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The
flunerCial
financial
hrtinicie
SATURDAY JANUARY, 101931.
VOL. 132.
financial Throniclie
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The Financial Situation.
Now that we have entered upon the new year, the
disposition in trade circles is to take a brighter
view of things. Not only that, but many business
men in one trade or another have begun to resume
operations on an increased scale. In the steel trade
enlarged activity is a noteworthy feature of the
situation. The "Iron Age," in its weekly review,
tells us that the passing of the holidays has brought
an encouraging upturn of activity in the iron and
steel industry. Steel ingot production, at 41% of
capacity, it says, has recovered all of its December
losses, now being at virtually the same rate as in
the closing week of November. Blast furnaces
which were temporarily banked late last month are
being brought back into service, the "Age" tells us.
Of course there is nothing to brag about in a state
of activity where the country's steel industry is
engaged to only 41% of capacity, and even if this
is somewhat higher than in other recent weeks, the
comparison is deprived of any great significance by
reason of the fact that the low point, with which the
comparison is made, happens to have been the time
NO. 3420.
of the holiday lull, when there always is more or less
slowing down of work, and when the merchant and
the business man are engaged in making up their
accounts for the year. Yet there is, nevertheless,
considerable planning going on for the new year,
more so than has commonly been the case heretofore,
and it is this circumstance that offers the greatest
promise for the future. Stocks of goods are everywhere low, both in primary channels and in the
hands of those who deal directly with the ultimate
consumer, and apparently all that is needed is sufficient confidence to start things going. And there
certainly is a greater disposition actually to take
hold than there has been for a long while.
Drawbacks are still in evidence, and in the normal course of affairs will have to be counted upon
for some time to come. For instance, while the steel
trade has been regaining tone, copper prices have
the present week been manifesting renewed weakness, and there seems to be no end to the decline in
the price of silver, the currency unit of so large a
portion of the population of the Far East. The
price of bar silver in London dropped another 7/1643.
on Thursday to 13 7/16d. per ounce, and a further
/
1 4d. yesterday to 13 3/16d., constituting new alltime low records in the world's history. Obviously
this is not calculated to improve the buying power
or the consuming capacity of the Far Eastern
countries referred to. Accordingly, in the United
States we shall have to rely more than ever upon
the home demand, and, as a matter of fact, we have
been putting obstacles in the way of trade with the
outside world by our foolish tariff laws, and in particular by the Tariff Act recently enacted, by which
the barriers against trading with the outside world
have been raised still higher. Our home trade, we
need hardly say, is of considerable volume even in
the worst of times. Obviously,the needs of a population of 122,000,000 will always be a factor of no
small moment in the country's industrial activities.
While it is true that for 15 months the consumptive requirements of this large population have been
in a state of suspension, it does not seem likely that
this suspension of home demand can last much
longer. Certainly it cannot continue indefinitely.
What is apparently needed is courage to start things
going, and the necessary courage appears now to be
steadily developing. The trouble is, we have had so
many false starts since business has been on the
down grade that the disappointments that have followed have produced a feeling of timidity. But this
timidity, as already stated, is now slowly passing
away, and our business leaders are now slowly overcoming their reluctance and evincing a desire to take
hold in good earnest. And this cannot but bear
fruit ere long.
168
FINANCIAL CHRONICLE
It will be well to go slow at first and build on
solid foundations. It will be well, too, not to indulge in extravagant expectations. As a matter of
fact, the revival will have to come gradually. A
return to a full measure of activity cannot reasonably be expected in a week or a month, and possibly
not for a year or two. Recovery will have to be
gradual. The encouraging feature is that after contraction lasting 15 months a step has now been taken
in the other direction. There are still many people
who entertain the view that any extensive recovery
cannot be counted upon for at least two or three
months to come. Colonel Arthur Woods, Chairman
of the President's Emergency Committee for Employment, testifying before the Senate Appropriations Committee, on Wednesday, put the number of
persons totally unemployed in the United States at
between 4,000,000 and 5,000,000, and expressed the
opinion that the present depression is as bad, if not
worse, than that of 1921. "If it can be said," he
declared, "that we are now dragging along the bottom and are about to go up, then it would not be
unlike that of 1921. But conditions are not apt to
improve before next spring," he said, adding that
business and employment probably would be at their
lowest during January and February. Colonel
Woods is a competent judge and a careful observer
of events, and, of course, in intimate touch with
things. But already there are many indications of a
gradual resumption of activity, and indications, too,
that in some lines the recovery has already begun,
and bids fair to make steady, even if slow, progress,
although the improvement may not get into full
swing for several months to come.
The stock market the last two weeks has shown
cumulative evidence of reviving confidence, and,
what is more important, the bond market is now
rising and steadily growing stronger. As has been
frequently pointed out in these columns, no enduring recovery can be looked for until the bond market
develops sustained strength, since new undertakings
need capital for their development, and this new
capital will not be available until a market can be
found for he new securities necessary to be issued
to provide the same. The banking fraternity is doing
much to dispel the feeling of gloom and pessimism
which accounts so largely for the intensity of the
business depression under which the country is
laboring. These bankers, while clearly recognizing
that the cause of the depression is to be sought in the
financial debauchery of the past and warning
against a repetition of excesses of that kind, they,
nevertheless, take pains to show that not the remotest ground exists for the doctrine of disaster and
destruction which so many are preaching or profess
to believe.
We have been particularly impressed with the
discussion of the situation contained in the address
delivered by Paul M. Warburg, Chairman of the
Manhattan Co., at the joint meeting of the boards
of directors of the different banking units grouped
together in the control of the Manhattan Co. As
usual, Mr. Warburg approaches the subject in his
own original way, and in the course of his remarks
throws out many valuable hints and suggestions that
will furnish much food for thought. He possesses,
as is known, keen powers of analysis, and applies
them to great advantage in the address referred to.
We quote at great length from the address in our
news columns on subsequent pages, but cannot resist
[VOL. 132.
repeating here the following excerpt from the
address:
"It is a strange spectacle to see the very people
who two years ago preached the gospel of the endless
spiral of mounting wages and prices, the advocates
of the new era of endless prosperity, now wedded
to visions of an endless era of adversity and decline.
"But, those of us who have studied history know
that these up and down swings have always been
concomitants of humaii progress and, while our
problem seems more staggering on account of its
gigantic proportions, this growth in the scope of the
problem has, it seems, perturbed each generation
as it came to struggle with its peculiar period of
distress. Nobody may venture to predict when this
depression will end, but no sane person doubts that,
eventually, it will end, and that a country as unique
in resources and opportunities as ours will ultimately get back into its stride. Comparatively brief
periods of underproduction in a country containing
over 120,000,000 temperamentally enthusiastic consumers must bring about a certain revival of business activity."
James Speyer last week expressed himself much
to the same effect when he said:
"While these and other world problems, having a
direct bearing upon our own economic welfare, are
being considered and solved—as they surely will be
—no good American—knowing his country's economic and financial strength—with justified confidence in the enterprise and self-reliance of our
people, under our form of government, can have any
real reason to take a pessimistic view as to our
future. On the contrary, the wonderful spirit of
co-operation and determination to help each other,
without distinction as to race, color or creed, which
our men and women are again showing now, and
which no other nation has ever equalled, must fill
every patriotic American with just pride and with
a fresh spirit of optimism and faith in the future
of the United States of America. If we continue to
work and save, with due regard to our obligations
towards others, prosperity—not booms or depressions—will in the future, as in the past, be the normal state of our blessed country and of its people,
with the greatest good to the greatest number."
Mr. Warburg also punctures the contention that
a shortage of gold is responsible for our own troubles
or for those of the world at large. Nor is he prone
to believe that the decline in commodity prices
which so many are deploring is an unmitigated
evil. On the contrary, he sees some distinct advantages connected with the same. Here is what
he says on that point:
"While many observers, perhaps a majority, seem
to look upon the present drop (in commodities) as
something unnatural, there is much room for the
belief that the present range of prices—though in
many cases, no doubt, recessions have gone too far—
may be nearer the natural level than that from which
we came. Unless one believes that a constantly increased output of things should be accompanied by
a constantly and corresponding increase in the output of money, credit, and securities, the conclusion
would seem inevitable that mass production and a
continuous growth in the use of power and machinery must logically exercise a price-lowering
effect. There is nothing frightening in the thought
that the wage dollar or the revenue dollar should
give their owners the enjoyment of a greater quantity of things. On the contrary, the poor widow,
with whom we sympathized so much when prices
began to rise after the war, might be congratulated
upon such a development. The harm does not lie
in lower prices, but in the violence of the change."
JAN. 10 1931.]
FINANCIAL CHRONICLE
In the local banking situation an encouraging development is the accession of new interests to the
control of the Manufacturers' Trust Co. of New
York. Harvey D. Gibson, long connected with the
New York Trust Co., and who has been Chairman
of the Executive Committee of the latter company,
has, along with certain associates, acquired, by purchase, the major portion of the 32% interest held
by the Goldman Sachs Trading Corp. in the Manufacturers' Trust Co. As a result Mr. Gibson was
on Monday of this week elected President of this
last-mentioned institution. It will be recalled that
before the closing down of the Bank of United States
it was proposed to consolidate the Bank of United
States with the Manufacturers' Trust Co. and with
the Public National Bank & Trust Co., and the
International Trust Co., but that this merger arrangement fell through.
Some idea of the stress under which the Manufacturers' Trust Co. labored at this time is gained from
some figures contained in the quarterly report to
the stockholders of the Manufacturers' Trust Co. in
which the affairs of the company and the crisis
through which it passed are disclosed with admirable
frankness.
The report shows that the deposits of the bank
dropped during the last quarter from $328,675,252
on Sept. 24 1930 to $219,412,738, a loss, it will be
seen, in the huge sum of $109,262,514. The report
also shows a reduction for the quarter of $35,597,638
in capital, surplus and undivided profits; the total
of these items is now only $51,110,265 as against
$86,707,904 on Sept. 24 1930. There is reason for
gratification that an important institution has been
put on a sound basis and its capital account readjusted, and also that it succeeded in weathering the
storm in which it was tossed about.
It happens that Joseph A. Broderick, State Superintendent of Banks, in his annual report to the Governor and the Legislature, proposes a general revision of the Banking Act of the State of New York.
The proposed revision is correctly termed "the most
drastic and comprehensive since 1914, when the law
was last revised." Mr. Broderick's recommendations are based on the knowledge and experience
gained by the State Banking Department during the
trying times which attended the downfall of the
Bank of United States. The experience certainly
was a most unfortunate one, and it is to be hoped
that the Banking Department will never again be
obliged to go through a similar experience.
Nevertheless, it is a time for keeping the head level
and not giving way to hysteria. Mr. Broderick's
recommendations, or at least some of them, plainly
partake of the nature of hysteria. Among other
things, he proposes what are termed "overnight"
mergers of banks in case of emergency, and also giving the State Superintendent of Banks power to
remove officers and directors of banks guilty of violations of the law or of unsound banking practices.
Another amendment is to permit the Superintendent of Banks in an emergency to sanction the
merger of one or more banks without the necessity
of getting the approval of any of the stockholders.
Under the existing law directors must announce the
merger to stockholders for their approval. "Had
the present law contained such a revision," says
Mr. Broderick in his report, "the Bank of United
States would have been merged with one of our
strongest institutions and its closing avoided."
169
Both these proposals are utterly devoid of merit,
and we cannot conceive that any Legislature could
be induced to enact them into law. They are not
only revolutionary, but in conflict with reason and
common sense. Just think of depriving stockholders
of the right of deciding whether or not they are to go
into a merger or consolidation (about which they
would know absolutely nothing), and let the whole
thing be determined by the fiat of the Bank Superintendent! We can think of no contingency or emergency or crisis where such a step would be justifiable, no matter how desperate the condition of
the banking institution concerned. The right to
say what shall be done with the property belongs to
the stockholder, and of this right he cannot be deprived. It would be taking property without due
process of law, which is forbidden by the Federal
Constitution. An infinite train of evils would be
connected with anything of the kind.
The same objection runs against the proposition
to let the State Superintendent "remove officers and
directors of banks guilty of violations of the law or
of sound banking practices." Punishing violations
of the law is a function of the courts. As for permitting the Superintendent to remove for unsound
banking practices that would be endowing a State
official with arbitrary and dictatorial powers. Even
if the Superintendent be considered competent to
decide what is "unsound," this proposal to let it
be done on the spot "overnight," without giving the
accused official an opportunity to defend himself
is nothing less than monstrous and savors of the
dark ages. What an opportunity it would afford for
the exercise of "pull" or political influence. Mr.
Broderick is a man of solid training and experience,
and of sterling integrity, but we would not entrust
even such an one with such vast powers. And what
shall we say of letting a venal Superintendent exercise such powers? One Superintendent we know
has been venal, for he has been sentenced to serve
a term in prison for having accepted a bribe, and
having now exhausted all his court appeals will
now have to surrender and go to Sing Sing.
Two statements of brokers' loans have appeared
the present week, and both are of the same character—that is, both show continued contraction in
the outstanding volume of the loans. One of the
statements is the Stock Exchange return for the
month of December, and the other the regular weekly
report of the New York Federal Reserve Bank. The
Stock Exchange statement shows a contraction for
the month of December in amount of $268,636,112,
which follows $393,875,085 reduction in November,
$925,328,674 in October, $117,180,308 in September,
$90,849,228 in August, $38,228,992 in July, $1,020,120,623 in June, and $315,299,447 in May, making
the total contraction for the eight months $3,169,518,469, and leaving the amount Dec. 31 only $1,893,612,890 against $5,063,131,359 April 30.
There is one unusual feature connected with the
Stock Exchange figures, and which is somewhat difficult to explain. We allude to the fact that the
Stock Exchange total this time is actually less than
the Federal Reserve total for the same date. It
happens that the dates of both returns correspond,
the Federal Reserve report being for the week ending Dec. 31 and the Stock Exchange statement for
the even month being for the same date. The Stock
Exchange statement is supposed to be much more
170
FINANCIAL CHRONICLE
comprehensive than the Federal Reserve return, in
fact, is supposed to be all-inclusive, since it covers
all borrowing in the city by Stock Exchange members. On the other hand, the Federal Reserve statement covers simply loans made by the reporting
member banks in this city, which, presumably, includes all the larger institutions, those doing the
bulk of the lending on securities, and yet leaves some
small banks out. These latter, even if they do not
do much lending to Stock Exchange members, yet
unquestionably do some. At the time just before
the stock market panic, when brokers' loans were of
such prodigious extent, the Stock Exchange total
ran over $1,745,000,000 in excess of the Federal Reserve total. In other words, on Sept. 30 1929 the
Stock Exchange total was $8,549,383,979, while the
Federal Reserve total for Oct. 2 1929 was only
$6,804,000,000. The difference between the two sets
of figures, that is, the Stock Exchange excess, has
been gradually diminishing, and on Dec. 31, last
week, the Federal Reserve total was $1,926,000,000,
while the Stock Exchange total was $33,000,000 less,
or, in exact figures, $1,893,612,800. The difference
is not great, and it may be that the Federal Reserve
returns include some loans on securities to brokers
and dealers who are not members of the Stock
Exchange.
The Federal Reserve statement this time is for
a week later, that is, for the week ending Jan. 7, and
as there has been a further shrinkage during this
week in amount of r47,000,000, the Federal Reserve
total is now smaller than the Stock Exchange total
was last week, being $1,879,000,000. It is to be said
with reference to this week's further decrease of $47,000,000 in the Federal Reserve figures that this
makes 15 successive weeks in which the Federal Reserve figures have shown decreases except in one
single week, namely, the week ending Dec. 31, when
there was a minor increase, $6,000,000. There is
nothing special to be said beyond this with reference
to this week's Federal Reserve report. During the
week loans for own account of the reporting member banks in this city declined from $1,321,000,000
to $1,206,000,000, but loans for account of out-oftown banks increased from $235,000,000 to $315,000,000, while loans "for account of others" fell from
$370,000,000 to $358,000,000.
Though brokers' loans decreased during this later
week, borrowing by the member banks at the Reserve
Banks increased again after last week's sharp
diminution, the discount holdings of the 12 Reserve
institutions being reported at $292,385,000 Jan. 7
1931 against $251,298,000 Dec. 31, and $448,349,000Dec. 24. On the other hand, however, holdings of
acceptances are now only $265,456,000 against $363,844,000 a week ago, while holdings of United States
Government securities have also been reduced, being
$658,901,000 this week against $729,467,000 last
week. As a result of these changes the volume of
Reserve credit outstanding, measured by the total
bill and security holdings, is only $1,223,300,000
against $1,351,852,000 last week. The amount of
Federal Reserve notes in circulation has fallen during the week from $1,663,538,000 to $1,624,898,000,
while gold holdings have risen from $2,941,219,000
to $2,993,516,000.
[VOL. 132.
all of which have to their credit considerable gains
in addition to the gains made or established last
week. As the week advanced the railroad list developed positive buoyancy. A favorable view is evidently being taken of the action of the trunk lines
in apportioning the mileage in their territory
among the four great trunk line systems, namely,
the New York Central, the Pennsylvania, the Baltimore & Ohio, and the Nickel Plate-Chesapeake &
Ohio, not so much on its own account as because it
is looked upon as a prelude to mergers in other parts
of the country. The upward movement of the railroad stocks carried the general market with it. Bear
operators apparently have not been very active, evidently waiting to see whether big interests were
accumulating stock for a pronounced rise. At all
events, there has been a complete absence a selling
pressure, and trading has been relatively light. In
the case of the industrial list fluctuations have been
governed largely by conditions related to the individual properties concerned. Thus, the Goodyear
Tire & Rubber Co. was temporarily strong on the
announcement that the regular quarterly dividends
of $1.25 on the common and $1.75 on the preferred
had been declared. After the meeting, however,
statements appeared that the common stock dividend had not been fully earned, though mainly because of year-end inventory adjustments, and then
the stock fell off and it closed yesterday somewhat
lower than on Friday of last week. The sugar stocks
have been strong all through the week on cable advices saying that Germany had arranged to give its
adhesion to the Chadbourne plan for sugar restriction. On the other hand, the chemical stocks have
been weak, and Allied Chemical & Dye shows a net
loss for the week. The call loan rate on the Stock
Exchange throughout the whole week has ruled
at the extraordinarily low figure of 1 % per
/
1
2
annum.
Trading on the Stock Exchange has been only
moderate in volume again. At the half-day session
on Saturday the sales were 1,547,790 shares; on
Monday they were 2,087,040 shares; on Tuesday,
1,906,600 shares; on Wednesday, 2,140,190 shares;
on Thursday, 1,706,093 shares, and on Friday,
2,794,720 shares. On the New York Curb Exchange
the sales last Saturday were 319,900 shares; on Monday, 462,800 shares; on Tuesday, 349,700 shares; on
Wednesday, 480,900 shares; on Thursday, 455,800
shares, and on Friday, 594,800 shares.
As compared with Friday of last week, moderate
advances appear. General Electric closed yesterday
at 45 against 45% on Friday of last week; Warner
/
1
2
Bros. Pictures at 1614 against 14½; Elec. Power &
/
Light at 4338 ex-div. against 42; United Corp. at
/
1858 against 1814; Brooklyn Union Gas at 110
/
/
against 1051 2; American Water Works at 5834 ex/
/
div. against 593 ; North American at 68 against 67;
/
4
Pacific Gas & Elec. at 48 against 48; Standard
/
1
2
Gas & Elec. at 64 against 62; Consolidated Gas of
N. Y. at 8534 against 86; Columbia Gas & Elec. at
/
3578 against 3658; International Harvester at 51
/
/
against 50%; J. I. Case Threshing Machine at 881
4
against 9334; Sears, Roebuck & Co. at 47 ex-div.
/
1
2
/
against 47 ; Montgomery Ward & Co. at 18 against
/
1
2
17½; Woolworth at 58 against 571%; Safeway Stores
at 412 against 42½; Western Union Telegraph at
/
1
/
/
week's sharp upward 14518 against 1341 2; American Tel. & Tel. at 186%
The stock market, after last
reaction, has shown further advance the present against 181; Int. Tel. & Tel. at 23 against 21; Amer/
/
week. Strong features have been the railroad stocks, ican Can at 11234 against 11334; United States In-
JAN. 10 1931.]
FINANCIAL CHRONICLE
171
Stock markets in the larger European financial
/
/
dustrial Alcohol at 631 2 against 651 2; Commercial
/
/
Solvents at 1534 against 161 8; Shattuck & Co. at centers moved irregularly lower this week, with
/
2
1
/ against 2338; Corn Products at 80 against trading on a very moderate basis in all instances.
23
/
/,
801 2 and Columbia Graphophone at 81 2 against 8%. Notice was taken at London, Paris and Berlin of
Allied Chemical & Dye closed yesterday at 164 the occasional improvement in the New York mar/
against 17678 on Friday of last week; E. I. du Pont ket, but this favorable factor was outweighed by
/
/
de Nemours at 881 8 against 8978; National Cash an almost complete lack of constructive develop; International Nickel ments in the several local spheres. Surveys of the
4
1
/
Register at 31% against 30
/
/
at 15% against 1534; Timken Roller Bearing at 4734 situation which are now appearing show an even
/
47; Mack Trucks at 39 against 3834; Yellow greater tendency toward caution in predicting busiagainst
/
/
Truck & Coach at 1038 against 1034; Johns-Man- ness revival, although most commentators still beville at 62 against 57%; Gillette Safety Razor at lieve the turn for the better will come at some time
/
/
241 8 against 22%; National Dairy Products at 4078 in 1931. The downward course of commodity prices
/
/
against 3978; National Bellas Hess at 438 against remains the chief factor making for pessimism in
4
31/ ; Associated Dry Goods at 24 ex-div. against the views of European business leaders. Recent
2
1
/
4
2
1
/
23 ; Texas Gulf Sulphur at 473 against 47%; reports on unemployment, moreover, are of a most
4
1
/
/
Foreign Power at 331 8 against 30 ; Gen- disquieting nature. British unemployment, as indiAmerican
/
eral American Tank Car at 60 against 5934; Air cated by the Ministry of Labor index, totals 2,643,.
/
/
Reduction at 9838 against 10138; United Gas Im- 127, which is the highest figure ever recorded, ex/,
/
provement at 2914 against 2938 and Columbian ceeding even the 2,580,429 registered unemployed on
June 3, 1921. The figures do not include the workCarbon at 80% against 79.
of ers on strike in the coal and textile industries of
The steel shares have retained their advances
last week, and show slight further improvement. Britain. C. W. Eady, of the Labor Ministry, who
/
U. S. Steel closed yesterday at 14278 against 142 appeared Thursday before a royal commission on
on Friday of last week; Bethlehem Steel at 52% unemployment insurance, stated that it will take at
/
/
against 5278; Vanadium at 5278 against 54, and Re- least five years more to reduce the British unem4
1
/
2
1
/
public Iron & Steel at 17 against 13 . The motor ployment total to 1,000,000, where it was when the
stocks have lagged somewhat behind. General Mo- present government took office in June 1929. Untors closed yesterday at 361 2 against 37% on Friday employment in Germany, according to the latest offi/
of last week; Chrysler at 17 against 18; Nash Mo- cial figures, totals 4,357,000, an increase of 1,500,000
2
1
/ over the corresponding date one year ago. Corntors at 3034 against 31; Auburn Auto at 107
/
/
Car at 938 against Pany reports for 1930 operations, which began to
against '110%; Packard Motor
/,
9%; Hudson Motor Car at 24 against 251 2 and appear this week in London, showed sharp contracHupp Motors at 9 against 9%. The rubber stocks tion of profits. Although such results were expected,
have been rather weak. Goodyear Tire & Rubber they were accompanied in some instances by un/
closed yesterday at 44% against 4578 on Friday of looked for dividend reductions and these proved
last week; United States Rubber & Tire at 13 against unsettling.
The London Stock Exchange was firm at the
123 and the preferred at 25 against 22%.
4,
start of trading Monday, owing to favorable reports
The railroad list, in its display of strength, has
given tone to the entire market. Pennsylvania RR. from New York and other international markets.
4
1
/
closed yesterday at 60% against 58 on Friday of British industrials as well as international issues
4
1
/
/
last week; Erie RR. at 3238 against 29 ; New York registered advances as the first account of the new
2
1
/
Central at 122 against 117 ; Baltimore & Ohio at year opened. British funds added slightly to their
79 against 7178; New Haven at 88 against 80; Union Previous gains, and encouragement was gained from
/
Pacific at 187 against 188; Southern Pacific at 102 an advance in Brazilian bonds. British-American
4
against 96; Missouri-Kansas-Texas at 223 against tobacco shares moved off, however, on an announce/
/
2012; St. Louis-San Francisco at 511 2 against 43; ment of curtailed operations. The market trend
/
Southern Railway at 581 2 against 48%;Rock Island turned downward Tuesday, owing partly to an ad4
1
/
at 57 against 49%; Chesapeake & Ohio at 42% verse movement of foreign exchange rates. British
/
against 41%; Northern Pacific at 571 2 against 50 , Government issues reacted and the industrial list
4
1
/
also was easier. A sharp decline in Lloyd's Bank
/
and Great Northern at 641 2 against 61 .
4
1
/
The oil shares have continued to move higher. shares, following a reduction of the dividend, was
Standard Oil of N. J. closed yesterday at 50% the outstanding development. Movements were un/
against 4878 on Friday of last week; Standard Oil certain Wednesday, with business on an exceedof Calif. at 49 against 47; Simms Petroleum at 91 2 ingly moderate scale. The gilt-edged list was
/
against 7½; Skelly Oil at 11% against 1078; At. marked down at first as French exchange moved
/
lantic Refining at 22 against 20%; Texas Corp. at against London, but a slight recovery followed.
4
1
/
35% against 33%;Pan American B at 361 2 against International issues displayed a firm tone and
/
32; Richfield Oil at 5 against 5%; Phillips Pe- British industrial stocks also showed some gains.
2
1
/
troleum at 15 against 15; Standard Oil of N. Y. at Dullness was the prevailing note Thursday, with
/,
/
2478 against 2378 and Pure Oil at 11 against 9 .
the trend somewhat easier. British funds declined
2
1
/
The copper stocks retained their gains of last at first, but recovered as the foreign exchange
week, though the price of the metal has again weak- trend improved. Some selling appeared in Swedish
ened. Anaconda Copper closed yesterday at 32 ex- Match issues, after an announcement of new financdiv. against 32 on Friday of last week; Kennecott ing, but international stocks otherwise were quiet
/
Copper at 24 against 241 8; Calumet & Hecla at 81 2 and unchanged. The London market was again quiet
/
/
81 2; Calumet & Arizona at 37 against 38; yesterday, with price changes small. British funds
against
4
1
/
Granby Consolidated Copper at 16 against 163
4; improved a little.
Advancing prices marked the opening of the Paris
American Smelting & Refining at 4358 against 421 2,
/
/
Bourse Monday, as the buying movement of earlier
and U. S. Smelting & Refining at 22 against 19.
172
FINANCIAL CHRONICLE
sessions developed. The upward tendency was maintained through a good part of the session, but selling appeared in volume late in the day and a portion
of the advance was again lost. French stocks were
subjected to the heaviest pressure, while international issues remained relatively firm. Tuesday's
session at Paris was heavy from the start and considerable losses were recorded. Uncertainty in other
markets was accepted as a sign for a further downward movement, reports said, and the entire list
was weak. French stocks in some instances again
touched their lowest points in recent years. The
Bourse was closed Wednesday in observance of a
religious holiday. Prices again sagged when trading was resumed Thursday, with oil stocks the only
stable group. The economic crisis is steadily becoming more apparent in France and this is weighing
upon prices, it is said. French stocks in the bank,
utility, chemical and steel groups were among the
weakest spots in the list, while international issues
were irregular. Price movements were uncertain in
a quiet session yesterday.
A mild display of strength on the Berlin Boerse
early Monday was followed by an uneasy tendency
and declining prices in many sections of the list.
Reports of strike disorders in the Ruhr district
caused some selling and the early gains were finally
erased. Buying appeared, however, in the gilt-edged
list. A weak tone prevailed throughout Tuesday's
session and all groups declined. Offerings from
abroad were plentiful, reports said, and this accentuated the downward trend. Svenska(Swedish Match)
shares fell on rumors of new financing, while sharp
drops also were registered in the mining group.
Upward movements developed in a few issues Wednesday morning at Berlin, but the market as a
whole remained heavy and the entire list soon turned
weak. Shipping shares and a few speculative favorites showed the largest losses, with declines in other
sections moderate. The downward tendency was
resumed Thursday, with Svenska and Bemberg Artsilk shares the weakest points. Shipping stocks were
also sold in volume, but Reichsbank stood out as a
strong issue. An irregular trend prevailed at Berlin
yesterday, with changes of no great importance.
An unofficial exchange of views between representatives of the British and French treasuries was
initiated at Paris Jan. 2 on questions of mutual
interest, but it has not yet been made clear whether
the discussions represent anything out of the ordinary. Those engaged in the conversations are William Leith Ross, an official of the British Treasury,
and M. Escallier, director of the French Ministry
of Finance. Much conjecture was occasioned by
these informal discussions, particularly in view of
the many recent reports of vast credit transactions
between the two countries and of plans for stemming the flow of gold from London to Paris. A
short statement was accordingly issued late Jan. 2
both by the British Embassy in Paris and the French
Finance Ministry. "'Certain newspapers have published information, according to which an AngloFrench financial conference will open to-day in
Paris," the statement said. "Presented that way,
this information is not exact. In reality, certain
important functionaries of the British Treasury, who
are in Paris, have profited by their presence to have
with their French colleagues, in the spirit of close
collaboration which animates the two Treasuries,
FoL. 132.
an unofficial exchange of views on the financial
questions interesting the two countries." In a report
of Jan. 6 to the New York Times it is added that the
Treasury officials met with a view to improving
the gold position of the two countries, but that they
were not empowered to do more than outline suggestions for mutual aid. The negotiators found, the
dispatch said, that they are faced with fundamental
obstacles to any scheme for co-operation.
Labor difficulties in a number of European countries have added in recent days to the distress already prevalent as a result of the profound depression in industry, trade and agriculture. Several
industries are affected in Great Britain, while important strikes or lock-outs loom also in Germany
and Sweden. Approximately 140,000 miners in the
South Wales coal field of Britain went out on strike
Jan. 1, and efforts at mediation were immediately
begun by Ramsay MacDonald, Prime Minister in
the Labor Government. The difficulty in South
Wales, like that in the Scottish strike of early last
December, was due to the new mines act, which
prescribed a legal maximum of 7I/ hours work daily.
2
The mine owners desired to apply the new limitation on a weekly or fortnightly basis, rather than
a daily basis, so that technical mining needs could
be met. Most of the miners'representatives accepted
the "spread-over" arrangement provisionally, but in
one or two instances objections were raised and
strikes resulted. Adjustment was speedily reached
in the Scottish strike and late reports now indicate
that a formula has already been found which will
make possible a resumption of work in the South
Wales field early next week. A compromise arrangement was facilitated, dispatches said, by the desire
of all parties to reach a solution for the trouble.
"Not in thirty years of wage disputes here has there
been an open rupture in which the adversaries seem
so willing to reach a friendly settlement," a Cardiff
report to the New York "Times" said.
The Lancashire cotton industry in England began
to feel the effects this week of a thorny dispute between mill owners and weavers regarding the number
of looms to be tended by each worker. Introduction
of the most advanced machinery in the mills was followed by an experimental increase in the number of
looms from four to eight, with the weavers' union
putting up a gradually stiffening fight against this
innovation. A demand was finally made last week
that the owners revert to the four-loom system, but
none out of the 10 mills affected declined to accede,
and a strike of 4,000 weavers was started last Monday. A meeting of the Burnley Master Cotton Spinners' and Manufacturers' Association was held Wednesday and it was decided to close the mills of all
members at noon to-day unless the strike is settled in
the meantime. Mediation is being attempted in this
industry also. Disagreements between employers
and workers in the British boot and shoe trade
threaten to dislocate that industry also, but discussions are continuing and it is hoped adjustments
can be made.
An industrial dispute in the Ruhr mining district
of Germany has been brewing for some weeks as a
result of efforts to lower costs. A lock-out of 300,000 miners in the Ruhr was announced by the mine
owners early last week, to take effect Jan. 15, unless
the workers decide in the meantime to accept a wage
reduction of 8%. The anouncement was followed by
JAN. 10 1931.]
FINANCIAL CHRONICLE
Communist agitation and sporadic "outlaw" strikes
were hastily organized at several pits. The number of such strikers increased over the last weekend, and approximately 55,000 men were reported
out early this week. Bloody clashes occurred between strikers and the police at one or two pits as
the malcontents tried to prevent men from entering
the shafts. The strike waned rapidly this week, however, and even the Communists were reported as admitting its failure. Pressure has been brought to
bear by the Berlin Government for enforced arbitration of the trouble, it is said, and an adjustment is
anticipated on the basis of a 6% reduction in
wages. In Sweden a strike of 34,000 textile workers
was voted Wednesday, when efforts by the Government to arbitrate a wage dispute ended in failure.
A demand for increased pay 'was resisted by the
mill owners, who desired reductions owing to depression in this Swedish industry. The strike was declared for Jan. 12, when one group of mill owners
decided to lower wages beginning on that date.
A closely reasoned analysis of the British industrial and trade position, considered mainly from
the point of view of unemployment, was given in a
radio broadcast Monday by Henry Clay, economic
expert on the staff of the Bank of England and a
member of the royal commission named to investigate unemployment insurance. The remarks were
made by Mr. Clay in his private capacity and his
views are not to be considered as official, but it
was pointed out in A London dispatch to the New
York "Times" that he was chosen to deliver the
address because of his high standing as an economist.
Although unemployment has appeared intermittently from the beginning of the industrial age, there
is no pre-war precedent for a depression so persistent
as that from which British industry has suffered
since 1920, Mr. Clay said. "It is the persistence
rather than the severity of the depression which is
novel," he added. "Underlying the fluctuations that
have occurred there has remained persistent mass
unemployment, seldom falling below 1,000,000 persons out of an insured population of 12,000,000, even
when trade was at its best and other countries were
virtually free of serious unemployment. At the present moment, over 2,300,000 of the insured population
is the recorded unemployment. In this recent accentuation of the problem our experience is no different from that of other countries, such as America
or Germany."
Good periods had alternated with bad ones since
the war, with the ups and downs of trade ending
with a drop to "hitherto unimagined depths in 1930,"
the speaker said. The mere fluctuations of trade,
however, did not suffice to explain the persistence
of mass unemployment through good years as well
as bad, he pointed out, and for the more comprehensive explanation he turned to the "dislocation of
established relations." Dislocating changes were
faced constantly by the industries of the nation
before the war, but the adjustments were made without too much difficulty, he remarked. "Taking one
year with another, in spite of trade fluctuation and
other causes, work was found, on the average, for
96% of the available population. We did not realize
then how fortunate we were and took the 96% employment for granted, giving all our attention to
the 4% unemployed. Since 1920 we have been in a
position to realize the pre-war figures for employ-
173
ment were something of an achievement. The difference since the war can be summed up in a sentence: The need for adjustment has been immensely
greater, the adaptability of industry and its capacity
to adjust itself to changed conditions have been less.
The economic dislocation caused by the war is not,
of course, confined to this country, but reacts on
this country because we are so dependent on overseas trade. Productions in the world as a whole
was thrown out of balance by the war. Post-war
influences, inflation, deflation, protection, subsidies
and other expedients of nationalistic economic policies delayed the return of a balanced condition, with
the result that most agricultural staples have been
produced in excess quantities to what the world will
take at a price that pays the grower. Because the
great agricultural producing countries are all depressed, industrial countries like Great Britain find
their markets impoverished."
As indications of the lack of adjustment, Mr. Clay
cited the great existing discrepancies in various
price relationships. Thus world prices, as measured
/%
by "The Statist" index number, have fallen 361 2
4.2% above pre-war.
since 1924 and are now only
The price level in Britain, however, as measured by
the Ministry of Labor's cost of living index number,
has fallen only 11.3% and is still 57% above the 1914
level. Hourly wage rates, moreover, have changed
little since 1924 and are still nearly double the prewar average, he remarked. Taxation and compulsory contributions to social insurance have been increased, while prices are falling. "Discrepancies
like these are evidence both of dislocation and failure
to adjust our costs to world price levels," Mr. Clay
continued. "The dislocation caused by the war,
combined with the development of the manufacturing industry in other countries, the relative decline
in the importance of coal and the heavier burden of
taxation left by the war have served to reduce the
advantages we had over the other countries. Either
we must find new outlets for our economic activity
or content ourselves with lower levels of remuneration or suffer unemployment. So far we have met
the changed situation mainly by suffering unemployment."
Greater likelihood of an acceptable compromise
on Indian autonomy resulted this week from a statement before the Round Table Conference on India
by Lord Reading, a former Viceroy and spokesman
for the Liberal party section of the British delegation. The conference has been in progress in London for nearly two months, and is now nearing its
end. The formulation of a Federal Constitution for
India still occupies the entire gathering, with a compromise in sight on the dispute between Hindus and
Moslems on the question of representation for religious minorities. This adjustment is believed expedited by the death in London of Muhammed Ali,
one of the leading Moslem delegates, whose passing
last Sunday brought the factions together to some
degree. Although progress has been apparent in
such directions, little was said until this week on
the all-important question of the possible extent of
British concessions to Indian home rule.
Lord Reading made an outstanding declaration
on this point Monday, in behalf of his Liberal colleagues, and it is believed that the views expressed
accord largely with the desires of the Indians themselves. The Liberal delegation, he said,"approached
174
FINANCIAL CHRONICLE
the subject of responsibility of the Federal Executive with a genuine desire to give effect as far as
they legitimately could to the view of the British
Indian delegation." Safeguards would be required
at the outset to assure stability, he cautioned, but
on the whole he professed agreement with the request for government by a Cabinet responsible to
the Federal Legislature. Matters of defense and
foreign relations, as well as certain financial questions pertaining to public debt and the servicing of
loans, were the chief reservations suggested by the
former Viceroy. It is now believed in London that
the Labor and Liberal parties will be in substantial
agreement on the proposed new Indian policy and
that covering laws can be enacted by the joint action
of these groups in the London Parliament. Some
exceptions to the safeguards suggested by Lord
Reading were promptly taken, however, by two Indian leaders, Srinavasa Sastri and Sir Bhupendra
Nath Mitra, and it is thus plain that this important
question cannot yet be considered settled. The attitude of the important Nationalist group, headed by
Mahatma Gandhi, also remains to be considered, as
this body is not represented at the London meeting.
Changed methods of dealing with the vast and
growing problem of unemployment in Germany were
foreshadowed by Finance Minister Dr. Hermann
Dietrich, in an address delivered before a party
meeting in Stuttgart, Tuesday. As in other industrial countries, unemployment is steadily increasing
in the Reich, with latest statistics showing 4,357,000
jobless. A new plan for dealing with this situation
was sketched by Dr. Dietrich, with the approval, it
was understood, of Chancellor Heinrich Bruening.
Unemployment insurance does not provide a solution
for the most pressing problem of the day, he declared, and he proceeded to outline an alternative to
the present costly system whereunder 3,000,000,000
marks are expended annually by the Reich, the State
and communal governments on relief. Funds now
being paid as unproductive doles ought to be paid,
Dr. Dietrich said, as premiums to employed workers, enabling them to accept lower than the minimum
wage. The lowered wages, according to this reasoning, would mean reduced costs and industry would
be enabled to compete more effectively in the international markets. Production would be increased
thereby, and the idle who are now supported at the
expense of the State would soon be re-employed. "I
do not mean to pay a subsidy, but rather to provide
a premium to an increased number of the employed
which would serve to reduce costs," the Minister
concluded. Dr. Dietrich's advocacy of this project
was considered in Berlin something in the nature
of a trial balloon, reports from the German capital
said. The immediate reaction among leading German industrialists was described as unfavorable.
It was considered in such quarters "nothing more
than a gigantic system of government subsidies in a
very transparent disguise," a dispatch to the New
York "Herald Tribune" said.
An airing of the relations between the United
States and Nicaragua is looked for as a result of the
bandit attack on a small body of United States
marines in the Central American country on Jan. 1,
when eight marines were killed and two wounded.
A further clash between a marine patrol of 50 men
and a band of 150 outlaws occurred Jan. 2, not far
Fort 132.
.
from the spot in the wild northern part of Nicaragua
where the first encounter developed. Two casualties
were suffered by the marine patrol, while five of the
bandits were killed. One of the marines, James
Robert Earnhart, was hit in the spine and is seriously injured. Managua reports indicate the belief
in that center that the renewed bandit activity is
due to Augustino Sandino, who conducted a determined campaign against American forces several
years ago. Cognizance of these developments was
taken Tuesday by the Senate in Washington, which
passed without debate and without objection a resolution introduced by Senator Johnson of California,
calling upon the State Department for detailed information regarding the relations between the
United States and Nicaragua. The resolution requests Secretary of State Stimson to transmit to the
Senate "all communications, documents, reports and
agreements since 1924, or copies thereof, relating to
the landing or maintenance of United States marines
in Nicaragua; and all notes, communications, or
agreements passing between the Governments of
Nicaragua and the United States concerning elections to be held in Nicaragua, the formation and
training of the constabulary or native police of
Nicaragua; the duties to be performed by said constabulary and by United States marines; the mode
of compensating said constabulary and the amount
thereof." In a Managua report of Monday to the
New York "Times" President Moncada of Nicaragua
was quoted as saying he did not agree with those
who wish the United States marines withdrawn from
participation in the campaign against banditry.
The swift overturn of the Government of President Florencio H. Arosemena in Panama on Jan. 2
was followed this week by an almost equally speedy
restoration of normal conditions in the Central
American republic. Resignation of Dr. Arosemena
was formally announced nn the day of the revolt
both in Panama City and by the Panaman Legation
in Washington. In a brief ceremony late in the day
Harmodio Arias, leader of the revolutionary forces,
was sworn in as provisional President by the
Supreme Court, while the retiring President was
permitted to take refuge in the American-administered Canal Zone. Ricardo J. Alfaro, Minister of
Panama to the United States, was asked by the Supreme Court to return to Panama and assume the
Presidency, and this Senor Alfaro agreed to do. He
sails for Panama to-day. No announcement regarding the United States policy toward the new regime
was forthcoming this week, other than a brief statement that there appears to be no cause to intervene
in accordance with the right granted by the treaty
of 1903. It was pointed out in Washington that the
situation is complex and requires careful study before a decision is reached on the question of recognition. Business was resumed in Panama this week
on the normal basis and the only evidence of the
coup d'etat was the presence of military patrols in
the principal cities. Hartwell F. Ayers, the American newspaper man who was wounded in the fighting last week,succumbed to his injuries Wednesday.
The new situation was quickly accepted throughout
Panama, dispatches said, eight of the nine provinces acknowledging the new regime immediately,
while the ninth also accepted the new Government
when advised of the change last Sunday.
JAN. 10 1931.]
FINANCIAL CHRONICLE
175
week, while three months bills were 2 3/16%
A sharp statement calling for the abolition of last
/
14 on Friday of last week. Money on
slavery and forced labor in Liberia was transmitted against 2 %
2
1
/
yesterday was 1 %. At Paris the
to the Government of that country Nov. 17 by the call in London
market rate remains at 2%, but in SwitzerState Department in Washington, and it is believed open
/
is 138%.
that a recent change in the Liberian Government is land the rate now
due to the American attitude on this question. The
The Bank of England statement for the week ended
action taken by Secretary of State Stimson was first
disclosed in Washington reports of last Tuesday, Jan. 7 shows a decrease of £1,713,457 in bullion and
which remarked that the warning was one of the of £5,297,000 in circulation, thereby bringing about
.holds
most outspoken documents to be drafted since a rise of £3,584,000 in reserves. The Bank now..
The note was handed to Ernest £146,557,914 of gold compared with £149,214,869 a
World War days.
Lyon, Liberian Consul-General at Baltimore, and year ago. Public deposits increased £6,626,000 while
delivered at the same time to President King of other deposits, which include bankers accounts and
Liberia by the American Charge d'Affaires in Mon- other accounts, fell off £66,440,667. Bankers acrovia. Charges made in the State Department counts which rose last week £76,232,104, this week
memorandum are based, it is understood, on the decreased £63,574,764. Other accounts dropped off
report of an international commission which £2,865,903. A sharp rise is therefore to be noted in
recently investigated slavery in the small African the reserve ratio which rose this week to 37.31% from
republic. Reference was made in the note to the 22.52% a week ago. A year ago the ratio was
fact that Liberia was founded long before the Civil 36.02%. Loans on government securities decreased
War as a haven for escaped American Negro slaves. £27,940,000 and those on other securities £35,382,"International public opinion will no longer tolerate 468. The latter consist of "discounts and advances"
these twin scourges of slavery and forced labor," and "securities" which fell off £34,604,783 and £777,Secretary Stimson said. "Unless they are abolished 685 respectively. The discount rate is unchanged.
and unless there is instituted by the Liberian Gov- Below we furnish a comparison of the various items
ernment a comprehensive system of reforms loyally for five years:
and sincerely put into effect, it will result in the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1930.
1931.
1927.
final alienation of the friendly feelings which the
Jan. 11
Jan.9
.7an.8
Jan. 12
Jan.7
American Government and people have entertained
Circulation
for Liberia since its establishment nearly a century Public dePosits a363,504,000 362,921,000 369.617.000 135,933,585 138.083,730
13,207,000 17,211,000 10,994,000 14,853,638 15,372.145
102,167,891 111,275,367 104,305.000 110,060,585 111,539,306
Other deposits
ago."
Bankers' accounts 68,874,566 75,701,298 67,491,000
It Iv as charged in the State Department memo- Other accounts— 33,293,325 35,574,069 36,813,000
53,081.247 69,885.855 57.740.000 39,628.992 34.767,634
randum that the establishment of the international Govt. secur1ties
37,270,156 30,366,704 30.654.000 64,504.322 77,056,244
Other securities
the existence of slavery Diset. & advances 14,357,675 15,081,971 14.686.000
commission of inquiry into
22.912,481 15,284,733 15,969,000
Securities
and forced labor was agreed upon with extreme re- Reserve notes & coin 43,053,000 46,292,000 44,960,000 38.817,964 33,154,989
Coin and bullion-146,557,914 149,214,869 154,479.280 155,001,549 151.488,719
luctance by the Liberian Government, while the sub- Proportion of reserve
36.02%
37.31%
31.07%
sequent findings constituted a "shocking indictment to liabilities
38.99%
26.20%
5%
41i%
5%
435%
3%
of the Liberian Government's policy of suppression Bank rate
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
of natives, permitted, if not actually indulged in, note Issues adding at that time £234,199,000 to the amount of Bank of England
by nearly all the high officials of Liberia, including notes outstanding.
the Vice-President of the republic." Since the reThe Bank of France statement for the week ended
port was submitted the Liberian Government has
reform, the note adds, Jan. 3 shows another increase in gold holdings, this
made numerous promises of
but has failed to submit definite plans for their time it is 159,349,452 francs. Owing to this gain the
execution. The American Government understands, total of gold is raised to 53,736,958,426 francs, the
it is stated, that no action has been taken against largest figure ever recorded in the history of the
the guilty officials, while the Liberian Government, bank. Gold last year amounted to 42,433;625,382
instead of correcting its abuses,has encouraged meas- francs and the year before to 32,679,039,643 francs.
ures of retaliation against the helpless natives who Credit balances abroad and bills bought abroad
appeared and made their depositions before the record gains of 435,000,000 francs and 2,000,000
members of the international commission. This mes- francs while French commercial bills discounted
sage, a United Press report said, was transmitted contracted 998,000,000 francs. A large increase
to the Liberian Congress on Dec. 3, and soon there- appears in note circulation, namely 2,501,000,000
after both President Charles D. B. King and Vice- francs. Total circulation now stands at 78,937,195,President Allent W. Yancey resigned. Edwin Bar- 445 francs as compared with 70,287,395,400 francs
clay, Secretary of State, became Provisional Presi- last year and 63,915,518,415 francs two years ago.
dent. The international commission consisted of An increase of 214,000,000 francs appears in advances
Dr. Charles S. Johnson as the American member, against securities and a decrease in creditor current
Cuthbert Christy of Great Britain, and the Hon. accounts of 1,260,000,000 francs. Below we furnish
Arthur Barclay of Liberia.
a comparison of the various items for the past three
years:
There have been no changes the present week in
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
the discount rates of any of the European central
Jan. 5 1929.
Jan. 3 1931. Jan. 4 1930.
for Week.
banks. Rates remain at 6% in Spain; at 5 % in
Francs.
Francs.
2
1
/
Francs.
Francs.
159.349,452
Austria, Hungary, and Italy; at 5% in Germany; at Gold holdhigs_ ___Inc. 435,000,000 53.736.958,426 42,433,625,382 32,679,039,643
7,226,167,374 7,109,163,722 13,510,491,654
Credit bals. abed _Inc.
4% in Norway and Ireland; at 3 % in Sweden and French commercial
2
1
/
dlscounted_Dec.998,000,000 7,382,558,727 7.874,579,462 1,911,533,198
bills
Denmark; at 3% in England and Holland, at 2 % Bills bought abed_Ino. 2,000.000 19,353.534,059 18,740,293,169 19,129,518,128
2
1
/
3,115,147,422
in Belgium and Switzerland, and at 2% in France. Adv. agt. securs_Inc. 214.000,000 78,937.195.445 2,688,144,243 2,223.056,578
70,287,395,400 63,915,518.415
Note circulation__Inc.2501,000,000
In the London open market discounts for short bills Creel. curr. accts—Dec.1260000,000 23,073,267,039 18,190,255,735 19.231,360,240
/
yesterday were 218% against 2/% on Friday of
14
176
The German Bank statment for the last week of
December showed an increase in note circulation of
502,947,000 marks, raising the total of the item to
4,778,259,000 marks. Circulation a year ago stood
at 5,043,677,000 marks and the year before at
4,930,069,000 marks. Other daily maturing obligations increased 200,540,000 marks and other liabilities
fell off 52,702,000 marks. The asset side of the
account shows a gain in gold and bullion of 184,000
marks. The total of the item now stands at 2,215,597,000 marks, as compared with 2,283,116,000
marks the corresponding week last year and 2,729,331,000 marks two years ago. Decreases appear in
reserve in foreign currency of 66,905,000 marks, in
silver and other coin of 15,641,000 marks, in notes
on other German banks of 11,794,000 marks and in
investments of 20,000 marks, while the item of
deposits abroad continues unchanged at 222,017,000
marks. A gain is shown in bills of exchange and
checks of 563,106,000 marks, in advances of 164,729,000 marks and in other assets of 17,126,000
marks. A comparison of the various items for the
past three years is given below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Dec. 31 1930. Dec. 31 1929. Dec. 31 1928
Reichsmarks.
Assets—
Reichsmarks. Reichsmarks. Retchsmarks.
Gold and bullion
184,000 2,215,597.000 2,283,116,000 2,729,331,000
Inc,
Of which depos.abed_ Unchanged
222,017.000 149,788.000
85,626.000
Res've In torn curr Dec. 66,905,000 469,243,000 403,227.000 155.273.000
Bills of exch.& checke_Inc. 583,106,000 2,471,981,000 3,226,643,000 2,678,447.000
Silver and other coin--Dec. 15.641,000 138,868,000
89,111,000
81,766.000
Notes on oth.Ger.bee_ Dec. 11,794,000
3,990,000
3,979,000
8.151,000
Inc. 164,729,000 256,013,000 204,648,000 176,909,000
Advances
Investments
20,000 102,454,000
Dec.
92,469,000
92,299.000
Inc. 17,126,000 496,658,000 563,167,000 530,015,000
Other assets
dIes—
Notes in circulation Ino. 502,947.000 4.778,259,000 5,043.677,000 4.930.069.000
Oth.dally matur.oblig.Inc. 200,540.000 651,819,000 755,170,000 816.051.000
Dec. 52,702,000 328,568,000 193,209,000 298.238,000
Other liabilities
Extreme relaxation in the money market was
reflected by the course of rates this week. Announcements of lowered rediscount rates were made
by three of the regional institutions. Taking action
Tuesday, Wednesday, and Friday, respectively, the
Federal Reserve Banks of St. Louis, San Francisco,
and Chicago all lowered their rates from 3 % to
/
1
2
3%. Call loans in the New York market were
quoted at the undeviating rate of 12 on the Stock
/
1
%
Exchange. Funds were available in abundance on
all occasions, however, and an overflow into the
unofficial "Street" market took place every day.
Trades were reported in this outside market at 1%
in every session, with huge sums left unloaned notwithstanding the meager return. Time loans were
quiet and unchanged. Two tabulations of brokers'
loans against stock and bond collateral were made
public this week, and both reflected further repayments of such obligations. The comprehensive Stock
Exchange compilation covering the full month of
December registered a decline for the period of
$268,636,112. The weekly report of the Federal Reserve Bank of New York, covering the week to Wednesday night, showed a drop of $47,000,000. Gold
movements in the period from Dec. 30 to Jan. 7,
reported by the Federal Reserve Bank of New York,
consist of imports of $14,038,000. There were no
exports, but the stock of gold held ear-marked for
foreign account increased by $100,035.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, all that it is necessary
to say is that the rate has been 112% on each and
/
every day of the week, this including renewals as
well as new loans. Time money has been in better
[voL. 132.
FINANCIAL CHRONICLE
demand, though transactions have still been very
limited, with no especially noteworthy feature.
Quotations were slightly reduced at the beginning
of the week, and now are 1%@2% for 30-day money,
214@21 2% for 60 days, and also for 90-day accom/
/
modation, 2 % for four months, and 23
/
1
2
4@3% for
five and six months. The demand for prime commercial paper in the open market showed a slight
improvement this week, though the business transacted was far below the normal for this time of year.
Rates are unchanged, choice names of four to six
months' maturity being quoted at 2 4@3%, while
3
/
names less well known as offered at 31
4@3 %.
/
1
2
Prime bank acceptances in the open market were
in slightly increased demand this week, though there
is still a shortage of satisfactory paper. The Reserve
Banks reduced their holdings of acceptances this
week from $363,844,000 to $265,456,000. Their holdings of acceptances for foreign correspondents increased from $439,288,000 to $440,326,000. The
posted rates of the American Acceptance Council
remain unchanged at 17 bid and 13
8%
4% asked for
bills running 30 days, and also for 60 and 90 days;
2% bid and 178% asked for 120 days, and 2 % bid
/
/
1
2
and 2% asked for 150 days and 180 days. The Acceptance Council no longer gives the rates for call
loans secured by acceptances. Open market rates
for acceptances are also unchanged, as follows:
SPOT DELIVERY.
—180 Days—
—150 Days-1
-120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
234
2
2
234
2
134
—90 Days—
—80 Days—
—30 Days—
Bid. Asked,
Bid. Asked.
Bid. Asked.
Prime eligible bills
134
134
134
134
134
134
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member Banta
234 bid
Eligible non-member banks
234 bid
Following the recent reduction in the rediscount
rates of the New York, Cleveland, and Boston Federal Reserve Banks, three other Reserve Banks have
this week moved to lower their rates. On Jan. 7 the
Federal Reserve Bank of St. Louis lowered its rate
from 3 % to 3%, effective Jan. 8; on Jan. 8 the
/
1
2
Federal Reserve Bank of San Francisco reduced
its rate on all classes of paper of all maturities from
3 % to 3%, effective Jan. 9, and it was announced
/
1
2
yesterday (Jan. 9) that the directors of the Federal
Reserve Bank of Chicago had recommended to the
Federal Reserve Board that its rediscount rate be
lowered from 3 % to 3%. There have been no
/
1
2
other changes this week in the rediscount rates of
the Federal Reserve Banks. The following is the
schedule of rates now in effect for the various classes
of paper at the different Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Ramo Bank.
BostonNew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dalian
Ban Francisco
Rate in Effect
on Jan. 10,
Date
Established.
Prelli0U8
Rate.
234
2
834
3
334
334
3
3
334
34
334
3
Jan. 2 1931
Dec. 24 1930
July 3 1930
Dec. 29 1930
July 18 1930
July 12 1930
Jan. 10 1931
Jan. 8 1931
Sept. 12 1930
Aug. 15 1930
Sept. 9 1930
Jan. 9 1931
234
4
334
4
4
334
334
4
4
4
334
a
Sterling exchange is dull and irregular, with a decidedly easy undertone. Sterling is at a discount
with respect to nearly all leading currencies and is
ruling near the shipping point for gold from London
to New York. The range this week has been from
4.85 7-32 to 4.853/b for bankers' sight bills, compared
with 4.85 7-32 to 4.85 23-32 last week. The range
JAN. 10
19311
FINANCIAL CHRONICLE
177
At the Port of New York the gold movement for
for cable transfers has been from 4.85 13-16 to
4.85%, compared with 4.85 17-32 to 4.857i a week the week ended Jan. 7, as reported by the Federal
/
ago. Aside from the fact that, for a few weeks Reserve Bank of New York, consisted of imports
from
longer, seasonal pressure will continue against sterling of $14,038,000, of which $11,500,000 came
from Cuba, and $334,000 chiefly
exchange, the present weakness is due to a sliding off Canada, $2,204,000
were no
in London open market discount rates, but more from Latin American countries. There
There was an increase of $100,035
largely to a further considerable weakening in the gold exports.
tabular
Bank of England's gold holdings. The softening in gold earmarked for foreign account. In
took place on Monday, when form the gold movement at the Port of New York
in London bill rates
three-months bills were quoted 2 1-16% to 23/%, for the week ended Jan. 7, as reported by the Federal
0
compared with 237 to 2 5-16% before the turn Reserve Bank of New York, was as follows:
JAN.7,INCLUSIVE
GOLD MOVEMENT AT NEW YORK DEC.30 TO
of the year.
Exports.
Imports.
It was thought that sterling would show firmness, $11,500,000 from Canada
None
especially against French francs, following the cut 2,204,000 from Cuba
334,000 chiefly from Latin Amerin the rediscount rate of the Bank of France, but the
can countries
weakening of bill rates in London seems to have $14,038,000 total
upset these expectations. The market does not
Na Change in Gold Earmarked for Foreign Account.
increase: $100,035
bill rates to go below 2% unless the Bank of
expect
exchange has fluctuated rather widely
Canadian
England lowers its discount rate, but the drifting
Montreal funds were
tendency is preventing a rise in the exchange. The during the week. On Monday
at 11-64 of 1% discount at noon and in the late
consensus of opinion seems to be that the Bank of
of 1% discount,
England will not reduce its rediscount rate at the afternoon the rate declined to 3-16
which is the lowest since May 10 1930 and compresent juncture, as to do so would be to further
point from
jeopardize its gold holdings. The gold export pares with the theoretical gold export
Tuesday Montreal
point to New York from London at present levels Montreal of 5-32 of 1%. On
discount, on
for money is calculated at about 4.85 5-16. Ac- funds were quoted at 15-32 of 1%
at 11-32 of 1%, and on Thursday at
cording to recent dispatches from Paris, conversa- Wednesday
1% discount.
tions are taking place in London and Paris on the 21-64 of 1%. On Friday at % of
As noted above, the Federal Reserve Bank of
question of gold, while both sides wait to see what
receipt during the week of
effect the 2% French Bank rate will have. It New York reported the
$11,500,000 gold from Canada. The Reserve Bank's
appears that the British representatives have reweek ended 3 p. m.on Wednesday.
quested that the Bank of France accept standard statement is for the
of an additional $5,000,000
bars. The immediate effect of such an acceptance On Thursday the receipt
was reported, and on Friday of
would probably be a further drop in the sterling- gold from Canada
Montreal funds are ruling
franc rate in favor of Paris to a new gold point, still another $2,000,000.
as to lead to discussion as to the placing of
but a revival after heavy gold imports from the so low
Advices from
Bank of England. French opinion seems to maintain a Government embargo on exports.
Montreal state flatly that the Government has
that an adverse balance of payments is the real
formal or informal, although
cause of the weakness in sterling and that the placed no ban either
it is admitted that a free gold market does not
granting of a franc credit to the British Treasury
at liberty to ship gold if they so
or to the Bank of England would be the most exist. Banks are
desire, but it has become a matter of policy for the
effective means of supporting sterling pending an
to decide for themselves. On
improvement in the general situation in Great individual institutions
gold was released from
Britain. At all events, bankers expect that a Friday also $4,000,000
course of action favorable to sterling exchange is earmark.
Referring to day-to-day rates, sterling exchange
likely to be developed shortly as a result of the
gold conference. This week the Bank of England on Saturday last was steady. Bankers' sight was
shows a loss in gold holdings of £1,713,457, the 4.85%®4.85M; cable transfers 4.85%. On Monday
total standing at £146,557,914, which compares with the market was quiet with an easier tone. The range
£149,214,869 on Jan. 8 1930, and with the mini- was 4.85 5-16@4.85M for bankers' sight and 4.853/2
mum recommended by the Cunliffe Committe of ®4.85 9-16 for cable transfers. On Tuesday sterling continued to display an easier tone. The range
£150,000,000.
On Saturday the Bank of England sold £220,338 in was 4.85 7-32@4.85 7-16 for bankers' sight and
On
4.85 13-32 ®4.85 17-32 for cable transfers.
gold bars and exported £2,000 in sovereigns.
slightly firmer
On Monday the Bank of England received £250,000 Wednesday the market developed a
in sovereigns from abroad and sold £318,284 in gold tone on narrow trading. The range was 4.853®
bars. On Tuesday the Bank sold £335,726 in gold 4.85% for bankers' sight bills and 4.85 15-32®
bars and exported £4,000 in sovereigns. Of a total 4.85 17-32 for cable transfers. On Thursday the
,v
of £873,000 South African gold which arrived in the market was steady. The range was 4.853'®4.853
and 4.85 7-16@4.853' for cable
London market on Tuesday, all but six bars were for bankers' sight
taken for forward French account at a price of transfers. On Friday sterling was steady; the range
85s id. On Wednesday the Bank of England was 4.853@4.85 5-16 for bankers' sight and 4.85 7-16
sold £299,114 in gold bars and exported £29,000 in ®4.853" for cable transfers. Closing quotations on
sovereigns. On Thursday the Bank released £300,- Friday were 4.853 for demand and 4.85 7-16 for
000 in sovereigns, sold £306,072 in gold bars, and cable transfers. Commercial sight bills finished at
exported £6,000 in sovereigns. On Friday the Bank 4.853/s; sixty-day bills at 4.83 3-16; ninety-day bills
sold £199,343 gold bars and exported £6,000 sov- at 4.823; documents for payment (60 days) at
ereigns. According to London bullion dealers, all 4.83 3-16, and seven-day grain bills at 4.849.
the bar gold sold by the Bank of England was Cotton and grain for payment closed at 4.853.
taken for French account.
ri8
FINANCIAL CHRONICLE
[voL. 132.
