany each proposal.
-The
-BOND SALE.
BURLINGTON, Des Moines County, Iowa.
$122,000 issue of refunding bonds offered for sale on Feb. 16 at public
amnion-V. 130, p. 1071-was purchased by Hanna & Co. of Burlington,
as 44s, paying a premium of $3,216, equal to 102.636, a basis of about
4.03%. Dated April 1 1931. Due from Nov. 1 1933 to 1951 incl.
-The
-BOND SALE.
CADDO PARISH (P. 0. Shreveport), La.
$65,000 issue of jail building bonds offered for sale on Feb. 16-V. 132,
by the First National Bank of Shreveport, for a
p. 523
-was purchased
premium of $585, equal to 100.90.
-BIDS WITH-BONDS NOT SOLD
CANTON,Stark County, Ohio.
DRAWN FOLLOWING DECISION OF COURT REGARDING SPECIAL
-Samuel E. Barr, City Auditor, informs us
ASSESSMENT ISSUES.
that the two issues of 4X% street improvement bonds aggregating $157,-were not sold, as all of the
914.56 offered on Feb. 13-V. 132, p. 886
bids which had been received were withdrawn on the day of the scheduled
sale, following receipt of the decision of the Supreme Court of Ohio (see
page!, 455 of this section) "holding that a county has no right to levy
against the entire tax duplicate any deficiency that may arise after special
assessment bonds have been sold." The bonds offered were as follows:
$85,137.22 city's portion bonds. Due Feb. 2 as follows: $8,637.22 in
1933, and $8,500 from 1934 to 1942, incl. Dated Feb. 2 1931.
72,777.34 special assessment portion bonds. Due Feb. 2 as follows:
$7,277.34 in 1933; $7,500, 1934; $7,000, 1935: $7,500, 1936:
$7,000, 1937; $7,500, 1938; $7,000, 1939: $7,500, 1940: $7,000,
1941 and $7,500 in 1942. Dated Feb. 2 1931.
The highest bid received was an offer of par plus a premium of $1,081.71
for the issues as 411s, submitted by the Provident Savings Bank & Trust
Co., Cincinnati.
CARBON COUNTY (P. 0. Rawlins), Wyo.-BOND OFFERING.
Sealed bids will be received until 10 a. m. on March 2, by Bertha C. Welsh,
County Clerk, for the purchase of a $10,000 issue of fair ground bonds.
payable semi-annually. Denominations
Interest rate is not to exceed 6
as decided by the purchaser. Dated June 1 1931. Due on June 1, as
follows: $LOW, 1935 to 1940, and $4,000 in 9141. The approving opinion
of Pershing. Nye, Tallmadge & Bosworth, of Denver, will be furnished.
A certified check for 5% of the bid is required.
-The
CARROLL COUNTY (P. 0. Carroll), lowa.-BOND SALE.
$160,000 issue of annual primary road bonds offered for sale on Feb. 18-was purchased by the Iowa-Des Moines Co., of Des
V. 132, p. 1260
Moines, as 411s, paying a premium of $1,235, equal to 100.7717, a basis
of about 4.10%. Due from May 1 1936 to 1945, inclusive. Optional
after May 11936.
-BOND SALE.
-A $50.000
CASS COUNTY (P. 0. Atlantic), Iowa.
issue of refunding bridge bonds is reported to have recently been purchased
by Geo. M. Bechtel & Co., of Davenport, as 4Xs, paying a premium of
4235. equal to 100.47, a basis of about 4.18%. Duo on May 1, as follows:
14,000, 1935 and 1936; $8,000, 1937 to 1940. and $10,000 in 1941.
-The
CENTERVILLE, Turner County, S. Dak.-BOND SALE.
$10,000 issue of 5% coupon semi-ann, refunding bonds offered for sale on
Feb.9-V. 132, p. 1071-was purchased by the Bank of Centerville, paying
a premium of $50, equal to 100.50, a basis of about 4.87%. Dated March 1
1931. Due from March 1 1933 to 1941 incl. The other bidders and their
bids were: Kalman & Co. of St. Paul, $10 premium, and the First Securities
Corp. of Minneapolis, discount of $250.
CHARLES CITY, Floyd County, lowa.-BOND SALE-The $20.000
issue of 43.(% coupon funding bonds offered for sale on Feb. 10-V. 132.
p. 1071-was purchased by the First National Bank of Mason City, paying
a premium of $72, equal to 100.36, a basis of about 4.18%. Dated Oct.
1 1930. Due from Oct. 1 1931 to 1940, incl. No other bids were received.
CHASKA INDEPENDENT SCHOOL DISTRICT NO. 5 (P. 0.
-BOND SALE-The $92,000 issue
Chaska), Carver County, Minn.
of4X% semi-annual school building bonds offered for sale at public auction
-was awarded to the Banc Northwest Co. of
on Feb. 13-V. 132, P. 886
Minneapolis. paying a premium of $2,300k equal to 102.50, a basis of
about 4.06%. Dated Jan. 11931. Due from tan. 1 1934 to 1961, incl.
-In connection with
-OTHER BIDS.
CHICAGO, Cook County, III.
the award on Feb. 11 of $27,325.000 4% bonds to a syndicate headed by
Halsey, Stuart & Co., of Chicago, at 96.658, a basis of about 4.57%,
-we learn that two other
report of which appeared in -V. 132, p. 1260
bids were submitted at the sale, one of which was an offer of 95.78 for
the $500,000 traffic control issue and the $300,000 subway approach
Issue, submitted by the H. C. Speer & Sons Co. of Chicago. The other
offer was a price of 95.634 for all-or-none of the bonds, submitted by
a syndicate composed of First Union Trust & Savings Bank of Chicago,
the Guaranty Co. of New York, the Harris Trust & Savings Bank, the
Continental Illinois Co., the National City Co., the Bankers Co.,the Foreman State Corp., the Northern Trust Co., Ames, Emerich & Co., the First
Detroit Co., Estabrook & Co., the Central Illinois Co., Roosevelt & Son,
the Chatham-Phenix Corp., Eldredge & Co., Geo, B. Gibbons & Co.,
Inc., the First Wisconsin Co., Kean, Taylor & Co., R. H. Moulton & Co.,
the Guardian Detroit Co., Hannahs, Bailin & Lee, Emanuel & Co., Otis
& Co., the Bancnorthwest Corp., Wallace, Sanderson & Co., the First
-Dickey Co.
Securities Corp. of Minneapolis, H. L. Allen & Co.. and Wells
-OTHER BIDS.
-The following
CHICKASHA, Grady County, Okla.
Is an official list of the other bids received for the $193,000 coupon water
,
plant bonds that was jointly purchased by R. J. Edwards Inc. of Okla-V. 132, p.
National Corp. of Kansas City
homa City, and the Fidelity N
1260:
Price Bid.
Names of Other Bidders$30,000 at 4 %
Taylor White, Oklahoma City
163,000 at 5
20,000 at 4
i150,090 at 5
Brown-Crummer Inv. Co., Wichita, Kan
23,000 at 4
-!
C.Edgar Ronnald & First Natl. Bank & Trust Co., Okla *I70,000 at 5
1 23.000 at 4
City & Tulsa
home
-$3,430,600 BONDS SOLD
CINCINNATI, Hamilton County, Ohio.
-The annual report of the
DURING 1930 TO CITY SINKING FUND.
trustees of the city sinking fund shows that the sinking fund during 1930
absorbed for investment a total of 33,430,600 improvement bonds of the
city, all of which were taken at a price of par and are described as follows:
$128,000 4% University of Cincinnati leapt. bonds. Dated June 11928.
Due on Sept. 1 from 1947 to 1950 incl.
96,000 4% University of Cincinnati impt. bonds. Dated June 1 1928.
Due on Sept. 1 from 1951 to 1953 incl.
30,000 436% City's portion sewerage bonds. Dated July 1 1929. Due
on Sept. 1 from 1943 to 1945 incl.
75,000 43.6% University of Cincinnati impt. bonds. Dated Sept. 1 1929.
Due on Sept. 1 from 1930 to 1935 incl.
[vol.. 132.
75,000 43 % University of Cincinnati impt. bonds. Dated Sept. 1 1930.
Due on Sept. 1 from 1936 to 1941 incl.
50,000 43 % University of Cincinnati impt. bonds. Dated Sept. 1 1930.
Due on Sept. 1 from 1942 to 1945 incl.
87,500 436% University of Cincinnati impt. bonds. Dated Sept. 1 1930.
Due on Sept. 1 from 1946 to 1952 incl.
25,000 436% University of Cincinnati impt. bonds. Dated Sept. 1 1930.
Due on Sept. 1 in 1953 and 1954.
35.000 4X% City's portion street impt. bonds. Dated Feb. 1 1930.
Due on Sept. 1 from 1931 to 1955 incl.
40,000 4X% City's portion street impt. bonds. Dated June 1 1927.
Due Sept. 1 1931.
172,000 436% land condemnation and park constr. bonds. Dated March 1
,
1930. Due Sept. 1 from 1931 to 1950 Ind.
90,000 4,6% land condemnation and playground constr. bonds. Dated
March 1 1930. Due Sept. 1 from 1931 to 1945 incl.
21.00043.6% street impt. bonds. Dated March 1 1930. Due on Sept. 1
from 1931 to 1940 incl.
100,000 41, % municipal airport impt. bonds. Dated March 1 1930. Due
6
on Sept. 1 from 1931 to 1945 incl.
14,000 436% boulevard and park impt. bonds. Dated March 1 1930.
Due on Sept. 1 from 1931 to 1945 incl.
65,000 436% City hall impt. bonds. Dated March 11930. Due Sept. 1
from 1931 to 1955 incl.
124,000 43,6% land condemnation for parks and playgrounds purposes
bonds. Dated April! 1930. Due on Sept. 1 from 1931 to 1950 incl.
55,000 436% City's portion street impt. bonds. Dated April 1 1930.
Due on Sept. 1 from 1931 to 1955 incl.
25,000 436% City's portion street impt. bonds. Dated April 1 1930.
Due on Sept. 1 from 1931 to 1940 incl.
50,000 43,6% traffic signal system bonds. Dated April 1 1930. Due on
Sept. 1 from 1931 to 1940 incl.
80,000431% City's portion street impt. bonds. Dated June 1 1927.
Due on Sept. 1 in 1932 and 1933.
playgrounds Purposes
10.000431% land condemnation for parks and from
1931 to 1950 incl.
bonds. Dated May 11930. Due on Sept. 1
50.000 4 X% municipal airport impt. bonds. Dated May 11930. Due
on Sept. 1 from 1931 to 1945 incl.
63,000 451% land condemnation bonds. Dated May 1 1930. Due on
Sept. 1 from 1931 to 1950 incl.
5.100 4 si% real estate purchase bonds. Dated May 11930. Due on
Sept. 1 from 1931 to 1955 incl.
139,000 4 X% refunding street impt. bonds. Dated June 1 1930. Due
Sept. 1 from 1931 to 1939 hid.
66,000 4 X% refunding street 'rapt. bonds. Dated June 1 1930. Due
on Sept. 1 from 1931 to 1944 incl
379,000 4 X% refunding street impt. bonds. bated June 1 1930. Due
on Sept. 1 from 1931 to 1949 incl.
191,000 4 % refunding street impt. bonds. Dated June 1 1930. Due
on Sept. 1 from 1931 to 1949 ind.
110,000 4311 City's portion sewerage bonds. Dated Juno 11930. Due
on Sept. 1 from 1931 to 1955 incl.
15.000 411% street widening and impt. bonds. Dated June 1 1930.
Due on Sept. 1 from 1931 to 1940 incl.
25,000 4 X% City's portion impt. bonds. Dated June 11930. Due on
Sept. 1 from 1931 to 1940 incl.
20,000 4 X% fire dept.impt. bonds. Dated July 11930. Due on Sept. 1
from 1931 to 1935 incl.
25,000 4 % real estate purchase bonds. Dated July 1 1930. Due
Sept. 1 from 1931 to 1945 incl.
25,000 44% City's portion Mint. bonds. Dated July 11930. Due on
Sept. 1 from 1931 to 1940 incl.
40,000 44% City's portion impt. bonds. Dated July 11930. Due on
Sept. 1 from 1931 to 1955 incl.
80,000 411% City's portion impt. bonds. Dated June 11927. Due on
Sept. 1 in 1934 and 1935.
35,000 4 3/,% bridge constr. bonds. Dated July 11930. Due on Sept.!
from 1931 to 1955 incl.
Due on
50,000 4 Si% City's portion impt. bonds. Dated Aug. 1 1930.
Sept. 1 from 1931 to 1940 incl.
land condemnation bonds. Dated Aug. 1 1930. Due on
50,000 411%
Sept. 1 from 1931 to 1945 incl.
50,000 4 X% street kept. bonds. Dated Sept. 1 1930. Due on Sept. 1
from 1931 to 1940 incl.
115,000 43i% University of Cincinnati impt. bonds. Dated Sept. 1 1930.
Due on Sept. 1 from 1931 to 1950 incl.
50,000 4 X% University of Cincinnati impt. bonds. Dated Sept. 11930.
Due on Sept. 1 from 1931 to 1934 incl.
%
50,000 4 X University of Cincinnati irapt. bonds. Dated Sept. 1 1930.
Due on Sept. 1 from 1935 to 1938 hid.
% University of Cincinnati impt. bonds. Dated Sept. 11930.
25,000
Due on Sept. 1 in 1939 and 1940.
325,000 4% incinerator plant constr, and impt. bonds. Dated Dec. 1
1930. Due on Sept. 1 from 1932 to 1946 incl.
The total amount of general debt long-term bonds issued by the city
during 1930 was $4,430,600, of which the Issues shown above accounted for
53.430,600, the remaining $1,000,000 consisting of that amount of 4%,
viaduct bonds purchased at public sale on Sept. 17 by Eldredge & Co. of
New York,at 100.239, a basis of about 3.98%-V. 131,P. 1925. The total
amount of general debt bonds retired during 1930 was $3.950.831, the net
increase in general indebtedness during the year being $479,769. The report
of the trustees also contains a group of tables outlining the financial operations of the city during 1930 and concludes with the following summary of
the bonded debt of the city as of Dec.31 1930:
$14,657,230.48
Water works bonds
Cincinnati Southern Ry, constr. bonds- 14,932,000.00
6,900,000.00
Cin. Sou. Ry.term. & betterment bondsOther general bonds
$36,489,230.48
63,664,872.65 $63,664.872.05
1100,154,103.13
Total general debt
Assessement bonds (paid by special assess.) 5,425,897.62
$105,580,000.75
Total bonded debt
Sinking fund for all bonds
$36,487,960.67
Deduct sinking fund for water and railway
bonds, which are self-supporting and
for which the sinking fund is
17,288,379.14
Water
6,099,846.86
Railway
328.663.75-13.716,889.75
Deduct assessmentfund-
22,771,070.92
$40,893,801.73
Net amount not self-supporting
Note.
-The annual rental of the Cincinnati Southern Ry. is far In excess
of the amount necessary for sinking fund and interest charges on the Southern, RY. construction bonds. This excess under the present rental is equivalent to sinking fund and interest charges on approximately $10,000,000
25
-year 4% bonds, and if deducted from S40,893,801.73 would make the
net amount not self-supporting $30,893,801.73.
The present rental Is $1,250,000 annually, plus a contingent rental, which
is based on the net profits of the lessee company, and was for the year 1929.
payable 1930, $47,286.39.
Tlie sinking fund and interest charges on the Southern Ry. terminal and
betterment bonds are paid by the lessee company.
The sinking fund and interest charges on water works bonds are paid from
the earnings of the water works department.
The general bonds include $20,931,533 serial bonds, which are gald
prin. and int., as they mature, from specific levies for that purpose: hence
there is no sinking fund required for these bonds.
-BOND OFFERING.
CLEVELAND, Cuyahoga County, Ohio.
S. G. Rusk, Director of Finance, will receive sealed bids until 11 a.m. on
March 14 for the purchase of $1,250,000 43,6% coupon hospital bonds.
Dated March 11931. Denom.$1,000. Due on Sept. 1 as follows: $54,000
from 1932 to 1946, incl., and $55,000 from 1947 to 1954, incl. Principal
and semi-annual interest (March and Sept.) are payable to the Irving
Trust Co., New York. Bids for the minds to bear interest at a rate other
than 436%, expressed in a multiple of X of 1%, will also be considered.
These bonds were authorized by the voters at the general election in November, 1930, and are payable from taxes levied outside of tax limitations. A
to the
certified check for 3% of the amount of 3onds bid for, payable rate order
interest
of the City Treasurer, must accompany each proposal. soh
bids will not be considered. Bonds in denominations of 31,000. regla-
FEB. 21 1931.]
FINANCIAL CHRONICLE
1457
terable as to noth principal and interest. The favorable opinion of Squire. to 3.807 , according to maturity. They are said to be legal Investment for
Sanders & Dempsey of Cleveland, with a full transcript of the proceedings, trust fads and savings banks in Pennsylvania, New York, Massachusetts
will be furnished the successful bidder.
and other States and to constitute direct and general obligations of the
entire County, secured by its full faith, credit and taxing power. The
CLAYTON SCHOOL DISTRICT (P. 0. Clayton), St. Louis County, following bids were submitted at the sale, all of which were for the bonds
Mo.-BOND .SALE.
$325,000 issue of school bonds offered for sale as 4s.
-The
.
on Feb. 15-V. 132, p. 1261-was jointly purchased by Stlx & Co. and the
BidderRate Bid.
First National Co., both of St. Louis,as 4 Xs, paying a premium of5,266.75 M.M.Freeman & Co.(purchasers)
101.12
Dated Feb. 1 1931. Due from Edward Lowber Stokes & Co., Philadelphia
equal to 101.62, a basis of about 4.08%.
100.708
Feb. 1 1932 to 1951 incl.
Delaware County Trust Co., Chester
100.774
Chester-Cambridge Bank & Truat Co., Chester
The following is an official list of the other bids received:
100.920
Premium.
BidderFinancial satement (As Officially Reported.)
First National Co. of St. Louis
$5,112.25 Actual valuation (estimated)
$871,000,000
4,940.00 Assessed valuation
Mississippi Valley Co
391,902,183
4,910.00 Total bonded debt (including this issue)
Mercantile Commerce Co
6,287,000
St. Louis County Bank
4,634.43 Less sinking fund
141,798
National City CO.and Smith, Moore & Co
3,997.50 Net debt (1.567)
6,145,202
Fidelity National so.; Stern Bros.& Co.and Prescott, Wright &
Population (1930 U. S.census),.280.264
Snider1,007.50
Co
-NO BIDS RECEIVEDFOR TAX
DETROIT, Wayne County, Mich.
-The successful bidders are
BONDS OFFERED FOR SUBSCRIPTION.
NOTE
-The city was unsuccessful in an attempt to market an
offering the above bonds for general investment priced to yield from 3.25 issue ISSUE.
of $18,000,000 tax anticipation notes on Feb. 16, no bids having been
to 4.00%, according to maturity. These bonds are reported as direct
and general obligations of the entire district. They are exempt from all submitted for the loan, according to newspaper reports of the following
day. Tenders are said to have been asked for the notes to bear interest
Federal and Missouri income taxes, it is stated.
at a rate of not more than 23.4%. with the maturity of the Issue fixed at
COLUMBIA COUNTY UNION HIGH SCHOOL DISTRICT NO. 4 Sept.2 1931. Date of loan was to be either Feb.20 or March 2. No public
(P. 0. St. Helens), Ore.
-The $50,000 issue of semi-ann. request for bids for the issue was made the city following the usual custom
-BOND SALE.
school bonds offered for sale on Feb. 9-V. 132. p. 1071-was jointly pur- of soliciting offers from various largo banking institutions and investment
chased by Smith, Camp & Co., and the United Oregon Corp, both of houses. It also became public knowledge that during the latter part of
January the city had successfully disposed of a block of $12,000,000 notes,
Portland. Dated Feb. 16 1931. Due from May 15 1933 to 1944 Incl.
dated Feb. 3 1931 and due August 3 1931, at an interest rate of 23.4"%•
-BOND SALE.
-The $46,000 The failure of the city to dispose of the $18,000,000 issue at the same terms
COLUMBIA, Richland County, S. C.
issue of coupon assessment bonds offered for sale on Feb. 10-V. 132, was ascribed to the uncertainty produced in the money markets by the
discussion in Congress of the various proposals to give financial aid to
P. 692
-was awarded to the Central Union Bank of Columbia. as 4 Vs
veterans of the World War.
Paying a premium of $462.84, equal to 101.006. a basis of about 4.55
Dated Feb. 1 1931. Due from Feb. 1 1932 to 1941, inclusive. (This
-BOND SALE NOT CONSUMDOVER, Cuyahoga County, Ohio.
corrects the sale report given in V. 132, p. 1261.)
-The award on Dec. 4 of $7,800 special
-OFFERED.
MATED-ISSUE RE
-OFFERING OF $2,000,000 assessment improvement bonds as 5;is to Ryan, Sutherland & Co., of
COOK COUNTY (P. 0. Chicago), 111.
-was not conBONDS EXPECTED.
-The Chicago "Journal of Commerce" of Feb. 18 Toledo, at 100.79, a basis of about 5.09%-V. 131, p. 3907
reported that the county is expected to offer for sale shortly $2,000,000 summated, as the issue is being re-offered for sale at 12 Ui. on March 3.
4% coupon bonds, consisting of $1,000,000 nurses' dormitory bonds, due Sealed bids should be addressed to E. E. Campbell, Village Clerk. Bonds
from 1931 to 1950, incl., and $1,000,000 poor relief bonds, due in 4 years. are dated Oct. 1 1930. Denoms. $450 and $375. Due semi-annually as
The poor relief bonds have not as yet been authorized, although a bill follows: $450 April and Oct 1 in 1932 and 1933, and $375 April and Oct.
pending in the state Legislature providing for the issuance of $2,000,000 1 from 1934 to 1941, incl. Interest is payable semi-annually in April and
October. Bids for the bonds to bear interest at a rate other than that
bonds of that nature is expected to be approved within a few days.
specified in the offering notice, namely 5%, will also be considered,
COTTONWOOD FALLS CONSOLIDATED SCHOOL DISTRICT provided, however, that where a fractional rate is bid such fraction shall be
-BOND OFFER- g of 1% or a multiple thereof. A certified check for 10% of the amount
NO.55'P.O.Cottonwood Falls), Chase County, Kan.
ING.
--Sealed bids will be received until 1.30 p. m. on Feb. 24, by Leo J. of bonds bid for, payable to the order of the Village Treasurer, must
Callahan, Clerk of the Board, for the purchase of a $7,500 issue of school accompany each proposal. (This Issue Is scheduled for sale in addition to
bonds. Denom. $500. Dated March 1 1931. Due on March 1, as the $18,350 bonds mentioned in V. 132, p. 12614
follows: $500, 1932 to 1936, and $1,000, 1937 to 1941, all incl. The bonds
will not be sold at less than par and int. A certified check for 2% of the
DYER COUNTY (P. 0. Dyersburg), Tenn.
-NOTE OFFERING.
bid Is required.
Sealed bids will be received by .1. 0. Prichard, County Clerk. until 10 a.m.
on March 10, for the purchase of a $200,000 issue of 6% semi-annual
COWLITZ COUNTY SCHOOL DISTRICT NO. 122 (P. 0. Kelso), notes. Bids may be made for all or any part of the notes. Due on March
Wash.
-Sealed bids will be received until 10 a, m. 1 1932. (The issuance of short term notes was recently authorized
-BOND OFFERING.
-V.
on Feb. 21, by H. 13, Renner, County Treasurer, for the purchase of two 132, p. 1267.)
Issues of school bonds aggregating $236,000, as follows: $201,000 school
and $35,000 school bonds. Int. rate is not to exceed 6%. payable semiCounty, N. Y.
EAST AURORA,
-A
-LIST OF BIDS. list of the
annually. Denoms. of $100 or some multiples thereof not to exceed 91,000. bids received on Feb.Erie the purchase of the $26,000 street Improvement
9, for
Dated Dec. 15 1930. Due In from 2 to 20 years. Prin. and int. payable bonds awarded as 4.40s to the Manufacturers & Traders Trust Co., of
at the office of the County Treasurer, or at the State Treasurer's office. Buffalo,
at 100.099, a basis of about 4.38%-V. 132, p. 1261--is given
A certified check for 5% of the bonds must accompany the bid.
herewith:
BidderInt, Rate. Prem.
CRAWFORD COUNTY (P. 0. Denison) lowa.-BOND SALE.
$25.74
The $65,000 issue of annual primary road bonds offered for sale on Feb. 18- Manufacturers & Traders Trust Co., Buffalo (purchaser) 4.40%
Prudden & Co., New York
41.60
4.607
V. 132, P. 1261-was purchased by Geo. M. Bechtel & Co. of Davenport.
25.22
4.60%
as 4!is, paying a premium of $476. equal to 100.732, a basis of about George B. Gibbous & Co.. Inc., New York
14.00
Rutter & Co., New York
4.60%
4.10%. Due from May 1 1936 to 1945, incl. Optional after May 11936.
39.00
Dewey. Bacon & Co., New York
4.50%
25.74
4.50%
-BOND OFFERING.
- Edmund Seymour & Co., New York
CRAWFORD COUNTY (P. 0. English), Ind.
Par
4.50%
John II. Brown, County Treasurer, will receive sealed bids until 2 p. m. Peoples Savings Bank
56.42
4.90%
on March 16, for the purchase of the following issues of 5% bonds ag- Parson, Son & Co., New York
203.00
Hanchett Bond Co,New York
4.50%
gregating $15,000:
75.00
4.50%
*7.200 road construction bonds. Denom. $360. Hue $360 on May and The Bank of East Aurora
145.86
Graham, Parsons & Co., New York
4.50%
Nov. 15 from 1932 to 1941, incl.
. 10.00
4.75
4,080 road construction bonds. Denom. $204. Due July 15 1932; $204 Erie County Trust Co
75.40
on Jan. and July 15from 1933 to 1941. Incl., and $204 Jan. 151942. Batchelder & Co., New York
3,720 road construction bonds. Denom. $186. Due $186 July 15 1932;
-Samuel
-BOND SALE.
EAST BANGOR, Northampton County, Pa.
incl., and $186 Jan. 151942.
$186 Jan.and July 15from 1933 to 1941.
Baker, Jr., Borough Secretary, informs us that an issue of $10,000 5%
Each issue s dated March 15 1931.
coupon bonds was sold on Dec. 15 at a price of par. The bonds were taken
CROCKETT COUNTY CONSOLIDATED SCHOOL DISTRICT by the holders of a similar amount of securities which became due on Dec.
NO. 1 (P. O. Ozona), Tex.
-ADDITIONAL DETAILS.
-The $170,000 15 1930,
Issue of 5% coupon school bonds that was tourchased at par by the State
EDNA INDEPENDENT SCHOOL DISTRICT (P. 0. Edna), JackSchool Board-V.132, P. 1071-is dated Nov. 1 1930. Denom. $1.000. son
County, Texas.- BONDS REGISTERED.
-A 864.000 issue of 43i%
Due serially witout option. Int. payable annually.
school °ends,series 1928, was registered on Feb.6 by the State Comptroller.
Denom. 8500 and $1,000. Due serially.
DAVIESS COUNTY(P.O. Washington), Ind.
-BOND OFFERING.
E. 0. Chattin, CountyTreasurer, will receive sealed bids until 2 p. m. on
-BELATED BOND SALE REELIZABETH, Union County, N. J.
March 2, for the purchase of $4,820 5% highway improvement bonds. PORT.
Dated Fob. 15 1931. Denom. $241. Duo on July 15 1932; $241 Jan. and sale -The City Treasurer informs us that in addition to the public
July 15 from 1933 to 1941, Incl., and $241 Jan. 15 1942. Principal and in of various long-term bonds during 1930, reports of which appeared
these columns as they took place, an issue of $24,000 43 % street imsem -annual interest (Jan. and July 15) are payable at the office of the
provement bonds was purchased at a price of par by the city sinking fund.
County Treasurer,
The bonds are dated April 1 1930 and mature serially on April 1 from 1931
DEDHAM, Norfolk County, Mass.
-The Boston Safe to 1945, incl.
-NOTE SALE.
Deposit & Trust Co. of Boston, purchased on Feb. 18 a $100,000 note
EL SAUSAL SCHOOL DISTRICT(P.O. Salinas), Monterey County,
Issue at 2.15% discount, plus a premium of $1. The loan matures Nov.6
Calif.
-BONDS OFFERED.
-Sealed bids were received until 10 a. m. on
1931 and was bid for by the following:
Feb. 19, by the County Clerk, for the purchase of a $9,000 issue of.57.•
BidderDiscount. school
bonds. Dated Feb. 19 1931. Due $1,000 from 1932 to 1940. incl.
Boston Safe Deposit & Trust Co., plus $1 premium (purchaser)
2.15%
Merchants National Bank
2.17
ELLICOTT UNION FREE SCHOOL DISTRICT NO. 6 (P. 0. FalDedham National Bank
2.21
coner), Chautauqua County, N. Y.
-LIST OF BIDS.-The following is
First National Old Colony Corp
2.38
a complete list of the bids received on Feb. 9, for the purchase of the $20.DONEGAL TOWNSHIP SCHOOL DISTRICT (P.O. Butler), Butler 000 school bonds awarded as 4.40s to Dewey, Bacon & Co., of New York,
County, Pa.
-BOND OFFERING.-The Secretary of the Board of Direc- at 100.58. a basis of about 436%.-V. 132. p. 1261.
Rate Bid.
Int. mile.
tors is reported to have issued a call for sealed bids to be opened on
Bidder100.58
for the purchase of $29,700 school construction and improvementFeb. 24 Dewey, Bacon & Co. (purchasers)
4.40%
bonds. Edmund
101.169
4.70%
Seymour & Co
DAYTON,Montgomery County, Ohio.
100.15
-LIST OFBIDS.-The follow- Rutter & Co
4.70%
ing Is a complete list of the bids received on Feb. 11, for the purchase of Parson, Son & Co
100.317
5.40%
the $60,000 public parks and playgrounds bonds awarded as 4)(s to Season- George B. Gibbons & Co., Inc
100.474
4.70%
good & Mayer, of
for a premium of $423, equal to 100.705. Graham, Parsons & Co
4.70%
100.545
a basis of about 4.11%.-V. 132, p. 1261.
4.50%
100.49
Batchelder & Co
Bidder4.60
100.43
Prudden & Co
IM. Rate.
Prem.
Seasongood & Mayer (Purchaser)
4.60
100.92
4
423.00 Union Trust Co
Central Illinois Co
100.279
4.604
4
360.00 Manufacturers & Traders Trust Co
First Detroit Co
4
266.00
-BOND SALE.
-The six issues of
EL PASO, El Paso County, Tex.
Braun, Bosworth Co
4
261.00
Provident Savings Bank & Trust Co
aggregating $465,000, offered for sale on Feb. 12-V. 132,
4
252.00 coupon bonds jointly purchased by the Provident Savings Bank & Trust
Halsey, Stuart & Co
-were
P. 343
4
213.00 Co. of Cincinnati, and the El Paso National Bank, of El Paso, as ,
Stephens & Co
4
202.80 paying a premium of $372. equal to 100.08, a basis of about 4.49%. 432s,
The
Mississippi Valley Trust Co
4
201.60 issues are as follows: $300,000 water works construction. series No.
BancOhlo Securities Co
9:
198.00
buildings and improvements.series No,4; $40.000
Merrill, Hawley & Co
186.00 $72,000 fire station sites,
park extension and improvement. series No. 6; $30,000 street and alley
Prudden & Co
4
178.00
$15,000 street gradhig and improvement series No.
Assel, Goetz & Moerlein
171.00 Paving, series No. 8;Improvement, series No. 2 bonds. Dated March 1
$8,000 street
Ames, Emerlch & Co
138.00 9. and Due from March 1 1933 to 1961, incl. The following is an official
1931.
Sutherland & Co
Ryan,
4
101.00 list of the bids received:
4
W. L. Slayton & Co
79.89
Rate. Premium.
Name of BidderWell, Roth & Irving Co
4
43.00 *The Provident Savings Bank & Trust Co., Cincinnati.
McDonald-Callahan-Richards Co
24.00
4 %
El Paso National Bank,El Paso (bonds)
372.00
Bohmer-Reinhart & Co
616.00
Chicago, Phelps Fenn & Co., New
Olasspell, Vieth & Duncan
4
650.00 Northern Trust Co..
York,Ft. Worth National Co.. Ft. Worth
9,393.00
431%
4
1,416.80 Northern Trust Co., Chicago. Phelps Fenn & Co., New
DELAWARE COUNTY (P. 0. Media) Pa.
-BOND SALE.
York, Ft. Worth National Co., Ft. Worth (discount) 43 %
-The
3.394.50
$1,000,000 coupon or registered public improvement bonds offered on John Nuveen & Co., Chicago: Taylor, Wilson & Co.,
-were awarded as 4s to M.M.Freeman &
Feb. 17-V. 132, P. 1072
Cincinnati; Hall & Hall, Temple. Terse
, of
9,377.00
4U%
Philadelphia, at a price of 101.12. a basis of about 3.89%. The bonds are Hibernia Securities Co., Inc., Dallas; Compton & Co.,
Co.
dated March 1 1931 and mature March 1 as follows: $34,000 from 1932 to
New York
431%
7,951.00
1941 incl., and $33,000 from 1942 to 1961 Incl. The successful bidders are First National Bank of El Paso, El Paso; Harris Trust
securities for general investment at prices to yield from 3.00
reoffering the
& Savings Bank, Chicago; First Detroit Co., Detroit 4,i%
7,282.00
e,
FINANCIAL CHRONICLE
1458
Eldredge & Co. of New York City; Geo. L. Simpson &
4h% 6,556.50
Co., Dallas; Guardian Trust Co,Houston
Lehman Brothers, New York; B. Ir. Dittmar Co., San
Antonio; J. S. Curtiss & Co., El Paso; Dallas Union
5,347.50
43%
Trust Co., Dallas
C. W. McNear & Co., New York: The International
Co.of Denver;Bosworth,Chanute,Loughridge & Co.
2,929.50
Denver
*Successful bid.
-Robert
-BOND OFFERING.
EUCLID, Cuyahoga County, Ohio.
Topping, City Clerk, will receive sealed bids until 12 in. on March 2. for
the purchase of the following issues of 5%% special assessment bonds
aggregating $508,350:
$258,000 East Shore Sewer District No. 2 bonds. Due Oct. 1, as follows:
$12,000 in 1932; 813,000 from 1933 to 1941, incl.; $12,000 in
1942, and $13,000 from 1943 to 1951, incl.
237,000 street improvement bonds. Denom. $1,000. Due Oct. 1. as
follows: $23,000 in 1932;$24.000 from 1933 to 1935. incl.; $23,000,
1936; $24,000 from 1937 to 1940, incl., and $23,000 in 1941.
13,350 sewer and water curb connection bonds. One bond for $350,
others for $1.000. Due Oct. 1, as follows: $2,000. 1932; 13,000
in 1933 and 1934; $2,000 in 1935, and 93,350 in 1936.
Dated as of the date of sale. Bids for the bonds to bear interest at a
rate other than 5%%. expressed in a multiple of h of 1%, will also be
considered. A certified check for 5% of the amount of bonds bid for,
payable to the order of the City Treasurer, must accompany each proposal.
Financial Exhibit.
$80,000,000.00
Estimated actual value of taxable property
39,275,930.00
Assessed value for taxation (1931)
6,125,108.63
Total bonded debt (including this offering)
23,500.00
after this issue
Total notes outstanding
Cash value of sinking fund held for debt:
$59,781.07
General
140,228.73
Special
48,501.00
Investment
248.510.80
Total
54,082.00
Water works bonds included in total debt
5,171,909.51
bonds included in total debt
Special assessment
$24.30
Tax rate per $1,000
Population, 1930 census, 12.751.
-The $10.000
-BOND SALE.
FAIRMONT, Martin County, Minn.
Issue of coupon semi-annual refunding bonds offered for sale on Feb. 10-was purchased by the Wells-Dickey Co., of Minneapolis,
V. 132, p. 887
as 4hs, paying a premium of $17.50, equal to 100.175, a basis of about
. Denom. $1,000. Dated Feb. 1 1931. Due $1,000 from 1934 to
4.47%
194eincl.
-BOND SALE.
FAYETTE COUNTY (P. 0. Somerville), Tenn.
We are informed that an issue of $150,000 refunding bonds has been pur•
chased by Little, Wooten & Co., of Jackson.
-TEMPORARY LOAN.
FITCHBURG, Worcester County, Mass.
John B. Fellows, City Treasurer, on Feb. 1') awarded a $500,000 temporary loan to F. S. Moseley & Co. of Boston at 2.19% cUscount, plus
premium of $5. The loan is dated Feb. 19 1931 and is payable Nov. 9
1931 at the First National Bank of Boston. The notes will be authenticated as to genuineness and validity by the aforementioned Dank, under
advice of Ropes, Gray, Boyden & Perkins of Boston.
Bids submitted for the loan were as follows:
Discount.
Bidder2 19
F. S. Moseley & Co., plus $5 premium (purchaser)
2.21
Worcester County National Bank
2.28
Shawmut Corporation
-BOND SALE.
-The
FLOYD COUNTY (P. 0. Charles City), Iowa.
$89,500 issue of ann. primary road bonds offered for sale on Feb. 16-V.
132. p. 1261-was awarded to Giaspell, Wieth & Duncan of Davenport,
as 43s,paying a premium of $378,equal to 100.422, a basis of about 4.17%.
Due from May 1 1936 to 1945, optional after May 1 1936.
An official list of the other bids (all for 4s)follows:
Premium.
Name of Other Bidders
$377
Ames. Emerich & Co., Chicago
365
& Co., Chicago
H. M. Byllesby
355
Chatham Phenix Corp., Chicago
345
Des Moines Co.. Des Moines
Iowa
330
White Phillips Co., Inc., Davenport
180
Geo. M. Bechtel & Co., Davenport
FORT BEND COUNTY ROAD DISTRICT NO.12(P.O. Richmond),
-At the special election held on Fob. 7 (V. 132,
-BONDS VOTED.
Texas.
p. 524)the voters approved the issuance of $330,000 in 5%% road bonds by
Due in not to
a count reported to have been 175 "for" to 13 "against.
exceed 30 years.
FORT RECOVERY VILLAGE SCHOOL DISTRICT, Mercer
-The $58,000 coupon school bonds
-BOND SALE.
County, Ohio.
-were awarded as 4%s to Braun,
offered on Feb. 16-V. 132. p. 887
Bosworth & Co. of Toledo, at par plus a premium of $378, equal to 100.65,
a basis of about 4.42%. The bonds are dated March 1 1931 and mature
$1,400 March and $1,500 Sept. 1 from 1932 to 1951, incl.
FRANKLIN COUNTY (P. 0. Columbus), °Mo.-BOND SALE.
The $20,000 coupon county court house building improvement bonds
-were awarded as 4 hs
Seasongood
on Feb. 18-V. 132 p. 887
offered
'
& Mayer. of Cincinnati, at par plus a premium of $82, equal to 100.41, a
basis of about 4.16%. The bonds are dated March 1 1931 and mature
$1,000 March and Sept. 1 from 1932 to 1941, incl. The following is
complete list of the bids submitted for tne issue:
Int. Rate.
Prem.
Bidder4 % $17.00
Bohmer, Reinhart & Co., Cincinnati
4 %
82.00
*Seasongood & Mayer. Cincinnati
16.00
Well, Roth & Irving Co., Cincinnati
28.00
Ryan, Sutherland & Co., Toledo
4
27.00
& Moer.ein. Inc., Cincinnati
Assel, Goetz
4
29.00
Braun, Bosworth & Co., Toledo
45I
516.79
Williams-Hatch & Co.. Inc., Columbus
4(
30.00
Columbus
BancOhlo Securities Co.,
* Successful bidders.
N. C.
-NOTE OFFERING.
FRANKLIN COUNTY (P. 0. Louisburg),March 2, by W. T.
Moss,
,. m. on
Sealed bids will be received until 2 ommissioners, for the purchase of a
County
Chairman of the Board of
March 15 1931. Due on
$230.000 issue of tax anticipation notes. Dated
Bank in New York.
July 30 1931. Payable at the Chase National
-BONDS REGISTERED.
GALVESTON, Galveston County, Tex.
$1,655,000. that were
-The seven issues of 5% coupon bonds aggregating P. 1073-were regis132.
offered for sale without success on Feb. 5--V. from Dec. 1 1931 to 1959.
Comptroller on Fe.). 2. Due
tered by the State
-LOAN OFFERING.
GARDNER, Worcester County, Mass. bids until 11 a.m.-Frank
on Feb.
B. Edgell, City Treasurer, will receive sealedloan at discount. The loan
temporary
25. for the purchase of a 9200,000
Nov. 12 1931 and $100,000
Is dated Feb. 25 1931 and matures $100.000 onBank. of Boston, which will
Nov. 27 1931. Payable at the First National
under advice of Ropes,
certify as to genuineness and validity of the notes,
Gray, Boyden & Perkins, of Boston.
-BOND
County, N. Y.
GLEN (P. 0. Fultonville), Montgomery
offered on Jan. 7-V.
SALE.
-The $10,000 Town improvement bonds
to George Duffy, of Fort Plain, at a
-were awarded as 5s
131. p. 4084
The bonds are dated Dec. 1 1930
Price of 100.23 a basis of about 4.92%. to 1936, incl.
and mature $2,000 on Feb. 1 from 1932
-The
-BOND SALE.
GLOVERSVILLE, Fulton County, N. Y.
offered on Feb. 16-V.
$15,000 5% registered local improvement bonds
of Fulton County,of Glovers
-were awarded to the Trust
132, p. 687
bonds are dated
s+ a price of 101.90, a basis of about 4.24%. The
follows: $4,000, 1932; $3.000 from 1933 to
15 1931 and mature as
and $2,000 in 1936.
.
-4400,000 4% BONDS OFGRAND RAPIDS, Kent County, Mich.
-The Chemical Securities Corp., of New
FERED FOR INVESTMENT.
CO.
[vor. 132.
York, is offering $400.000 4% civic auditorium bonds for public investment
period priced to yield 3.85%. The bonds are dated Aug. 1 1930 and mature 850,000 annually on Aug. 1 from 1951 to 1958, incl. The securities
are said to be legal investment for savings banks and trust funds in New
York, Massachusetts and Connecticut, and, in the opinion of counsel,
are direct and general obligations of the City, payable from unlimited ad
valorem taxes levied upon all of the taxable property therein.
GREENBURGH (P. 0. Tarrytown), Westchester County, N.
BOND SALE.
-The following issues of coupon or registered bonds aggre-were awarded as
gating $255.000 offered on Feb. 19-V. 132, P. 1262
4.108 to B. J. Van Ingen & Co., and Stranahan, Harris & Co.,Inc., both of
New York, Jointly, at a price of 100.319, a basis of about 4.07%:
$245,000 highway improvement bonds. Due Feb. 1 as follows: $8,000 from
1932 to 1956 incl., and $9,000 from 1957 to 1961 incl.
10,000 Donald Drive improvement bonds. Due Feb. 1 as follows: $500
from 1932 to 1941 Incl., and $1,000 from 1942 to 1946 incl.
Each Issue is dated Feb. 1 1931. In reporting the offering of the above
bonds in an item published in V. 132, p. 1262 the financial statement of
Greenburgh S. D. No. 8, N. Y., was inadvertently placed under the offering of the Town bonds. The financial statement of the Town issued in
connection with the sale follows:
1119,878,694.00
Assessed valuation-1930 assessment roll
4,391,209.54
Bond debt including this issue
1,234,300.00
Water debt included in above debt
1,331,000.00
Sewer debt included in above debt
569,364.04
certificates
Other indebtedness-temporaty
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 8 (P. 0.
-The $20,000
-BOND SALE.
Elmsford) Westchester County, N. Y.
coupon or registered school bonds offered on Feb. 16-V. 132, p. 1262
were awarded as 4s to the Manufacturers & Traders Trust Co., of
The bonds are
Buffalo. at 100.189. a basis of about 4.23%. to 1951, incl. dated Feb. 1
1931 and mature $1,000 on Feb. 1 from 1932
-ADDITIONAL
GLENWOOD SPRINGS, Gartield County, Colo.1 bonds
-The $72,000 issue of Paving District No. Springs that was
DETAILS.
-V. 131,
National Bank of Glenwood
Purchased by the First
-bears interest at 5%% and was awarded for a premium of $964.40.
p.820
equal to 101.33, a basis of about 5.39%. Due in 1950.
-LOAN OFFERING.-Wilmot
GLOUCESTER, Essex County, Mass.
A. Reed, City Treasurer, will receive sealed bids until 3 P. m. on Feb. 25,
$100,000 temporary loan. Dated March
for the purchase at discount of a
2 1931. Denoms. $25,000, $10.000 and $5.000. Payable Oct. 28 1931 at
the First National Bank, of Boston, or at the First of Boston Corp., New
York. The notes will be authenticated as to genuineness and validity by
the First National Bank, of Boston under advice of Ropes, Gray, Boyden
& Perkins, of Boston.
-BOND OFFERING.
GRANT COUNTY (P. 0. Marion), Ind.
Arthur J. Green, County Auditor, will receive sealed bids until 12 m. on
construction bonds.