Exchange on the Continental countries is dull
Exchange on the countries neutral during the war
and irregular, with practically all currencies showing is dull and easier, with most of the units ruling lower
ease as a result of seasonal pressure. French francs than at any time in the past several weeks. The
are firm with respect to sterling, and the sterling- softness in the neutral currencies is due largely to
franc rate would be still lower were it not for the sympathetic relation with sterling, to seasonal pressupport lent to sterling by the Bank of France. sure, to uncertainties with regard to international
This week the Bank of France shows an increase in money markets, and to lack of demand for money
gold holdings of 159,349,000 francs, the total stand- and credit in most centres. Holland guilders are
ing at the record high level of 53,736,958,000 francs, especially easy, owing to uncertainties in the inter_
which compares with 42,433,625,000 francs on Jan. 3 national money situation and to expectation that
1930 and with 29,935,000,000 francs reported in the Amsterdam bank rate will soon be reduced followthe first statement of the Bank of France following ing the lead of New York and Paris. The present
stabilization of the franc on June 30 1928. As rate is 3%, the same as in London. Swiss francs
noted above, an Anglo-French gold conference is are relatively easier than in recent weeks, due largely
in progress with the object of halting, if not reversing, to the fact that German funds which had been on
the gold movement between London and Paris. temporary deposit in Switzerland are being steadily
Private French discount and acceptance rates are withdrawn and there is nowhere an offsetting demand
slowly falling to correspond with the 2% official for Swiss francs. According to the Bank of America,
rate of the Bank of France. Anxiety is still felt N.A., accumulation of gold by Swiss commercial
in Paris as to the position of some of the Provincial banks has been a characteristic of the recent movebanks and there is no indication that deposits which ment of gold in that country. Apparently most of
were withdrawn from the banks during the past few the metal has gone into the vaults of the commercial
months are returning. According to recent Paris banks and very little into the Swiss National Bank.
dispatches, Bank of France authorities do not dis- Only about $9,000,000 of a total of $21,000,000 of
guise their feeling that if the domestic situation gold imported was added to the reserves of the bank
alone had been considered the recent reduction in of issue. The remainder was minted by other instithe Bank rate would not have been opportune, tutions and is being kept in their vaults, with little
but the Bank had concluded that its primary duty or no profit for their trouble. Foreign capital from
was to consider the international money situation Germany after the recent elections and from some
and therefore the new step was designed entirely other countries flowed into Switzerland in such large
to check the influx of gold into France, efforts to volume during the past autumn that many Swiss
arrest which have hitherto proved unsuccessful. banks reduced their interest rates on foreign deposits
The Bank has allowed it to be plainly understood and in some cases paid no interest at all. The Scanthat it does not wish the rate reduction to be inter- dinavian exchanges are weaker, with even Swedish
preted as an encouragement to speculators. The crowns ruling below par. Spanish pesetas have flucproof of this is the fact that despite the low rate tuated less widely this week and have even developed
on discounts the Bank of France rate on collateral a semblance of firmness, due partly to gold shiploans remains unchanged at 432%.
ments made by Spain to London with a view to
German marks are dull and easier. The present supporting peseta exchange and in some measure to
low ruling rates for mark exchange are due partly a cessation in the turmoil of political events in Spain.
to seasonal pressure, partly to the lower ruling
Bankers' sight on Amsterdam finished on Friday
rates for sterling, and partly to uncertainties as to at 40.243/, against 40.25 on Friday of last week;
2
the general trend of money markets. Generally cable transfers at 40.253/2, against 40.26, and comspeaking, bankers look for firmer mark quotations mercial sight bills at 40.21, against 40.213. Swiss
in the immediate future, as German money rates francs closed at 19.37 for bankers' sight bills and
and demand for credit are stronger than in other at 19.37% for cable transfers, against 19.38 and
markets. The Reichsbank rediscount rate continues 19.38%. Copenhagen checks finished at 26.713/i
at 5%, but the market expects a reduction at least and cable transfers at 26.723/, against 26.73 and
2
to 4% before the close of the month.
26.74. Checks on Sweden closed at 26.749 and
The London check rate on Paris closed at 123.74 cable transfers at 26.75%, against 26.773/ and
2
on Friday of this week, compared with 123.71 on 26.783/, while checks on Norway finished at 26.723j
2
Friday of last week. In New York, sight bills on and cable transfers at 26.733, against 26.733/ and
the French centre finished at 3.92 3-16, against 26.743/. Spanish pesetas finished at 10.58 for
2
3.923/ a week ago; cable transfers at 3.92 5-16, bankers' sight bills and at 10.59 for cable transfers,
against 3.92, and commercial sight bills at 3.92, compared with 10.47 and 10.48.
against 3.923. Antwerp belgas finished at 13.94
Exchange on the South American countries confor checks and at 13.949 for cable transfers, against
13.963/2. Final quotations for Berlin tinues irregular, with Argentine pesos and Brazilian
13.95% and
marks were 23.773/b for bankers' sight bills and milreis again showing declines. On Wednesday an
23.783/ for cable transfers, in comparison with announcement was made that the Bank of the Argen23.803/i and 23.813/2. Italian lire closed at 5.23% tine Nation is going to ship gold to New York in
for bankers' sight bills and at 5.23 9-16 for cable order to cover the country's external debt service
transfers, against 5.233/b and 5.23 11-16. Austrian for the coming three months. The announcement
shillings closed at 14.07, against 14.073/2; exchange failed to have any immediate effect on peso exchange.
on Czechoslovakia at 2.963/g, against 2.963; on It is understood that approximately $15,000,000 gold
Bucharest at 0.593, against 0.593; on Poland at will be shipped. The step was made necessary be11.20, against 11.20, and on Finland at 2.51/, cause of the continued depreciation in Argentine
against 2.51N. Greek exchange closed at 1.2931 exchange. On Wednesday the paper peso was quoted
for bankers' sight bills and at 1.293z for cable trans- at the record low of 31.12, compared with par of
fers, against 1.293 and 1.29
42.45. In 1930 a total of $15,376,000 gold was re-
JAN. 10 1931.]
179
FINANCIAL CHRONICLE
ceived in New York from Argentina, most of which Hong Kong and Shanghai exchanges suffered sharp
came in November and December as a result of losses as a result. There was a further drop in
Government decrees. No indication has been given silver prices on Tuesday, when a new low of $0.293/
as to how much metal will be shipped altogether, was reached in New York and 13 11-16d. per ounce
but the impression prevails in local circles that the in London. The situation was further aggravated
total will be substantial. The willingness of the on Thursday when the New York quotation for
Argentine Government to continue the shipment of silver dropped to $0.28% and the London price
gold to meet its interest obligation rather than per- to 13 7-16d. Yesterday the price in London was
A
mit the exchange to come under unnecessary strain down to 13 7-16d. and in New York to $.281 •
has created a favorable impression in banking circles To buy or sell exchange on China is to buy or sell
here. Despite an extremely large gold reserve of silver. The drop in silver on Thursday was acsomething over $400,000,000, Argentina is handi- companied by severe dips in Chinese units. Hong
capped by an unwieldy androbsolete monetary sys- Kong was quoted at 24.50 and Shanghai at 32.25,
tem which prevents the country from restoring the with still lower prices yesterday. Local bankers
gold standard at present. The new provisional gov- believe that no permanent improvement in silver
ernment, under General Jose Uriburu, has announced can take place until the entire world economic
its intention of putting through currency reforms as situation has cleared. In addition to its internal
soon as possible. The depreciation of exchange has troubles, China has not been able to sell enough
become a serious problem for Argentina and renders goods abroad to offset an import trade balance,
the task of currency reform more difficult. The necessitating the sale of silver for gold exchange.
provisional government is studying a project for a Japanese yen have been ruling easier and from all
complete reform of the financial structure, including indications are slightly lower. While at present the
the abolition of the Caja de Conversion (Gold Con- spot rate is fairly steady around 49.54, there are
version Office) and the establishment of a central some offers slightly below this figure and end of
bank and a new currency system. The gold conver- February delivery is quoted 5 to 6 points under
sion office was established in 1890 to prevent violent spot. End of March yen are being quoted as low
fluctuations in Argentine exchange. PracticeThas as 49.40. Since the estimated gold point is around
shown that while it effectively kept Argentine rates 49.46, the spot rate has only to decline about ten
from going above par, it has been useless in prevent- points to make gold shipments from Yokohama
ing declines. Whether new currency will be created again profitable. Yen exchange is of course naturally
with the value of the present peso depends largely affected by the demoralized state of trade in China,
on the success which meets the provisional govern- which is Japan's best customer.
Closing quotations for yen checks yesterday were
ment's program for halting the decline and restoring
%
.4549%, against 49.50@49 . Hong Kong
of this program 49
the peso to par value. The details
/
/
have not been announced, but are expected soon. closed at 233 s@23 13-16, against 263 8@26 11-16;
It is understood that General Uriburu considers that Shanghai at 313/s@31%, against 343®34 7-16;
the most pressing problem is to prevent further de- Manila at 49%, against 49%; Singapore at 56%@
clines in the peso, halting it around present levels if 56 7-16, against 56.25@56 7-16; Bombay at 363,
it should prove impossible to bring the unit back against 363, and Calcutta at 36%, against 3631.•
closer to par.
RESERVE
CERTIFIED BY
Brazilian milreis continue to be quoted nominally FOREIGN EXCHANGE RATES UNDER TARIFF FEDERAL1922.
ACT OF
BANKS TO TREASURY
but at lower levels than have prevailed at any time
JAN. 3 1931 TO JAN. 9 1931, INCLUSIVE.
since the recent revolution. In Tuesday's trading
Buying Rate for Cable Transfers in New York,
the milreis broke to the record low of 9.00 for cable County and Monetary Noon
Value in United States Money.
---.
transfers. As far as could be learned, no shipments
Jan. 3. 1010. 5. Jan. 6. Jan. 7. Jan. 8. Jan.9.
$
of gold were arranged despite the low exchange EUROPE$
$
$
$
8
.140886 .140847 .140815 .140796 .140782 .140768
Austria,schllling
rate. Rumors were rife to the effect that Brazil Belgium. belga
.139560 .139565 .139532 .139516 .139513 .139472
.007162 .007169 .007163 .007163 .007161 .007161
.029637
was _negotiating a loan_ of $200,000,000 in New Bulgaria. ley kron .029650 .029648 .029643 .029638 .267242 .029637
Czechoslovakia,
.267237
.267300 .267313 .267259 .267240
krone
York and London. Well-informed quarters were Denmark,pound
England,
4.855877 .855340 4.854821 4.854404 .854545 4.854359
sterling
.025171 .025164 .025166 .025163 .025165 .025170
inclined to scoff at the idea, pointing out that while Finland, markka
.039240 .039247 .039253 .039251 .039236 .039227
France,franc
.237985 .237950
the country needs credit badly, it would be im- Germany, reichsmark .238032 .237973 .237979 .012932 .012945 .237821
.012944
.012946 .012945 .012944
Greece, drachma
402555 .402554 .402537 .402532 .402468 .402445
possible to float a Brazilian issue at this time. Holland, guilder
174954 .174918 .174831 .174831 .174864 .174785
Hungary. pengo
.052355 .052354 .052354 .052353 .052352 .052349
On Tuesday reports reached New York that the Italy. lirakrone
.267354 .267356 .267326 .267312 .267308 .267300
Norway,
.112138 .112138 .112125 .112125 .112120 .112120
Poland,zloty
Banco Pelotense of Pelotas, the second largest Portugal, escudo
.044904 .044837 .044837 .044833 .044837 .044837
.005946 .005944 .005944 .005943 .005944 .005944
Rumania,leu
bank in the State of Rio Grande do Sul, has closed Spain, peseta
.104725 .105187 .105730 .105900 .106638 .106175
967753 .267723 .267718 .267666 .267642 .267601
its doors. Argentine paper pesos closed at 31 5-16 Sweden,krona
.193779 .193783 .193742
.
Switzerland, franc_ _ .193836 .193800 .193744 .017688 .017689 .017688
dinar_ _ _ .017695 .017692 .017692
for checks, as against 31 9-16 on Friday of last Yugoslavia.
ASIAweek, and at 31% for cable transfers, against 315 s China- tael
/ Chefoo
.
354375 .347708 .338750 .340416 .330416 .322916
.349843 .343593 .334687 .337187 .327812 .319687
Hankow
Brazilian milreis are nominally quoted at 9.35 for Shanghaitael
.340729 .333839 .327142 .328750 .318928 .310535
tael
359376 .352708 .343750 .345416 .335416 .327916
Tientsin tael
.248571 .249285
bankers' sight bills and at 9.40 for cable transfers, Hong Kong dollar .259464 .252142 .235312 .237187 .241785 .229285
.229375 .222812
dollar_ - - _ .245625 .240312
Mexican
against 9.60 and 9.65. Chilean exchange closd at Tientsin or Peiyang .247916 .242500 .237916 .239583 .230833 .226250
dollar
.244583 .239166 .232916 .236250 .227500 .222916
12 1-16 for checks and at 12% for cable transfers, Yuan dollar
.35957. .359503 .359471 .359471 .359460 .359403
India, rupee
495206
yen
Japan.
against 12 1-16 and 12 1-16; Peru at 29.00, against Singapore(8.8.) dollar .559375 .495118 .495156 .494653 .494662 .494537
559375
.659375 .559375 .559375 .559375
NORTH AMER.29.75.
.998193 .998178 .995551 .995969 .996691 .997041
Canada, dollar
Exchange on the Far Eastern countries is quite
demoralized, owing to a further sharp break in
silver prices to record lows for all time. On Monday
silver prices fell in New York to $0.29%, while
the London price was 5-16d. lower at 14 8d. Both
Cuba, peso
Mexico, peso
Newfoundalnd, dollar
SOUTH AMER.Argentina, peso (gold)
Brazil, milreis
Chile, peso
Uruguay, peso
Colombia, peso
999781
472166
.995721
.999781 .999625
.471900 .471233
.995687 .992812
.710449 .709037 .707332
.094625 .094083 .091375
.120737 .120733 .120729
.717023 .711373 .708696
965700 .965700 .965700
.999687
.471400
.993750
.999500
.468800
.994437
.999437
.466033
.994625
.709035 .708284
.091203 .091718
.120567 .120635
.708239 .706179
.965700 .965700
705137
.092500
.120625
.700431
.965700
180
FINANCIAL CHRONICLE
[VoL. 132.
The following table indicates the amount of bul- The result is strikingly apparent in price statistics.
lion in the principal European banks:
"The average of the prices we pay for our imports,"
Mr. Clay declared, "has fallen 23.6% since 1924
Jan. 8 1931.
Jan. 9 1930.
Bank* of
and is now only 18% above the pre-war level; the
Gold.
Silver.
Gold.
Silver.
Total.
Total.
average price we get for our exports has fallen only
E
L
E
E
£
£
England - - 146,557,91
149,214.869
146,557.914 149.214,869
France a-- 429,895,66
429.895,667339.469.003
339.469,003 20.4% and is still 51.3% above the pre-war level.
(d)
(d)
Germany b 99,679,001
994,600107,696.800
c994,600 100673.600106,702,200
Spain
97.563,001 28,041.000 125,604,000 102.638.000 28.202.000130,840.000 Part of the difference is accounted for by the higher
Italy
57,275,s I i
56.120,000
I 57,275,000 56,120,000
average quality of our exports, but in the main it
Netherrds. 35,513,0 I 1 2,014,
37,289,000
37,527,000 37.289.000
Nat. Beig_ 38,292,111
38,292,000 32.750,000 1,289,000 34,039,000
means we are expecting to get more for what we
Switzerrd_ 25,609,111
25,609,111 23.799.000
942,000 24,741,000
Sweden.-- 13,381,111
13.381,0'' 13.592,000
13,592,000
Denmark. 9,560,011
9,560,1 s s 9.581.000
361,000 9,942,000 supply the rest of the world while paying less for
Norway - _ 8,135,111
8,135.s I I 8,148.000
8,148.000
what we take from the rest of the world."
Total week 961,460,581 31,049,600992.510,181 879.303,072 31.788,600911,091.672
P7ey. week 961,217,242 31.155.600992,372,842868,394,508 32,091,600900,486,108
It is interesting,in the light of Mr. Clay's analysis,
a These are the gold holdings of the Bank of France as reported in the new form
to observe what European governments, particularly
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is L4,739,000 c As of Oct. 7 1924.
those of Great Britain, Germany and Italy, are
d Silver is now reported at only a trifling sum.
hio..lit.fe
doing or proposing with a view to aiding business
Governments and Unemployment—Great
recovery. It is Mr. Clay's conclusion, speaking for
Britain, Germany and Italy.
Great Britain, that when the world recovers from
The address which was broadcast last Sunday the present employment collapse "we shall be in no
night by Henry Clay, an economic expert of the better case than we were before it began. We shall
Bank of England and a member of the royal commis- still have a large part of our population in indussion recently created to investigate unemployment tries which in equipment, organization and experiinsurance, has the merit of offering a considered ence are specialized to export markets," at the same
and comprehensive analysis of the causes of the time that "our costs will still be high relatively to
present unemployment crisis in Great Britain and the rest of the world." Two important current illuselsewhere, and of pointing by inference to certain trations of this situation in Great Britain are worth
fundamental changes which must take place before noting.
the crisis can disappear. It is in its comprehensiveA formidable strike, affecting approximately 140,ness, not in its novelty, that the force of the state- 000 coal miners, is in progress in Wales, due to disment lies. Mr. Clay, who appears to have spoken agreement between the miners and operators regardfor himself and not as an official, points out that ing the hours of labor prescribed by the Coal Mines
there has been in Great Britain, even since 1920,"a Act of Aug. 1 1930. The Act, which in general propersistent mass unemployment, seldom falling below vides for a comprehensive reorganization of the coal1,000,000 persons out of an insured population of mining industry, contemplates, among other things,
12,000,000 even when trade was at its best and other the allocation of an agreed tonnage among all the
countries were virtually free of serious unemploy- mines of a district, thus keeping in operation a conment," and rising at the present time to more than siderable number of unprofitable mines by grouping
2,300,000. A corresponding accentuation of the them with profitable ones, the hope being that large
problem has occurred in Germany and the United numbers of miners, estimated at 200,000, in the unStates. "It is the persistence rather than the profitable or high cost mines would be kept at work.
severity of the depression," Mr. Clay thinks, that is The maximum working day underground was
novel.
reduced from 8 hours to 7 , but with a "spread/
1
2
Prior to the World War,air. Clay continued (we over" provision allowing five 8-hour days with a
quote from the extracts from his address cabled to 5-hour day on Saturday, and a further alternative
the New York "Times"), the relative stability of eco- of a labor schedule calculated on the basis of 90
nomic relations enabled British industry to meet hours per fortnight. The miners have not only
"without much difficulty"such "dislocating changes" refused to accept the "spread-over," but have also,
as it could not prevent. The war not only diverted it was reported on Friday, refused to allow the
industry on a grand scale from accustomed to unac- question of wage cuts incident to the new system to
customed channels, the expansion of the munitions be settled through a conciliation board.
industry being perhaps the most striking illustraIt is this controversy that the Labor Government
tion, but also imposed upon industry in 1921 the is exerting itself to settle, with Prime Minister Ramnecessity of readjusting itself to "the cumulative say MacDonald, it is reported, taking an active pereffects of six years of unnoticed change." The de- sonal part in the negotiations. There is no lack of
mand for coal was lessened by "economical firing," sympathy for the miners, whose pay at best is pitiand electricity displaced oil and gasoline; "yet the fully small. The profits of coal mining, on the
nations continued to pour labor into the coal-mining other hand, have long been unsatisfactory, and a
industry, and it is only since 1926 that there has reduction of working hours, joined to a declining
been any general realization of the fact that there export demand for coal, will bear heavily upon them
is great need to get labor out of coal mining and if the wage scale remains unchanged. The Labor
not into it." The Lancashire cotton industry lost Government, in other words, is dealing with a badly
through foreign competition at least a quarter of organized and decrepit industry whose product is in
its pre-war market by 1921, and the distribution of uncertain demand, and in so doing is illustrating
expenditure and purchasing power at home was Mr. Clay's contention that labor should be got out
markedly affected by taxation. Thanks to inflation, of the industry rather than aided artificially to condeflation, protection, and other nationalistic poli- tinue in it.
cies, "most agricultural staples have been produced
Coincident with the coal strike in Wales has come
in excess quantities to what the world will take at a strike in the Lancashire cotton mills, threatening,
a price that pays the grower," and with depression if it spreads, to involve some 200,000 operatives.
in agricultural countries, industrial countries like The Lancashire cotton industry has suffered heavily
Great Britain "find their markets impoverished." from competition and a decline in the world demand
JAN. 10 1931.]
FINANCIAL CHRONICLE
181
for cotton textiles. In order to reduce production ment. A Rome dispatch of last Monday to the New
costs, a number of mills have adopted a "more looms York "Sun" reports a further drastic attack upon
per weaver" policy under which the number of looms living costs in the form of an enforced reduction of
tended by an operative has been increased from four 10% in rents and prices. According to the "Sun"
to eight. It is the contention of the mill operators correspondent, Fascist squads have supplemented a
that the new looms, of an automatic type used in 10% reduction of rents, estimated at more than a
this country and Japan, permit a worker to operate million instances since Dec. 1, by a systematic visieight machines with no greater physical exertion tation of shops and other establishments with a
than is demanded by the operation of four machines view to "inducing" a general reduction of prices of
of the older pattern, at the same time that the saving food, drink, clothing, electric light and gas service,
in production cost is obviously considerable. It is &c. In Rome,it is said, 300 shops which had insisted
against this "technological" change, typical of the upon maintaining the old prices were ordered closed
changes which have occurred ever since machine for a week, the names of the shopkeepers being pubmanufacture began,that the operatives have rebelled, lished daily in the newspapers.
While it is difficult to generalize from such a
notwithstanding the reported offer of a wage increase of about $10 a week, on the ground that the varied array of circumstances and conditions, what
change would throw large numbers of weavers out of is going on in Great Britain, Germany and Italy enwork. Here, again, we have an illustration of an forces at least one lesson that the world at large
industry, keyed mainly to an export demand,facing has not yet learned. That is the futility, in the long
with relatively high costs a declining foreign market, run, of government interference with supply and
yet unable to meet the situation by a natural process demand. Doubtless there are crises in which some
of lowering production costs without precipitating form of government aid may be necessary to save the
the threat, at least, of a disastrous strike. If Mr. business of a country from disaster. Public works,
Clay's analysis of the situation is correct, there is no with their accompaniments of employment for
way in which the surplus labor that should be with- skilled or unskilled labor and their demand for
drawn from the British coal and cotton industries raw or manufactured products of various kinds,
can be absorbed by industries keyed to the demands are admittedly government rather than private
of the domestic market save by a far-reaching reor- enterprises, and if planned and prosecuted over
extended periods instead of being looked upon, as
ganization of British industrial methods.
In Germany, where there are approximately they are so widely at present, as a vast resource to
4,000,000 unemployed, with the cost of industrial be drawn upon heavily in an emergency, would
insurance estimated at some $750,000,000 annually, doubtless do much to stabilize certain businesses
a novel suggestion has been made by Dr. Hermann and flatten out the unemployment curve. But
Dietrich, Minister of Finance. Premising that "our beyond this the directions are few in which govpresent capitalistic industrial system cannot survive ernment interference can properly go. It is ineviif it does not find means of creating employment table, when government plunges in with "relief,"
for the unemployed," Dr. Dietrich proposes that the that political considerations shall weigh at least as
amount now paid in doles shall hereafter be paid heavily as those that are economic. It is inevias premiums to employed workers. Those who re- table that government, when it yields to the pressure
ceived the premium would then be in a position to to take a hand, shall undertake to bolster indusaccept less than the minimum wages, lower wages tries or businesses whose disorders are due to ecowould in turn mean lowered production costs, low- nomic causes which government may disturb, but
ered costs would enable Germany to compete more which it cannot control, that it shall be more consuccessfully in world markets, the resulting stimu- cerned with immediate relief than with fundamental
lation of industry would give employment to workers conditions, and that the return in stability and
who now receive doles, and an all-around reduction prosperity shall be small in proportion to the amount
of prices would eventually eliminate the dole. On of money which is expended and the tax burdens
the surface, it does not appear that the dole pay- which are saddled upon the future.
The best service that governments can possibly
ments, as long as they continued, would constitute
any thing else than a subsidy to industry, although render in the present crisis is to clear away the
Dr. Dietrich appears to have insisted that a subsidy obstacles which they have themselves interposed to
was not what he had in mind, and it is difficult to the free and natural development of industry and
think that the results which he predicts would inevi- trade, and give the business world a chance to work
tably come about. His proposal, however, does repre- out its own salvation. Until they do this, governsent an effort to divert to industry directly the huge ment interference, however humane its motive, will
sums now paid out in doles, and to put a stop to a result merely in the maintenance or creation of
relief system under which, it is to be feared, no small artificial conditions from which business will evennumber of persons are deterred from seeking work tually have to free itself at serious cost. We hear
by the assurance of a meagre pittance from the State much, and properly, of the dangers of commodity
—a phenomenon, it may be said, which is also not dumping. There is a dumping of government interference, relief measures and artificial panaceas
unknown in Great Britain.
Fascist discipline in Italy is attempting to treat which is equally to be feared.
by force a problem which, to the Mussolini Govern"Capitalism vs. Communism."
ment at least, seems insusceptible of treatment in
Rev. Dr. Harry Emerson Fosdick, in a morning
way. We commented recently (see the
any other
"Chronicle" for Dec. 27 1930, page 4105) upon the sermon at Riverside Church, Riverside Drive, on
drastic reduction of official salaries, departmental Morningside Heights, on Dec. 28, contrasted the
budgets, and the wages of farm laborers and com- influence on the world of these two systems and
mercial employees which has been decreed in Italy said, in part, according to a report in the New York
in furtherance of the policy of financial retrench- "Times": "We still have a chance to build a hu-
182
FINANCIAL CHRONICLE
mane, co-operative, economic life that, as Jesus said,
will prove itself the greatest because it is the
servant of all. But one has only to look abroad
upon the world to-day to see that it is a narrow
chance. Communism is rising into a prodigious
world power, while all the capitalistic nations are
arming themselves to fly at each other's throats and
cut themselves to pieces."
Before we proceed further let us examine this
statement. It is true that Communism in Russia is
undergoing a tremendous experiment. It will probably survive or fall there upon the success or failure
of the "five-year plan." It is true that Communism
professes peace though it maintains a large and welltrained and equipped army. Much of its propaganda
filters through to other countries in Europe. The
last election in Germany witnessed an increase in
socialism, not the same thing as Communism, and
possibly some advance in the latter, without, however, overturning the republic. But a theory and
policy of government is not quite the same as a vast
social experiment in the customs of life, labor and
liberty, that seizes upon government to sustain itself.
Direct contrast with capitalism is, therefore, not
admissible. Nor is it reasonable to allege that the
turmoil of European States grows out of so-called
capitalism. Democracy and monarchy are in conflict; autocracy is in the ascendency. The peoples
themselves are suffering from a rampant nationalism, from war memories, from racial antagonisms,
from covetous and retaliatory tariff laws that are
imposed by governments none of which is an integral
part of capitalism. They are not arming, primarily,
to fight communism, but to fight in wars, imagined
and feared to come, out of old hatreds and prejudices that have no root in this gigantic social revolution. They may thus weaken themselves and pave
the way for an overthrow which will admit the
theory into their subsequent politics. But even the
milder form of Socialism is not the motive of the
arming. There are factors in evidence, such as the
doles in England, that point toward a system of
Socialistic co-operation, but the animating feeling
Is not against capitalism as a system of life and
labor, but against vague and ill-defined fears that
nations will some time, despite all peace treaties,
turn again to arms to defend national boundaries or
to secure a supremacy of power.
In our own country, while there are active small
bands of Communists, we do not note any material diminishing of a common adherence to the
capitalistic system. Our trouble consists in a distortion of the purpose of government toward the
control and operation of industry. This may tend
toward ultimate Socialism (again a different system
from Communism), but it is not as yet directed
against capitalism as a system. Rather, it is an
insidious undermining of individualism, a restriction by laws and government of the right of initiative
and enterprise. We are perhaps playing with fire
and do not know it. Our corporations, by normal
growth and by consolidations, are becoming larger
and more powerful. There is creeping into our politics a desire to control them, even to operate the
industries they represent. But this does not presage
a fight against capitalism as a system. "Labor"
continues to make demands for wages and working
conditions, arbitrarily preferred, but the chief labor
organization is not contending against capitalism
as a social system.
[VOL. 132.
Mr. Fosdick further said, as quoted: "Capitalism
is on trial. Our whole capitalistic society is on trial,
first, within itself. Something is the matter with
the operation of a system that in our Western world
puts millions upon millions of people who want work
out of work, and leaves millions more this Christmas
time in the shadow of sinister poverty."
"And, second, capitalism is on trial with Communism for its world competitor. I do not like Communism. I love liberty too much. I cannot stomach
such suppression of free speech, free assembly, free
labor as Communism involves. But the verbal damning of Communism now popularly indulged in in
America will get us nowhere. The ultimate decision
between Communism and capitalism depends on one
point only: Can capitalism so adjust itself to this
new world, so move out from its old individualism
dominated by the profit motive into a co-operative
epoch of social planning and social control that it
can become the servant of the welfare of all the
people? If it can, it can survive. If it cannot, our
children will have some form of Communism thrust
upon them. Be sure of that." . . . "Now, we
still have our chance. The business brains of the
Western world, if they were used, not so much to
make money for themselves out of the system as to
face for all the people the social problems involved
in the system, are abundantly able to save our economic life from its inhumanity. But now is the
time to say that. If, through any silly optimism,
we miss that chance to-day, to-morrow will surely
come with our children praying for the ghost of it
back again."
Well, we have already had suggested to us many
profit-sharing schemes, and some of them are on
trial. But profit as a "motive" is necessary to the
energizing of business and industry, is inherent in
the private ownership of property and its personal
operation. Profit, in a capitalistic system, cannot
be dispensed with. Nor can property continue to
be privately owned with some outside power dividing, deflecting, or dissipating its profits of operation.
"Social planning and social control," as a principle,
in a system of private ownership, cannot be permitted without sacrificing the whole system. Profit
is just as honest as wages and can only come after
wages are paid. Profit is not an ignoble motive,
but a spur to endeavor and a payment for the use
of capital. And profit, because it increases endeavor, benefits all the people. Upon the motive of
profit, thus defined, has risen our institutions, our
comforts, and our civilization. In the future, as in
the past, it will provide the co-operation of competition.
We might point to "living conditions" in Russia,
but they are well, though imperfectly, known. Capital—the privately owned results of labor, the accumulations of things owned,employed, and increased
through operation, the material environment created
out of useful living—capital, is necessary to human
welfare and progress; and its meed and measure is
profit. Nothing but a Socialistic state, which has
never existed for more than a moiety of time, has
ever even in theory undertaken to co-ordinate and
direct the labors of all men. It is sheer slavery.
We hear much of that idyllic boon called the "humane." But "man's inhumanity to man" is not a
product of initiative, enterprise, and ownership. It
is a product of insatiate greed, a product of selfishness—while on the contrary "profit" is the reward
JAN. 10 1931.]
FINANCIAL CHRONICLE
183
benefits.
of acumen, industry, and the employment of hands he is at work in the magic field of mutual
The power to labor is every man's possession. The
and brain. Free efforts of free men in production,
due. The opportunity
transportation, and use or consumption, under com- right to labor is every man's
exchangeable labors of
petition (which, on close analysis, is co-operation), to labor is the result of the
upon employment as
intermingle, outspread, upbuild, through increase or all men. We commonly look
money-wage. We divide
"profit," the magic fabric of social, political and working for others for a
men into two classes—employers and employees.
economic life.
employer works
Those who talk of change which will divest us of There is really no distinction. The
employee.
private property, and profit by its exercise, must as does the
If we could keep this always in mind, it would
give specific plans. There is too much vague talk
troubles. The emabout this "servant of the welfare of all the people." mitigate many of our "labor"
payee. The prod"Business" is that very thing to-day. No man can ployer is payer; the employee is
of our
work for the good of self without benefit to all men. ucts of their joint efforts go into the body
And in the sum is
Too much there is effort to escape work. Shorter enterprises and institutions.
over
weeks and days do not furnish more "employment," included both profits and wages. Looking
discover that capital is unembut less. Machines and mass production surfeit the present conditions we
its
world with benefits that cannot be consumed because ployed as well as labor. But capital must have
as work must have its food in
they cannot be paid for in man-labor. A profitless food in profits just
plant must close down. Prosperity and adversity wages. More employed capital means more profits
use for
are the two poles, the two extremes, of economic con- and more profits more wages, for the only
ditions wrought out of human energies applied to profits is to plough them back into capital.
So that looking on unusual unemployment and
earth's resources. The energies may be impeded by
their
laws and governments at variance with the resulting seeing capital also unemployed we find a key to
work together. To deny
harmony of all efforts, the resources may fail in essential unity. They
workers.
their returns on the constancy thereof, there may profits to capital is to deny wages to
profits cannot come until wages are paid, high
be crises and suffering because mankind follows Since
of capital
emotional urges, but there is a levelling up of equal wages diminish the normal increase
depends
izing, in the free efforts of all directed to the ends through profits. Employment, therefore,
there is no hope
upon the working of capital—and
of human happiness.
Is there nothing normal in natural growth? Is in the "dictatorship of the proletariat" that, refusthe experience of generations in a new country to ing the recognize capital and its individual ownerAnd the
go for naught? Because of jogs and faults in the ship and direction, destroys the employer.
government undertakes to supmachine of out social and industrial life are we to same is true when
turn our backs on a system denominated as capi- plant the natural owner-employer.
A part of our present-day unemployment is due
talistic? As we to try to twist it from its normal
government.
functioning to meet the theory of dreamers—be- on this basis to the interferences of
cause, forsooth, some are hungry in time of stagnant In this sense government is artificial and arbitrary,
trade, some are rich and some poor? Tell us plainly and is not the collectivism of the whole people—
how to do away with profit and still preserve the rather the tyranny of the few who are supposed to
is
incentive to produce and exchange—aye, tell us how represent the people. Employment in industry
free and independent
prosperity can withstand the erosion of use without not a rightful function of a
his
profit! Capitalism need not be perfect to demand government. The true employer is a man in
right as much as an employee is a
preservation. It began with the savage who owned own inherent
his stone axe, his bow and arrow. It survives in man in his own right to sell his labor to another
the corporation (artificial person with limited lia- man. When we let go of this principle we soon
bility and perpetual life) without which great under- drift into Socialism, where the employer and emtakings helpful to millions could not exist. Com- ployee are alike indistinguishable. Employment, as
munism has yet to prove itself able or even worthy. we know it in a democratic republic, is the boon of
this unity. Far beyond any temporary schemes for
"making work" for men as put forth by conferences,
Employment—Its Beneficence.
committees, legislatures, lies this essential natural
We are all deeply concerned over widespread un- and normal relation. Unionism is not consonant
employment. Do we think what a benefit employ- with it; organization is a limitation; and the spendment is for its own sake? Employment is work, but ing of taxes in forced public works is inimical. Each
it is something more. A task that ministers to the owner of capital, if employing but one man, each
well-being of others, that is a part, however small, wage-earner if selling his labor to but one man, comof the intricate industry by which we sustain life, prising millions of men constitute the enduring base
that exchanges, through the medium of money, for of employment.
all other things, is one of our priceless possessions.
Unusual unemployment in the life of a people
It is the mark of civilization. It lifts us above the ought to teach, especially to the man walking the
savage who was unconscious of toil as a means to an streets hunting a job, that employment in our social
end that spread benefits both to the near and the contract is the greatest boon we have—employment
remote. He was a bunter and fisher for food for from the standpoint of the employer as well as from
himself and his natural family. Only when he began that of the employee. The right to buy labor must
to exchange with others did he advance in the min- be on a par with the right to sell labor. Our indusistries and comforts of life.
trialized life consists of freedom of exchange not
a civil- only in goods, but in labor. If this freedom is surIt follows that one born into the midst of
ized society is born into a vast world of opportuni- rendered on the one hand to government or on the
ties for employment. He might work, and he should other to unions of employers or employees the full
work, for work's sake. But when he is employed, benefits of liberal and honest exchange are lost.
184
FINANCIAL CHRONICLE
[vol.. 132.
Unions that restrict the free use of employment has worked on, yielding to hidden influences he
as a prerogative of individuals make in the end for cannot command, and the man also who feels the
unemployment. And, contrariwise, combinations of brunt of enforced idleness, must know that he lives
employers who restrict the employment, by indi- best who labors best, as circumstances will permit,
vidual employers, by agreements as to wage scales asking only for freedom to exchange his toil for the
and working conditions, make in the end for unem- blessing of employment.
ployment. These influences work silently and
ceaselessly. •They culminate in a crisis. They lessen
Keep Factory Wheels Turning.
opportunity and frustrate liberty. They force the
Curtailed production, in some lines at least, is
creation of machinery to save labor that in freedom
causing great inconvenience, loss of time, and needwould be employed. They lead an interested governless expense to contractors who are in need of new
ment into dangerous paths. They produce surpluses,
materials in order to fill current orders. Complaint
while at the same time they foster unemployment.
is made that stocks of jobbers and wholesalers are
Employment, therefore, is a tangible thing to be
entirely too low, as orders cannot be promptly filled,
cherished and respected. The working man who sees
necessitating delay in performing work at a time
himself a part of civilized society, who feels that he
when many other employers are exerting themselves
is helping humanity, the while he is earning wages,
to give idle mechanics work.
will not lightly refuse to be controlled by the strong
This situation leads to would-be buyers being comcurrents of trade. He will not deny the employer
pelled to shop around to find what they want and
the right to discharge who has and must have the
right to hire. He will not demand work and wages in suitable quantities. Sometimes it is found that
contrary to the laws of supply and demand. He will the seat of the trouble is with the manufacturers,
not nourish enmity toward employer, capital, or who have shut down their plants entirely instead
profits. He will feel respect for himself as an indis- of operating on a part-time basis or keeping a portion
pensable factor in production, distribution, con- of the plant running on full time.
Excessive caution imposes a hardship upon facsumption. He will hold firm to the freedom to work
tory workers who are kept needlessly idle, and upon
when, where, and for whom he pleases, granting
the same right to every other man as an employer. mechanics who are deprived of employment for lack
Sensing his own dignity and freedom, he will grant of supplies. Daily newspapers and other publicathem to others. He will feel and know that the tions have labored to allay apprehension lest uninitiative and enterprise that produce mighty fac- called-for fear should induce some timid business
tories, that invent machines, that traffic in the men unduly to curtail their efforts.
There has been a strong appeal also to the public
marts of the world, are necessary to full employto have all needed work promptly attended to and
ment, and that he who cannot do these things must
thus give tasks to the unemployed. Contractors
needs yield to those who can.
To pay doles, to dispense gigantic charities, to have welcomed this suggestion and have given full
provide huge public works ahead of or out of time, co-operation, but at times they find their zeal bafto impress taxes through government to provide fled by inability to obtain required materials in
payment, in the end all lead to unemployment. proper sizes and shapes. In other words, stocks are
There must be a beginning. Employees cannot be- not maintained. Special appeals to individual
come dictators. Either the democracy of free ex- manufacturers and to manufacturers' associations,
change between capital and labor must exist or the of which there is generally one in each large city,
tyranny of a Socialistic society in which there is no and also one covering each of the industrial States,
human freedom must ensue. There can be no har- might be effective in inducing greater factory
mony without compromise. Give and take are im- activity.
By pursuing the non-productive policy, mill ownplied in all unity. The crises of "depression"
ers may be creating a back-log of orders which will
are no more warrant for the overturning of society
than the crises of "prosperity." "Business" is the rush in when a strong business revival becomes
efforts of all men to produce all things, and will assured, but the present is no time to maintain a
reassert its mastery when let alone, and in no other selfish attitude when so many families are comway. Government, the skeleton of political rule, is pelled to skimp because the bread-winners are forced
not an agency for relief, temporary or permanent. into idleness. When the factory wheels are turning
Providing artificial means of employment is nega- bread lines will be shortened, as many workers besides those who toil in the mills will be materially
tion of the true employment, that arises through the
benefited. Hasten the day!
incentive of wants and needs. We shall only entangle the threads of progress by fictitious means
Banks' Assets Highly Liquid—Cash Reserves at
and measures.
Unusually High Point Guarantee Stability.
It is not enough to say that if a man will not
(By Charles F. Spears in Newark "Evening News,"
Jan. 5 1931.1
work, neither shall he eat. It is better to say that
The remarkably liquid position of the banks and trust
he who works because he is a part of the plan by companies in New York and in
other metropolitan centers of
which we all live, is a respecter of employment and the United States, as well as that of many so-called "country
a help to his kind. To look upon the shining fabric banks," is the outstanding feature of the statements now
of civilization and abide'by the laws that have devel- being published reflecting their condition on the date of the
oped from its rise, it to eschew all the makeshifts last call, or that of Dec. 31.
At no time since the period
of theory and the tendencies of mere sympathy. If these banks shown as high a following the 1907 panic have
percentage of cash on hand and
this sounds harsh it is still true. A few millions of due from banks, together with call loans and United States
the unemployed are no more sacred in the eyes of Government securities. Normally there is much "window
law and government than the many millions who are dressing" by banks at the end of the year. Their desire then
as strong a statement as possible.
employed. When depression ends, and when the is to show the
Due to
disturbances in the banking world and nervouseconomic crisis passes, as pass it will, the man who ness among bank depositors, institutions have been adopting
JAN. 10 1931.1
FINANCIAL CHRONICLE
185
since the Federal Rethe policy of establishing abnormally high cash reserves and of has been done to a degree unparalleled
one of the
that have an serve system was established. It constitutes
exchanging less marketable securities for those
strongest of a number of steadily improving situations to be
immediate market, such as United States Government
financial world.
bonds and Treasury certificates. Along with this they have found in the business and
built up a high ratio of call loans and of loans maturing
within 30 days.
Public Utility Earnings During October.
The effect of this policy has been to lift the ratio of cash,
Gross earnings of public utility enterprises in October
and paper that may quickly be convertible into cash, to a
companies, as reported
figure that frequently is found to be from two to three times exclusive of telephone and telegraph
un- to the Department of Commerce by 95 companies or systems
that normally displayed in bank statements. It is not
power, traction and water
common in the report now being published to find institutions operating gas, electric light, heat,
reserves between 40 and services were $205,115,190, as compared with $197,500,000
in New York and elsewhere with
corresponding month of
50%;some even as high as 55% and over, when their availa- in Oct. 1929, $190,795,668 in the
1928 and $177,734,493 in 1927. Gross earnings consist in
ble cash and liquid securities are taken into consideration.
net earnings in
One notable feature of the statements is the large percent- general, of gross operating revenues, while
the gross, less operating expenses and
age of United States Government securities being carried. general represent
cases the
Two New York institutions to-day report holding obligations taxes, or the nearest comparable figures. In some
figures for earlier years do not cover exactly the same
of the Government aggregating $355,000,000. The total
&c., but
holdings of such securities by six local institutions are shown subsidiaries, owing to acquisitions, consolidations,
significant that these differences are not believed to be great in the aggregate.
to be approximately $575,000,000. It was
earnings
during the period when corporation bonds in November and This summary presents gross and net public utility
months
December were greatjy depressed in price United States by months from Jan. 1927, the figures for the latest
active being subject to revision.
Government securities were strong and in extremely
PUBLIC UTILITY EARNINGS.
demand. This reflected the exchange of the one for the other
in carrying out the general banking policy of extreme liquidGross Earning*.
ity. Its completion toward the end of the year was one of
1930.
1929.
1928.
1927.
the chief reasons why corporation bonds at that time sud3191.702.022 3196,573,107 8203.000.000 8211.000.000
January
rapid rise.
denly stopped declining and began a
199.500.000
194,000.000
187.383.731
177.612.648
February
199,000.000
195,000,000
187,726,994
179,564,670
Eventually it is expected that a considerable portion of the March
198,000.000
190,000.000
181,143,683
176,467.300
April
195.000.000
189,750,000
180,255.407
171.255,699
corporation bonds liquidated by bank institutions will be May
189,000,000
143,000.000
178.698,556
147.975.072
June
now a vacuum that July
181.440,000
returned to their portfolios, where there is
178,000,000
173,645.919
161,638,462
179.600.000 *189,423,360
173.952.469
162.647.420
August
must be filled. The sentiment in banking circles, however, September
191,696,440
185.000.000
179.346.145
169,413.886
205,115,190
197.600.000
190,795,668
177.734,493
seems to be that for the time being institutions will continue October
of Government
their present policy of holding large amounts
Total (10 months). $1,736.011,671 $1,829,519,679 81,894,750,000 81,959,174,990
202.500.000
198,032.715
182.077.497
November
securities and will be inclined to purchase short-term corpora- December
211.500.000
194.985.134
202,000.000
paper rather than promote a
tion securities and other short
32.113.074,802 82.229.652.394 82.308.750.000
Total (year)
policy of long-term corporation investments.
Nei Earning*.
From the standpoint of earnings on bank shares, the switch
1980.
1929.
1928.
from high yielding corporation bonds to Government securi1927.
ties of smaller return, as well as the maintaining of large cash January
392,000.000
392.000.000
$79,013,279
373,746.891
90,000.0011
86.000.000
74,296.676
66.907.767
reserves, is unprofitable and has already been reflected in February
88,000.000
85.000,000
72.811.146
65,412,739
March
89.600.000
83,000.000
68.971,324
64.907.729
smaller per share earnings on bank stocks in 1930. The April
86.000,000
82.500,000
67,732,911
61,104,779
May
67,537.149
83,000.000
79.000.000
59,167,096
liquidation of corporation securities has also been made at June
70.550,000
71,000.000
62.260,333
53.980.280
in a decline in the item July
some sacrifice. This, in turn, shows
*71,537.700
73.000.000
61,809,794
63.551,164
Austuat
80,837.601
80.000,000
68.235.698
61.897.207
of undivided profits. The banks have also had to take their September
84.071.105
83.000.000
73.670461
65.259.727
October
portion of the out in turnover gains because of the low rates of
Total (10 months)_ $626,025,389 8696,339,771 $814,500,000 3836,496,406
interest now being quoted.
93,000.000
81,863,606
70,214,468
November
100.000.000
91,000.000
78,937,417
All of this is secondary, however, to the main considera- December
6775.177 254 111464.702.577 SI IltsR knn non
Tow(Mr)
tion among responsible bankers for building up reserves to a
*Revised.
point where they will withstand any unusual demands. This
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME,
Friday Night, January 9 1931.
The stock market as the possible path finder to better
times has been stronger during the past week, a fact which
has not escaped the notice of business men throughout the
length and breath of the United States. In business in
general the tone has been more cheerful. There has been
increased operations in the textile industries, automobile
steel, tires and others. Branches of business which as usual
went at a slower pace in the inventory period are showing
more life. The percentage of steel operations is said to be
up to 45%, a gain of 20% since the last days of 1930. Employment is increasing. Of course unemployment is still
very large. It is estimated for the country at large at
any where from 4,500,000 to 5,000,000. And certainly
this to say the least seems to be no overestimate. Many
thousands of men are returning to work in the automobile
industry. The Pennsylvania Railroad it is stated has given
out an order for 200,000 tons of steel rails. This has attracted wide attention. The lumber trade seems to be
picking up a little. On the Pacific Coast it is true lumber
operations are said to be still as low as 25%, but in both
hard and soft sorts of lumber elsewhere there has been an
increase. Not that there has been any marked activity
any where. But on the other hand it is agreed that stocks
of goods carried over from last year are generally small,
notably in retail branches of business, where supplies of
merchandise have been sharply reduced by special or clearance sales. And it is a fact that retail business still shows
more life than wholesale or jobbing. In a word there is
plenty of room for improvement in the business situation in
the United States. The point is that confidence is to all
appearance slowly returning. After the chastening experiences of 1930 no one expects anything very remarkable
to happen at once. It is agreed that the return to better
times will be gradual. But that there will be a return to
better times is accepted as a fact. The business booked at
the Automobile show is said to be better than had been
expected and is already reacting favorably on such big centers
as Detroit, not to mention others.
New England reports that an improvement in the leather
and shoe business is expected to result from the approaching
styles' shows. Not a few of the Southern cotton mills are
working at longer hours in response to a better demand for
goods. It is a sign of the times that in the radio business
small sets sell the most readily. Steel scrap has advanced in
some markets although it has declined in others. Lower
prices have prevailed for copper, tin, lead and zinc. As to
finished steel the recent advance in prices is generally quoted,
but new business is not very large as yet. Cotton has made
a small advance on the near months and has fallen slightly
on the new crop. Meanwhile speculation is light and the
cotton business is overshadowed by the threatened strike or
lockout in Lancashire of some 250,000 cotton workers which
may involve in all some half a million workers if the weavers
strike in the Burnley district becomes at all prolonged. The
key to the cotton market this year however, will be the
acreage question. The Farm Board has expressed the
186
FINANCIAL CHRONICLE
(VOL. 132.
opinion it seems that the acreage will not be reduced more at the 17th unless an existing strike in the Burnley district
than 8 to 10% and is understood to have some doubt whether is called off. London cabled Jan. 8, that British industry
the price of cotton is low enough.even now to lead the South already disturbed by disputes in the coal mines and cotton
to make any greater cut in the planted area than say 10%. factories encountered still another serious difficulty to-day
It was noticed, too, the other day that the Georgia legislature as a deadlock threatened in the foot and shoe trade. Manvoted down a resolution recommending Georgia cotton chester, England cabled that the cotton weavers on strike
farmers to reduce their acreage 25%. Still there will probably at Burnley, Lancashire, succeeded yesterday in getting all
be considerable compulsory reduction in various parts of the the workers out from the last of the 10 mills where the eight
South especially in Arkansas and parts of Texas., Mississippi, loom per man system has been in experimental operation.
&a., where drouth or bank failures or both have hit the cotton Moreover, the Northern Textile Trade's Federation which
farming industry hard. The cotton trade is looking to Wall represents all the unions of the operatives on the manufacStreet for guidance as a reflector of business conditions aside turing side of the Lancashire cotton industry reaffirmed its
from the acreage question. The grain markets as a rule have decision to support the weavers in their action. A critical
advanced slightly, though the export trade in wheat even in day will be Tuesday when all the weaving shops in the
Manitoba has been at best only moderate and often small. Burnley area will be closed by the employers unless the
The Farm Board continues to support the price of May wheat strike of about 5,000 weavers at 10 mills is ended in the
and there is some talk of drouth in the winter wheat belt. On meantime. Stockholm, Sweden cabled the A. P. on Jan. 8
the other hand the stocks of wheat in the world are something that 34,000 men in Swedish textile mills had voted a general
enormous not excepting of course, those in the United States. strike beginning Jan. 12 as the Government's efforts to
The movement of corn to market is small because farmers arbitrate a wage dispute ended in failure. The trouble is
are dissatisfied with the prices current at the big marketing attributed to depression in trade, foreign competition and
centres and also because there is a large feeding demand at falling prices. Mill owners refused to accept a union demand
much higher prices than prevail at terminal markets. Pro- for increased wages. The strike wag declared as one group
visions have been firm and lard has advanced 5 to 12 points, of employers demanded a 40% reduction in wages beginning
Sugar has advanced 15 points because it looks as though the Jan. 12. Catdiff, Wales cabled that hopes for peace in the
Chadbourne plan of restricting exports and production had South Wales Coal industry are being staked on the meeting
been endorsed by Germany or will be. This news seemed of the joint committee conciliation board at which it is hoped
to have caught the market short and moreover refiners have some sort of an agreement may be reached to end the stopfelt obliged to buy the actual sugar more freely. Coffee has page. It is said that while 140,000 miners have obeyed the
declined 5 to 15 points owing to weakness in Brazilian ex- strike order, the atmosphere on both sides is distinctly
change and also falling cost and freight pikes with little or no conciliatory. Not in 30 years of waged disputes there, the resupport. In coffee it is the old dreary story of overproduc- port says has there been an open rupture in which the adtion, and artificial tampering with the course of prices. visaries, seemed so willing to reach a friendly settlement.
Akron, Ohio, reported that officials of the Firestone Tire &
Rubber has advanced 10 to 20 points in a routine market.
Hides advanced 5 to 30 points. Cocoa fell 20 to 24 points. Rubber Co. factory working hours were increased starting
last Monday. The announcement failed to state just what
Silk rose 8 points.
The Stock Market from time to time during the week has the working day would be, but it was said to have been understruck a note of greater confidence all the more so from the stood that the increase will be approximately 20%. The
fact that the market had become oversold. But the rise has Goodyear Tire & Rubber Co. on Monday will replace the
been partly under the spur of some awakening of the steel six-hour four-day week with the eight-hour five-day week as
trade with orders for 200,000 tons of rails and greater em- previously announced. Chicago reported that throughout
ployment in various industries including automobiles, the Middle West there are many indications that the detextiles, glass, &c. To-day prices of stocks advanced in pression of 1930 is being lifted. The great holiday trade
some cases one to four points especially on rails and utilities. and the large sums being spent at the clearance sales inBonds have been advancing. On the whole the stock market dicates there is abundant money and that it is coming out of
since the opening of the year has made a good impression. hiding.
England, Ark., wired that farmers estimated to number
Certainly it has not shown the sluggish or cynical indifference
to passing events that some had feared might be the case. 500 or more, stormed the business section there late last
Consequently it is a sort of cynosure that the whole country Saturday demanding food and threatening to take it forcibly
watches as a guide though Wall Street on the other hand from merchants before a hurried call to the Red Cross prohas a keen eye for any thing or real significance in the daily duced authorization of food distribution. More than 250
news about commodities and the developments in the great were provided with food, but 66 still stood in line on the
"key" industries of the country. On the whole the year night of Jan. 3.
Atlanta, Ga., wired that the Georgia House of Representahas begun not inauspiciously and there is little doubt in
the mind of the average man that 1931 will be a better year tives in special session voted down a resolution endorsing a
25% reduction of cotton acreage in that State.
than the fateful 1930.
Montgomery Ward & Co. sales for December amounted to
Fall River, Mass. reported continued light trading but
sufficient business was placed to warrant a noticeable in- $28,672,184, compared with $35,799,316 for December 1929,
crease in production for the past week. At Fall River, a decrease of nearly 20%. Sales for the year totaled $272,
the King Phillip and Parker Mills resumed operations on 319,625,compared with $291,530,621, a decrease of $19,210,full time after intermittent layoffs. The Charlton Mill 996, or6%for the year. Sears,Roebuck & Co's sales from
there hired an additional 100 men on full time. The Fire- Dec. 4 to Dec. 31 it is said amounted to $39,075,133 against
stone Cotton Mills increased its output and employed day $50,234,270 in like period in 1929, a decrease of 22.4%.
and night shifts. At New Bedford, Mass., the Lincoln From Dec. 2 to 31, 1930 sales totaled $39,382,107, against
Mills are increasing their hands and the Potomska and $440,665,720 in a like period in 1929, a decrease of 11.4%.
On the 5th inst. rain fell heavily for a time with temperaBristol mills likewise. At Nashua, N. H., two firms destroyed by fire last May resumed on full time schedule the tures mild, 40 to 46. The wind seemed high, though it was
first of the year, and the Jackson mills of the Nashua Manu- only 22 miles an hour. The rainfall was only half an inch,
facturing Co. which for a number of years has operated on but it seemed heavier. On the 5th inst. it was fair in London
a three-day week, went to five and a half days and guaran- with a maximum temperature of 39 degrees. Paris had 34
teed 600 employees work until June 1st. The Maine Manu- degrees. Berlin had a hail storm with a maximum of 38
facture Co. resumed in December. Pawtucket, R. I., degrees. Rome had a maximum of 58. It was fair in
gained 200 employed when the Kingston Manufacturing Vienna with a maximum of 34. At Nice it was sunny and 60
Co. resumed operations. Philadelphia wired that the degrees. It has been wintry weather here of late. On the
Paterson Mutual Hosiery Mills, Inc. are running on a normal 7th inst. it was 23 to 33 degrees against a maximum on the
schedule following workers' demonstrations earlier in the same day last year of 58 degrees. It averaged 28 degrees or
week when a wage reduction was put into effect. Officials 3 degrees under the average for 46 years. Boston had 22 to
said that only a small number had protested against the 26 degrees; Montreal 10 to 12; Philadelphia 34 to 36; Portchange. Charlotte, N. C. thinks the tide has turned in land, Me. 24 to 16; Quebec 10 to 14; Chicago 30; Cincinnati
textiles for the better. Alabama textile mills are recalling 32; Cleveland 24 to 26; Louisville 32; Milwaukee 30 to 34;
Minneapolis
their full working forces. At Dalton, Ga., the Crown Mills San Francisco 48 to 52; Kansas City 36 to 40;
operations. At Atlanta and Bremen, 28 to 32; Omaha 36 to 40. On the 7th inst. Montreal reare increasing their
ported a blizzard with a 40-mile wind and over 10 inches of
Ga.. the Cluett, Peabody & Co. mills are running at capacity.
England fears a lockout of 250,000 workers snow and five-foot drifts. It meant employment to thousManchester,
JAN. 10 1931.]
ands in the work of keeping the streets cleared for traffic.
Salt Lake City on the 7th inst. wired that the Great Salt
Lake, one of the saltiest bodies of water in the world had ice
for the first time in the history of the Weather Bureau. It
was a quarter of an inch thick, beginning at the shore and
extending out 1,000 feet. Vermont had a blizzard on the
8th with driving snows and high drifts obstructing travel.
To-day it was 23 to 37 degrees and the forecast is fair and
warmer for Saturday. Chicago had 30 to 34; Cincinnati 26
to 40; Cleveland 28 to 34; Detroit 26 to 34; Milwaukee 30 to
34, New Orleans 42 to 62; Kansas City 32 to 46; St. Paul 16
to 32; St. Louis 34 to 36; Winnipeg 6 to 24; Boston 22 to 32;
Montreal 10 to 12; Philadelphia 28 to 34; Portland, Me. 16
to 30.
Cotton receipts continued the seasonal decline, the current
receipts being considerably under those reported for the
same week of the year previous. The receipts of wheat at
important centres continued the rise which started during
the second week of December.
The actual production of industrial commodities during
the holiday week ended Dec. 27 1930, was under that of
the previous full week. Bituminous coal production, while
under that of the same week in 1929, was of the same volume
as during the same week in 1928. Steel ingot production
declined and was materially under 1928 and 1929. Building
contracts were on a level above the week previous, when
adjustments are made for number of business days.
11
<3 ,
,
-.1000 C,C0
C000C00
00000.
0t000
=30,
O.1St1
CoClo-.Coa
c4cacac4. S
IM.-!
C,
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the Department of Commerce bank debits,
outside of New York, during the week ended Jan. 3 1931,
showed an increase compared with the previous seven-day
period but were below those for the corresponding periods
of 1929-30 and 1928-29. Total loans and discounts of
Federal Reserve member banks continued the fractional
decrease of the previous five weeks, and in comparison with
the same week in 1929 a decline of 6.4% was recorded.
Interest rates on time money remained the same as for the
previous two week, but the average call-money rate for the
week rose considerably. Both rates were materially lower
than a year ago. For the first time in six weeks prices of
representative stocks rose above those of the week previous
but were still under those of the opening week of 1929 and
1930. Bond prices continued the upward trend which started
during the week previous. The Federal Reserve ratio rose
slightly and was considerably higher than a year ago. The
number of business failures increased from the week previous
and were above the number reported during the opening
week of 1930.
Wholesale commodity prices dropped 0.5 points to the
lowest level in the present decline. Prices of farm products
dropped sharply during the week, while semi-manufactured
goods and non-agricultural products rose during the same
period. The iron and steel composite price index remained
as of the week previous, but the price of cotton middling
rose for the first time since the opening week of December.
100
91r
114
100
115
242
91
889
84
119
68
90
61
163
221
163
1 ,1
92
113
100
118
221
91
88
86
123
72
98
58
167
225
164
'6 .03f0C,OC'cl
117
202
130
189
239
98
97
100
100
93
79
73
174
226
172
111.1
89
86
82
85
1
.--co
90
88
92
87
11
93
104
104
98
COMO
84
73
719
104p
74
.11
86
74
79
99
68
1
95
88
84
113
84
Nor.
1930.
1
Oct.
1930.
1928.
Jan. Dec.
5.
29.
31.6 44.7 48.7 77.6 51.3 110.5 110.5
Steel ingot production
70.7 .96.0 90.1 103.8 •80.2 101.1 70.7
Bituminous coal production
102.1 105.7 107.2 127.3 125.2 124.4 123.9
produc'n (daily avge.)_
Petroleum
Freight car loadings_ 74.5 77.6 81.0 66.6 83.3 69.6
713:3 57.6 62.9 68.8 53.3 78.2
a Lumber production
Building contracts, 37 States
57.0 61.2 45.3 86.3 61.1 64.4 116.7
(daily average)
69.7 67.4 59.5 50.7 49.3 56.5 68.6
Wheat receipts
108.5 133.8 139.2 91.5 100.2 118.8 143.8
Cotton receipts
47.5 76.9 92.1 62.3 45.9 65.8 40.2
Cattle receipts
67.3 84.1 90.3 80.7 59.8 106.9 80.3
Hog receipts
Wholesale prices:
Fisher's index (1926=100)
79.0 79.4 79.8 93.0 93.1 97. 97.2
Total (120)
74.8 74.9 75.5 98.5 99.5 96. 96.8
Agricultural products(30)
79.3 80.0 80.2 91.5 91.3 97.9 98.0
Non-agrIcul. products (90)
Wheat No. 2 red, Kansas City_
54.3 53.0 55.8 96.9 94.6 83.7 85.3
Cotton, middling, New York
36.0 36.0 36.4 63.6 64.0 73.5 75.7
Iron and steel composite
76.5 76.5 76.9 86.6 86.7 87.6 87.5
Copper, electrolytic price
73.9 71.7 72.5 129.0 129.0 119.6 117.4
Bank debits outside N.Y. City
109.6 119.3 97.9 133.6 112.3 164.2 119.3
Bank loans and discounts
129.6 130.1 131.4 141.2 138.5 135.7 131.1
Interest rates-Call money
48.5 58.7 48.5 145.5 136.4 200.0 251.5
Time money
68.6 08.6 62.9 114.3 114.3 182.9 191.4
Business failures
112.0 148.4 138.1 123.1 97.3 116.2 88.2
Stock prises
146.4 148.4 152.5 211.3 204.5 240.5 231.5
Bond prices
105.2 104.2 104.6 104.8 104.7 107.4 107.3
Federal Reserve ratio
94.2 97.8 102.2 89.8 87.2 79.9 79.5
Money In circulation
102.5 100.3 97.4 100.2 103.4 101.6 104.5
:6
Sept.
1930.
1929.
Jan. Dec.
28.
4.
5 LI
1
Nor.
1929.
1930.
Jan. Dec. Dec. Dec
27. 20. 13.
3.
5
1
According to this Bank's indexes, general business activity declined
somewhat further in November. Car loadings of merchandise and miscellaneous freight, considered by many as one of the best indicators of general
business conditions, showed more than the usual decline from the previous
month, and, after seasonal adjustment, were the smallest since 1922. In
the first part of December, however, loadings of this type of freight showed
no more than the usual contraction that takes place as the year draws to a
close.
A number of the other indexes also declined in November. Merchandise
exports declined 12% and imports 17%, and railroad loadings of bulk
freight showed a reduction that was larger than the usual seasonal decline.
Average daily department store sales in the Second District, on the other
hand, showed at least the usual seasonal expansion in November, and the
average daily amount of life insurance sales increased. The number of
business failures declined 4% from October to November, a favorable
devolpment in view of the seasonal tendency toward an increase in the
number of failures.
(Adjusted for seasonal variations and usual year-to-year growth.)
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-25=100.)
,,,,,
.....
New York Federal Reserve Bank's Indexes of Business
Activity.
In its January 1 Monthly Review the Federal Reserve
Bank of New York presents as follows its indexes of business activity:
Primary Distribution
Car loadings, merchandise and miscellaneous__
Car loadings, other
Exports
Imports
Panama Canal traffic
Distribution to Consumer
Department store sales, 2d District
Chain store sales, other than grocery
Life insurance paid for
Advertising
General Business ActtrityBank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N.Y.City
Velocity of bank deposits, New York City
Shares sold on N.Y.Stock Exchange
Postal receipts
Electric power
Employment in the United States r
Business failures
Building contracts
New corporations formed in N.Y.State
Real estate transfers
*General price level
*Composite index of wages
*Cost of living
y Preliminary. r Revised. • 1913=100.
181
FINANCIAL CHRONICLE
•Revised.
a Relative to weekly average 1927-1929 per week shown.
National City Bank of New York Says Business Men
No Longer Look for an Early and Easy Recovery
Good Times to be Won Back Through Hard Work.
According to the National City Bank of New York, business men are "more sober in their judgments of the future."
This observation is made by the bank in its January "Bulletin," in which it further comments:
They are no longer looking for an early and easy recovery. They see
more clearly that good times have got to be won back through hard work
and willingness to adapt one's self to new conditions. There is less attempt
at prediction and more thought being given by individuals to the particular
jobs which they know best-their own businesses. With the collapse of the
boom and moderation of an over-stimulated demand, it is conceded that
we face a period of intensified competition, in which low costs and ability
to anticipate market trends will be more than ever important prerequisites
to success. All these, however, are healthy and encouraging symptoms,
for they mean that emphasis at last is beginning to be put in the right
place. . . .
Constructive Features of the Situation.
Meantime, hopes for 1931 continue to be based chiefly on the drastic
curtailment effected in output, indications of depleted stocks of manufactured merchandise, and the free availability of credit whenever business
wants to use it. While lately the unsettled conditions in the bond market
have prevented borrowers from obtaining funds through that channel, this
situation must be regarded as temporary, as practically all indices point
to a stronger bond market once general financial conditions become more
settled.
It is a satisfaction also to note that while the number of bankruptcies in
industry and trade is large the aggregate of liabilities is relatively small.
Tile main business structure of the country is going through the crisis
remarkably well. This is a fact which the public may well bear in mind
when the annual earnings statements begin to appear over the next month
or so. Undoubtedly these statements will show a big falling off in earnings,
and the public should be prepared for highly unfavorable comparisons,
but it must be remembered that the current figures are being measured
against those of unusually prosperous years. If comparison is made with
other depression years it Is believed that the 1930 figures will make a
.
relatively good lowing With an absence of unwieldly inventories, business has been in a better position than in previous depressions to maintain
a rapid turnover and prevent inventory depreciation, and the banks are
suffering nowhere near the losses on their commercial accounts that they
did in the 1921 depression.
with
One further important fact worth bearing in mind in connection
the outlook for 1931 is that 1930 has been a year of debt paying, when a
large part of the current income of the people has been absorbed in
liquidating all sorts of obligations insurred during the period of free
spending. Of Stock Exchange credit alone the American people have
paid off upwards of $6,500,000,000 since the 1929 peak, to say nothing
of the liquidation of installment credit and other forms of indebtedness.
As soon as this liquidation Is completed It means the relearn* of an
enormous amount of funds for current purchasing. And not only that, it
means also that people, having paid off their old debts, are once more in a
position to contract new ones and to start all over again the process of
supplementing current funds by anticipating future income. This is always
the way in which the clean-up after a period of excess lays the foundation
for a new period of expansion.
188
Trend of Employment in United States During November-Per Capita Weekly Earnings of Industrial
Groups.
Supplementing the data given in our issue of December
20, page 3945, covering employment conditions in the United
States during November, as made available by the Bureau
of Labor Statistics of the United States Department of Labor, we give below additional statistics supplied in the
Bureau's pamphlet report of November employment conditions:
Employment decreased 2.5% in November 1930, as compared with October, and pay-roll totals decreased 5.1%, according to reports made to the
Bureau of Labor Statistics.
The industrial groups surveyed, the number of establishments reporting
in each group, the number of employees covered, and the total pay rolls
for one week, for both October and November, together with the per cent
of change in November, are shown in the following summary:
SUMMARY OF EMPLOYMENT AND PAY-ROLL TOTALS, OCTOBER AND
NOVEMBER 1930.
Employment.
Industrial
Group.
Raablishmeats.
Oct.
1930.
Per
Nov. Cent of
1930. Ch'ge.
%
Manufacturing--- 14.008 3,066,2502,993.327a-2.7
Coal mining
1,481 321.163 321,092 (5)
Anthracite
147 102,072 100,238 -1.8
Bituminous
1,334 219,091 220,856 +0.8
Metalliferous min'g 331 49,431 46,621 -5.7
Quarrying and non
metallic mining_
771 36,725 33,967 -7.5
Crude petroleum
producing
568 22.418 22,002 -1.9
Public utthtlee
11,522 731,246 719,848 -1.6
Telephone.k tel
graph
7,934 334.262 328,934 -1.6
Power, light and
water
3,118 246,593 243,343 -1.3
Elec.railroad o'
oration& main
tenance, excl.
of car shops- 470 150,391 147,571 -1.9
Trade
9,844 351,375 358,769 +2.1
1,983 64,761 63,634 -1.7
Wholesale
Retail
7,661 286,614 295,135 +3.0
Hotels
1,979 148,118 144,575 -2.4
Canning and pr
serving
1,002 87,399i 51,339-41.3
Laundries
166 18,6491 18,322 -1.8
Dyeing & clean
53
2,325
2,220 -4.5
Total
[VOL. 132.
FINANCIAL CHRONICLE
Pay Roll in One Week.
Oct.
1930.
1
Nov.
1930.
Per
Cent of
Ch'ge.
$
8
%
75,382,531 71,017,068 a-6.1
8,565,748 7,931,705 -7.4
3,765,449 3,149.583-16.4
4,800,299 4,782,122 -0.4
1,328,581 1,227,399 -7.6
902,510
761,172-15.7
804.536
778,411 -3.2
22,055,681 21,561,684 -2.2
9,697,414 9,404,806 -3.0
7.742,153 7,605,755 -1.8
4.616,114
8,869,547
2,001,761
6.867,796
c2,489,217
1,371,067
371.406
56,285
4,551,123
8,955,107
1,961,572
6,993,535
c2,440,613
-1.4
+11.0
-2.0
+1.8
-2.0
812,620-40.8
368.679 -1.3
62,772 -6.2
41.5254.835,0994,712,782 -2.5122.177.709115,905.230 -5.1
PER CAPITA EARNINGS IN NOVEMBER 1930, AND COMPARISON WITH
OCTOBER 1930 AND NOVEMBER 1929.
Industrial Group.
Manufacturing
Coal mining-Anthracite
Bituminous
Metalliferous mining
Quarrying and non-metalic mining
Crude petroleum producing
Public utilities-Telephone and telegraph_
Power, light and water
Electric railroads
Trade-Wholesale
Retail
Hotels (cash payments only) b
Canning and preserving
Laundries
Dyeing and cleaning
Actual
per Capita
Weekly
Earnings
in
Nov. 1930.
Per Cent of Change
November 1930
Compared with
October
1930.
November
1929.
--3.5
--14.8
--1.2
--2.0
--8.8
--1.4
--1.4
--0.4
+0.5
--0.3
--1.1
d-0.4
--1.8
-11.0
+4.3
-18.6
-12.2
-12.4
(a)
+6.0
+0.9
-0.8
-0.7
-0.2
-1.5
-11.0
(a)
(a)
324.60
Total
$23.69
31.42
2L65
26.33
22.41
35.38
28.59
31.26
30.84
30.83
23.70
16.88
15.83
20.01
23.77
-2.7
(a)
+0.5
a Data not available.
S The additional value of board, room, Ups and other perquisites cannot be
computed.
Per capita earnings for November 1930, given in the preceding table
must not be confused with full-time weekly rates of wages they are actual
;
per capita weekly earnings computed by dividing the total number of employees reported into the total amount of pay roll in the week reported,
and the "number of employees" includes all persons who worked any part
of the period reported, that is, part-time workers as well as fiatime workers.
Comparisons are made with per capita earnings in October 1930, and
with November 1929, where data are available.
For convenient reference the latest data available relating to all employees, excluding executives and officials, on Class I railroads, drawn
from Interstate Commerce Commission reports, are shown in the following statement. These reports are for the months of August and September
instead of for October and November, consequently the figures can not be
combined with those presented in the foregoing table.
EMPLOYMENT AND PAY-ROLL TOTALS, CLASS I RAILROADS.
Per
Cent of
Aug. 15 Sept. 15 Ch'ge.
1930.
1930.
Employment.
Industry.
Amount of Pay Roll in
Entire Month.
August
1930.
September
1930,
Per
Cent of
Ch'ge.
Class I railroads__ 1.497.872 1.469.621 -1.9 3207.828.332 3200.817.972 -3A
The total number of employees included in this summary is approximately 6,181,000 whose oombined earnings in one week amounted to about
$162,000,000.
Recapitulation by Geographic Divisions.
Geographic
Division.
New England d___
Middle Atlantic e-East No.Centralf.
West No Central g_
South Atlantic h._
East So. Central f_
West So.Central J
Mountain k
Pacific 1
I
I
Establishments.
Employment.
Oct.
1930.
Per
Nov. Cent o
1930. Ch'ge
16
3,176 450.224 439,753 --2.3
7.1981,470.270 1,443,291 --1.8
9,786 1,336,751 1,297.630 --2.9
4,580 314,831 307,852 --2.2
-1.3
4,544 483,881 477,426 -3.1
2,348
196.865 -2.8
3,168 175,190 170,254 -2.5
1,634 108.362 105,613 -6.
5,0911 292.511 273.398 -
1
Pay Roll In One Week.
Oct.
1930.
10.670.533
40.533.988
34,841.551
7.734,538
9,812.726
3,740.563
4,126.777
2,881,608
7,835.425
Nov.
1930.
Per
Cent of
Ch'ge.
38,293.796
33,081,469
7.401.516
9,528,119
3,547.187
3.919,585
2,807,259
7.181,758
-5.5
-5.1
-4.3
-2.9
-5.2
-5.0
-2.6
-8.3
1
$I-4.9
10.144.541 %
AU division4-- 41,5254,835,0994.712.082 -2,5122,177,709116,905,230 -5.1
o Weighted per cent of change for the combined 54 manufacturing industries,
repeated from Table 2, Page 7; the remaining per cents of change, including total.
areunweighted.
S Los than one-tenth of 1%.
e Cash payments only; see text, page 30.
a Connecticut, Maine, Massachusetts. New Hampshire, Rhode Island, Vermont.
41 New Jersey. New York, Pennsylvania.
fIllinois, Indiana, Michigan, Ohio. Wisconsin.
g Iowa,Kansas, Minnesota. Missouri, Nebraska,North Dakota,South Dakota.
I. Delaware. District of Columbia, Florida. Georgia. Maryland, North Carolina.
South Carolina, Virginia, Walt Virginia.
Alabama. Kentucky. Mississippi, Tennessee.
JiArkansas. Louisiana, Oklahoma. Texas.
k Arizona, Colorado. Idaho, Montana. New Mexico. Nevada, Utah, Wyoming.
California. Oregon, Washington.
The combined totals of these 15 industrial groups showed a decrease of
2.5% in employment from October to November and a decrease of-5.1%
in employees' earnings. Excluding manufacturing, the remaining 14 groups
in November showed a drop in employment of 2.8% and a drop in employees' earnings of 4.1%.
It should be noted that while the per cent of decrease in employment in
manufacturing industries in November is given in the summary table as
2.7, this is a weighted per cent of change. The unweighted per cent of
change is based upon the actual numbers of employees reported in October
and November is 2.4%.
The per cents of change shown for the total figures represent only the
changes in the establishments reporting, as the figures of the several groups
are not weighted according to the relative importance of each industry.
Increased employment was shown in November in 2 of the 15 industrial
groups; bituminous coal mining gained 0.8% and retail trade gained 3.0%.
Decreased employment was shown in November in 13 of the 15 industrial groups: Manufacturing, 2.7%; anthracite mining, 1.8%; metalliferous mining, 5.7%; quarrying, 7.5%; crude petroleum producing, 1.9%;
telephone-telegraph, 1.6%; power-light-water, 1.3%; electric railroads,
1.9%; wholesale trade, 1.7%; hotels, 2.4%; canning, 41.8%; laundries,
1.8%; dyeing and cleaning, 4.5%.
Decreased employment and decreased pay roll totals in November as
compared with October were shown in each of the 9 geographic divisions,
the decreases in employment ranging from 1.3% in the South Atlantic division to 6.5% in the Pacific division.
Loading of Railroad Revenue Freight During the
Calendar Year 1930.
Complete reports for the year show that 45,887,413 cars
were loaded with revenue freight in 1930, the Car Service
Division of the American Railway Association announced
on Jan.6. This was a reduction of 6,940,512 cars, or 13.1%,
under the number loaded in 1929, and a reduction of 5,702,474 cars, or 11.1% under 1928. Total loadings by commodities for 1930 compared with 1929 follow:
Grain and grain products
Live stock
Coal
Coke
Forest products
Ore
Merchandise, less than carload lot freight
Miscellaneous freight
1930.
2,265,925
1,285.245
7,951,868
487,152
2.368,419
1,664,725
12,201,445
17,662,634
1929.
2,396,195
1,419,191
9,095.271
634,427
3,248,408
2,281,566
13,205,698
20.547,169
For the week ended on Dec. 27, loading of revenue freight
amounted to 538,419 cars, a decrease, due to the Christmas
holidays, of 175,391 cars compared with the preceding week.
It also was a decrease of 100,970 cars compared with the
corresponding week in 1929 and a decrease of 129,555 cars
under the same week in 1928. Details follow:
Miscellaneous freight loading for the week of Dec. 27 totaled 176,135
cars, 46,064 cars below the same week in 1929 and 69,844 cars under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 167,354
cars, a reduction of 19,895 cars under the same week in 1929 and 25,499
cars under the same week in 1928.
Coal loading amounted to 117,407 cars, a decrease of 18,543 cars under
the same week in 1929 and 1,688 cars below the same week in 1928.
Forest products loading totaled 20.693 cars, 7,144 cars below the same
week in 1929 and 12,115 cars under the corresponding week in 1928.
Ore loading amounted to 4,281 cars, a decrease of 2,126 cars under the
same week in 1929 and 4,097 cars under the corresponding week in 1928.
Coke loading amounted to 7,638 cars, a decrease of 3,305 cars below the
corresponding week in 1929 and 2,633 cars under the same week in 1928.
Grain and grain products loading for the week totaled 27,172 cars, a
reduction of 4,412 cars under the corresponding week in 1929 and 9,919
cars under the same week in 1928. In the Western districts alone, grain
and grain products loading amountd to 19,334 cars, a reduction of 3,425
cars under the same week in 1929.
Live stock loading totaled 17,739 cars, 519 cars above the same week in
1929, but 3,760 cars under the corresponding week in 1928. In the Western
districts alone, live stock loading amounted to 13.587 cars, an increase
of 761 cars above the same week in 1929.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1929, while all, except the Pocahontas,
which showed a small increase, reported reductions under the same week
in 1928.
JAN. 10 1031.3
FINANCIAL CHRONICLE
Loading of revenue freight in 1930 compared with the two previous years
follows:
1928.
1929.
1930.
3,448,895
Four weeks in January
3.571.455
3,349,424
3,590,742
Four weeks in February
3,766,136
3,505,962
4,752,559
Five weeks in March
4,815,937
4,414,625
3,740,307
Four weeks in April
3,989,142
3,619,293
4,939,828
Five weeks in May
5,182,402
4,598,555
3,989.442
Four weeks in June
4,291,881
3,719,447
3,944,041
Four weeks in July
4,160,078
3,555,731
5,348.407
Five weeks in August
5.600,706
4,670,368
4,470,541
Four weeks in September
4,542,289
3,725,243
4,703,882
Four weeks in October
4,679,411
3,817,786
5,144,208
Five weeks in November
4,890.154
4,127,134
3,517.035
Four weeks in December
3,338,334
2.783,845
Total
45,887,413
52,827,925
51,589,887
Union Guardian Trust Company of Detroit on Business
Conditions in Michigan.
Ralph E. Badger, Vice-President, and Carl F. Behrens,
Economist, of the Union Guardian Trust Company of
Detroit, in a business review issued January 1, said in
part:
Recovery in the automobile industry was rapid during the first months
of the year. From a low point of 120,007 units output for the United
States in December, production advanced to 275,374 in January, to
364,940 units in February, to 401,313 in March, and to 443,038 in April.
Subsequently, an uninterrupted decline in monthly output occurred which
carried the November production total to a level below that of December,
1929. Employment in the automotive industry as reported by the University of Michigan Bureau of Business Research, likewise recovered
rapidly in the early months, reaching its high point for the year in April.
A decline commenced in May which continued until October, at which
time the number of men employed was smaller than in any month since
June, 1925. The above statements, in a broad way, characterize the
movement of industrial activity in the several automobile centers, Detroit,
Flint, Lansing and Pontiac.
Department store sales in Detroit as reported to the Federal Reserve
Bank of Chicago also showed material gains throughout the early months
of 1930. Bank debits in each of the cities mentioned, except Flint, were
relatively greater in the early months of 1930 than in 1928, but like the
index of department store sales for Detroit, were below the high totals
of early 1929. In Flint, bank debits have been below the 1928 and 1929
totals throughout the year.
One of the important developments of 1930 in industrial southeastern
Michigan has been the completion of the $20,000,000 steel mill at Ecorse.
Unlike the steel mill at Monroe, completed in 1929, which is primarily
a rolling mill, the Ecorse plant will carry through all the steps in steel
manufacture. The Ecorse organization, through its association with related interests, will include in its scope the production of iron ore, its
shipment to the blast furnaces, and the eventual conversion into steel.
Grand Rapids experienced an increase in industrial activity in the
first half of 1930 similar to that which occurred in the automobile centers.
Furniture output was, however, at a low ebb and the increase took place
largely in the automobile parts and metal industries.
• • •
Automobile output in 1930 will probably not greatly exceed 3,400,000,
a figure at least 20% under the average of estimates made a year ago.
Such a discrepincy naturally makes for some hesitation in setting up an
estimate for 1931. In the light of (1) low farm purchasing power, (2)
substantial unemployment in the industrial sections of the country, now
and for some months past, and (3) uncertain political conditions in many
foreign countries, it may not be possible to sell more than four million
cars in 1931. This would require the use of about 50% of our potential
producing capacity, since in April, 1929, output was at the annual rate
of nearly eight million cars. However, a bumper crop, substantial improvement in farm prices, settled political conditions abroad, and a real
reduction in unemployment are factors, any one of which might greatly
improve demand for automotive equipment, and thus lead to increased
output. Another year of restricted automobile manufacturing must, of
course, find reflection in general business throughout Michigan, although
some communities, because of favorable local developments, will prove
exceptions as did Traverse City in 1930. In the country as a whole,
general business should reverse its trend sometime during the first half
of 1931, and show steady improvement thereafter.
Federal Reserve Bank of New York on Production and
Trade in 1930.
The following is from the January 1 Monthly Review of
the Federal Reserve Bank of New York:
A compilation of all the data available at this time pertaining to production and trade in 1930 indicates the extent to which the current recession has affected the aggregate business turnover for the year. The preliminary composite of 100 series has been prepared by using actual data as
far as possible, usually for the first eleven months, and adding estimated
with the leading items weighted in
figures for the remainder of the
year,
order to have their importance properly represented in the group averages
and aggregate. According to this estimate, the volume of production and
trade in the United States during 1930 was about 14% smaller than in
1929, a considerably larger decline from the previous year than occurred
in either of the two preceding years of reoession-1924 and 1927. For the
year as a whole, the 1930 decline appears to have been somewhat less,
however, than that of 1921 when the decline amounted to approximately
17%.
In order to show the relative extent of the decline during the past year,
the data for the years 1919-1930 have been plated on a ratio scale in the
accompanying diagram. To the broad weighted index of a large number
of series available for past years has been added an estimated figure for
1930, based on the preliminary data obtainable at this time.
The group of series representing building activity showed the largest
decrease in 1930 from the level of the previous year. Manufacturing output registered the next largest reduction, and the production of minerals
and metals showed a decline that was not greatly less. General trade, however, appears to have shown a somewhat smaller decrease than occurred in
the foregoing production groups, and the output of foods seems to have been
curtailed hardly at all. Crop production, the other principal group, was
189
reduced about 8%, taking into account all the principal agricultural commodities except live stock. The accompanying table gives the more important series included in the group averages.
Per Cent Clangs
Per Cent Change
1930from 1929.
1930 from 1929.
Foods—
Manufaaures—
—27
--55 Cheese
Rayon production
11
--41 Lard
Automobiles. pass. cars
--9
--30 Swine slaughtered
Automobiles, trucks
--8
—27 Butter
Locomotives, shipments
--4
—26 Meat
Wool, consumption
—3
—25 Sugar meltings
Tires, pneumatic
—3
—24 Wheat flour
Cotton, consumption
—2
—17 Cattle slaughtered
Steel castings
+1
—15 Calves slaughtered
Boots and shoes
—13 Poultry
+2
Silk, consumption
--9 Fish
+8
Paper, total
—4 Sheep slaughtered
+18
Tobacco products
--2 Group average
Electricity
—1
+4
Gasoline
+9 Building Materials
Railway cars, shipments
—19 CommCommon brickand Construction—
Group average
—31
and Metals—
Minerals
—23
Lumber, Douglas fir
—28 Building contracts
Steel ingots
20
—25 Cement
Pig iron
--a
—25 Concrete pavements
Copper
+8
—20
Zinc
—26
—13 Group average
Lead
—12 Trade—
Bituminous coal
—11 Auto exports
Petroleum, crude
—55
—10 Grain exports
Anthracite coal
—24
+26 Raw silk imports
Gold
—21
—17 Carloadings, other
Group average
—17
—15
Crops—
Crude rubber imports
—20 Carloadings. mdse. and miscell_
Corn
—12
—18 Cotton exports
Hay
10
—4 Wholesale trade
Cotton
10
—2 Department store sales
Sugar,cane
--7
—1 Coffee imports
Tobacco
+5
+1
Potatoes, white
—15
+2 Group average
Rice
+5
Wheat
+8 Miscellaneous—
Barley
+12 Shares sold on N.Y.Stock Exch_ - --29
Tomatoes
--13
+14 Newspaper advertising
Oats
—11
+15 Magazine advertising
Apples
+16 New incorporations in N.Y. State —8
Peaches
+20 Group average
15
Rye
+41
Oranges
—14
Average of 160 series
—5
Group average
Survey of 1930 by F. H. Rawson of First National Bank
of Chicago—Country Fundamentally Sound and
Potential Purchasing Power Should Lead to Early
Recovery—Unit Banks "Should Not Be Lightly
Thrown Aside."
In a survey of 1930, Frederick H. Rawson, Chairman of
the First National Bank of Chicago and the First Union
Trust and Savings Bank, declares that "fundamentally
this country is sound and healthy and there is no reason to
let despair grip us and lead us into ways which may only
hamper and delay a return of prosperity." In part, Mr. Rawson also stated under date of Dec. 31:
In his annual message to Congress, President Hoover pointed out that
many of our troubles are due to conditions outside of our own boundaries.
From some points of view this is one of the unfortunate aspects of our
present situation, for we are likely to find that in spite of our own efforts
our recovery cannot be a complete one until there is improvement elsewhere. Notably, political and agricultural conditions in certain parts of
Europe, in the Far East, Australia, and South America must become such
that these regions will again be able to purchase readily our manufactured
also at
goods and raw products. Nevertheless, there are certain factors
home upon which our immediate business future is more or less dependent.
Overshadowing everything is the question of the commodity price level
horizontally,
which, while showing some tendency in recent weeks to move
continued
on the whole continues to decline. It is well known that long
disfalling price level means recession in business, unemployment, and a
expect a
location of the relation of debtor and creditor. Before we can
return to normal conditions the commodity price level must reach a point
of stabilization so that business may be certain of a fair profit and raw
products can be bought in quantities with some degree of assurance that
this will not involve ultimately serious loss.
Another important factor is the need of a decided and permanent improvement in the bond market. Such improvement as there has been
applies almost entirely to the highest grade bonds. Real estate mortgages
and bonds, due to a great number of foreclosures especially in the larger
cities, do not enjoy the popularity of former years. Undoubtedly, too many
office buildings and apartment hotels have gone up in recent years and
there is a large amount of unabsorbed office space in Chicago and other
large cities. Until this situation is adjusted and building can be resumed
In a healthy manner we cannot expect a well-balanced prosperity.
In the early nineties of the last century a depression spread from Europe
to this country. It was largely due to the very easy money prevailing in
the more developed countries which resulted there in excessive speculation
much like that which we witnessed in recent years in this country. The
European countries recovered relatively quickly but we suffered for a
number of years after the depression in Europe had ceased, partly, at least,
because we were then large borrowers while now we have become even
larger lenders. There is reason to believe that since the war we have
exchanged positions with some of those European countries which formerly
had large reserves upon which to draw in times of depression and, therefore, recovered more quickly than we could; if economic trends are similar
now, we shall probably be the first to recover. . . .
Banking has shared the fate of other business enterprises. Money rates
have been low during most of the year and this has resulted in small profits
for strictly commercial banks. Investment houses have suffered because
the bond market has not shown the expected recovery, and the market for
stocks has been a very restricted one as compared with recent years.
Then, in times such as these, banks suffer losses due to business failures and
a rather large number of banks themselves have had to go out of business.
In most instances losses were due to inexperience, bad management, and
insufficient capitalization. Too many banks caused unhealthy competition
for business and profits were reduced below the danger point. In addition,
the examining forces, both national and State, are too small, and the salaries
are not adequate for the technical skill and training these men should
possess. In many localities the examining force should be enlarged so that
190
FINANCIAL CHRONICLE
more frequent examinations could be made with a view to keeping banks
clean and following up those whose condition has been found doubtful and
restoring them to health and soundness. At the same time throughout the
country there are a great number of well managed and sound banks.
There will be no shortage of credit for some time to come and all those
entitled to credit can obtain it without difficulty and at low rates of
Interest.
It is natural that the closing of many small banks has led to an
acceleration of the movement in favor of branch and group banking. Unit
banks, however, have performed a great service in the development of this
country and our present system should not be lightly thrown aside. The
fact that most other countries have nation-wide branch banking is not necessarily proof that a similar system would be desirable for our country since
conditions here in many respects are different from what they are elsewhere.
Unit banks, branch banks, and group banks can be no better than the
integrity and ability of those comprising their management. Simply because momentarily the skies are not without threatening clouds is no reason
for adopting new methods and systems. This applies not merely to banking
but to much else, for one of the dangers of a period of decline is the tendency to discover superficial reasons for existing conditions and to proceed to action without sufficient care and thought.
.A.1 stated in the opening sentence of this review of the year, the country
Is fundamentally sound and the large potential purchasing power existing
within our own boundaries when exercised should lead to an early recovery.
Bank of America N. A. Believes Worst of Business Depression Past—Slow, Gradual Recovery Looked For.
"That we have seen the worst of the business depression
appears to be a generally accepted opinion," according to
"The Review," issued Jan. 2, by the Bank of America N. A.
of New York. "This does net mean," "The Review" continues, "that any rapid improvement in general business is
anticipated. Such a development would be highly improbable and perhaps undesirable, but conditions seem to be
ready for a slow, gradual recovery. Greater stability in
commodity prices would go far toward giving industry a
start in the right direction." "The Review" adds:
"One of the most encouraging happenings of the past month has been
the increase in future contracting in the steel industry which followed
upon a concerted effort to stabilize prices. Attempts of buyers to protect
themselves against possible future price advances gave unmistakable
evidence of a feeling of confidence in the market. Christmas buying
served to stimulate trade to some extent during December, but its effects
were felt only in the retail field, while primary markets remained dull.
The Christmas turnover was in good volume, but represented for the most
part purchases of less expensive goods, so that a correspondingly small
amount of money was involved."
[VOL. 132.
tion has been difficult, due to large production in the face of sharply
curtailed Eastern demand, the survey continues.
Crude oil production in the six weeks ended Dec. 6 averaged 600,300
barrels daily, compared with 588,500 in October and 710,000 daily a year
ago. Mounting production at the Playa del Rey field in the Los Angeles
basin, which is outside the present curtailment program, is adding to the
problem of restriction to agreed levels.
A. E. Bryson of Halsey, Stuart & Co. Declares Confidence Will Do Much to Quicken Return of
Prosperity.
Prosperity will surely come again, as it did after 1893,
1901, 1907, and 1920. This is a truth which should be
obvious, yet seldom has there been a time when it appears
to be more generally doubted, A. E. Bryson, Vice-President
of Halsey, Stuart & Co., declared in a statement on Jan. 2,
commenting on the investment lessons to be learned from
1930. The current depression, he pointed out, is a natural
reaction from excesses, which could only culminate as they
did, saying:
‘qt is an unavoidable step to the greater activity, which will and can
come only after the results of these excesses are corrected. The deep fear
that has gripped a large part of the nation in the last few months is a
fear born of lack of understanding of the past, and lack of faith in the
future."
Mr. Bryson emphasized the fact that the present is a
time of genuine opportunity which, if taken advantage of,
will richly reward the courageous investor. He added:
"Incidentally, it will do much to quicken the return of the prosperity
which any clear-thinking person knows lies ahead. How far ahead the
turn may be need not worry the investor if his policy is sound, and if he
has confidence in the business and scientific genius that is responsible
for the amazing past progress of our country. Not the least value of this
lesson—if acted upon—is the example which the courageous* investor sets
for others. His action will inspire them to like action—and that perhaps
more surely than anything else will speed the hoped-for recovery in 1931."
President Dickinson of Indiana Limestone Company
Forecasts Revival of Building Activity in 1931.
According to A. E. Dickinson, President of the Indiana
Limestone Co., a large building year in 1931 seems almost a
certainty. Basic facts point unmistakably to a revival of
activity, he says, adding:
"Since the banner building year of 1928 construction totals have slumped
off gradually. A pronounced slump was becoming apparent some time
before general depression set in.
So it may be seen that in the past two years there has been accumulating
an immense reservoir of new building which must be taken care of to
meet the requirements in the various fields.
With full reports not yet available, the construction volume for 1930
probably reached a total of $4,925,000,000 as compared with the record
1928 total of $7,232,246,849. Heavy building accounted for a great
proportion of the 1930 volume.
Home building has decreased to a greater extent than any other type.
Normally, residential building accounts for about 40% of the total. Signs
of a revival in this field are clear-cut and definite. And when the building
history of 1931 is uritten, we may find that a home building wave resulted
in high construction totals.
Meantime, we can confidently look forward to a huge public building
program. Efforts are being made to overcome delays in Washington, with
the probable result that many broadscale projects soon will be under way.
States, counties and cities are endeavoring to expedite public building
programs.
Fair Business Year Experienced by California in 1930,
Aggressive plans for new improvements in many towns are in the
According to Wells Fargo Bank & Union Trust making. Community betterment programs, town planning, new homes
construction, and public building projects are gradually laying the foundaCompany.
tion for a sound recovery.
California experienced a fair business year during 1930,
It takes no stretch of the fancy to see that the country is on the eve
according to the December issue of "The Business Outlook," of a period of broad industrial activity. The electrical industry plans the
published by the Wells Fargo Bank & Union Trust Co. of revolution ofismanufacture and distribution of electricity. The natural
gas industry
bringing gas into remote Eastern cities and towns. AviaSan Francisco. Fundamental conditions in business are dis- tion hopes for the expansion that came to the motor car which had slow
support at first Many other industries, contemplating changes and growth,
cussed in "The Business Outlook" as follows:
will soon contribute to a large construction program by reason of additional
An ample supply of credit has been available to meet the legitimate plants, shifts in population and the like.
needs of agriculture, commerce and industry; demand for such credit was
Modernization of old buildings will be a feature of next year's construcgenerally normal in the country districts, but considerably below last tion activities. Obsolescence lowers the earning powers of a structure.
year in the metropolitan centers.
An old building, although otherwise sound, ceases to be an economic
Savings deposits in moat sections show marked gains over recent years. Investment unless it is modernized.
Mercantile and industrial inventories for the most part are lower than a
Among factors auguring for improved conditions are the fact that
year ago.
building costs are 27% lower than the peak reached in 1920. Ample funds
Although the acreage of California cotton kept for harvest was 13% are available for sound projects. There is plentiful and efficient labor.
smaller than in 1929, the yield per acre rose from 402 pounds last year A definite trend toward better and more permanent building is apparent.
to 443 in 1930, with the result that production will total only 4% below Greater operating efficiency with reduced production costs are important
last year's record crop of 260,000 bales.
factors.
The improved yield does not compensate for lower prices; the present
As to our own business, the outlook has never been more promising
crop at current quotations is estimated to be worth $17,000,000 compared because of the public building programs and the scores of large private
with $20,858,000 a year ago. California's yield of 443 pounds per acre projects held in abeyance for the past 20 months.
ecmpares with 151, the national average, and 377, that of the next highest
State, New Mexico. Because of its quality, the "acala" cotton grown
here usually earns a premium of several cents over average spot prices.
H. M. Bodfish of United States Building and Loan
Increased automobile production in 1931 over 1930 is indicated by present prospects,"The Review" points out, adding
that the replacement demand which has been kept far below
normal during 1930 probably will be heavier this year as
some postponed buying is expected to materialize. Textile
markets were quiet in December, the approach of inventory
period and lack of demand being reflected in reactionary
price trends. It is further noted that a large amount of
construction work appears to be scheduled for the new year
with extensive programs for public work construction by
towns and municipalities indicating considerable activity
In this line.
League Expects Residence Construction to InStating that further reductions in crude oil storage stocks
crease in 1931.
were effected by the petroleum industry during October,
Residence construction will pick up "appreciably" in
reducing the State inventory 933,467 barrels, to a total of
1931, people will spend a great deal of money to fix up
179,500,485 on Nov. 1, the bank adds:
This storage is nearly 10,500,000 barrels below the March 1 peak and old homes, and thereby improve the appearance of thousands
5,474,770 below Nov. 1 1929; reductions so far this year offset more of communities and many families who have gone along
than one-fifth of the tremendous increase in storage which occurred during
1930 without anything behind them, will have
1929. Gasoline storage continues at high levels, totaling 16,174,667 bar- through
rels on Nov. 1, only slightly less than a year ago. Gasoline storage reduc- substantial savings accounts to their credit within the next
JAN. 10 1931.]
FINANCIAL CHRONICLE
few months, according to H. Morton Bodfish, Executive
Manager of the U. S. Building and Loan League. Mr. Bodfish bases his predictions on recent records of the building
and loan associations' business throughout the country, and
the trends noted by officers of these associations.
In a forecast for 1931 issued Dec. 28 from the Chicago
office of the League, Mr. Bodfish talks optimistically about
the future and bases his statements on a survey of the
country made in the last ten days.
The fact that homes throughout the country can be purchased for a lower price than has been possible in the past
ten years has encouraged many people recently to undertake the installment purchase of their domiciles, as provided by the building and loan plan, says Mr. Bodfish. He
further says:
"The growth of new savings accounts in our associations haa been
steady enough recently to predict that it will continue. Four hundred
thousand new dollars were placed in one association in Columbus, Ohio last
month. This association averaged 47 new savings accounts a day for
the first five days of this month. People in California placed $63,000,000
more in these associations during the hard times than they had in 1929;
Oklahoma reports more new savings accounts in the last ten months of
1930 than in any other year since these associations have been established
in that State. Among those reporting increased assets are New York
State, New Jersey, Maine, Louisiana, Oregon, Oklahoma, Kansas and Missouri. This means an increased tendency to save on the part of people
using these associations; one association in North Carolina reports a 4%
increase. The funds of building and loan associations are used exslusively
for home owning or home building purposes.
"In Idaho this demand has increased 25% in the last few months.
Maine, West Virginia and the smaller localities throughout Massachusetts
report an increase in the last few weeks on the part of people who want
to buy homes, and apparently feel that they are fixed so that they can go
on paying for them. Connecticut associations report that they are 'run
over' with demands for loans, the majority of which are for the purchase
of new homes.
"We note tendencies also in many communities that indicate that there
will be an appreciable resumption of new home construction during 1931,
first because any normal amount of activity in the purchase of homes
already built will soon absorb these structures, and second because many
people like to have designed and built, homes embodying their own ideas.
"Even under normal conditions, business can expect to be off from 15
to 20% at odd times. The building and loan associations of the country
have an enviable record to show for the past year in that, although many
of their thousands of borrowers must have suffered from the business depression, real estate in possession of associations is only slightly above
normal and less than 1%. This, of course, shows that even in hard times
people will make every sacrifice to keep homes in which they have an
equity and which they cherish otherwise."
191
trust companies for so-called "interest bearing currency." Naturally this
pushed the prices for such investments out of line with the general list.
Recently there has been a tendency for prices to level out, indicating returning confidence on the part of the general investor in the basic industrial
securities of the country.
There are numerous sound corporations in business to-day whose funded
debt, in the form of bonds and debentures, is very small, but whose earnings, despite the general business depression, are still three to five times
fixed interest requirements. These securities are selling at prices which
yield 5 to 8%, and are, in some cases, at the low point since they were
Issued.
The present markets for securities are those in which are laid foundations of great fortunes. One elderly man recently stated he had increased
his estate almost four times since he retired from business in 1906, "but
remember," he added, "I have had three panics in which to buy securities."
We are not able to predict exact turning points of business depressions,
nor are we able to say when sound securities are at their lowest price,
but we feel sure of ourselves when we are able to purchase underlying first
mortgage bonds of not too long maturity at yields of better than 5%
which have sold previously this year at prices which showed a net return
of only 4.10%.
Faith in the United States and in the sound American business man has
in the past amply demonstrated to bankers and other investors the wisdom
of buying good securities at times like the present.
Chain Store Sales Decline During December.
According to a; compilation issued by Merrill, Lynch &
Co., 32 chain store companies reported sales for December
amounting to $252,689,687, against $276,652,531 reported
in December 1929, a decrease of 8.66%. The same companies reporting their results for the 12 months of 1930
show aggregate sales of $2,147,633,037, against sales of
$2,216,218,648 in 1929, a decrease of $3.09%. Considering
the drastic drop in commodity prices during 1930, the relatively small decrease in sales for the 12 months period is
regarded as an indication of the favorable fundamental
position of the chain store business in general, says Merrill,
Lynch eo Co. A comparative table follows:
-Month of DecemberCalendar Y8.271.1930.
1929.
%
1930.
1929.
Dec.
Dec.
$
F.W.Woolworth 42.319,770 44,153,724 4.1 289,288,552 303,034,223 4.5
Sears, Roebuck_a39,075,133 550,334,270 22.4 390,382,107 440,665,720 11.4
Montg'y Ward_ 28,672,184 35,799,316 19.9 272,319,625 291,530,621 6.5
8.5. Kresge Co. 23,982.054 24,242,016 1.1 150.353,703 156,327,735 3.8
Safeway Stores_ 18,075.496 19.277,572 6.2 219,733,466 218,233,889 10.6
S. H. Kress__ 12,060,579 12,260,044 1.6
69,283,098
68,474,993 11.2
W. T. Grant__ 11,796,749 11,535,839 :2.2
71,050,393
65,448,297 x8.5
First Nat.Storesc10.412,884 c10,804,348 3.6 b109,343,068 b99,664,847 x9.7
National Tea Co 7,408,307 8,076,019 8.2
85,236,535
90,193,154 5.4
MacMarr Stores 6,949,808 7,760,495 10.4
86.106,568
86,944,947 0.9
McCrory Stores_ 6,782,120 7,293,167 7.0
43,222,798
44,706.206 3.3
F.& W. GrandSilver Stores.- 6,169,348 5,127,882 x20.3
37,836,243
30,416,858 :24.3
Nat. Bellas-Hess 3,524.903
5,152,707 31.5
36,250,648
53,007,080 31.6
Schulte-United _ 3.996,700 3,911,032 12.1
27,644,306
19.934.861 :38.6
McLellan Stores 3,970,753 4,388,058 9.5
24,081,973
23,781,550 x1.2
Lerner Sts. Corp 3.817,694
3,338,794114.3
25,291,307
19,057,797 :32.7
G.C. Murphy__ 3,170,346 2,648,571 119.7
17,498.022
15.728,860 :11.2
Nelsner Bros__ 3,024,790 2,689,624 x12.4
16,506,057
15,092,420 19.3
Melville Shoe
2,813,953 2,430,240 x15.7
Corp
28,648,639
25.520,675 x12.2
Dan.Reeves,Inc 2,694,295 2,893,110 6.8
34,007.497
33,766,924 10.7
2,070,489 2,750,235 24.1
G. R. Kinney
17,695,876
20,729,646 14.6
Diamond Shoe
1,656,376 1,500,503 x10.3
18,071,748
Corp
16,396,572 x10.2
Metropolitan
Chain Stores.. 1,605,690 1,952,190 17.7
9,065,382
10,218,074 11.2
1,146,598 121.4
17,168,478
Lane Bryant,Inc 1,392,081
15,357,488 x11.8
Waldorf System_ 1,379.474 1,442,700 4.4
15,871,592
16,069,338
1.2
d Western Auto
13,885,000
Supply (K.C.) 1,056.000 1,177,000 10.2
15,959,500 13.0
707,237 1.3
697.844
Kline Bros
4,738,176
4,921,392 3.7
480,543 117.7
565.840
5,987,105
13ickford's
5,382,610 :11.2
413,869 133.4
552,253
4,802,770
Edison Bros..
3,749,245 128.1
414,209 :0'2
415,363
M.H.Fishman_
2,268,032
2,056,078 110.3
234.810 x31.5
308,913
Kaybee Stores1,963,070
1,601.921 :22.5
271,498
315.809 14.0
Morison El.Sup.
2,031,203
2,245,126 9.6
The League Manager said that some of the building and
loan money is being used for the modernization of homes,
and concludes the forecast with the statement that he estimates conservatively that the League members will increase
their assets by a half billion dollars during the coming year.
The Home Building and Home Owning Committee of the
U. S. League aided in making this survey; the members
of this committee include: Ward B. Whitlock, Chairman,
Vice-President, U. S. League, 'Springfield, Ill., William E.
Best, Vice-President, U. 8. League, Pittsburgh, Penn., H. F.
Cellarius, Secretary-Treasurer, U. S. League, Cincinnati,
Ohio, Willard K. Denton, Railroad Co-operative Building &
Loan Association, New York City, N. Y., Ernest A. Hale,
Suffolk Co-operative Bank, Boston Mass., C. Clinton James,
Director of U. S. League, Washington, D. C., L. P. McCul252,689,687 276.652,531 8.66 2,147,633,037 2,216.218,648 3.09
Totals
lough, Buckeye State Bldg. & Loan Company, Columbus,
a Covers period Dec. 4 to Dec. 31. b Year to Dec. 27. c Period Nov. 22 to
Dec. 27. d Estimated. x Increase.
Ohio, Geo. E. McKinnis, Fidelity Bldg. & Loan Association,
Shawnee, Oklahoma, William P. Siegert, Director of U. S.
League, Philadelphia, Penn., Lee C. Stidd, Benefit Savings
"Annalist" Weekly Index of Wholesale
Commodity Prices.
& Loan Association, Portland, Ore., John Warren, Director
of U. S. League, Newark, New Jersey, Carl J. Weber, Home
The "Annalist" weekly index of wholesale commodity
Loan & Savings Association, Fort Wayne, Indiana.
prices, at 115.6 is 0.2 point higher than the revised index of
last week. The "Annalist" continues:
President Webb of First Minneapolis Trust Company
For four weeks now the index has fluctuated between 115.4 and 115.8,the
Sees Lessoning of Pessimistic Views on Conditions narrowest fluctuation for so long a period during the last year. Moreover
the groups comprising the index show smaller variations this week from the
-Points to Present as Opportune Time for Buying preceding week than at any time during 1930. Farm products
have moved
of Securities for Investment.
up slightly, and food products have made balancing declines. The textiles,
metals and miscellaneous indexes are
In a first of the year survey of conditions, R. W. Webb, chemicals, fuel and building materialswithin 0.1 point of last week; and
are unchanged.
President of the First Minneapolis Trust Co. of Minneapolis,
All grains and live stock have made moderate advances during the week.
Spot cotton
and Chairman of the Board of the First Securities Corp., though still at 10.15 cents a pound is higher than at any time in four weeks.
within 55 points of the bottom. Hides are again slightly lower:
says:
and eggs, at 23 cents a dozen, are almost at the lowest point in 10 years at
As we reach the close of 1930, signs are discernible of a distinct lessening of the pessimistic tension which has been such an important element
of the recent cycle of depression and reflecting upon the year's progress
we find much good has been accomplished by the opportunities given to
most lines of business for setting their houses in order. As a matter of
fact, the same energy, thrift and perseverance which have brought the
American people safely out of their difficulties of the past have again
been brought into play and are accomplishing a similar result.
Many firms have had inventory losses which were only partially offset
by earnings but which were the means of accurately testing their real
strength. It is to the credit of many corporations that their figures are
so favorable after that severe test.
In the investment field, we have witnessed a strong trend to securities
of the most liquid kind-the buying public competing with the banks and
this season.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
Jan. 6 1931. Dec. 30 1930. Jan. 7 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
* Revised.
108.3
120.9
106.7
142.1
106.1
125.7
125.3
89.1
115.6
107.6
121.7
no0.5
142.1
106.2
125.7
125.3
89.2
sue d
137.3
143.0
140.2
159.8
125.2
150.6
134.0
120.7
.......
FINANCIAL CHRONICLE
192
[VoL. 132.
Speaking nationally, the probable course of events is more difficult to
United States Department of Labor's Survey of Buildgauge. The grave problems that have come in the wake of the present
ing Operations in United States—Decrease in Esti- depression have been met with courage and intelligence by our business
mated Cost of New Residential Buildings—Increase leaders who, while refusing to spread meaningless propaganda of optimism
and good cheer, have at least retained a sane outlook on the future of
in Cost of Non-Residential Buildings.
American business.
Under present conditions we would not hazard an opinion as to how soon
There was an increase of 1.7% in the estimated cost of
a marked business recovery may set in. We do not hesitate, however, to
new non-residential buildings for which permits were issued express the view that there is every reason for confidence in the country's
In November as compared with those issued in October, fundamental economic and financial situation. We also believe that the
the past, the vast resources of
according to reports received by the Bureau of Labor Statis- experience ofwill ere long bring about a moreour country, and the initiative
hopeful psychology in business
ofour people
tics from 288 comparable cities baying a population of circles and a consequent turning point toward more normal conditions.
was a decrease of 5.3% Even then the upward road is likely to be slow and arduous, but its path will
25,000 or over. However, there
lead us back to a new prosperity made more sound and stable
in the estimated cost of new residential buildings and a ultimately
by the unpleasant experience of the past two years.
estimated cost of all building operaIn the meantime confidence, courage, and co-operation will be needed in
decrease of 6.8% in the
tions, comparing permits issued during these two periods. the business world to make the road easier.
In his report to the stockholders under date of Dec. 31
The estimated cost of all building projects for which permits
its Mr. Hecht also said in part:
were issued during November was $118,949,079. In
Notwithstanding the continued downward trend of interest rates it is
report of building operations in principal cities of the United gratifying to be able to report that our earnings, while lower than in recent
of Dec. 20, years, have been ample to declare the usual dividend of $5.00 per share, to
States during November, the Bureau, under date
make allowance for doubtful accounts, and to add something to undivided
added:
profit account. (The bank has now paid annual dividends uninterruptedly
According to the permits issued in November 1930, dwelling units were
provided for 10,743 families, which was a decrease of 10.9% as compared
with the families provided for according to permits issued during October.
Permits were issued during the month of November for the following
large building projects: In Lewiston, Me., a permit was issued for a
high-school building to cost $400,000; in Boston for two public school
buildings to cost nearly $900,000; and in Cambridge for a laboratory to
cost $1,500,000. In the Borough of the Bronx applications were filed
for four school buildings to cost $2,600,000, and in the Borough of Manhattan applications were filed for 13 apartment houses to cost over $9,000,000, for an institutional building to cost over $1,500,000, and for an
office building to cost over $9,000,000. In Pittsburgh a permit was issued
for an office building to cost $400,000. In Chicago permits were issued
for two public school buildings to cost nearly $2,000,000. In Cleveland
permits were issued for three school buildings to cost nearly $2,000,000,
and in Lima, Ohio, for a sewerage disposal plant to cost over $600,000.
In Baltimore permits were issued for a school building to cost $625,000.
Permits were issued in Oklahoma City for 18 oil derricks to cost $1,800,000.
In Los Angeles permits were issued for apartment buildings to cost over
$1,200,000. Permits were issued for four office buildings in Seattle to
cost over $2,000,000.
Detailed figures showing the estimated cost of buildings covered by
permits issued in each of the 288 cities separately will be published in the
January issue of the "Monthly Labor Review."
ESTIMATED COST OF NEW BUILDINGS IN 288 IDENTICAL CITIES,
AS SHOWN BY PERMITS ISSUED IN OCTOBER AND
NOVEMBER 1930.
New Residential Buildings.
Geographic Division. Cities
Estimated
Cost.
Oct. 1930.
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountain & Pacific
Total
Per cent of change
48
63
72
23
32
24
26
288
Geographic Dicistvn. Cities.
Total
Percent of change
48
63
72
23
32
24
26
288
Oct. 1930.
Nov. 1930.
$3,075,250
27,922.834
5,708.653
2,684.210
1,950,190
2,898.677
6,078,164
643
5,425
1,861
517
530
1,063
2,018
576
5,578
1,009
484
457
797
1,844
$53,141,207 850,317.978
—5.3
12,057
10,743
—10.9
$3,947,400
25,421,335
9,427,421
1,915,111
2,392,752
3,797.418
6,239.770
New Non-Residential
Buildings.
Estimated
Cost.
Oct. 1930.
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountlan & Pacific
Nov. 1930.
Families Provided for in
New Dwellings.
$4,902,780
11.021.980
16,850,461
3,983.623
3,176,155
6,926.045
8,249,372
Nov. 1930.
Total Construction
(Including Alterations
and Repairs).
Estimated Cost.
Oct. 1930.
Nov. 1930.
$7,193,904 $10,666,692 $11.443,127
22.645,925 44,223,401 55,293,381
11.672,172 29.925,074 19,689.193
4,703.565
6,980.745
1,288.040
7,243.346
3,342,906
6,521,917
7,587,332
3,973,519 11,715,626
5,947,589 16.812,105 13,710,564
$55,113,416 $56,064.055 $127,566,989 $118,949,079
—6.8
+1.7
R. S. Hecht of Hibernia Bank 8c Trust Co. of New Orleans Believes Definite Indications of Economic
Recovery Should Soon Appear—Report to Stockholders.
In viewing the outlook for 1931, H. S. Hecht, President
of the Hibernia Bank dr Trust Co. of New Orleans says:
cycles, the
According to statistical records and the history of business
there should
present depression should by now have run its course and
business
soon appear definite indication of economic recovery. However,
few signs of
the world over continues at low ebb, and thus far there are
people generally
immediate improvement. The purchasing power of our
among the
has been adversely affected by severe losses in security values
salaried people and
well-to-do, by widespread unemployment among the
our principal agricultural
wage earners and by the low prices prevailing for
and prolonged
products. But the depression has been further aggravated
financial and business
by an excess of pessimism which has pervaded our
the fundacircles, and which, it seems to us, has gone much further than
mental conditions warrant.
substantial
There may not be very much justification for expecting any
we cannot
business recovery in the immediate future, but on the other hand
prophets
see any good reason for the psssimistic predictions made by gloomy
of disaster.
trade has been relatively
In our own city and State wholesale and retail
fairly
well maintained, and there is,sound reason to expect a continuance of
active business in our immediate territory, as both our State and city governments have initiated a program of liberal expenditures for public works
which should soon reduce unemployment and stimulate trade.
for 56 years.)
Our deposits are well in excess of the same period last year. Our total
loans have been materially reduced, with the result that we have liberal
cash reserves and owe nothing for borrowed money.
It seems to us particularly noteworthy that our savings deposits are
showing a very substantial increase both in dollars and in number of
accounts. This is a complete reversal from the previous year, when
savings deposits were declining largely through withdrawals for the purchase of securities, and reflects a change in the attitude on the part of the
people, who now prefer readily available bank balances to uncertain prospects of speculative profits.
Our trust department, under the guidance of the Trust Estates Committee
(a special committee of directors) and the management of experienced officers, continues to show satisfactory progress.
Our foreign department has continued to be quite active in the financing
of export and import transactions, and its operations we feel are a helpful
contribution to the commerce of our port.
Our travel bureau, the inauguration of which was referred to in our last
annual report, is achieving its purpose serving not only our own customers
but the public generally and transient visitors by relieving them of the details
ofarranging for their fohign and domestic travel by ship, aeroplane or train.
The business of Hibernia Securities Co. has been in smaller volume than
last year due to the abnormal conditions in the investment field. The
Houston and Dallas officers have been consolidated in Dallas, and the Los
Angeles offices has been closed because it was found that California tax laws
made it difficult to sell southern sceurities in sufficient volume to justify
its continuance.
The Hibernia Mortgage Co. has had another satisfactory year notwithstanding the unfavorable conditions in the Real Estate markets. Its outstanding loans are in excellent shape, and because of the present depression
and the consequent limited competition in the loan field the company has
been able to get the choicest first mortgage loans for its new investments.
Our list of stockholders has undergone very few changes during the
year but shows another small increase, the total number of holders now
being 867 with an average ownership of 115 shares. The fact that our shares
are so well distributed and so closely held mostly by old friends of many
years standing is doubly gratifying at this time, because it has been conducive to a stability in value that has been pleasing during a period of such
violent fluctuations of most securities.
On Sept. 1 1930, our bank celebrated its 60th anniversary. An interest,
ing historical exhibit was staged in the lobby of our main office; an anniversary number of our house organ, pictorially and historically descriptive of
our six decades of activity, was published and widely distributed, and special
advertisements appeared in the local newspapers.
Industrial Conditions in New England Unusually Quiet
According to Boston Federal Reserve Bank.
The Federal Reserve Bank of Boston in its Jan. 1 Monthly
Review states that "industrial activity in New England
during November continued in an unusually quiet condition
and in fact when allowances for customary seasonal changes
had been made, further recessions from October levels occurred." The Bank also reports as follows as to the situation
in its District:
Relatively small changes were reported between October and November
in most lines of New England industry, but a sharp reduction took place
in boot and shoe production. The amount of raw cotton consumed in
New England mills has been considerably less month by month throughout
this year than at any time since the World War. While such a condition
affects the spindle activity in New England, It does not necessarily indicate
that there has been a corresponding decrease in the volume of finished
goods. Rayon has been used to an increasing extent in combination with
cotton; consequently, some of the decrease in cotton consumption has been
offset by an increase in the amount of rayon used. Mills in this district
may have found it advantageous at certain times to purchase gray cloth
from southern mills and to begin their manufacturing process at that point,
rather than to spin and weave their own gray goods. Although there was a
moderate decline in both raw wool and cotton consumption in New England
mills between October and November, silk machinery activity increased
considerably. The building industry in this district during November
continued relatively inactive, and the total value of new construction
contracts awarded was nearly 25% less than in October, and more than
6% under the total value reported in November a year ago. Both in Massachusetts and in Rhode Island a decrease was reported between October
and November in the number of workers employed in manufacturing
establishments. The principal decline in Massachusetts was recorded
in the shoe industry. In November commercial failures in this district
year
were about 5% more numerous than in the corresponding month a
ago, but total liabilities which in November 1929, were $8,400,000, were
the first 11 months
$2,700,000 this year, according to E.G. Dun Ss Co. For
of 1930 the number of failures exceeded that of a year ago by 9.1%, and
in
total liabilities were 14.8% greater this year. New life insurance sales
of the
New England during the first four months of this year exceeded those
with May they
corresponding period in 1929, but each month beginning
Jew. 10 1931.]
FINANCIAL CHRONICLE
193
have been less than in the same months last year. Consumption of merchandise, as indicated by total net sales of reporting New England retail stores,
was not curtailed during 1930 to the extent that industrial production was
cut down. In November retail sales were 7.1% less than in November,
1929, and during the first 11 months of 1930 declined 4.4%, in comparison
with the corresponding period in 1929. Retail price levels dropped considerably during the current year.
Continued Decline in Business Activity in Philadelphia Federal Reserve Bank.
Stating that business activity in its District "has declined
further since the middle of last month and continues substantially below the level of former years," the Federal Reserve Bank of Philadelphia in its Business Review issued
Employment Conditions in Boston Federal Reserve January 1, goes on to say:
District.
Retail sales in November increased less than usual, while wholesale
output of manufactures declined more
trade
From the Jan. I Monthly Review of the Federal Reserve sharplydeclined seasonally. The and the index of productive activity in
than was to be expected
Bank of Boston we take the following as to employment November dropped to the lowest point in several years. Activity in mining
and building was also curtailed. Commodity prices showed further recesconditions in the District:
Employment.
The demand for workers at public employment offices in Massachusetts
and Connecticut during November was the lowest for any month since the
beginning of the post-war era 12 years ago. There has been a steady downward trend in the number of calls for workers in both the Massachussetts
and Connecticut series, but the sharp declines in recent months have been
indicative of a subnormal demand. A moderate gain was recorded in the
&asonally adjusted index for employment demand in Providence, a rise
directly attributable to a less-than-seasonal falling off in the demand during
November. Mid-monthly reports from the public employment offices in
Massachusetts indicated that the first two weeks of December marked a
further decline in the active demand for workers.
Employment conditions in Massachusetts, as indicated by returns from
the 1.064 establishments reporting to the Massachusetts Department of
Labor and Industries, showed, for all industries combined, in November
as compared with October, a decrease of 2.9% in the number of wageearners, a decrease of4.4% in the aggregate payroll, and a decrease of 1.5%
in the average weekly earnings per person. The most important change
noted in November was in the shoe industry, the 98 establishments reporthag together showing a decrease of 12.7% in the number employed,a decrease
of 30.1% in the aggregate payroll and a decrease of $3.76 in the per capita
earnings. There were increases in the number employed in nine industries, together amounting to 1,152 persons. Decreases occurred in the
remaining 29 industries and in the miscellaneous group, together amounting
to 6,677 persons, showing a net loss of 5,525 employees in the 1,084 establishments. The only important increase was a gain of 413 employees,
or 18.5%, in the reporting silk mills. The 53 woolen and worsted goods
mills showed a net decrease of 832 employees, or 4.7%, but the changes
in the other important textile industries were relatively unimportant.
Of the 182,309 persons employed during November, 101,916. or 55.9%,
were in establishments reported as operating on full-time, with generally
full-time for all employees. The corresponding percentage for October
was 58.9 and for September 63.9.
In Rhode Island the 216 selected manufacturing plants reporting to the
Commissioner of Labor had 3.5% fewer workers employed at the end of
November than at the end of November, 1929. The 33 building and construction concerns reported 9.6% fewer persons employed than during
October and 3.1% less than in November, 1929. Decreases were reported
In each of the manufacturing groups with the exception of silk manufacture.
Ten silk plants reported 12.0% more workers employed than at the end of
last month. In each of the other branches of the textile industry curtailment and inactivity in certain plants were largely responsible for the
decreases in those particular groups.
Building and Real Estate Condition in Philadelphia
Reserve District.
The following regarding building and real estate conditions in the Philadelphia Federal Reserve District is taken
from the January 1 Business Review of the Philadelphia
Federal Reserve Bank:
Building operations have declined since the middle of last month as
they usually do at this time. Employment and wage payments in the
construction and oontracting industry of Pennsylvania showed a further
drop in November, reflecting in part a customary contraction in building
activity.
Proposed expenditures under permits issued in 18 cities of this district
increased substantially during November. In the first eleven months, the
value of building permits in this district was almost 45% smaller than in
the same period last year.
The value of contract awards for new construction declined sharply in
November and TM the smallest for any month since August 1923. The
most pronounced decline in the month occurred in contracts let for commercial buildings. Awards for industrial and residential construction also
were smaller, while contracts for public works and utilities showed a substantial increase over the preceding month. During the first three weeks
of December, daily awards in this section showed substantial gains, exceeding even the daily averages of a year ago.
The accompanying table shows that awards this year have been considerably smaller than in the past five years, not only in this district, but
in all but two of the leading cities.
Budding COMITtat Awarded.
Philadelphia
Reacting
Scranton
Camden
Trenton
Wilmington
Total for Philadelphia Federal Reserve
District, including all cities
Source: F. W.Dodge Corp.
First
11 Months
of 1930.
Per Cent. Change
from
1929.
1925-28
Average.
8118,089,000
2,918,000
3.881,000
4,253,000
3,528,000
8,982.000
-17.7
-134.1
+58.5
-88.1
-87.8
-25.7
-38.3
-51.9
-13.7
-47.7
-53.0
+28.7
8310,216,000
-20.2
-25.1
The real estate situation shows no definite improvement, especially when
compared with other years. The value of mortgages recorded in Philadelphia increased noticeably in November but the number of deeds recorded
decreased; both were substantially smaller than in November 1929. Foreclosures, after declining slightly in November, turned upward in December, contrary to a downward tendency in December of the previous three
years, and were nearly 19% larger than a year ago.
sions.
Changes in banking figures coincide with the business situation. During the month ended about the middle of December expansion in currency
demand was somewhat less marked than at the same time in the past two
years. Loans of member banks declined, and borrowing from the Reserve
Bank showed only a slight gain, continuing substantially smaller than at
the same time in recent years.
Manufacturing. The market for factory products has slowed down considerably since the middle of last month, reflecting in part seasonal influences. Prices of finished manufactures have declined further and are
noticeably lower than last year. Forward business in the aggregate has
been smaller than in the preceding month and a year ago. Stocks of goods
at reporting plants appear to be moderate and are timelier than at the same
time last year.
Factory employment and wage payments in this section declined from
October to November, the extent of the drop being somewhat larger than
usual. Employee-hours worked in Pennsylvania factories decreased further
and were about 28% less than a year ago, reflecting part-time operations.
Hourly earnings also continued a downward trend since early summer.
The demand for workers by employers remained exceptionally slack.
Productive activity in this District declined materially, reaching the
low level of the mid-summer of 1924, when allowance is made for seasonal
variations. This drop was relatively greater than that shown by the
national index of production.