March 7 for the purchase of $144,697.40 6% ditch 15 from
1932 to 1941
Denoms. $500 and $469.74. Due $14,469.74 on July
incl. Prin. and semi-ann. int. (J. & J. 15) are payable at the office of the
County Treasurer.
GUADALUPE COUNTY JOINT SCHOOL DISTRICTS NOS. 33
-A $72,000 issue of
AND 89 (P. 0. Vaughn), N. Mex.-BOND SALE.
5% school bonds is reported to have been purchased recently at par by
July 1 1931. Due $4,000 from 1934
the State of New Mexico. Dated
to 1952.
-M.M. Freeman & Co.
-BOND.SALE.
HADDON TOWNSHIP, N. J.
an issue
of Philadelphia, are reported to have purchased 1 1937. of $52,000 5 %
Denom. $1
Feb. 1 1931 and due Feb.at the
impt. bonds, dated
Westmont National
Prin. and semi-ann. int. (F. & A.) are payable
& Trust Co.,
Bank, Westmont, or at the Corn Exchange National Bank of New York.
Philadelphia. Legallty approved by Caldwell & Raymond
-PROPOSED
HAMBURG SCHOOL DISTRICT, Berks County, Pa.of Education,
-}1. L. Seaman, Secretary of the Board
BOND OFFERING.
construction bonds is
informs us that an issue of $50,000 school buildingthe 15th.
expected to be offered for sale either on March 1 or
HAMILTON COUNTY (P. 0. Webster City), lowa.-BOND SALE.
-The $265,000 issue of coupon annual primary road bonds offered for sale
-was purchased by Geo. M. Bechtel & Co. of
on Feb. 17-V. 132, p. 1262
equal to 100.598, a
Davenport, as 43.s, paying a premium of $1,586,
1945, and optional after
basis of about 4.13%. Due from May 1 1936 to
May 1 1936.
The other bids were as follows:
Premium.
Bidder
$1,585
Ames, Emerich & Co. of Chicago
1,546
Carleton D. Bob Co
1,522
Co
Halsey, Stuart &
-BONDS REHAMILTON COUNTY (P. 0. Cincinnati), Ohio. RECEIVED.
-LIST OF TENDERS
OFFERED FOR INVESTMENT.
as 4s
The $675,000 Tuberculosis Sanitorium bonds awarded on Feb. 13
Co. of
and the First
to the Continental Illinois Co., Chicago,$2,027, equal to Detroit a basis
100.31,
Detroit, jointly, at par plus a premium of
-are being reoffered by the successful
of about 3.975%-V132, p. 1262
for general investment at prices to yield from 3.25 to 3.90%.
bidders
according to maturity. The securities are said to be legal investment for
savings banks and trust funds In New York State and to be direct obligations
of the entire County, payable from unlimited ad valorem taxes levied
against all the taxable property therein. The following is an official list
dbids
he
oftider- submitted at the sale:
Rate of Ira. Amount Bid.
Bidder$676.073.25
4%
The National City Co., New York
Chicago, and MerAmes,
Am,Emerich & Co., Inc.,
cantile Commerce Co., St. Louis, jointly, bid
676,762.00
$675,747.00;increased by telegram,$1,015.00 Vt
676,087.00
Otis & Co.,Cincinnati
Foreman-State Corp., Chicago, and First Union
676,013.00
jointly_ _ _ _ 4%
Trust & Davings Bank,Chicago,
M. M. Freeman & Co., Inc., New York, and
Grau & Co.,Cincinnati.jointlY
The Northern Trust Co., Chicago; Chatham- 4%
Phenix Corp., New York, and First Wis675,715.50
consin Co., Milwaukee, jointly
684,450.00
%
2
Stranahan, Harris & Co., Inc.,Toledo
Halsey. Smart & Co., Chicago, and Stone &
New York,
Webster and 131odgett, Inc.,
688,736.25
4h%
Jointly
688,008.00
4h %
Braun, Bosworth & Co.,Cincinnati
The Davies-Bertram Co., Cincinnati,and Banc685,800.00
43(%
Ohio Securities Co.. Columbus, jointly
Bankers Company of New York;Guaranty Company of New York; Merrill, Ilawley & Co.,
and E.G.Tillottson & Co.,both of Cleveland,
687,548.25
4h %
Jointly
Roosevelt & Son, New York, and Fifth-Third
688.081.50
incinnati,jointly
Securities Co.,C
H. M. Byllesby Co. Chicago; Oatis, Iloyne &
Co., Chicago, and Provident Savings Bank &
'
687,801.00
4
::
Trust Co.. Cincinnati,jointly
Well, Roth & Irving, Cincinnati; Atlas National
Bonk,inuyinnati, and Western Bank & Trust
a ioCinc
685,338.00
4.4%
Co.
Eldredie & Co., New York and Bohmer. Rein688,570.00
4(%
jointly
hart Co.,Cincinnati,
688,306.00
4h%
Seasongood & Mayer,Cincinnati
*Continental Illinois Co., Chicago, and First
677,027.00
4%
Detroit Co.,Detroit.jointly
* Successful bidders.
-BOND
Mich.
HAMTRAMCK SCHOOL DISTRICT, Wayne County, bonds offered
construction
SALE.
-The $.358,000 4 h% school building to syndicate cornpmed of
a
-we awarded
-were
on Feb. 16-V 132, p. 12U
both of Detroit,
t
the First Detroi Co., Inc., and Watling, Lerchen & Hayes,
of $17.201,
and Braun,Bosworth & Co., of Toledo, at par plus a premium
The bonds are dated March 1
equal to 104.83, a basis of about 4.29%.
to 1938, lad.,
1930 and mature March 1 as follows: $8.000 from 1932
and $15,000 fro 1939 to 1958 incl.
FEB. 21 1931.]
FINANCIAL CHRONICLE
1459
JEFFERSON DAVIS AND CALCASIEU PARISHES GRAVITY
-TEMPORARY
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-BOND SALE.
LOAN.
-The $400,000 temporary loan offered on Feb. 18-V. 132, p. 1262 DRAINAGE DISTRICT NO.2(P.O. Lake Charles), La.
The 485,000 Issue of coupon drainage bonds offered for sale on Feb.
Boston. at 2.02% discount. The -was awarded to the Shawmut Corp. of
-was purchased by the Calcasieu National Bank of
loan is dated Feb. 18 1931 and is payable Nov.6 1931. Bids for the loan 10-V. 132, p. 694
Lake Charles as 6s at par. Denom. $500. Due from 1931 to 1955 incl.
were as follows:
Discount.
BidderJEFFERSON WATER CONSERVATION DISTRICT(P.O. Madras),
2.02
Shawmut Corp.(purchaser)
-It is reported that an
-BOND ELECTION.
Jefferson County, Ore.
2.20
Springfield-Chapin National Bank, plus $5 premium
election will be held on March 9 in order to vote on the issuance of $80,000
2.21
'Third National Bank, Springfield
In not to exceed 6% refunding bonds. Due on June 1 as follows: 45,000,
2.22
Merchants National Bank
1934 and 1935: $5,500, 1936 and 1937; $6,000, 1938 and 1939; $6,500,
2.25
Grafton Co
1940 and 1941: $7,000, 1942 and 1943; $9,000, 1944, and $11,000 in 1945.
2.25
Faxon, Gade & Co
-BOND SALE.
KANDIYOHI COUNTY (P. 0. Willmar), Minn.
-The
-BOND SALE.
Eldora), Iowa.
HARDIN COUNTY (P. 0.
coupon funding bonds offered for sale on Feb. 10,
$365,000 issue of coupon annual primary road bonds offered for sale on Feb. The $25,000 issue of purchased by the Bank of Willmar, as 45, paying a
-was
purchased by Glaspell, Vieth & Duncan of Daven- V. 132, P. 1263
-was
17-V.132, p. 1252
of about
Dated. March
port, as 4is, paying a premium of 22,030, equal to 100.556, a basis of premium of $50. equal to 100.04. a basisother bids3.99%. follows:
were as
The
about 4.14%. Due from May 1 1936 to 1945, incl. Optional after I 1931. Due in from 2 to 7 years.
Premium.
Rate.
Name Of BidderMay 1 1936.
First Securities Corp. of Minneapolis; BancNorthThe other bidders and their bids were as follows:
$5.00
west Co. of Minneapolis4%
Price Bid.
Bidders4662.50
4 %
$2,025 Lane, Piper & Jaffray of Minneapolis]
Geo. M. Bechtel & Co
1.933
-A $500,000
County, Mo.-NOTE SALE.
Ames, Emerich Co
KANSAS CITY, Jackson
1.710 issue of 5% water works revenue notes has recently been purchased by the
Carlton D. Beh Co
1.666
Chatham-Phoenix Co., and Northern Trust Co
Co. of St. Louis. Denom. $1,000. Dated Feb. 1
1,655 Boatmens National
Iowa-Des Moines Co
1931. Due as follows: $63,000 Aug. and $62,000 on Nov. 1 1931: $63,000
1,495 Feb. and Aug. 1, and $62,000 May and Nov. 1 1932; $63.000 Feb. and
White Phillips Co
1,240 $62,000 on May 1 1933. Prin. and int. payable at the Chase National
Mississippi Valley Invest. Co
in New York. Legality approved by Benj. H. Charles of St. Louis.
HELENA SPECIAL SCHOOL DISTRICT (P. 0. Helena), Phillips Bank
4h 5,
-The $125,000 issue of
'County, Ark.
-BONDS NOT ,SOLD.
KEARNEY COUNTY CONSOLIDATED SCHOOL DISTRICT (P. 0.
- Lakin), Kan.
offered on Feb.9-V.132,p.69k
• ,
% school bonds is
5%' or 6% coupon school bonds
-An issue of $100,000
-BOND SALE.
Was not sold as there were no bids received on the bonds. Dated Feb. 10 reported to have been purchased by the State of Kansas. (These bonds
1931. Due from Oct. 1 1931 to 1955 incl.
131. p. 2411.)
were voted at an election held in October-V.
HEMPSTEAD COMMON SCHOOL DISTRICT NO. 31 (P. 0. Island
-Two issues of
-BOND SALE.
KNOXVILLE, Knox County, Tenn.
-The $25,000 coupon or
-BOND SALE.
Park), Nassau County, N. Y.
-were awarded 5% bonds aggregating $3,500,000, were purchased recently at private sale
-V.132, p. 1073
registered school bonds offered on Feb. I6
par, reports the Knoxville
at 100.45, a basis of about by Stranahan, Harris & Co., Inc., of Toledo, at
as 4.60s to A. C. Allyn & Co. of New York,
Journal" of Feb. 12.
4.55%. The bonds are dated Feb. 1 1931 and mature Feb. 1 as follows:
-BOND OFFERING -Sealed
LA CONNER, Skagit County, Wash.
$1,0011 from 1932 to 1946, incl., and $2,000 from 1947 to 1951, incl.
bids will be received until 8 p. m.on March 10, by 0.B.Kern,Town Clerk,
24 (P.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO.-James0. for the purchase of a $15,000 issue of water works system bonds. Interest
F. rate is not to exceed 6%. Denom.$500. Dated Jan. 11931. Due on Jan.
-BOND OFFERING.
Valley Stream), Nassau County, N. Y.
Traver, District clerk, will receive sealed bids until 8 p. m. on March 4, 1, as follows: $500, 1933 to 1944; $1,000, 1945 to 1950, and $1,500 in 1951
% interest coupon or registered and 1952. Principal and interest (J. & J.) payable at the office of the
for the purchase of $62,500 not to exceed
school bonds. Dated Feb. 11931. One bond for $500,othersfor $1,000. Due Town Treasurer, or at the office of fiscal agency of the State in New York
Feb.!as follows: $2,500, 1932; $2.000from 1933 to 1959. incl., and $3,000 City. The approving opinion of Preston. Thorgrimson & Turner, of
in 1960 and 1961. Rate of interest to be expressed in a multiple of X or Seattle, will be furnished. A certified check for 5% of the bid, payable
1-10th of I% and must be the same for all of the bonds. Principal and to the Town Treasurer, is required.
semi-annual interest (Feb. and Aug.) are payable at the Bank of Valley
-ADDITIONAL DETAILS.
LA CROSSE, Rush County, Kan.
Stream, or at the Chase National Bank, New 'York. A certified check for
$1.250. payable to William H. Bogue, District Treasurer, must accompany The $31,934.21 issue of semi-annually street construction bonds (not
-was purchased by the
-V. 132, p. 1263
each Proposal. The approving opinion of Clay, Dillon & Vandewater, of $31.930) that was reported sold
Columbian Title & Trust Co. of Topeka, as 68. at par. Registered bonds
Newor , will be furnished the successful bidder.
dated Nov. 1 1931. Due in from 1 to 31 years.
-Garrett A. Storms, Borough
HILLSIDE, N. J.
-BOND OFFERING.
-BOND OFFERING.
LA GRANGE COUNTY (P.O. La Grange), Ind.
Clerk, will receive sealed bids until 840 p. m. on Feb. 24, for the purchase
James E. Zook, County Auditor, will receive sealed bids until 2 p.
'of $126,000 not to exceed 6% interest coupon or registered temporary impt. - March 4, for the purchase of 28,068.59 6% ditch construction bonds.
bonds. Dated March 1 1931. Denom. 41,000. Due March 1 1932. on
others for $606.86. Due on
Dated March 3 1931. One
Prin. and semi-ann. int. (M. & S.) are payable at the Hillside National June 15, as follows: $606.86 bond for $606.85. incl.. and $606.85 in 1941.
from 1932 to 1940,
Bank, Hillside. A certified check for 2%, of the amount of bonds bid for.
must accompany each proposal. The Interest is payable semi-annually on June and Dec. 15.
Payable to the order of the Borough,
approving opinion of Thomson, Wood ec Hoffman of New York, will be
-Sealed bids
-BOND OFFERING.
LAKEVIEW, Lake County, Ore.
furnished the purchaser.
will be received until 7:30 p. m. on March 16, by Harry J. Angstead, Town
ORDINANCE PASSED• Recorder, for the purchase of a $28,844.07 issue of improvement bonds.
-BOND
HOBOKEN, Hudson County, N. J.
payable semi-annually. Dated Feb.
-An ordinance providing for the issuance of $2,129,000 sewer bonds, to Interest rate is not to exceed 6%,1 year. Principal and interest payable
be dated March 15 1931 and mature serially until 1961, was recently passed 1 1931. Due in 10 years, optional in
at the office of the Town Treasurer. The approving opinion of Teal,
byithe city council.
Winfree, McCulloch & Shuler, of Portland, will be furnished. A certified
-TEMPORARY LOAN.- check for $1,000 must accompany the bid.
HOLYOKE, Hampden County, Mass.
5500,000 ternPierre Bonvouloir, City Treasurer, on Feb. 19 awarded a
-An elec-BOND ELECTION.
LANCASTER,Lancaster County, Pa.
loan to the Merchants National Bank,of Botson,at 2.14% discount. tion
decide the
The loan is dated Feb. 19 1931 and is payable Nov. n 1931 at the First fate will be held on March 17, on which date the voters will to provide
a proposed bond issue of $3,250,000, the purpose of which is
National Bank, of Boston, or at the office of the First of Boston Corp.,
system and the sewer
New York. The notes wilt be authenticated as to genuineness and validity funds to finance improvements to the water supplynotice states that the
city. The election
by the aforementioned bank, under advice of Storey, Thorndike, Palmer and drainage systems of the taxable for city purposes is $107.368,500 and
assessed valuation of property
& Dodge, of Boston.
that the amount of the existing net debt of the city is $1,800.000.
The following bids were submitted for the loan:
Discount.
-BOND OFFERING.
BidderLAUDERDALE COUNTY (P.O. Ripley), Tenn.
2.14
-We are informed that sealed bids will be received until Feb. 28 by the
Merchants National Bank (purchaser)
2.19
F. S. Moseley & Co., plus $5 premium
County Judge, for the purchase of an issue of $100,000 funding bonds.
2.19
First National Old Colony Corp
2.20
-LOAN OFFERING.
LEOMINSTER, Worcester County, Mass.
Grafton Company
2.21
Sealed bids addressed to Charles D. liornden, City Treasurer, will oe
Faxon, Gade & Co
2.36 0 received until 11 a.m. on Feb. 25 for the purchase at discount of a $300,000
Shawmut Corporation
temporary loan. Dated Feb. 25 1931. Denoms. 50,000, 425,000, $10,000
HOT WELLS COMMON SCHOOL DISTRICT NO. 2 (P. 0. San and $5,000. Payable Nov. 3 1931 at the First National Bank, of Boston,
-We are informed or at the office of the First of Boston Corp., New York. The notes will be
-BOND OFFERING.
Antonio), Bexar County, Tex.
that sealed bids were received until Feb. 20 by the Secretary of the Board autheuticated as to genuineness and validity by the First National Bank.
of Education, for the purchase of a $15,000 issue of school bonds.
of Boston, under advice of Ropes, Gray, Boyden P.Perkins, of Boston.
-BOND SALE.
HUDSON RIVER REGULATING DISTRICT, N. Y.
-BONDS REGISTERED.
LIPSCOMB COUNTY(P.O. Lipscomb),Tex.
-The $3,000,000 coupon or registered (series E) Sacandaga Reservoir - issue of $100,000 5% road, series IMO bonds was registered by the
An
-were awarded as State Comptroller on Feb. 4.-Denom. $1,000. Due serially.
construction bonds offered on Feb. 18-V. 132, p. 888
4I45 to a syndicate composed of the Guaranty Co. of New York, Lehman
Bros., both of New York, the Manufacturers & Traders Trust Co., Buffalo:
LOGAN COUNTY HIGH SCHOOL DISTRICT (P. 0. Sterling),
Stonej& Webster and Blodget. Inc., L. F. Rothschild & Co., Phelps, Fenn Colo.
-A $75,000 issue of 4X% funding bonds
-PRE
-ELECTION SALE.
& Co. and R. W. Pressprich & Co. all of New York, at a price of 100.641, has been purchased by a group composed of Gray, Emery, Vasconcells &
the net interest cost of the financing to the District being 4.44%. The Co., the International Co. Boettcher, Newton & Co., and Bosworth,
bonds are dated Jan. 1 1931 and mature $75,000 annually on July 1 from Chanute, Loughbridge & (Jo., all of Denver, at a price of 100.18, prior to
1932 to 1971, inclusive. One other bid was submitted for the issue, an an election to be held soon.
offer of 100.629 for 4.60% bonds, tendered by a group composed of Harris,
The same syndicate also purchased a $57,000 issue of 43,1% refunding
Forbes & Co., the National City Co., the Bankers Co. of New York, bonds subject to an election and also subject to the passage by the State
George B. Gibbons & Co., Inc., R. L. Day & Co., and Kean, Taylor & Co., Legislature of a statute authorizing counties to refund county high school
all of New York; also the New York State National Bank, of Albany. district bonds which has not been authorized heretofore.
This group's offer figured an interest cost to the District of 4.55%.
-BOND OFFERING.
LONG BEACH, Los Angeles County, Calif.
-Members of the successful syndicate
BONDS PUBLICLY OFFERED.
Feb. 24 by the City Clerk.
are reoffering the bonds for general investment at prices to yield from Sealed bids will be received until 2 p. m. on inapt. bonds. Int, rate is
to 4.25%, according to maturity. • The securities, according to the for the purchase of a $400,000 issue of harbor
3.00
Dated June 1928. Due as
bankers, are Interest exempt from all Federal and New York State income not to exceed 5%, payable semi-annually.1964 to 1968. 1
taxes, in addition to being legal investment for savings banks and trust follows: $62,500 in 1963 and $67,500 from appeared in V. 132. P. 1263.)
(The preliminary report of this offering
New York. In our issue of Jan. 31 we discussed the
funds in the State of
-C. E. Gray, Clerkauthority under which the bonds were issued, and the provisions made
-BOND OFFERING.
LONG BEACH, Ind.
until
for their liquidation.
Treasurer of the Board of Town Trustees, will receive sealed bids City.
7:30 p. m. on March 3, care of Krebs Service Station, Michigan Dated
- for
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.
5% town hall construction bonds.
the purchase of $20.000
-A. B. Good, Business Director of the Board of School
BOND OFFERING.
Due $1.000 on Feb. 7 from 1936 to 1955
Directors, will receive seamed bids until 12 M.on March 13 for the purchase Feb. 7 1931. Denom. $500. are payable at the Citizens Bank. Michigan
int.
of $188,000 4% school bonds. Dated March 17 1931. Denom. $1,000. In-i. Prin. and semi-ann,for $250, payable to the order of the abovecheck
Due Jan. I as follows: $6,000 from 1932 to 1961, incl., and $8,000 in 1962. City. A certified must accompany each proposal.
A certified check for 3% of the bonds bid for, payable to the order of the mentioned official,
-BOND ORDINANCE APPROVED.
LORAIN, Lorain County, Ohio.
Board of School Commissioners, must accompany each proposal.
-The city council recently passed an ordinance providing for the issuance
IRONTON, Lawrence County, °Mo.-ADDITIONAL INFORMA- of $25,000 5% park impt. bonds, to be dated March 15 1931 and mature
Denom. $1,500.
-The $5,000 6% coupon special assessment impt. notes sold re- $2500 annually on Sept. 15 from 1932 to 1941 incl.
TION.
-V. 132, p. 1263-were purchased by Seasongood & Mayer of Cin- Prin. and semi-ann. int. (M. & S. 15) are payable at the office of the
cently
cinnati, at par plus a premium of $32.50, equal to 100.65, a basis of about Sinking Fund Trustees.
5,54%. The notes are dated Dec. 15 1930 and mature Jan. 2 1932. The
-The following issues of
-BOND SALE.
LYNN, Essex County, Mass.
sale was made on Jan. 2 and only one bid was submitted for the issue.
on Feb. 18 to a
% coupon bonds aggregating $655,000 were awarded
& Webster and Blodget,
ISHPEMING SCHOOL DISTRICT NO. 1, Marquette County, syndicate composed of F. S. Moseley & Co., Stone
-Fred H. Berg, Secretary of the Board of Inc., and Brown Bros., Harriman & Co., all of Boston,at a price of 100.333.
-BOND OFFERING.
Mich.
Education, will receive sealed bids until 2 P. m.on March 2 for the purchase a basis of about 3.69%:
1932 to 1946 incl.
school building construction bonds. Dated April 1 1930. $500,000 school bonds. Due annually from 1932 to 1941 incl.
of $175,000 5%
65,000 street bonds. Due annually from
Due Nov. 1 as follows: $8,500 from 1931 to 1950 incl., and $5,000 in 1951.
incl.
60.000 sewer bonds. Due annually from 1932 to 19611932 to 1951 incl.
is payable semi-annually in May and Nov. A certified check for
Interest
30,000 land and building bonds. Due annually from
$3,500 must accompany each proposal.
submitted at the sale:
The following is a list of the bids
Rate Bid.
BidderJANESVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Janes-The $55,000 issue F. S. Moseley & Co. Stone & Webster and Blodget, Inc., and
-BOND DETAILS.
ville), Bremer County, Iowa.
100.333
Brown Bros., Harriman & Co., jointly
of school refunding bonds that was purchased on Jan. 22 by Geo. M.
100.21
-is more fully described Eldredge & Co
Bechtel & Co. of Daventport-V. 132, p. 1073
Nat'l Old Colony Corp., jointly.100.20
as follows: 41,1% coupon bonds dated May 1 1931. Denom. $3,000 and Harris, Forbes & Co.,& the First Co., jointly
100.189
from 1933 to 1949, incl. Int. payable May and November. R. L. Day & Co., & Estabrook &
$4,000. Due
Lynn
100.15
Awarded for a premium of $223.10, equal to 100.40,a basis of about 4.21%. Manufacturers National Bank of
•
1460
FINANCIAL CHRONICLE
131
LUBBOCK COUNTY (P. 0. Lubbock), Tex.
-ADDITIONAL INFORMATION.
-The $300,000 issue of 5% registered road building bonds bonds aggregating $2,167,000, as follows: $1,250,000 school; $515,000 genthat was jointly purchased by the Brown-Crummer Co. of Wichita and eral impt.; $160,000 park; $75,000 public welfare; $167,000 airport bonds,
Stranahan, Harris & Co., Inc., of Toledo, at a price of 101.11-V.
MISSISSIPPI, State of (P. 0. Iackeon).CERTIFICATE OFFERED
132,
p. 1264
-is dated Nov. 1 1930. Denom. $1,000. Due on Nov. 1 as FOR INVESTMENT.
-The $750,000 issue of renewal
follows: $4,000, 1932 to 1935; $5,000, 1936 to 1940: $6,000, 1941 to 1945; debtedness that was purchased by a syndicate headed by certificates of inC.
$7.000. 1946 to 1950; $8,000, 1951 to 1955; $9,000, 1956 to 1960; $10,000, Co. of Chicago,as 481s at 100.32,a basis of about 4.58%-V.W. McNear &
132. P. 1265
-1961 to 1965; $11.000, 1966, and
all incl. Prin. is being offered for public subscription at
1967 to
and int. (M. & N.) payable at the $12,000. Hanover 1970, & Trust Co. in Feb. 14 1931. Due on Feb. 15 1933. Theyprices to yield 4%. Dated'
Central
Bank
are reported to be legal inNew York City. Legal approval by Chapman & Cutler of Chicago. Basis vestment for savings banks and trust funds In New
York State.
of about 4.92%.
MOBILE. Mobile County, Ala.
-BOND SALE.
-The $430.000
McCOOK, Redwillow County, Neb.-BONDS AUTHOR1ZED.-An coupon semi-ann. public impt. bonds, series MN,offered for sale on lane of
Feb. 17
ordinance is reported to have been passed by the City Council providing
V. 132, p. 1075
-was jointly purchased by Stranahan, Harris & Co..
for the Issuance of $145,000 in refunding bonds.
Inc., of Toledo, and the First Securities Co. of Mobile as 5s, at a price
of 100.38, a basis of about 4.92%. Dated Feb. 11931. Due $43,000 from
MADISON COUNTY (P. 0. Jackson), Tenn.
-BOND ELECTION.
We are informed that a special election has been called for March 5, in Feb. 1 1932 to 1941 inclusive.
order to have the voters pass on a proposal to issue $300,000 in road bonds.
The other bids were as follows:
BidderPrice Bid.
MADISON SCHOOL DISTRICT, Madison County, III.
-BOND Steiner Bros. & Co. and C. W. McNear & Co
SALE.
-Fred Bonville, President of the Board of Education, reports that
99.125
98.66
that an issue of 840,000 6% coupon school funding bonds was purchased Merchants Securities Corp. and Marx & Co
on Feb. 2 by Glaspell, Vieth & Duncan, of Davenport, at par and accrued
MONROE COUNTY (P. 0. Monroe), Mich.
-BOND ELECTION.
interest. The bonds are dated Feb. 1 1931. Denom. $1,000. Due serially At an election to be held on April 6 the voters will be asked to approve
from 1934 to 1940, incl. Interest payable is semi-annually in February the proposed issuance of $50,000 in bonds for jail construction purposes.
This will mark the fourth time that the voters will pass upon the issue,
and August. Scheduled sale of these bonds was forecast in-V. 132,
p. 1074.
previous elections having resulted in the rejection of the measure. The
bonds, if issued, will mature $10,000 annually from 1933 to 1937 incl.
MARION, Marion County, Ohio.
-BOND OFFERING.
-J. L. Landes
City Auditor, will receive sealed bids until 12 m.on Feb. 25 for the purchase
MONROE COUNTY (P. 0. Monroe), Mich.
-BOND SALE.
-W. L.
Slayton & Co. of Toledo have purchased an issue of $81,800 4%% road
of the following issues of 5% bonds aggregating $60,184.80:
$22,940.00 special assessment paving bonds. Due as follows: $1,940 March construction bonds at a price of 100.378, a basis of about 4.42%. The
and $1,000 Sept. 1 1932; $1,000 March and Sept. 1 from 1933 bonds mature as follows: $7,800, 1932; $8,000 from 1933 to 1936 incl.,•
to 1938 incl., and $2,000 March and Sept. 1 in 1939 and 1940. $9,000 in 1937 and 1938, and $8,000 from 1939 to 1941 incl. The purchasers also agreed to pay for the printing of the bonds and legal opinion.
Certified check $500.
10,710.00 hospital construction and impt. bonds. Due as follows: $1,710 The following is a list of the bids submitted for the issue:
BidderMarch and $1,000 Sept. 11932, and $1,000 March and Sept. 1
Mt. Role. Rate Bid.
W.L.Slayton & Co.(purchasers)
from 1933 to 1936 incl. Certified check, $300.
4%%
100.378
7,497.00 park imps. bonds. Due as follows: $997 March and $500 Otis & Co.and Monroe State Savings Bank
%
100.19'
Sept. 1 1932, and $500 March and Sept. 1 from 1933 to 1938 Braun, Bosworth & Co. and First Nation Bank of
Monroe,jointly
incl. Certified check, $300.
4%
100.09
6,720.00 sanitary and storm sewer bonds. One bond for $220, others Carl
urtz
43
100.04
for $500. Due as follows: $220 March and $50 Sept. 1 1932 First Detroit Co..Inc
48
,
4
100.72
and $500 March and Sept. 1 from 1933 to 1938 incl. Certified Ryan,Sutherland & Co
%
100.59
check,$220.
MONROE COUNTY (P. 0. Rochester), N. Y.
-OFFER $420,000
5.355.00 laundry building construction bonds. Due as follows: $855
BONDS.-Georgo B. Gibbons Sr Co., Inc., of New York, are offering
March and $500 Sept. 1 1932. and $500 March and Sept. 1 for public
investment $420,000 3.90% county building bonds, dated Aug. 1
from 1933 to 1936 incl. Certified check, $200.
1930
3,855.00 garbage wagon purchase bonds. Due as follows: $355 March The and due Feb. 1 from 1951 to 1954 incl., at prices to yield 3.80%.
securities, according to the bankers, are legal investment for savings
and $500 Sept. 1 1932 and $500 March and Sept. 1 from 1933 banks and
trust funds in New York State and constitute direct and general
to 1935 incl. Certified check, $200.
obligations of the entire county, payable from unlimited ad valorem taxes
1,927.80 fire hose purchase bonds. Due as follows: $427.80 March and on
all the taxable property therein.
$500 Sept. 1 1932 and $500 March and Sept. 1 1933. Certified
check, 8100.
-BOND ELECTION.
MUSKEGON HEIGHTS, Mich.
-At a special
1,180.00 city s share paving bonds. Due as follows: $180 March and meeting of the city council held recently. March 2 was fixed as the date of a
$200 Sept. 11932. and $200 March and Sept. 1 1933 and 1934. special election to permit the voters to express their opinion regarding the
Certified check, $100.
proposed issuance of $62,000 sewage disposal plant and sewer construction
All of the above bonds are dated Dec. 1 1930. Prin. and semi-ann. int. bonds, of which $50,000 would mature 35.000 annually from 1932 to
(M.& S.) are payable at the office of the City Treasurer. Certified checks incl., and $12,000 to mature 31,000 annually from 1932 to 1941 incl.1941
should be made payable to the order of the City Treasurer.
NAVARRO COUNTY ROAD DISTRICT NO. 9 (P. 0.
a),
MARION COUNTY(P.O. Indianapolis),Ind.
- Tex.
-BOND OFFERING.
-BOND SALE.
-A $20,000 issue of road bonds is reported to
Corisca
0. E. Robinson, County Treasurer, will receive sealed bids until 10 a. m.
haysben
purchased by the county sinking fund at a price of 97.50.
on March 4 for the purchase of the following issues of4g% bonds aggregat-BOND STATEMENT.NEBRASKA, State of (P. 0. Lincoln).
ing 313.440:
84.500 road bonds. Denom. $225. Due $225 July 15 1932; $225 Jan. A report from Lincoln to the "Wall Street Journal" of Feb. 18 reads as
follows: "Bonds totaling $5,581,692 were registered in 1930 by the State
and July 15 from 1933 to 1941 incl., and $225 Jan. 15 1942.
3,300 road bonds. Denom. $165. Due $165 July 15 1932; $165 Jan. Auditor, representing issues of the political subdivisions of the State. Of
this sum $4,186,071 were refunding and $4,395,621 new issues. Increase
and July 15 from 1933 to 1941 incl., and $165 Jan. 15 1942.
2,900 road bonds. Denom. $145. Due $145 July 15 1932: $145 Jan. in refunding issues over 1929 is ascribed to the fact that cities took advantage of low interest rates to refund issues which bore a much higher rate,
and July 15 from 1933 to 1941 incl. and $145 Jan. 15 1942.
-year retirement option for that purpose.
1.500 road bonds. Denom. $75. Due $75 July 15 1932; 875 Jan. and exercising the 10
"During 1930 the State board of educational lands and funds bought)
July 15 from 1933 to 1941 incl., and $75 Jan. 15 1942.
for its trust account, now carrying more than 813,000,000 bonds, $2,1,240 road bonds. Denom. $62. Due $62 July 15 1932; $65 Jan. and
591,000 municipals, of which 17% was bought direct from issuing
July 15 from 1933 to 1941 incl., and $62 Jan. 15 1942.
Each issue is dated March 1 1931. Prin. and semi-ann. int.
& J.) authorities.
"While the State itself has no bonded debt, the outstanding bonds of
are payable at the office of the County Treasurer.
its subdivisions now is 3110.473,913. compared to $109,535,065 on July
-BOND OFFERING -Lester S. 11930. and $113,509,462 on July 11928.
MASSILLON, Stark County, Ohio.
Lash, City Auditor, will receive sealed olds until 12 m.(Eastern standard
-BELATED BOND SALE REPORT.
NEWARK,Essex County, N. J.
time) on Mar. 9 for the purchase of $40,000 5% special assessment portion
improvement bonds. Dated April 1 1931. Denom. $1,000 Due $4,000 The City Treasurer informs us that In addition to the various other bonds
on Oct. 1 from 1932 to 1941 incl. Principal and semi-annual interest (April sold by the city during 1930. the sinking fund commission purchased on
and Oct.) are payable at the State Bank of Massillon. A certified check Jan. 15 an issue of $100,000 4%% street cleaning department bonds at a
for 3% of the amount of bonds bid for, payable to the order of the City price of par. Dated Jan. 15 1930. Due serially.
Treasurer, must accompany each proposal. The successful bidder shall
-BONDS OFFERED.
NEWBERN, Dyer County, Tenn.
-Sealed bids
print at his own expense the necessary bonds and coupons attached. A
certified copy of the transcript showing the legality of the issue will be fur- were received until 11 a. m.on Feb. 17, by Quintard Glass, Town Recorder,
for the purchase of a $25,000 issue of 6% funding bonds. Denom. $500.
nished the purchaser.
Dated Feb. 7 1931. Due as follows: $500, 1932 to 1935; $1.000. 1936 to.
MAYFIELD HEIGHTS (P. 0. Cleveland), Cuyahoga County, 1946, and $1,500, 1947 to 1954, all incl. Prin. and int. (F. dr A.) payable-BOND OFFERING,
Ohio.
-Ina L. Granger, Village Clerk, will receive at the Chemical Bank & Trust Co. in New York City.
sealed bids until 12 m. on March 17 (awards to be made at 8 p. m. on
NEW CANAAN, Fairfield County, Conn.
-BONDS OFFERED.
March 18) for the purchase of $6,542.13 6% boulevard and curb connection bonds. Dated April 1 1931. One bond for $542.13. others for Herbert L. Scofield, Town Treasurer, received sealed bids until 8 p. m. on
$500. Due Oct. 1 as follows: $1,042.13 in 1932; $2,000, 1933; $1,500 Feb. 20 for the purchase of $275,000 4g % coupon school bonds, registermt.(A.& 0 are payable able as to principal only. Dated March 1 1931. Denom. $1,000. Due
.)
in 1934, and $2,000 in 1935. Prin. and semi-ann. i
at the office of the Guardian Trust Co., Cleveland. Bids for the bonds March 1 as follows: $14,000 from 1932 to 1950 incl., and $9,000 in 1951.
to bear int. at a rate other than 6%. expressed in a multiple of % of 1%, Principal and semi-annual interest (M. & S.) are payable at the First
will also be considered. A certified check for 5%. payable to the order National Bank, of Boston, under whose supervision the bonds will be
prepared. The legality of the bonds will be examined by Ropes, Gray,
of the Village Treasurer, must accompany each propsoal.
Boyden & Perkins, of Boston. whose favorable opinion will be furnished
MEDFORD SCHOOL DISTRICT NO. 49 (P. 0. Medford), Jackson the purchaser.
-The $265,000 issue of semi-ann. school
-BOND SALE.
County, Ore.
Financial Statement, Feb. 3 1931.
-was jointly purchased Town
bonds offered for sale on Feb. 14-V. 132, p. 1264
grand list as of Oct. I 1929
$17,744,156
by Geo. H. Burr, Conrad & Broom and the United Oregon Corp.. both of Total bonded indebtedness of the town (not incl, above loan)__
285,000
basis of about 4.73%. Dated Total bonded indebtedness of
Portland, as 43is, at a price of 100.17. a
the borough
60,000
Feb. 1 1931. Due on Jan. and July 1,from 1932 to Jan. 1 1951.
Population (Town), 5,431; population (Borough). 2,358.
-BOND SALE.
-The following
MENANDS, Albany County, N. Y.
NEW CASTLE, Henry County, Ind.
-BOND SALE.
-The 315.000
Issues ofcoupon or registered bonds aggregating $60.000 offered on Feb. 17- 4%% coupon water works bonds offered on Feb. 14-V. 132, El• 695
--were awarded as 4.40s to the Manufacturers National were awarded to the Union Trust Co. of Indianapolis,at par plus a premium
V. 132, p. 1075
as stated herewith:
Bank, of Troy,
of $34, equal to
par plus a premium Feb. 1 1931 and 100.22. a basis of about 4.12%. The bonds are dated
B) bonds sold
$52,000 water supply extension (series basis of about at
4.35%. Dated Feb. 1 the issue were asmature $5,000 on Feb. 1 from 1932 to 1934 incl. Bids for
of $332.80, equal to 10063.s
follows:
1931 Due $2,000 on Feb. 1 from 193610 1961, incl.at
BidderPremium.
par plus a Union Trust Co.,
8.000 fire department equipment purchase bonds sold
Indianapolis (purchaser)
$34.00
$51.20, equal to 100.63, a basis of about 4.21%. City Securities Corp., Indianapolis
premium of
16.25
June 1 from 1931 to 1938 incl.
Dated June 1 1930. Due $1,000 on
Pfaff & Hughel, Indlanapolls
15.00
The following is an official list of the bids submitted at the sale.
Citizens State Bank, New Castle
17.00
Premium.
Issues. Int. lisle.
BidderNEW HAVEN, New Haven County, Conn.
4.40%
$332.80
-BOND OFFERING.
Manufacturers National Bank, Troy_ -1E52,000
Frank G.P. Barnes, City Controller, will receive sealed bids until 11 a. in.
4.40%
51.20
1 8,000
on Feb. 28 for the purchase of $2.185,000 not to exceed 4%% interest
4.40%
111.33
52,000
George B.Gibbons & Co.,Inc., N.
coupon or registered bonds, divided as follows:
7.79
4.40%
8.000
4.40%
$500,000 street pavement bonds. Denom. $1,000. Due $100,000 on
156.
52,000
Batchelder & Co., New York
March 1 from 1932 to 1936, incl.
4.40%
24.00
8,000
4.60%
230,000 Pardee Parkway and Quinni Park impt. bonds. Denom. $1,000.
301.60
52,000
Dewey, Bacon & Co., New York
Due March 1 as follows: 37,000 in 1933 and 1934, and 8,000
14.40
5.00%
8,000
from 1935 to 1961, incl.
307.00
5.25%
52,000
Parson, Son & Co., New York
200,000 sewer bonds. Denom. 31,000. Due March I as follows: 36.000
5.2507
8.000
155..41
9
from 1933 to 1935, incl., and $7,000 from 1936 to 1961, incl.
4.40
52,000
Manuf.& Traders Tr Co., Buffalo_ 4.40%23.00
200,000 East Shore Parks and parkway bonds. Series No. 2. Denom.
8,000
$1.000. Due March 1 as follows: 36,000 from 1933 to 1935, incl.,
150.29
4.50%
Edmund Seymour & Co., New York - 52,000
and $7,000 from 1936 to 1961. Incl.
23.14
4.50%
8,000
200,000 armory purchase bonds. Denom. $1,000. Due March 1 as
-e.H.Camp-BOND SALE.
follows: $6,000 from 1933 to 1935, incl., and $7,000 from 1936 to
i4 MIDDLETOWN,Butler County, Ohio.
of Sinking Fund Trustees has
bell, City Auditor, reports that the Board
1961. Incl.
Dated
200,000 general public impt. (No. 3) bonds. Due March 1 as follows:
Purchased an issue of $5,000 6% city hall impt. bonds. to 1935Oct. 20
incl.
$6.000 from 1933 to 1935, incl., and $7,000 from 1936 to 1961.
1930. Denom. $1,000. Due 31,000 on Sept. 1 from 1931
incl.
MILFORD TOWNSHIP HIGH SCHOOL DISTRICT (P.O. Milford),
175,000 (Series 13) city hall construction bonds. Denom. 31,000. Due
-At a special election *held
-BONDS VOTED.
Iroquois County, III.
March 1 as follows: 39,000 from 1933 to 1947, incl., and $10,000
issuance of $45,000 in bonds to finance
recently the voters authorized the
from 1948 to 1951, incl.
the construction of an addition to the present school building. The
150.000 (Series B) airport bonds. Denom. $1,000. Due March 1 as
measure was passed by a vote of 567 to 332.
follows: $7,000 in 1933 and 1934, and $8.000 from 1935 to 1951,
-BOND OFFERING.
incl.
MINNEAPOLIS, Hennepin County, Minn.
100,000 street pavement bonds. Denom. $1,000. Due $20,000 on March
Sealed bids will be received until March 18 by Geo. M. Link, Secretary
1 from 1932 to 1936. incl.
of the Board of Estimate and Taxation, ifor the purchase of five issues of
FEB. 21 1931.]
FINANCIAL CHRONICLE
100,000 public improvement (No. 2) bonds. Denom, $1,000. Due
$20,000 on March 1 from 1932 to 1936, incl.
50,000 Orange St. impt. bonds. Denom. $1,000. Due March 1 as
follows: $1,000 from 1933 to 1940, incl., and $2,000 from 1941
to 1961, incl.
45,000 armory site bonds. Due on March 1 as follows: $1,000 from 1933
to 1945, incl., and $2.000 from 1946 to 1961, incl. Denom.
$1,000.
35,000 Fair Haven Branch Library bonds. Denom. $1,000. Due
March 1 as follows: $1.000 from 1933 to 1955, incl., and $2,000
from 1956 to 1961, incl.
All of the above bonds are dated March 1 1931. Principal and semiannual interest (M. & S.) are payable at the office of the City Treasurer.
The bonds will be engraved under the supervision of and authenticated as
to genuiness by the First National Bank, of Boston. Legality will be
approved by Storey, Thorndike, Palmer & Dodge, of Boston, whose
opinion will be furnished the purchaser. A certified check for $10,000,
payable to the order of the City Controller, must accompany each proposal.
(These are the bonds mentioned in-V. 132, p. 1075).
Statement of Banded Indebtedness. Dec. 31 1930.
BONDS ISSUED BY THE CITY OF NEW HAVEN.
For various purposes (total)
$12.451,000
ISSUED BY THE TOWN OF NEW HAVEN.
Date of Act.
Rate. Amount.
For What Purpose.
May 24 1889. New Haven Parks
3 % $100,000
May 24 1889. New Haven Parks
100,000
4%
$200,000.00
ISSUED BY NEW HAVEN SCHOOL DISTRICT.
Date of Act.
Rate. Amount.
For What Purpose.
4th series, dated Nov. 1 1895
3125,000
4%
$125,000.00
ISSUED BY WESTVILLE SCHOOL DISTRICT.
Date of Act.
Rate. Amount.
For What Purpose.
April 11 1911 For land and buildings
$40,000
Edgewood Ave.Sch. 4A %
April 8 1913. For land and buildings,
L. Wheeler Beecher,
40,000
45.5%
School
April 221913, For Fire Eng. House
13,000
455%
April 10 1917. For Davis St. School
& additional facilities
55,000
455%
in other schools
April 22 1913 and
May 191915. For sewers
80.000
456%
April 2 1919. For sewers
100,000
5%
April 151919. For high school
June 14 1921. For high school
%1A8:888
$582,000.00
Total bonded debt
$13,358,000.00
Less sinking fund for the redemption of bonds as they mature which now amounts to
1,094,488.55
Net bonded debt
$12,263,511.45
Indebtedness-Bonds.
Net bonded indebtedness of the City of New Haven shall not exceed 5%
of the grand list of said City at the time of such Issue.
-Act of Legislature
approved May 13 1913.
% of
Net Bonded
Year.
Debt.
Tax Rate, Mills.
Grand List. Actual Value.
1929.
100
$10,869,666.21
$330,201,877
24
1930.
12.263,511.45
100
*338,040,530
27
1930 Census, 162,650.
* For the purpose of determing the limit of bonded indebtedness for the
City of New Haven under Section 441 general statutes, as amended by
Chapter 111, Public Acts of 1923. the grand list as shown may be augmented by the SUM of $67.774,735.00 tax exempt property.
NEW YORK, N. Y.
-BIDS INVITED FOR $100,000,000 CORPORATE
STOCK AND SERIAL BONDS.