The group comprising, fabricated metal products showed large decreases
from October to November. Steel works and rolling mills, blast furnaces,
and steel foundries reported exceptionally large recessions. Radio and
musical instruments, after rising to an unusually high level in the preceding two months showed a substantial curtailment in November. Trans-portation equipment, on the other hand, had less than the customary seasonal
reduction, although the rate of operation was the lowest since 1928; the
ship and boat building industry, while declining in November, was the
only line included in this group that continued at a higher level than that
prevailing in several years.
Manufacturers of food products on the whole enjoyed a higher rate of
operations than usual for November, owing largely to the well-sustained
operation of bakeries, sugar refineries and canneries. Daily production of
cigars declined, while that of manufactured tobacco increased when seasonal
changes are eliminated.
The output of textile products continued upward since mid-summer,
although the gain in November was only a trifle larger than is customary.
The most pronounced gains occurred in the silk and knit-underwear industries, the index of silk manufacturers rising to the highest level in several
years save 1929, even after the seasonal adjustment. Gains in the output
of hosiery, and carpets and rugs were also noticeable, reflecting seasonal
demand. Activity in wool manufactures, after rising in the previous
month, declined rather sharply in November to the lowest point in many
years. Cotton mills reported further curtailment of their schedules.
Textile prices have declined, Fairchild's index dropping nearly 5% since
November 21. The silk group was the only one that showed a slight
advance.
The leather and rubber products group reduced its operating schedules
sharply in November, owing chiefly to an extensive curtailment of the output of shoes. A slight improvement in sentiment and operations, however,
has been reported in December. The hide and skin market is seasonably
quiet and prices have weakened somewhat as they usually do at this time.
The output of chemicals and allied products declined from October to
November by a larger amount than is customary and the level of plant
operations was the lowest since 1925. The paper and printing industry
also showed declines as it ordinarily does in November; comparison with
previous years continues quite unfavorable.
Recessions in the output of building materials have been almost continuous since spring, even after adjustments for seasonal changes are made.
This is especially true of cement and lumber products. Prices have declined further virtually in all lines.
Daily production of electrical energy was smaller in November than in
October and, with two exceptions, the adjusted index was the lowest since
early last year.
Business in Cleveland Federal Reserve District Still
Favorable in Main-Wholesale and Retail Trade.
The Federal Reserve Bank of Cleveland reports that conditions in its District "are still quite depressed and after
allowing for seasonal changes are little different from a
month ago. Many concerns," says the Bank, "reported decreases in operations and employment in November and
early December, land are now operating in many cases at
levels which bave not prevailed since 1921."
In its Business Review, dated January 1, the Bank also
says:
There have been a few brighter spots, however, such as Christmas buying, which in the first three weeks of December compared more favorably
with the same period of 1929 than did November sales. Purchases this
year were reported to be of the more practical things, but sales of so-called
luxury goods have also held up rather well. Savings deposits at selected
banks continued to increase, being 0.5% larger on December 1 than a
month earlier. They are now 2.2% larger than in December 1929. A
few orders for automotive material aided steel mills at Cleveland and various parts and accessory factories. Tire production expanded in
early
December.
194
FINANCIAL CHRONICLE
On the other hand textile and clothing factories curtailed production
sharply and shoe production was off much more than seasonally in November. Coal production failed to show the full seasonal improvement and
sales of life insurance were 20% below November 1929. Commercial failures were smaller in November than in the previous month, but were 40%
larger than in 1929. Liabilities in November were 18% higher than in
November one year ago.
Bankers reported little change in credit conditions. The demand for
money has been subnormal and interest rates remain at unusually low
levels.
Conditions in retail and wholesale trade are indicated as
follows by the Bank:
Retail Trade. Although there was one less business day in November
this year than a year ago, dollar volume of department store sales, on a
daily average basis, at 57 stores throughout the Fourth District was 14%
smaller than in November 1929. The decrease from October was greater
than seasonal, the index of sales on a 1923-1925 monthly average base falling from 91 in October to 86 in November, after all allowances for seasonal
variations were made. For the first eleven months a drop of 9.8% has
been experienced in the aggregate volume of sales.
The greatest falling-off was reported at Cleveland where November sales
were down 24.9% from 1929. Toledo experienced a loss of 24.1%, Akron
16.6, Wheeling 14.0, Columbus 13.7, Pittsburgh 12.1 and Cincinnati 9.3%
from the previous year.
Sales in early December showed some improvement and in the first
three weeks compared more favorably with the same period of 1929, than
did November sales, but Christmas buying has been on a more conservative
scale this year than in past seasons. Price reductions have also lowered
the dollar figures considerably. The ratio of credit to total sales in November was 64.8% as compared with 63.7% in November 1929, indicating that
only a trifle more is being bought on credit than one year ago.
In the District, stocks on hand at the end of November were 11.3% lower
than one year earlier, but a seasonal gain of 3% was exhibited during the
month.
Accounts receivable on November 30 were 5.1% smaller than one year
ago and collections in November were down 9%. The ratio of collections in
November to accounts receivable on October 31 was 35.1 while in 1929
It was 37.3, indicating a slight falling-off in collections.
Wearing apparel sales have been in very much reduced volume. In
November they were about 20% below November'1929 at department stores
while at 16 wearing apparel stores sales were off 16%.
Wholesale Trade. The volume of wholesale sales, based on reports received from about 80 concerns in the Fourth District representing five lines,
was proportionately smaller, as compared with a year ago, than was the
volume of retail sales. This in part might be due to the decline in commodity prices which usually occurs faster in wholesale than in retail goods
and in part to the reduced buying of retailers. November wholesale grocery sales were down 20% from November 1929; hardware was off 22%,
dry goods 24%, drugs 13% and shoes 35%. Declines for the first eleven
months ranged from 8 and 10% in groceries and drugs to 18, 20 and 32%
respectively in hardware, dry goods and shoes.
[voL. 132.
The usual seasonal contraction in manufacturing activities, particularly
in iron and steel, lumber, fire clay products, and machinery of all descriptions, was more marked than in previous years, due to slack demand
occasioned by country wide depression. Distribution, while making a
relatively better showing than production, also reflected the effects of the
universally restricted purchasing of commodities. In virtually all merchandising lines investigated, the volume of November sales was smaller
than during the preceding month and the corresponding period last year.
In a large majority of instances, the November totals were below the
average for that month during the past decade. Reports of retail establishments indicate relatively heavier declines in sales of goods in the
luxury category than in the case of necessities and staple merchandise.
As has been the case since early in the year, manufacturers are
making up few goods for which they have not actual orders or reasonably
certain sales prospects. Commitments for raw materials, in turn, are in
unusually small volume, with advance ordering for first quarter of the
new year requirements in many important industries substantially below
the average at this season. Price declines of both raw and finished
materials have served to create uncertainty and emphasize the policy
of caution in commitments of manufacturers and merchants. A favorable result of the curtailed manufacturing activity and conservative buying by merchants is the generally strong position of stocks. Inventories
have been steadily decreasing in many important lines, and at the end
of the year will have reached a point where replenishment will become
necessary to meet current replacement needs.
Through the south, wholesale and retail trade has been adversely
affected by the decline in prices of cotton, tobacco and rice, also by the
tying up of funds as a result of recent bank failures. Depressed prices
of cereals, live stock and other farm products has served to reduce purchasing power elsewhere in the rural areas. According to the employment
Service of the Department of Labor, the surplus of workers generally
through the district increased during November. Seasonal unemployment
due to releases of workers through completion of harvests was considerably augmented by reduced activities at manufacturing plants and by termination of work on buildings and other construction projects. There
was a moderate gain in employment in retail establishments incident to
the Christmas holiday trade, also in tobacco producing sections. Considerably less than the usual seasonal pickup in employment of miners
in the anthracite fields of the district was noted.
According to the group of dealers reporting to this bank, distribution
of automobiles in November was the smallest for any month this year
except January. Department store sales in the principal cities of the
district decreased 10.0% in November as compared with October, and
21.0% as compared with November, 1929. The cumulative total for
the year to December 1 showed a decrease of 10.0% as contrasted with
the same period last year. Combined sales of all wholesale and jobbing
firms reporting to this bank were one-third smaller in November than
during the preceding month, and one-fourth less than in November, 1929.
Charges to individual checking accounts in November were about 17.0%
smaller than in October and 31.0% less than in November, 1929. The
cumulative total for the year to December 1 was smaller by approximately
17.0% than for the corresponding period in 1929. There was a slight
decline in the amount of savings accounts between November 3 and
December 3, due mainly to withdrawal of Christmas funds.
Commercial failures in the Eighth Federal Reserve District in November, according to Dun's numbered 92, involving liabilities of $3,870,162, against 118 failures with liabilities of $3,505,807 in October,
and 126 defaults for a total of $1,773,236 in November, 1929.
Decline in Building Activity in Cleveland Federal Reserve District.
"Total building activity in the Fourth (Cleveland) Federal Reserve District in November showed a decline of 9%
Outstanding Factor Affecting Condifrom October, less than the average decrease for that period Low Price Levels
-tions in Kansas City Federal Reserve District
of past years." We quote from the January 1 Monthly
Falling Off in Wholesale and Retail Trade.
Business Review of the Federal Reserve Bank of Cleveland,
The Federal Reserve Bank of Kansas City reports that
in which was also stated:
Compared with November 1929, building showed a gain of over 50%. the outstanding factor affecting conditions in its district
This unusual situation existed, however, because of the sharp falling-off in at the present time "is the low level of prices prevailing for
construction work in November and December 1929, awards dropping from
many important Items of the district's production." In its
$75,307,000 in October to $23,950,000 in November.
Building operations in November were held up by a rather large volume Jan. 1 "Monthly Review," the Bank also says:
of commercial and educational building. Contracts for commercial buildings amounted to $9,253,700, the largest for any month since February.
Educational building contracts totaled $8,010,000, the largest since June
and barring that month the largest in the past three years. Public construction contracts fell off seasonally.
All construction activity inthe first eleven months of 1930 as 20% below the same period of 1929 in this District. While all types of building
except educational construction were below 1929, the declines were by no
means regular. As shown on the accompanying chart residential building
declined sharply in 1930, being 34% below 1929 in the first eleven months,
the drop being about evenly distributed between single and multiple dwellings. Public construction in the same period of 1930 amounted to nearly
$160,000,000 as compared with $164,000,000 in the same period of the
previous year. Much stress has been placed on this type of construction this
year as a means of relieving unemployment.
All other awards, which include commercial, industrial, educational and
other buildings, have also held up rather well, eleven months' contracts
amounting to 8229,000,000 in 1930 as against $288,000,000 in the same
period of 1929. Industrial building (which is included in all other building on the chart) in 1930 showed the greatest decrease of all the various
classes, the falling-off in the eleven months from the same period of 1929
being 42%.
This partly explains why conditions In the lumber industry have been
so unsatisfactory. Although building in the aggregate has been only
about 20% below 1929, the types of construction upon which the lumber
Industry relies have declined to a much greater extent. One of the largest
outlets for building materials is for remodeling, additions, etc., very little
of which has been done recently because of the employment situation or the
fear of unemployment which has confronted many small home owners.
Industry and Trade in St. Louis Federal Reserve District
Reached Lowest Levels of Year During November.
In its Monthly Review dated December 30, the Federal
Reserve Bank of St. Louis states that "Continuing the
recessionary trend of recent months, industry and trade
in this District during November and early December
reached the lowest levels of the year." The Review continues:
Prices of grain and livestock have continued low, with narrow fluctuations during November and the first half of December except in the case
of hogs, which declined seasonally in November to the lowest point in six
years. Prices of poultry, eggs, butter and milk, commodities on which the
farmer relies to pay monthly bills and help meet his interest and tax
payments, also declined. Heavy storage holdings of eggs, and a 13.5%
Increase in fall production, as estimated by the United States Deparixnent
of Agriculture, depressed egg prices to the lowest point in years, at this
season, approximately 50% under prices ordinarily prevailing during
November and December. Butter prices declined sharply the fore part of
December to the lowest point since 1910. Prices of oil, zinc, lead, and
other mineral products have remained at levels which are in some cases
less than cost of production.
The harvested acreage of 19 principal crops produced this year in seven
States, whose areas or parts form the Tenth District, was 1.3% greater
than the harvested acreage in 1929, but the combined value of 22 principal
crops was 32.8% smaller, according to estimates released December 17 by
the Crop Reporting Board, United States Department of Agriculture.
Production of flour, coal, petroleum, cement, and zinc ore and lead ore was
less in November than in October or in November 1929. Flour mills in the
district Produced lees flour than in any November since 1925, coal mines
the least coal in any November on 10 years' records, and crude oil production was the smallest for any month since April 1926. Meat packing operations declined seasonally during the month, owing to smaller supplies of
livestock, and the November slaughter of all classes, except sheep, was less
than the slaughter in November 1929.
Distribution of commodities at both wholesale and retail was smaller in
November than in October or in November 1929. Price declines and
unseasonable weather conditions being responsible for a substantial portion
of the reduction in the dollar volume of sales.
November market receipts of all classes of livestock and all classes of
grain, except corn, were smaller than the October receipts. Compared
to November 1929 there was an increase in the market receipts of sheep,
wheat, corn, and barley.
There was more than the usual seasonal decline in building activity in
November, and the value of building permits issued in 18 cities and the
contracts awarded in the district were less than the totals for October
this year or November last year.
Stocks of merchandise on hand at 88 department stores Nov. 30, were
0.6% larger than Oct. 31, but 8.6% smaller than on Nov. 80 1929. The
stocks of five representative wholesale lines combined were 6.0% and
JAN. 10 1031.]
FINANCIAL CHRONICLE
195
14.1%, respectively, smaller on Nov. 30 than one month and one year
earlier. The nation's stocks of lard on Dec. 1 were reported by the Government as the smallest in recent years, and stocks of frozen, cured and
processed beef were under the five-year average.
was, as stated above, due in part to the desire of some member banks to
strengthen their cash positions. As a corollary, the volume of Federal
Reserve notes in actual circulation rose by $37,338,000 during the month,
much snore than the usual seasonal expansion attributable to holiday
Wholesale and retail trade conditions in the Kansas City shopping needs. A considerable portion of the increased volume of notes
of trade, but was stored for the
Federal Reserve District are indicated as follows in the in circulation did not pass into channelsbanks as an emergency fund with
time being in the vaults of commercial
Bank's "Review":
which to meet any unusual calls for currency. Member bank reserve
Retail Trade.
deposits declined by $3,593,000 last month, partly due to lower reserve
Retail trade in the Tenth District, as measured by the combined dollar requirements on reduced deposits and partly as a result of the desire to
sales of 38 department stores located in 17 cities, was 8.1% less than in increase vault cash. The Reserve Bank reduced its holdings of Government
October and 11.5% less than in November 1929. Cumulative sales for the securities by $4,722,000 between Nov. 15 and Dec. 15, and cash reserves
11 months of the current year were 4.9% less than for the corresponding increased by $22,799,000 during the same period as a result of the changes
enumerated in the statement and others of a more technical nature. The
period last year.
It is worthy to note in this connection that weather conditions are ratio of cash reserves to note and deposit liabilities combined rose about
generally accepted as the largest single factor in differences in volume half a point during the month under review. . . .
Retail trade in the Fifth Reserve District in November, as reflected in
of October and November retail sales, and that the November volume is
frequently under that for October. A further important consideration to a sales by 34 department stores, was considerably below seasonal volume in
comparison of sales this year with last is the reduction in retail prices comparison with earlier months this year, and averaged 11.6% less than
which has become particularly noticeable during the past few months. While in November 1929 in dollar amount. Only six of the 34 reporting stores
this factor is not subject to exact measurement it is certain that lower showed larger sales in November this year than in November last year, and
prices account for a substantial portion of the reduction in dollar volume three of these six increases were probably due to store expansion and larger
of sales, and that the decrease in dollar amount of sales this year does stocks. Washington stores as a whole reported smaller decreases in sales
last month than the stores in other sections. Cumulative sales in the
not indicate a corresponding decrease in consumption of goods.
Leading men's and women's apparel stores and retail furniture houses first 11 months of 1930 totaled 3.0% less than sales in the corresponding
also reported their November sales substantially under those for October period in 1929.
Stocks of goods on the shelves of the reporting stores showed a seasonal
this year and November last year. However, retailers of shoes reported
increase during November, but at the end of the month were 9.7% less
little change from either of the two periods under comparison.
than stocks on hand on Nov. 30 1929, part of this decrease being due to
Stocks of merchandise on hand at department stores and the special line
stores on Nov. 30 were slightly larger than one month earlier but averaged lower prices in many lines this year. The reporting stores turned their
stocks 0.3 times in November, and between Jan. 1 and Nov. 80 the average
about 10% less than on Nov. 30 1929.
turnover was 3.041 times, a higher figure than 2.969 times stock was
turned in the corresponding 11 months in 1929.
Wholesale Trade.
Collections during November in 33 of the 34 reporting stores averaged
The November sales of wholesale firms in five leading lines combined,
28.3% of receivables outstanding on Nov. 1, a slightly higher figure than
reporting to this bank, showed a decrease of 18.2% compared with October
28.2% reported for October 1930, but less than 29.3% in November last
and 19.3% compared with November last year. Each of the five lines
year. Collections in Washington last month were slightly better than in
(dry goods, groceries, hardware, furniture, and drugs) reported their November 1929, but Baltimore and
the other cities showed lower percentNovember volume less than that for the preceding month or the correspond- ages for the current
month.
ing month in 1929.
Wholesale trade in the Fifth Federal Reserve District was poor in
Stocks of merchandise on Nov. 30 were smaller for all lines, except hard- November, a large majority of 67 reporting firms in five leading lines
ware, than 30 days earlier and also smaller for all lines, except groceries, showing
smaller sales than in either October this year or November 1929.
than one year ago. The decrease for the five lines combined was 6.0% in Part of the decrease in comparison with October was seasonal, and part
in
one month and 14.1% in one year.
comparison with November 1929 was due to lower price levels this year,
but the declines last month were greater than can be accounted for by
Collections.
these two influences. In cumulative sales since Jan. 1 all five lines show
During November department store collections amounted to 40.2% of lower figures than in the same period of 1929, drugs making the smallest
accounts outstanding Oct. 31, compared with 40.5% for October and 41.1% decrease, with 6.1%, and dry goods the largest decrease, with 17.2%.
for November last year.
Stocks carried by the reporting firms decreased in November, and at the
Collections during the month for all wholesale lines, except dry goods, end of the month were lower in all lines for which data are available than
which reported an increase over October collections, were smaller than in at the end of November 1929.
either October this year or November last year. However, outstanding
The percentages of collections in November to accounts receivable on
accounts of all reporting lines were less on Nov. 30 1930 than on Oct. 31 the first of the month were lower in all lines than the percentages in
or on Nov. 30 1929.
October, and were also lower in all lines except shoes than the percentages
in November 1929.
Seasonal Increase in Business During November and
Early Part of December Fails to Develop in Richmond Federal Reserve District-Effect of Drouth
Conditions in District.
Both retail and wholesale trade in the Richmond Federal
Reserve District failed to show seasonal increase, according
to the Bank's "Monthly Review," issued Dec. 31,from which
we quote as follows:
November and the first half of December did not witness as much
seasonal increase in general business as occurs in most years, the period
making on the whole a relatively poor record. In addition to the generally
depressed conditions which have been more or less prominent throughout
the year, the ill effects of the summer drouth and low prices for agricultural
products became more in evidence as farmers failed to liquidate this year's
Indebtedness in normal volume. This latest influence adversely affected
supply merchants, banks in agricultural sections, and both retailers and
wholesalers of general merchandise. Member banks materially increased
their borrowing at the Federal Reserve Bank of Richmond between the
middle of November and the middle of December, caused in part by a
desire on the part of the banks to strengthen their cash positions rather
than by any additional demand for commercial credit. For the same reason
that the Reserve Bank's discounts for member banks increased, the volume
of Federal Reserve notes in actual circulation also rose by much more than
the average amount at this season. On the other hand, member banks
reduced their outstanding loans slightly during the past month, but less.
than in most years. Deposits in member banks declined considerably
during the month. Debits to individual accounts showed a seasonal increase
during the four weeks ended Dec. 10 1930, in comparison with the preceding
four weeks this year, but were 8.6% less than debits in the corresponding
period a year ago. Commercial failures in the Fifth District in November
were more numerous than in November last year, but this year's liabilities
were less. Employment conditions did not improve in November and early
December, but on the contrary there seems to have been an increase in the
number of persons seeking work. Bituminous coal production last month
was in less volume than in either October 1930 or November 1929, and
was probably not up to seasonal level. West Virginia dropped below
Pennsylvania in production in October and continued in second place
through November. The textile industry in the Fifth District made no
further progress last month, but appears to have held the slight gain
reported in October. Cotton prices, after firming up somewhat between
the middle of October and the middle of November, turned downward
again and went below 9c. per pound at the middle of December, the lowest
figure since the early part of the World War. Final crop production
figures now being released confirm earlier fears of drouth damage, and
the price situation for the chief money crops of the Fifth District continues
unsatisfactory. Construction work planned or contracted for in November
was in less volume than in November 1929. Retail and wholesale trade
in November was considerably below earlier months this year, and also
compared unfavorably with trade in November 1929.
Contrary to seasonal trend, rediscounts for member banks held by the
Federal Reserve Bank of Richmond rose materially between Nov. 15 and
Dec. 15, nearly doubling during the month. The increase of $18,034,000
Low Production Again Marks Holiday- Lumber Movement.
The lumber movement during New Year's week followed
closely that of the preceding holiday week, being marked
by exceptionally low production even considering the
customary seasonal decline, it is indicated in reports from
841 leading hardwood and softwood mills to the National
Lumber Manufacturers Association. Production of these
mills for the week ended Jan. 3 1931 amounted to 132,828,000 feet. Orders were 19% above and shipments 35% above
this figure. A week earlier 813 mills reported production of
120,742,000 feet with shipments 29% and orders 25% above
this cut. Comparison with the movement a year earlier,
by identical mills reports, shows-softwoods 474 mills,
production 37% less, shipments 21% less and orders 28%
less in 1931 than for New Year's week in 1930;for hardwoods,
192 mills, production 48% less, shipments 40% less and
orders 49% under the volume for the week in the previous
year.
Lumber orders reported for the week ended Jan. 3 1931,
by 607 softwood mills, totaled 145,480,000 feet, or 19%
above the production of the same mills. Shipments as
reported for the same week were 165,890,000 feet, or 36%
above production. Production was 122,203,000 feet.
Reports from 249 hardwood mills give new business as
12,816,000 feet, or 21% above production. Shipments as
reported for the same week were 13,257,000 feet, or 25%
above production. Production was 10,625,000 feet. The
Association in its statement, also goes on to say:
Unfilled Orders.
Reports from 480 softwood mills give unfilled orders of 724,727,00(1 feet,
on Jan. 3 1931, or the equivalent of 15 days' production. This is based
upon production of latest calendar year-300
-day year-and may be compared with unfilled orders of 486 softwood mills on Dec. 27 1930, of 743,763,000 feet, the equivalent of 15 days' production.
The 363 identical softwood mills report unfilled orders as
674,671,000
feet, on Jan. 3 1931, as compared with 963,285,000 feet for the same week
a year ago. Lost week's production of 474 identical softwood mills was
110,054,000 feet, and a year ago it was 175,534,000 feet; shipments were
respectively 151.980,000 feet and 193,183.000; and orders received
135,224,000 feet and 187,764,000 feet. In the case of hardwoods, 192
identical
mills reported production last week and a year ago
9,425.000 feet and
18,049,000; shipments 11,392,000 feet and 19,114,000; and orders
11,295.000 feet and 22,135,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 228 mills reporting for
the week ended Jan. 3 1931.
SHIPMENTS.
NEW BUSINESS.
UNSHIPPED ORDERS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
intercoastal - 42,966,000
delivery. _ _ _201.666,000
delivery-- 29,596,000
14.095,000
92,885,000 Export
Export
13.911,000 Foreign
23,749,000
By rail
-107,128,000 Rail
26,113,000 Rall tmde_
9,195,000
Local
Other
9,195,000
Total
[VOL. 132.
FINANCIAL CHRONICLE
196
78,815,000
Total
_401,679,000
Total
90,005,000
Weekly capacity of these 228 mills is 251,587,000 feet. Their actual
production for the week was 60,995,000.
For the 52 weeks ended Dec. 27. 139 identical mills reported orders
3.2% below production, and shipments were .8% below production. The
same number of mills showed an increase in inventories of4.9% on Dec.27.
as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
135 mills reporting, shipments were 2% above production, and orders
15% below production, and 17% below shipments. New business taken
during the week amounted to 30.051,000 feet (previous week 25,410,000
at 136 mills); shipments 35,994,000 feet, (previous week 22,302,000); and
production 35,345,000 feet, (previous week 19,884,000). The three-year
average production of these 135 mills is 59,558.000 feet. Orders on hand
at the end of the week at 116 mills were 91.497,000 feet. The 122 identical
mills reported a decrease in production of 36%, and in new business a
decrease of 37% as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reported production from 92 mills as 12,762,000 feet, shipments 18,000,000,
and new business 16.934,000. Sixty-five identical mills reported a decrease
of 31% in production and a 38% decrease in orders, compared with the
same week last year.
The California White & Sugar Pine Manufacturers Association, of San
Francisco, reported production from 24 mills as 4,040,000 feet, shipments
8,326,000 and orders 7.719,000. The same number of mills reported production 58% less and new business 52% less as compared with the corresponding week a year ago.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from seven mills as 478,000 feet, shipments 1,526,000,
and new business 1,885,000. The same number of mills reported production
67% less and new business 36% more, compared with the same week
last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 15 mills as 1,397,000 feet, shipments 528,000 and orders 569,000. The same number of mills reported a
27% decrease in production and a 28% decrease in orders as compared
with a year ago.
The North Carolina Pine Association, of Norfolk, Va., reported production from 96 mills as 5,329,000 feet, shipments 7,815,000 and new
business 6,638,000. Forty-eight identical mills reported production 53%
less and new business 3% less than a year ago.
The California Redwood Association, of San Francisco, rep rted production from 10 mills as 1,857,000 feet, shipments 3,696,000, and orders
2,869,000. The same number of mills reported a 74% decrease in production
and a 33% decrease in new business as compared with the corresponding
week of last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 234 mills as 8,950,000 feet, shipments 12,092,000, and
new business 12,078,000. One hundred and seventy-seven identical mills
reported production 43% less, and new business 48% less than a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 15 mills as 1,675,000 feet, shipments 1,165,000, and orders 738,000. The same number of mills reported a
decrease of 61% in production, and a decrease of56% in new business, when
compared with the same week a year ago.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDING JAN.3 1931, AND FOR 53 WEEKS
TO DATE.
Association.
Producnon,
M Ft.
Shipmenu,
M Ft.
P. C.
of
Prod.
Southern Pine.
,
Week-135 mill reports
35,994 102
35,345
2,747,617 2,601.522 95
53 weeks-7,483 mill reports
West Coast Lumbermen's.
90,005 148
60,995
Week-228 mill reports
53 weeks
-11,732 mill reports
7,180.443 7,069,909 98
Western Pine Manufacturers.
12,762
18,000 141
Week-92 mill reports
1,981,937 1.863,763 94
53 weeks-4,876 mill reports
'3alifornia White & Sugar Pine.
4,040
8,326 206
Week-24 mill reports
924,288
991,210 107
52 weeks-1,287 mill reports
lorthern Pine Manufacturers.
478
1,526 319
Week-7 mill reports
199,772
188,911 95
53 weeks-396 mill reports
Vo.Hemlock&Hardwood(softwoods).
1,397
528 38
Week-15 mill reports
142,260
107.996 76
-1.591 mill reports
53 weeks
gorth Carolina Pine.
5,329
7,815 147
Week-96 mIll reports
447.373 105
427.263
53 weeks
-5.616 mill reports
:entomb% Redwood.
3,696 199
1,857
Week-10 mill reports
310,721 91
340,092
-757 mill reports
53 weeks
loftwood total.
Week-607 mill reports
-33,738 mill reports _
53 weeks
lardwood Manufacturers Inst.
Week-234 mill reP ets
-13,358 mill reports
53 weeks
forthern Hemlock & Hardwood.
Week-15 mill reports
53 weeks-1,791 mill reports
lardwoods total.
Week-249 mill reports
53 weeks
-15,149 mill reportslrand total.
Week-841 mill reports
53 weeks
-47.096 mill reports_ _
Orders,
M Ft.
P. C.
of
Prod,
30,051
2,558,073
85
93
78,815
7,076.986
129
99
16.934
1,818,802
133
92
7,719
967,803
191
105
1,885
182,302
394
91
569
95,492
41
67
6.638
357,895
125
84
2,869
309,642
154
91
.
165,890 136
145,480
122,203
13,943.672 13,581.405 97 13,366,795
119
96
12.092 135
8,950
1,576,905 1,462,776 --
12,078
1,409,346
135
70
70
738
164,316
44
56
13,257 125
10,625
1,871,301 1,668,733 89
12,816
1,573.662
121
84
158,296
179,147 135
132,828
15.814.973 15.250.138 96 14,940,457
119
94
1,675
294,396
1,165
205,957
We also give below the report of the National Lumber
Manufacturers Association for the week ended Dec. 27 1930,
which was delayed last week owing to the New Year's holiday:
Low Lumber Production Marks Christman
Week.
The normal effect of the Christmas holidays on lumber production is
reflected in the reports of 805 leading hardwood and softwood mills to the
National Lumber Manufacturers Association for the week ended Dec. 27
1930,showing a total cut of only 121,632,000 feet. Orders were 26% above
and shipments 30% above production. A week earlier 810 mills reported a
production of 201.433,000 feet with shipments equaling that figure and
orders6% above it. Production during most of 1930 was considerably below
that of 1929, which accounts for the fact that Christmas week a year ago,
with a similarly curtailed cut, showed a total production reported by 826
mills of 188,000,000 feet, with shipments 204,244,000 feet and orders
203,308,000 feet. Identical mill reports for the two weeks showed-softwoods. 469 mills, production 38% less, shipments 24% less, and orders
-165 mills,
30% less in 1930 than for the week in 1929; for hardwoods
production 37% less,shipments 34% less, and orders 29% undes the volume
for the week in the previous year.
Lumber orders reported for the week ended Dec. 27 1930, by 610 softwood mills totaled 137,135,000 feet, or 33% above the production of the
same mills. Shipments as reported for the same week were 143.261,000
feet, or 39% above production. Production was 103,277,000 feet.
Reports from 211 hardwood mills give new business as 15,958,000 feet,
or 13% below production. Shipments as reported for the same week were
14,791,000 feet, or 19% below production. Production was 18,355,000 feet.
Unfilled Orders.
Reports from 480 softwood mills give unfilled orders of 743,350.000 feet.
on Dec. 27 1930, or the equivalent of 15 days' production. This is based
-day year-and may be comupon production of latest calendar year-300
pared with unfilled orders of 465 softwood mills on Dec. 20 1930. of 736,141,000 feet, the equivalent of 15 days' production.
The 362 identical softwood mills report unfilled orders as 694,011,000
feet, on Dec. 27 1930, as compared with 969.920,000 feet for the same week
a year ago. Last week's production of 469 identical softwood mills was
94,657.000 feet, and a year ago it was 151,643,000; shipments were rospectively 131.869.000feet and 173.990,000,and orders received 123.474,000
feet and 175.758,000. In the case of hardwoods, 165 identical mills reported
production last week and a year ago 15.799,000 feet and 25,092,000; shipments 12,397,000 feet and 18,792,000, and orders 13,386.000 feet, and
18,782,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 228 mills reporting for
the week ended Dec. 27:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
delivery--- 24,025,000 delivery_ -- -215,729,000 intercoastal _ 38,041,000
Export
94,621,000 Export
15,525,000
13,170,000 Foreign
By rail
-106.015,000 Rail
22,085,000
26,734,000 Rail trade_
Local
Other
5,548,000
5,568,000
Total
69,497,000 Total
416,365,000
Total
81,220,000
Weekly capacity of these 228 mills is 251,587,000 feet. Their actual
production for the week was 54,745,000. For the 51 weeks ended Dec. 20
139 identical mills reported orders 3.5% below production, and shipments
were 1.2% below production. The same mills showed an increase in inventories of6.3% on Dec. 20, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 136
mills reporting, shipments were 12% above production, and orders 28%
above production and 14% above shipments. New business taken during
the week amounted to 25,410.000 feet, (previous week 34,167,000 at 125
mills); shipments 22,302,000 feet, (previous week 33.789,000), and production 19,884.000 feet, (previous week 38.037,000). The three-year
average production of these 136 mills is 65,718,000 feet. Orders on hand
at the end of the week at 112 mills were 96,201,000 feet. The 116 identical
mills reported a decrease in production of 23%, and in new business a
decrease of 29% as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., roported production from 92 mills as 12,071,000 feet, shipments 17,600,000
and new business 22,748,000. Sixty-five identical mills reported a decrease
In production of 45%, and a decrease in new business of 20%, when compared with 1929.
The California White & Sugar Pine Manufacturers Association, of San
Francisco, reported production from 24 mills as 6,487,000 feet, shipments
11,200,000. and orders 10,334,000. The same number of mills reported
production 52% less, and orders 39% less, than that reported for the
corresponding week of Last Year.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from seven mills as 379,000 feet. shipments 1,097,000
and new business 1,663,000. The same number of mills reported a decrease
in production of66%,and an increase in new business of24% in comparison
with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 16 mills as 1,090,000 feet, shipmanta 495.000, and orders 653,000. The same number of mills reported
production 58% less, and orders 66% more, than that reported for the same
period of 1929.
The North Carolina Pine Association, of Norfolk, Va., reported production from 95 mills as 5,489,000 feet, shipments 6,325,000 and new
business 3,927,000. Forty-six identical mills reported a decrease in production of 29%, and a decrease in new business of 16%, when compared
with last year.
The California Redwood Association, of San Francisco, reported production from 12 mills as 3,132,000 feet, shipments 3,022,000, and orders
2.903,000. The same number of mills reported a decrease in production
of 11%,and a decrease in orders of 24%,in comparison with a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 195 mills as 17,010,000 feet, shipments 13,885,000, and
new business 15,494,000. Reports from 149 identical mills showed a decrease in production of 33%, and a decrease in new business of 22%,
when compared with 1929.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 16 mills as 1,345,000 feet, shipments 906,000, and orders 464,000. The same number of mills reported a
decrease in production of 62%, and a decrease in orders of 78%, in comparison with last year.
JAN. 10 1931.]
FINANCIAL CHRONICLE
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED DEC.27 1930, AND FOR 52 WEEKS
TO DATE.
Association.
Southern Pine.
Week-136 mill reports
52 weeks
-7,348 mill reports
West Coast Lumbermen's.
Week-228 mill reports
52 weeks-11,504 mill reports_ Western Pine Manufacturers.
Week-92 mill reports
52 weeks-4,784 mill reports
California White & Sugar Pine.
Week-24 mill reports
Si weeks-1,263 mill reports
Northern Pine Manufacturers.
Week-7 nilli reports
52 weeks-389 mill reports
No. Hemlock dr Hardwood.
Week-16 ni111 reports
52 weeks-1,568 mill reports
North Carolina Pine.
Week-95 mill reports
52 weeks-5,520 mill reports
California Redwood.
Week-12 mill reports
52 weeks-743 mill reports
Produclion,
M Ft.
Shipments,
211 Ft.
P. C.
of
Prod.
Orders,
.111 Ft.
P. C.
of
Prod,
19,384
22,302 112
2,712,270 2,565,528 95
25,410
2,528,202
128
93
54,745
81,220 148
7,119,447 6,979,906 98
69,497
6,998,171
127
98
12,071
17,600 146
1,960.175 1,845,763 94
22,748
1,801.668
188
91
6,487
920,248
11.200 173
982,884 107
10,334
960.084
159
104
379
109.294
1,097 239
187,351 94
1,663
180,367
439
91
1,090
141,082
495
107.273
45
76
653
94,918
60
67
5,489
421,934
6,325 115
439,563 104
3,927
351,257
72
83
3,132
3,022 96
2,003
337,631
306,747 91
306.575
Softwood total.
Week-610 mill reports
103,277
143,261 139
137,135
52 weeks-33.119 mill reports_ 13,821,081 13,415,015 97
13,221,242
Hardwood Manufacturers Inst..
Week-195 mill reports
17,010
13,885 82
15,494
52 weeks-13,124 mill reports _ _ 1,567,955 1,450,684 93 1,397,265
Northern Hemlock & Hardwood.
Week-16 intil reports
1,345
906 67
464
52 weeks-1,568 mill reports
291,343
204,229 70
163,368
Hardwood total.
Week-211 mill reports
18,355
14,791 81
15,958
52 weeks-14,692 mill reports___ _ 1,859,298 1,654,913 89 1,560.636
Grand total.
Week-805 mill reports
121,632
158,052 130
153,093
52 weeks-46,243 mill reports_
15.650.379 15.069.928 96 14.781.878
93
91
133
96
91
89
34
56
87
84
126
94
Many New Models for 1931 Announced at Automobile
Show-Prices Generally Below Those of Last Year.
At the opening of the annual New York Automobile
Show on Jan. 3, announcements by leading manufacturers
indicate that a generally lower price level for passenger
cars will prevail on new models for 1931. With few exceptions, price revisions made public at this time have
been downward, and in numerous instances reductions
have assumed substantial proportions. In addition to
the current changes, new lines introduced during the fall
were generally priced considerably below the preceding
models.
Among the prominent price changes announced on new
models are the following:
New Oakland models range in price from $950.50, delivered fully
equipped at Detroit, to $1,110.50, compared with range on preceding
series of $1,062.50 to $1,212.50, representing reductions of from $102
to $112.
New Pontiac 1931 models are priced from $725.50 to $835.50, delivered
fully equipped at Detroit, compared with the former price range of
$812.50 to $932.50, with reductions on individual models ranging from
$77 to $107.
Oldsmobile models for 1931 range in price from $845 to $960, compared with range of $895 to $1,060 on the 1930 line, with reductions
varying from $50 to $100 per model.
New 1931 lines of Hupp Motor Car Corp. are reduced in price from
$100 to $260, with the range on the entire series of from $995 to $2,555
comparing with range of $1,145 to $2,645 on 1930 models.
Willys-Overland Co. has priced its three lines of 1931 models from
$495, base price for the new Willys Six, to $1,195, the top price on the
new Willys-Knight line. 1930 models ranged in price from $525 to $1,795.
New De Soto Six models for 1931 are priced upwards from $740,
compared with a base price of $810 on the 1930 line.
The Graham Special Six and Special Eight, as announced by Graham.
PaigeMotors Corp., are priced from $190 to $400 lower than the corresponding models of the preceding line. Prices for the entire series of
four lines range from $845 to $2,095 compared with the 1930 range of
from $845 to $2,295.
Prices on the new 1931 Cord line have been reduced to a range of from
$2,395 to $2,595 compared with the .range of $3,095 to $3,295 on the
1930 models.
The base price on the new Chrysler Six has been increased to $885
from $745 on the preceding line.
The new Dodge Brothers Six ranges in price from $815 to $845 compared with range of $735 to $835 on the 1930 models. The Dodge
Brothers Eight is priced from $1,095 to $1,135 on the 1931 models compared with range of $995 to $1,125 on the former line.
The Nash Motors Co. announces four new series of 1931 cars, viz:
the new Twin-Ignition Eight-90, Twin-Ignition Eight-80, the new Eight.
70 and the Six-60 models. They are priced at from $100 to $360 below
the corsesponding models in 1930.
With the building of four complete lines, Cadillac Motor Car Co.
widens its distribution, increases its production and offers cars at lower
prices. The prices of the LaSalle V-Eight, $2,195 to $3,245, and those
of the Cadillac V-Eight, $2,695 to $3,795, are the lowest in the last 12
years. The V-12 ranges from $3,795 to $4,895, while the V-16 is available at $5,350 up to $15,000. Sixty-three body types comprise the four
lines.
Prices on new model 70 line introduced by Marmon Motor Car Co.,
range from $950 to $1,045, against a range of $950 to $995 on the
former line.
Durant Motors, Inc., is introducing new 1931 models offered in one
four-cylinder and two six-cylinder lines with nine body types ranging
in price from $735 to $995 compared with a range of $785 to $1,195 on
former comparative models.
197
Chevrolet introduces three new six-cylinder sport models including a
convertible cabriolet, a landau phaeton, and a five-passenger coupe. The
addition of these new body types brings the total number of passenger
car models to 12, priced from $20 to $40 lower than last year. The
roadster, lowest priced model in the line, is now $475, a reduction of $20
under the price of the former roadster, while the special sedan, aristocrat
of the line, is now $650 as against $685 for the same body type last year.
New low prices are as follows: The Phaeton, $510; The Roadster, $475;
Sport Roadster with rumble seat, $495; The Coach, $545; Standard
Coupe, $535; Standard Five-Window Coupe, $545; Sport Coupe with
rumble seat, $575; Standard Sedan, $635; Special Sedan, $650; Convertible
Cabriolet, $615; Five-Passenger Coupe, $595; Landau Phaeton, $650.
Special equipment extra. Chevrolet trucks from $355 to $695. All prices
f.o.b. Flint, Mich.
The Pierce-Arrow Motor Car Co. enters 1931 with an extended line
of new straight eights featured by free wheeling, increased dimensions,
beauty, and luxury at prices representing a saving as high as $810 over
those of last year's corresponding models, viz:
New Group /1-125 Horsepower; 134 and New Group A-132 Horsepower. 142
-inch
1Vheelbase.
137-inch Wheelbases.
Previous New
Prerious New
Models. Models.
Models. Models.
5
-pass. Sedan
-pass. Roadster (rumble
$3,495 52,685 4
4
-pass. Coupe(rumble seat)
seat)
a
x
2.685
$3,450
5
-pass. Club Sedan
3,495 2,835 5-pass. Tourer
$3,975 3,450
4
-pass. Roadster (rumble
4-pass. Convertible Coupe_ 3,975 3,650
seat)
3,125 2.895 5
-pass. Sedan
a
3,695
5
-pass. Tourer
3,125 2.895 5
-pass. Club Sedan
a
3.745
-pass. Sedan
7
-pass. Sport Phaeton
3,625 2,995 4
x
3,750
7
-pass. Enclosed Drive
7
-pass. Sedan
4,485 3,825
Limousine
3,825 3,145 5
3,94.3
-pass. Club Berline
x
5
-pass. Convertible Sedan_ a
3,650 7
-pass. Enclosed Drive
a No previous models.
Limousine
4,685 3,995
Salon Group (Complete New Line)
-132 Horsepower 147
-inch Wheelbase.
7
-pass. Tourer
81,275 Special Le Baron
4
-pass. Cony. Coupe (rumble seat) 4,275
5-pass. Club Sedan
5,575
7
-pass. Sedan
4,785 Special Le Baron
7 pass. Enclosed Drive Limousine° 4,985
5.975
Enclosed Drive Limousine
Special Le Baron
Town Brougham (formal)
6,250
4
-pass. Coupe (rumble seat). _ 5,100 Town Car (formal)
6,250
Special Le Baron
Town Landaulet formal)
6,400
5
-pass. Convertible Coupe
5,100
Other special custom-built models up
Special Le Baronto 610,000.
5
-pass. Convertible Sedan
S5,200
Note.
-All prices f.o.b. Buffalo.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 228 mills show that for the week ended Dec.
27 1930, there were produced 54,744,671 feet of lumber,
69,497,338 feet ordered and 81,219,681 feet shipped, as compared with 103,485,695 feet produced, 102,175,902 feet
ordered and 112,062,807 feet shipped in the preceding week.
The Association's statement follows:
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (352 IDENTICAL MILLS).
(All mills reporting production for 1929 and 1930 to date).
Actual production week ended Dec.27 1930
64,145.291 feet
Average weekly production 52 weeks ended Dec. 27 1930
158,504,903 feet
Average weekly production during 1929
209,555,683 feet
Average weekly production last three years
216,502,776 feet
x Weekly operating capacity
304,643,119 feet
a Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill cheek and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET) FOR 228 IDENTICAL MILLS
-I930.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Dec. 27.
Week EndedDec. 20,
Dec. 13.
Dec. 6.
54,744,671 103,485,695 115,393,197 114.412,427
Production
69,497,338 102,175,902 138,587.355 116.212,539
Orders (100%)
28,734,621
Rail (38%)
34,006,816
38,751,876 34,040,476
24,024,901
Domestic cargo (35%)
46,675,829
74,296,689
57,737,668
Export (19%)
13,170.099
13,513.711
17,534,824
14,846,820
Local(8%)
5.567,717
7,979,546
8,003,966
9,537.575
Shipments(100%)
81,219,681 112,062,807 106,481,303 106,758,268
Rail (27%)
22,085,145
29,828,949
29,390,644
29.729,427
Domestic cargo (47%)__ _ _ 38,041,428
52,558,880 52,605.123
47,469.245
15,525,391
Export (19%)
21,695,432
16,481,570
19,972,021
Local(7%)
5,567,717
7,979,546
8,003,966
9,587,575
Unfilled orders(100%)
416,36.5.045 429,469,225 440,810,378 410,770.795
Rail (25%)
106.015.193 101,965,158 100.097,164
89,289,329
Domestic cargo (52%)__ _215,723,659 230.295,617 234.245,263 215,806,769
Export (23%)
94,621,188
97,208,450 106.467,951 105,674,697
133 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1929
and 1930 to date.)
Average 52
A rerage 52
Week Ended
Weeks Ended
Weeks Ended
Dec. 27 '30.
Dec. 27 '30.
Dec. 23 '29.
Production (feet)
49,807.543
126,203,356
166,364.983
Orders (feet)
60.773,033
121,670,221
161,102.119
Shipments (feet)
74,918,555
125,764,787
163,413,112
DOMESTIC CARGO DISTRIBUTION WEEK ENDED DEC.20 1930 (119 mills)
Orders on
Hand BeOrders
can't! Week Received.
Dec. 20 '30.
Washington & Oregon
(95 Iffits)Feet.
Feet.
California
55,320,913 12.135.770
Atlantic Coast
151,313,333 25,549,679
Miscellaneous
3,541,630
342,500
Cancellotions.
Shipmeals.
Unfilled
Orders
Week Ended
Dee. 20 '30.
Feet.
Feet.
Feet.
128.996 13,066,208 54.519,471
315,591 33,584,477 142,962,944
357.000 3,527,130
Total Wash. Ze Oregon 210.175,876 38,027,949
Report Int!,domestic cargo
9.042,410
only (8 milts)
903.966
186,595 47,007,685201,009.545
Totals
219,218,286 38,931,915
Brit. Col. (13 Mills)
California
703,000
Atlantic Coast
10,436.817 3.977,212
7,646,734 3,666,702
Miscellaneous
186,595 48,811,707 209,151,899
Total Brit. Columbia_ 18,083,551 8,346,914
Reporting domestic cargo
only (3 mills)
1,335,426
4,516,173 21,014,292
Totals
19,418,977 3,346,914
TntAl AnrnAAtin eRran 555 557265 47 275 52 1
,
1,804,022
8,142,354
441,000
262,000
2,259,043 12,154,986
1,816,130 9,497,306
1,335,426
4,516,173 23,249,718
IRA sox RI no, con nn A n. ....
198
[VOL. 132.
FINANCIAL CHRONICLE
Rayon Prices Cut
-Viscose Company's Reductions Range
From 15 to 35 Cents a Pound on Yarn.
A reduction in rayon prices, effective Jan. 9 of from 15
to 35 cents a pound, or up to 20% as compared with previous quotations, was announced on Jan. 8 by the Viscose
Company, the largest producer of rayon in this country.
We quote from the New York "Times" of Jan. 8, which
also had the following to say:
While the DuPont Rayon Company and other leading rayon manufacturers made no announcement of a price change yesterday, it is expected
that they will announce a reduction in line with that made by the Viscose
Company.
The reduction had been anticipated in the rayon-consuming trades for
some time, many orders for the fiber having been held back owing to
price uncertainty for several months. The view was expressed yesterday
that the price action announced will clear the air of the numerous rumors
which had been current and make for a greater degree of stabilization in
the industry.
The revision was deepest on the finer sizes of yarn, the largest reduction
of 35 cents a pound being made on the 75 denier yarns which carry a new
list price of $1.35 for first quality and $1.25 for second quality. The
150-denier, 60-filament yarn is now priced at 85 cents for first quality,
against $1.15 in the former price list, which was in effect since July 22
last. A new departure in the list is the wiping out of the differential of
3 cents a pound between bright and dulesco (dull finished) yarns, both
being quoted at the same prices for the respective deniers.
The new price list, company officials said, is subject, until further notice,
to a ninety-day guarantee against price decline. A change in bonus
arrangement, they added, was put in force on Jan. 1 and will continue
for the year. The new basis is one-half per cent on the first hundred
thousand pounds, a ratio continuing on additional quantities until a maximum of 3% is granted on 600,000 pounds.
Following are the new Viscose prices, together with those of the
previous list:
First
Second
July 22
Filament
Quality
Quality
List
Denier
$1.35
$1.70
75
18-30
$1.25
1.10
100
18-40
1.00
1.30
36
1.00
.90
1.20
125
.75
150
40
.72
1.00
60
.85
.82
150
1.15
27
.72
170
.75
.95
.72
200
.75
.90
30
.85
250
36
.70
.67
.63
.60
.78
300 (and coarser)
The company announced that coning and converting prices will continue
unchanged with the exception of 150-denier, 40-filament oiled knitting
cones, suitable for knitting only, which are quoted at 75 cents. Present
stocks of obsolete and discontinued 150-denier dulesco oiled cones, suitable
for knitting only, were priced at 65 cents a pound as long as available.
These were offered without quality or price guarantee.
deliveries to American mills during 1930 totaled 582,226
bales, as against 619,747 bales in 1929 and 571,010 bales
in 1928. Raw silk in storage at Jan. 1 1931, amounted to
58,430 bales as compared with 49,238 bales at Dec. 1 1930,
and 90,772 bales at Jan. 1 1930. The Association's statement follows:
RAW SILK IN STORAGE JAN. 1 1931.
(As reported by the principal public warehouses in New York City and Hoboken.)
(Figures in Bales)All Other,
European. Japan.
Total
In storage, Dec. 1 1930
2,902
34,778
11,558
49,238
Imports, month of Dee. 1930..x
59,164
4,646
808
64,616
Total available during December__
In storage, Jan. 1 1931_z
3,708
2.283
93,942
46,875
16,204
9,272
113,854
58,430
Approximate deliveries to American
mills during Dec. 1930..y
1,425
47,067
6.932
55,424
SUMMARY.
Imports During the Months
Stemmas End of Efonth.z
1930.
1929.
1928.
1930.
1929.
1928.
63.175
42.234
39,990
37,515
22.596
22,369
47.063
51,147
58,292
65.594
55,293
64.616
58.384
43,278
48.103
47,762
49,894
54,031
46,795
65.516
59.970
66,514
62,885
58,479
48.408
44,828
50,520
38.555
52.972
45.090
38.670
62.930
47,286
48,857
48,134
44.128
78,204
68,646
57,773
53.704
35,477
28,450
35.565
44,978
47.621
51,278
49,238
58,430
49.943
48.993
45,218
39.125
39.898
47,425
42.596
48.408
55.104
64.129
76,452
90.772
47,528
41.677
40.186
35.683
62.088
41.127
38.880
50,975
50:464
49.381
49.800
68.908
549.884
Total
Average monthly... 45,824
661,611
55,134
566,378
47,108
50,619
53.839
44,707
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Deliveries
to Amerieun
Approximate Amount of Japan
Silk in Transit Between Japan
and Newyork End of Mouth.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
1929.
1928.
1930.
1929.
1928.
57.683
49.852
50.863
41,584
40,823
29.396
39.948
41,734
5.5.649
61.937
57,333
55,424
57,349
46.228
49,878
53.855
40.121
46.504
51,624
59,704
53.274
57,489
50.563
44,159
52,420
50.679
52.011
41,258
46,367
46,051
40,931
50,821
47.797
49.940
47,709
45.026
37.000
24,000
17.800
8,000
7,700
16.300
31,200
41,700
51.600
46,400
45,500
35,600
31,000
30.000
29,000
30.700
28.000
21,200
34.100
41,600
39.000
49,000
41.000
38,000
25.000
23,500
19,200
28,500
24.000
17,600
32.300
27.500
25,600
31.200
22,800
42,500
582,226
48,519
619.747
51,646
571.010
47.584
30,233
34.383
26.642
a Covered by European man feats 50 to 54, incl.: Asiatic man rests 300 to 331. Incl.
y includes re-exports. z Includes 4,615 bales held at terminals at end of month.
Stocks in warehouses include National Raw Silk Exchange certified stocks, 4,290
bales.
Increase in Russian Cotton Crop Reported by New
Corn Deposes Wheat as Grain Trading King as Chicago
York Cotton Exchange Service.
Board of Trade Orders Exchange of Pits.
Recent advices from Russia continue to indicate that the
The following Chicago dispatch Jan. 7 is from the New
1930 Russian cotton crop was about 2,000,000 equivalent
478-pound bales, compared with 1,351,000 in 1929 and 1,- York "Times":
Wheat,
as
Board
208,000 in 1928, according to the New York Cotton Exchange grain pits which has ruledtodaymonarch of the Chicagohitherto of Trade
for ten years,
lost its throne to the
less conService. The large increase in production in 1930 was due spicious fellow-ruler, corn. On Monday next corn and wheat traders
primarily to a greatly enlarged acreage, in line with the in- will exchange pits. The directors of the Board of Trade announced the
dustrial expansion program of the Soviet Government, but transfer this morning. because the speculative interest in corn on the
The move was forced
it was also partly a result of favorable growing conditions. Board of Trade has increased 100% of late as a result of the decreased
interest in the wheat market, which is controlled largely by Federal
The Exchange Service under date of Jan. 6 says:
Reports from Russia state that the Soviet Government will endeavor to
increase the acreage further in 1931, possibly by as much as 25% but
that such increase would be on new cotton land which would be unlikely
to yield as much cotton per acre as the old well-developed land. It is
understood that the Russian Government is undertaking to expand its
production of cotton during the next two or three years to a point where
Russia will grow as much cotton as it needs for its own mill consumption,
which amount is put at about 3,500,000 bales.
This would reduce Russia's requirements of America and other foreign
cottons to merely the quantities needed for mixing with Russian cotton or
for special purposes. Russia reduced its consumption of American cotton
from about 498,000 bales in 1927-28 to 283,000 bales in 1929-30, and during
the current cotton season to date its consumption of American has been
much less than half as much as in the same period last season.
Most of the Russian crop is of fifteen-sixteenths or longer staple, and the
relatively small quantities which Russia has exported to Bremen and Liverpool during the past year have been considered as being of very good quality.
It is understood that the Russian authorities have no plans for exporting
Russian cotton on a large scale, within the next one or two seasons at least,
but they have made small shipments abroad merely with a view to establishing contacts with foreign markets, so that they may be prepared to export
In later seasons if they decide to do so.
Farm Board trading agencies. There are no government restrictions on
corn, hence it has come to the fore, transactions in it being nearly three
times larger than wheat, while usually it is the reverse.
Although corn is still 20 to 22 cents under its level of a year ago,
its depression is partially explained by Board of Trade operators as the
inevitable aftermath of the lethargy of wheat, which sells from 40 to 50
cents a bushel less than at this time last year.
For a time recently corn actually led wheat in price, breaking from
the usual rut of 30 cents a bushel under wheat futures of the corresponding month.
Corn receipts have averaged more than 100 cars a day for the past
season, as compared with less than fifty of wheat. Under the leadership
of corn it is now predicted the Board of Trade will witness a revival
of trading in that commodity comparable with the old-time activity in the
wheat pit.
Since grain traders have evinced an increased disposition to deal in
stocks as well as grains, the stock department, which has had a separate
room, is to be moved onto the grain floor beside the cotton market, so
that all the speculative trading will be in the big exchange hall.
World's Wheat Supply This Year-European Estimates of
Larger "Carryover" Than That of Year Ago-Russia's
-Approximate DelivRaw Silk Imports Declined in 1930
Crop and Others.
eries to American Mills Also Lower-Imports and
From the New York "Times" we take the following
Deliveries in December 1930 Higher than in Same from Rome, Italy, Dec. 29:
Month in 1929.
While the question of wheat supplies and wheat prices for the full
According to the Silk Association of America, Inc., im- year 1931 will largely depend on the coming year's harvests (which will
calculations indicate
be determined by accidents of
ports of raw silk during the month of Dec. 1930 amounted that the supply left over from the season), present will show increase
the harvests of 1930
to 64,616 bales as compared with 58,479 bales in the corre- rather than reduction. Estimates current at the year-end in this market
sponding month in 1929, and 55,293 bales in Nov. 1930. make theofworld's wheat crop of 1930, excluding Russia, 1,000 million
3,3 bushels, as against 933 millions last year. Classified,
/
quintals
Approximate deliveries to American mills in Dec. 1930 totaled the production of wheat-exporting countries is placed at 675 millions,
55,424 bales, as against 44,159 bales in Dec. 1929 and 57,333 against 571 millions, and the crops of wheat-importing countries at 325
millions, against 362 millions.
bales in Nov. 1930.
325 million quintals, as
The world's exportable surplus works
Imports of raw silk during the calendar year 1930 amounted against 279 millions during the past year.out at
Residual stocks are figured at
with 661,611 bales in the 120 millions, against 114 millions. As against 225 million quintals
to 549,884 bales, as compared
preceding year and 566,378 bales in 1928. Approximated required by importing countries, there appear to be 345 millions available.
JAN. 10 1931.]
FINANCIAL CHRONICLE
This excess of 120 millions is close to that existing in August, 1929,
when the world's "carryover" was at its highest point.
For Russia alone the exportable surplus of the coming year
is estimated between 20 and 25 million quintals; it was only 11 millions in
the
years 1926 and 1927. It is stated that Russia has planted to winter
wheat 237 million hectares, which is a substantial reduction from the
43
millions contemplated by the five-year economic plan. In the
Autumn
of 1929 the area sown to Winter wheat was 39 million hectares.
No Fear of Wheat Carryover—Manager of Canadian Pool
Reassures Farmers There.
From the New York "Times" we take the following
(Canadian Press) from Winnipeg, Jan. 7:
"With world prices for wheat at ruinously low levels, far below
the
cost of production, there should be no alarm felt if there
is a large
carryover in Canada at the end of July," John I. McFarland,
general
manager of the Canadian wheat pool, said here today.
"The producers of this Dominion are selling their wheat to importing
countries at world prices, as and when it is required by
such countries,
and will continue to do so."
Mr. McFarland referred to the recent low level of
50 cents a bushel
for wheat. The farmers, he said, could not produce
another crop at
anywhere near that price. "In other words," be
continued, "our people
can buy wheat now at much less than we can produce
it on our farms.
It is a vastly different proposition to carry over a
portion of this highgrade crop at these prices than it was in the
last three years, when
values were well over two and three times the present
prices, and when
in two recent years Canada carried over 127,000,000
bushels.
"It will be surprising if our competitors in
Argentina and Australia
do not hold similar views."
In commenting on the above the "Times" said:
At the end of last July the carryover of Canadian wheat was
130,000,000
bushels. On Nov. 13 the Dominion Bureau of Statistics estimated
last
year's crop at 395,850,000 bushels, including 374,000,000 bushels
produced in the Prairie Provinces. Stocks of Canadian wheat now in
store
are reported as 217,000,000 bushels.
Increase in Argentine Wheat—Current Crop Estimate
Shows 66% Increase Over 1929-30 Production.
The following from Washington is from the "Wall
Street Journal" of Jan. 5:
First official estimate of the current Argentine wheat crop is
placed at
271,404,000 bushels, against 162,576,000 bushels for 1929-30, an increase
of 66% according to the Department of Agriculture.
Including the first estimate, the total 1930 wheat crop in 41 countries
so far reported, exclusive of Russia and China, amounts
to 3,649,656,000,
increase of 9% over 1929.
The total 1930 production for the 25 European countries so
far reported, exclusive of Russia, is 5.3% below the 1929 total.
Exports of wheat, including flour, from the United States from July
1
to December 20 amounted to 85,593,000 bushels, against
87,178,000
bushels during the corresponding period of last year. During the week
ended December 20 exports amounted to 1,630,000
bushels, against
1,124,000 bushels the previous week and 1,190,000 bushels during
corresponding week of 1929.
199
American interests, offered a reapportioned export quota
satisfactory to the German representatives. The cablegram also said:
With a tentative agreement on the question of quotas reached, there
only remains the formal drawing up of the cartel agreement and its
signature, unless Poland and Czechoslovakia refuse to accept the new
modification of their quotas. This is not thought likely to produce new
stumbling blocks.
The basis on which agreement was reached gives the Germans an export
quota of 500,000 tons for the fiscal year 1930-1931, the first year of the
Chadbourne plan, 350,000 the second year and 300,000 each for the
remaining three. In other words, an export quota of 1,750,000 tons was
given to Germany for the five years when she had asked for 1,850,000,
and as against 1,000,000 foreseen in the original Chadbourne plan.
The extra 750,000 tons is to be made up by reducing the export quotas
of the other beet sugar producing countries by 175,000 tons and slicing
575,000 tons from the Cuban quota in the course of the five years. The
total amount of sugar to be exported remains the same.
The actual cartel agreement will revolve around the problem of stabilizing the sugar industry and readjusting production to demand. The
enormous surplus now on hand, amounting to about 3,500,000 tons, will
be segregated and sold over the period of five years, at the same time
serving as a safety valve against an unwarranted rise in price, Mr. Chadbourne declared.
The parties to the agreement intend that no rise shall occur in excess
of the cost of production plus a fair return on the investment, Mr. Chadbourne added, expressing the conviction that the agreement would provide
against the evils of overproduction in at least one commodity.
In a Paris cablegram Jan. 5 it was stated:
Some hope that the deadlock in the attempt to effect a world sugar
agreement, which has continued since the conference of Brussels, may
be solved was revived by the reception today of a telegraphic invitation
to Thomas L. Chadbourne to visit Berlin and resume the negotiations
with the German delegation. Mr. Chadbourne accepted
and will leave
Paris for Berlin tomorrow.
The German refusal to accept a sugar export quota
comparable to
those accepted by the other sugar-producing countries
brought the Brussels
parley to an end. The final German demand was for a
quota of 450,000
tons for the first year, so as to enable them
to get
of their surplus,
and 350,000 tons a year for the succeeding years. It rid
is natural to suppose
that if the German delegation now considers any reduction
of these figures
it will be in return for other advantages not
necessarily involving the
sugar situation.
When, because of the German dissatisfaction the agreement
seemed to
have broken down, one section of the Java sugar
growers decided it
would not agree to a quota, but if there is a
settlement with Germany it
is believed likely that the Java growers will also consent,
as a settlement
which entails the maintenance of the price to the
public will be advantageous.
Indicating that Belgian, Polish, Czechoslovak and Hungarian representatives also arrived to be on hand when
and if Mr. Chadbourne and the Germans come to terms
the "Times" in its advices from Berlin Jan. 7 stated that:
Mr. Chadbourne saw Dr. Erich Rabbethge, the leader
of the German delegation at Brussels, this afternoon and
afterward conferred briefly with the other nationalities.
The provisional accord signed at Brussels was referred
to in these columns Dec. 27 (page 4120) in which it was
Bankers Ask Farm Financial Reports—South Carolina noted that the internatio
nal agreement was contingent
Lenders Require Definite Programs for Land Utiliza- on the entrance of Germany.
tion to Insure Credit.
Netherlands Indian Agricultural Company opposes
Advices from Clemson College, S. C., to the "Wall Street Chadbourne Sugar Restriction Plan from the Hague adJournal" of Dec. 31, said:
vices Jan. 8 to the New York "Times" said:
South Carolina bankers have made it "a settled point of policy,
in
extending agricultural credit, to require from farmer clients financial
statements, accompanied by definite programs of utilization for land,
labor, fertilizers, and supplies, with a view to insuring that credit
granted shall be productively and efficiently applied." This policy is
the
outcome of statewide conference of bankers, business men, and farmers
followed by district conferences in the closing days of 1930 looking
toward a rehabilitation of farming with special reference to reduction
of
cotton acreage.
The bankers, with the other interests involved, have drawn
up a
program of a well-balanced system of agriculture which will not
be
subject to the hazards and fluctuations resulting from single-crop
production. Specific suggestions are:
I. Farms generally more self-sustained, producing as far as
possible
all food and feed needed through summer and winter gardens, with
cows, hogs, and poultry on every farm.
2. Every farmer to grow more than one cash crop, becoming
expert
not only in their production but in handling and marketing.
3. Marginal lands not to be in cotton, tobacco or other high cost
crops. Much of the agricultural loss in South Carolina is caused
by
planting crops on lands that yield less than present average production.
4. A definite soil-building program.
5. More attention to production of high-quality products and
to
methods necessary to produce high yields an acre.
6. Farm programs to work out so as to provide profitable, full time,
year-round employment for labor, land, and equipment.
7. Available credit utilized more efficiently by those who obtain it
and given with careful discrimination by those who control it, financial
statements generally to be required.
The Netherlands Indian Agricultural Company tonight issued a
memorandum against the adherence of Java to the Chadbourne sugar
plan.
Emphasizing what it terms the difficulties inherent in production restriction schemes the memorandumsays the sugar problem should be
treated as agragian and not industrial and dealt with by a general convention and not by countries separately.
The manifesto holds the European producers would benefit greatly
under the Chadbourne plan. In Java, however, it declares, there is no
overproduction and restriction is not wanted. Fear is expressed that the
permanent control board planned by Mr. Chadbourne might compel Java
to take measures against friendly countries.
The memorandum cites the declaration of the Philippine Sugar Association on Oct. 25 reiterating the policy of restricting sugar
cane areas
to those now covered by existing agreements.
Java Sugar Concern Hits Chadbourne Plan.
A cablegram as follows from Frankfort on the Main,
Jan. 2, appeared in the New York "Journal of Commerce".
The independent Java sugar concern, N. V. Landbouw M. I.
J. in a
lengthy statement issued here today criticised the Chadbourne plan as an
effort to force the rest of the sugar world to carry the costs of saving the
Cuban sugar industry and its banks from a situation arising out of the
protective tariff policy of the United States.
Proposed $42,000,000 Bonds to Be Issued Under ChadThomas L. Chadbourne Resumes Negotiations With German
bourne Sugar Restriction Plan.
Sugar Producers on Restriction Program—ComproThe Department of Commerce at Washington in its
mise Proposal Accepted by German Interests.
weekly summary of conditions in world markets, made
Following the return of Thomas L. Chadbourne to Ger- available today (Jan. 10), has the following to say in its
many to renew discussions looking to the inclusion of the report bearing on Cuba:
.
sugar producers of that country in the international of The $42,000,000 bond issue for the payment of the 1,500,000 long tons
sugar to be segregated under the Sugar Stabilization Law (Chadbourne
sugar restriction agreement, it was announced in a Ber- Plan) has been arranged. In accordance with the terms of the law, these
lin cablegram Jan. 8 to the New York "Times" that an bonds will be deposited with the bank, acting as trustee, and the coninternational sugar cartel became as good as fact on tributors to the above sugar will receive deposit receipts pending the sale
of the issue. It is not expected that the marketing of
that day when Mr. Chadbourne, on behalf of the Cuban- be attempted in the near future. The quantity of sugarthese bonds will
voluntarily con-
200
FINANCIAL CHRONICLE
tributed towards the 1,500,000 long tons now totals 1,205,771 long tons,
and, in addition, thereto, roughly 93,000 long tons of sugar covered by disapproved sales contracts are available to the National Sugar Export Corporation which will control the sale of the segregated sugar. Total Cuban
exports of sugar to all destinations during the period from January 1
to December 13 amouried to 3,219,916 long tons as against 4,680,078
long tons during the equivalent period of 1929.
The signing of the contract for the issuance of the
sugar bonds was noted in these column Dec. 27, page 4121.
Cuba Begins Grinding Sugar Jan. 15.
The following is from the New York "Times" of Dec.
31:
Sugar grinding will start in Cuba on Jan. 15. The date was set
early in December by President Machado to remove from the world's
sugar market any uncertainty as to when the new crop would become
available for export. A heavy carryover had obviated any possibility of
a shortage of sugar in January, but there was uncertainty about the
amount that would be available for delivery against January contracts.
Mexico Subsidizes Sugar Industry-Planned as Solution to
Depression-Funds From Special Tax.
The following Mexico City account is from the "Wall
Street Journal" of Jan. 8:
Subsidizing the sugar growers of Mexico with funds raised by a special
sugar sales tax of five centavos per kilogram and the formation of a
sugar market stabilization commission is the plan of the Mexican government as a solution of the depression that has prevailed in the industry for
some time.
The plan, announced through an executive decree, is effective immediately. To prevent the importation of sugar, in view of the higher
price of the commodity as a result of the special tax, the import duty
is increased c,- rrespondinglY•
Sugar growers must form a society of members in order to obtain the
benefits of the subsidy. The subsidy is to cover losses in production, the
market stabilization committee being empowered to fix sugar prices and
otherwise aid producers, using funds from the special tax for the
purpose. The commission will be composed of representatives named
by the producers and the society, together with a representative from the
Ministry of Finance and one from the Ministry of Industry.
[vol.. 132.
was started several years back. This drop in refinery operations has strengthened the crude oil price structure and the
possibility of any further price reductions dwindles.
California production dropped to the lowest levels in over
seven years and operators in that State declare that they will
have the State output down to its allowable of 500,000 barrels
within a short time. The drop registered for the week closed
Jan.3 was 30,000 barrels daily as compared with the previous
week's daily output. Production was at rate of 535,000
barrels daily for week and producers promise to have this
week's production at approximately the fixed allowable level.
Standard Oil of Indiana is taking approximately 15,000
barrels of crude oil daily in the Mid-Continent fields from
operators deprived of an outlet when Prairie Oil & Gas withdrew from the market. Standard Oil of Kansas is also completing arrangements to relieve the distressed operators and
the situation seems to be well on its way to a satisfactory
solution.
A plan to prevent overproduction in the Pennsylvania fields
for the next 10 years is being drawn up for consideration by
the Pennsylvania Crude Oil Conservation Board which controls over 70% of oil production in the fields. Plans will be
ready for the board's approval shortly. The board is at present using a month-to-month curtailment plan. The 10-year
plan will be designed to keep supply as near demand as
possible.
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.)
$2.15 SpIndietop, Texas, below 25
Bradford, Pa
1.15 Winkler, Texas, below 25
Corning, Ohio
1.05 Smackover, Ark., 24 and over
Cabe'', W. Va
1.30 Smackover. Ark., below 2
IllInois
1.15 Eldorado. Ark., 44
Western Kentucky
.98 Urania, La
MIdcontlnent, Okla.. 37
.75 Salt Creek, Wyo., 37
Corsicana. Texas, heavy
.70 Sunburst, Mont
Hutchinson, Texas, 34
1.85 Artesia, N. Mex
Kettleman Hills, 55
1.10 Santa Fe Springs. Calif., 33
Kettleman Hills, 35-39.9
1.35 hIldway-Sunset, Calif., 22
Kettleman Hills, 40-49.9
1.50 Huntington, Calif.. 28
Kettlemen Hills, 50-54.9
.75 Ventura, Calif., 28
Luling, Texas
1.00 Petrol's. Canada
Spindietop, Texas.grade A
5.75
.50
.70
.70
1.14
.75
.98
1.55
.75
1.48
.94
1.22
1.15
1.50
Price of Sugar Cut in Canada.
According to Associated Press advices from Chatham
(Ont.), Jan. 5, a reduction of 10 cents a hundred-weight REFINED PRODUCTS-MARKET'S OUTLOOK IMPROVES-GASOLINE STRONGER-KEROSENE FIRMER-HEATING OIL
in the wholesale price of sugars of all grades was made
DEMAND UP.
effective at noon that day by the Canada and Dominion
Increased strength in the bulk gasoline market was the
Sugar Company, Ltd., of Chatham. The announcement
was made by Charles H. Houson, President of the com- feature of the refined products market this week. With refinery operations at an extremely low rate, the resulting
pany.
drop in crude oil production has resulted in firmness in the
bulk gasoline market in both the East and Mid-Continent
Increase on French Sugar Duty Sought.
in a marked advance
Paris are areas. The recent cold wave resulted
The following United Press advices from
in demand for kerosene and as a result the price list was
from the "Wall Street Journal" of Jan. 9:
firmer. Fuel oils were in demand and prices were on a firm
Minister of Agriculture Victor Boret intends to ask Parliament to
basis.
increase the import duty on sugar.
"I am obliged to ask for the increase because of the precarious situation
All principal factors now quoting U. S. Motor Gasoline at
of the French sugar beet planters," said the minister. "I assured the
gallon, or higher, for tank car movements, the way is
General Federation for Defense of Consumers' Rights that, at the same 7c. a
time, we would ask Parliament to vote measures to balance the increase, considered clear for a further advance of %c.a gallon shortly.
thus hoping to reduce living costs."
Refiners have figured out that it is useless to try and increase
consumption by cutting prices and apparently intend to place
Petroleum and Its Products-Agitation for Oil Tariff prices on a profitable level although they may suffer a temSeen Doomed to Failure-Refinery Operations Drop porary loss in gallonage. Consumption is holding up reto Low Levels-California Output Declines.
markably well considering the time of year and has resulted
Agitation for an oil tariff held the spotlight in the week's in unlooked for lowering of stocks in refiners hands.
The tank wagon market is in an extremely favorable posihappenings in the petroleum industry. Other important developments included refinery operations dropping to a new tion and rumors are being beard that price advances may be
low for several years and a further drop in California pro- looked for in this field shortly. However, the major factors
ductiion of 30,000 barrels daily. The confused situation in do not seem willing to take the lead in advancing prices until
the Mid-Continent area as a result of the withdrawal of the market is on a firmer basis. It will be remembered that
Prairie Oil & Gas appears to be fairly on its way to a solution only the action of one of the larger factors in the Eastern
with Standard Oil of Indiana leading in the relief movement. territory in reducing the price 2c. a gallon not so long ago
The movement for an oil tariff will reach its head Jan. 15 saved the market from a drawn-out price war. Demand is
when a meeting of governors and representatives from all oil strong, however, and it is logical to suppose that unless unproducing States is scheduled to be held in Washington to de- favorable developments bar it, that a return to the former
vise ways and means of aiding the independent operators. price level may be expected shortly.
That the gasoline price war in Detroit is over was indicated
Members of Congressfrom oil producing States are constantly
receiving telegrams from their constituents urging steps be in the action of S. 0. of Indiana in placing the service station
taken to end the flood of crude and refined petroleum prod- price of gasoline at its former level of 17.8c. a gallon. All
ucts coming in duty free from South America and Russia. other major refiners met the advance.
Kerosene was affected favorably by the recent cold wave
Although the petitioning producers state that the situation is
desperate and that they need immediate aid, the likelihood of and consumption showed a modest gain. The price list is
obtaining any such legislation at this session of Congress is steadier than it has been for some time with Carson Petroleum
announcing that it advanced its offering price for 41-43 water
out of the question.
Congress has already refused to act on this question and al- white kerosene, in tank car lots, at the refinery, to the 63'c.
though there is a possibility that the pressure being placed on level established by the majority of the refiners in New York
representatives from oil States may prove effective in getting City. This represents an advance of %c.a gallon on the part
some favorable action, it may be considered s,faint possibility of Carson and is believed to mark the end of the price cutting
tactics that the market has been suffering from for some time
at best.
Refinery operations reflect the strict obedience to curtail- past. Kerosene is now going through its heaviest coxsuming
ment schedules on the part of producers in dropping to the season and dealers are very much disappointed in the drop in
lowest level yet recorded since the compilation of these figures consumption as compared with other years.
JAN. 10 19311
FINANCIAL CHRONICLE
Domestic heating oils were in fairly good demand for spot
shipment with contract deliveries also moving out in good
quantities. Increased consumption of fuel oils has resulted
in lowered stocks and prices have firmed up considerably.
Bunker grade C remains at $1.05 a barrel, spot, with Diesel
oil held at $1.85 a barrel, same basis.
Price changes follow:
Jan. 3
-Standard 011 of Indiana posted a 5e. a gallon advance in the
service station price of gasoline in Detroit. Advance was
met by all other
major refiners, making service station price 17.8e. a gallon.
Jan. 3-All refiners posted an advance of 2c. a gallon in the tank wagon
price of gasoline in Kansas City, making retail price 13.9c. a
gallon.
Jan. 5
-Carson Petroleum advanced price of kerosene Sic. a gallon to
634c. a gallon for 41-43 water white, in tank car lots, at the refineries
in
New York City.
Jan. 6
-All refiners advanced price of gasoline 1.2c. a gallon, establishing
service station price of 18.2c. a gallon. Advance was due
to local conditions.
Jan.8
-In renewal of price war, all major refiners in Lucas
county. Ohio,
have reduced price of gasoline 2c. a gallon to 15c.
a gallon at service stations,
tax paid.
Gasoline, U. S. Motor. Tank Car Lots, F.O.B. Refiner,.
Na T.
(Bayonne)
-Carson Pet.5.07
N. Y.
California _ _5.06 4-.983(
Stand. 011, N.J__$.07
Colonial-Beacon_ .07
Los Angeles.ex..04K
Stand. Oil, N. Y___
Sinclair Ref
.07
Gulf Coast, ex .0534-.05K
Tide Water 011Co. .07
Chicago
04-.04S4
54-0534
Richfield 011 Co__ .0734 New Orleans__ -ex -0534 North Texas__ .04-.0434
Warner-Quini'nCo .07
Arkansas
.04,4-.05
tOklahoma
.04-.05
Pan-Am. Pet. Co. .07
Pennsylvania ..063 -.06%
,
1
Shell Eastern Pet_ .07
tWeighted price Index.
Gasoline. Service Station, Tax Included.
New York
$ 153 Cincinnati
3.17 Minneapolis
5.182
Atlanta
.21 Cleveland
17 New Orleans
185
Baltimore
162 Denver
17 Philadelphia
19
Boston
.155 Detroit
178 San Francisco
.21
Buffalo
.158 Houston
19 Spokane
22
Chicago
.17 Jacksonville
19 St Louis
167
.149 Toledo
Kansas City
15
Kerosene, 41-43 Water White Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)5.0614-.0612 I Chicago
$.03-.0341New Orleans, ex _ _$ 05)4
North Texas
.
03-.0334 I Los Angeles, ex.0454-.06 I Tulsa
03-.0334
Fuel Oil, F.O.B. Refinery or Terminal.
New York(Bayonne)- Los Angeles 27D
I Gulf Coast "C" 3.6734-.75
Plus
Bunker "C"
$1.051
$.80-1.001Chicago 18-22D _ _.55-.6234
Diesel 28-30D.___ 1.85INew °Wits 18-20 D .75-.801
I
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)(ChicagoI
28D plu8.3.0434-.053u I 32-36D Ind 5.0234-.02341 Tulsa
32-36D Ind „6.02-.0254
201
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS.)
Weeks Ended
Jan. 331. Dec. 27 '30. Dec. 20 '30. Jan. 4'30.
Oklahoma
448,900
458,100
462,350
675,900
Kansas
108,300
108,800
103.300
114,250
Panhandle Texas
54,000
57,25076,500
100,500
North Texas
58,300
58,150
62,050
i 88,150
West Central Texas
28,000
28,900
29,800
West Texas
235,850
239,150
245.500
338.100
Earn Central Texas
40,850
40,550
41,150
23.200
Southwest Texas
77,300
82,100
84,750
76.200
North Louisiana
41,750
42.000
43,050
38,300
Arkansas
49.750
50,950
51,350
5,400
Coastal Texas
158,400
159,900
163.300
138.750
Coastal Louisiana
27,830
26,150
26.850
20.750
Eastern (not incl. Michigan)_
103,750
100.000
102.500
129.100
Michigan
9,550
8,800
8,950
14.950
Wyoming
48,550
47,150
48.800
56,400
Montana
7,600
6,600
6,650
10,000
Colorado
4,150
4,100
3,950
5,400
New Mexico
41,750
42,300
39.000
7,350
California
537,500
565,800
602.400
700,500
154,l00
Total
x2,082,100 2,126,750
2,202,200 2,652.300
x Lowest daily average production since week ended July 24 1926, when
it was
2,070,950 barrels.
The estimated daily average gross production for the Mid-Conti
nent
Field, including Oklahoma, Kansas. Panhandle, North, West
Central,
West, East Central and Southwest Texas, North Louisiana
and Arkansas
for the week ended Jan. 3, was 1,143,000 barrels, as compared
with 1,165.950 barrels for the preceding week, a decrease of 22,950 barrels.
The MidContinent production, excluding Smackover (Arkansas)
heavy oil. was
1,108.850 barrels, as compared with 1,130,850 barrels, a decrease
of 22.000
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
OklahomaJan. 3. Dec.27.
Southwest TexasJan. 3. Dec.27.
Bowlegs
12,100 13,400 Chapmann-Abbott
5.400 5.350
13ristovf-8lick
10,500 10,550 Darst Creek
28,650 34,550
Burbank
13,700 13,200 Luling
9.800 9,800
Carr City
12,850 10,700 Salt Flat
16,200 15,100
Earlsboro
15,400 18,450
East Earisboro
17,000 17,250
North LouisianaSouth Earisboro
6,630 7,600 Sarepta-Carterville
1,800 1,750
Konawa
15,500 14,100 Zwolle
•
8,400 8,800
Little River
22,100 23,050
East Little River
10,250 10,600
Arkansas
Maud
2,600 2,850 Smackover, light
4,250 4,700
Mission
4,650 6,900 Smackover,heavy
34,150 35,100
Oklahoma City
86,550 87,250
Coastal TexasSt. Louis
20,550 22,050 Doxber's Hill
21,500 22,600
Searight
5,350 5,350 Raccoon Bend
8.350
8,400
Seminole
12,800 13,950 Return)County
28,950 29.600
East Seminole
2,250 1,850 Sugarland
12,100 11,200
Coastal Louisiana
KansasEast Hackberry
4,500 3,000
Sedawlek County
20,800 21,450 Old Hackberry
900
900
Voshell
12,100 12,600
WrmitnoSalt Creek
28,100 27,250
Panhandle Texas
Montana
Gray County
41,950 44,850 Kevin-Sunburst
4,450 4,050
Hutchinson County__ 7,800 7,900
New Mexico
Hobbs High
31,700 31,450
North Texas
Balance Lea County
7,700 8,400
Archer County
12,000 13,000
California
North Young County
6.500 5,500 Elwood-Goleta
27,800 29,800
Wilbarger County
13,400 12,750 Huntington Beach
22.000 24,700
Inglewood
15,500 15,000
West Central Texas
Kettiernan Hills
22.600 22,600
South Young County__ 2,300
2,550 Long Beach
93,300 97,000
Midway-Sunset
56.000 57,000
West Texas
Playa Del Ray
38.000 44,400
Crane & Upton Counties 30,150 31,850 Santa Fe Springs
74,500 77,800
Rotor County
8,900 7,250 Seal Beach
15,000 17,300
Howard County
16,000 17,750 Ventura Avenue45,000 45,400
Reagan County
21.550 21,400
Pennsylvania Grade
Winkler County
54,900 54.650 Allegany
6,650 5,600
Yates
91,200 91,100 Bradford
22,450 19,950
Balance Pecos County__ 3,750 3,900 Kane to Butler
6,800 6,050
Southeastern Ohio
6,450 6,750
East Central Texas
Southwestern Penna.. _ 2,850
2,850
Van Zandt County
27,550 27.600 West Virginia
13,450 11,800
Daily Rate of Production of Natural Gasoline Higher
in November-Inventories Increase.
According to the United States Bureau of Mines, the
production of natural gasoline in November 1930, amounted
to 178,000,000 gallons, a daily average of 5,930,000 gallons.
This represents an increase in daily average production
over the previous month of 70,000 gallons, but is 80,000
gallons below a year ago. Increased output of natural
gasoline in California was responsible for the gain in the
national total in November; in fact, production East of
California showed a slight decline from October. Stocks
of natural gasoline held by plant operators on Nov. 30 1930
amounted to 25,036,000 gallons, which compares with
23,481,000 gallons on hand a month ago and 21,583,000
gallons on hand a year ago. Blending of natural gasoline
at the plants showed a decline from October. The Bureau's Receipts of California
Oil at Atlantic and Gulf Coast
statement also shows:
Ports Lower in December.
PRODUCTION OF NATURAL GASOLINE(THOUSANDS OF
GALLONS).
Receipts of California oil (crude and refined oils) at
Production.
&ocks End elMs. Atlantic and Gulf Coast Ports for the month of
December,
totaled 1,810,000 barrels, a daily average of 58,387 barrels
Jan.
Nov.
Oct.
Nov.
Nov.
Nov.
Oct.
compared with 2,194,000 barrels, a daily average of 73,133
1930.
1930.
1929.
1930.
1930. 1930.
barrels for the month of November, according to the
Appalachian
7,500
6,900
Ameri9,400 79,700
2,882
2,597
Illinois, Kentucky. &o
1,000
1,000
1,300 11,200
257
207 can Petroleum Institute.
Oklahoma
41,500 46,600 55.600 537,200
8,198
9,258
Receipts at Atlantic and Gulf Coast Ports for the week
Kansas
2,800
2,900
3,100 29,600
809
709
Texas
43,900 43,600 40,900 446,800
8,889
7,390 ended Jan. 3, totaled
Louisiana
526,000 barrels, a daily average of
4,700
5,800
6,100 65,500
802
808
Arkansas
2,600
2,700
2,700 29,200
301
329 75,143 barrels, compared with 249,000 barrels,
Rocky Mountain
5,600
a daily
5,100
3,900 49,900
935
733
California
68,400 67,100 66,200 747,500
1,963
1,450 average of 35,571 barrels for the week ended Dec. 27. The
Total
178,000 181,700 189,200 1996600 25,038 23.481 Institute's statement further shows:
Daily average
5,930
5,860
6,310
5,980
RECEIPTS OF CALIFORNIA OIL AT ATLANTI
Total(thousands of bbis.)._ 4,238
C AND GULF
4,326
4,505 47,538
-E96 -585
COAST PORTS (BARRELS OF
pally average
141
140
150
142
Crude Oil Production Reaches Lowest Daily Average
Since Week Ended July 24 1926.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Jan. 3 1931, was 2,082,100 barrels,
the lowest since the week ended July 24 1926 when it was
2,070,950 barrels, and compares with 2,126,750 barrels
for the preceding week, a decrease of 44,650 barrels. Compared with the output for the week ended Jan. 4 1930, of
2,652,300 barrels per day, the current figure represents a
decrease of 570,200 barrels daily. The daily average production east of California for the week ended Jan. 3 1931,
was 1,544,600 barrels, as compared with 1,560,950 barrels
for the preceding week, a decrease of 16,350 barrels. The
following are estimates of daily average gross production,
by districts:
At Atlantic Coast PortsBaltimore
Boston
New York
Philadelphia
Others
42 GALLONS).
Month of--Week Ended
December. November.
Jan. 3.
Dec. 27.
171,000
251,000
51.000
134,000
187,000
37,000
950,000 1,014,000
475,000
178,000
300,000
532,000
111,000
138,000
34,000
Total
1,666.000 2,122,000
Daily average
53,742
70.733
At But/ Coast Ports
Total
144,000
a72,000
Daily average
4,645
2.400
At Atlantic & Gulf Coast Ports
Total
1,810,000 2,194,000
Daily average
58,387
73,133
DISTRIBUTION OF TOTAL CALIFORNIA
OIL
FOLLOWS:
Month of
December. November.
Gasoline
1,197,000 a1,762,000
Kerosene
80,000
Gas oil
188,000
220,000
Fuel oil
334,000
209.000
Lubricants
11,000
3,000
Total
1,810,000 2,194,000
a Revised.
526,000
75,143
249,000
35,571
526,000
249,000
75,143
35.571
RECEIPTS IS AS
Week Ended
Jan, 3.
Dec. 27.
388,000
64,000
62,000
64.000
74,000
112,000
11,000
526,000
249.000
FINANCIAL CHRONICLE
202
[VoL. 132.
From the New York "Sun" of last night (Jan. 9) we take
Weekly Refinery Statistics for the United States.
the following:
According to the American Petroleum Institute, comCopper Exporters, Inc., to-day reduced the price of copper for export
,
panies aggregating 3,571,200 barrels, or 95.7% of the 31 of a cent a pound. The new price is 10.55 cents delivered in London.
Hamburg and Havre.
3,730,100 barrel estimated daily potential refining capacity
The reduction in the export price of copper follows a cut in the domestic
of the plants operating in the United States during the week market of 31 of a cents pound to 1031 cents yesterday. Sales for export tocrude runs to stills for the day at the reduced price were said to have been encouraging in volume
ended Jan. 3 1931, report that the
a poor day Thursday,
week show that these companies operated to 58.7% of their following weakened the market. when price shading by one or two custom
smelters
capacity. Figures published last week show that
total
It still is believed in the copper trade here that European copper concompanies aggregating 3,571,200 barrels, or 95.7% of the sumers have a good deal of copper to buy to fill nearby requirements. Domestic buding is quiet. The market is governed at the moment by foreign
3,730,100 barrel estimated daily potential refining capacity demand rather than domestic.
of all plants operating in the United States during that week,
but which operated to only 61.8% of their capacity, con- Congo Copper Curbed-Mergers Also Seen As Aid to
tributed to that report. The report for the week ended
Increase in Price.
Jan. 3 follows:
From the New York "Evening Post" we take the followCRUDE RUNS TO STILLS-GASOLINE AND GAS AND FUEL OIL STOCKS.
ing from London Jan. 7:
WEEK ENDED JAN. 3 1931.
(Figures In Barrels of 42 Gallons.)
District.
Per Cent
Potential
Capacity
Reportinv.
100.0
East Coast
93.8
APPalaChlall
Ind., Illinois, Kentucky 97.5
Okla., Kans., Missouri_ 89.4
91.9
Texas
98.3
Louisiana-Arkansas
93.1
Rocky Mountain
98.8
California
Total week Jan. 3
Daily average
Total week Dec. 27
Daily average -yTotal Jan. 4 1930_
Daily average
95.7
95.7
95.4
Crude
Runs
to
Stills.
Per Cent
Oyer.
of Total
Capacity
Report.
Gasoline
Stocks.
Gas
and
Fuel
Oil
Stocks,
3,093,000
549,000
1,661,000
1,444,000
3,286,000
912.000
235.000
3,487,000
72.1
59.2
62.3
50.0
63.1
49.7
24.1
56.1
5,868,000
1,051,000
4,542,000
2,854.000
6,912,000
1.526,000
1,689,000
15,338,000
9,601,000
1,050.000
3,462.000
4.120.000
10,846.000
2,270.000
1,002,000
103,873,000
14,667,000
2,095,300
15,452,000
2,207,400
17,278.000
2,468,300
58.7
39,780,000
138.224,000
61.8
39,388,000
136,917.000
70.9
42,217,000
144,017,000
2,517,000
67.9
5,519,000
8,133,000
100.0
:Texas Gulf Coast
vinnialstnn CUM
1000
0040(10
87_2
L290000
1351.000
x Included above in table for week ended Jan. 3 1931 of their respective districts.
y The United States total figures for last year shown above are not comparable with
this year's totals because of the difference in the percentage capacity reporting.
-All crude runs to stills and stocks figures follow exactly the present Bureau
Note.
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel Oti Stocks." Crude oil runs to
stills include both foreign and domestic crude.
Recent meetings of Copper Exports, Inc., in New York, and of several
Rhodesian companies in London, have clarified the African copper situation.
The Union Minter° du Haut-Katanga is curtailing, pending improvement in demand for copper. The Rhodesian Congo border is absorbing
Bwana-M'Kubwa's properties. By exchange of shares, one for four,
Rhodesian Congo Border will obtain sufficetnt additional stock, so that
with the 43% already owned, it will control N'Chanaga Copper Mines.
The N'Kana plant is expected to be in commission early in 1932. Production of 200,000,000 pounds annually in 1933 is expected.
Prices for Silver, Lead, Zinc Decline-Copper Demand
Dull and Price Unsettled-Tin Higher.
The first week of the new year was somewhat of a disappointment to traders in non-ferrous metals in that prices
for four of the major items-copper, lead, zinc and silver
were reduced "Metal and Mineral Markets" reports ara
then adds:
Copper was offered at 10 Mc. yesterday. The price oflead was lowered on
two occasions and the net decline for the period amounted to 25 points.
Zinc was offered quite freely just before the close at a shade above 4 cents,
St. Louis. Silver sold down to 2934 cents, New York, on continued uncertainty over the Far Eastern situation.
The copper situation underwent scarcely any change until yesterday,
when a moderate tonnage sold at 1031 cents, Connecticut, a decline of 31
cent. Second-hands had a little January metal to dispose of and one lot
sold at 10j cents on Tuesday. Foreign business was fair, but quieted
down considerably just before the close. Export sales for the week amount
to about 4.200 long tons. Copper fabricators announced a new price
schedule during the week, establishing their quotations, effective Jan. 3.
on 1036 cents copper.
After maintaining the New York lead price at 5.10 cents since Oct.10, in
spite of fluctuations up and down in London, the A. S. & R. Co. reduced
its contract and open market quotation to 5.00 cents on Monday and
made a further reduction to 4.85 cents early yesterday. This is the lowest
price since April 3 1922.
Despite the decline in stocks ofzinc in the hands of domestic producers the
first reduction in more than a year and a half, the market failed to show
much life and sellers had to offer supplies at concessions in order to stimulate
business. Tin was higher on the export restriction scheme.
Imports of Petroleum at Principal United States Ports
Declined During December.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined oils) at
the principal ports for the months of December totaled
7,568,000 barrels, a daily average of 244,129 barrels, compared with 8,252,000 barrels, a daily average of 275,067
barrels for the month of November.
Imports at the principal United States Ports for the week
ended Jan. 3, totaled 1,838,000 barrels, a daily average of
262,571 barrels, compared with 1,989,000 barrels, a daily Chinese Interests in Malay States Plan Tin Restriction
average of 284,142 barrels for the week ended Dec. 27.
Favor Quota Scheme.
shows:
The Institute's statement also
London Associated Press accounts Jan. 7 said:
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES
Chinese tin mining interests in the Federated Malay States, which are
PORTS (BARRELS OF 42 GALLONS).
under British protection, are supporting a proposal to restrict tin proMonth --Week Ended
of
-- duction in 1931 to 78% of the 1929 output.
Jan. 3.
Dec. 27.
At Atlantic Coast Ports- December. November.
A week ago the senior warden of mines for the Federated Malay States
428,000
664.000 a1,254,000
203,000
Baltimore
435,000 1,077.000
193,000 notified all tin producers that the government was prepared to give effect
Boston
3.806,000 3,739.000
965,000 1.071.000 to an international proposal for a quota scheme involving such restriction,
New York
1,018,000 1,094.000
227,000
178.000
Philadelphia
of
153.000 a214,000 provided that public opinion was generally favorable. Two meetings
1,047,000
740,000
Others
Chinese producers already have voted unanimously for the scheme, while
6,970,000 7,904.000 1,773.000 1,859,000 90% of those attending a conference yesterday favored it. Siam is
Total
224,839
263.467
253,286
265.571 expected to join also, and appeal for support has been made to China.
Daily average
Al Gulf Coast Ports
The plan will go into operation on March 1 if accepted.
195,000
74,000
64,000
65.000
Galveston district
221.000
66,000
New Orleans & Baton Rouge- 329,000
65,000
Port Arthur ,Sc Sabine District
9,000
53,000
Tampa
British Chairman of Producers' Group Gives Plans to Cut
598,000
348.000
65,000
130,000
Total
19.290
11,600
18,671
9,285
Daily average
At all United States Ports
7.568,000 8,252,000 1,838.000 1,989,000
Total
244.129
275,067
262.571
284,142
Daily average
DISTRIBUTION OF TOTAL IMPORTS IS AS FOLLOWS:
of
Month --Week Ended
December. November.
Jan. 3. Dec. 27.
4,406,000 a4,762,000 1.189,000 1,060.000
Crude
114,000
729,000 1,124.000
142,000
Gasoline
36,000
Kerosene
93.000
19,000
151,000
Gas oil
488.000 a815,000
2.246,0e0 2,273,000
Fuel oil
World Exports of Tin-Outlines Quota System Under
Consideration.
From the New York "Times" we take the following
Associated Press account from London, Dec. 26:
Plans for an international export reduction program to affect about 90%
of the world's tin output are made public in a letter to members of the
Tin Producers' Association from Sir William Peat, chairman of the
executive committee.
Sir William says the executive and international committees of the
association have decided it is necessary in the interest of the industry to
reinforce the present system of voluntary regulation with a more com7,568,000 8.252.000 1,838,000 1,989,000 prehensive and More binding arrangement.
Total
"The conclusion was unanimously endorsed by your counsel," he writes,
a Revised.
"and detailed plans for an international quota agreement were submitted
to and favorably considered by a joint conference at which pivotal figures
-Export Price Reduced
Copper Cut to 1W Cents
were agreed on. The basis of the agreement provisionally adopted is
Lead Drops 10 Points.
now under final consideration of the governments concerned."
The plan provides a quota system which would be retroactive to Jan. I,
The following is from the New York "Times" of Jan. 9:
even though necessary legislation were delayed until later. These quotas
Reductions in the price of copper and lead were announced here yes- would be continued in force until the end of 1932, during which time
terday. Copper was sold at 10 cents a pound by custom smelters and secthe quotas but not the ratios might be changed to meet export market
ond hands, or 31 cent a pound less than Wednesday's price. The official
conditions.
price remained at l03i cents, however. The price of lead was reduced
Ratios are to be based on 1929 production. For example, the ratios
10 points to 4.75 cents by the American Smelting and Refining Company.
Nigeria would aggregate
This cut, the third in three days, brought the price of lead to the lowest allowed Bolivia, The Netherlands, East Indies and
49.6% of the total export decided to be feasible, that figure being their
level since 1922.
The reduction in the price of copper was caused partly by the unsettling share of the 1929 World production.
Representatives of tin producers in Bolivia, the Dutch East Indies,
effect of the appearance of second-hand metal at 10.123. cents and 10
Nigeria and the Federated Malay States have attended meetings here
cents, according to The Daily Metal Reporter.
JAN. 10 1931.]
FINANCIAL CHRONICLE
203
this month to adopt measures to cut the world's tin output and thus
increase prices.
capacity as of Dec. 31 1929, of 62,265,670 tons, is at the
end of 1930 no higher than 38.57%, which compares with
84.88% in February 1930.
Tin Market Strengthened by Proposals to Extend
During November 1930, there were produced 2,234,482,
Restriction Program.
which is an average of 89,379 tons daily for the 25 working
Under date of Dec. 29 an announcement issued in New
days. In December 1929, which also contained 25 working
York said:
days, daily production averaged 116,120 tons and the output
Tin prices began to strengthen early last week in anticipation of constructive action by representatives of the producers who had been con- for the month was 2,903,012 tons. Below we show the
ferring in London, and an exceptionally sharp rise took place on Wednesday monthly figures as given out by the institute, back to
immediately preceding the formal announcement made on Christmas Eve.
January 1929:
From an extreme low of
Cut in Sheet and Tin Wages in Youngstown, Ohio.
The following Associated Press dispatch from Youngstown, Ohio, Dec. 30, is from the New York "Times":
Wages of sheet and tin mill workers governed by the sliding scale of
the Amalgamated Association of Iron, Steel and Tin Workers, will be
reduced to the lowest level in several years for the January-February
period, under the bimonthly settlement announced here today.
Prices of sheets in November and December were found to have been
2.70 cents a pcund, compared with 2.75 cents in the preceding four months
and 3.05 cents at this time last year. Wages for January and February
consequently will be 16.5% above the base rate, as against 18% in the
last four months.
Production and Shipments of Slab Zinc Fell Off in 1930
-Inventories at End of Last Year Approximately
90% Higher Than at Dec. 31 1929.
According to the American Zinc Institute, Inc., a total of
504,412 net tons of slab zinc (all grades) were produced during
the calendar year 1930 as compared with 631,601 tons in
1929. Shipments in 1930 amounted to 436,266 net tons as
against 602,601 tons in the preceding year. Stocks at the
end of December 1930 amounted to 143,576 net tons, as
compared with 145,139 tons at Nov. 30 1930 and 75,430 tons
at Dec. 31 1929. The Association's statement follows:
SLAB ZINC STATISTICS (ALL GRADES) 1929 AND 1930 (Tons of 2.000
lbs.).
47,058
42,720
39.364
36.233
35.482
38,832
45,336
49.064
53,856
59,592
64,855
75,430
436.266
1,641
1,716
1.778
1,840
1,854
1,751
1.756
1,797
1,733
1.758
1,614
1,526
1,678
1,594
1,552
1,481
1,437
1,449
1,291
1.323
1,349
1,320
1,070
1,054
6,352
86,736
90.068
96,367
100.205
106.080
113,090
117,724
126,835
134,835
143,327
145,139
143,576
20
6
17
26
31
37
31
17
11
0
o
0
NV
504,412
58,726
59,610
79,995
55,571
42,883
36,127
32,031
24,283
20,270
14,844
11,872
18,58.5
....-.CwNWNOW
40,704
41,296
41,820
40.597
36,681
36,448
35,389
31.901
32,470
32,430
30,285
34,245
63,698
68,127
68,015
70,455
70,533
69,703
69,911
59,408
69.468
67,636
58,723
57,999
0(00.0-0-00(0o0-4
C'! (000
602,601
1,551
1,014
1,025
1.227
690
235
185
185
123
67
39
11
WA.CIINW;OC:+
Retorts Unfilled
Stock at x Ship- Operat'g Orders Daily
End of pod for End of End of Aver.
Month. Export. Month. Month. Prod.
MNNNNWNWNNWW
Ca.NVW4 W0WWNN
,
50,234
52,395
58,463
58.334
58,226
49,182
47,943
51,980
47,202
48.777
43,148
36,717
b‘,.0.woo
Total
50,862
48.057
55,107
55,203
57,475
52,532
54,447
55,708
51.994
54,513
48,411
47,292
to:
Total
1930.
January
February
March
April
May
June
July
August
September
October
November
December
Shipped
During
Month.
01
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Produced
During
Month.
N
Month.
196
Average Retorts Operating During Month (In 1930).
January
61,612 May
52,104 September
47,415
February
58.403 June
52.440 October
43,745
54.609 July
March
44,646 November
35,825
50,261 August
April
48,575 December
35,190
x Export shipments are it eluded in total shipments.
-The foregoing figures have been adjusted to Inc ude a number of corrections
Note.
made by slab zinc producers In their reports as originally submitted to the Institute.
The corrections were made to insure uniformity in the method of reporting, and
particularly to Include in "Stock on Hand" all slab zinc at the reporting plants
regardless of whether sold or unsold.
Steel Ingot Production at Low for Year.
The American Iron and Steel Institute, in its latest monthly
report of steel ingot production, reveals a further substantial
decrease in December, namely of 227,708 tons, the total
output for the month being 2,007,774 tons or at an approximate daily rate of 77,222 tons for the 26 working days.
Per cent of operation, which in 1930 is based on the annual
MONTHLY PRODUCTION OF STEEL INGOTS.JANUARY 1929 TO DECEMBER 1930-GROSS TONS.
Reported by companies shish made 94.27% of the Open-hearth and Bessemer
Steel Ingot Production in 1929.
Monthly
Calculated No. of Approx. Fa
Output
Monthly
Work- Daily
OpenCent,
Months.
Hearth.
Bessemer. Companies Output All Pip
output OperaReporting. Companies. Days. All Cos. (tonal
1929.
Jan
Feb
March _ _ _
Anal
May
June
July
August..
Sept... _.
Oct
Nov
Dec
Total
1930
Jan
Feb
Mai ch __ _
April
May
June
July
August..
Sept
Oct
Nov
Dec
re.1931
27
24
26
26
27
25
28
27
25
27
26
25
166.672
180.363
194,930
190,387
195.787
198,118
186,561
182,929
181 115
167.938
135,427
116,120
mesei24”.52 •
23.75 cents per pound reached on December 15,
representing the lowest price since 1922, spot tin in the New York market
has now advanced more than 3 cents per pound, or about $70 per ton.
This rise in price apparently reflects the tin trade's faith in the binding
effect of governmental co-operation as contrasted with the purely voluntary co-operation of individual companies.
The new two-year proposal, involving a working agreement between
the
governments of the Federated Malay States (England), Dutch East Indies
(Holland), Bolivia and Nigeria, will set up definite export quotas
based
on 1929 production.
While the new scheme was credited with bolstering
the market, it has
been admitted that the efforts of the Tin Producers
Association to cut
down production to 80% of the 1929 schedule, thus
holding the world's
floating supply to not more than 40,000 tons, has
been the means of
preventing an even more drastic slump in the price of tin. The
1929
production was approximately 190,000 tons and estimates available at the
present time show that the output for the current year will be considerably
under that total.
44,101,321 7,091,680 51,193,001 54,312,279 311
174,638
89.05
3,692,062
3,590,826
4,180,408
4.025,409
4,275,161
3.999,363
3,922,053
3,987.400
3,624.954
3,1131,674
2,796,214
2,375,797
3.137,002
3,336,021
3,513.004
3.406,610
3.265,190
2,835.527
2.411.592
2,543,466
2,273.664
2,164.830
1,808,109
1,665,875
99 950 not
549,616
489,279
596,691
640.351
707;084
622.004
649,950
668,023
642 846
642.235
522.872
360,489
441,572
508.618
539,616
509,234
528.968
407,586
353.723
374,467
429 975
399.704
300,337
226,854
Anon
not
4.241.678
4,080,105
4.777,099
4,665,760
4,962.645
4,621,367
4.572.003
4,655.423
4.267 840
4.273.909
3,318.886
2,736,286
3,578,574
3,844,639
4.053,520
3,915,844
3,794,158
3,243.113
2,765,315
2,917,933
2.703,043
2.584.534
2,106,446
1,892,729
97 ICA AAQ
4,500,131
4,328,713
5,068,176
4,950.053
5,286,246
4.902.955
4.850.583
4,939.086
4 527.447
4.534.326
3,521,111
2,903,012
3,798 090
4.078,327
4,299,505
4,153,860
4,024,778
3,440.239
2,933.399
3,095,293
2,867 978
2.720.414
2,234,482
2,007,774
90 059
510
27
24
28
26
27
25
26
26
20
27
25
26
911
140.596
169,930
165,381
159,784
149.066
137.610
112,823
119.050
110.307
100.756
89,379
77.222
197 ,
41A
70.22
84.88
62.60
79.80
74.45
68.73
56.35
50.48
55.10
50.32
44.64
38.57
F1904
a The figures of "per cent of operation" to 1029 are based on the annual capacity
as of Dec. 31 1928, of 60,990,810 gross tons or Bessemer and Open-hearth steel
Ingots, and In 1930 are based on the annual capacity as of Dec.31 1029,01 82,265.670
ernes tons for Bessemer and Open-hearth steel Ingots.
Steel Plant Operation Recover Ground Lost in December-Pig Iron Production Off-Price of Steel Scrap
Higher.
The passing of the holidays has brought an encouraging
upturn of activity in the iron and steel industry, says the
"Iron Age," Jan. 8. Steel ingot production, at 41% of
capacity, has recovered all of its December losses, now being
at virtually the same rate as in the closing week of November.
Blast furnaces which were temporarily banked late last
month are being brought back into service. The "Age"
also adds:
Much of the current improvement in operations is due to January shipping
orders placed in December, but a fair volume of releases since the first of
the year and a gain in the number of inquiries point to continued expansion
of demand, in line with normal seasonal tendencies.
Automobile steel, railroad steel, tin plate and structural tonnage are
contributing most to current mill activity, but a general upswing in demand is looked for to compensate for drastic inventory reduction in the
closing month of 1930. The extraordinary pressure that buyers brought
to bear on stocks is indicated by the fact that the December shipments
of a large sheet producer were the smallest for any month since July 1921.
Betterment in motor car production is more rapid than the steel industry
had expected. Automobile output in the United States and Canada in
December was 150,000 units, a gain of 16,000 over the total for November,
thereby reversing the seasonal trend for the first time in many years. The
increase was made despite suspensions by Ford and other large manufacturers late in the month and was due, in large part, to Chevrolet's production of 64,000 cars. The Chevrolet company will continue to expand its
operattans, now engaging well over 30.000 workers, until 40,000 are employed. Meanwhile, resumptions by other motor car makers have put
22,000 men back. to work.
Pig iron production in December was 1,665.690 tons, or 53,732 tons a
day, compared with 1,867,107 tons, or 62,237 tons daily, in November.
The per diem rate fell 13.7% under that of the previous month and was the
lowest since January 1922. Fourteen furnaces were taken out of blast
and two were lighted, a net loss of 12. On Jan. 1 there were 95 stacks
active, or 90 fewer than on April 1 at the inception of the uninterrupted
decline In pig iron output. Production for 1930, totaling 31,399.105 tons,
was 25.7% smaller than the record 1929 output.
Steel Ingot production in December, at 77,222 tons a day, showed a
decline of 13.6% from November and reached the lowest level since July
1924. Output for the year was 39.652,539 tons, to which electric and
crucible ingots will add about 350,000 tons. The reduction from the record
total of 1929 was nearly 27%.
Tin plate production now averages 60%,compared with 50% a week ago,
A contract for 50,750 tons of rails placed by the Louisville & Nashville
with the Alabama producer has been supplemented by orders for 10.000
tons
of track accessories. The Ensley rail mill will resume operations Jan.
12.
Chicago district rail mills are running at 50 to 55% of capacity, following
holiday shutdowns. Purchases of steel and equipment by railroads
east
of the Mississippi River will expand materially, it is predicted, if
the proposed quadruple consolidation plan is approved by the Inter-state
Commerce Commission.
Structural steel awards, at 37,000 tons, are well above the weekly
average
of the past few months. Pending work has been augmented by
fresh Inquiries for 28,500 tons. Current structural activity is featured
by public
projects.
Four large ships have been awarded by the Panama
Mail Steamship
Co. to the Federal Shipbuilding Co. The total
construction cost will be
517,000,000.
204
FINANCIAL CHRONICLE
Scrap markets, still sluggish, are without a uniform trend. Heavy
melting grade has advanced 50c.a ton at Pittsburgh and $1 a ton at Birmingham,but has declined 25c. at St. Louis and 50c. at Philadelphia.
Finished steel prices show greater firmness. Makers of cold-finished steel
bars have announced a new price of 2.10c. a lb., an advance of $2 a ton.
Likewise producers of plates, shapes and bars are asking 1.65c., Pittsburgh,
on new business, but contract coverage at 1.60c. has been so widespread
that there will probably be no real test of the higher figure for several weeks.
The "Iron Age" composite price for heavy melting scrap has advanced
to $11.33 a ton, after holding at $11.25 for a month. The finished steel
and pig iron composites are unchanged at 2.121c. a lb. and $15.90 a ton
respectively. A comparative table shows:
•
Finished Steel.
)Based on steel bars, beams, tank plates.
Jan. 6 1931, 2.1210. a Lb.
2 1210.1 wire, rails, black pipe and sheets.
One week ago
One month ago
2.1210.1 These products make 87% of the
2.362o.j United Staten output.
One year ago
Low.
High.
2.121e. Dec. 9
2.382e. Jan, 7
1930
2.3620. Oct. 29
2.412c. Apr. 2
1929
2.3140. Jan. 3
2.391e. Dec. 11
1928
2.2930. Oct. 25
2.453c. Jan. 4
1927
2.403o. May 18
2.4530. Jan. 5
1926
2.39130. Aug. 18
2.5600. Jan. 6
1925
Pig Iron.
Based on average of baste iron at Valley
Jan.6 1931, $15.90 a Gross Ton.
$15.90 furnace and foundry irons at Chicago.
One week ago
16.02 Philadelphia, Buffalo, Valley and MrOne month ago
18.21 mingham.
One years go
Low.
High.
$15.90 Dec. 16
$18.21 Jan. 7
1930
18,21 Dec. 17
18.71 may 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
21.54 Jan. 6
19.46 July 13
1926
18.98 July 7
22.50 Jan. 13
1925
Steal Scrap.
(Based on heavy melting steal quo
Jan. 6 1931, $11.33 a Gross Ton.
$11.25) unions at Pittsburgh, Philadelphia
One week ago
One month ago
•
14.50
One year ago
High.
Low,
$11.42 Dee. 9
$15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
113.50 Dec. 31
13.08 July 2
1928
15.25 Jan. 11
13.08 Nov.22
1927
14.00 June 1
17.25 Jan, 5
1928
15.08 May 5
20.83 Jan. 13
1925
Demand for finished steel has rebounded encouragingly in
all districts,and while January activity will not measure up to
a year ago the gain over December undoubtedly will be substantial, says "Steel" of Jan. 8, in its summary of iron and
steel conditions throughout the country. This improvement
is well distributed, a moderate expansion of requirements
appearing to have cut horizontally across all classes of steel
consumers, adds "Steel," continuing:
Whether this betterment exceeds tile proportions of the usual first quarter
pickup none will venture, but steelmaking operations are swift to respond to
the seasonal Influence. Steel is being made this week at 42-43% of capacity,
a rise of 6 points. Youngstown, where two blast furnaces will be lighted
this week, is at 39%, Chicago 40, eastern Pennsylvania 42, Buffalo 46,
Pittsburgh 42, Birmingham 35 and Cleveland 50.
Building and the railroads, ranking first and second in point of steel consumption in 1930, continue their leadership. Chevrolet still leads in automotive releases, which as a whole await the verdict of the January shows.
Ford has deferred resumption in most departments until Jan. 12, but has
scheduled a daily rate twice that of December. Farm implement manufacturers proceed cautiously.
Rail orders formally entered include 50.750 tons for Louisville & Nashville,
13,250 tons for Central of New Jersey,3,000 tons for Lackawanna and 1,600
tons for Duluth, Missabe & Northern. Southern Pacific is inquiring for
60,000 tons, with St. Paul expected in the market for 40,000 tons and Rock
Island for 35,000 tons. Canadian National has bought 2,700 cars and Canadian Pacific 1,000.
Structural steel awards, topped by 6,950 tons for the Ogden avenue
bridge at Chicago, totaled 25,056 tons, exceeding the 24,458 tons of a year
ago. Thirteen thousand tons ofsubway work may be let in New York this
week. New inquiry, which is large, includes 5,000 tons for a war memorial
at San Francisco. 5,300 tons for Boulder Dam and 10,000 tons of miscellaneous work at Chicago. Boulder dam will require, all told, 10,400 tons of
structuralsin addition to 12.500 tons of bars,10,000 tons ofplates and 16,250
tons of pipe. Minnesota has bought 3,000 tons of bars for roadwork;
Louisiana and Tennessee each have 2,000 tons pending.
Sheet and bar specifications are moderately better despite the lack of
sizable automotive business. Railroad requirements, both for repairs and
car construction, dominate plates. Jobber buying of wire promises well for
January. Line pipe activity is slow, but utilities and municipalities have
considerable cast pipe to place. Milwaukee has bought 6,000 tons.
Melters of foundry iron having covered cautiously for the first quarter,
little spot business is going, but reflecting improved steelworks operations
demand for basic iron has improved, especially in eastern Pennsylvania
where large sales have been made. Iron and steel scrap is sensitive to the
general improvement, and the market is firmer. Moderate sales of heavy
melting steel are reported in the East. Heating grade needs spur the coke
market. Semifinished steel is dull.
December production data make the January comeback appear the more
favorable. Last month pig iron, on a daily basis, declined to 53,730 gross
January
tens, 13.6% below November and the lowest for any month since
1922. December output of 1.665,630 tons gives 1930 a total of 31,441,403
year since 1924.
tons,compared with 42,270,183 tons in 1929 and the poorest
of 11
On Dec. 31 only 96 of the country's 310 stacks were active, a net loss
in December. Relating production to capacity, December was a 38% pig
Iron month.
minimum
Steel prices are on firmer ground. Cold-finished bars are at a
of 2.10c. Concessions on sheets,strip and wire have virtually disappeared.
in
On bars, plates and shapes 1.65c. Pittsburgh, or equivalent, is quoted
some districts; in others, 1.60c. is available to all large buyers and some
one exception,
small ones. Most shipments are priced at 1.60c. With
bids on New York Central plates for first quarter were 1.65c. Pittsburgh,
or equivalent. However, until more sales are consummated heavy steel
warrants a range of 1.60c. to 1.65c.. and "Steel's" market composite thus
is unchanged this week at $31.66.
•
Steel ingot production for the week ended last Monday
(Jan.5)showed an increase of 12% over the preceding week,
[VOL. 132.
which included the period of shut
-down over the Christmas
holiday, the "Wall Street Journal" of Jan. 7 stated. The
rate of output was larger at the end of last week than at the
beginning, so that the current rate is probably 3% to 4%
higher than the actual for last week. The "Journal"further
stated:
For the week ended Monday the average was estimated at 36% of theoretical capacity. This compares with 24% in the preceding seven days,
the holiday period, and with 34% two weeks ago.
The United States Steel Corp is credited with the greatest gain, 13%,
the rate being placed at 43% for last week, contrasted with 30% in the
preceding week and 41% two weeks ago.
Leading independents are at around 32%, against 20% in the week
before and 30% two weeks ago.
The expansion in activities is larger than had been anticipated in the
industry. It is due to the fact that specifications late in December called
for comparative early deliveries on orders, and this necessitated more active
operations. At the same time it resulted in elilinating some of the curtailment which has been planned over New Year's Day.
For the corresponding week of 1930, the average was in excess of 59%,
with the United States Steel Corp. at 61%,and leading independents around
58%. At the beginning of 1929 the industry was running at nearly 84%.
with United States Steel around 87% and leading independents better
than 81%.
At the end of December there were 95 blast furnaces active, or 30.3%
of the total of 314 available. against 107 furnaces, or 34.1% active at the
end of November. During December 14 furnaces were blown out and
two lighted.
Steel Industry Preparing for Increased Demand, says
"Steel."
The steel industry is pursuing its traditional policy of
preparing in dull periods for increased demand which it knows
is just ahead, says "Steel," formerly "Iron Trade Review,"
Cleveland. Few departments are being neglected in the
program of enlargement and modernization, adds "Steel,"
which also goes on to say:
While the 16 basic open-hearth steel furnaces completed last year brought
In approximately 1.427,400 tons of new steel making capacity, the aggregate tonnage far exceeds this figure in view of the number of regenerative
furnaces redesigned along larger lines. Thirty-four additional open-hearth
furnaces now are being constructed.
Bessemer steelmaking capacity was increased in 1930 for the first time in
ten years with the completion of four converters. Three more are under
construction. The country's steelmaking capacity now is well over 67,000,000 tons a year.
The aggregate capacity of 784 new by-product coke ovens laid down in
1930 was the largest for any year since 1927. This added capacity may seem
to be in excess offuel requirements in view of the fact no new blast furnaces
were completed either last year or the year preceding, but with companies
redesigning stacks of 600 to 800 tons rating to produce 1,000 to 1,500 tons
in 24 hours coke consumption is considerably increased. Seven of the 14
blast furnace :tacks remodeled last year are designed to produce 1,000 tons
or more iron a day. Six additional stacks are now being enlarged. A
half dozen small units were dismantled in 1930.
Facilities for charging, cleaning gas, heating and blowing the blast also
have been greatly improved. Stoves originally built with 190.000 square
feet of heating surface have been relined to afford more than 250.000 square
feet of surface. Turbo blowers now are being built to deliver up to 110.000
cubic feet of air a minute.
Ninety-four steel rolling mills were completed In 1930 and 29 more are
being built. The rolling mill industry during the year just closed witnessed
the introduction of a new type mill for producing electric welded pipe in
large diameters. Six mills were built for the manufacture of such pipe.
Pig Iron Output in December Declined 13.7%.
So many blast furnaces were banked during the holidays
that output for December 1930 fell decidedly from the low
rate of November, states the "Iron Age" of Jan. 8. The
decline in daily rate was over 13.5%, bringing the operation
down to the lowest since January 1922. The "Age" also
goes on to say:
With every operating furnace heard from, the daily rate for December
was 53,732 tons, which was 13.7% under the 62,237 tons per day for
November. The net loss in active furnaces was 12 in December, as compared with four in November and 12 in October.
Coke pig iron production in December was 1,665,690 gross tons, or 53,732
tons per day for the 31 days, as compared with 1,867,107 tons, or 62,237
tons per day for the 30 days in November. The loss in daily rate was
8,505 tons, or 13.7%. In November this loss was 10.9%. The December
loss is the largest for 1930, the next largest having been 13% in July. In
October the loss was 8%, with 6.8% in September and 4.3% in August.
The December daily rate is the smallest since January 1922, when it
was 53.062 tons per day. The most recent smaller daily rate for December
was the 53,196 tons for that month in 1921.
The 1930 output of coke pig iron was 31.399.105 tons. This is a decline
of 25.7% from the 42,285,769 tons in 1929, the record output.
Net Loss of 12 Furnaces.
There were 14 furnaces blown out or banked during December, with
only two blown in. In November eight were shut down and four put in
bla•t, a net loss of four. The net loss since March has been 90 furnaces.
Operating Rate on January 1.
Estimated operating rate for the 95 furnaces active on Jan. 1 was 51.330
tons per day, as compared with 60,205 tons per day for the 107 furnaces
blowing on Dec. 1.
Of the 14 furnaces shut down and inactive on Jan. 1, six belonged to
independent steel companies, four to the Steel Corporation and four were
merchant. One Steel Corporation furnace was blown in during December
and one independent steel company stack. The net loss in steel-making
furnaces was eight for December.
The low operating rate on Jan. 1 and the large net loss in furnaces is
largely due to temporary banking. Some of these stacks will have probably become active early this month.
JAN. 10 1931.]
FINANCIAL CHRONICLE
205
Furnace Changes in December.
period in 1929 and 9,355,000 tons and 1,393,000 tons, respecOnly two furnaces were blown in during December: The Ashland furnace
of the American Rolling Mill Co. in. Kentucky, and No. 4 Huxley furnace tively, during the week ended Dec. 20 1930.
During the calendar year 1930 there were produced an
of the Tennessee Coal, Iron & Railroad Co. in Alabama.
Furnaces blown out or banked during December and inactive on Jan. 1 estimated total of 461,630,000 net tons of bituminous coal
were the following: Harriet Y furnace of the Wickwire Spencer Steel Co. in
the Buffalo district; one Duquesne furnace of the Carnegie Steel Co. and as compared with 534,989,000 tons in 1929 and 500,745,000
one Alquippa furnace of the Jones & Laughlin Steel Corp. in the Pittsburgh tons in 1928. The Bureau's statement follows:
district; the Pulaski furnace in Virginia; two Campbell and one Hubbard
BITUMINOUS COAL.
furnace of the Youngstown Sheet & Tube Co., Mahoning Valley; one
The total production of soft coal (including lignite and coal coked at the
Shenango furnace in the Shenango Valley; one South Chicago furnace of mines)
during the week ended Dec. 27 1930—Christmas week—is estimated
the Illinois Steel Co. and one Gary furnace in the Chicago district; one
at 6.892,000 net tons. This compares with a production of9,355,000 tons in
furnace of the Colorado Fuel & Iron Co. in Colorado; one Pioneer furnace the
preceding week which, however, had six full working days. Production
of the Republic Iron & Steel Co.; No. 3 furnace of the Sloss-Sheffield
during Christmas week in 1929 amounted to 7,816,000 tons.
Steel Co. and one Ensley furnace of the Tennessee Coal, Iron & RR. Co.
Total Production of Soft Coal in 1930.
In Alabama.
The total production of soft coal during the calendar year 1930, including
DAILY AVERAGE PRODUCTION OF CORE PIG IRON IN THE UNITED lignite
and coal coked at the mines, is estimated at 461,630.000 net tons.
STATES BY MONTHS SINCE JAN. 1 1925—GROSS TONS.
This figure represents the total of the Bureau's current estimates for the 52
weeks in the year, and is subject to slight revision. Compared with the out1925.
1926. • 1927.
1928.
1929.
1930.
put in 1929, as shown by the annual canvass of mines for that year, the
1930 figure indicates a decrease of 73.359.000 tons, or 13.7%. Figuresfor
January
108,720 106,974 100.123
92,573 111,044
91.209
February
recent calendar years are given below:
114,791 104.408 105.024 100.004 114,507 101.390
March
114,975 111,032 112.366 103,215 119.822 104.715 1929
573,367.000 net'tons
534,989,000 net tons 1926
April
108,632 115,004 114.074 106,183 122.087 108.062 1928
520,053,000 net tons
500,745.000 net tons 1925
May
94,542 112,304 109.385 105,931 125,745 104.283 1927
483,687,000 net tons
517.763.000 net tons 1924
June
89,115 107,844 102.988 102.733 123,908
97.804
As already indicated by the revised figures above, the total production of
First six months
105,039 109,660 107.351 101.763 119,564 100,891
soft coal for the country as a whole during the week ended Dec. 20 1930,
July
85,936 103,978
95,199
99.091 122,100
85,146
August
87,241 103.241
95.073 101,180 121.151
81,417 is estimated at 9,355,000 net tons. Compared with the output in the precedSeptember
90,873 104.543
92.498 102,077 118,585
75.890 ing week, this shows an increase of 571,000 tons, or 6.5%. The following
October
97,528 107,553
89,810 108,832 115,745
69.831 table apportions the tonnage by States and gives comparable figures for
November
100,767 107,890
88.279 110.084 106.047
62.237
December
104,853
99,712
86,960 108,705
53.732 other recent years:
91.513
12 months'average__ 99.735 107.043
99.268 103.382 115.851
86.025
Estimated Weekly Production of Coal by States (Net Tons)
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS—GROSS TONS.