-Charles W. Berry, City Comptroller,
will receive sealed bids until 12 m.on March 4 for the purchase of the whole
or any part of $100,000.000 451% gold corporate stock and serial bonds,
divided as follows:
$60,000,000 corporate stock for rapid transit railroad construction. Due
March 1 1981. Issued in coupon form and interchangeable:
denom. of $1,000 for coupon bonds, or in registered form in
any multiple of $10.
25,000,000 serial bonds for school construction; $20.000,000 of which is
Payable in 40 equal annual installments from March 1 1932,
and $5,000.000 is payable in 15 equal annual installments
from March 1 1932.
15,000,000 serial bonds for various municipal purposes: $10.000,000 of
which is payable in 40 equal annual installments from March 1
1932, and 85,000,000 is payable in 15 equal annual installments from March 1 1932.
The above two ISSUE% of serial bonds. aggregating $40,000,000, will be
issued in coupon or registered form in denomination of $1,000.
Interest on the entire offering of $100,000,000 corporate stock and serial
bonds is payable semi-annually in March and September. The offering
notice points out that the sale will not add to the debt of the city. as it is
for the purpose of providing funds to take up short-term corporate stock
notes. The official offering notice calls attention to the following conditions of sale. as provided by the Greater New York charter:
1. Proposals containing conditions other than those herein set forth
will not be received or considered.
2. No proposal will be accepted for less than the par value of the amount
bid for.
3. Every bidder. as a condition precedent to the reception or consideration of his proposal, shall deposit with the Comptroller in cash, or by a
certified check drawn to the order of said Comptroller upon a trust company or a State bank incorporated and doing business under the laws of
the State of Now York, or upon a National bank, 2% of the par value of
bonds bid for in such proposal.
No proposal will be received or considered which is not accompanied
by such deposit.
All such deposits shall be returned by the Comptroller to the persons
making the same within three days after the decision has been rendered as
to who is or are the highest bidder or bidders, except the deposit made by
the highest bidder or bidders.
4. If said highest bidder or bidders shall refuse or neglect, within five
days after service of written notice of the award to him or them,to pay to the
City Chamberlain the amount of the bonds awarded to him or them at
their par value, together with the premium thereon, less the amount
deposited by him or them,the amount or amounts of deposit thus made shall
be forfeited to and retained by said city as liquidated damages for such
neglect or refusal and shall thereafter be paid into the sinking fund of the
City of Now York for the redemption of the city debt.
5. Upon the payment into the city treasury by the persons whose bids
are accepted of the amounts due for the bonds awarded to them, including
accrued interest from March 1 1931, certificates thereof shall be issued to
them in such denominations provided for by the charter as they may desire.
6. It is required by the charter of the city that in making proposals
"every bidder may be required to accept a portion of the whole amount
therefor bid for by him at the same rate or proportional price as may be
specified in his bid; and any bid which conflicts with thus condition shall be
rejected; provided, however, that any bidder offering to purchase all or
any part of the bonds offered for sale at a price at par or higher may also
offer to purchase all or none of said bonds at a different price, and if the
Comptroller deems it to be in the interest of the city so to do, he may award
the bonds to the bidder offering the highest price for all or none of said
bonds; provided, however, that if the Comptroller deems it to be in the
interest of the city so to do, he may reject all bids." Under this provision,
the condition that the bidder will accept only the whole amount of the
bonds bid for by him, and not any part thereof, cannot be inserted in any
bids, except those for "all or none" offered by bidders, who have also bid
for "all or any part" of the bonds offered for sale.
7. The proposals, together with the security deposits, should be inclosed
in sealed envelopes indorsed "Proposals for Corporate Stock and for Serial
Bonds," and said envelope inclosed in another sealed envelope, addressed
to the Comptroller of the City of New York. (No special form of proposal
Is required, therefore no blank is furnished.)
-The last
RECORD OF PREVIOUS LONG-TERM CITY BOND SALE
previous public sale of long-term city obligations occurred on Oct. 21 1930.
It will be recalled that Comptroller Berry had originally intended to receive
-year gold corporate stock, but
bids on that date for $75.000,000 4% 50
because of unfavorable market developments was obliged to reduce the
1461
amount to $50,000,000. The award was made to a syndicate headed by
the Chase Securities Corp. of New York, which submitted the only "all or
none" bid for the issue, a price of 100.03. The interest cost of this financing to the city was 3.9986%. It was the unfavorable outcome of this sale,
which Comptroller Berry attributed to that provision in the city charter
requiring ten days notice by public advertisement prior to the actual sale
of long-term city obligations, that prompted the submission of the Downing-Steingut bill now pending in the State Legislature, which proposes the
reduction of the time limit of advertisement of contemplated city bond
sales to not less than three nor more than five days. The text of this bill
appeared in the "Chronicle" of Feb. 14, V. 132, p. 1258.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-TEMPORARY LOAN.
-$150,000 temporary loan offered on Feb. 17-V. 132. p. 1265
-was
awarded to the Shawmut Corp., of Boston, at 2.14% discount. The loan
is dated Feb. 17 1931 and is payable Nov.4 1931 at the First National Bank.
of Boston. Bids for the loan were as follows:
BidderDiscount.
Shawmut Corp. (purchaser)
2.14
Dedham National Bank
2.18
R. F. Day & Co
2.18
F. S. Moseley & Co
2.19
First National Bank, Boston
2.20
Merchants National Bank
2.32
Boston Safe Deposit & Trust Co.. plus $4 premium
2.32
Faxon, Gade & Co
Graftctn Co
M 0
NORTHAMPTON COUNTY (P. 0. Jackson), N. C.
-BOND OFFER,
ING.-Sealed bids will be received until 2 p. m. on March 2, by S. .1.
Calvert, Clerk of the Board of County Commissioners, for the purchase of
a $13,000 issue of jail bonds. Interest rate is not to exceed 6%, payable
semi-annually. Denom. $1,000. Dated March 1 1931. Due $1,000 from
March 1 1934 to 1946, incl. Principal and interest (M. & S.) payable is
New York City. The bonds and the approving opinion of Storey, Thorndike, Palmer Ss Dodge, of Boston, will be furnished. McDaniel Lewis,
of Greensboro, will supervise the preparation of the bonds. A certified
check for 2% of the bonds bid for, payable to the County, is required.
NORTH CANTON, Stark County, Ohio.
--BOND OFFERING.
Lester I., Braucher. Village Clerk, will receive sealed bids until 12 m.
(Eastern standard time) on Feb. 27 for the purchase of $12,000 5% water
works system improvement bonds. Dated March 1 1931. Denom. 8500.
Duc $500 on March and Sept. 1 from 1932 to 1943 incl. Bids for the bonds
to boar interest at a rate other than 5%, expressed in a multiple of 4 of
.
1%. will also be considered. Interest is payable semi-annually in March
and Sept. A eertifi.d check for $600, payable to the order 01 the Village
Treasurer, must accompany each proposal.
OAKDALE, Allen Parish, La.
-We are informed
-BOND ELECTION.
that an election will be held on Mar. 24 in order to vote upon the proposed
o
issuance of $90,000 in electric light and power plant bonds.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-OUTSTANDING
DRAIN BONDS TOTAL $8,348,821.58.
-Murray D. Van Wagoner,
County Drain Commissioner, has prepared a report for consideration of
the Board of County Supervisors, showing the total amount of outstanding
drain bonds and the proportion of the debt which will become due during
the period from 1931 to 1940 incl., according to the following report whichappeared in the Michigan "Investor" of Feb 14:
"Oakland County Drain Commissioner Afurray D. Van Wagoner has
prepared a report for the Board of Supervisors showing the condition of
'
drain bonds issued by the county together with the sums coming due for
such improvements during the next 10 years.
"His figures as of Dec. 31 1930 indicate the county has $8,348,821.58
outstanding in unpaid drain bonds. These are what remain of original*
issues totaling $10.397,397.11 issued from 1922 on. They draw interest
at 534, 534 and 69'.
'The bonds fall due in the following amounts including interest each yearfor the next 10 years:
1931
$1,023,451.25 1939
$1,168,532.50 1935
$728,245.00
1932
969,040.00 1940
1,240,611.61 1936
658.378.751933
1,219,493.75 1937
873,063.75
1934
853,502.50
1,188,877.50 1938
"These bonds are expected to be paid from drainage districts in which
special assessments are levied and are partly paid by the county at large.
In the event the taxes are not paid the bonds become a county obligation,
insunncetnf faose and th.
because hetk ith konds ttcredit of the entire county has been pledged in the
OMAHA, Douglas County, Neb.-BIDDERS.-The following Is an.
official list of the bids received for the four issues of coupon bonds ag_Bre:ati3g $75 1265; awarded on Feb.9 to Phelps. Fenn & Co. of New York,
1 n2 p 0, 00
. . 0
and the Milwaukee Co. of Milwaukee. at 100.01, a basis of about 3.90%.
The following is an official tabulation of tr . received:
nbr
Bi
Rate.
Nat. City Co. and Northern Trust Co--- I$600,000
4
la150,000
4
1111.1Chsastnete( curitios Corp. and Foreman- 600,000
Senrp
j
4
al50,000
4 %
p rnlaScn
Hibernia ocurities Co. and R. W.Press- 600,000
e k
4
al50,000
4
Guaranty Co. of N. Y., Bankers Co. of 600,000
40
N. Y.and Ames, Emerich & Co
al50,000
451%
First nkat. Old Colony and Omaha Nat. 600,000
pa N
4%
al00,000
45.1%
34 o%
a50:000
300 000
*Phelps, Fenn & Co.,and The Milwaukee
ti
Co
100,000
4 o
0150,000
434%
500,000
4
Wachob Bender Co
100,000
3'I%
al50,000
%
Salomon Bros. & Hutzler
600,000
4%
a150,000
451%
Harris Trust & Says. Bk., First Dot. Co., 600,000
4
N. u. Te nn kann Ware, Hall & Co
FirstFr
Trust Co. cd
z
4
a150.000
600,000
4
4
al50,000
4
5 0:000
10 000
00
434
k
Lehman Bros. and First
K NationalrB°811,*A
°untze B
a50,000
4j o
:0
000
0
600
010 0 0
Dewey, Bacon & Co., Roosevelt & Son,
4
'
and Union Securities Co
4 %
a50,000
4
a3 :000
100 000
4
25,000
4%
Stern
BaorrmaBkraosN.,atiSntneranl
& Co.. and
75,000
434%
Co
al50,000
451%
Chemical Securities
iesCorp. and Mer- 600,000
4'
47
9
a50,000
eantile Co
Co
0100,000
34%
Halsey, Stuart & Co.and Stone, Webster 600,000
4%
Stuart
0150,000
United States Nat, Co., Continental Ill.
Co. and First Union Trust & Say. Bk. 600,000
al50,000
Chatham Phenix Corp., and Wallace. 600,000
47
0100,000
4
Sanderson Ss Co
4
a50,000
Prem.
$1,192.50'
1,057.50
2.986.00
1,402.50
247.50'
100.00
1,395.00
1,462.50
2,671.00
2.535.00 •
2,025.00.
450.00
101.60 311.00
172.50
4,160.00 •
166.00
a Indicate 10
-year aviation bonds, balance 20 years. * Successful bid.
-M. M.
-BOND SALE.
OCEAN CITY, Cape May County, N. J.
Freeman & Co., Inc., of Philadelphia, recently purchased an issue of $200.
000 6% coupon or registered sewer improvement bonds at a price of par.
Dated Nov. 15 1930. Denom. $1,000. Due Nov. 15 as follows: $40,000 •
in 1931 and 1932, and $40,000 from 1933 to 1935 incl. Principal and semiannual interest are payable at the First National Bank, Ocean City, or at
the National City Bank, New York. Legality approved by Caldwell &
Raymond, of New York. The bonds are said to be legal investment for
savings banks and trust funds in New Jersey and are being reoffered by the
purchasers for investment as follows: the 1931 maturity is 'irked to yield
4.25%, the 1932 maturity to yield 4.75%, and the 1933 to 1935 maturities are priced to yield 5.00%. The securities according to the bankers, constitute direct and general obligations of the municipality, payable from up-
1462
FINANCIAL CHRONICLE
limited ad valorem taxes levied against all the taxable property therein.
(Efforts of the city to market an issue of $230,000 not to exceed 5% interest
18-year serial bonds on Oct. 13 last were unsuccessful, as no bids were re-V. 131, P. 2569.)
ceived.
•
Financial Statement (As Officially Reported).
$39,649,798.00
4,899,511.14
Total debt (including this issue)
223,225.78
Less: sinking fund and cash
2,577,757.63
Assessments, taxes &c
2,098,527.73
Net debt, as computed under N. J. statutes
Population 1930 U. S. consus, 5,525; summer population-estimated
In excess of 100,000.
ONEIDA COUNTY (P. 0. Rhinelander), Wis.-BOND ELECTION.
-On April 7 the voters will pass on a Proposal to issue 3600,000 In bonds
for road improvement purposes. Interest rate is not to exceed 5%,
payable M.& N. Denom. $1,000. Due in from 1 to 20 years.
ORANGE LAKE CONSOLIDATED SCHOOL DISTRICT (P. 0.
-Sealed bids
-BOND OFFERING.
Pascagoula), Jackson County, Miss.
will be received until March 2, by Fred Taylor, Clerk of the Board of
Supervisors, for the purchase of a $10,000 issue a school bonds.
-The $40,000
-BOND SALE.
lk OXFORD, Chenango County?, N. Y.
-were
coupon or registered water bonds offered on Feb. 17-V. 132. v. 890
& Co., Inc.. of New York. at par
awarded as 434s to George B. Gibbons
plus a premium of $366.96, equal to 100.917, a basis of about 4.42
The bonds are dated Feb. 1 1931 and mature $1,000 on Feb. 1 from 1932
to 1971 incl. Bids for the issue were as follows:
Int. Rate. Prem.
Bidder.
$366.96
434
George B. Gibbons & Co., Inc. (purchasers)
247.66
434 •
Manufacturers & Traders Trust Co., Buffalo
127.60
435%
Marine Trust Co., Buffalo
115.96
434
Edmund Seymour & Co.. New York
247.60
4%
Graham, Parsons & Co., New York
440.00
4
Batchelder & Co., New York
636.00
434
Dewey, Bacon & Co.. New York
l00.00
Binghamton Savings Bank. Binghamton
Par
First National Bank, Oxford
-ADDITIONAL BOND
Providence County, R. I.
PAWTUCKET,
-The City Treasurer informs UB that the following
SALES DURING 1930.
bond issues were sold during 1930, in addition to the sales already reported
In these columns:
IsTo the City Sinking Fund:
on March 19.
375,000 4%% highway bonds sold at a price of parto 1945, incl. Dated
March 1 1930. Due annually from 1931
kr
50,000% highway bonds sold at a price of par on March 19. Dated
t.
Feb. 1 1930. Due annually from 1931 to 1940, incl.
40,000 434% park bonds sold at a price of par on March 19. Dated
March 1 1930. Due annually from 1931 to 1938, incl.
25,000 434% sidewalk bonds sold at a price of par on March 19. Dated
March 1 1930. Due annually from 1931 to 1935, incl.
25,000 4% school bonds sold at a price of par on Jan. 15. Dated Nov.
1 1927. Due Nov. 1 1957.
Issues below sold on June 27 at a price of par to the First National Old
Colony Corp., Boston:
$350,000 434 1 highway bonds. Dated April 1 1930. Due from 1937 to
1947, incl.
160,000 4%% water bonds. Dated April 1 1930. Due from 1935 to
1945, incl.
125,000 434% sewer bonds. Dated April 1 1930. Due from 1935 to
1955, incl.
-The $200,-NOTE SALE.
PEMBROKE, Plymouth County, Mass.
-were
000 4% coupon water notes offered on Feb. 10-V. 132, p. 1076
awarded to Eldredge St Co., of Boston, at 102.516, a basis of.about 3.77%.
and mature Feb. 15, as follows: $8,000
The notes are dated Feb. 15 1931
from 1934 to 1953, incl., and $5,000 from 1954 to 1961, incl. Bids for the
Issue were as follows:
Rate Bid.
Bidder
102.516
Eldredge & Co.(Purchasers)
•
102.445
Atlantic Corp
102.03
Shawmut Corp
101.11
Rockland Trust Co
100.42
Estabrook & Co
100.37
First National Old Colony Corp
100.33
National Co
Brockton
-ADDITIONAL BOND
PITTSBURGH, Allegheny County, Pa.
SALE DURING 1930.-1n addition to the various other bonds sold by the
these columns, the City
city during 1930. reports of which appeared in of $150,000 44% Lake
issue
Treasurer informs us that an additional the Sinking Fund
Commission.
Carnegie bonds was purchased at par by serially from
1931 to 1940,incl.
The bonds are dated Oct. 1 1930 and mature
PITTSBURGH SCHOOL DISTRICT, Allegheny County. Pa.-.
-The $33,000,000 4X% coupon or registered school building
BOND SALE.
-were
construction bonds offered on Feb. 17-V. 132, p. 696 B. awarded
and
Gibbons &
to a syndicate composed of Roosevelt & Son, Sons George
of Philadelphia; EsteCo.. Inc., both of New York; E. H. Rollins &
& Co., Kountze Bros., and Stout & Webster and Blodget, Inc,
brook
a premium of $114,861,
the latter three of New York, at par plusbonds are dated Feb. 1 equal to
1931 and
103.8287, a basis of about 3.89%. The
on Feb. 1 from 1932 to 1961 incl. The successful group
mature 3100,000
priced to yield as follows'
Is re-offering the securities for general investment maturity, 3.50%; 1935
1932 maturity. 2.25%; 1933 maturity, 3%; 1934
and 1936 maturities, 3.65%; 1937 to 1939 maturities, 3.75%; 1940 to
are priced to
1946 maturities. 3.80%. and the 1946 to 1961 maturities savings
for
yield 3.85%. The bonds are stated to be legal investment constitute banks
York and Pennsylvania and to
and trust funds in New district, payable from unlimited ad valoremdirect
taxes
obligations of the school
following is an official list of
on all the taxable property therein. The
the bids submitted at the sale:
Rate Bid.
Bidder
Estabrook & Co.;
Roosevelt & Son; E. H. Rollins & Sons, inc.;B. Gibbons & Co.,
& Webster and Blodget, Inc.; George
Stone
103.8287
Inc., and Kountze Brothers,jointly
Bancamerica-Blalr Corp.: First National Bank (N. Y.): Eldredge
L. Day & Co.; Phelps, Penn & Co., and Yarnell &
& Co.; R.
103.50
Co. (Philadelphia), jointly Guaranty Co. of New York,jointly-103.4399
York and
Bankers Co. of NewPittsburgh and Mellon National Bank,jointiy_103,394
Trust Co.of
Union
National Old Colony Corp.; Halsey,
Graham,Parsons & Co.; First
Detroit Co., Inc.; E. B. Smith & (to.,
Stuart & Co., Inc.; First jointly
103.286
and E. W. Clark & Co.,Co.; Harris, Forbes & Co., N. Y.;
-Pittsburgh Trust
Peoples
Y.; W. H. Newbold s Son & Co., PhilaNational City Co., N. Pkiladelphia, and First National Bank
delphia; Janney & Co.,
103.209
at Pittsburgh, jointly
Y.: M. M. Freeman & Co., PhilaChemical Securities Corp.. N.Co., N. Y.: Mercantile-Commerce
Moulton &
delphia; R. H.
& Co..Pittsburgh,jointly--103.149
Co.,St. Louis.and Prescott Lyon
-BONDS REGISTERED.
County, Tex.
PORT ISABEL, Cameron aggregating 3300.000, that were offered for
The six issues of 534% bonds.
were registered by the
on Dec. 8(V. 132 p. 4087), 1931 to 1960.
sale without success
variously from
State Comptroller on Feb. 3. Due
-BOND OFFERING.
-Sealed
Y.
POTSDAM,St.Lawrence County, N. Treasurer, will be received until
Village
bids addressed to James E. Lennery, of $22,000 5% coupon street Inapt.
purchase
8 p. m. on Feb. 23 for the
1942 incl. Prin. and semi-ann.
bonds. Due $2,000 annually from 1932 to the Village Treasurer. A cerof
int. (F. & A.) are payable at the office
each proposal.
tified check for $500 must accompany
-.BOND OFFERING.Y.
POUGHKEEPSIE, Dutchess County, N.
receive sealed bids until 11 a. m. on
Georg.) A. Deel, City Treasurer, will not to exceed 5% interest coupon or
Feb.-24 for the purchase of $235.000
1 1931. Denom. $1,000. Due
registered refunding bonds. Dated Feb.1945 incl.; $10,000 from 1947 to
to
Feb. 1 as follows: $5,000 from 1936 incl., and $20,000 in 1960. Rate of
1952 incl.; $15,000 from 1953 to 1959 1-10th or X of 1% and must be the
of
interest to be expressed in a multiplesemi-ann. int.(F.& A.) are payable at
same for all of the bonds. Prin. and Co., Poughkeepsie. A certified check
the Fallkill National Bank & Trust
payable to the order of the City,
for 2% of the amount of bonds bid for, approving opinion of Hawkins,
must accompany each propoaal. The be furnished the purchaser.
Longfellow of New York, will
Delafleld &
DISTRICT NO.2(P.O.Pueblo),
PUEBLO PUBLIC WATER WORKS
-The $700.000
-BONDS OFFERED TO PUBLIC.
Pueblo County, Colo.
g
77 ,
[voL. 132.
issue of434% coupon refunding bonds that was reported to have been pur-V.132,p.1266
-is now being
chased by Joseph D.Grigsby & Co. of Pueblo
offered for general investment by M. M. Freeman & Co., Inc., of New
York, at 102.30, to yield 4.20% to the optional date and 4.50% thereafter.
Due on July 2 1955, optional on July 2 1940. Principal and interest (J.& J.)
payable at the City Treasurer's office, or at Kountze Bros. in New York
City. Legality to be approved by Thomson, Wood & Hoffman, of New
York. The offering notice reports as follows:
This district was organized in 1906 for the purpose of acquiring the
property of the Pueblo Water Co., a private corporation. It serves all of
the territory of the City of Pueblo south of the Arkansas River known as
the industrial section which includes approximately one-half of the area
of the City and slightly more than one-half of the population. The water
plant including a reservoir and a filtration plant with a capacity of 25,000,000 gallons per day, is valued at 32.000.000. Gross revenues of the
district for 1929 are reported as 3219,218 and average annual net earnings
after depreciation and all charges for the years 1925-1929 inclusive were
$49,830.
-At a
-BONDS AUTHORIZED.
RALEIGH, Wake County, N. C.
meetingrof the Board•of Commissioners of the City on Feb. 14 an ordinance
was passed providing for the issuance of $250,000 in municipal auditorium
bonds when voted by the people.
-BOND OFFERING.
-Walter R.