Week Ended
Dec. 1923
State—
Dec. 20'30. Dec. 1330. Dec. 21'29. Dec. 22'28. Average..
Alabama
355,000
293,000
409,000
417.000
349.000
•
Merchants.*
Steel Works.
Total.
Arkansas
39,000
48.000
39,000
45.000
25.000
Colorado
226,000
268.000
187,000
286,000
253.000
1928—January
23,053
69.520
92.573
Illinois
1,260.000 1,050,000 1,511,000 1,564,000 1,535,000
February
78,444
21,560
100,004
Indiana
342,000
366,000
420,000
427,000
614,000
March.
83.489
19,728
103.215
Iowa
100.000
78.000
110,000
103,000
121,000
April
21,000
85.183
106.183
Kansas
73,000
60,000
59,000
88,000
90,000
May
105.931
20,355
85.578
Kentucky—
June
21.103
102,733
81,630
Eastern
743,000
688,000
959.000
835.000
584.000
July
19.578
79.513
99.091
Western
230,000
204,000
338,000
379,000
204.000
August
18.538
82.642
101,180
Maryland
75.000
55.000
60.000
65.000
37,000
September
19.487
102,077
82.590
Michigan
16,000
12.000
12,000
15,000
21,000
October
20,781
88.051
108,832
Missouri
80,000
61,000
96,000
92,000
69.000
November
21.610
88,474
110,084
Montana
64,000
60,000
83.000
88,000
64.000
December
23.290
85.415
108,705
New MCKIM- 41,000
45,000
49,000
53.000
56,000
1929—January
25,514
111.044
85.530
North Dakota_ _ _
48.000
47,000
69.000
65.000
27,000
February
25,261
89,246
114.507
OhIo
490.000
472,000
572.000
427.000
599,000
March
119,822
24.361
95,461
Oklahoma
63,000
43.000
90.000
102.000
58.000
April
26,407
95.680
122,087
Pennsylvania
2,270,000 2,284,000 2.756,000 2,853,000 2,818.000
May
100,174
25.571
125.745
Tehnessee
121,000
106,000
118,000
121.000
103,000
June
23.915
99,993
123,908
Texas
39,000
11,000
16.000
23.000
21,000
July
98.044
24,056
122.100
Utah
112,000
126,000
115,000
156,000
100,000
August
22.251
98.900
121.151
Virginia
237,000
229,000
274,000
285,000
193,000
September
95.426
21,159
116.585
Washington
43.000
40,000
60,000
62,000
57,000
October
93,644
22.101
115.745
West Virginia—
November
83.276
22,771
106.047
Southern_b_
1,579,000 1,524.000 2,047.000 1,805,000 1.132.000
December
68.152
23,361
91,513
609.000
Northern _c _ _ _ 568,000
737,000
666,000
692.000
1930—January
71.447
19.762
91,209
114,000
Wyoming
118,000
138.000
144.000
173,000
February
81,850
19.810
101,390
3,000
1.000
Other States_ d _ _
9,000
6,000
5.000
March
83.900
20.815
104,715
April
85.489
106.062
20.573
Total bitum's- 9,355,000 8,784,000 11,360,000 11.235.000 9,900.000
May
84,310
19.973
104.233
Penn.anthracite. 1.393.000 1,216,000 1,795,000 1.466.000 1,806,000
June
77.883
19.921
97.804
July
68.949
18,197
85,146
Total all coal_ _10,748,000 10,000,000 13,155,000 12.701.000 11,706,000
August
64.857
16.580
81.417
a Average weekly rate for the entire month. b Includes operations on
SPptember
62.342
13.548
75,330
the N. & W., C. & 0.. Virginian, and K. & M. c Rest of State, including
October
57.788
12.043
69,831
Panhandle. d Figures are not strictly comparable for the serveral years.
November
49,730
12,507
62,237
Ilaram haw
An 11,V5
PENNSYLVANIA ANTHRACITE.
11 ,
70,11
KO TOO
The total production of Pennsylvania anthracite during the week ended
•Includes pig iron made for the market by steel companies.
Dec.27 1930—Christmas week—is estimated at 971,000 net tons. This IS a
BEGINNING JAN.1 1928—GROSS TONS.
decrease of 422,000 tons, or 30.3%, from the revised estimate for the runtime week preceding. Production during Christmas week in :929 amounted
1928.
1929.
1929.
1930.
1928.
1930.
Jan.— 2.869.761 3,442,370 2.827,464 July
3.071,824 8.785,120 2.639,537 to 1,212,000 net tons.
Feb.— 2,900,126 3,206,185 2.838,920 Aug .... 3,136.570 3.755.680 2,523,921
Estimated Production of Pennsylvania Anthracite (Net Tons).
Mar.. 3.199,674 3.714,473 3,246,171 Sept__ 3.062.314 3,497.564 2.276 770
930-—1929—
Apr _ 3.185,504 3,662.625 3.181.868 Oct__ 8,373,806 3.588.118 3.164.768
Daily
Daily
May.. 8,283.858 3.898.082 3,232.760 Nov.. 3.302.523 3,181.411 1,867.107
Week.
Week Ended—
Avge.
Week.
Avge.
June.. 8.082.000 3,717,225 2,934,129 Dec .. 3,369.846 2.836,916 1.665,890 December 13
1,216,000
202,700
1,920,000
320,000
December 20.a
1,393,000
232,200
1,795,000
299,000
bi Yr.18.520,921 21,640,980 18.261.312 Year*.37,837.804 42.285.769 31,399,105 December 27_6
971.000
194,200
1,212,000
242,000
a Revised since last report. b Subject to revision.
• These totals do not include °llama pig iron. The 1929 production of this
BEEHIVE COKE.
Iron was 138,193 gross tons, as compared with 142,960 gross tons In 1928.
The total production of beehive coke during the week ended Dec.271930—
PRODUCTION OF STEEL COMPANIES FOR OWN USE—GROSS TONS
Christmas week—is estimated at 30.100 net tons. This is a decrease of9.200
tons from the output in the preceding week, when ovens were fired six days.
7'001 Pig Iron—
Production during Christmas week in 1929 amounted to 72.000 tons.
Spiegel and Ferromanganese.
Ferromanganese.:
Estimated Production of Beehive Coke (Net Tons).
1928.
1929.
1930.
1928. 1929.
Week Ended
1930.
1930
1929
Region—
Dec.27'30.bDec.20'30.c Dec.28'29. to Date.
to Date..
January
2,155,133 2.651,416 2,214,875 22.298 28,208 27,260 Penn., Ohio & W.Va. 24,900
33,800
62,000 2,432.200 5,346,500
February
2,274,880 2,498,901 2,284,234 19.320 38,978 21,310 Ga., Tenn. & Va____ 4,200
4.500
240,000
7,100
380.300
March
2.588,158 2,959.295 2,600,980 27.912 24.978 23,345 Colo., Utah & Wash, 1,000
1,000
104,000
2,900
250.700
3 months
7,018,171 8.109,612 7.100.089 69,530 79.164 71,915
United States total 30,100
72,000 2,776,200 5977,500
39.300
April
2,555,500 2,826.028 2,564.681 18.405 22,413 27,777
May
2.652.872 3,105,404 2,613,628 29,940 25.806 30,296 Daily average
14,400
6,020
9,014
6,550
19,407
June
2.443.905 2.999,798 2.304,223 32.088 33,383 27,327
a Minus one day's production first week In January to equalize nuikber
of days in the two years. b Subject to revision. c Revised.
Half-year
14,675,448 17,040,842 14.532.621 149,983 160,836 157,325
July
2,464.898 3.039,370 2,075,414 32,009 31,040 17.728
August
2,561,904 3,065,874 2,010,572 24.583 28,461 20.901 British Revenue Gains Wiped Out by Expense--Deficit
September
2,477,695 2.862.799 1.870.269 22.278 27.505 21.181
for Nine Months $903,000,000, as Against $850,000,9 months
22,179,943 26.008,885 20.538.876 230.733 247,842 217.143
000 a Year Ago.
2,729,589 2.902,960 1.791.421 23,939 31,108 24.480
October
November
2,654,211
2.498,291 1,491.927 29,773 28,285 18,619
The following London cablegram Dec. 31 is from the New
December
2,647.863 2,112 074 1.269,529 28,618 28,564 16.288
York "Times:"
Year
30.211,605 33,522,840 25.101.753 312.051 326 700 276.830
Includes output of merchant furnace.
,
Production of Bituminous Coal and Pennsylvania
Anthracite During Week Ended Dec. 27 1930
Below That for the Corresponding Period in 1929.
According to the United States Bureau of Mines, Department of Commerce, the estimated output of bituminous coal
and Pennsylvania anthracite during the week ended Dec. 27
1930—Christmas week—amounted to 6,892,000 net tons
and 971,000 tons, respectively, as compared with 7,816,000
tons and 1,212,000 tons, respectively, in the corresponding
Three-quarters of Great Britain's financial year of 1930-31 ended to-night, and official figures disclose that, while revenues increased, expenditures
increased still more. The deficit for the nine months is $903.000,000, as
against less than $850,000,000 a year ago, and the deficit this year is nearly
twice as large as that of 1928-29.
Ordinary revenues amounted to $2,176,716,270, an increase of $84,345,395 which, however. is almost entirely accounted for by an appropriation
of $80,000,000 for a suspense account. Income taxes, surtaxes and death
duties all show increases, but stamp and coupon revenues show substantial
decreases as a consequence of the trade depression.
Ordinary expenditures totaled $2.884,446,020 as against $2,759,542.345
last year. Owing to the cheapness of money considerable savings were
made in interest on the national debt, which cost $90,042,980 less than the
-balancing items the total expenditure was
charges last year. Including self
$3,335,458,500. as against $3,194,344,185 last year. The total revenue
for the period was 82,432,456,065. as against $2,345,358,755 last year.
[VOL. 132.
FINANCIAL CHRONICLE
206
il
Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Jan. 7, as reported by
the 12 Federal Reserve banks, was $1,355,000,000, a decrease
of $44,000,000 compared with the preceding week and of
$220,000,000 compared with the corresponding week in
1930. After noting these facts, the Federal Reserve Board
proceeds as follows:
increased from $235,000,000 to $315,000,000. The present
week's total of $1,879,000,000 is the lowest point these
figures have reached since Dec. 17 1924, when the amount
stood at $1,865,850,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Jan. 7 1931. Dec. 311930. Jan.8 1930.
$
Loans and investments—total
Z.988.000,000 8,152,000,000 7,813,000,000
On Jan. 7 total Reserve bank credit amounted to $1,248,000,000, a
decrease of $125,000,000 for the week. This decrease corresponds with Loans—total
5,658.000,000 5,859,000,000 5,838,000,000
decreases of $107,000,000 in money in circulation and $27,000,000 in
On securities
member bank Reserve balances and an increase of $9,000,000 in monetary
3,233,000,000 3,438,000,000 3,049,000,000
All other
2,425,000,000 2,421,000,000 2,789,000.000
gold stock. offset in part by a decrease of $14,000,000 in Treasury currency
$5.000,000 in unexpended capital funds, &c.
and an increase of
•
Investments—total
2,310,000.000 2,293,000,000 1,978.000,000
Holdings of bills discounted increased $41,000,000 during the week,
U.S. Government securities
1,225,000,000 1,182,000,000 1,083,000,000
the principal changes being increases of $16,000,000 at the Federal Reserve
Other securities
1,085,000,000 1,111,000,000 892,000.000
Bank of San Francisco. $8,000.000 at New York, $7,000,000 at Chicago
at Atlanta and Kansas City. The System's holdings Reserve with Federal Reserve Bank.... 821,000,000 881,000,000 744,000,000
and $5.000,000 each
of bills bought in open market declined $99,000,000, of U. S. bonds $49,- Cash in vault
79.000,000
85,000,000
59,000.000
000,000 and of Treasury notes $25,000,000, while holdings of Treasury
Net demand deposits
5,911,000,000 6.070,000.000 5,479.000.000
certificates and bills increased 84,000,000.
Time deposits
1,180,000.000 1,201.000,000 1,267.000.000
25,000,000
35,000.000
9,000,000
Beginning with the statement of May 28 1930, the text Government deposits_
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock and
frnoney 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 Jan. 7, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely.
pages 271 and 272.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Jan. 7 1931 were as follows:
Due from banks
Due to banks
92,000,000 132,000.000
1,288,000,000 1,317,000,(i00
Borrowings from Federal Reserve Bank_
17,000.000
9,000,000
83,000,000
986,000,000
76,000,000
Loans on secur. to brokers & dealers;
1,206,000,000 1,321,000,000 886,000,000
For own account
For account of out-of-town banks..
315.000,000 235,000,000 824,000,000
For account of others_
358,000,000 370,000,000 1,642,000,000
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
1,879,000,000 1,928,000,000 3,352,000,000
1,422,000,000 1,446,000,000 2,925.000.000
457.000,000 480,000,000 427,000,000
Chicago.
1,997,000,000 1,978,000,000 1,847,000,000
1,443,000,000 1,414,000,000 1,476,000,000
838,000,000
605,000,000
789.000,000
825,000,000
853,000.000
623,000,000
554,000,000
564,000.000
370,000,000
257,000.000
297,000,000
250.000,000
314,000,000
153,000,000
Increase (4-) or Decrease (—)
217,000,000
Since
Reserve with Federal Reserve Bank_
184,000.000 215,000,000 177,000,000
Jan.7 1931. ,Dec. 31 1930. Jan. 8 1930.
Cash in vault
17,000,000
16,000,000
16,000,000
292,000.000 +41,000.000 —278.000.000 Net demand deposits
BiThi discounted
1,293,000,000 1,273,000,000 1,229,000.000
—54.000.000 Time deposits
265,000,000 —99,000.000
Bills bought
593,000.000 602.000,000 508.000,000
18,000,000
659,000,000 —70.000,000 +174,000,000 Government deposits
25,000,000
4,000.000
United States securities
—17,000.000
31,000,000 +2,000,000
Other Reserve bank credit
Due from banks
174,000.000 207.000,000 121,000,000
Due to banks
368,000,000 368,000,000 313,000,000
TOTAL RES'VE BANK CREDIT-1,248,000,000 —125,000,000 —172,000.000
4,602,000.000
+9.000.000 +325,000,000 Borrowings from Federal Reserve Bank_
Monetary gold stock
1,000,000
1,000,000
13,000,000
1,784.000,000 —14.000,000
Treasury curreacy adjusted
•Revised.
+92,000,000
4,782.000,000 —107.000.000
Money in circulstion
2 444,000,000 —27,000.000
+77,000,000
Member bank reserve balances
Complete Returns of the Member Banks of the Federal
Unexpended capital funds, non-mem409,000,000
+5,000,000
—14,000,000
Reserve System for the Preceding Week.
ber deposits, &c
Returns of Member Banks for New York and Chicago
Federal Reserve Districts--Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member baaks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselva, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in the different
cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks.
The present week's totals are exclusive of figures for the
Bank of United States in this city, which closed its doors on
Dec. 11 1930, The last report of this bank showed loans
and investments of about $190,000,000. The grand aggregate of brokers' loans the present week records a decrease
of $47,000,000, the total on Jan. 7 1931 standing at $1,879,000,000. The present week's decrease of $47,000,000
follows an increase of $6,000,000 last week, but a contraction of no less than $1,302,000,000 in the preceding 13
weeks. Loans "for own account" dropped during the week
from $1,321,000,000 to $1,206,000,000, and loans "for
account of others" decreased from $370,000,000 to $358,000,000, while loans "for account of out-of-town banks"
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Dec. 31:
The Federal Reserve Board's condition statement of weekly
reporting
member banks in leading cities on Dec. 31 shows an increase for the week of
$396,000,000 in net demand deposits, and decreases of $56.000,000 in time
deposits, $161,000.000 in borrowings from Federal Reserve banks and
$29,000,000 in loans and investments.
Loans on securities, which at all reporting banks were
$35,000,000 above
the previous week's total, increased $72,000,000 in the New York district,
$14,000,000 in the Boston district and $13,000,000 in the Philadelphia district, and declined $14,000,000 in the Cleveland district. "All other"
loans increased $33,000.000 in the New York district,
$22.000,000 In the
Chicago district and $28.000,000 at all reporting banks, and declined t15,000,000 in the Philadelphia district and $8,000,000 each in the Richmond
and Atlanta districts.
Holdings of U. S. Government securities declined $54,000,000 in the
New York district, $ 9.000.000 in the Philadelphia district, $26,000,000 in
2
the Chicago district, $ 3,000,000 in the San Francisco district, $13,000,000
2
In the Cleveland district, $11,000,000 in the Atlanta district and $164,000.000 at all reporting banks. Holdings of other securities increased
$52,000,000 in the New York district, $10,000,000 in the Chicago district,
89,000.000 in the Cleveland district and $72,000,000 at all reporting banks
Borrowings of weekly reporting member banks from Federal Resery(
banks aggregated $89,000,000 on Dec. 31, the principal decreases for the
week being $72,000,000 at the Federal Reserve Bank of New York, $38,000,000 at San Francisco, $12,000,000 at Richmond, $10,000,000 at
Cleveland and $6,000,000 each at Boston and Chicago.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Dec. 31 1930. follows:
JAN. 3 1931.1
FINANCIAL CHRONICLE
207
Increase (+) or Decrease (—)
Trade in all lines in Manchuria is dull. Export demand for Manchurian
Since
products continues weak, with prices slightly lowered. Further bankruptDec. 31 1930. Dec. 24 1930. Dec. 31 1929.
cies of Chinese firms in Mukden are expected, although banks have been
$
$
$
—29,000,000 —207,000,000 authorized to issue bonds to the value of 20,000.000 Mexican dollars ($5,Loans and investments—total-22,956,000,000
200,000) in efforts to relieve the situation.
+63,000,000 —1,386,000.000
Loans—total
10,263,000,000
CUBA.
On securities
+35,000,000 —490,000,000
7,814,000,000
The expected seasonal improvement during December failed to meet
All other
+28,000,000 —895,000.000
8,449.000,000
business showed a further recession, even compared
expectations and Cuba
—92,000,000 +1,179.000,000 with the previous record low month of November. Collections in general
6,693,000,000
Investments—total
are extremely difficult and credits largely curtailed,resulting in a restriction
U.S. Government securities
2,992,000,000 —164,000,000 +399,000.000
Other securities
+72,000,000 +780.000,000 of purchases to absolute necessities. Conditions were aggravated by a
3,701,000,000
renewal of student disorders, which led to another suspension of constituReserve with Federal Res've banks 1,878,000,000 +106,000,000 +152,000,000 tional guarantees on Dec. 11. Since that date conditions have been rela+25,000,000
Gash In vault
—31,000,000
287,000,000
tively quiet throughout the Island, but the wholesale and retail trade have,
Net demand deposits
13,999,000,000 +306,000.000 —119,000,000 with few exceptions, failed to register any improvement. The situation
+283,000,000 is reflected in the decline of government revenues and other indices. The
Time deposits
—56,000.000
7,070.000,000
Government deposits
+2,000,000 +122,000.000 re-sale price of lottery tickets is probably one of the best indications of the
204,000.000
The prices of these tickets fluctuate in
Due from banks
1.617,000,000 +210,000,000 +301.000,000 buying power of the Cuban people.
Due to banks
3,539,000,000 +336,000,000 +389.000,000 accordance with the demand. This year's issue of the Christmas lottery
(as against 13,000 last year) and their resale
was reduced to 9,000 tickets
Borrowings from Fed. Res. banks_
89,000,000 —161,000,000 —316,000,000 price declined from $1.30 a fraction to $1.05 a fraction. In spite of this,
sales were so slow that the drawing was postponed a day to provide additickets. The European sugar
dealers to dispose of
tional time for
Summary of Conditions in World Markets, According conference was the dominating influencetheir Cuban sugar industry during
in the
the
to Cablegrams and Other Reports to the Depart- the past weeks. Conflicting rumors as to the eventual outcome of the conference were reflected in market quotations which have been showing a
ment of Commerce.
bearish tendency. Prices, after a temporary recovery, are now almost
The Department of Commerce at Washington releases for back to early October levels. President Machado has decreed that the
1930-1931 grinding season will begin on Jan. 15 1931, but permitting the
publication Jan. 10 the following summary of market condicutting of cane and other incidental preparations to commence before that
tions abroad, based on advices by cable and radio:
date. The $42,000,000 bond issue for the payment of the 1,500,000 long
tons of sugar to be segregated under the Sugar Stabilization Law (ChadARGENTINA.
bourne plan) has been arranged. In accordance with the terms of the law,
The holiday trade was slow and business for the week ended Jan. 2 these bonds will be deposited with the bank, acting as trustee, and the
continued dull. The peso exchange suffered a further decline, owing to the contributors to the above sugar will receive deposit receipts pending the
heavy remittances of importers on account of an accumulation of bills due sale of the issue. It is not expected that the marketing of these bonds will
and the Government's financial operations in debt retirement,renewals and
be attempted in the near future. The quantity of sugar voluntarily conservicing. In order to support the peso excahnge on Dec. 31 the Governtributed towards the 1,500,000 long tons now totals 1,205,771 long tons,
ment issued a decree authorizing the Banco de la Nacion to sell exchange
and, in addition thereto, roughly 93.000 long tons of sugar covered by
against its foreign deposits with Argentine legations, amounting to 30,000.disapproved sales contracts are available to the National Sugar Export
000 gold pesos. The native and foreign oil companies have been authorized
Corp. which will control the sale of the segregated sugar. Total Cuban
to increase their gasoline price by 2 centavos in order to provide funds for
exports ofsugar to all destinations during the period from Jan. 1 to Dec. 13
highway construction. The weather continues to be favorable to the cereals
long tons as against 4,680,078 long tons during
that are being harvested and to the livestock industry. (Gold peso about amounted to 3,219,916
the equivalent period of 1929.
10.95.)
EGYPT.
AUSTRALIA.
Economic conditions during the last quarter of 1930 continued difficult,
Little of note has transpired in Australia during the past week owing to the
further decline in the price of cotton and lack of normal seasonal
due to the
holidays. Holiday business on the whole was below expectations. The
While there was some improvement in retail sales, this was
New South Wales Cabinet has decided to abolish "work rationing" and improvement.
offset by the slow collections in most lines. The number of protested drafts
inaugurate a 44
-hour week effective Jan. 6. A £1,500,000 issue of Federal
and bankruptcies reached a new high, as a result of commitments made in
Treasury bills to assist the New South Wales Government has been agreed
anticipation of improved market conditions, which failed to materialize.
upon. Uncertainty concerning the Government's wheat price guarantee
The present outlook is uncertain because of the approaching native holiday
continues to handicap wheat trading and meantime wheat storage facilities
season and anticipated poor tourist season. Foreign trade also continued
are being seriously taxed.
unfavorable, with the adverse balance reaching LE 15,948.330 (1E equals
BRAZIL.
$5) for the first 10 months of 1930 as against LE 5,075,710 for the same
General business for the week ended Jan.2 continued dull, holiday buying period of 1929. Exports totaled LE 25,112,570(of which cotton represented
was limited, and imports were restricted. Exchange is 10,300 milreis to LE 18,698,860), as compared with LE 40,670.920 (cotton LE 31,844.900)
the sight dollar, but its tendency is downward. Prices of Rio spot sevens
for the first 10 months of 1929; the respective figures for imports were
coffee declined from 17,000 milreis to 16.500 per bag. Sugar prices are
LE 41,060,900 and LE 45,746,630. The generally unfavorable economic
firming and spot crystals in Rio sell at 37.000 milreis per 60. kilos. Despite conditions were also reflected in the sales of automobiles. For Octoberincreased import duties and taxes the Federal budger for 1931 estimates
November sales of passenger cars were 30% below the same period 011929.
revenues at 5% below those of the 1930 budget. The Federal District
-September period of 1930. The
but 45% higher than for the August
budget contains numerous changes in the tax system, including a reduction
December sales are expected to be less than for October-November.
to 150 milreis for private cars, 60 milreis fro taxicabs and 12 milreis for
encountered in collections on installment sales.
Increasing difficulty is being
trucks. The municipal gasoline tax for the Federal District and State of
EL SALVADOR.
Rio has been increased from 48 reis to 148 reis per liter.
(Mllreisabout $0.12.)
The holiday retail trade was surprisingly good. There was little trading
CANADA.
in coffee during the holidays. Present f.o.b. selling prices per Spanish
Retail trade is featured by advanced clearance sales and wholesalers are
quintal of coffee are: Superior unwashed grade, $10.50; current unwashed
concentrating on spring business. Manufacturing shows little improvement
grade from $8.50 to $9; and washed from $12.50 to $15, with an average of
but conditions in the aviation industry are improved by the report that the
$14. A revision of all bank credits takes place at the end of each year, and
Dominion Government is In the market for $500,000 worth of new equipcredits to only the best clients. Owing to the
ment. Western sales of winter aeronautical equipment are also good. Log- this has a tendency to limit
situation is expected.
ging operations in the East are somewhat more active than anticipated. restricted coffee sales, no easing of the credit
Lumber prices, however, continue low and the general depression in the
FINLAND.
Prairie Provinces has accentuated the seasonal decline in consumption.
Finnish industry and trade continues to be affected by low pri es and
Industrial chemicals continue in fairly good demand in the Maritimes limited demand for some of its principal exports. With no prospect of
and Quebec but paint business In that area is dull. A direct shipment of improvement in the near future several branches of industries are forced
100 tone of Spanish olives recently arrived at Saint John (N. B.), the first to to restrict their output. The total lumber exports for 1930 amounted to
be imported into that port in bulk. West Indian tomatoes and oranges are approximately 900.000 standards (1,782.000,000 board feet) compared with
arriving at Halifax in small but increasing quantities. The Nova Scotia 1,206,000 standards (2,387,880.000 board feet) during 1929. Advance
fish catch in 1930 is estimated at 256.300.000 pounds, 9% under 1929. orders for 1931, at the close of December, totaled only 30,000 standards
Ontario hardware business is light and the machinery market is quiet In (59,400,000 board feet). Furthermore, a proposal has been made to reduce
that Province but demand continues fair for winter lines of automptive the cutting of timber this year from 10 to 20%. This would increase
accessories. The Canadian National Railways have ordered 1,000 box unemployment, reduce the purchasing power of the rural population, and
cars from a Hamilton firm. Shoe manufacturers in the Prairies are enjoy- consequently cause a slowing up of domestic industrial production. The
ing a fair amount of business in the cheaper lines. Staple foodstuffs are plywood
industry is adversely affected by declining prices and lower output
moving well in that section.
due to Russian competition of inferior products quoted at 20% below 1930
After touching a new low of 50 cents on Dec. 27, the cash price for No. 1 prices.
Nevertheless. the Heinola Plywood Mill is expected to begin operaNorthern wheat at Winnipeg rallied to higher levels and closed on Jan. 2 tion in April
with an annual capacity of 10,000 cubic meters or 4,240,000
at 53)i cents, a slight gain over the preceding week. Canadian wheat board feet
while the Insulite Mill at liarhula, with a production capacity
in store on Dec. 26 was locally estimated at approximately 217,715,000 of
40,000 metric tons will probably commence operation about the middle
bushels.
of January.
The Dominen Bureau of Statistics estimates the value of Canadian minFRANCE.
eral production in 1930 at $276,865,080. 11% under the 1929 record output
On Dec.20, the number ofregistered unemployed in receipt of allowances
as the result of the drastic decline in metal prices and lower outputs in many
non-metallic minerals and structural materials. New high levels were estab- was 10,686, of whom 6,308 were in Paris. This figure represents a 20%
lished in the quantity and value of the output of gold, petroleum and natural advance in a week, and exceeds that of September 1929 by 10,300. A
gas, while the quantity of copper and zinc produced was greater than in any further increase in unemployment is feared in the near future on account
Of the likelihood of lessened activities in certain industries, especially texprevious year.
Bond issues in Canada during the year are estimated to tot 1$723,430,000, tiles; as that industry has already made heavy operation sacrifices to allevithe highest figure in the country's history with the excepten of the war ate the unemployment situation, it will probably find it necessary to drop a
considerable number of skilled workmen. A further curtailment is expected
loan years of 1917, 1918 and 1919.
Collections are reported fair in Halifax,fair to slow in Montreal, and slow in the textile factories in.the north, but the most serious outlook in regard
to unemployment is in the Vosges section. General part time employment
in other leading centers.
is increasing. The discount rate of the Bank of France was reduced from
CHINA.
2.5 to 2% on Jan. 3, to reach the lowest level in 35 years. The rate for
Foreign trade at Tientsin during the past week was practically at a standadvances on securities remains unchanged.
still. Chinese industries generally observed the solar new year as a holiday,
IRISH FREE STATE.
but most settlements are am siting the lunar new year, Feb. 17-18. Heavy
snows during the past week have temporarily disrupted bus transport in
Economic conditions in the Free State during 1930 were little affected by
the Tientsin district, but railway schedules were maintained. As a result the world depression. The volume of trade passing was not great but was
of the new tariff schedule, which increases the duties on many items nor- steady in consequence of the maintenance of livestock exports, the basic
mally entering in large volume at Tientsin, a reduced import business is Industry of the country. General turnover during the year was approxigenerally expected during the next few months.
mately 10% under the 1929 level with about the same percentage decline
208
FINANCIAL CHRONICLE
in imports, chiefly foodstuffs and feedstuffs for animals. A substantial
decline in the adverse trade balance was accompanied by an improved position in Government finance. Exchequer returns for the fiscal year to date
indicating greater revenues and smaller expenditures than in the corresponding period of 1929-30. Nearly all sources of income, including the corporations profit tax, were larger. There was a marked gain also in public investment in Government savings certificates, net sales during the year representing an average of fl, 18s. lid, per capita.
JAPAN.
The total export trade of the Japanese Empire from the first of January
• to Dec. 25 1930, was valued at 1,498,700,000 yen, against a total of 2,217,600,000 yen for the year 1929. Import trade for the 1930 period amounted
to 1,662.700,000 yen, compared with 2.388,500,000 yen for 1929. It is
estimated that the unfavorable trade balance for 1930, including invisible
trade, will be in the neighborhood of 70,000.000 yen. (Current exchange
rate of the yen is $0.496.) Holiday trade in Japan was much below normal.
Year-end settlements, however, proceeded smoothly. It is expected that
during 1931 there will be more surplus commodity stocks in Japan and
commodity prices will be reduced to approximately world levels. Total
paid in capital during 1930,including all bonds and stocks, was 1,033.000.000
yen, the smallest amount since 1916.
MEXICO.
The revenue law for 1931 increases the gasoline tax to 6 centavos per liter
and also increases the municipal surcharge on import duties to 3%,although
the surcharge on export duties remains at 2%. The Fedesl revenue budget for 1931 amounts to 298,500.000 pesos. The Mexican Government
has announced the -conclusion of an arrangement with the National City
lank of New York for credit up to the amount of $15.000,000 to be used for
stabilizing exchange. A special monetary commission, consisting of representatives of the Mexican Treasury Department, the National Banking
Commission and the Bank of Mexico, has been appointed to regulate exchange. The prevailing opinion is that no effort will be made to bring the
peso back to par,as such measures would operate to the detriment ofexports.
The reorganizing committee of the National Railways of Mexico has submitted recommendations calling for the simplification of the present legal structure ofthe system through consolidation of all constituent roads into a single
Mexican corporation. The recommendations further provide for a reduction
In size of the board of directors and the abolition of the board in New York,
and numerous technical and administrative changes designed to reduce
expenses and increase efficiency. The National Exposition due to be held
In Mexico City in January has been postponed indefinitely.
NEWFOUNDLAND.
Retail trade in St. John's in December was at practically the same level
as a year ago in spite of the depressed prices prevailing for codfish and
the low catch in this staple of income for the general population. Wholesale trade, however, was about a third less than in 1929 and an increasing
number of outport merchants are being refused credit. The herring catch
thus far is disappointing. Paper production for 11 months of 1930 totaled
263,000 tons.
SOUTH AFRICA.
Holiday buying in the Union is reported to have been above expectations but general business continues on about the same level as in previous
months, with no prospect of a higher level of consumption being reached
in the immediate future. The credit position is slightly better as the
result of increased buying during the holidays and a concerted effort by
merchants to restrict accommodations to safe limits. Farming conditions
also have been greatly improved by good rains in all districts, and maize
prices have held recent gains. The wool position, however, is disappointing, and a Council of the Industry has suspended sales from Dec. 20 to
Jan. 5 in an effort to stabilize prices which have declined 5 to 7% from
November. The sale of agricultural implements has been influenced for
the better by good general rains, a high level of maize prices and the government's financial assistance to farmers. The new crop is now being planted
but there are no prospects of increased acreage. The final returns on the
1930 crop allow 11,000,000 bags (550.000 tons), for export. The motor
trade continues quiet. A slight improvement in sales may result from
the introduction of new models. Best sellers continue in the low-class
range. The textile market is dull with competition increasing from Japanese and Italian products.
SWEDEN.
Swedish industrial production during October was fairly well maintained
although slightly curtailed production was noticeable in most of the leading industries due to the international depression. The monthly industrial
production index for October which usually shows a seasonal increase
declined one point to 126 as against 134 during October 1929. The average
monthly index figure for July-October 1930 was only 125 as compared
with 131 for the same months of last year.
The Department's summary also includes the following
with regard to the Island possessions of the United States:
(VOL. 132.
Gates W. McGarrah, President of Bank for International Settlements to Sail for Europe To-day.
Gates W. McGarrah, President of the Bank of International Settlements at Basle, is scheduled to sail for Europe
to-day (Jan. 10). Mr. McGarrah has been in the United
States since November last, his arrival having been reported
in those columns Nov. 15, page 3129.
December 31 Statement of Bank for International
Settlements—Assets at $304,579,897 on Dec. 31
Compared with $362,111,549 Nov. 30.
After the heaviest month it has yet had, the Bank for
International Settlements shows in its statement for December, issued at Basle, Switzerland, Jan. 3, $58,000,000 less in
deposits than at the end of November. Noting this, a
cablegram to the New York "Times" added:
This decrease, the first the bank has had, was expected, for it was due
to normal withdrawals to pay allied debt accounts, chiefly to the United
States, on Dec. 15.
In the early part of the month, before these withdrawals were made,
the bank's funds rose to nearly $400,000.000, the highest point they have
reached.
All things considered, banking circles feel that the bank has weathered
the heavy month very satisfactorily. They point out that the Central*
Banks, in addition to the funds they withdrew on account of their governments to meet semi-annual debt payments, had to withdraw some of
their own deposits to meet end-of
-the-year payments. The former withdrawals alone totaled nearly $130,000,000. including, in addition to payments to the United States, French and Italian debt payments to Great
Britain. In other words, new deposits before the end of December had
already replaced $72,000,000 of these withdrawals.
These new deposits were chiefly made by the Central Banks on their
own accounts, which the statement shows now amount to $43,000.000
more than in November and represent the highest figure they have yet
reached, or 51% of the bank's entire funds. It is this development that
especially pleases bank circles.
On the asset side it is noteworthy that there are no longer any investments exceeding two years, and since only 2% of the funds are invested
for more than a year, the bank is now practically on less than a year's
basis as far as liquidity is concerned.
The statement shows 500 more shares capital issue. They went to
the Bank of Latvia.
The January meeting of the bank board has been postponed to Jan. 10
to allow Gates W. McGarrah, the President, who is expected to sail from
New York on Jan. 10. to preside over it. The bank governors, as usual,
will assemble at Basle a couple of days before the meeting for a preliminary
exchange of views, this time chiefly on the clearing-house functions of
the world bank.
In an adjoining column will be found a translation of the December
statement, signed by Leon Fraser as alternate for President McGarrah,
with Swiss gold francs converted into dollars at par, 19.3 cents.
BANK FOR INTERNATIONAL SETTLEMENTS.
--SITUATION AS OF
DECEMBER 31 1930.
Assets.
I. Cash on hand and on current account with banks
$ 1,172,613
II, Sight funds at Interest
14,439,111
138, Redlscountable bills and acceptances (at cost).
(1) Commercial bills and bankers'acceptances- --- $61,681,245
(2) Treasury bills
34,193,897
Total
IV. Time funds at interest.
(1) Not exceeding three months
(2) Between three and six months
Total
V. Sundry investments (at cost).
(1) Not exceeding one year
(2) Between one and two years
$95,875,142
$126,034,831
28,036,840
$154,071,671
$29,631,412
7,154,298
Total
VI. Other assets
$36.835,710
2,185.650
Total assets
$304.579,897
I. Capital (authorized capital, 200,000 shares of 2,500 Swiss gold
francs each; 164,600 abs. issued, $79,419,500,one-fourth paid in) $19,854,875
II. Special deposits.
(1) Annuity trust account
$29,790,342
(2) German Government deposit
14,895,173
(3) French Government guarantee fund
13.252.923
PHILIPPINE ISLANDS.
Local firms have been engaged during the past week with the taking of
Total
inventories and adjusting accounts. The Manila abaca market is quiet
and steady with no interest from buyers or sellers, and trade with London III. Short term and sight deposits.
(1) Central banks for their own account.
stagnant, with little consumer demand. Exports
and New York remains
(a) Not exceeding three months
(b) Sight
during the week ended bee. 29, amounted to 18,000 bales, of which 2,500
were shipped to the United States. The copra market is quiet. Arrivals
Total
are seasonally fair and two oil mills are operating. Prices at all ports for
(2) Central banks tor account of others.
warehouse grade resecado are 7 pesos per picul, except at Hondagua which
(a) Between three and six months
(b) Not exceeding three months
is inactive. According to preliminary estimates, total exports from the
(c) Sight
Philippines in 1930 were valued at 276.600.000 pesos and imports amounted
to 257,200,000 pesos. The former represented a decline of 16% from 1929
Total
and the latter, 13%. The favorable export balance of 19,400,000 pesos IV. Other depositors.
(a) Not exceeding three months
was 44% below 1929. (Peso about $0.50.)•
(b) Sight
$57,938,438
$116,767,345
38,415,494
$155,182,830
$10,641.172
29,783,211
27.134,987
367,559.350
$1,678,581
43,451
Total
$1,722,032
J. P. Morgan's Yacht Sails—Financier to Board Ship V. Miscellaneous habilltiee
2,322,363
Holy Land in March.
in South—To Visit
Total liabilities
$304,579,897
The following from Glen Cove, Long Island, Jan. 7,
The Nov. 30 statement of the Bank was given in ou
appeared in the New York "Times":
issue of Dec. 27, page 4128.
J.Pierpont Morgan's yacht Corsair, it was learned here yesterday,left the
Tebo Yacht Basin in Brooklyn Monday for Jacksonville, Fla.
The financier was not aborad but expects to leave with a party of friends
Bank of France Dividend.
for Jacksonville next week. There they will go aboard the Corsair for a
month's cruise on the Carribean Sea and around the Virgin Islands.
The following from Paris is from the "Wall Street Journal,"
Following this cruise Mr. Morgan plans to return north for about a
month and to sail by steamship in March for Europe. The Corsair will of Dec. 29:
Bank of France has declared a dividend for the second half of 1930 of
precede him to Europe, and upon his arrival he will board the yacht for a
cruise on the Mediterranean Sea, which will take him through the Holy 285 francs per share. Thus together with the 335 francs paid for the first
Land during the Easter season. He plans to return to New York on the half, a total of620 francs will have been paid for this year compared with 520
Corsair late in the spring.
in 1929.
JAN. 10 1931.]
FINANCIAL CHRONICLE
Lloyd's Bank Dividend Cut—Payment of 15% on A
Shares is Declared.
From the New York "Times" we take the following from
London (Associated Press) Jan. 6:
Lloyd's Bank,first of the big houses to make its current dividend declaration, to-day announced that 15% would be paid on the A shares, compared
with 16 2-3% paid for the last ten years. Financial observers commended
the reduction, although a change in the rate of an English bank dividend
is a rare event.
Reductions were announced also by one of the large building societies,
and it was expected that similar cuts would follow in other organizations.
Says Reich Election Prevented German Loan in United
States—Chancellor Bruening Asserts We Broke Off
Parleys on Learning Outcome.
From Lauenburg (Germany), Jan. 5, the New York
"Times" reported the following:
The dissolution of the old Reichstag and the outcome of the elections on
Sept. 14 were responsible for the failure of credit negotiations the Reich
was until then successfully conducting with American financiers, the
negotiations being broken pff by the latter when the outcome of the voting
became known, Chancellor Bruening said to-day.
The Chancellor arrived here this morning on his trip through the Eastern
'provinces and made the statement to representatives of the Province of
Pomerania, who had gathered to lay their agricultural troubles before him
and his companions.
After assuring the delegation of the Government's sincere intention to
help the stricken provinces and appealing to it to contradict all alarming
rumors which were being spread for the purpose of interfering with govern.
mental aid, rumors which he characterized as an epidemic of suicide, Dr.
Bruening concluded:
"Only a stable government can provide the necessary funds for the
reconstruction of the Eastern territory, while political fantasies and incitement of the passions of the people will bring about the ruin of State
credits. We would now have the necessary funds to help you if the
Reichstag had not been dissolved."
209
"I do not hesitate to brand it as the biggest economic and financial
incomprehensibility ever perpetrated by an infatuated diplomacy, and I
view the further drift of events in Germany with deepest concern," he
declares.
Herr Thyssen cannot see any salvation for Germany if the parties
primarily responsible for the reparations plan—he names the Centrists
and Socialists—are entrusted with its enforcement.
Australia Curbs Aliens.
Associated Press advices from Canberra (Australia), Dec.
30 stated:
The Government to-day decided to restrict alien immigration until the •
country's position improves sufficiently to warrant lifting of the ban.
The Commonwealth has notified the shipping companies that it ilhundesirable to give facilities to immigrants for travel to Australia. Apart from
British immigrants, only those already possessing permits issued on behalf
of the Government will be admitted.
Albania to Seek Loan in Italy.
From Tirana, Jan. 2 the New York "Times" reports the
following:
The newspaper "Ora", regarded as the mouthpiece of the Government,
states that Albania is about to seek a new loan in the Italian market amounting to 810,000,000, with which next year's budget requirements of $5,000.000 would be covered. The loan would be repayable in five years. As a
measure of economy,it is intedned to reduce the wages of officials and workers and to shorten the military service period while training young soldiers.
under Italian supervision, for security service.
E. Giani, Chief Broker on Milan Stock Exchange, Fails.
Associated Press advices from Milan, Italy, Jan. 2 stated:
The failure of Emilio Giant, principal broker on the Milan Stock Exchange
was announced to-day. His liabilities were said to exceed his assets by
more than $1,000,000. It was expected to-day that financial interests
would come to the rescue, and no serious results were anticipated.
'%
Decline in Silver—Chinese Dollar at Low-23.16 QuotaWhat Germany Borrowed—Foreign Loans 1,403,000,000
tion in Shanghai Sets New Record.
Marks in 1930—Short Debt 1,000,000,000.
The New York "Evening Post" reported the following
The following, dated Berlin, Jan. 2, is from the New York (Associated Press) from Shanghai Jan. 8:
"Times":
The Chinese silver dollar declined to-day to 23.16 sidit cents. & new
The official Reichskredit Bank, in its annual survey published this week, low level.
estimates short-term indebtedness incurred by Germany to foreign countries
Further advices from Shanghai (Associated Press) Jan. 9
in 1930 at 1,000 million marks. This was mainly a consequence of with- stated:
drawals of credit during the election panic.
The withering effect of the long series of declines in the price of silver
Foreign loans in 1930 are estimated at 1,403 million marks. Of this brought about another trade climax to-day as Mexican dollars were quoted
sum, however, Germany's share in the Young loan and Swedish match loan at 22.12 gold cents, a new low record.
accounts for 887 millions. Ordinarily loans during the year, therefore,
The effect was apparent on every phase of commercial life, since silver
aggregated 526 millions, as compared with 374 millions in 1929 and 1,573 long has been used as the principal medium of exchange. Shanghai finanmillions in 1928.
cial institutions did an inter-bank business at the rate of almost 434 Mexican
dollars for one of gold.
paralyzed. The survey
Trade was
Germany Has to Sell Railroad Holdings—$15,232,000 houses showedvirtually of business activity, bothof Shanghai's commercial
all lines
in the import and export
in Preferred Stock Goes to Insurance Company— trade, had been hard hit.
This, according to the importers, has resulted in a virtual stoppage of the
First Sale to Private Firm—Financial Experts Hold
movement of cargoes to China. Many Chinese buyers undersigned obWorld Crisis Calls for Constructive Ideas, Not ligations have flatly refused to accept purchases, pleading the declining
"Confirmation of Headache."
Price of silver has made them unable to handle the goods except at heavy
losses.
"Times," from
A cablegram, Jan. 2, to the New York
lin, said in part:
Ber-
Sixty-four million marks (about $15,232,000) worth of Reichsbahn 7%
preferred stock, one of the most cherished of the Go.vernment's holdings,
has been sold by the Reich's Finance Ministry to the Alliance and Stuttgart
Life Insurance Co., it was announced to-day, thereby revealing with
hitherto unequaled clarity the tightness of the Reicht's financial situation.
The company is to pay the Government 55,000,000 marks (about $13,090,000)—the value of the stock at present exchange quotations—before
the end of February. This is the first time the Government has given up
any of its Reichsbahn holdings to a private company, though a few weeks
ago the State-controlled National Employees' Insurance Co. got 130,000,000
marks of the same stock.
The Government insists that the transaction should not cause surprise,
as in the special supplementary budget provisions announced several weeks
ago it was foreseen that a total of 300,000,000 marks of this stock might
have to be given up.
The newspaper Berliner Nachtausgabe, condemning the transaction, terms
it "following in the doubtful footsteps of Berlin's municipal financing."
Germans War Critical.
Professor Ernst Wagemann, President of the Institute for Joint Research, holds that all the nations are to a large extent equally guilty for
the economic disaster which has befallen the world. He believes that once
this is braught home to them, they will all, through well-applied individual action, contribute to a gradual improvement of the situation.
He is a pessimist, however, on the future drift of industrial methods
and believes world economy in all phases of its future productive energies
soon will be cnofronted with a new orientation affecting price and wage
policies, capital production and inter-State commercial pacts in such a
manner as to make them international problems.
"Such cheerful aims as a European customs union or revision of the
Interrelated debt and reparations issue have not yet become subjects for
practical politics," Professor Wagemann declares. "They are still slumbering in the dreamland of illusions or confined in the cloistered recesses
of stale theory."
Predicts Slow Recovery.
Professor Waver:atm believes the bottom of the depression curve in the
United States will soon be reached, but that the reaction setting in will
not be effective enough to produce a strong upward movement. If, says
the professor, the prognostication for the most powerful and wealthiest
State in the world is bound to be so feeble, surely the predictions for less
favored States must continue discouraging.
To Fritz Thyssen, Rhenish industrialist, the Young plan is Germany's
mortal enemy.
Yesterday (Jan. 9) Handy & Harman quoted silver at
New York, 2834 cents, off 3 cent, and London, 13 3-16d.,
off 3,4d., both new lows.
New Japanese Consul in New York Begins Duties--Kensuke
Horinouchi Arrives From Washington to Succeed
Setsuxo Sawada.
Kensuke Horinouchi, who was appointed by the Japanese Government on Dec. 7 to succeed Setsuzo Sawada as
Japanese Consul General in New York, arrived here on
Jan. 8 from Washington. He took up his duties at the
Japanese Consulate, 165 Broadway on Jan. 9, according
to the New York "Times" of Jan. 9 from which we quote
the following:
Mr. Sawada, who has been the Japanese Consul General in New York
since November, 1929, has been made director of the Japanese Secretariat
for the League of Nations in Paris, with the rank of Minis' ter Plenipotentiary. He will sail for Paris on Saturday.
Mr. Horinouchi is 45 years old. He was educated at Tokio.University.
His first position after entering the government service was rissistant
secretary to the Japanese Legation in London and he later served as
first secretary there. After the Washington conference in 1922 he was
made Japanese Consul in Tsingtao, China. He subsequently served in
the Foreign Office at Tokio and was then transferred to Peking as
counselor.
"It is unnecessary to talk about the improvement of friendly relations between the United States and Japan at the present time," Mr.
Horinouchi said on arrival yesterday. "They could scarcely be better.
So my main efforts will be devoted to building up mutual trade and
stimulating the interchange of cultural ideas.
"Diplsrnatic relations are becoming more and more interwoven with
economic questions, which is why the Japanese Government is following
a policy of interchanging its aides between consular and diplomatic posts."
Prominent Japanese business men greeted Mr. Herinouchi yesterday.
British Guiana Reduces Governor's Salary Because of
Sugar Depression.
The following cablegram from Port of Spain, Trinidad,
Jan. 8 is from the New York "Times":
210
FINANCIAL CHRONICLE
The British Guiana Legislature has reduced the salary of the Governor -£1,000 to £3,500 (about $5,000 to $17,500) because of the sugar
slump.
—Whisky and gin prices have soared 10% in anticipation of an increase
in tariffs to offset the decline in sugar revenue.
A wave of optimism has been caused by British Guiana miners' efforts
to form a local gold syndicate. A well-defined gold reef is said to have
been discovered in Northwest Guiana. The gold is reported to assay at
more than four ounces to the ton.
Argentina to Send $5,000,000 in Gold—Shipment of
Jan. 12 Will Be the First of Several to Meet Payments Due in New York—No Canadian Embargo.
The following is from the New York "Times" of Jan. 8:
The Banco de la Nacion of Argentina will ship 85,000,000 gold on the
"Western World", leaving Buenos Aires on Jan. 12, to banks here, it was
learned yesterday. The metal will be consigned to the Central Hanover
Bank & Trust Co., the Chase National Bank, the Guaranty Trust Co.
and the Irving Trust Co.,the four correspondents of the Banco de la Nacion,
which arranged last week to advance the funds needed to repay the $16,000.000 loan of the City of Buenos Aires loan that came due on Jan. 1.
The shipment is understood to be the first of several gold transfers
from Argentina designed to meet interest payments on the external debt
of Argentina and to reimburse the banks for the advance granted by
them last week. When arrangements were made for the Banco de la Nacion
to take over the loan obtained here by Buenos Aires, it was said gold
shipments probably would result.
Credit from Correspondents.
The Banco de la Nacion, it was explained, had ample funds to make
the payment, but they were lodged principally in London and Buenos
Aires. It was therefore necessary for the institution to obtain three
months' advance from its local correspondents, pending the transfer of
funds to this market.
Contrary to expectations here, no shipments of gold from Canada were
reported yesterday. The Canadian dollar, which had fallen on Tuesday
to a discount of 7-16, moved up to a discount of 11-32, a gain of 3-32 on
the day.
There were reports in foreign exchange circles yesterday that the Canadian authorities were contemplating an unofficial embargo on gold exports,
such as was put into effect in 1929 following a heavy outflow of gold to
this market. The report appeared to be based principally on the fact
that no bank took advantage of Tuesday's low rates for the Canadian
dollar to effect a gold shipment.
From Montreal Jan. 7 Canadian Press advices to the New
York "Times" stated:
A suggestion that Canada had placed an informal embargo upon the
export of gold because of differences in exchange met emphatic denial in
authoritative circles here to-day. Denial was also forthcoming from
Department of Finance officials.
A dispatch from New York suggested that an informal embargo has
been placed upon the shipment of the yellow metal,similar to the condition
which existed early last year. It is believed the misunderstanding arose
over the closing of the gold office at the Receiver General's Department
for the Epiphany holiday yesterday. Some inquiry was made by New
York banks for gold when the New York funds went to a premium of
1.5 of 1%,a point far in excess of the neePA-cary difference where it would be
profitable to ship gold.
Owing largely to the contemplated financing by Canadians in New York.
funds dropped back this morning to 11-64th of1% premium. The Province
of Ontario is expected to announce the completion of negotiations for an
issue of 830.000,000 in bonds within a week, and the movement of this
amount into Canada would have an appreciable effect on the exchange
rate.
Argentine Peso Lower.
A Buenos Aires cablegram Jan.2 to the New York "Times"
said:
Peso exchange suffered a new decline to-day, closing at 141.2. Gold
pesos for $100, compared with Wednesday's closing rate of 138, which followed the news that the Government has authorized the Bank of the
Nation to use 830,000.000 gold to support peso exchange. It appears to
be the feeling that the amount will not be sufficient to cause a permanent
effect.
For,. 132.
and accounting, and Walter Van Deusen of the Central Bank
of Chile, who will examine banking conditions in Peru.
Dr. Atkins, engineer-economist of Ames, Emerich & Co.,
Inc., has been granted leave of absence by them to serve as
the Public Credit expert member of the Kemmereer Financial Commission to Peru. Dr. Atkins, who is a graduate of
Yale University, received his doctor's degree from the
University of Paris. After serving as an artillery officer in
France during the World War, he was called to Paris as a
specialist in the Department of Territorial Political Intelligence of the American Commission to Negotiate Paece. He
also served as the American Secretary of the Sub-commission
on Czechoslovak Affairs of the Peace Conference. Dr. Atkins is the author of a number of books on economic subjects,
including "Economic Briefs of Latin America" and "Bank
Secondary Reserve and Investment Policies." A reference
to the Kemmerer Peruvian Commission appeared in our
issue of Dec.27, page 4132.
Municipality of Medellin Reports Record Months Earnings for Public Utility Properties.
According to advices received by Hallgarten & Co., fiscal
agents for the Municipality of Medellin 25-year external 7%
secured bonds, due 1951, net earnings for the month of
November of the public utility properties owned by the
municiplaity, upon which these bonds are a direct lien, were
the largest for any month since April 1929. For November
1930, these properties. which include electric plant, electric
tramways, telephone plant, municipal aqueduct, &c., produced gross revenues of 135,449 Colombian pesos, while
operating expenses totaled 60,418 pesos, leaving ne),earnings
of 75,031 pesos. This compares with 71,032 pesos in the preceding month and 69,794 pesos in November 1929. The
Colombian peso has a gold parity of $.9733.
Revenues of Department of Cauca Valley.
Ordinary revenues of the Department of Cauca Valley,
Colombia, for the fiscal year ended June 30 1930, amounted
to 3,023,017 pesos, or $2,942,302 at par of exchange, according to figures received from the Department by J. & W.
Seligman & Co., fiscal agents for the Department's 73%
sinking fund gold bonds, due 1946. Revenues pledged as
security for the bonds, consisting of the Department's tax
on tobacco,80% of the tax on liquor and 80% of the slaughter
house tax, amounted in the same year to 2,278,135 pesos, or
$2,117,308. Annual service charges on the 734% bonds
amounted to approximately $396,130.
Revenues of Republic of Costa Rica.
Revenues of the Republic of Costa Rica for the year 1929
amounted to 35,395,988 colones ($8,848,997) as compared
with 33,318,699 colones ($8,329,675) for the pereeding year,
according to figures received from the Republic by J. & W.
Seligman & Co., fiscal agents for the Republic's 7% sinking
fund gold bonds due 1951. Revenues for the first six months
of 1930 amounted to 15,011,872 colones ($3,752,968). The
7% dollar bonds listed on the New York Stock Exchange are
secured by a lien on the custom duties and the alcohol and
liquor monopoly, subject to prior liens in favor of the Republic's sterling and franc loans. Maximum service charges
on these sterling and franc loans combined are estimated to
amount to $696,000 and service charges on the 7% dollar
bonds are $682,140. Aggregate service charges on the three
issues secured by custom duties and alcohol and liquor
monopoly amount, therefore, to about $1,378,140 annually.
Receipts from these pledged revenues were 24,715,858 colones
($6,178,957) in 1929, and 8,614,583 colones ($2,153,646) in
the first six months of 1930.
Kemmerer Commission Sails for Peru.
Headed by Prof. E. W.Kemmerer of Princeton University,
a group of experts in government finance sailed on Jan. 3 on
the steamship Santa Clara for Lima, where they will make a
study of the finances of the Republic of Peru. The Commission was assembled by Professor Kemmerer at the invitation of the Reserve Bank of Peru with the approval of the
Govermhent. Dr. Kemmerer, who is director of the Bureau
of International Finance at Princeton University, has acted
as Financial Advisor to many foreign governments, including Chile Finds Surplus at End of Year 1930—Extra 2, 500,Mexico, Guatemala, Chile, Poland, Ecuador, China and
000 Pesos Not Expected When Forecast Was Made
Colombia. Other members of the Commission and their
in October.
respective fields are Stokeley Morgan, formerly head of the
A cablegram as follows from Santiago, Chile, Jan. 6, Is
Latin-American Division, Department of State, and now taken from the New York "Times":
associated with Lehman Brothers, General Secretary;
Chile ended the year 1930 with an unexpected surplus of 2,500.000
P. Lindsley Dood, formerly Asst. Manager of the National pesos, according to figures of the Controller General that have not yet
made public officially.
Bank of Nicaragua, Under-Secretary; Dr. Paul Moody been forecast by the
A
Finance Ministry in
estimated that income
Atlins, engineer and economist associated with Ames, and expenditures would almost balance. October
This later estimate is considered exceptionally satisfactory in view of
Emerich & Co., Public Credit; William Roddy, formerly
crisis in all lines of
collector of customs at Guayaquil, Ecuador, Customs Ad- the acute exports of nitratebusiness throughout the country.to a certain
Important
in December explain the surplus
mitusitration, and Dr. John Philip Wernette of Harvard extent, but it is generally accepted that energetic and even drastic curtailUniversity, Taxation. In Lima the Commission will be ments of budget expenses, with stiff economies introduced in the public
by Julio Phillip', the
responsible for the
joined by Joseph T. Byrne, a, member of Dr. Kemmerer's services prospect of national Finance Minister, arehad seemed to point
healthy
finance when everything
Commission to Colombia, who will make a study of budget the other way.
JAN. 10 1031.]
FINANCIAL CHRONICLE
211
It can safely be asserted that, in keeping with the policy already out- headed by the Chatham Phenix Corporation, which brought out the issue
lined by the Government, strict control of expenses will continue to be here in July, was rescued from its predicament by a banking group
headed by the Central Hanover Bank and Trust Company. This was
exercised in order to maintain the figures within the limits.
While the Government does not contemplate violent or radical changes accomplished by the extension of a credit by the Central Hanover group
In the budget, it is clear that it desires to enforce a policy of the strictest to the Banco de la Nacion, the central bank of Argentina, which in turn
economy in cutting down public works and other expenses to indispensable pays the money to the noteholders.
items of a productive nature.
In the Central Hanover group are the Guaranty Trust Company, the
Following the suggestions of the United State Financial Commission, Chase National Bank, the Irving Trust Company, the Commercial Nawhich led to the creation of a central bank and other institutions five years tional Bank and Trust Company and the International Acceptance Bank,
ago, no item of expense will be considered before exhaustive study proves Inc. The credit will run six months in which time funds to repay the
the existence of the necessary funds.
loan will have arrived here from the Banco de la Nacion from Buenos
The improved financial situation was reflected recently in the local Aires and from London.
money markets, where stocks and bonds reacted favorably.
Brazilian Business Gains—Rumor of £15,000,000 Loan
•
Negotiation Spurs General Trade.
Under date of Jan. 4 the New York "Times" reported the
following from Sao Paulo, Brazil:
A slight improvement in general business in Brazil is due to a widely circulated rumor that a .£15,000,000 foreign loan is being negotiated. The
authorities have not confirmed the report, but local bankers are condident
the negotiations will succeed.
The coffee market is dull, with a slightly lessened demand, but prices are
steady. The cotton and sugar markets are slow, with little demand in
cotton because of the large number of textile mills which have been closed.
Importations of foreign manufactured goods are up slightly at Santos and
Rio de Janeiro.
Big businesses are delaying activities waiting the outcome of the loan
negotiations. This week foreign-owned public utilities resumed work on
construction projects which were suspended at the time of the recent revolution.
Loan of $8,000,000 Offered to Colombia—American Bank
Group Promises Aid as Soon as the Railroad Reorganization Bill Is Law.
From the New York "Times" we take the following
from Bogota (Colombia) Jan. 4:
A letter from United States bankers promising Colombia a loan of
$8,000,000 as soon as the administration's railroad reorganization bill is
made a law by Congress is published in the newspapers today.
The letter, addressed to President Olaya Herrera, is signed by William Samuels of the National City Bank of New York and Howard Jefferson of the First National Bank of Boston, representing a banking group
which also includes the Continental Illinois Company, the International
Manhattan Company and Lazard & Co. of London.
The letter lands the new laws balancing the national budget at $50,000,000 and limiting the national debt to a figure where the amortization
of loans and interest shall not exceed 30 per cent of the annual income.
The government would get $4,000,000 of the proposed loan upon passage
.
of the railroad bill and the other $4,000,000 before May.
Brazilian Loan Rumors—Negotiations Admitted, but
Complete Deal Denied.
Under date of Dec. 6 a cablegram from Sao Paulo to
the New York "Times" said:
Financial circles in Rio de Janeiro and Sao Paulo were agog late
this afternoon over a rumor that a large United States loan had been
negotiated by the provisional government.
The excitement reached its climax with the appearance of the Rio de
Janeiro newspaper Diario de Notides carrying a story that a loan had
been negotiated in New York for 2,000,000 contos. Late editions of all
Rio de Janeiro and Sao Paulo newspapers ran reprints.
Marcos Souza Dantos, Secretary of the Treasury of the State of Sao
Paulo and the second most important financial figure in Brazil, in an
interview this evening denied knowledge of such a loan, but asserted a
smaller loan was being negotiated with two United States bankers now
on the way to Brazil.
Bankruptcy Set Record—Argentine Commercial Failures
Totaled $97,166,275 in 1930.
Under the above head the New York "Times" reported
the following from Buenos Aires Jan. 1:
The year 1930 established a new record for commercial failures in Argentina with a total of 228,841,911 pesos ($97,166,275), compared with
166,852,841 pesos ($70,844,716) in 1929 and 148,424,916 pesos ($63,021,219) in 1928.
The December failures were the largest of the year, totaling 30,141,866
pesos ($12,798,236).
The November failures, which totaled 28,500,000 pesos ($12,000,000),
had been the largest of any month since February, in which failures
totaled 26,657,000 pesos ($11,118,562).
Chatham Phenix Corporation Indicates Position as to Differences With Argentine in Construction of Buenos
Aires Loan Agreement.
The Chatham Phenix Corporation made public on Jan.
3 its position with respect to a report from the Argentine
capital of differences in the construction of the City of
Buenos Aires loan agreement. The statement follows:
"According to a decree published in the Buenos Aires press of January
Buenos
1, 1931, relating to the non-renewal of the $16,101,502 City of
Aires six months loan of July, 1930, the Argentine Government bases its
attitude in the matter on the failure of Chatham Phenix Corporation and
associates to renew the loan 'notwithstanding the express obligation to
renew the operation stipulated in Article 6 of the Spanish version of the
contract.'