READING, Berks County, Pa.
Hollinger, City Comptroller, will receive sealed bids until 10 a.m. on
March 25 for the purchase of $200.000 434% (series D)coupon or registered
general improvement bonds. Dated March 1 1931. Denom. $1,000. Due
$10,000 on March 1 from 1932 to 1951 incl. Interest is payable semiannually in May and November. A certified check for 5% of the amount
bid for, payable to the order of the city, must accompany each proposal.
Legality approved by Townsend, Elliott & Munson, of Philadelphia.
-BOND SALE.
-The $7,500
READING, Hamilton County, Ohio.
coupon Jefferson Ave. impt. bonds offered on Jan. 24-V. 132, p. 165
8
were awarded as 4%s to the Davies-Bertram Co. of Cincinnati, at par plus
a premium of $45, equal to 100.60, a basis of about 4.62%. The bonds are
1 from 1932 to 1941 incl. Bids
dated Feb. 1 1931 and mature $750 on Feb.
for the issue were as follows:
Int. Rate. Premium.
Bidderx4
$45.00
Davies-Bertram Co.(purchasers)
a4
33.00
Securities Co., Columbus
BancOhlo
Cincinnati
29.63
a434
Provident Savings Bank & Trust Co.,
23.00
x434
Seasongood & Mayer, Cincinnati
a45i..4
15.00
Cincinnati (alternate bid)
Davies-Bertram Co.,
a5%
23.00
Seasongood & Mayer,Cincinnati (alternate bid)
a6
303.00
Well, Roth & Irving Co., Cincinnati
a6
281.25
Atlas National Bank, Cincinnati
a6
31.00
Ryan, Sutherland & Co., Toledo
x Interest payable semi-annually. a Payable annually.
SCHOOL DISTRICT NO.1(P.O. Columbia)
RICHLAND COUNTY
-Sealed bids will be received by Sarah F:
S. C.
-BOND OFFERING.
Pickling, Secretary of the Board of School Commissioners, until 6 p. m. on
Feb. 24, for the purchase of a $300,000 issue of school bonds. Int. rate Is
not to exceed 6%. Denom. $1,000. Dated Feb. 15 1931. Due on Feb.
15, as follows: $5,000, 1935 to 1938; $7,000, 1939 to 1942; $10,000 1943
to 1946: $15,000, 1947 to 1950: $18,000, 1951 to 1954, and 320,000, 1955
1
to 958, all incl. The interest rate is to be a multiple of 34 of 1%,and is to
be the same for all of the bonds. Payable in New York. The approving
opinion of Storey, Thorndike, Palmer & Dodge of Boston. will be furnished.
Bid blanks may be obtained from the Secretary. A certified check for 2%,
of the amount of the bonds bid for, payable to the Board of School Commissioners, is required.
RIGOLETTE SCHOOL DISTRICT NO. 11 (P. 0. Alexandria)
-We are now informed by W. J:
-BOND SALE.
Rapides Parish, La.
Avery, Secretary-Treasurer of the Parish School Board, that the $75,000
bonds offered without success on Feb. 10-V. 132,
Issue of coupon school
-was purchased at private sale on Feb. 12 by F. P. Clark & Co. of
P. 1266
Alexandria, as 5%s, paying a premium of 3112.50, equal to 100.15, a basis
of about 5.73%. Dated April 151931. Due from April 15 1932 to 1956
incl. The bids rejected on Feb. 10 were as follows (all for 6% bonds):
Premium.
BidderW.L.Slayton & Co--------------------------------------------- $11
Interstate Trust & Banking Co. of New Orleans
Ryan Sutherland155
199
Security Banking Co.of Pineville
175
Walter D. Hill & Co
10
First National Bank of Shreveport
225
The Well, Roth & Irving Co
-BONDS DERINGGOLD COUNTY (P. 0. Mount Ayr), Iowa.
-At a special election on Feb. 11, the voters rejected a proposal
FEATED.
to issue 3725,000 in bonds to be used for primary roads by a count of 1,643
"for" and 1,736 "against.
-Sealed bids
ROANOKE, Roanoke County, Va.-BOND OFFERING.
will be received by P. H. Tucker, City Clerk, until 3 p. m. on March 13,
purchase of two issues of 434% coupon bonds aggregating $750,000,
for the
as follows:
$450,000 street inapt, bonds. Due on Jan. 1 as follows: $26,000, 1934 to
1949, and $34,000 in 1950.
300,000 sewer and drain bonds. Due on Jan. 1 1961.
payable
Denom.$1,000. Dated Jan. 1 1931. Prin. and int. (J. & J.) whole orat
be
a
the office of the City Treasurer. Bids willof received for the&
Thomson, Wood Hoffman
part of said bonds. The approving opinion
will be furnished. These bonds were voted at the election
of New York,
held on Jan. 20-V. 132, p. 891. They are ready for delivery. A certified
check for 1% of the bonds bid for is required.
-BONDS REGISTERED.
ROBERTS COUNTY (P. 0. Miami), Texas.
-A $300.000 issue of 5% semi-annual road, series 1930, bonds was registered on Feb. 2 by the State Comptroller. Denom. $1,000. Due serially.
-R. J. Whitney.
-NO BIDS.
ROYAL OAK, Oakland County, Mich.
City Manager,reports that no bids were received on Feb. 16 for the purchase
secured notes offered for sale (V. 132. p. 1266).
of the $400,000 tax
-The $8,000 fire
-BOND SALE.
SABINA, Clinton County, Ohio.
department apparatus purchase bonds offered on Jan. 30-V. 132, p.528were awarded as 434s to the First National Bank of Sabina. The bonds are
dated Jan. 1 1931 and mature $1,000 on March 1 from 1932 to 1939 incl.
-BONDS NOT SOLD.
ST. AUGUSTINE, St. Johns County, Fla.
The $216.000 issue of not to exceed 6% semi-annual refunding ponds offered
-was not sold, as there were no bids received.
on Feb. 18-V. 132. p. 1076
Dated July 1 1929. Due from July 1 1939 to 1959.
SAN BERNARDINO COUNTY WATER WORKS DISTRICT NO. 9
-BOND OFFERING.-Sealed bids will be
(P.0.San Bernardino), Calif.
received by the County Clerk until 11 a. m.on Feb. 24 for the purchase of a
$445,500 issue of 6% water works bonds. Dated March 1 1931. Due as
follows: $1,500 in 1932. and $2,000, 1933 to 1954 incl.
ST. JOSEPH COUNTY (P. 0. South Bend) Ind.-BOND OFFER-Fred P. Crowe, County Auditor, will receive sealed bids until 10
ING.
a. m. on March 18 for the purchase of $10,298 6% ditch construction
Oct.30
bonds. Dated Oct.30 1930. Denom.$514.90. Due $1,029.80 onpayable
from 1931 to 1940 incl. Prin. and semi-ann. int.(A. & O.30) are
Treasurer.
at the office of the County
-The
-BOND SALE.
SAN FRANCISCO (City and County), Calif.
two issues of 434% semi-ann. bonds aggregating 32,975,000, offered for sale
-was awarded to a syndicate composed of the
on Feb. 16-V. 132, p. 1076
First
First National Bank, and Eldredge & Co.,both of New York, the Co„
Bankamerica
Detroit Co., Inc.. the Anglo-London-Paris Co., and the 102.859, a basis of
premium of 885.056, equal to
all of San Francisco, for a
about 4.18%. The issues are described as follows:
from 1932 to
$2,000,000 memorial hall bonds. Dated July 1 1927. Due
1951 incl.
from 1938 to 1953 incl.
975,000 hospital bonds. Dated Jan. 1 1929. Duebidders are offering the
-The successful
BONDS OFFERED TOPUBLIC.
2.75 to 4.15%,
yield
above bonds for general investment priced toto be from investment for
legal
according to maturity. They are reported Massachusetts, Connecticut
funds in New York,
savings banks and trust
on the entire city
and other States. They are direct general obligations
and county.
follows:
Newspaper reports gave the unsuccessful bids as
the First National Old
The Continental Illinois Co.. together withFirst Wisconsin Co.. the
Corp., the Northern Trust Co., the were second highest with
Colony
Anglo-California Trust Co. and Kalman & Co.,
FEB. 21
1931.]
FINANCIAL CHRONICLE
1463
TIPTON COUNTY P. 0. Tipton), Ind.
-BOND OFFERING.
Ed Trimble, County Auditor, will receive sealed bids until 10 a. m. on
Feb. 28 for the purchase of the following issues of 6% bonds aggregating
$7.151.26.
$3,891.94 ditch impt. bonds. One bond for $691.94, others for $800.
Due $800 annually from 1932 to 1935 incl., and $691.94 in 1936.
3.259.82 ditch impt. bonds. One bond for $405.42. others for $700.
Due $700 annually from 1932 to 1935 incl., and $405.42 in 1936.
Each issue is dated Jan. 2 1931. Prin. and semi-ann. int. are payable
at the office of the County Treasurer. A certified check for 10% of the
face value of the bonds bid for, payable to the order of the Treasurer, must
accompany each proposal.
TUSCARAWAS TOWNSHIP RURAL SCHOOL DISTRICT, Ohio.
-The State Teachers Retirement Board, of Columbus, has
-BOND SALE.
purchased an Issue of $35,000 4t4% school building construction bonds.
Dated March 1 1931. Denom. $1,000. Due March 1 as follows: $3,000
from 1932 to 1942, incl., and $2,000 in 1943.
-The
TYNDALL, Bon Homme County, S. Dak.-BOND SALE.
$23.500 issue of 6% annual street paving District No. 1 special assessment
-was purchased at par by Booth &
bonds offered on Jan.5-V.131, p. 4247
Olsen of Sioux City. Dated Feb. 1 1931. Due from Feb. 1 1932 to 1940
inclusive.
-M. M.
-BOND SALE.
UNION CITY, HUDSON COUNTY, N. J.
Freeman & Co. of Philadelphia. were the successful bidders for $136,000
bonds of the $1"37,000 coupon or registered street improvement issue offered for sale on Feb. 19-V. 132, p. 1077. The purchasers paid par plus
%
a premium of $1,000 for the bonds as 43 s,equal to 100.73, a basis of about
4.64%. Dated March 1 1931. Due March 1 as follows: $7,000 from 1932
to 1935, incl.; $10,000 from 1936 to 1944, incl., and $9,000 in 1945.
-An
-BOND SALE.
UNION COUNTY (P. 0. Maynardville), Tenn.
purchased
issue of $80,000 improvement bonds is reported to have been a premium
recently by Sutherlin, Barry & Co. of New Orleans, at 554s, for
of $900, equal to 101.125.
-At an election held
-BONDS VOTED.
VALE, Malheur County, Ore.
on Jan. 31, the voters are reported to have approved the issuance of $105.000 in refunding bonds.
-BOND OFFERING.-Flora
VALPARAISO, Porter County, Ind.
Kenny, City Clerk, will receive sealed bids until 7 p. m. on Feb. 27 for
the purchase of $104,000 4% city's share impt. bonds. Dated Jan. 1 1931.
Denom. $1,000. Due semi-annually as follows: $2,000 July 1 1946: 52,000
Jan. and July 1 from 1947 to 1971 incl. and $2,000 Jan. 1 1972. A certified
check for $500 must accompany each proposal.
-BOND OFFERING.
WABASH COUNTY (P. 0. Wabash), Ind.
.
111 on
Q. A. Carver, County Auditor, will receive sealed bids until 2 P.Dec. 1
March 6 for the purchase of $28,580 4;4% roaa bonds. Dated
1930. Denom. $1,429. Due $1,429 on June and Dec. 15 from 1931 to
1940 incl. Int. is payable semi-annually on June and Dec. 15.
-The five issues of
-BOND SALE.
WACO, McLennan County, Tex.
434% semi-annual bonds aggregating $305,000, offered for sale on Feb.17-were jointly purchased by John Nuveen & Co. of Chicage.
V. 132, p. 1077
and Hall and Hall, of Temple, paying a premium of $1,640, equal to 100.53.
a basis of about 4.46%. Trae issues are:
-BONDS VOTED.
-At the
SLIDELL, St. Tammany Parish. La.
$60,000 school bonds. Due from 1932 to 1971, incl.
-the voters approved the
special election held on Feb. 10-V. 132, p. 107r
street improvement bonds. Due from 1932 to 1971, incl.
issuance of $40,000 in Sewer District No. 1 bonds by a count reported as 100,000 sewage disposal and sanitary sewer bonds. Due from 1932 to 1961,
30.000
having been 63 "for" to 6"against." It is stated that these bonds will be
incl.
offered for sale as soon as possible.
75,000 drainage bonds. Due from 1932 to 1971, incl.
40,000 bridge bonds. Due from 1932 to 1971, incl.
-BOND OFFERING.
SOUTH BEND, Pacific County, Wash.
-TEMPORARY LOAN.
Sealed bids will be received until noon on Feb. 26, by Charles H. Mills.
WARREN, Worcester County, Mass.
City Clerk, for the purchase of a $250,000 issue of water bonds. Int. rate is The Grafton Co.of Boston, recently purchased a $25,000 temporary loan
not to exceed 6%. payable semi-annually. A certified check for 5% of at 2.44% discoun't. The loan matures Nov. 23 1931 and was bid for by the
the bid is required.
following:
Discount.
Bidder-MATURITY
.-The issue Grafton Co.(purchasers)
2.44%
SPRING LAKE,Monmouth County, N. J.
of $201,_000 5% temporary sewer improvement notes sold at a price of par Faxon,(lade az Co
2.48%
-V. 132, P. 1266
2.52 0
to the First National Bank, of Spring Lake
-matures First National Old Colony Corp
2.870
August 1 1931.
F. S. Moseley & Co
-BOND OFFER(P.O. Jonesboro), Tenn.
-BOND OFFERING.-Orin S.
WASHINGTON COUNTY
STARKE COUNTY (P. 0. Knox), Ind.
-Sealed bids will be received until 1.45 p. m. on Feb. 27 by E. C.
Schuyler, County Treasurer, will receive sealed bids until 2 P. m. on ING.
March 3 for the purchase of $3,600 5% road construction bends. Dated Wallin, Chairman of the County Court, for the purchase of a $500,000
Due
Feb. 15 1931. Denom. $180. Due $180 July 15 1932; $180 Jan. and issue of 5% county bonds. Denom. $1,000. Dated Jan. 1 1931.Bank
in 25 years. Prin. and semi-ann. int. payable at the Chemical
July 15 from 1933 to 1941 incl., and $180 Jan. 15 1932.
& Trust Co. in N. Y. City. A $10,000 certified check must accompany
-BOND OFFERING.- the bid.
SUGARCREEK, Tuscarawas County, Ohio.
Forrest Miller, Village Clerk, will receive sealed bids until 12 m. on Feb.
-The
-BOND SALE.
WATERTOWN, Middlesex County Mass.
28,for the purchase of $15,000 6% coupon Community Hall bonds. Dated
offered on Feb. 13
March 1 1931. Denom. $1,000. Due $1,000 on Oct. 1 from 1932 to 1946, $205,000 4% coupon New Adminstration Vuilding bondsand Blodget, Inc.,
& Webster
incl. Principal and semi-annual interest (April and Oct.) are payable in -V. 132, p. 1077- were awarded to Stoneabout 3.58%. The bonds are
of
Sugarcreek. Bids for the bonds to bear interest at a rate other than 6%, of Boston, at a price of 103.44, a basisfollows: $11,000 from 1932 to 1936
of 1%, will also be considered. A certified dated Feb. 1 1931 and mature Feb. 1 as incl. Bids for the issue were as
expressed in a multiple of
for, payable to the order of the incl., and $10,000 from 1937 to 1951
check for 1% of the amount of bonds bid
follows:
Village, must accompany each proposal.
Rate Bid.
Bidder103.44
.-The First Stone & Webster and Blodgett, Inc. (purchasers)
-NOTE SALE
SYRACUSE, Onondaga County, N. Y.
103.01G
Trust & Deposit Co. of Syracuse purchased on Feb. 19 an issue of $200,000 Eldredge & Co
102.38
tax anticipation notes at 1.61% discount. The notes are dated Feb.20 1931 First National Old Colony Corp
102.639.
and mature June 1 1931. Bids submitted for the issue were reported as R. L. Day & Co
102.930
follows:
Estabrook & Co
Rate. Union Market National Bank, Watertown
102.60
Bidder
First Trust & Deposit Co. (purchaser)
1.61
102.897
Guaranty Trust Co
Chemical Securities Corp., New York
1.75
102.523.
F. S. Moseley & Co
R. W. Pressprich & Co., plus $9 premium
1.98
102.87
Atlantic Corporation
Salomon Bros. & Hutzler
102.80
1.98% Harris, Forbes & Co
F. S. Moseley & Co
2.07% Lang & Dadmun Inc
101.81
S. N. Bond & Co
3.00%
-Elmer R.
-BOND OFFERING.
WAUSEON,
County, Ohio.
TAMA COUNTY (P. 0. Toledo), Iowa.
-BOND SALE.
-A $360,000 George, Village Fulton
sealed bids until 12 in. on March 9 for
Clerk,
Issue of refunding bonds is reported to have been purchased by Geo. M. the purchase of $7,000 5will receivesewer construction bonds. Dated Nov. 1
3 % storm
Bechtel & Co. of Davenport as 430, paying a premium of $3,105, equal 1930. Denom. $500. Due March 1 as follows: $1,000, 1932; $1,500 from
to 100.86.
1933 to 1936 incl. Interest is payable semi-annually in March and Sept.
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT A certified check for 10% of the amount of bonds bid for, payable to the
DISTRICT NO. 1 (P. 0. Fort Worth), Tex.
-BOND OFFERING.
- order of the Village Treasurer, must accompany each proposal.
Sealed bids will be received until 10 a. m.on March 17 by W. K. Stripling,
WERNERSVILLE SCHOOL DISTRICT, Berke County, Pa.
Secretary of the Board of Directors,for the purchase ofan issue of$1,500.000 BOND OFFERING.
-John W. Werner, Secretary of the Board of Directors.
% or 4 % water, series C, bonds. Denom. $1,000. Dated March 15 will receive sealed bids until 8 p. m. on Feb. 26 for the purchase of $85,000
1931. The 4;4% bonds will mature on March 1 from 1935 to 1971, incl., 4;i% coupon
school bonds. Dated Marc 1 1931. Denom.
as will the 4%% bonds also, but differing in amounts on the various ma- $1,000. Due or registeredfollows: $1,000 from 1932 to 1941 incl.; $2,000
March 1 as
turities. Prin. and int.(M. & S.) payable at the Central Hanover Bank & from 1942 to 1946 incl., and $3.000 from 1947 to 1961 incl. Interest is
Trust Co. In New York City. A bid fixing a number of bonds at one rate payable semi-annually in March and September. A certified check for
and a number at another designated rate will not be considered. The 2% of the amount of the bonds bid for, payable to the order of the District
bidder shall have the option to offer premium, or demand discount, at the Treasurer, must
each proposal. The bonds are issued subject
interest rate (or rates) which the bidder may elect to propose. The pur- to the favorable accompanyTownsend, Elliott & Munson of Philadelphia.
opinion of
chaser will be given protection against the issuance of additional bonds at a as to their validity.
time prior to four months next after March 15 1931. Bids must be on
-The
WAUWATOSA, Milwaukee County, Wis.-BOND SALE.
the forms furnished. A $45,000 certified check, payable to the district,
$200,000 issue of 4;4% school bonds offered for sale on Feb. 17-V. 132,
must accompany the bid.
First National Bank of Wauwatosa.. paying
-was purchased by the
P. 1267
TAUNTON, Bristol County, Mass.
-TEMPORARY LOAN.
-BOND
103.12,a basis ofabout 4.12%. Dated Jan. 15
-The $100,000 temporary loan offered on Feb. 17-V. 132, p. a premimn of$6,240,equal to
SALE.
March 15 1932 to 1951, incl.
-was awarded to F. S. Moseley & Co., of Boston, at 2.15% discount. 1931. Due $10,000 from
1267
The following is an official list of the bids received:
The loan is dated Feb. 18 1931 and matures Nov. 19 1931.
$6,240.00
of Wauwatosa
.-The city sold on the same day an issue of $27,000 4% *First National Bank
BOND SALE
Alternate
-Ten bonds each year. commencing March 15 1932
river improvement bonds to R. L. Day & Co., of Boston, at 101.349. a
and continuing to and including March 15 1941, bearing
basis of about 3.69%. The bonds are dated Dec. 1 1930 and mature $3,000
interest at the rate of 4;4%, and ten bonds each year, comon Dec. 1 from 1931 to 1939 incl.
mencing March 15 1942 and continuing to and including
Bids for both the temporary loan and the bond issue were as fellows:
250.00
March
1951, bearing interest at the rate of 4%
Temp.Loan Bond Issue. A. C. Allyn 15 Co
5,310.00
&
Discount,
BidderRate Bid,
2,040.00
Alternate
-Bearing interest at rate of 454%
2.15%
F. S. Moseley & Co.(awarded temporary loan)
5,537.00
Ames, Emerich & Co., Inc
First National Old Colony Corp
5,725.00
The City Bank
2 47%
2 195%
W.0. Gay Sc Co
First Detroit Co., Detroit; Wells-Dickey Co., Minneapolis, and
R. L. Day & Co. (awarded bond issue)
3,957.54
101.349
The Milwaukee Co., Milwaukee
Eldredge & Co
4,811.00
101.268
First Union Trust & Savings Bank
Wise, Hobbs & Arnold
100.91
5,060.00
Halsey. Stuart & Co
Estabrook & Co
100.08
Hill, Joiner & Co., Inc
6,206.00
5,042.91
THOMASVILLE, Clarke County, Ala.
-BONDS NOT SOLD.
-The Marine National Exchange Bank
6,233.00
two issues of 6% semi-ann. bonds aggregating $31,000, offered on Feb. 11 Wauwatosa State Bank
2,922.00
-were not sold as there were no bids received. The issues The White-Phillips CO., Inc
V. 131, p. 4247
* Successful bid.
are as follows:
$21,000 water works bends. Due from Nov. I 1931 to 1956 Incl.
-BOND SALE.
WELLESLEY, Norfolk County, Mass.
-The following
10,000 funding bonds. Due $500 from Nov. 1 1931 to 1950 incl.
issues of 4% coupon bonds aggregating $120,000 offered on Feb. I6
-Y.
a tender of 102.80. This was followed by a figure of 102.638 named by
R. H. Moulton & Co., Harris, Forbes & Co. the First Securities Co. of
Los Angeles and the Bankers' Co. The Chase Securities Corp. and a
group made up of Kissel, Kinnicutt & Co.. Roosevelt & Son and Tucker,
Hunter, Dulin & Co. offered 102.321.
A figure of 102.303 was offered by the Guaranty Co., the ForemanState Corp., R. L. Day & Co.; Ames, Emerich & Co.; H. L. Allen & Co.;
Rutter & Co.; Hannahs, Bailin & Lee' the First National Co. and Smith,
Camp & Co. R. W. Pressprich & Co., together with Phelps, Fenn &
Co. and the American Securities Co. of Los Angeles offered 102.18. An
even figure of 102 was submitted by the National City Co.; Weedert & Co.;
Kean, Taylor & Co.; Wallace, Sanderson & Co.; the Mercantile Commerce
Co., and William Cavalier & Co.
Lehman Brothers and a syndicate composed of Kountze Brothers, Estebrook & Co.: Emanuel & Co.; F. S. Moseley & Co.; the Wells-Fargo Bank
& Trust Co.; Dean S itter it Co.; Heller, Bruce & Co.; the Mississippi
Valley Co.; Item Brothers & Co., and the Wells-Dickey Co.. named a
price of 101.925. Halsey ,Stuart & Co. and the Bancamerica-Blair Corp.,
E. II. Rollins & Son. Stone & Webster and Blodget, Inc., George B.
Gibbons & Co.Inc., and the Crocker-First National Bank a San Francisco offered 10'1.865.
SAYBROOK TOWNSHIP RURAL SCHOOL DISTRICT, Ohio.
BOND SALE.
-W. E. Kershner, Secretary, informs us that the State
Teachers Retirement System of Columbus, purchased on Nov. 13 last an
issue of $55.000 4;4% coupon school building constr. bonds at a price of par.
Dated Jan. 20 1930. Denoms. $4,000, $2,000 and $1500. Due serially
on March 1 from 1932 to 1945 incl. Int, is payable semi-annually in March
and Sept.
-We are in-BOND SALE.
SCAPPOOSE, Columbia County, Ore.
formed that a $50,000 issue of school building bonds has recently been purchased jointly by Smith, Camp & Co. and the United Oregon Corp., both
of Portland.
-The
SCOTTDALE, Westmoreland County Pa.-BOND SALE.
'
$135,000 4;4% coupon funding bonds offered on Feb. 13-V. 132, p.892were awarded to E. H.Rollins & Sons,of Philadelphia,at a price of 103.4113,
a basis of about
The bonds are dated Feb. 1 1931 and mature
Aug. 1 as follows: $5,000in 1932 and $10,000 from 1933 to 1945 incl. Bids
3.95%'
for the issue were as follows:
Rate Bid.
103.4113
B. H. Rollins & Sons (purchasers)
H.
103.131
Mellon National Bank Pittsburgh
Prescott Lyon & Co., and Glover, MacGregor & Cunningham,
102.918
jointly
102.887
First National Bank of Scottdale
102.429
Manufacturers & Traders Trust Co., Buffalo
J. Ii. Holmes & Co., Pittsburgh
101.563
SHADYSIDE VILLAGE SCHOOL DISTRICT, Belmont County,
coupon school bonds offered on
Ohlo.-BOND SALE.
-The $170,000
Feb. 9-V. 132, p. 892
-were awarded as 5;4s to Assel, Geetr & Moerlein,
Inc., of Cincinnati at par plus a premium of $100, equal to 100.05, a basis
of about 5.49%. The bends are dated Jan. 1 1931 and mature Sept. 1 as
follows: $8,000 from 1932 to 1941 incl. and $9,000 from 1942 to 1951 inci.
1464
FINANCIAL CHRONICLE
132, P. 1267
-were awarded to the Atlantic Corp., of Boston, at 103.066,
a basis of about 3.54%:
$60.000 sewer extension bonds. Due $4,000 on March 1 from 1932 to
1946, incl.
60,000 water extension bonds. Due $4,000 on March 1 from 1932 to
I.
1946, incl.
Each issue is dated March 1 1931.
The following is a complete list of the bids submitted for the issue:
BidderRate Bid.
Atlantic Corp. (purchaser)
103.066
R.L. Day & Co
103.019
Estabrook & Co
102.828
Stone & Webster and Blodget, Inc
102.81
Wellesley Trust Co
102.78
Harris, Forbes & Co
102.661
Guaranty Trust Co.(New York)
102.517
Eldredge & Co
102.473
Shawmut Corp
102.425
Wellesley National Bank
102.465
First National Old Colony Corp
102.46
C. P. Nelson & Co
102.08
WELLINGTON SCHOOL DISTRICT (P. 0. Wellington) Larimer
County, Colo.
-BOND SA LE.
-A $28,000 issue of 4 X% refunding school
bonds has recently been purchased by Heath, Larson & Co. of Denver, at a
price of 101.00, a basis of about 4.64%. Denom. $1,000. Dated Sept. 1
1931. Due from 1937 to 1951. incl. Int. payable Sept. 1.
-It is
WESTHOPE, Bottineau County, N. Dak.-BOND SALE.
reported that two Issues of bonds aggregating 323,000, have recently been
purchased by the State Board of University and School Lands. The issues
are as follows: $15,000 sewer, and $8,000 water main bonds.
WEST SAYVILLE FIRE DISTRICT (Islip), P.0. Sayville, Suffolk
-In connection with the
-FINANCIAL STATEMENT.
County, N. X.
scheduled sale on Feb. 24 of $60,000 not to exceed 6% int. coupon or registered fire district bonds, notice and description of which appeared in
V. 132, p. 1267
-we have received the following:
Financial Statement.
Valuations
$9,000,000.00
Actual valuation
3,210,593.00
Assessed valuation, 1930
Debt
60,000.00
Bonded debt (this issue only)
Population: 1930 estimated, 2,000.
-LIST OF BIDS.
-The followWEYMOUTH, Norfolk County, Mass.
ing is a list of the bids received on Feb. 13 for the purchase of the $200,000
temporary loan awarded to the Hingham Trust Co. of Weymouth, at
2.22% discount -V. 132. p. 1267.
Discount.
Bidder2.22
Hingham Trust Co.(purchaser)
Grafton Co
2.31
2.32
First National Old Colony Corp
Merchants National Ba of Boston
2.37 0
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND OFFER-Eugene E. Glassley, County Treasurer, will receive sealed bids until
ING.
6
,
10 a. m. on Feb. 28 for the purchase of $8,240 43 % road constr. bonds.
Dated Feb. 15 1931. Denom. $412. Due $412 July 15 1932: $412 Jan.
and July 15from 1933 to 1941 incl., and $412 Jan. 151942.
WHITEHOUSE INDEPENDENT SCHOOL DISTRICT (P.O. White-BONDS REGISTERED.
-A $3,000 issue
house), Smith County, Tex.
of 5% school, series 1931 bonds was registered by the State Comptroller
on Feb. 11. Denom. $75. Due serially.
-BOND OFFERING.
WICHITA, Sedgwick County, Kan.
-Sealed
bids will be received until 2 p. m.on Feb. 24 by C. C. Ellis, City Clerk, for
the purchase of three issues of bonds aggregating $449,221.14, divided as
follows:
% paving and sewer bonds. Dated Feb. 1 1931. Due on
$213,103.93
Feb. 1 as follows: $21,103.93 in 1932; 121,000. 1933 to 1935;
$22,000. 1936 to 1938, and $21,000, 1939 to 1941, all incl.
Interest payable (F. & A.).
206,117.21 4 X % sewage disposal bonds. Dated Feb. 1 1931. Due on
Feb. 1 as follows: $10,117.21 in 1932; $10,000, 1933 to 1938;
$11,000, 1939 to 1944, and $10,000, 1945 to 1951, all incl.
Interest payable (F. & A.).
30.000.004% refunding bonds. Dated March 1 1931. Due $3,000
from March 1 1932 to 1941 incl. Int. payable(M. & S.).
Prin. and int, payable in Topeka. Legal opinion not furnished. A
certified check for 2% of the total bid is required. All bids will be received
subject to the following conditions:
First: That the said bonds are required by law to be submitted to the
State School Fund Commission, which Commission has the option to take
or reject the same. If taken in whole or part by said School Fund Commission, the bonds so taken will not be included in this sale. Each bidder is
required to state whether his bid covers the whole or part of the said bonds.
or whether he will take such portion thereof as has not been taken by the
State School Fund Commission.
Second: No bid will be given any consideration unless the same is prepared and submitted on blanks to be obtained from the city clerk.
Third: All proposals and bids are subject to the right of the Board of
Commissioners of the City of Wichita to reject any and all bids.
-SECOND ELECTION
WICHITA FALLS, Wichita County, Tex.
CALLED.
-On March 4, another election will be held to have the voters
pass upon the proposed issuance of $1,000,000 in water system bonds.
-but a group of citizens
hese bonds were voted on Jan.20-V. 132, p. 892
protested irregularities and the election was held invalid.
-NOTE OFFERING.
WILDWOOD, Cape May County, N. J.
-Sealed
bids addressed to Robert J. Kay, City Treasurer, will be recived until
2:30 p. m. on Feb. 24 for the purchase of $150,000 tax revenue notes.
Dated Dec. 15 1930. Denom. 525.000. Due Dec. 15 1931. Principal
and interest payable in Wildwood. The notes will be sold at par. Bidder
to name rate of interest for the notes, expressed in a multiple of 1-100 of
1%, and the bid specifying the lowest rate of interest will be accepted.
The approving opinion of Caldwell & Raymond, of New York, will be
furnished by the City.
._
WILKINSBURG SCHOOL DISTRICT, Allegheny County, Pa
-The $150,000 4X,% coupon school bonds offered on
BOND SALE.
-were awarded to It. M. Snyder & Co., of Philap. 893
Feb. 16-V. 132.
delphia, at par plus a premium of 52.809.90, equal to 101.87, a basis of
about 3.89%. The bonds are dated Feb. 1 1931 and mature Feb. 11961.
The bonds are said to be legal investment for savings banks and trust
funds in Pennsylvania and New York and are being reoffered by the successful bidders for general investment priced to yield 3.85%•
the issue:
The following is an official list of the olds submitted forRate.
Int.
Premium.
Bidder4%
$2,809.90
B. M. Snyder & Co., purchasers
4%
217.50
City Co. Philadelphia---.
National
4%
775.05
Mellon National Bank, Pittsourgh
4%
455.00
Prescott, Lyon & Co., Pittsburgh
1,166.00
4
Glover, MacGregor & Cunningham, Inc., Pittsburgh- 0
40
1,478.00
J. H. Holmes & Co., Pittsburgh
4%
939.15
Peoples-Pittsburgh Trust Co., Pittsburgh
x100.519
Harris, Forbes & Co., Philadelphia
Par
First National Bank, Wilkinsburg
47;
945.00
A. B. Leach & Co., Philadelphia
4
471.30
E. H. Rollins & Sons, Philade.phia4
405.00
Graham. Parsons & Co., Philadelphia
4 0
x100.14
M. M. Freeman & Co., Philadelphia
4)49'
x104.012
Manufacturers & Traders Trust Co., Buffalo
4 X%
5,767.95
Stetson & Blackman, Philadelphia
x Per $100 bond.
-BOND OFFERWILLIAMSON COUNTY (P. 0. Franklin), Tenn.
ING.
-Sealed bids will be received by J. F. Mays,County Judge,until noon
on Feb. 25, for the purchase of a $50.000 issue of road bonds. Int. rate
is not to exceed 431%. Denom. $1.000. Dated March 151931. Due on
March 15 as follows: $40,000, 1936: $50,000, 1941 and 1946; $60,000, 1951;
$70,000, 1956, and $80,000 in 1961. Prin. and int. (M. & SO Payable at
the office of the County Trustee, or at the Chase National Bank in N. Y.
City. Purchaser may investigate legality. Authority for issuance: Chap.
94, Private Acts of the General Assembly, passed Jan. 28 1931, approved
Jan. 29 1931. A $500 certified check, must accompany the bid.
[VOL. 132.
-BOND SALE.
WILMINGTON, New Castle County, Del.
-The
$200,600
% coupon or registered sinking fund bonds offered on Feb.
16-V. 132, p. 1268
-were awarded to Phelps, Fenn & Co., of New York,
at a price of 101.78. a basis of about 3.97%. The bonds are dated April
1 1931 and mature as follows: $20,000 April and Oct. 1 in 1936 and 1937,
and $15,000 April and Oct. 1 from 1938 to 1941, incl. The successful
bidders are reoffering the bonds for general investment at prices to yield
3.75% for the 1936 maturity, 3.80% for the 1937 maturity, and 3.85%
for the bonds due from 1938 to 1941, incl. The securities, in the opinion
of the bankers, are legal investment for savings banks and trust funds in
New York, Massachusetts and other States, and are direct and general
obligations of the entire city, payable from unlimited ad valorem taxes
levied against all the taxable property therein.
The following is an official list of the bids submitted for the issue:
Rate Bid.
BidderPhelps, Fenn & Co. (purchasers)
101.78
Salomon Bros. & Hutzler, New 'York
101.47
Wallace, Sanderson & Co., New York, and Otis & Co., Cleveland,
jointly
101.53
First Detroit Co.,Inc., Detroit
101.309
Roosevelt & Son, New York
100.318
M. M. Freeman & Co., Inc., New York
101.55
E. H. Rollins & Sons New York
101.22
Laird, Bissell & Moods, Wilmington, and Harris, Forbes & Co.,
New York, Jointly
101.37
Union National Bank, Wilmington
101.51
-MATURITY.
-The $175,000 issue
WILSON, Wilson County, N. C.
of water anticipation notes that was purchased by the Provident Savings
Bank & Trust Co. of Cincinnati, as 434s, at a price of 100.009-V. 132.
P. 1268-Is due on Aug. 2 1931, giving a basis of about 4.73%.
-Sealed
WILSONVILLE, Furnas County, Neb.-BOND OFFERING.
bids will be received until March 2 by C. A. Hall, City Clerk, for the purchase of a $20,000 issue of refunding bonds. Purchaser is required to
furnish the printed bonds and legal opinion.
-The
WINNEBAGO, Thurston County, Neb.-BOND DETAILS.
$10.000 issue of5% funding bonds that was reported sold-V.132, p. 1268
was awarded at par to Wachob, Bender & Co. of Omaha. Due in 20 years,
Optional in five years.
-TEMPORARY LOAN.
WOONSOCKET,Providence County, R. I.
S. N. Bond & Co., of Boston, have purchased a $700,000 temporary loan
at 4.40% discount. The loan matures Oct. 10 1931.
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
The Shawmut Corp.. of Boston, is said to have purchased on Feb. 16 a
$1,000,000 temporary loan, dated Feb. 17 1931 and due Nov. 18 1931, at
1.999' discount. Denoms. $50,000. $25,000 and $10,000. Payable at
the First National Bank, of Boston, or at the First of Boston Corp., New
York. Legality approved by Storey, Thorndike, Palmer SC Dodge, of
Boston. Bids reported to have been submitted for the loan follow:
Discount.
BidderShawmut Corp. (Purchaser)
1.99%
2.135%
Worcester County National Bank
2.14
Salomon Bros.& Hutzler,Plus $7 premium
2.18
Blake Bros. & Co
WURTLAND SCHOOL DISTRICT (P. 0. Wurtland), Grayson
-Sealed bids will be received until
County, Ky.-BOND OFFERING.
7:30 p. m. on Feb. 26 by Clifford Stafford, Secretary of the Board of
Education, for the purchase of a $20.000 issue of 6% semi-ann. school
bonds. Denom. $1,000. Due from 1932 to 1951 incl. A $500 certified
check, payable to the Board of Education, must accompany the bid.
-NOTE SALE.
-Charles E.
YONKERS, Westchester County, N. Y.
Stahl, City Comptroller, reports that the Guaranty Co. of New York
was the successful bidder on Feb. 17 for the purchase of an issue of $1,500,000 tax anticipation notes. The purchasers bid an interest rate of 2.09%
for the issue, which is dated Feb. 20 1931 and matures Oct. 20 1931.
Legality approved by Hawkins, Delafield & Longfellow, of New York.
Offers received were as follows:
Int. Rate.
Bidder2.09%
Guaranty Co. of New York (purchasers)
2.11%
premium)
Barr Bros. & Co., Inc. (Plus $9
2.11%
R. W. Pressprich & Co
Bankers Co. of New York and the First National Old Colony Corp.,
2.18
Jointly (plus $32 premium)
2.19
Salomon Bros. & Hutzler
2.24
Co
S. N. Bond &
2.44
Richard P. Whitney & Co
CANADA, its Provinces and Municipalities.
-The $27,000 5% Improvement
BELLEVILLE, Ont.-BOND SALE.
-were awarded to Dyment,
bonds offered on fob. 18-V. 132, p. 1268
Anderson & Co., of Toronto, at a price of 101.42, a basis of about 4.86%.
The bonds are dated Dec. 1 1930 and mature $900 on Dec. 1 from 1931 to
1960, inclusive.
-Bell, GouinBRANTFORD,Ont.-ADDITIONAL INFORMATION.
lock & Co., of Toronto, were associated with the Canadian Bank of ComToronto, in the purchase recently, of an issue of $426,000 434%
merce, of
-V. 132. p. 1268. The city received a price of
water works plant bonds.
0.
95.83 for the issue, the net interest cost of the financing being about 4.817
The bonds are dated Dec. 15 1930 and mature Dec. 15 as follows: $13,500.
1941; $14,000, 1942; 515,000. 1943; $15,500. 1944; $16,000, 1945: $17.000.
1946; $17,500, 1947; 518,500. 1948; $19,500, 1948; $20,000, 1950; 821,000,
1951; $22,000, 1952; 323,000, 195:3; $24,000J 1954: 525,000. 1955; $26,500.
1956; 1527,500, 1957; 529,000, 1958; $30,000 in 1959, and $31,500 in 1960.
The following is an official list of the bids submitted for the issue:
Rate Bid.
BidderCanadian Bank of Commerce & Bell, Goulnlock & Co.,Ltd.(Purch.)_95.83
95.772
Royal Bank and Gairdner & Co., Ltd., Jointly
95.639
Wood, Gundy & Co., Ltd
95.579
R. A. Daly & Co.. Ltd. and Matthews & Co., Ltd., jointly
95.57
Dominion Securities Corp., Ltd
Fr Mills, Spence & Co., Ltd. and Dyment, Anderson & Co.. Ltd.
95.54
jointly
95.52
Harris, MacKeen & Co., Ltd
95.343
C. H. Burgess & Co., Ltd
95.268
A. E. Ames & Co.& Dominion Bank
95.197
Bank of Montreal
95.149
J. L. Goad St Co.and Cochran & Co., Ltd., jointly
94.29
H. R. Bain & Co., Ltd
-115.000,000 BONDS SOLD.
BRITISH COLUMBIA, Province of.
A group composed of Dillon, Read & Co. of New York; A. E. Ames & Co.;
Wood, Gundy & Co., Inc.; the Dominion Securities Corp.: the Canadian
Bank of Commerce, and the Royal Bank of Canada, all of Canada, recently
purchased an issue of $5,000,000
% coupon or registered non-callable
bonds at a price reported to be 98.40, a basis of about 4.519'. The bonds
are dated Feb. 15 1931 and mature Feb. 15 1936. Denom. $1,000. Prin.
and semi-ann. int. (Feb. 15 and Aug. 15) payable in United States gold
dollars in N. Y. City; also payable at the holder's option in Canadian
gold dollars in Canada. Proceeds of the issue will be used to refund outstanding Treasury bills. The purchasers are re-offering the bonds for
general investment priced at 99.33 and int., to yield 4.409'. They are
said to be legal investment for savings banks in Connecticut, Maine,
New Hampshire, and Vermont. Legality to be approved by E. G. Long
of Toronto.
-BOND SALE.
-Fry, Mills, Spence &
BURNABY DISTRICT, B. C.
Co., of Toronto, and Victor W. Odium Brown & Co., of Vancourver,
Jointly, recently purchased $342,466 59' improvement bonds at a price of
100.29, a basis of about 4.98%. The bonds are dated Jan. 31 1931 and
mature as follows: $27,550 Jan. 2 1941: $145,000 Jan. 31 1946; $59,916
March 31 1961, and $110,000 Jan. 31 1961. Bids submitted for the bonds
were reported as follows:
Bid.
Bidder-R4100te
Fry, Mills, Spence & Co.; Odium, Brown & Co
109..717
9 17
0
Pemberton & Son
Wood, Gundy & Co.;
Bell, Gouinlock & Co.; McLeod, Young, Weir & Co
98.621
Royal Financial Corp.; Read Bros. & Co
-J. E. Derziel, SecGRAND 'MERE, Que.-BOND OFFERING.
March 2, for the
retary-Treasurer, will receive sealed bids until 4 p. m. on
purchase of $150,000 5% local improvement bonds. Due annually on
FEB. 211931.]
.
i
FINANCIAL CHRONICLE
Feb. 1 from 1932 to 1961, incl. Principal and semi-annual
interest (Feb.
and Aug.) are payable at the Banque Canadienne
National, Grand 'Mere,
Montreal or Quebec or at the Bank of Montreal. of
Toronto.
HAWKESBURY, Ont.-BOND OFFERING.
'
-Sealed bids addressed to
Eugene Paquette, Town Clerk,
be
for the purchase of $16,580.37 will % received until 8 p. m. on March 2,
5
bonds issued to provide funds to
redeem a similar amount of bonds maturing during this
year. The bonds
now offered mature in 20 installments.
LONDON, Ont.-BOND SALE.
-The $1,218,300 improvement bonds
offered on Feb. 16-V. 132, p. 1268
-were awarded
A. E.
Co. of Toronto and the Bank of Nova Scotia jointly atto price Ames &
a
of
plus accrued interest. A syndicate composed of the Canadian 101.025
Bank of
Commerce, R. A. Daly & Co., and Fry, Mills. Spence & Co., submitted
a tender of 101.046 for the issue, without provision,
however,
payment of accrued interest, and the City Council, following the for the
opening
of the tenders received, would not permit the group
to
include the payment of accrued interest. The bonds amend its bid to
are described as
follows:
$40300 5% breakwater (West London) bonds. Due Oct. 1 as
follows:
$1,000 from 1931 to 1935 incl., $2,000 from 1936 to 1945
incl., and $3.000 from 1946 to 1950 incl. Dated Oct. 1 1930.
16,000 5% police station bonds. Due Oct. 1 as follows: $500
from
1931 to 1938 incl., and $1,000 from 1939 to 1950 incl. Dated
Oct. 1 1930.
90,000 5% London College addition bonds. Due Oct.
1 as follows:
$33,000 from 1932 to 1936 incl., $4,000 from 1937 to 1941 incl.,
$5,000 from 1942 to 1945 incl., $6,000 from 1946 to 1948
incl., and $7,000,
197.000 5% London Collegiate1949 and 1950. Dated Oct: 1 1930.
Institute bonds. Due Oct. 1 as follows:
$6,000 in 1931 and 1932, 57,000 from 1933 to 1935 incl., $8,000
from 1936 to 1938 incl., $9,000, 1939 and 1940; $10,000, 1941
and 1942: $11,000, 1943 and 1944; $12.000, 1945 and
1946:
$13,000, 1947: $14,000, 1948 and 1949, and $15,000 in 1950.