"Chatham Phenix Corporation are unable to understand the reference
to a Spanish version of the contract, as no Spanish version was ever
signed or authorized by them. The loan contract was signed in English
in New York. The text as signed was previously officially approved and
transmitted in English to the City's representative in New York by cable
signed by the Mayor and Secretary of Finance and Administration of
the City. The stipulation as to renewal was contained in Article IV of
this contract which reads as follows:
'The notes shall constitute direct liabilities and obligations of the Muni"
cipality which pledges its good faith and credit for the punctual payment
of principal and interest thereof in accordance with the terms of the
Notes and of this Agreement and for all the payments required to be
made hereunder. This loan may be renewed for such period and subject
to such terms and conditions as may be mutually agreed upon by the
Municipality and the Underwriters, in the event that the Underwriters
do not elect to exercise their right to contract for such loans as are
authorized under ordinances now existing or which may be adopted
during the life of the notes or any renewal or renewals of this loan.'
"Despite negotiations lasting over a month prior to maturity of the
loan, no mutual agreement was reached as to terms and conditions of
renewal."
An item regarding the above appeared in our issue of
Jan. 3, page 53.
Argentina Will Bar Yerba After Jan. 15—Farm Relief
Decree Will End Trade in This Tea With Brazed and
Paraguay.
The New York "Times" reported the following cablegram from Buenos Aires Jan. 1:
The provisional government has issued a decree prohibiting the importation of yerba mate after Jan. 15, thus closing the doors to one of the
most important import commodities from Paraguay and Brazil. Yerba
mate is a native tea, which is known abroad as Paraguayan tea„ of which
Argentina consumes about 88,000 tons annually at a wholesale cost of
30,000,000 pesos ($12,740,000). Of this total about 60,000 tons are imported, 55,000 from Brazil and 5,000 from Paraguay.
The cultivation of yerba, as yerba mate is generally called, originated
in Jesuit missions of Northern Argentina and Paraguay in the colonial
days and has since become one of Paraguay's most important industries.
In recent years large tracts have been planted to yerba in the Province
of Corrientes and the Territory of Misiones, both in Argentina, but, like
Argentine sugar growers, these yerba producers have been unable to produce economically and cannot compete with the imported commodity. Therefore they have been appealing to the national government for protection
for the last two years.
The fate of 50,000 Argentine laborers depends on the success of Argentine yerha producers. Their failure would throw into bankruptcy practically the entire Territory of Misiones. The decree will hit Paraguay
hard, as her exportation of yerba is confined to Argentina and represents
a third of the total production in Paraguay, in which huge capital has
been invested.
Retaliation Proposed by Brazil, Uruguay and Paraguay for
Argentine Ban—Criticism of Import Action, Particularly on Beverage.
According to a cablegram from Buenos Aires Jan.,5 to
the New York "Times," Argentina's recent action in reArgentina Votes Irrigation Survey.
stricting certain imports from Brazil Uruguay and ParaA cablegram from Buenos Aires, Dec. 31, to the New
guay has caused an outburst of bitter criticism in those
York "Times" said:
criticism which Argenprovisional government has authorized the expenditure of the three countries identical with the
The
equivalent of $64,000 for a survey and study of a vast irrigation project tina last year directed against the tariff policy of the
in the arid regions of the provinces of Catamarca, La Rioja, Tucuman, United States. The cablegram continues:
Salta, Jujuy, San Luis and San Juan. The project, drawn up by the
Irrigation Bureau, will be presented to Congress. When completed it
is expected it would bring agricultural prosperity to a large part of the
republic now practically useless for cultivation.
Banking Group in New York Aids Buenos Aires—
Extends $16,100,000 Credit After City Fails to Get
Short Loan Renewed.
The following is from the New York "Times" of Jan. 3:
The city of Buenos Aires, with a six months' loan of $16,100,000 due
here yesterday to American investors and with no funds on hand to
meet it owing to failure to obtain a renewel with the banking group
Telegrams from Rio de Janeiro quote the Federal authorities as saying
that Brazil desires to continue her reciprocally profitable commerce with
Argentina, but that Argentina's action, if persisted in, will force Brazil
to make reprisals. Brazilian dispatches also say the closing of Argentine
ports to imports of yerba mate (a beverage similar to tea) means the
death of the principal industry of the State of Parana.
El Diario of Asuncion, regarded as the government's mouthpiece, says
Paraguay's inability to sell yerba mate to Argentina simply means that
Paraguay will be forced to reduce her purchase from Argentina to the
same extent as yerba exports paid for imports of the same value.
Uruguayan newspapers interpret Argentina's action in issuing three
decrees on the same day against Uruguayan imports as retaliation for
Uruguay's refusal to grant the extradition of Horacio Oyhanarte, former
President Irigoyen's Minister of Foreign Affairs.
212
FINANCIAL CHRONICLE
Austrians Call Central Europe to Agrarian Parley—Revive
Project for Reciprocal Trade Treaties—Meeting on
Jan. 19 and 20.
In another attempt to revive a project recently discouraged in Geneva—that of reciprocal trade treaties between
the agricultural and industrial States of Middle Europe—
the Austrian Land and Forest Association and the Vienna
Middle European Institute have sent out invitations for a
Central European agrarian conference in Vienna on Jan.
19 and 20. A cablegram from Vienna Jan. 6 to the New
York "Times" reporting this went on to say:
In the invitations, which have been issued to the governments of all
the countries concerned, it is stated that opportunity will be given their
Agriculture Ministers to discuss a regional Central European solution of
the agrarian crisis.
Although the conference will be held under the chairmanship of the
Austrian Minister of Agriculture, Andreas Thaler, it is desired to give
it the complexion of a gathering of experts rather than of politicians.
The first step taken toward the formation of an agrarian bloc in this
part of the world was by Hungary, Yugoslavia and Rumania. The jealousy of Czechoslovakia, the political partner of Yugoslavia and Rumania
in the Little Entente, doomed this move to failure. An attempt was made
at subsequent conferences in Warsaw and Bucharest to bring in the other
agricultural States of Central Europe, but it proved impossible to reconcile their views sufficiently to achieve anything important.
An attempt to obtain an agreement with the industrial States of Europe
to permit the preferential exchange of farm products against manufactures met with hostility at Geneva from Italy, England, France and
Austria. Now, on the initiative of Austria, an attempt is ,being made
to obtain an agreement of much the same kind, but in the narrower frame
of a Middle European regional arrangement. This means it would include
Germany, but not, in all likelihood, France.
[Wu 132.
National City Bank Renews Loan to Finland—Extends
300,000,000 Finmark Credit.
The following from Helsingfors, Jan. 8, appeared in the
New York "Times":
The Finnish Government has arranged with the National City Bank
of New York and associated banks a short-term credit of 300,000,000
finmarks. For this purpose Henry Mann, bank representative, made a
visit to Helsingfcrrs to confer with the government and Bank of Finland
officials.
Regarding the above the "Times" said:
The loan of 300,000,000 finmarks (about $75,600,000) which has just
been extended to the Finnish Government by the National City Bank
is a renewal of a previous six-months' credit which has expired. Officials
of the National City Bank said yesterday that the loan did not represent
a new issue, but merely an extension of one already outstanding.
Offering of New $5,000,000 Issue of Federal Intermediate Credit Bank Debentures.
Charles R. Dunn, Fiscal Agent, announced on Jan. 8 the
offering of $5,000,000 Federal Intermediate Credit Bank
3% debentures dated Jan. 15 1931 and due in 4 to 12 months.
The debentures are priced on application and are secured
by loans and discounts representing advances made for
production and marketing of crops and livestock under
Act of Congress, approved March 4 1923. The entire
capital of the 12 Banks was subscribed for by the United
States Treasury and all 12 Banks are liable, under conditions
stated in the Act, for the principal of and interest on the
debentures of each Bank. An earlier offering was noted in
Argentina Curbs Imports—Three New Restrictions Are these columns Dec. 6, page 3637.
Aimed at Trade With Uruguay.
On Jan. 3 the "Times" had the following to say in a Offering of $500,000 5% Farm Loan Bonds of Fletcher
Buenos Aires cablegram:
Joint Stock Land Bank.
Argentina has frankly embarked on a campaign to restrict imports from
At 100% and interest, to yield 4.80%, the Bond departneighboring republics. Following the recent decree prohibiting the importation of yerba mate, which seriously affects Brazil and Paraguay, ment of the Fletcher Savings and Trust Company of InProvisional President Uriburu today signed three decrees designed to dianapolis is offering $500,000 5% farm lean bends of the
restrict imports from Uruguay.
One decree prohibits imports of live cattle from Uruguay, the second Fletcher Joint Stock Land Bank.
The bonds are dated Nov. 1 1930 and will mature Nov.
re-establishes duties on stone from Uruguay, and the third re-establishes
a 25% duty on fresh fruits, vegetables and fish which are imported 1 1933. They are callable at par Nov. 1 1932 or May I
largely from Uruguay.
1933. Interest is payable semi-annually May 1 and Nov. 1.
The bonds are in denomination of $1,000. They are the
Tenders Asked for Purchase of Bonds of Cordoba (Argen- obligation of the Fletcher Joint Stock Land Bank whose
tine Republic) Through Sinking Fund
capital stock of $750,000 is owned by the Fletcher Savings
White, Weld & Co., as Fiscal Agents for the 7% ex- and Trust Company, having a capital and surplus of 83,ternal sinking fund gold bonds of 1927 due Aug. 1, 1957, 000,000 and total resources of $27,000,000. They are
of the City of Cordoba (Argentine Republic) request secured by first mortgages on farms located in Indiana and
tenders to them of $30,786.59 of these bonds for purchase Illinois, made by the Land Bank, which have been first
and retirement through the Sinking Fund at prices be- approved by the Federal Farm Loan Board, and then delow par, exclusive of accrued interest. Each tender must posited with the Federal Registrar. These mortgages are
be delivered at the office of the Fiscal Agent on or before at an average rate per acre of $47.41 and the average perJanuary 12, 1931. Notice of tenders accepted will be centage of loan to original appraisement is 38.91%.
mailed on Jan. 14 and bonds accepted must be delivered
to the Fiscal Agents on or before Jan. 21, 1931, on which
date interest will cease.
National City Bank of New York on Federal Farm
Board and Maintenance of Wheat Prices.
From the January Bulletin of the National City Bank of
Uruguay Plans Law to Control Exchange and Prevent
Speculation—Aiding Peso Aim.
New York we take the following:
From Montevideo, Jan. 8, a cablegram to the New York
What Next?
"Times" said:
That the Farm Board, with the help of the 42-cent tariff on Imported
The Uruguayan Government is considering calling an extraordinary
session of Congress to pass legislation designed to prevent speculation
in exchange by establishing governmental control over all exchange
operations.
Government authorities believe the present low exchange quotation of
the Uruguyan peso, which at par is worth more than the dollar, is due
largely to speculation.
A bill giving the government control has been drawn up and will be
presented to the National Administrative Council for approval. It must
then be submitted to Congress.
Res4ts of Sixth Month of Operation of Sao Paulo Coffee
Realization Plan.
. Results of the sixth month of operation of the Coffee
Realization Plan of the State of San Paulo, Brazil, have
been received by Speyer & Co., who together with J.
Henry Schroder Banking Corporation, are the fiscal
agents for the San Paulo 7% coffee realization loan issued last May. With regard thereto it is announced:
Since July 1, 1930, on which date the plan became effective, the Government has liquidated the stipulated monthly amounts of Government
coffee and Planters' coffee and, in respect of such sold coffee, payments
totaling $4,866,500 have been made to representatives of the bankers to
be applied to repayment of bonds by drawings at par under the sinking
fund. This sum is sufficient to meet the first redemption, amounting to
one-twentieth of the whole loan, which will be made on April 1, next.
The interest on the bonds is provided for by a special tax on all of
the coffee transported for export from any point within the State of Sao
Paulo. The receipts from this tax for the six rzonths of the plan's
operation equalled $5,072,304, as against interest requirements on the
lcan for the six months of approximately $3,406,500.
Wheat, will be able to maintain the price In domestic markets for the remainder of this crop year can hardly be doubted, but what then? The
Board in its report describes how present prices are interlocked with futures.
as follows:
Purchases in the cash market alone are inadequate to sustain prices and
do great injury to legitimate operations in the option market by throwing
cash prices out of line with the futures. This being true, a stabilization
activity must be conducted along the entire line with the inevitable result
that large purchases for future delivery must be made. Wheat thus secured
by delivery on futures contracts is contract grade and may vary in actual
value from 2 to 5 cents below country-run wheat.
Transactions in the futures market having been entered upon, there is
no good place to stop, even within the limits of a single crop-marketing
period. Option prices are published covering a period of from six to nine
months in advance, and as soon as any future option is abandoned or militated against, that option gets out of line with the cash market and other
option. This imposes considerable hardship upon processors -Manse customary practice of hedging or insuring their purchases is conducted through
the futures market.
This Is the situation now confronting the Board. It has been supporting
the May option at about 81-82 cents, to correspond with December figures
at about 76-77, but has been giving no support to prices beyond the end of
the crop year. July 1. Consequently contracts on new crop wheat, July
delivery in Chicago, have been made under 62,or as much as 20 cents under
.
the May delivery. As the Board, in its graphic account of its troubles has
said, this is abnormal and harmful to legitimate business, but the alterna
tives are for it to drop prices on this year's crop or commit itself to an
artificial price level on next year's crop. Moreover, prices on the 1931
crop will soon have a relationship to prices on the 1932 crop and where will
the Board find a stopping place on this wild journey, particularly If Russian
exports continue to increase and farmers everywhere continue to buy
modern machinery?
The Farm Board has made a vigorous plea for curtailment of wheat
acreage, the campaign Including a special tour into the southwest wheat
country. The Department of Agriculture now estimates that Fall plantings are but 1.1% lower than last year, and it is a question whether the
drouth did not have more to do with this reduction than the Board's cam
paign.
JAN. 10 1931.]
FINANCIAL CHRONICLE
Lessons from the Year's Experience.
The members of the Farm Board have urged in behalf of the experiment
which they have been conducting that without the purchases which have
been made, from the Government fund, prices—particularly of wheat—
would have fallen considerably lower; also that pegging the price at 76
cents. Chicago, has given a stable basis for milling operations and the
flour trade, where otherwise there might have been a state of confusion
similar to that which has existed in Canada and other countries. This may
be accepted as probably the case. Whatever the losses may prove to be
they do not, of course, represent a total loss to the country, for in the case
of wheat the purchases have served to break the force of a radical readjustment of prices and thus prevent even more demoralizing effects upon the
general business situation. It should be added, however, that the break
has been nothing like as severe as that of 1920-21. In January 1920, cash
wheat in Chicago sold up to $3.50 per bushel, in November 1920 sold down
to $1.58 and in November 1921 sold at $1.003C
No benefits can be expected, however, from this intervention at the expense of the Treasury, if the policy has the effect of encouraging the production of wheat by growers who are not in position to compete upon the price
evel which seems likely to be permanent in the future.
1
Fallacies of the Legislation.
After all, the responsibility for failure of the Board's efforts cannot be
laid wholly upon the farmers. The real responsibility is chargeable to the
enactment of a law that is inherently impracticable, because founded upon
fallacious theories. Its primary fallacy is revealed.in the title and first
section, which states the broad objective to be "the placing of the industry
of agriculture on a basis of economic equality with other industries." It is
Impossible to say authoritatively what would be a basis ofeconomic equality
between agriculture and other industries, much less establish such equality
by law. The language implies that a certain number of persons have been
born into agriculture or otherwise fixed there and have no way of getting
out or of altering their position in it; moreover, that outsiders have no
right or power to get in. On the contrary, there is freedom of movement
between agriculture and the other industries, and this is the best provision
that can be made for equality of relations. The distribution of population
in the industries is voluntary, guided by choice and the compensation
obtainable. If there are more farmers than are needed to produce the required quantity of products some of them inevitably will be poorly paid.
which is also true in any other occupation. But the distribution of the
population in the industries is not one of the functions of government in a
free society, and all that the Farm Board is trying to do is dependent at
last upon the number of people who are trying to make a living at farming.
If the pay of the industry, all things considered, is lower than the pay of
other industries, it is because there are relatively too many workers engaged
in it. The regulation of such distribution by authority will be found to be
more difficult even than the regulation of acreage in the different crops.
Setting out to accomplish the impossible, it is not to be wondered at that
the Farm Board Act has undertaken to do it by numerous unsound, illadvised, and impracticable provisions, and the Farm Board in its honest
endeavors to accomplish something has found itself wandering around in a
morass of difficulties.
C. Christensen Tenders Resignation from Federal
Farm Board.
Chris L. Christensen on Jan. 6 tendered his resignation as Secretary of the Farm Board to become effective
in the early Spring. He will become dean of the College
of Agriculture at the University of Wisconsin. Prior to
his association with the Farm Board since its organization
in July, 1929, Mr. Christensen for three years was head
of the Division of Co-operative Marketing of the Department of Agriculture.
C.
Secretary of Agriculture Hyde Apportions to States
$80,000,000 for Federal-Aid Road Construction
Under Emergency Legislation in Behalf of Unemployed—$3,000,000 Apportioned for Road Building on Public Lands.
Secretary Hyde on Dec. 23 apportioned to the States
$80,000,000 for immediate use in Federal—aid road construction, as provided in the act approved Dec. 20, providing for
emergency construction to increase employment. Details
of the legislation were given in our issue of Dec.27, page 4141.
Apportionment was also made of $3,000,000 for the building
of roads on public lands, to be administered by agreement,
either by the States or by the Bureau of Public Roads.
Secretary Hyde's announcement also said:
According to the provisions of the emergency legislation, these funds are
to be used by the States in place of State funds to match regular Federal-aid
funds previously authorized and apportioned. On Nov. 30 the Federal-aid
funds available to the States for new projects amounted to $155,383,877.
Since each State had to its credit an amount at least equal to the sum now
made available, it will be possible to spend $160,000,000 in road work without providing any money from State sources.
The Federal Government is now prepared to advance the full cost of
projects submitted under the emergency legislation. The sums advanced
to the States from the $80,000,000 appropriation are to be reimbursed to
the Federal Government over a period of five years, commencing with the
fiscal year 1933, by making deductions from the regular apportionments of
future Federal-aid authorizations.
The amounts advanced will be limited to the sums actually paid for work
performed under new contracts for the construction of Federal-aid roads
before Sept. 1 1931. No part of the emergency employment relief funds
will be available for projects in which convict labor is used.
Should any State fail to claim any part of its allotment, the President
may reapportion the unclaimed funds to States capable of using them prior
to Sept. I.
The Bureau of Public Roads of the Department of Agriculture has
advised its field organization to be prepared to expedite all emergency
projects.
213
The apportionments follow:
.—,
State—
SUM Apportioned.
State—
Sum Apportioned.
$1,698,645 New Hampshire
Alabama
400,000
1,170,481 New Jersey
Arizona
$1,107,807
Arkansas
1,303,288
1,388,157 New Mexico
California
4.050,566
3,108,233 New York
Colorado
1,926.775
1,507.832 North Carolina
520,491 North Dakota
1,298.532
Connecticut
2,998.538
Delaware
400,000 Ohio
1,926,351
1,086,438 Oklahoma
Florida
1.320,287
Georgia
2,077.956 Oregon
3,512,943
1,008,035 Pennsylvania
Idaho
3,400,116 Rhode Island
Illinois
400.000
1,114.636
Indiana
2,045,929 South Carolina
Iowa
1,337.973
2,116,369 South Dakota
Kansas
1,741,882
2,192.301 Tennessee
Kentucky
5,088,080
1,504,715 Texas
Louisiana
926,521
1,147.927 Utah
Maine
400,000
715,799 Vermont
Maryland
1,505.502
678,752 Virginia
Massachusetts
1,270,933
1,141,460 Washington
Michigan
875.384
2,521,382 West Virginia
Minnesota
1.992,410
2.249,993 Wisconsin
1,029.383
1,434,736 Wyoming
Mississippi
Missouri
400,000
2,526,823 Hawaii
Montana
1,671,930
Nebraska
1,708,031
580.000,000
Nevada
1,049,638 Total
APPORTIONMENT OF 53,000,000 FOR ROADS ON PUBLIC LANDS.
Apportioned.
State—
State—
Hum
Sum Apportioned.
Arizona
5194.357
$418,438 Oregon
California
66,048
231,782 South Dakota
Colorado
328,338
130,857 Utah
Idaho
55,445
175.199 Washington
Montana
282,339
165,355 Wyoming
Nevada
591,898
New Mexico
258,091
Oklahoma
.32,925,000
26,853 Total
•$75.000 deducted for administering the funds.
House Passes Resolution Making Appropriation of $45,000,000 to Carry Out Legislation for Drouth Relief—
Senate Votes Additional Appropriation of $15,000,000
for Food Loans.
On Dec. 29 the House Appropriations Committee approved a measure for the immediate appropriation of
the full $45,000,000 to carry out the provisions of the
drouth relief legislation passed by Congress earlier in the
month.
With the reconvening of Congress on January 5, following the Christmas recess, the House passed a joint
resolution (H.J.447) appropriating the proposed $45,000,000 for advances to farmers in the drouth or storm
stricken for the purchase of seed, fertilizer, etc. In the
Senate on January 5, the resolution was amended and
adopted to include an additional $15,000,000 to be used
for food loans.—From the United States Daily of Jan.
6, we quote the following:
The Senate amendment was introduced under a joint resolution (S. 7.
Res. 227) by Senator Caraway (Dem.), of Arkansas.
After final passage of the bill, with its total of $60,000,000 in appropriations, the Senate voted to reconsider the action which it had taken
and adopted another amendment. The second amendment was offered
by Senator Black (Dem.), of Alabama, and had the effect of obviating
county lines as a restriction upon distribution of the funds by the
Secretary of Agriculture.
"In the administration of this fund," the Black amendment read, "the
Secretary of Agriculture shall make loans in the drouth and storm
stricken areas, without regard to county lines, and the Secretary of
Agriculture shall not have the right or authorify to prescribe rules and
regulations excluding farmers from the benefits of this appropriation on
the sole ground that they reside in any particularly designated area."
Before it reached the Senate, the House adopted the resolution within
an hour after it came from the Committee, in which time Representative
Wood (Rep.), of La Fayette, Ind., who was in charge of the measure,
answered questions by other Representatives.
Measure to Conference.
Since the Senate amendment, however, which adds another $15,000,000
to the amount of $45,000,000 to be made available, it now becomes necessary that a conference be held with the House. Senator Jones (Rep.),
of Washington, said he did not know how much delay would be caused
by the negotiations made necessary by the amendment.
In offering the increased sum and the provision for food loans, Senator
Caraway directed the Senate's attention to the England, Ark., incident of
Jan. 3, when several hundred persons marched upon the town demanding
food. The Arkansas Senator said that case illustrated better than words
the futility of the policy "to recognize the need to keep workstock alive
and let humans starve."
According to Associated Press accounts from Washington, Jan. 8, efforts of Administration leaders to obtain consent to send the drouth relief appropriation to
conference under unanimous agreement failed that day,
(as previously) in the House. Objection was raised by
Representative La Guardia, Republican, of New York
who is said to have reiterated he would not consent to
sending the measure to a conference with the Senate unless the increased funds could be applied to all persons in
distress instead of only drouth-stricken farmers.
The drouth relief legislation enacted in December was
noted in these columns Dec. 27, page 4143.
C. C. Teague of Federal Farm Board, Confers on Grape
Sales—Considering Program for Marketing California,
Crop—Plan to Retire from Board in June.
The following from Washington appeared in the
"Wall
Street Journal" of Jan. 5:
214
FINANCIAL CHRONICLE
[VOL. 132.
C. C. Teague, the fruit member of Federal Farm Board, is on the
Pacific Coast and will confer with the California Grape Control Board
some time before his return, around January 18, on a program for marketing the new crop of grapes.
He has also met with potato growers of Wyoming, Colorado, and
Nebraska, upon a program to develop a regional sales agency.
Teague is on leave from his positions as President of the California
Fruit Growers Exchange and the California Walnut Growers Association.
When he accepted reappointment for a second year to the Federal Farm
Board he took it with the understanding that he would stay for only six
months. In a recent letter to President Hoover, however, Teague said
be would be willing to remain for the full year or until June 15, 1931.
in one day by a single individual or firm. This restriction, however,
would not apply to hedging operations.
The measure would require licensing of all commission merchants,
brokers and correspondents handling or executing orders for future
delivery.
"I would like to see all short selling abolished," said Senator Capper,
"but this provides for drastic restrictions which would be a big help."
Iowa Farmers' Union Calls Meeting of Members for January
16—To Decide on Policies Toward Federal Farm
Board.
Glenn B. Miller, President of the Iowa Farmers' Union,
on Jan. 5 called a mass meeting of its members for Jan.
16 to determine, he said, the future policies of the organization toward the Federal Farm Board. This is learned
from an Associated Press dispatch from Des Moines,
which further said:
The Argentine Government is much interested in the plans of the United
States Farm Board to control futures operations in wheat and today cabled
to its embassy at Washington for particulars, instructing the embassy to
inform the Washington Government that Argentina is ready to cooperate
in an international effort to control speculation in wheat, and suggesting
that Canada be invited to adopt similar regulatory measures.
The Argentine authorities believe that restrictive measures would be
more effective if practiced uniformly in Argentina, Canada and the United
States. It is believed possible that some sort of international agreement
may grow out of Argentina's desire to adopt the United States Farm
Board's control measures.
Alexander Legge, chairman of the Federal Farm Board, has been invited
to address the meeting. John A. Simpson of Oklahoma City, National
Farmers' Union President, has accepted an invitation, Miller said.
W. F. Schilling of Federal Farm Board, Urges Other Members of American Warehousemen's Association to Condemn Speculation in Dairy Products—Chester Gray
of American Farm Bureau, Opposes Amendment to
Law.
From Washington Jan. 2 Associated Press advices
said:
W. F. Schilling, Farm Board member for the dairy industry, said today
he would suggest to the American Warehousemen's Association that it
urge other members of its organization to follow the example of its New
York chapter in condemning speculation in dairy products.
A letter from Chester H. Gray, President of the American Farm
Bureau Federation, saying that that organization opposes any amendment
of the Farm Board law at the present time, was made public today.
Mr. Gray's letter, sent to Representative Dickinson, Republican, of
Iowa, outlining the Farm Bureau's program for this session, said the
time in which the Farm Board has been in operation "has not been
adequate to enable us properly to know how best to amend the act."
He recommended passage of the Capper-Dickinson bill to empower the
Secretary of Agriculture to regulate grain exchanges by limiting short
selling and licensing exchange members. He added this "might well
be made applicable over cotton exchanges also."
For Future Sale Curb in Dairy Products—Warehousemen's
Group Would Eliminate Trading Before Goods Are in
Storage.
The following is from the New York "Times" of Jan. 2:
Futures trading in dairy products, including butter and eggs, should
be eliminated until these products are actually in a warehouse, the port of
New York chapter of the American Warehousemen's Association, Cold
Storage Division, declared in a resolution made public yesterday.
The stability of the market in dairy products is affected by futures
trading, the resolution declared, and this, it was said, "may unduly affect
or impair the value of the commodities on which loans are made by the
warehouses."
Admitting that the warehouse industry is in large part to blame for
an overextension of credit, T. A. Adams, chairman of the chapter, issued
a statement yesterday warning that the situation would result in a total
loss for 1930 of more than $1,000,000,000. He said:
"Overextension of credit will cause a loss during 1930 of over $1,000,000,000. As an organizer of the .New York Credit Men's Association
and one of the incorporators of the National Credit Men's Association,
I regret to acknowledge that our industry is directly to blame for a
large part of the overextension of credit, in the form of advances, in
food distribution."
Mr. Adams declared the cold storage industry agreed with Alexander
Legge, Chairman of the Federal Farm Board, who recently took the
position that regulation of trading, especially in futures, in certain commodity industries had been inadequate and unsatisfactory. Although Mr.
Legge's remarks were directed particularly to the wheat and cotton
markets, Mr. Adams said the same criticism applied with equal force to
the markets for dairy products. He held that "all trading should be
predicated on stores of food, ready and waiting for delivery for human
consumption in accordance with the terms of the sale."
Measures in Senate and House Would Restrict Dealing in
Grain Futures.
The Administration at Washington moved on Jan. 6 to
put a legislative curb on speculating in the grain futures
markets, according to Associated Press advices, which
continued:
Companion bills placing drastic restrictions on the market operations
were introduced by Senator Capper of Kansas and Representative Dickinson of Iowa, Republicans. Senator Capper said the measure bore the
endorsement of the Department of Agriculture.
Early consideration will be given, but Chairman McNary of the Senate
Agriculture Committee said the heavy calendar would forestall immediate
action.
The legislation would bar foreign governments from operating through
any representatives on the grain exchanges without first obtaining approval of the Secretary of Agriculture. Secretary Hyde has complained
of the operations of Soviet Russia on the exchanges.
Another provision would place a limit of 2,000,000 bushels on the
amount of grain futures which may be traded in for speculative purposes
Argentine Interested in Plans of Federal Farm Board to
Control Futures Operations
From Buenos Aires, Jan. 2, a cablegram to the New
York "Times" said:
Frank C. Mortimer Reminds Agriculturalists of Various
Credit Facilities Available to Them, Before 63rd Annual Convention of Fruit Growers and Farmers in Los
Angeles—Expresses Opinion that Artificial Prices,
Against World Prices on Commodities Such as Wheat,
Cannot be Permanently Maintained.
Frank C. Mortimer, Los Angeles banker, addressed
the 63rd Convention of Fruit Growers and Farmers, recently held in Los Angeles, on the subject "Agricultural
Finance". The convention was held under the auspices
of the State Department of Agriculture, in cooperation
with California Farm Bureau Federation, California
State Grange, California Farmers Union, California
Commodity Marketing Association and Exchanges, Canners League of California, California Commission Merchants, Buyers, Brokers and Dealers, Dried Fruit Association of California, Live Stock Industry, etc.
In reviewing the many credit facilities now available
to those engaged in agriculture and allied activities Mr.
Mortimer expressed the opinion that merely a cursory investigation of the subject shows that there has been no
neglect of agriculture, as an industry, in providing ways
and means for obtaining credit. Referring to the large
sums recently made available to agriculture by the Government, he said that it has been clearly shown in the
past that establishing prices on products, above prices
prevailing in world markets, at best, can afford only temporary support and relief for one group or industry, at
the expense of other groups or industries; that supply
and demand always have been and will continue to be
the major price-fixing factors. Mr. Mortimer said in
part:
citizens
among the
"It is recognized, by all our people, that no group
He
of any country is entitled to greater consideration than the farmer. the
From
constitutes the very fiber of the community in which he dwells.
agriculturist he had exercised
earliest tiller of our soil to our present day
from
habits of thrift and frugality, and great as is the value of thrift
the point of economics, yet its value is not limited wholly to that field.
The training afforded by its practice calls for the exercise of habits that
are predominantly moral in character. It means self-control, it means selfmastery. Long ago the farmer learned to forego immediate pleasure for
the sake of some more distant good.
"Through hardship and toil, on the frontier and the prairie,—in the
valley and on the hillside, he has toiled to supply the needs of his family and sustenance for the peoples of the earth. That which be has
gathered and saved, constitutes a great part of our wealth as a nation.
His steadiness, his industry are political virtues which make for the
stability and permanence of our government.
"The important place of the farmer in our economic life, time and
time again, has received recognition, and a review of the credit facilities
now available to him, directly and indirectly, bears out the statement
that funds have been liberally placed at his disposal. Credit is freely
extended to farmers, agriculturists, live-stock raisers, canners, packers,
and to handlers and dealers in the many and varied products of the soil.
In every stage credit is required and is available. From the first mortgage
on the land to the bill-of-exchange or acceptance, representing final
passing of the commodity to the consumer, credit plays its part—directly
and indirectly through cooperatives or through rediscounts. Some of the
more important sources of credit are:
Private lenders.
Farm mortgage organizations.
Life insurance companies.
Building and loan associations,
Merchants and dealers in farm products and live-stock.
Interior (country banks).
Metropolitan (city) banks.
Live-stock companies.
Finance companies.
Cooperative associations.
Joint stock land banks.
Federal land banks.
Federal intermediate credit banks.
Federal reserve banks.
Veterans' bureaus.
Federal Farm Board, etc.
JAN. 10 1931.]
FINANCIAL CHRONICLE
"In spite of this rather formidable array, complaints are heard that
conditions have been made too hard,—that the farmer cannot meet them,
and therefore cannot get the credit he deserves. This is not true, although
there may be many individual cases to cause such complaints. The total
funds loaned into agriculture and its allied interests are so large, in
amount, as to refute the charge that agriculture has been financially
neglected. The investigation made of the use of Federal Reserve funds
clearly showed that other lines of business were not unduly favored; on
the contrary, agriculture, it was shown, received a full measure of the
funds available.
"I suppose there always will be a difference of opinion on what constitutes a real loan and what constitutes an investment on the part of
the lender in the business of the borrower. Lending money, to be repaid
within a specific time, is one Thing. Lending money, to be used by the
borrower for long, drawn-out periods, is another thing. The one constitutes a liquid loan, the other an investment in the borrower's business.
"In extending credit to agriculturists, the lender of funds requires
that the borrower have a proper proportionate interest in the land, improvement, equipment, live-stock, or product against which he desires to
borrow. This same basic requirement likewise applies to those engaged
in all other lines of business. No bank has any authority to lend its
own or its depositors' funds (usually payable on demand) to borrowers
who intend to use them as capital investments in their respective businesses
—but there is ample credit for the farmer, based upon the usual procedure in extending credit. Our banks, on the whole, are in an unusually
strong and liquid position. Unfortunately, there are instances where
the frozen condition of some small banks in agricultural sections has
been brought about as a result of the inability of the farmer to pay, but
that has not caused credit to be withheld or withdrawn from the agricultural and live-stock industries. The credit is there, but it must be
granted in a manner that conforms to the new and changed conditions."
Referring to the pegging of prices on wheat, Mr. Mortimer said:
"Commodities such as wheat and cotton are produced in large quantities in other parts of the world, and it is highly improbable that we,
in the United States, can establish and maintain prices on our commodities, above the prices at which such commodities are sold in the world's
market. Taking as liberal a view as possible of our present procedure
in establishing a price for wheat, above the world price, we can only hope
for temporary relief for the producer, or owner of wheat, at the expense
of our own people, either in the form of higher prices or taxation, or
both. A good deal has been written and even more has been said on this
subject, but stripped of all but the basic facts, we find ourselves face
to face with Old Man Economic Law,—that inexorable old fellow who
never takes a vacation, but who sits forever in his vehicle, reins in hand,
and drives his tandem of supply and demand along the roads of civilization, stopping here, to take on a commodity, and stopping there to dispose of it where needed, and at a price the consumer can afford to pay."
Westheimer & Co. Reduces Margin Requirements on
$10 Stocks.
The following is from the "Wall Street Journal" of Jan. 2:
Westheimer & Co. has issued the following announcement regarding
margin requirements on $10 stocks.
"Because of the large number of stocks that have declined to $10 or less
per share, we are making it possible for the present for our customers to
carry on margin selected New York Stock Exchange stocks selling at $10
or under. As a rule, these will be carried half paid with a margin requirement of $4 per share."
Other items regarding lowered margin requirements
appeared in our issue of Dec. 27, page 4145.
New York Curb Exchange Suspends Trading in Landay
A Stock.
The following is from the Brooklyn "Daily Eagle" of
Jan. 9:
The Now York Curb Exchange has suspended trading in Landay Bros.
class A stock until further notice.
Action was taken because the company has failed to maintain a New
York transfer office.
Arthur G. Humphries Suspended from Regular Membership in New York Curb Exchange.
The New York Curb Exchange on Jan. 8 announced the
suspension of Arthur G. Humphries from regular membership in the Exchange after he had indicated his inability to
meet his engagements, according to the New York "Evening
Post" of that day, which added: "Mr. Humphries has been
a member of the Curb since July 1922."
F. R. Henderson, Former President of New York Rubber
Exchange, Files Voluntary Petition in Bankruptcy With
$180,674 Liabilities.
The following is from the New York "Times" of Jan.
S:
Francis R. Henderson, who until last October has been president of
the Rubber Exchange of New York for more than four years, and has
been an organizer of commodity exchanges, has lost another fortune, the
second that has slipped from his hands since 1921, when there was a
crash in the rubber market, it was learned yesterday.
Mr. Henderson, through his attorneys, Gotthold & Gross of 52 William
Street, filed a voluntary petition in bankruptcy in the United States
District Court, listing liabilities of $180,674. One of his principal creditors is James P. Warburg, banker, of 40 Wall Street.
Though the petition, which states that Mr. Henderson is unable to
pay his debts and has no assets, offers no explanation for his failure, it
was recalled that the price of rubber last Fall touched its lowest point
on record, and has been but little higher since then.
Mr. Henderson is listed as a director of the National Metal Exchange,
Inc.; the National Raw Silk Exchange, Inc.; the New York Burlap
and Jute Exchange, Inc., and the New York Hide Exchange, Inc. He
specialized, however, in importing rubber.
215
It is set forth in the petition for bankruptcy that Mr. Henderson has
no occupation. At 544 East Eighty-sixth Street, which is given as his
address, it was said last night that Mr. Henderson was not at home nor
expected to be there.
Many of the listed liabilities are for dues and charges in prominent
New York clubs. These include $123 to the Lotos Club, $82 to the
New York Yacht Club, $235 to the India House, $207 to the Tiffin Club,
$101 to the Upper Montclair Country Club, $200 to the Seaview Golf
Club, Absecon, N. J.
In addition to Mr. Warburg, to whom $10,000 is owed, the listed
creditors include J. W. Bicknell, 45 Gramercy Park, $10,000; J. C.
Cuppia, 40 Wall Street, $5,000; Jerome Lewine, 60 Beaver Street;
S. B. Lindsay of Buffalo, $19,709; the Metropolitan Museum of Art,
$25; Club Auto Renting Service, $250; Smithsonian Institute Series,
Inc., $125, and the Lincoln Memorial University Endowment Fund, $250.
Mr. Lewine, one of the creditors to whom money is due on "money
and loans," according to the petition, is a member of the firm of Henry
Heinz & Co. Mr. Cuppia is a member of the firm of E. A. Pierce & Co.
Mr. Henderson started in the rubber trade as an office boy for Francis
H. Robinson, a raw rubber broker, in 1899, when he was 14 years old.
With a combined capital of $10,000 Mr. Henderson and a friend organized the rubber firm of Henderson & Korn in 1909, importing raw
rubber from Brazil. The firm continued business until Mr. Kern's
retirement in 1917, when Mr. Henderson continued business under the
name F. R. Henderson & Co.
In 1918 Mr. Henderson went to Singapore and purchased the International Trading Company, later organizing Henderson, Forbes & Co.,
Inc., a $1,000,000 concern, in London and New York. Business went well
until the crash in rubber in 1921, when Mr. Henderson lost everything
he owned.
Friends then helped him by advancing money to organize the Crude
Rubber and Foreign Products Corporation, which was succeeded by Henderson, Helm & Co. of 60 Beaver Street.
James C. Murray, Newly Elected President of Chicago Board
of Trade in System of Marketing Agricultural Products
Through Exchanges.
James C. Murray, who formally takes office next Monday as the fifty-eight President of the Chicago Board of
Trade, issued on Jan. 6, a statement affirming his belief
in the soundness of the established system of marketing
agricultural products through the organized exchanges.
Mr. Murray's statement follows:
"I believe in the Chicago Board of Trade as a sound agricultural and
commercial asset. Maintaining an open market for over eighty years,
the members have assisted in the development of the greatest agricultural empire in the world. The system of marketing and financing as
devised and practiced enables all interests to engage in production and
distribution of the crops with a minimum of risk. This has established a corresponding minimum of conversion and marketing cost unequalled in any other industry. No better system has yet been devised and experience shows clearly that a free and open market is the
best vehicle in disposing of the farmers' grain and meeting the trend of
supply and demand.
"I regard the Agricultural Marketing Act with its resultant Farm Board
and Stabilization Corporation as an expression of Congress in its effort
to provide relief to agriculture. The success of the venture depends on
the results accomplished. Present facilities should not be discarded or
restricted before better facilities are provided. There can be no objection to farmers soundly engaging in the business of handling grain
or other commodities. Many of those now engaged in the commercial
handling and processing of grain started life on the farm and their
sympathy naturally lies with the farmer. Care must be taken in the
using of Government funds to treat all interests with justice and consideration."
F. Y. Cannon Elected President of Unlisted Securities
Dealers Association.
Frank Y. Cannon of J. K. Rice Jr. & Co. was on Jan.
7, elected President of the Unlisted Securities Dealers
Association of New York at the annual meeting of that
organization. Others elected were: Ralph Bristol of Bristol & Willett, First President; Charles E. Doyle of
Charles E. Doyle & Co., Second Vice President; Harry
D. McMillan of L. A. Norton & Co., Treasurer; J. Roy
Prosser of J. Roy Prosser & Co., Secretary.
Study of Stabilization of Dollar Proposed.
The New York "Journal of Commerce" reported the
following from Washington Jan. 8:
The appointment of a commission to make a study of the stabilization
of the dollar was urged upon President Hoover today by a committee
of the American Farm Bureau Federation, headed by Chester H. Gray,
Washington representative.
In the opinion of the committee the findings of the commission would
serve as a basis for legislation by Congress in the future. Congress
could not at this time act intelligently on legislation of this character,
it was said, but if Congress was sufficiently informed on the subject it
would be possible for it to legislate in such a way as would "avert
future periods of depression and inflation."
New York Curb Exchange Reinstates J. A. Sisto as
Associate Member.
Announcement was made by the New York Curb Exchange on Tuesday, Jan. 6, of the reinstatement of J. A.
Sisto, of the New York Stock Exchange firm of J. A. Sisto
& Co., of this city, to associate membership. In reporting
the matter, the New York "Times" of Jan. 7 said:
Mr. Sisto was suspended Sept. 30, following the announcement of
the
firm's inability to meet its obligations. The Stock Exchange
suspended
the firm on the same day. Following a settlement with creditors
last
month, the firm was reinstated.
[VoL. 132.
ing new shares in mergers or to shareholders under stock rights, dec. As a
result, corporations with already listed issues are beiag made subject to
this requirement, as well as additions to the list.
Seen As Safeguard.
The segregation of earned surplus is felt to be especially necessary as a
safeguard to investors as a result of the widespread use of no par value
stock at the present time. Shares without par value are frequently carried
on the balance sheets of corporations at arbitrary low stated values, permitting the writing up of a large paid-in or capital surplus. When this
surplus is not distinguished from earned surplus, it is said, stockholders
or potential buyers of the shares may be misled into believing that the
corporation has been very profitable in the past, and that it has a large
fund of past earnings out of which dividends can properly be paid.
The extent to which capital surplus way bring misleading results also
depends, it is pointed out, upon the laws of the States in which these
corporations are incorporated. In a number of States dividends can be
paid only out of earned surplus. This was the case in New York State
was passed which permitted the
Total net loans by New York Stock Exchange members on collateral, until several years ago, but an amendment
existence of any
epontracted for and carried in New York as of the close of business Dec. payment of dividends out of any kind of surplus. The
surplus other than an earned surplus in States where dividends cannot be
1
3 1930. aggregated $1,893,612,890.
capital surplus thus may prove especially misleading to sharepaid out of
The detailed tabulation follows:
Demand Loans. Time Loans. holders. The earned surplus available for dividends may disappear, but
the existence of an undesignated surplus on the books may create the
(1) Net borrowings on collateral from New
$1,340,356,950 $333,942,335 appearance of ability to pay dividends which does not exist.
York banks or trust companies
on collateral from private
(2) Net borrowings
Corporate Readjustments.
bankers, brokers, foreign bank agencies
Numerous corporation reorganizations and mergers are also likely to
20,270.500
179.043.104
or others in the City of New York
result in material changes in the surplus account, which the exchange feels
81,519.400.054 8374.212.835 should be reflected in segregation of earned from other surplus. In doing
$1,593,612,890 this the Exchange authorities are said to go beyond the life of the existing
of time and demand loans
Combined total
The scope of the above compilation is exactly the same as in the loan corporation, probing into the origins of the currently reported surplus in
report issued by the Exchange a month ago.
the case of predecessor companies of the existing enterprise.
The attitude of the Exchange toward the handling of corporate surplus,
The compilation of the Stock Exchange since the issuance
merely one element of a broad campaign it has waged
It
of the monthly figures by it, beginning in January 1926, foris pointed out, is and other corporate standards in the case of concerns
higher accounting
follows:
whose shares are listed. Among the other features of this campaign have
Time Loans,
Total Loans,
Demand Loans.
1926—
been restrictions on listing of non-voting common stocks, handling of income
$3,513,174,154
$966,213,555
88.516.960,599
Jan. 30
3,536.590,321 received in the form of stock dividends by corporations, publication of
2,494,846,264
1,040,744,057
Feb. 27
966,612,407
3,000,036,167 regular periodic reports to shareholders, statements on rates of depreciation
2,033,483.760
Mar.31
865,848,657
2,835,718,509 of fixed assets, k.c.
1,969,869,852
Apr. 30
780,084,111
2,767,400,514
1,987,316,403
May 28
Outstanding Brokers' Loans on New York Stock
Exchange Drop to New Low Total of $1,893,612,890
on Dec. 31—Declined $268,636,112 from Nov. 30
Figure.
A drop of $268,636,112 in the outstanding brokers' loans
on the New York Stock Exchange during December brought
the total on Dec. 31 to the new low figure of $1,893,612,890.
On Nov.30 the total had stood at 32,162,249,002—that total
having consisted of demand loans of $1,691,494,226 and time
loans of $470,754,776. The Dec. 31 total is made up of
demand loans of $1,519,400,054 and time loans of $374,212,835. The year-end figures were made public as follows
by the Stock Exchange on Jan. 3.
Dec. 31
2.225.453,833
2,282,976,720
2,363,861.382
2,419,206,724
2,289.430,450
2,329,536,550
2,541,682,885
700,844,512
714,782,807
778.286,686
799,730,288
821,746,475
799,625,125
751,178,370
2,926,298.345
2,996.759,527
3,142,148,068
3,218,937.010
3,111,176,925
3,129,161,675
3,292,860,253
1927—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
2.328,340,338
2.475,498,129
2,504,687.674
2,541.305,897
2,673,993,079
2,756,968,593
2,764,511,040
2,745,570,788
3,107,674,325
3,023,238,874
3,134,027,002
3,480,779,821
810,446,000
780,961,250
785,093.500
799.903,950
783.875,950
811.998,250
877,184,250
928,320.545
896.953.245
922,898,500
957,809,300
952,127,500
3,138,786.338
3,256,459,379
3,289,781,174
3.341,209,847
3,457,860.029
3,568,966.843
3,641,695.290
3,673.891,333
3,914,627.570
3,946,137,374
4,091,836,303
4,432,907,321
1928—
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
8%3.30
Oct. 31
Nov. 30
Dec. 31
3.392,873,281
3,294,378,654
3,580,425,172
3,738,937,599
4,070,359,031
3,741,632,505
3,767,694,495
4,093,889,293
4,689,551,974
5,115,727,534
5,614,388,360
5,722,258,724
1,027,479,260
1,028,200,260
1,059,749,000
1,168,845,000
1,203,687,250
1,156,718.982
1,069,653,084
957,548,112
824,087,711
763,993,528
777,255,904
717,481,787
4,420,352,514
4,322,578,914
4,640,174,172
4,907,782,599
5,274,046,281
4,898,351,487
4,837.347,579
5.051,437,405
5,513,639,685
5,879.721,062
6,391,644,264
6,439,740,511
1929—
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
5,982,672.411
5,948,149,410
6,209,998,520
6,203,712,115
6,099,920,475
6,444,459.079
6,870,142.664
7.161,977.972
7,831,991,369
5,238.028,979
3,297,293,032
3,376.420,785
752,491,831
730,396,507
594,458,838
571,218,280
565,217.450
626,762,195
603,651,630
719.641,454
717.392,710
870,795,889
719,305,737
613,089,488
6,735,164,241
6,678,545.917
6,804,457,108
6,774.930,395
6.665,137.925
7,071,221,275
7,173,794,294
7,881.619,426
8,549.383,979
6,108,824.868
4,016,598.769
3,989,510,273
3,528,246.115
3,710,563,352
4,052,161,339
4,362,919.341
3,966,873.034
2,980,284,038
3,021.363.910
2,912.612,666
2,830,259,339
1,980.639.692
1,691.494,226
1,519,400.054
456,521,950
457,025,000
604,141,000
700,212,018
780,958,878
747,427.251
668.118,387
686.020,403
651,193,422
569,484.395
470,754,776
374,212,835
3,984,768,065
4,167,588,352
4,656,302,339
5,063,131,359
4,747,831,912
3,727,711.289
3,689,482,297
3,598.633,069
3,481,452,761
2,556.124,087
2,162,249.002
1,893,612,890
June 30
July 31
Aug. 31
SePt.30
Oct. 31
Nov.30
1930—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 30
Sept.30
Oct. 31
Nov.30
Dec. 31
New York Stock Exchange Seeks to Segregate Earned
Surplus Accounts—Wants Capital and Paid-in
Surplus Designated as Such—Seeks to Protect
Investors Against Misleading Entries on Books.
General adoption of the practice of aggregating earned
surplus of corporations from paid-in or capital surplus accounts is being brought about among enterprises whose
shares are listed on the New York 'Stock Exchange, it is
said by individuals close to the Listing Committee of the Exchange. This was reported in the New York "Journal of
Commerce" of Jan. 7, which continued:
Although no formal action has been taken insisting upon such separation
of earned surplus, the listing committee has sought to have this done in
each case where a corporation seeks to list shares on the Exchange.
Originally the listing committee of the Exchange adopted this policy with
regard to new issues of securities only, it is said. It has now extended it to
apply to additional listings for purposes of paying stock dividends, offer-
(
FINANCIAL CHRONICLE
Z16
Members of New York Stock Exchange Approve Amendment to Constitution Providing for Lower Commission Rates on Inactive Stocks Traded in on
Ten-Share Basis.
The following announcement was issued by the New York
Stock Exchange on Jan. 6:
The proposal of the Governing Committee of the New York Stock Exchange to amend Section 2 of Article XIX of the Constitution, altering
commission rates on inactive stocks traded in on a 10-share basis, has been
approved by the membership of the Exchange. Of the 379 ballots cast, 363
approved the amendment.
Details regarding the new rates were given in our issue
of Dec. 27, page 4144.
New York Stock Exchange Issues Tentative Requirements Governing Applications for Secondary Distribution of Listed Securities.
An announcement was made by the New York Stock Exchange on Jan. 5 to the effect the Special Committee on
Secondary Distribution has formulated tentative requirements in connection with applications for secondary distribution. In making public these requirements the circular
issued by Ashbel Green, Secretary of the Exchange, said:
These requirements may be changed without notice as experience may
dictate.
1. Applications for secondary distribution shall be accompanied by a
circular covering an adequate description of the company whose stock is
to be distributed. Earnings statements and balance sheets for recent years
must be presented, including the most recent earnings report and balance
sheet, whether or not these rover an entire fiscal year. If the company in
question only issues annual reports, and if a considerable period of time has
elapsed since the date of the annual report, the Committee may feel considerable reluctance in approving the application. The circular shall also
contain such other official information as may be available and which will
afford a reasonable description of the company to prospective purchasers.
2. The application must state the amount of stock which has been
acquired and which the applicant may expect to acquire and the method of
acquisition in each case.
3. The application must describe in detail the contemplated method of
effecting secondary distribution. This description must include the price
or prices at which stock will be sold and the amount of commission which
will be paid. The applicant must agree that any given price at which stock
is to be sold shall include a provision for normal Stock Exchange commission to non-members. The Committee inclines to favor establishing the
price at which sales are to be made on the basis of the last sale on the
New York Stock Exchange prior to effecting the sale by means of secondary
distribution.
4. The application must indicate a time limit within which secondary
distribution is to be effected. The Committee is not likely to authorize
secondary distribution except for reasonably short periods, so that authorizations may be frequently reviewed in case conditions change.
5. Applications must state to what reasonable extent the stock for
secondary distribution will be made available to members of the Exchange
who are not members of a selling group or associated in the secondary
distribution in question, so that no member of the Exchange may be
unfairly handicapped because of the fact that his customers can buy stocks
more cheaply through channels of secondary distribution than is possible
on the floor of the Exchange.
6. The applicant must agree that under no circumstances will any part
of a salesman's commission be reallowed to customer, of his firm or to
customers of associated firms. Failure to observe this agreement will
subject the applicant to the possibility of cancellation of privileges of
secondary distribution which may have been accorded.
JAN. 10 1931.1
FINANCIAL CHRONICLE
7. The Committee meets regularly on Tuesday at 3:10 p. m. Seven
copies of the application and all papers in connection therewith should be
on file with the Secretary, at the latest, on the Friday before the regular
meeting at which the application Is to be considered.
An item regarding the report of the Special Committee
dealing with secondary distribution of securities appeared
In our issue of Dec. 13, page 3810. The members of the
Special Committee are E. H. H. Simmons, Chairman; Erastus T. Tefft, Vice-Chairman; Frank Altschul, Herbert I.
Foster, and Herbert G. Wellington.
Stock Trading on Chicago Stock Exchange in 1930.
The stock trading on the Chicago Stock Exchange during
1930 came within 171 % of the all-time annual record made
/
during 1929, it became known on Dec. 31, when the Chicago
Exchange announced its total volume for 1930 as 69,747,500
shares, compared with 82,216,000 shares during 1929. This
year's stock trading volume on the Chicago Exchange, it is
stated, is 79% higher than the 38,941,589 shares traded during 1928, which, as was pointed out, was a more normal
year than 1920, and with which many concerns compare
their 1930 figures rather than with last year.
Compared with 1927, this year's volume of stock trading
on the Chicago Exchange is more than six times as great.
The par value of the bonds traded on the Chicago Exchange
during 1930 was $27,462,000, a new all-time record. This
figure compares with $4,975,000 for 1929 and $7,534,600 for
1928. The previous bond trading record on the Chicago Exchange was made during 1924, when $22,604,900 par value
in bonds was traded. The total volume of stock traded on
the Chicago Exchange during December was 4,544,100 shares
and the total par value of the bonds traded was $1,241,000.
Market Value of Listed Shares on New York Stock
Exchange Jan. 1, $49,019,878,459 Compared with
$53,311,859,703 on Dec. 1-Classification of Listed
Stocks.
As of Jan. 1 1931 there were 1,308 stock issues aggregating
1,296,794,480 shares listed on the New York Stock Exchange,
with a total market value of $49,019,878,459. This compares with 1,309 stock issues aggregating 1,296,204,097
shares listed Dec. 1 on the Stock Exchange with a total
market value of $53,311,859,703. In making public the
Jan. 1 figures on Jan. 6, the Stock Exchange said:
As of San. 1 1931, New York Stock Exchange member borrowings on
,security collateral amounted to $1,893,612,890. The ratio of security
Comas to market values of all listed stocks on this date was therefore 3.86%.
In the following table covering Jan. 1 and Dec. 1, listed
stocks are classified by leading industrial groups, with the
aggregate market value and average share price for each:
All listed companies
December 11930.
3,740,863,710 57.44
382,795,946 25.96
1,681,229,687 41.01
2,889,413,534 41.61
274,505,641 20.81
460,182,676 40.00
467,521,799 20.87
126,545,532 24.03
1,476,782,568 30.16
1,339,057,820 23.08
3,839,990,101 24.14
465.240,755 29.26
2,246,078,262 31.58
7,222,885,608 62.59
2,763,974,548 71.73
164.838,661 15.09
3,612.601,937 53.61
2,998,342.915 32.21
3,898,199,088 105.29
268.485,639 25.76
129.566,705 8.43
355,642,606 34.22
38.624,485 18.53
37,200,892 9.41
140,201,399 37.76
257,230,151 36.57
1.519,821.064 47.55
28,246 943 13.13
945.957.239 26.21
1,002,833,996 24.14
3.993,018.769 61.70
442.671,190 30.00
1,879,880,617 45.86
3,030,999.365 43.69
318,465.891 24.18
533,860.542 46.41
565,098,449 25.36
140.593.451 25.76
1,650,661,065 33.08
1,542,095,820 26.58
4,427,576,524 27.49
510,481.921 32.11
2,578,327.233 36.23
7,832,378,217 67.88
2,924.307,276 75.89
175,328.805 16.05
3.706.183,346 55.14
3,208.687,108 34.53
4.166,706.098 112.76
302,032,842 28.98
154,767,925 9.84
365,321,308 35.93
42.214.624 20.25
41,378.242 10.47
155.485.871 41.30
276,808.791 39.33
1.575,263,253 49.26
30,237.053 15.13
1,145.152,234 31.74
1,130,834,831 27.03
49.019,878,459 37.80 53,311.859,703 41.13
Record Deflation in New York City Bank Stocks in
-Market Value of 16 Leading Issues Stood at
1930
$2,800,000,000 at Low of Year Against $10,000,000,000 at High Point of 1929 Says Hoit, Rose & Troster.
From a statistical consideration, the deflation experienced
In New York Oity bank stocks during the year 1930, may
be characterized as devastating, says Holt, Rose & Troster,
who likewise, under date of Dec. 31, state:
The trend of these shares was downward during the greater part of thc
year, but the market readjustment was undoubtedly precipitated during thc
fourth quarter by hurried and nervous liquidation by holders of thee:.
securities due to the suspensions announced during that period. An encouraging feature during the closing weeks of the year, however, was the
accumulation and buying by strong interests which was plainly evident.
The greater acceptability of bank stocks as collateral by banks and stock
exchange houses also acted as a stabilizing influence.
The low point of the bank stock market in 1930 was reached on December 17. On that day, the open market value of 16 leading New York
bank and trust companies totalled $2,800,000,000, which compares witk
$6,400,000,000 obtained on April 12th, the high for 1930, and with $10,000,000,000 on October 14 1929, prior to the big break of last year.
Based on the period of December 31 1929 to September 24 1980, of 16
leading New York bank and trust companies eleven earned the full year's
dividend in 9 months; of the eleven, five earned the dividend in the first
six months. Of the sixteen, Manufacturers Trust reduced the annual
dividend rate from $6 to $4 per share, while Brooklyn Trust omitted the
usual year-end extra of $3.
The accompanying table lists 16 bank and trust companies, leading in the
order of size of resources. The composite Dollar-Yield, using the low
prices of December 17th stood at 5.563%, which compares with 2.298%
on April 12th of this year and with 1.897% as of October 14 1929. The
combined capital, surplus and undivided profits, and known equities ix
affiliated companies (book-value) of the sixteen banks totaled $2,235,163,881, which compared with the aggregate open market value on December 17th of $2,800,000,000.
Using the low prices of December 17th, the shares of sixteen New York
bank and trust companies were selling 12.5 times known earnings compared with 30.7 times on April 12th of this year and with 46.6 times oa
October 14 1929.
The "Dollar" used to purchase bank stocks on December 17 had $4.691
of resources working for it, which was made up of $3.788 of deposits, and
$0.903 of book value. The ratio of known earnings to these resources Is
about 1.7% or $.080. Of this, $0.056 or 70% is being paid out in dividends, equivalent to a composite yield of 5.563% on the dollar.
The forthcoming year-end statements, may prove to be disappointing,
insofar as they may show shrinkages in surplus, to offset depreciation of
Investments. However, they can be confidently relied upon to reveal great
liquidity and all that it means in general banking strength. The bank stock
market to-day offers unparalleled opportunities to investors to make whit
and sound purchases. The return to normal trade conditions and the natural
expansion of industry is inevitable. The position of New York banks is
virtually that of the world money center. The influences responsible for
their phenomenal growth in the past are returning to operate and assert,
themselves to an even greater degree in the future.
The following table shows the book value of sixteen leading New York
City bank stocks (based upon the last official call), the high and low
market prices for 1930, together with the yields afforded at the higk
and low levels:
Book
Market Rance 1980.
Value.
High. Yield.
Low. Yield.
$65.75
Chase
182
2.20
7534 5.38
65.18
City
260
1.54
7914 5.01_
330.43
Guaranty
868
2.31
396
5.05
44.91
Bankers
185
1.62
90
3.33
75,50
Manhattan
158
2.53
63
6.35
27.04
Irving
74
2.16
28
5.71
100.16
Central-Hanover
415
1.69
192
3.65
1,322.82
First National
6,600
1.52
3,350
2.98
46.02
Manufacturers
158
2.53
24
16.65
80.22
152
America
2.96
53
8.48
40.50
94
Chemical
1.91
39
4.6:
97.10
332
New York Trust
1.51
132
3.78
67.14
265
Corn
1.51
90
4.41.
_
54.22
145
Chatham
2.76
71
5.6:
87.11
166
2.41
Public
40
10.0:
383.87
955
Brooklyn Trust
2.83
425
6.3:
Paul M. Warburg, Chairman of the Manhattan Co., ir
Annual Message to Stockholders, Cites Lessons tt
be Learned from Experiences of Recent Years
Market
Market
Aver.
Aver.
Price.
Values.
Values.
Price.
Producer Declared to be Principal Factor Responsible for Depression-Views on Bank for Interna2,823.495,377 24.01 2,668.179,656 24.42
tional Settlements.
1,563,435,195 25.10 1.800,865,788 29.04
January 1 1931.
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publLshing
Retail merchandising
Railroads and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Oas and electric (holding)
Communications (cable, tel. di radio)
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
'Tobacco
Garments
U.S. companies operating abroad
Foreign companies(incl. Can.& Cuba)
217
"In reviewing the record of 1930," says Paul M. Warburg,
"economists might well write it down as the 'year after';
for it brought all the pains and distress which are symptomatic of the morning following a headlong debauch." This
statement was made by Mr. Warburg in a report on Jan. E
surveying the 132nd year in the life of The Manhattan Co.,
but covering the first year of the Company's activities since,
from an operating company, it regrouped itself into a holding
company, now linking together under a common ownership
and management, the Bank of Manhattan Trust Co., the
International Acceptance Bank, Inc., the International
Manhattan Co., Inc., the New York Title and Mortgage
Co., and the latter's affiliates. In undertaking to present a
general review of the economic events of the year, and of the
problems left in its wake Mr. Warburg stated that "we
might begin by expressing our entire disbelief in the thesis
propounded by some leading writers, particularly in England
that a shortage ofgold should be considered as the sole or principal disturber of general price stability." In part he continued:
Time and space do not permit an exhaustive elaboration of the
question
on this occasion. Suffice it so say that the science of economizing
in the
use of gold as a circulating medium, the art of concentrating gold in
banks, and of surrounding it with elasticity, have progressed so far,central
that it
seems impossible to conceive that a moderate shrinkage in gold
could be held accountable for the unparalleled shrinkage in production
prices we are
witnessing to-day. One's disbeliefis strengthened by the
knowledge that a
little more than a year ago, with high money rates, we lived in
a period of
high prices, while with substantially the same aggregate
amount of gok
available to the world's central banks,and with easy money rates
prevailing
we have now seen prices shrink to record low levels.