Dated Oct. 1 1930.
25,000 5% London Collegiate Institute bonds. Due Oct.
1 as follows:
$1.000 from 1931 to 1945 incl., and $2,000 from 1946 to 1950
• incl. Dated Oct. 11930.
17.300 5% public school bonds. Due Oct. 1 as follows: $300.
$500 from 1932 to 1935 incl., and $1,000 from 1936 to 1931:
1950
incl. Dated Oct. 1 1930.
75,000 5% public school bonds. Due Oct. 1 as follows:
$2,000. 1931
and 1932; $3,000 from 1933 to 1939 incl.; $4,000 from 1940 to
1945 incl.; $5,000 from 1946 to 1949 incl., and $6,000. 1950.
Dated Oct.
198.000 5% high school 11930. Due Oct. 1 as follows:
bonds.
$6,000, 1931 and
1932; $7030 from 1933 to 1935 incl.; $8,000. 1936 and 1937:
$9,000 from 1938 to 1940 incl.; $10,000. 1941 and 1942:
311,000, 1943 and 1944; $12,099. 1945 and 1946; 313.000,
1947: $14.000. 1948 and 1950, and $15,000, 1950. Dated
Oct. 11930.
162,000 5% public school bonds. Due Oct. 1 as follows:
$5,000.
$6,000 from 1933 to 1936 incl.; $7,000 from 1937 to 1939 1932:
incl.;
$8,000. 1940 and 1941; 39,000. 1942 and 1943; 310.000 from
1944 to 1946 incl.; $11,000, 1947; $12,000 in 1948 and 1949,
and $13,000, 1950. Dated Jan. 1
115,000 5% sewage disposal works bonds. Due1930.1 as follows:
Oct.
$3,000,
1931; $4,000 from 1932 to 1936 incl.; $5,000 from 1937 to 1940
Incl.; $6,000 from 1941 to 1943 incl.,• $7,000 from 1944 to
1946 Incl.' $8,000 from 1947 to 1949 incl., and 39.000 in
1950. Dated Oct.
104,000
% SPringbank Dam 1 1930. Due Dec. 31 as follows:
bonds.
85.000.
1931: 34.000, 1932: 86,000, 1938; $7,000, 1939; 38.000 from
1940 to 1942 incl.: 39,000. 1943 and 1944; 310,000, 1945 and
1946; $11,000. 1947, and _$9,000 in 1948.
140,000
% police office bonds. Due April 1 as follows: $5.000,
1932 and 1933; $6,000 from 1934 to 1936 incl.• $7,0 from
00
1937 to 1940 incl.; $8,000 from 1941 to 1943 Incl.; 39,000.
'
1944 and 1945; 310,000. 1946 and 1947; 311.000 in 1948 and
.1949.
39,000 5% Nurses' Home bonds. Due Dec. 31 as follows: $1,000 from
1931 to 1934 incl., $2,000 from 1935 to 1944 incl., and $3,000
from 1945 to 1949 incl.
Interest on all of the above bonds is payable semi-annually. James S.
Bell, City Treasurer, forwards the following complete list of the bids submitted at the sale:
PO BidderRate Bid.
Canadian Bank of Commerce; R. A. Daly & Co., and Fry, Mills,
Spence & Co
*101.046
A. E. Ames dc Co. and Bank of Nova Scotia. jointly
al01.025
Wood, Gundy & Co
C. II. Burgess & Co • Dgment, Anderson & Co.; Gairdner & Co., 100.879
Ltd. and Flannaford irks & Co.,jointly
100.713
Dominion Bank; Matthews & Co., and Hanson Bros.. jointly- 100.537
Bank of Montreal and Dominion Securities Corp.. Ltd., jointly
100.479
McLeod, Young, Weir & Co., Ltd., and Bell, Gouinlock & Co..
Jointly
100.440
Royal Bank and W. C. Pitfield & Co
100.317
* Status of this bid explained in the first part of this item. a Successful
bidders.
OTTAWA, Ont.-BOND SALE.
-The following
bonds aggregating $1.176,441.49 offered on Feb. issues of 4 % coupon
12-V. 132,
were awarded to a group composed of the Dominion Securities13• 1078
Corp. of
Toronto; Nesbitt, Thomson & Co., Montreal;the Imperial Bank of Canricla,
of Toronto; and Edward Lowber Stokes &
Co., of Philadelphia, at a price
of 99.238, a basis of about 4.62%;
$523,000.33 improvement bonds. Due on July 1 from 1931 to 1950, incl.
421,595.54 improvement bonds. Due on July 1 from 1931
to 1945, incl.
181.845.62 improvement bonds. Due on July 1 from 1931 to 1940, incl.
50,000.00 improvement bonds. Due on July 1 from 1931 to 1960, incl.
All the bonds are payable as to both principat and semi-annual
interest
(J. & J.) either in Ottawa, Montreal, Toronto and New
bonds in denoms. of $1,000 and $500, registerable as to York. Coupon
principal. The
successful bidders are reoffering the bonds for general investment
as follows:
the 1938 to 1942 maturities are priced at 100.25 and interest,
and
to 1960 maturities are priced at 100 and interest; plus Federal the 1943
tax in each instance. The 1931 to 1937 maturities were marketedtransfer
shortly
after the award.
The "Financial Post" of Toronto in its issue of Feb. 19
reported the bids
submitted for the bonds as follows:
1•••• BidderRate Bid.
Dominion Securities Corp. and Imperial Bank
n99.238
Wood,Gundy & Co.and Royal Bank
Bank of Montreal, First National Bank of New York and A. E. 98.90
Ames Sz Oo
98.69
Gairdner & Co., Hannaford Birks & Co., C. H.
Burgess & Co- and
DrurY & 00
98.412
McLeod, Young, Weir & Co.; Bell, Gouinlock & Co., and
W.0.
Pitfield & Co
98.31
Canadian Bank of Commerce, Greenshields & Co.. R. W.
Preasprich
& Co.(N. Y.).and Matthews & Co
98.166
Dyment, Anderson & Co.; Mead St Co.;and Fleming,Denton
& Co- 98.164
Fry. Mills,Spence & Co.;and Chemical Securities Corp.
(N.
Bank of Nova Scotts., R. A. Daly & Co.,and Hanson Bros Y.)_,..._ 98.158
98.116
National City Co.and Harris Forbes & Co
98.079
Royal Securities Corp. and Bancamerica-Blair Corp
98.711
Nesbitt, Thomson .t Co.;E. Lowber Stokes & Co.(Phila.)
*99.278
• Bid was rejected because of irregularity: the tenderers then
with the Dominion Securities Corp.. and the Imperial Bank ofjoined forces
Canada, the
successful bidders. a Accepted bid.
P" ST. JOHN (City and County of), N. B.
-BOND SALE.
-Wood,
Gundy & Co., of Toronto, were the successful bidders on Feb. 20.
purchase of $1,300,000 41i% general hospital construction bonds for the
offered
for sale, according to report. Price paid not disclosed. The bonds
are
dated Jan. 2 1931 and mature Jan. 2 1971. These are the bonds
all of the bids received at a previous offering on Jan. 20 werefor which
rejected.
A list of the offers received appeared in-V. 132, p. 893.
ST. HYACINTHE, Que.-BELATED BOND BALE REPORT.
Secretary-Treasurer of the Board of School Commissioners informs -The
an issue of $48,000 54% coupon school building constr. bonds was us that
June 1 1930 to the Credit Anglo-Francais, Ltd., of Montreal, at a sold on
price of
99.37. The bonds are dated June 1 1930 and mature serially up until
1959.
Interest is payable semi-annually in June and Dec. Denoms. $1,000
and
$500.
1465
SASKATCHEWAN, Province of.
-NOTE SALE.
-A syndicate composed of the Dominion Securities Corp.: A.
& Co.; the Royal Bank of Canada. and the E. Ames & Co.; Wood, Gundy
Canadian Bank of Commerce,
recently purchased at private sale an issue of
to provide funds for various improvement $3,000,000 3 % notes,issued
Feb. 16 1931 and mature Feb. 16 1932. purposes. The notes are dated
They
investment for savings banks in Connecticut, are reported to be len1
Maine, New
Vermont, and are being re-offered for general
Hampshirend
investment, priced to
SHERBROOKE, Que.-BOND SALE.
--The following issues of 5%
bonds aggregating 353 ,2 500 offered on Feb. 16-V.
132.
-were
awarded to the Dominion Securities Corp. of Toronto, p. 1268
and the Royal
aBankboutof C .
4 7knada, of Montreal, jointly, at a price of
.8
101.287, a basis of
$445,000 improvement bonds. Dated March 1 1931. Due
March 1 from
1932 to 1961 incl.
87,500 improvement bonds. Dated Feb. 1 1931. Due Feb.
1 from 1932
to 1951 incl.
Principal and semi-annual interest payable in Montreal,
Quebec and
Sherbrooke. Coupon bonds in denoms. of $1.000 and $500, with
provision
for registration as to principal. The successful bidders
1937 to 1961 maturities for general investment priced to are reoffering the
yield 4.75%, plus
Federal transfer tax. The 1932 to 1936 maturities were sold
immediately
following the award.
The following is an official list of the bids submitted for the
bonds:
BidderRate Bid.
Gairdner & Co.,and 0.H.Burgess Co
100.632
W.C. Pitfield & Co
Banque Canadienne Nationale, Rene T. Leclerc, Inc.; Credit Anglo-100.43
Francais,and Ernest Bayard, Ltd.,jointly
99.78
Hanson Bros.,and Mead & Co.,jointly
100.30
Geoffrion & Co.,and Banque Provincial°, Jointly
98.81
McLeod,Young, Weir & Co
100.13
Wood Gundy & Co.,and Hannaford flicks & Co., Ltd.,jointly
100.687
Bank of Montreal,and A.E.Ames & Co.,jointly
101.078
Cana
Canadian Bank of Commerce.and Bell, Gouinlock
101.18
Co.. Jointly
Domideon Securities Corp.. and. Royal Bank of Canada (successful
bid nirs
)
101.287
Pry. Mills,Spencer & Co.,Ltd
101.03
SIMCOE, Ont.-BOND SALE.
-The Dominion Securities Corp. of
Toronto, has purchased an issue of 378,544 5% impt. bonds at a pries of
100.27, a basis of about 4.977. Due in 20 installments. Bids reported
to
havebeensubmitted for the Issue are as follows:
BidderDominion Securities Corp
ft:4190211
Gairdner & Co
Canadian Bank of Commerce
99.55
TORONTO, Ont.-BOND OFFERING.
-Sealed bids addressed to
William J. Stewart, Mayor, and Chairman of
Board of Control, will be
received until 12 m. (Eastern standard time)the Feb. 24 for the
purchase
of all of $4,836,000 4 3. % serial bonds, dividedon follows:
as
$1,433,000 hydro-electric system bonds. Due serially in
20 years.
1,441,000 parks and playgrounds bonds. Due serially in 30 years.
608,000 public school bonds. Due serially in 30 years.
435,000 school, Commercial division, Northern Vocational bonds. Due
serially in 30 years.
431,000 fire system (high pressure) bonds. Due serially in 20 years.
233,000 waterworks bonds. Due serially in 30 years.
191,000 sewer bonds. Due serially in 30 years.
64,000 sewer mains bonds. Due serially in 30 years.
All of the above bonds are dated Feb. 2 1931 and will be issued in coupon
form, with provision for registration of principal, in $1,000 denoms. The
entire offering of $4,836,000 bonds matures annually on Feb. 1 as follows
8109.000. 1932; $112.000 1933; 3118,000, 1934; 3123,000, 1935; $129,000
1936; $134,000, 1937; $141,000, 1938; $147,000, 1939; $153,000, 1940
$162,000, 1941; $169,000, 1942; 8175,000, 1943; 3182.000, 1944
3193.000, 1945; $202,000, 1946; $209.000. 1947: $218,000, 1948: $229,000
1949; $238.000, 1950: 3248,000, 1951; 3118,003, 1952 $124_,000, 1953
$128,000, 1954: $135,000, 1955; $141,000, 1956: $145,000. 1957; $152,000
1958; 3160.000 1959; $167,000 in 1960, and $175000 in 1961. Approximate
average maturity 16.1 years. Principal and semi-annual interest (Feb. and
August) are payable in Toronto, or, at the option of the holder, in London,
England, at the fixed rate of $44.86 2-3 to the pound sterling, or in
coin of the United States of America of the present standard of weightgold
and
fineness at the agency of the Canadian Ban't of Commerce in New York
City. The bonds will be ready for delivery on March 2, at which time
payment with accrued interest is to be made in Canadian funds at the
office of George Wilson, Commissioner of Finance. Bids must be for the
entire offering and be accompanied by a certified check for
Ear value of the bonds, payable to the order of the Commissioner 2% of the
of Finance.
The legality of the issues has been approved by Clarke, Swabey &
of Toronto, and their opinion attesting such legality is engravedMcLean,
on
posboiVd. sale:following notation is taken from the official notice of the each
pro"The city of Toronto never renews or refunds any of Bs obligations, and.
in conformity to th.s established practice has, since Jan.
1 1919, extinguished over $91,000,000
In addition, debentures of debt of which $22,142,000 was before maturity.
amounting to $7,192,000 will mature this year
and provision has been made for the payment of same.'
Financial Statement
-Funded Debt, Dec. 31 1930. (Including Present
Debenture Issue.)
Gross Funded DebtSinking fund bonds
$53,776,183
(SinkingInstaiment fund accumulation, $23,286,476).
bonds
133,575,828
$187,352,011
Deduct
(1) Specially-rated St revenue-producing
debts as follows:
Toronto Transportation System
$35,881,900
Toronto Hydro-Electric SYstem
28.582.445
Waterworks
20,738,654
Local improvements (ratepayers' share)
15.142,290
Canadian National Exhibition
3,202.739
City-owned radial rys. (under T.T.C. oper'n)
2.422.631
Royal Agricultural Winter Fair buildings
1,821.190
Housing
554.000
Abattoir
304.000
Island ferries (under T.T.C. operation)
132.000
Less
-Sinking fund on these debts
(2) Sinking fund
$108,781,849
12,078,456
$96.703,393
23,286.476
119,989.869
* Net general debt
867,362.142
* The city has fixed assets in general lands and buildings, in excess of
this debt, in addition to the taxing power on an assessment of $1,048.377,649.
Assessment, &c.
Assessed value of rateable property (1931)for school purposes$1.048.377,649
Assessed value of rateable property (1931)for gen. purposes
976,771,653
Assessed value ofrateable prop.(1930)for school purposes- 1,011,970,429
Assessed value of rateable property (1930)for gen. purposes. 941.283,372
144.648,926
Exemptions not included in l31 figures
Capital assets as at Dec. 31 1930 (approximately)
206.000.000
Total revenue 1930
37.083.000
Area of city
25,961 acres
Population 1930
621.596
Tax rate for 1930
31.8 mills
WILKIE, Sask.-BOND OFFERING -Sealed bids addressed to T. A.
Dbasley. Town Clerk, will be received until 12 m. on March 7 for the purchase af $5,000 6% impt. bonds, repayable in 20 equal annual installments
of principal and interest combined.
[VOL. 132.
FINANCIAL CHRONICLE
1466
irectign
ginantial
BANK
OTTOMAN
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
$2,000,000.00
$27,503,497.28
Capital,
•
Surplus and Undivided Profits,
£10,000,000
CAPITAL . • • . .
PAID-UP CAPITAL . . £5,000,000
£1,250,000
RESERVE. . . . .
.
NEAR EAST: Istanbul (formerly Conx trintinople), Egypt, Palestine, Lyprus, Persia.
Syria, Salonica Izmir, Tunis. Irak (in alt
o
'
ab ut 80 Branches).
LONDON: 26 Throgrnorton Street. E. C. 2.
7 Rue Meyerbeer.
Paris:
MANCHESTER: 56-60 Cross Street.
MARSEILLES: 38, Rue St. Ferreol.
January 1, 1931
This Company acts as Executor, Administrator, Trustee, Guardian, Corn'
mittee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON, Chairman of the Board
CARL 0. SAYWARD, Asst. Vice-President
WILLIAM M. KINGSLEY, President
STUART L. HOLLISTER, Asst. Comptroller
WILLIAMSON PELL, 18t Vice-President
LLOYD A. WAUGH_, Aest. Comptroller
FREDERIC W. ROBBERT, V.-Pres. & Comp. HENRY L. SMITHERS, Asst. Secretary
WILFRED J. WORCESTER, V.-Pres. & Secy. ELBERT B. KNOWLES, Asst. Secretary
ALBERT G. ATWELL, Asst. Secretary
THOMAS H. WILSON, Vice-President
HENRY.E. SCHAPER, Asst. Secretary
ALTON S. KEELER, Vice-President
Asst. Vice-President HARRY M. MANSELL, Asst. Secretary
ROBERT S. OSBORNE,
GEORGE F. LEE Anat. Secretary
WILLIAM C. LEE, Asst. Vice-President
GEORGE MERRITT, Asst. Secretary
HENRY 11, HENZE, Asst, Vice-President
TRUSTEES
FRANK LYMAN
JOHN J. PHELPS
LEWIS OASS LEDYARD
'
EDWARD W.SHELDON
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
CORNELIUS N. BLISS
WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L l'OLK
THATCHER NI. BROWN
WILLIAMSON PELL
LEWIS CASS I.EDYARD. JR.
GEORGE F. BAKER,JR.
WILSON M. POWELL
JOHN P WILSON
Banque Nationale de Credit
Era.
frs.
frs.
Capital
Surplus
Deposits
318,150,000
200,000,000
5,129,431,00G
Fiend Office
PARIS
723 Branches in France
GENERAL BANKING BUSINESS
Australia and New Zealand
BANK OF
WALES
NEW SOUTH 1817)
(ESTABLISHED
if°reign
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
NATIONALBANK
of EGYPT
Head Office
Cairo
eso
FULLY PAID CAPITAL - £3,000,000
RESERVE FUND £2,950,000
£4.000,000
Subscribed Capital
£2.000,000
Paid-up Capital
£3,000,000
Reserve Fund
The Bank conducts every description of banking
and exchange business.
Trusteeships and Executorships also
undertaken.
LONDON AGENCY
6 and 7. King William Street, E. C. 4
Hong Kong & Shanghai
Branches in all the
principal Towns in
BAN :INC, CORPORATION
($5=-11)
$37,500,000
Paid up Capital
30,750,000
Reserve Fund
Reserve Liability of Proprietors__ 37,500,000
6105,760,000
Aggregate Assets 30th Sept., 1930_$446,141,892
A. C. DAVIDSON, General Manager
594 BRANCHES and AGENCIES In tho
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
l'roduce Credits arranged.
London Office:
Head Office:
29, Threadneedle
George Street,
Street, E.C. 2
:D
ts ta n dard Bank of South Africa, Ltd.
AgenSY SN EY
New York
EGYPT and the SUDAN
Incorporated In the Colony of Hongkong. The
liability of members Is limited to the extent and
in manner prescribed by Ordinance No 6 of 1929
of the Colony.
Auttiorzed Capital (Hongkong Corneae). H350.000.000
Paid Cp Capital(Hongkong Currency). 1:1120.000,000
01,500.000
Reserve Fund in Sberling
Reserve Fund In Sliver (Hongkong Cur
H59,500.000
repay)
Reserve Liability of Proprietors (Hong_H$20.000,000
kong Currency)
0. DE 0. HUGHES, Agent
71 WALL STREET, NEW YORK
English, Scottish and Australian Bank, Ltd.
Head Office, 5 Gracechurch St., London, E.C.
and 459 Branches 1(c Agencies in Australia.
f5.000.000
Subscribed Capital
E3,000.000
Paid-up Capital
£2.000.000
Proprietors
Further Liability of
£3,160,000
Reserve Fund
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every description transacted with Australia.
E. M JANION, Manager.
NATIONAL BANK OF NEW ZEALAND, Ltd.
Head Otnoe: 8 Moorgate. London, P; C. 2, Eng
Authorized and Subscribed
_ £6,000,000
Capital
Paid-up Capital
£2,000,000
Reserve Funds and
2,174,171
Undivided Profits_
£4,174,171
The Bank receives Deposits at rates which
may be ascertained on application and conducts every description of Banking business
connected with New Zealand
Arthur Willis, Manager.
The National City Bank of New York
Head Office: 55 WALL Sr., NEW
YORE, U.S.A
19 Branches in
Creator New York
FOREIGN BRANCHES
LONDON
ARGENTINA
BELGIUM
BRAZIL
CHILE
CHINA
COLOMBIA
PERU
PORTO RICO
CUBA
REPUBLIC OP
DOMINICAN
PANAMA
REPUBLIC
STRAITS
INDIA
SETTLEMENTS
ITALY
URUGUAY
JAPAN
TENEZTILLA
MANCHURIA
PHILIPPINE ISLANDS
MEXICO
The international Banking Corporation
-55 Wall St., New York, U. S A
Ilead Office
BRANCHES
LINCOLN MENNY OPPENHEIMER
LONDON
SAN FRANCISCO
MADRID
BARCELONA
And Representalires in Chinese Branches
Bankers
The Mercantile Bank of India, Ltd.
Frankfort o. M., Germany
Head Office
15 Gracechurch St., London, E. C. 3
£3.000.000
Capital Authorized
LI.050.000
Capital Paid Up
Reserve Fund & Undivided Profits_ £1.646.506
Bandies in India, Burmah, Ceylon, Straits Settlements, Federated Malay States, Slam, China and
Mauritius and Dutch East Indies. New York
Correspondents, Bank of Montreal, 64 Wall St.
Cotton Facts
Carry your message to
these readers at a moderate
cost through our advertising
columns.
Cable Address ' Openhym
Ezecute orders for purchase
and sale of Stocks and Bonds
Foreign Exchange
LS
Letters of Credit
SECURITIES ENGRAVED
For Listing on All Stock Exchanges
COLUMBIAN BANK NOTE COMPANY
52 WALL STREET
800 8. ASHLAND BLVD
NEW YORK
CHICAGO
,
FIRANCItEs IN PRINCIPAL CITIES
"''.1('5
..
SB.NIP44.010." 4e"4106.W1117
teiliA.40
Royal Bank of Scotland
Incorporated by Royal Charter 1727.
16,812,210
Capital (fully paid)
9 17,904,630
Reserve Fund
C261,935,450
Deposits
(85 to Ell
Over
200 Years of Commercial Banking
Terms for the opening of Accounts furnished on
Ann/tea/ion.
CHIEF FOREIGN DEPARTMENT
3 Bishopagate, London. England.
HEAD OFFICE EDINBURGH
General Manager, Slr A. H. Wright. I(.B.E.D.L.
Total number of offices, 243.
@FedFRASER