218
FINANCIAL CHRONICLE
Nor may the United states fairly be charged with having "sterilized"
gold, when our credit structure, superimposed upon our gold, has been
permitted a free growth, and when the short and long term loans we have
granted to foreign countries largely exceed the grand total of gold received
by us from abroad,
It is true that gold accumulating in the hands of France does not become
available for the purpose of financing the world's industries and trade as
fast as gold accumulating in England or with us. No doubt, France's absorption of so large a share of the world's gold Is a disturbing factor, parthe
ticularly so because it cramps the lending power of London, normally
be most
most active and liberal international banking center. It would
on Engdesirable, therefore, to devise ways and means to relieve the strain
world's
land's gold chest: for the ownership of so excessive a portion of the
present
gold places an all too heavy responsibility on France and us, and the
situation would be substantially relieved if this responsibility were shared
financial
to a larger extent by Great Britain. A strengthening of England's
the short
power might prove of particular value in the ultimate funding of
corporations. Yet, we
term obligations incurred by debtor countries and
of a more ample
may ask outselves whether England, if she were possessed
substantially her
gold treasure, would find it practicable to increase very
consumer's legitimate borrowing
foreign loans at a time when the would-be
of an already
power has been temporarily exhausted; when, in the face
there is little, if any.
existing world-wide excess of Productive capacity,
demand for fresh borrowing for new capital expenditure on the part of potenand overstrained or weakened
tial producers;and when political uncertainties
way. It may be well to
credit prevailing with many nations block the
the last year came from
remember that the bulk of the gold we received in
sale of their products,
countries unable to maintain their exchanges by the
should not, cover their
countries which either could not, or would not, or
general plethora
needs by increasing their foreign indebtedness. With the
of the depression in a
of money governing in 1930, we cannot seek the roots
no
shortage of gold, and even though a maldistribution of the yellow metal,
has influenced
doubt, has added to the feeling of distrust and concern which
their funds in costly idleness, we may
both bankers and investors in keeping
plays a part in our present
not overlook the fact that, insofar as banking
imdilemma, the condition of the credit taker is of a more fundamental
portance than that of the credit giver
not to be understood as implying that we
Yet, this observation ought
our present critical
look upon the consumer as being mainly responsible for
situation, nor that we believe that artificial schemes for extending additional
money is a powerful
consumers' credit would cure the evil. While easy
depression,
ally of the forces struggling to overcome the stranglehold of a
advised
it is not a remedy. We agree with the English banker who—when
a
of the reduction of the discount rate of the Bank of England as measure
promising relief—answered: "I don't believe that bank rates eat wheat!"
Nor do they consume coffee,sugar, or other commodities,
to the producer rather
There is no doubt in our mind that we must look
responsible for the existence of
than to the consumer as a principal factor
the industrial world dethe present depression. For several generations,
went on, the volume
veloped machine production, increasing, as the process
In other words, the same quantity of goods
of goods produced per worker.
long as we were able to
was produced by a smaller number of men; but as
or by enhancing
increase the volume of our products by finding new markets
labor remained employed and
the standard of living of our purchasers,
This evolution has been greatly accelerated
equilibrium was maintained.
ex.
since the war and, under the leadership of the United States, assumed
hydraulic.
cessive speed and dimensions. We carried "power"—electric,
home, and field, so much
pneumatic, or automotive—into every industry,
producer the inventive
so that one might well say that behind every visible
we have
genius of man has now placed a hundred invisible producers. But
behind the consumer. In a
not been able to place any invisible consumers
Utopian assumptions,
world of free trade and well-governed banking (two
from this developwe regretfully admit!) no great harm might have resulted
would have enabled wages
ment. "Rationalization" and mass-production
quantity of goods. Production would
to buy an increased and more varied
been determined by a free flow
have been regulated and prices would have
exertion of a free interplay of demand and
of goods and the untrammelled
under which the world is opsupply. But,the economic and political system
to what would appear as
orating to-day, works in the opposite direction
permitting a free and untrammelled
the theoretical ideal. Instead of
were erected by nations, old and new,
flow of goods, customs barriers
industries were pushed to hothouse
and behind these walls of protection,
domestic consumers. Valgrowths, based upon high prices exacted from
and Ml kinds of governorization schemes, syndicates, cartels, monopolies,
Thus, instead of permitting increased mamental operations did the rest.
lower prices,all efforts were bent
chine production and cheap credit to lead to
high prices. History repeated
to rest our economic structure upon a level of
and a rapid increase
Itself when high prices led to a decreased consumption
well as industrial. When the purIn productive capacity, agricultural as
to become exhausted, it
chasing power of domestic consumers threatened
was revived by the stimulant of installment plans, and buyers abroad, at
foreign loans. A period of fantastic
the end of their tether, were assisted by
financed
overbuilding, overproducing, and overbuying ensued, largely
inflated securities.
through paper profits or bank credit,freely granted upon
when new markets failed
When the consumers' credit became exhausted;
old markets became impaired; (when, in
to open up, while important
reparation payments forced Germany
addition, the hydraulic Pressure of
output at all costs);the critical moment came when
to increase her exportable manipulation. Prices, overcoming artificial
production overwhelmed
own levels. While many observers, perhaps a
dams, began to seek their
present drop as something unnatural, there
majority,seem to look upon the
belief that the present range of prices—though in
is much room for the recessions have gone too far—may be nearer the
many cases, no doubt,
from which we came. Unless one believes that a
natural level than that
things should be accompanied by a constantly
constantly increased output of
in the output of money, credit, and securities,
and corresponding increase
inevitable that mass production and a continuous
the conclusion would seem
and machinery must logically exercise a pricegrowth in the use of power
nothing frightening in the thought that the wage
lowering effect. There is
a
dollar should give their owners the enjoyment of
dollar or the revenue
On the contrary, the poor widow, with whom
greater quantity of things.
be
prices began to rise after the war, might
we sympathized so much when
The harm does not lie in lower
congratulated upon such a development.
but in the violence of the change.
prices,
living, at present, in a period when the unBe that as it may, we are
industrial—the producer who can
economic producer—agricultural or
out. A
of artificially high prices, is being weeded
only live on the basis
one, that has to run its
readjustment, indeed, but an inevitable
painful
Cour. • • •
se
impossible for any government
Unfortunately, it would seem politically
prosperity, even
putting a crimp in a wave of
to use its influence toward
being a fake prosperity,
may be unmistakable evidence of its
though there
All the heavier is the obligation
inevay destined to lead to a crash.
itbl
the leadership of non-political
upon banking and finance, under
resting
[Vot. 132.
central banking institutions, to exercise a timely restraining influence in
such circumstances. But, are central banks politically independent enough
and are they well enough equipped for such a task? That is a question which
a country desirous of avoiding the pangs of the recurring acute depressions,
such as we are now enduring, might well earnestly ponder.
The Bank for International Settlements, organized this year under the
provisions of the Young Plan,opens up a most promising vista in this regard,
If politics can be kept out of its administration, it would seem as if meetings
of the heads of the leading central banks, represented on the Bank for International Settlements' Board of Directors, would offer incomparable opportunities for watching the pulse beat of the body economic of the world. If
the Bank surrounded itself with a permanent secretariat of competent
economists and practitioners, whose sole task it would be to "watch the
step" of each individual country in its economic and financial aspects, and
drew from these observations the composite picture of world production
and consumption and their relation to credit expansion or contraction, it
would constitute itself a body of elder statesmen, whose advice, through
the influence of the central banks, could make itself felt in all countries,
While the Bank for International Settlements, through its own operations
in the countries involved, could lay emphasis on such advice, such pressure
would be likely to prove of smaller importance than the psychological effect
to be expected from its counsel. . . .
It is deeply to be deplored that when, under the leadership of American
citizens of rare ability and unselfishness, the Young Plan was devised and
the Bank for International Settlements was created, our government saw
fit to prevent our Federal Reserve Banks from delegating their representatives to serve on the Bank for International Settlements' Board of Directors
along with the Presidents and representatives of other central banks. Quite
irrespective of the question of the violence that this embargo did to the conception of Federal Reserve Banks as autonomous, non-political, and privately owned organizations, and no matter how splendidly America is at
present represented on the Board of the Bank for International Settlements,
an incomparable opportunity has been denied to our Federal Reserve System
for co-operation ofimmense importance to our country and to the world as a
whole. . . .
Is it not to be hoped that even the blindest among us may now begin to
see that our prosperity is interlocked with that of our neighbors and customers, and that it would be more profitable for us to be generous to them
than to press our advantage to the point of undermining their vitality?'
Is it not as plain as day that America, the biggest seller of goods amongst
the nations of the world, cannot maim the buying power of Europe, the
largest purchasing unit, without hurting herself? . ..
The economic tangle In which the world finds itself cannot be solved
by the stroke of a pen. It is the resultant, not of any one force, but of the
interplay of many forces and, even though we may point to the causes of
our distress, that would not give us the power to remedy a maladjustment
which must work itself outstep by step through millions ofindividual healing
processes where millions of wounds have been inflicted. . . .
From the banker's point of view, I do not hesitate to say that I believe
that a few years hence the level at which some of our securities sell to-day,
will look as incomprehensibly low as the prices paid for the same securities
seemed unreasonably high long before the crash occurred in October 1929.
If. in those days, prices were far in excess of what would have been warranted by the record of past performance, to-day's prices for certain bonds
and stocks, measured by the same standard, would seem far too low, even
though one might anticipate a year or two of reduced dividends.
The truth lies in the middle, between extremes. The investor who, in
present circumstances in a panic of fear, needlessly throws his holdings
overboard, or hoards his funds, adds to the dangers and agonies of the
depression and prolongs its distress.
Some of the broad lessons to be learned from the experiences of recent
years may,perhaps, be briefly stated as follows:
1. The independence and cohesion of the Federal Reserve System should
be strengthened so that its preventive powers may be exercised in a timely
and effectual manner.
2. Co-operation between central banks is of the highest importance, not
upon the assumption that discount policies as such can regulate prices,
but on account of the assistance these banks can give to one another and
because of the psychological effect which, as leaders of public opinion, they
may exercise when excessive optimism or excessive pessimism threaten the
economic safety and stability of the world.
3. We should beware of high prices. It is safer for all industries—includlug agriculture—to build on the lowest level of prices on which they can
prosper, than to try to make the largest possible gains by exacting the
highest possible prices. Control of human avidity means better business
and greater stability. Agreements for the reduction of excess production are
of permanent benefit only if they lead to stabilization on a moderate level.
4. We should not shun co-operation with other countries, but seek it.
When human inventive genius devises new means every day for interlocklag all parts of the globe; when our trade and our investments cover every
Part of the world, we cannot deceive ourselves by the dream that we are
living in "splendid isolation." Our prosperity, indeed, our undisturbed
peace and security, depend upon the peace and prosperity ofother countries.
The world's balance sheet has become lopsided on account of the economic
and financial superiority the post-war years have given us. We should do
everything in our power, as far as we consistently can, to prevent this condition from becoming further accentuated. Our tariff policy and our attitude toward interallied and reparation payments should be guided by these
considerations. Courageous action in this regard might help the world to
overcome the "dead point" in the state of stagnation from which it struggles
to emerge.
5. And finally, banking and finance involve, not only sacred trusteeships
toward depositors and investors. They carry, in addition, the weighty
responsibility of safeguarding stability by—
Exercising care in limiting the use of bank credit as far as practicable
to finance the productive processes of industry and commerce, and
Avoiding the issue or sale of securities at too rapid a pace or at inflated values.
It is because these trusts were grossly abused, because banks, finance
houses, or investment corporations were created or administered by men
either ignorant or wilfully neglectful of sound princpiles of banking and
finance, that it became possible for the country to be swept into the wildest
orgy of speculation, the aftermath of which we are witnessing to-day,
particularly in the epidemic of bank failures.
It is not a question of form—whether unit-bank, chain, group, or
branch bank; it is a question of management and supervision. People
ought to learn from the experiences the year gone by has brought them, to
beware of mushroom growths in banking and finance, and not to entrust
their savings to untried men who seek to captivate them by the promise of
high interest returns or quick speculative gain.
While the country, in the end, will be the stronger for having weeded
sa
i have been n
savings,h
that
out from its banking community elements t
o
administratin ofthe people'sh nevers o d ti
painful
trusted with the
thereby, and for those Who,
process for both those whose money is being lost
JAN. 10 1931.]
FINANCIAL CHRONICLE
as members of the profession,feel the humiliation of the need of
such a housecleaning. The New York Clearing House banks may find some satisfaction
In the knowledge that nothing occurred in this trying
period that could in
the least affect the proud standing of the members of their group.
Indeed,
their action in offering an advance of about $80,000.000
to the unfortunate
depositors of a defaulting non-clearing house bank furnished
an impressive
demonstration, not only of their solidity and strength, but also of their
solidarity and high public spirit.
J. Herbert Case Redesignated as Chairman of Board of
Federal Reserve Bank of New York—Appointment of
Directors of Bank and Buffalo Branch.
Announcement of the redesignation for the ensuing
year of J. Herbert Case as Chairman of the Board of Directors and Federal Reserve Agent of the New York Federal Reserve Bank and of Owen D. Young as Deputy
Chairman is made in the following circular issued by the
Bank January 8:
219
H. D. Gibson Becomes President of Manufacturers'
Trust Co. of New York—Change Follows Purchase
by Banking Group of Interest Held in Institution
by Goldman Sachs Trading Corporation.
Following the purchase by Harvey D. Gibson and associates of the major portion of the 32% interest held by the
Goldman Sachs Trading Corp. in the Manufacturers' Trust
Co. of New York, Mr. Gibson was on Jan. 5 elected President and a director of the trust company. At the same time
Henry C. Von Elm presented his resignation as President
and was elected Assistant Chairman of the Board. Information to the effect that Mr. Gibson and his associates had
taken over the Goldman Sachs interest in the Manufacturers' Trust Co. was contained in the daily papers of Jan. 4.
Mr. Gibson who was Chairman of the Executive Committee
of the New York Trust Co., resigned from that post this
week. The New York "Times" in the account in its Jan. 5
issue of the acquisition of interest by him in the Manufacturers' Trust Co. said in part:
Federal Reserve Bank of New York
Appointment of Directors
To all Member Banks in the Second Federal Reserve District:
In our Circular No. 1009, dated November 17, 1930, we announced
the
Mr. Gibson long has been connected with the New York Trust Co.,
results of the election of Class A and B directors of this bank by member banks. Since the date of that circular the Federal Reserve Board which is one of the group of financial institutions which are prominently
associated with the Morgan interests. The Goldman Sachs Trading Corp.
has reappointed Clarence M. Woolley as a Class C director
of this Is an
investment trustformed two years ago by the banking firm of Goldman
bank for a term of three years from January 1, 1931, and
has re- Sachs &
Co.and obtained its holdings in the Manufacturers' when it acdesignated J. Herbert Case as Chairman of the Board of Directors and
quired the Financial & Industrial Securities Corp. early in 1929.
Federal Reserve Agent for the year 1931, and Owen D. Young
as
Deputy Chairman of the Board of Directors for the year 1931.
Figured in Recent Merger Plan.
The Federal Reserve Board has appointed Edward G. Miner, PresiRecently the Manufacturers' Trust Co. figured prominently in a merger
dent of the Pfaudler Company, Rochester, N. Y., as a director of our plan which included the Bank
of United States, the International Trust
Buffalo Branch for a term of three years from January 1, 1931 to succeed Co. and the Public National Bank. Following
the abandonment of this
Arthur G. Hough, of Batavia, N. Y., whose term as a director of our merger, the Manufacturers' Trust Co.
was admitted to membership in the
Buffalo Branch expired on Dec. 1 1930.
New York Clearing House Association. Nathan S. Jonas, Chairman
of the
The Board of Directors of this bank has reappointed George F. Board of Manufacturers' Trust Co., said at that time
that the bank had
Rand, President, Marine Trust Company, Buffalo, N. Y., as a director total deposits of $295,000,000 and had liquid
assets of $180,000,000.
of our Buffalo Branch for a term of three years from January 1, 1931.
The purchase of the Manufacturers' stock by Mr. Gibson and
his assoThe board of directors of this bank has also reappointed Robert M. ciates is understood to be a private transaction.
The New York Trust
O'Hara as Managing Director of our Buffalo Branch for the year 1931.
Co., it was explained, did not figure in any way in the transaction
. . . .
With these changes the directorates of this bank and our Buffalo Branch
Stock Advances 43i Points.
are constituted as follows:
The Manufacturers' Trust Co. has an authorized and outstanding
capital
stock of $27,500,000, consisting of shares with a par value
of $25 each.
The stock was strong yesterday, advancing 4% points, and closing
at
DIRECTORS OF FEDERAL RESERVE BANK OF NEW YORK.
34% bid,36% asked. If the transaction was consummated at the prevailing
price for the stock, the amount involved would have been about
Term
$12,500,000.
Expires The stock was carried on the books of the Goldman Sachs Trading Corp.
Class Group
Dec. 31 on Dec. 31 1929, at its market value of $25,144,505
A
1
Charles E. Mitchell, New York City
. The book value of the
Chairman,The National City Bank,of New York. 1931 block of stock at that time was $38,989.490.
A
2
Thomas W. Stephens, Montclair, N. J
Stock of the Goldman Sachs Trading Corp. was strong yesterday
1932
on
President, Bank of Montclair.
the New York Curb Exchange. It advanced 1 point to 6%. Less
A
3
David C. Warner, Endicott. N. Y
than a
President, Endicott Trust Co, Endicott, N. Y. 1933 week ago the stock sold at 4%,which was the low price for 1930. The high
•
1
William H. Woodin, New York City
1931 price for the stock in 1929 was 120g.
President, American Car & Foundry Co.
The Manufacturers' Trust Co. does a complete banking and trust
•
2
business
Theodore F. Whitmaish, New York City
1932 with the following departments: commercial, savings,
Chairman. Francis H. Leggett & Co.
trust, bond, safe
•
deposit and foreign. It is a member of the Federal Reserve
3
Samuel W. Reyburn,_New York City
System, the
1933
President, Lord & Taylor.
American Bankers' Association, and the State Bankers' Association.
It
J. Herbert Case, New York City
1931 owns all the capital stock of the City Safe Deposit Co., the Municipal Safe
Chairman.
Deposit Co., and the Colonial Safe Deposit Co.
Owen D. Young, New York City
1932
Deputy Chairman. Chairman. General
The bank was organized in 1905 as the Citizens Trust CO. of Brooklyn.
Clarence M.Woolley, Greenwich, Conn Electric Co.
Through various acquisitions since that date, the bank has spread
out
Chairman, American Radiator and Standard Sani- 1933
over the metropolitan area, and It now has 48 branch offices. Among
tary Corp.
the
banks which it has absorbed during its expansion program were the
BroadDIRECTORS OF BUFFALO BRANCH OF FEDERAL
RESERVE way Bank, Manufacturers' National Bank, Citizens Trust, West Side Bank,
BANK OF NEW YORK.
Ridgewood National Bank, North Side Bank, Industrial Bank, Columbia
Term Expires Bank, Yorkville Bank, First National Bank, Gotham
National Bank.
Dec. 31.
George G. Lleindinst President, Liberty Bank of Buffalo
Commonwealth Bank, and through the latter, the Montauk Bank, The
1931
John T. Byrnes, President, Niagara County National Bank &
Manufacturers' Trust Co.'s main office is at 55 Broad street.
Trust
Co., Lockport, N. Y
It is understood that shortly after the acquisition of the Financial
1931
Frederick 13. Cooley, President, New York Car Wheel Co.,
and
1932 Industrial Securities Corp. by the Goldman Sachs
Lewis G. Harriman, President, M & T Trust Co., Buffalo Buffalo
Trading Corp. the latter
19332 made
19933
George F. Rand, President Marine Trust Co., Buffalo
a contract to purchase a large block of additional stock, at
approxiEdward 0. Miner. President, Pfaudler Co., Rochester, N.Y
es
mately the price prevailing at that time. The purpose of this
Robert M. O'Hara, Managing Director.
step, it was
reported, was to provide ultimately for majority control of the institution'
s
GEORGE L. HARRISON, Governor.
stock by the Goldman Sachs Trading Corp.
A previous item regarding the election of directors
of
the Buffalo Branch of the New York Reserve Bank
appeared in this column Nov. 22, page 3305. At the time
of the proposed merger of four local banks Mr. Case was
slated to head the resultant institution as President (as
noted in our issue of Nov. 20, page 3465), but the negotiations to that end, as is known, failed of completion.
Decline in Gross Earnings of Federal Reserve Banks—
in 1930.
The Federal Reserve Board announced on Jan. 5 that
gross earnings in 1930 of the 12 Federal Reserve Banks were
$36,424,000, as compared with 870,955,000 in 1929.
The Board's announcement follows:
Gross earnings of the 12 Federal Reserve Banks in 1930 amounted to
$36,424.000. or slightly more than one-half of the $70,965,000 reported
for
1929. Current expenses totaled $28,343,000 compared with $29,691,000
in me and net earnings $7,988.000 compared with
$36,403,000 in 1929.
Five of the Banks, New York, Philadelphia, Atlanta, Minneapolis and
Dallas, had net earnings sufficient to pay accrued dividends in full, the
remaining seven banks paying their dividends entirely or in part out of
surplus. Total dividends for the system aggregated $10,269,000.
Two of the banks, Minneapolis and Dallas, paid $17.308.19 to the United
Stew; Treasury as franchise taxes. The surplus of the 12 Federal Reserve
Banks combined after the closing of the books at the end of the year
amounted to $274,636,000, a net reduction for the year of 32,298,000.
Subscribed capital amounted to $339,280,000.
Full details as to the disposition of the earnings of each Federal Reserve
Bank will appear in the forthcoming annual report of the Federal Reserve
Board and in the February Federal Reserve Bulletin.
The same paper in its Jan. 6 issue said in part:
Mr. Gibson has not disclosed the names of those associated
with him
In the purchase of the stock of the Manufacturers'
from the Goldman
Sachs Trading Corp. It was said in banking circles that
none of the important downtown banks or banking houses was concerned
in the deal,
but that it had been undertaken by Mr. Gibson and a group
of his intimate
friends privately. . . .
At the offices of the Goldman Sachs Trading Corp.It was
said the corporation would retain a substantial interest in the Manufactur
ers' and that
Walter E. Sachs and Sidney J. Weinberg, partners in
Goldman, Sachs &
Co., would remain as directors of the trust company.
The Goldman Sachs Trading Corporation on June 30 last
had contracts
for the purchase at $19,728,750 additional stock of
the Manufacturers'Trust
Co.,from July 11030 to May 1 1932. The June
30 statement of the'corporation stated that a reserve had been set aside to
reduce the entire commitment to market value. The company's list ofinvestments as of
that date
showed holdings of Manufacturers' Trust stock
carried!at:$
market value of the shares on the same day was stated to 38,989,490, the
have:been:$25.144,505.
Deal Comes as a Surprise.
In banldng circles it was said yesterday that acquisition
by Mr. Gibson
and associates of working control of Manufacturers'
Trust was a surprise,
no intimation of the plan having been revealed.
Interest centered upon
the possibility of a change in policies of the institution.
No Other Banks Seen in Deal.
The suggestion that any large downtown banks were
backing Mr. Gibson,
with a view to ultimately merging the Manufactur
ers' with another
bank.
was discredited by representatives of the Manufactur
ers and of other important banking institutions. Bankers not connected
with,the Manufacturers'remarked that a merger of that institution
and another downtown
bank might ultimately take place, but that so far as
they knew no such plans
were involved in the present arrangement.
Mr. Gibson's resignation from the New York
Trust Co., of which he was
Chairman of the Executive Committee, took
effect yesterday mornim
,
It was authoritatively stated that the New
York Trust was in no waY.
220
FINANCIAL CHRONICLE
s obtained conconcerned in the deal whereby Mr. Gibson and his associate
trol of the Manufacturers'.
urers' Trust by
News of the acquisition of working control of Manufact
action of the shares
Mr. Gibson and associates was favorably reflected in the
active trading
of the bank in the over-the-counter market yesterday. In
to a bid price of $43 a
the price of the bank's stock advanced 8.34 points
.
share, compared with a closing bid of $34.50 on Saturday
From the Jan. 5 issue of the "Times" we take the following:
he and his
of this interest
While Mr. Gibson would not say what portion
Sachs Trading Corp.
group have acquired he revealed that the Goldman
The corporation originally
would retain part of its holdings in the bank.
had a 32% interest.
Hopes to Enlarge the Bank.
stockholders in the bank," Mr.
"My group will be by all odds the largest
was made as "an investment
Gibson said, adding that the group's purchase
bank "into a still greater
the future," with the hope of developing the
for
Institution. . . .
n of the Board. Both Mr. Gibson
Nathan Jonas will remain as Chairma
on of working control by the
and Mr. Jonas emphasized that the acquisiti
of either Mr. Jonas or his
group did not mean the exit from the bank
new
Nathan Jonas has been actively
brother, Ralph Jonas, who is a director.
Trust Co. since its predecessor, the
associated with the Manufacturers'
was organized in 1905.
Citizens Trust Co., a Brooklyn concern,
the Manufacturers' Trust Co.
Asked whether in his hope of enlarging
other institutions, Mr. Gibson said
with
there was any plan of combining it
no mergers were contemplated.
ion of the reorganization, Mr.
Coincident with the official confirmat
report to stockholders
and Mr. Jonas made public the quarterly
Gibson
It showed that the deposits of the bank
of the Manufacturers'Trust Co.
quarter from $328.675,252.06, on Sept. 24
had dropped within the last
decrease of $109,262,513.32. The report
1930, to 5219,412,738.74. a
of $35,597,638.83 in capital, surplus
showed also a reduction for the quarter
of these items is given in the report as
and undivided profits. The total
on Sept. 24. 1930.
$51,110,265.44, as compared with $86,707.904.27
out yesterday together with the statement
A letter to stockholders sent
of Jan. 2 1931, and in which these figures
of the condition of the bank as
impairment suffered by the bank as a
were emphasized referred also to the
the loans made by the company
consequence of the economic depression of
of securities and real estate. It was
and to the depreciation of Its holdings
letter explained, which prompted
this impairment and depreciation, the
n, to reduce surplus and undivided
the directors, for the good of the institutio
fund of 210,000,000 for contincapital after creating a special reserve
gencies. . .
announcing the transaction
Following was the statement of Nathan Jonas
working control of the Manuwhereby Mr. Gibson and his group obtained
facturers Trust Co.:
Chairman of the Executive Committee of the
Mr. Harvey D. Gibson,
of associates have purchased from
Manufacturers' Trust Co., and a group
portion of its holdings of the
Goldman Sachs Trading Corp. a large
the
Co., the trading corporation, however,
stock of the Manufacturers' Trust
Mr. Gibson has been invited to
still retaining a substantial interest.
urers' Trust Co.
become President of the Manufact
upon his election by the board of diMr. Gibson has accepted and will
his duties, resigning from his
rectors to-morrow, immediately assume
Co.
present position in the New York Trust
urers' Trust Co.will remain as at
The board of directors of the Manufact
associates, now joining in purpresent and later certain of Mr. Gibson's
ip of the board.
chasing the stock will be added to membersh
C. Von Elm, Mr. Harold C. Richard
Mr. Nathan S. Jonas, Mr. Henry
staff will continue in their present
and the remainder of the executive
that Mr. Von Elm becomes Vicecapacities as officers of the bank, except
Chairman of the Board.
of the institution are contemplated.
No other changes in the personnel
welcomes the coming of Mr. Gibson and
The Manufacturers' Trust Co.
participation in the affairs of the bank and is
his associates into active
p it will grow into one of the large and
confident that under his leadershi
York.
Important banking institutions in New
Gibson's Statement.
with shows capital, surplus and undivided profits of $51,110,265.44, a reduction of $35,597,638.83.
"The stockholders are entitled to a very frank statement as to what lies
behind this reduction. .
"For some time past the board of directors had been considering applying for membership in the New York Clearing House Association, instead
of clearing, as theretofore, through the Federal Reserve Bank. This was
a very important step for your directors to take as it involved reduction
in interest allowances to conform to rates followed by all members of the
Clearing House. In November we made such application and a thoroughgoing examination of the condition of the company was made by the Clearing House.
"As a consequence of the extraordinary business depression some of
the loans which the trust company had made had suffered impairment
e
and the company's holdings of securities and real estate had undergon
substantial depreciation in value. In order that the assets of the company
conditions, the directors thought it wise
should be valued based on existing
and in the interests of conservative banking to reduce surplus and undivided
profits, bringing capital, surplus and undivided profits to the figure above
mentioned after adding to the ordinary operating reserves a special reserve
of
fund of $10,000,000 to cover contingencies. This makes the total item
reserves $11,736,587.58.
York
"On Dec. 11 1930, we were admitted to membership in the New
Clearing House Association.
t shows a reduction in deposits
"You will note also that the statemen
from $328,675,252.06 on Sept. 24 1930, to $219,412,738.74, a decrease of
in
5109.262,513.32. The best explanation that can be made of this loss
deposits will be afforded if we quote from the Bulletin of the Federal Re13 1930, in which it was
serve Bank of New York for the week ended Dec.
stated:
ble
The closing of the Bank of United States was followed by considera
a
withdrawals of deposits from several other banks doing business with
s in the same general localities. There
somewhat similar type of customer
ed by
were indications that these withdrawals of deposits were accentuat
banks called
the deliberate circulation of false and malicious rumors. These
banks, moreupon the Reserve Bank for large amounts of currency. Other
in the
over, drew more than the usual amounts of currency to be prepared
for currency
event of any possible exceptional withdrawals. Large demands
ents
from this cause came at a time of normal increase in currency requirem
,000 of
for the holiday trade. As a result a net amount of over $170,000
Bank of New York in the
currency was drawn from the Federal Reserve
week ended Dec. 13.
condi"Your board of directors feels that, in view of the extraordinary
able
tions related as above by the Federal Reserve Bank, the fact we were
a tribute to the strong liquid
to meet this trying situation successfully was
position in which the bank has always been maintained.
"We are gratified to state that unusual withdrawals from the bank
have now ceased and that general confidence in the banking situation
seems to have been restored. At the moment our ratio ofcapital and surplus
on the one hand to deposits on the other is that of one to four, an unusually
strong position.
"We look forward to the future with every confidence and cordially invite
the continued co-operation of our depositors, stockholders and friends."
Mr. Gibson's statement was:
of the Manufacturers'Trust Co., Mr.
I have agreed to become President bank with an extraordinary clientele
and his associates have built up a
Jonas
Its forty-five unit offices, serving an
In every part of New York City.
through its various services, make it
unusually large number of clients
e a nucleus for further development
uniquely a popular bank and constitut
very large scale.
on a
s and I believe so firmly in the opportunities
It is because my associate
n of the services of an institution of this
for the enlargement and expansio
money in the purchase of a large block
kind that we have invested our
interest in its development.
stock and expect to take an active
of its
trying
Co. has passed through an unusually
The Manufacturers Trust
we made
itself. Before making our investment
time with great credit to
financial
its condition and are convinced that its
a most careful inquiry into
When business revives, as it surely
statement reflects unusual strength. Manufacturers Trust Co. affords a
strong present position of the
will, the
and greater institution will be built up,
foundation upon which a far larger
s and the
d, to the stockholders, the depositor
with benefit, we are convince
ty generally.
business communi
Report on Bank's Condition.
Co., as of
condition of the Manufacturers Trust
The statement of the
Jan. 2 1931 follows:
LInSIZUIU—
527.500.000.00
R4801.41Ta—
Capital
in Fed.
Cash on hand andbanks__550,158,504.11 Surplus & undivided prof_ 23.610,265.44
11,736,587.58
and other
Rm.
42,341,433.14 Reserves
acceptances_ 14,645.108.15
Securities
157,683,482.28 Outstandingacceptances of
Loans
on
26,815,957.53 Liability
Bonds and mortgages
other banks sold with our 21,572,150.78
Banking houses and other 13.077,363.20
endorsement
8,500,000.00
real estate
Due Fed. Res. Dank
ac219,412.738.74
Customers' liability on
.11 Deposits
14,006,937
ceptances
Acceptances of other banks
sold with our endorse- 21,572,150.78
merit
54
Accrued interest receivable 1,321.022.
$326,976,850.69
Total
$326,976,850.69
Total
Stockholders.
Letter to
accompanying the statement read:
The letter to the stockholders
of Jan.
statement of our condition as
"Please find enclosed a condensed
2 1931.
statement to the Superintendent
i"You will note that whereas our last
24 1930, showed capital, surplus
of Banks in response to his call as of Sept.
04.27, the statement hereand undivided profits amounting to $86,707,9
[VoL. 132.
Reference to the proposal to consolidate the Manufacturers Trust Co., the Public National Bank & Trust Co., the
Bank of United States and International Trust Co. was
made in our issue of Nov. 29, page 3474. In our issue of Dec.
13, page 3813, we noted the admission of the Manufactuters
Trust Co. as a member of the New York Clearing House
Association.
Rediscount Rates of Federal Reserve Banks of St. Louis
San Francisco and Chicago Reduced from 33s%
to 3%.
Three a the Federal Reserve Banks this week took action
toward reducing their rediscount rates from 334 to 3%;
they are the St. Louis, San Francisco and Chicago Federal
Resell e Banks. The Federal Reserve Board announced
on Jan. 7 that the Federal Reserve Bank of St. Louis had
lowered its rediscount rate from 3% to 3%, effective Jan. 8.
The action of the St. Louis bank followed that of New York,
which reduced its rate (Dec. 24) to 2%; Boston, where the
rate was lowered (Jan. 2) to 2%%, and Cleveland, where
it was lowered (Dec. 29) to 3%. The Federal Reserve Bank
of San Francisco on Jan. 8 reduced its rate from 334 to 3%,
effective Jan. 9 and it was made known yesterday (Jan. 9)
that the directors of the Federal Reserve Bank of Chicago
had recommended to the Federal Reserve Board that its
rediscount rate be changed from 334 to 3%. In the case of
the St. Louis Federal Reserve Bank the 334% rate had been
in effect since Aug. 7 1930; the 33% had been established
by the San Francisco Federal Reserve Bank on Aug.8 1930,
and the 334% rate at the Chicago Federal Reserve Bank
had been maintained since June 21 1930.
J. A. House Elected to Federal Advisory Council of
Federal Reserve Board.
George DeCamp, Chairman of the board of directors of
the Fourth (Cleveland) Federal Reserve Bank of Cleveland
announced on Jan. 6, the election of J. A. House, President
of the Guardian Trust Co., Cleveland, to the Federal
Advisory Council, Washington. The Federal Advisory
Council is composed of 12 of the nation's outstanding bankers
and business men, one elected from each of the 12 Federal
Reserve Districts. The Council advises and assists the
Federal Reserve Board at Washington.
Mr. House has served as President of the Trust Company
Division of the American Bankers' Association and President
JAN. 10 1931.]
FINANCIAL CHRONICLE
of the Cleveland Clearing House Association. He is a member of the Public Relations Committee of the American
Bankers' Association and is a director of Goodyear Tire &
Rubber Co., Cleveland Builders Supply Co., Standard
Textile Products Co., Wheeling & Lake Erie RR., Nickel
Plate RR. and several other corporations.
Mr. House is now in his 14th year as PresidEnt of the
Guardian Trust Co., with which institution he has been
connected since its inception 36 years ago. Since he became
President the bank's resources have grown from $57,000,000 to more than $180,000,000.
Secretary of Treasury Mellon Submits to Congress Draft of
Bill to Authorize Issuance of $8,000,000,000 Bonds
for Liberty Loan Refinancing Operations.
In furtherance of his recommendations
in his recent
annual report, Secretary of the Treasury Mellon
urged
upon Congress on January 5 early action with
respect to
legislation enabling the issuance of $8,000,00
0,000 additional bonds under the Second Liberty Loan
Act. The
recommendations to this end, continued in the Secretary's
report were given in our issue of December 6, page 3598.
Secretary Mellon, in submitting his proposals in his report
said:
221
Senator Smoot, Chairman of the Finance Committee, said
that, while
he had not yet seen Mr. Mellon's communication, he joined
with Mr.
Hawley in viewing the proposal with general favor.
Senator Glass, former Democratic Secretary of the Treasury, said
he
thought that Congress would subscribe, to the principle of refinancing
Second Liberty loan bonds at a lower rate of interest, the purpose the
of
Mr. Mellon's move.
Would Increase Issue Limit.
Under the terms of the Second Liberty Bond act, the limit of
issue
was placed at $20,000,000,000. A total of $18,107,942,750
has been
issued, leaving a balance of $1,392,057,250, which is by no means
sufficient
to carry on the refinancing operations planned by Secretary
Mellon to
save the government an amount of interest equal to nearly 1%
on the
whole loan. Secretary Mellon's proposed amendment is for an
increase
in the issue limit to $28,000,000,000.
In discussing the proposal, Treasury officials said that such an
authorization would greatly simplify the task of readjusting the public debt.
In 1932 the First Liberty Loan, totaling $1,933,537,350, with
interest
rates of 334, 4 and 434%, is callable. It matures in 1947. The
following
year the 434% Fourth Liberty Loan is callable and it will mature
in
1938. It amounts to $6,268,232,550.
There also are the three blocks of 3%% notes, aggregating $1,561,093,000 of 1930-1932. Two blocks of these notes totaling over $1,000,000,000 have been called for redemption March 15 and the rest may
be
called before the maturity date.
The Treasury desires opportunity to make long-term bond
issues,
medium-term note issues and short-term certificate of indebtednes
s and
bill issues, depending upon the condition of the market at the
time.
Bond Issue at 3% Considered.
With the present easy money market the treasury is leaning
to the
advantage of long-term issues at low rates. If a bond issue
bearing 3%
could be marketed in March to replace a considerable
portion of the
$1,561,093,000 of 3, % notes, a large saving would
4
be effected.
Officials thought it likely that the 4%% Liberties
might be refunded
at considerably lower rates, even with a pick-up
in business and a
consequent slight tightening of the market in 1932 and
1933.
Secretary Mellon would like to have Congress
act as promptly as
possible so that the treasury can plan at long range
with respect to
the refunding. He has commented, however, that
it is impossible to
forecast long in advance just what will be the
character of the proposed
issues.
Some time in February, it is expected, the Treasury
will announce
the type of its March 15 financing.
The Second Liberty Bond Act, as amended (Sec. 752, title 31, U. S. C.)
authorizes the Secretary of the Treasury, with the approval of the President, to issue bonds in an amount "not exceeding in the aggregate
$20,000,000,000." A total of $18,107,942,750 in bonds has been issued
under authority of that act, leaving a balance issuable thereunder at the
present time of $1,892,057,250.
A total of $1,933,545,750 of first Liberty loan bonds, $536,290,450 of
which bear 434% interest, $5,004,950 4% interest, and $1,392,250,350
3Y.% interest, arc callable in June, 1932. A total of $6,268,241,150 of
434% Fourth Liberty loan bonds are callable in October 1933. While it
is impossible to forecast at this time what form future refunding operations will take, it is obvious that the orderly and economical management
of the public debt requires that the Treasury Department should
The "Times" of Jan. 7 commented as follows in
have
the
complete freedom in determining the character of securities to
be issued matter:
and should not be confronted with any arbitrary limitation which
Wall Street Expects Bond Issue.
was
not intended to apply to these circumstances.
it is highly
The Wall Street banking fraternity has accepted as a foregone
desirable that the authority be provided well in advance of actual needs.
concluMoreover,
sion for months that Secretary Mellon would seek to take advantage
It is recommended, therefore, that additional authority
of
be given for the current ease in credit conditions to retire
as soon as possible the
the issue of $8,000,000,000 in bonds under the provisions
of the Second high-interest-bearing debt of the nation.
Liberty Bond Act, as amended.
Not only have money rates been low, but the
At the same time Secretary Mellon renewed his recom- States Government obligations has been great. This demand for United
demand has sprung
mendation of two years ago that a further amendment to up, in part, from the desire on the part of banks to maintain a high
degree
the Second Liberty Loan Act be made so as to exempt System of liquidity and in part from the fact that the Federal Reserve
has absorbed a large amount of
outstanding government
further issues of securities from the surtax as well as the obligations in connection with its operations the relax
to
money rates.
The recent reduction in the rediscount rate of the Federal
normal tax.
Reserve
Bank of New York to 2% will facilitate the treasury's
In requesting on Jan. 5 early action by Congress on the operations, it
refinancing
was remarked, since it will contribute to factors
calculated
legislation sought, Mr. Mellon submitted to that body the to bring further ease in the money market.
following draft of a bill to carry out his recommendations:
George Akerson Resigns as Secretary to President Hoover
Be it enacted, etc., that section one of the Second Liberty Bond Act, as
to Join Paramount Publix Corporation.
amended (Public, numbered 43, 120, and 192, 65th Congress, Sept. 24,
1917; Apr. 4, 1918, and July 9, 1918, respectively), is hereby amended
Announcement of the proposed resignation of George
by striking out the figures $20,000,000,000 and inserting in lieu thereof
Akerson as Secretary to President Hoover was made on
the figures $28,000,000,000.
Sec. 2. That Section seven of the Second Liberty Bond Act, as Jan. 2. It is stated that his resignation will take effect
amended (Public, numbered 43, 65th Congress, Sept. 24, 1917), is hereby as soon as his successor is named.
President Hoover's
amended by adding thereto the following sentence:
announcement to newspaper men said:
"Bonds authorized by section one, and certificates authorized
by
section six, of this act, as amended, shall be exempt from graduated
additional income taxes, commonly known as surtaxes, and excess
profits
and war profits taxes, now or hereafter proposed by the United States,
upon the income or profits of individuals, partnerships, associations,
or
corporations, if and when the Secretary of the Treasury shall so
prescribe
in connection with the issue thereof."
"The only news item I have at the moment is that Mr. Akerson
is
leaving the White House service. Some one has offered him
two or
three times the pay the Government can afford, and he has
to his family that I cannot deny. I do greatly regret responsibilities
to lose an old
friend out of my personal service."
According to a Washington dispatch Jan. 7 to the New
York "Times," prompt action was taken that day by Senator Smoot, chairman of the Senate Finance Committee,
to carry out the recommendations of Secretary Mellon.
The dispatch further said:
I am submitting my resignation as secretary to the President,
to take
effect in the near future, so that I may join the executive
staff of the
Paramount Publix Corporation, of which Adolph Zukor is the head.
It has been my exceptional privilege to have been associated closely
with the •President for a number of years, first in the Department of
Commerce, then during his campaign, and later when as President-elect
he toured South America. For the past two years it has been my happy
fortune to serve him as a Secretary to the President. It is with a
feeling of deep regret that I sever this connection.
However, such an opportunity to assure the financial security of my
family may not soon again offer itself, especially in so congenial a field
as service of a great motion picture corporation in an executive capacity.
To my colleagues, Mr. Newton and Mr. Richey, and all the White
House staff, I extend my most sincere thanks for their kindly co-operation, and I would be remiss if I did not include my former associates
in the newspaper profession. For my successor I can bespeak nothing
better than the fine treatment which has been accorded me, and which
I know, will be given to him.
The Senator introduced a bill from the Treasury asking
for an
amendment to the Second Liberty Loan Act, and it was
referred to the
Finance Committee. In the House, Speaker Longworth
received the
request for the legislation, and this was sent to the Ways
and Means
Committee, from which Chairman Hawley is expected to
report a bill
within a few days.
The Smoot bill would amend the act so as to increase
the total of
bonds originally authorized from $20,000,000,000 to $28,000,000
,000. The
bonds to be issued, according to the recommendations of Mr.
Mellon,
would be exempt from surtaxes as well as normal taxes in the
discretion
of the Treasury. Senator Smoot said today that he expected no difficulty
in passing the legislation.
Mr. Akerson made the following announcement:
Messrs. Newton and Richey are both Secretaries to the
From the Jan. 6 advices to the "Times" we take the President.
following:
Secretary Mellon's communication urging prompt passage of an amend. Changes in State Banking Law Recommended by Superinment to the Second Liberty bond act to authorize this had not reached
tendent Broderick, New York State Banking Superinthe Mouse, the body in which the measure must originate, late in the day.
tendent—Some Proposals Development of Closing of
However, Chairman Hawley of the Ways and Means Committee expressed the belief that the Treasury Department's showing would be
Bank of United States and Other Institutions.
such that the measure would appear necessary, and he announced his
Numerous changes in the New York State Banking
Proposal "in due time."
purpose to introduce the
Mr. Hawley predicted that the proposal would be taken up probably Law are proposed in the preliminary annual
report of
following the supply bills which now are occupying the attention of the Joseph A. Broderick, New
York State Superintendent of
House.
Banks. Mr. Broderick's recommendations were
submitted
222
FINANCIAL CHRONICLE
to the State Legislature and Gov. Roosevelt on Jan. 7.
It is noted in an Albany dispatch on that date to the New
York "Times" that the most important recommendation
made is one to permit the Superintendent of Banks, when
an emergency arises, to approve the merger of one or
more banks without the necessity of seeking the approval
of the stockholders, with a proviso protecting the equity
of stockholders. Under the present law directors must
announce the merger to stockholders and wait for their
approval. The dispatch further said:
Characterizing this provision as "revolutionary" and admitting that,
like other recommendations, it is likely to provoke much opposition,
Mr. Broderick believes that the Legislature will be compelled to give it
serious consideration because of what happened in the case of the Bank
of United States and of the desirability of preventing repetition of such
experiences in the future.
"Had the present law contained such a provision," says Mr. Broderick,
in his report, "the Bank of United States would have been merged with
one of our strongest institutions and its closing avoided."
Some question has been raised as to the constitutionality of Mr. Broderick's recommendation, since stockholders are owners, and their equity
in corporations, if they hold voting stock, includes a right to vote.
Power to Remove Bankers.
Another striking recommendation made by Mr. Broderick is one "to
permit the Superintendent to remove from office officers or directors of
banking institutions who have been guilty of persistent violations of the
banking law, or of a continuance of unsafe and unsound policies."
Another proposal would make it impossible to issue such combined
stock units as that of the Bank of United States and Bankus Corporation.
It is this particularly unit which Mr. Broderick is said to have had in mind
in framing the recommendation, although there are others against which
the proposal is directed.
Likewise with the Bank of United States and its affiliates in mind is
a recommendation providing that affiliated companies of any bank cannot
borrow more than 10% of its capital and surplus. The present law
provides that no single affiliate may do so. The affiliates of the Bank
of United States and their subsidiaries, however, operated on the principle that each one of them could borrow the maximum, with the result that the bank's heaviest investments and loans were in its bankrupt
subsidiaries.
The recommendation made by Mr. Broderick on this point is expected
to arouse much opposition.
Bitter opposition is also expected by Mr. Broderick on a recommendation forbidding any officer or other employe of a hank or trust company
from borrowing from an institution with which he is connected and from
becoming obligated, directly or indirectly, to such institution.
Would Limit Banker.? Affiliations.
"To keep bankers in the banking business" is the purpose of another
general recommendation in the report. It provides that an officer of
a banking institution shall not be permitted to become an officer of any
company engaged primarily in the business of the purchase and sale of
securities.
A measure designed to facilitate the efficiency and calibre of directors'
examinations and providing for such examinations at least once in six
months is proposed by Mr. Broderick.
The measure provides that at least once in two successive years such
examination is to include a complete verification of deposit liabilities.
As pointed out by Mr. Broderick, directors are now required to examine
their banks in March and October. With all the examinations coming
in two months, the pressure of work becomes unduly difficult. Under the
proposed arrangement this pressure will be relaxed.
For a Check on Directors' Work.
One recommendation is designed to eliminate the election to boards
of "window dressing" directors by requiring banks and trust companies,
at the end of each year, to render to stockholders a report showing the
attendance of directors at meetings held during the year.
One of the most important of Mr. Broderick's recommendations is that
providing for the segregation of so-called thrift accounts, which are practically savings accounts. Under this provision such accounts would
be segregated in cities with a population of 75,000 or over and investment
of such funds would be restricted.
Thrift accounts, or special interest accounts, are in effect savings accounts, it was pointed out. ' The segregation of such deposits has been
urged on Legislatures by Banking Superintendents for many years.
In connection with this recommendation, it is pointed out that in the
case of the Bank of United States, for example, more than half of
417,000 depositors carried thrift accounts, which had they been segregated and secured on savings bank principles would have saved thousands
of depositors from loss. The object of the proposed amendment is to
increase security and lower the rate of interest.
There is also a recommendation "to omit foreign-exchange balances
credited to a banking institution from the items that may be deducted
the
from the total deposits of such banking institution in arriving at
required
aggregate demand deposits thereof against which reserves are
to be maintained."
conformity
This amendment was designed to bring the State law in
nommember banks conwith the Federal Reserve act. It would make
form to the act.
Private Bank Recommendations.
priThe most important recommendations dealing with the subject of
vate banks are two. They are:
and total
of securities
"To provide restrictions on loans, purchases
to conform with similar
liabilities to a private banker of any one person
and trust companies."
restrictions now imposed on banks
And:
of this State shall be
"To provide that all licensed bankers in cities 30, 1931, and be rerequired to discontinue accepting deposits by June
Dec. 31, 1931."
quired to liquidate their deposit liabilities by
accepting deposits of less
The last provision refers to small bankers
bankers are left in
than $500. It is understood that only a few such eliminate this catethe State. The State Banking Department desires to
gory of bankers entirely.
savings banks
The outstanding recommendation under the heading of
is the one "to permit the payment of extra dividends above a basic rate
when earnings permit."
[VOL. 132.
The recommendation is designed to get the savings bank rate, permitting special extra dividends when justified, but eliminating a high
basic rate.
In connection with his recommendations dealing with investment companies and which constitute an entirely new section to take the place
of the present antiquated law, unmodified since the revision preceding
that of 1914, Mr. Broderick declares in his report:
"Article VII of the banking law is in part indefinite, ambiguous and remarkable for its omission of certain essential provisions. Furthermore,
it embraces at least four classes of institutions which have little or nothing in common. Two of these classes conduct business which apparently
could now be authorized under the stock corporation law and over which
business the supervision of this department is not only misplaced but
necessarily ineffectual. One of these two classes includes corporations
which sell mortgages on real estate or their own obligations secured by
mortgages, or guarantee those of others so secured, and the other class
comprises corporations which buy paper for the most part given in the
purchase of chattels, procuring funds therefor either through the sale
of their obligations secured by the receivables or by bank loans.
"This department is not equipped to pass upon bond issues of parent
organizations sold by or through subsidiary companies under our supervision. The use of the phrase 'Under the supervision of the State Banking Department' by such companies in connection with such issues, therefore, is apt to be misunderstood by the public.
"During the last session two bills were introduced as preliminary
steps in the revision of this article. One provided that stockholders of
such corporations be subject to the double liability now imposed by
statute upon stockholders of banks, trust companies and safe deposit
companies; the other, that investment companies shall not issue investment
certificates to an amount in excess of ten times their capital and surplus.
Both these provisions are not only sound but necessary for the protection of the public and will be recommended again."
Particularly drastic are the four recommendations dealing with the
credit unions. These recommendations would limit qualifications for
membership so as to forbid open membership credit unions; they would
forbid credit unions to accept deposits, limit their borrowing power, making it subject to the approval of the State Superintendent of Banks, and
would require credit unions to set up reserves at the end of each fiscal
year against bad debts.
The recommendations dealing with savings and loan associations,
which in the period from Dec. 31, 1929, to Sept 30, 1930, have gained
in resources by $9,000,000, seek to protect investment of funds, provide
a more adequate guarantee fund and to give the State wider supervision
over officers.
The Albany dispatch Jan. 7 to the "Times" also said:
Mr. Broderick's recommendations are now being whipped into shape in
bills by a committee of professors of law in New York City. It is hoped
to have the most important measures at least ready for presentation next
month.
The program recommended by Mr. Broderick arises partly out of the
.
work of the two commissions which sat to investigate banking conditions
and recommend legislative amendments, one appointed by the Governor,
of which George W. Davison of the Central Hanover Bank and Trust
Company was chairman, and the Joint Legislative Banking Committee,
created in 1927, headed originally by Senator Nelson W. Cheney, and
now continuing under the chairmanship of Senator William Campbell.
A large number of further suggestions in Mr. Broderick's report are
embodied as a result of the banking Department's own study and experience, and reflect the department's views, predicated upon the lessons
of the economic depression of the past year, the closing of the Bank of
United States, the Chelsea Bank and Trust Company, the City Trust
Company and the State Bank of Binghamton, and other weaknesses in
the banking system.
Those of last year's recommendations of the Department which failed
of adoption are carried forward in the report and elaborated in a comprehensive manner.
A special set of recommendations dealing with the penal law as it
affects banking will be renewed by Mr. Broderick in his final report.
In the New York "Journal of Commerce" of Jan. 8 it
was stated that a reduction in the number of savings
banks through merger and the granting of wider branch
powers to these institutions is favored by Superintendent
Broderick, in his preliminary report. The following is
from the same paper:
"We feel that encouragement should be given to the granting of additional branch facilities and the merger of the smaller and newer institutions with well established savings banks, having adequate surpluses, to
give added strength to the entire savings banks' system in the State,"
he said.
Mr. Broderick also said that his department is considering the submission to the Legislature of a bill which will provide special protection
to savings accounts in State banks and trust companies. While not
stating definitely the nature of such protection which will be advocated
he indicates in his report that it may subject the investment of such
funds to the same restrictions as those governing savings bank investments. A bill providing such restrictions on investment of savings
deposits was introduced in the Legislature in 1910, he states, but was
not reported out of committee.
The recommendations in Superintendent Broderick's
preliminary report follow:
General
1. To amend the Banking Law in order to permit prompt mergers of
banking institutions in case of emergency or when necessary to protect
the interests of depositors and shareholders, by providing that, with the
approval of the Superintendent of Banks, the boards of directors of
any two or more banking institutions may merge such institutions under
an agreement which will protect and preserve the equities of the respective stockholders. Such amendment might also provide that such
agreement shall be subject to the approval of a justice of the Supreme
Court of New York.
Under the existing law when a banking institution, because of lack
of liquidity or depreciation in the value of assets, can no longer safely
be permitted to continue in the conduct of its business, the Superintendent
of Banks is placed in the position of being obliged to either close such
institution or urge that it merge with some institution having a sound
financial standing. The latter remedy, providing the merger is a proper
one, is much to be preferred to the first, for the reason that the closing
of an institution undermines public confidence generally and often leads
JAN. 10 1931.]
FINANCIAL CHRONICLE
223
to heavy withdrawals from other institutions. Furthermore,
the closing
20. To make applicable to trust companies the provisions
of a banking institution may result in loss to depositors
of the
reason than the fact that the closing operates to depreciate for no other Banking Law relating to adverse claims to bank deposits as now provided
the value of for banks in Section 149, subdivision b, of the Banking Law.
certain classes of assets, not easily liquidated, though
of substantial
21. To provide that passbooks used as receipts by any individual,
value to a going institution.
co-partnership, unincorporated association or corporation authorized
Why not mergers, then, in all cases where the condition of
to
an institu- engage in business under the provisions of any laws other
tion will not justify permitting it to continue in business?
than the
present law, mergers to become effective must be approved Under the banking or insurance laws, and used in connection with the sale of
by stock- securities, shall bear the statement "Not under the supervision
holders. To procure such approval it may be necessary to
of the
inform them Banking Department."
of the facts necessitating the merger, which is likely to lead
to uncertainty
22. To provide that no office or place of business of any corporation,
and rumors, resulting in runs which may cause the
institution's closing association or private bankers authorized to engage in business
under the
before the merger can be effected. Furthermore, because
of rumors Banking Law shall be open to the public for the transaction of
banking
which may originate suddenly, it becomes necessary in some instances
to business on Sunday.
accomplish mergers over night if institutions are to be saved,
which
23. To perrait the Superintendent to order, at the expense of a bank
under the present law is impossible since approval by stockholders
must or trust company, appraisals of real estate properties owned by or mortbe obtained at a meeting held on two weeks' notice.
For these reasons, and because it is a matter of great public interest gaged to such institutions by independent, impartial appraisers of recognized standing.
that banking institutions be closed only in cases where there
is no
Investment Companies.
alternative, it is urged that the Legislature, which is about to other
meet,
I. To amend the Banking Law to provide as follows:
adopt legislation permitting, in cases where an emergency
exists,
(a) That industrial
merger of banking institutions by action of the respective boards the
of engaged in the business banking companies and domestic corporations
directors without the approval of stockholders. The proposed
of foreign banking shall be the only classes of
which is now in the process of being drafted, will permit such a statute, institutions permitted to be organized under the investment article of the
merger Banking Law.
only in cases where the Superintendent of Banks declares
In this connection, provision will be made for the rethat such
action is necessary in order to avoid closing one of the institutions.
incorporation of mortgage companies and finance companies under the
It Stock Corporation Law.
also makes ample provision for the protection of the
interest of stock(b) That the business of industrial loan companies and domestic corholders of the merging institutions.
Had the present law contained such a provision, the Bank of United porations engaged in the business of foreign banking shall be limited to
States would have been merged with one of our strongest institutions general powers which will be clearly defined in the statute.
(c) That industrial loan companies shall be required to maintain
and its closing avoided.
a specified ratio of capital funds to outstanding unhypothecated bonds
2. To permit the Superintendent to remove from office officers
or
directors of banking institutions who have been guilty of persistent or notes issued by them, now known as investment certificates.
(d) That industrial loan companies shall be required to maintain
violations of the Banking Law, or of a continuance of unsafe and unreserves against outstanding unhypothecated bonds or notes issued by
sound policies.
3. To permit the Superintendent to insist upon charge-offs as directed them, now known as investment certificates.
(e) That domestic corporations engaged in the business of foreign
by the Department within sixty days after receipt of notification, permitbanking be permitted to accept deposits only under definite conditions.
ting reserves to be established in lieu of charge-offs.
(f) That the statutory total liability attaching to the capital stock
4. To provide that the stock of all banks and trust companies and
other corporations subject to the supervision of the Banking Department of moneyed corporations be extended to industrial loan companies and
domestic corporations engaged in the business of foreign banking.
be evidenced by individual certificates of stock, which shall not be
(g) That it shall be the duty of the board of directors of every incoupled with the stock of any other corporation. All such arrangements
dustrial loan company and domestic corporation engaged in the business
existing at the present time shall terminate within two years.
5. To limit the extension of credit and investment of funds in stock of foreign banking to examine fully the affairs of the company of which
and obligations of affiliated corporations, as defined in Section 39 of the they are directors.
Banking Law, by providing that the aggregate investment in capital
(h) That directors of every industrial loan company and domestic
shares or obligations of, or direct or indirect loans to, or loans secured corporation engaged in the business of foreign banking be required to meet
by the shares or obligations of, any corporation affiliated with a banking the qualificaticns similar to those set up for directors of banks and trust
institution and or any subsidiary corporation of such affiliated corpora- companies.
tion, shall not exceed in the aggregate 10% of the capital and surplus
(i) That restrictions be placed upon the investment of industrial loan
of any banking institution.
companies in the capital stock of similar companies.
6. To prohibit any officer, clerk or other employe of a bank or trust
2. Provisions relating to the organization and operation of domestic
company from borrowing from the institution of which he is an officer, corporations engaged in the business of foreign banking will follow closely
clerk or other employe and from becoming obligated directly or indirectly, the provisions of the Federal Reserve act relating to companies organized
conditionally or otherwise to such institution.
under that act to engage in business of a similar type.
7. To provide that an officer of a banking institution shall not be
Private Bankers
permitted to become an officer of any company engaged primarily in the
1. To require that the deposit liabilities of private bankers shall be
business of the purchase and sale of securities.
S. To provide that every director of any banking institution who is audited periodically by an outside independent auditor.
2. To modify the present provisions requiring that a certain portion
directly, indirectly, conditionally or otherwise obligated on any loan or
other extension of credit made by such institution to such director or of reserves maintained against deposits shall be kept on hand and to
other individual, partnership, unincorporated association or corporation permit a larger proportion to be deposited with the designated reserve
shall file with such institution once in each year, and at such other depositary.
3. To provide for the continuation of the business of an individual
times as the Superintendent may require, a statement of his financial
engaged in the business of a private banker during any interim between
condition.
the death of such private banker and the appointment of his executor,
9. To change the period within which directors' examinations are to
be made to provide for such examinations at least once in each six administrator or legal representative.
4. To permit any person engaged in the business of transmission of
months' period. The scope of such examinations to include a complete funds
to others pursuant to the provisions of Section 150, Subdivision 4,
review by each director of all loans and investments in excess of one- of
the
tenth of 1% of the capital and surplus of such institution (exceeding interestbanking law, to deposit with the Superintendent stocks, bonds or
-bearing obligations of the United States or of this State or of
a minimum of $1,000, however), including all extensions of credit to any
affiliated or subsidiary companies. At least once in two successive years of city, county, town, village or free school district in this State, instead
only interest-bearing stock or bonds of such obligors.
such examination is to include a complete verification of deposit liabilities.
5. To provide restrictions on loans, purchases of securities and total
10. To require that banks and trust companies shall, at the end of liabilities to a private
banker of any one person to conform with similar
each year, render to stockholders a report showing the attendance of restrictions
now imposed on banks and trust companies.
directors at meetings held during that year.
6. To provide that all licensed private bankers in cities of
this State
11. To provide for the segregation of thrift accounts in commercial shall be
required to discontinue accepting deposits by June 30, 1931, and
banking institutions located in cities having a population of 75,000 or be required
to liquidate their deposit liabilities by Dec. 31, 1931.
over, and to place restrictions on the investment of such thrift funds.
This provision is to be applicable to all funds received after June 30, 1931;
Savings Banks
deposits made prior to that date to be invested in such manner as pre1. To permit savings banks, with the approval of the
Superintendent,
scribed at the rate of one-fifth of the total of such deposits yearly for to establish and maintain deposit and withdrawal
stations
a period of five years.
locations thereof to the county in which the principal office limiting the
12. To limit the amount of the funds of any banking institution that
2. To amend Section '439, Subdivision 9, of the bankingis located.
law relating
may be deposited with any other banking institution, giving effect to the to the liability of the trustees of a savings bank
with reference to the
varying exigencies attaching to the depositing of the funds with (a) investment of the deposits and guaranty fund
thereof to bring it into
designated reserve depositaries; (b) domestic banking institutions not conformity with the contents of Section
239.
acting as reserve agents; (c) foreign banking institutions.
3. To amend Section 239, Subdivision 8, Subparagraph
(c), of the
13. To require banks and trust companies to maintain reserves against banking law relating to the investment of deposits
and guaranty fund of
savings banks in 'promissory notes secured by the assignment
time deposits.
and pledge
14. To omit foreign exchange balances credited to a banking institu- to the savings bank of first mortgages on real
estate
tion from the items that may be deducted from the total deposits of the restrictions placed upon that class of investment in order to bring
as compared with
such banking institution in arriving at the aggregate demand deposits the deposits and the guaranty fund of a savings
thereof against which reserves are required to be maintained.
with the restrictions placed upon the investment bank into conformity
of a savings bank in
15. To permit any agency of a foreign institution, with the approval bonds and mortgages as compared with the total assets of such
savings
of the Superintendent, to change the location of its place of business bank.
4. To broaden the provisions of Section
in the same State.
239, Subdivision 12, of the
16. To co-ordinate the provisions of the Banking Law relating to the banking law relating to the investment of deposits and guaranty
change of National banks to State banks, and the change of State banks savings banks in bonds of public utility companies to include fund of
bonds of
to trust companies, with the provisions of the Banking Law relating companies that purchase natural gas as a substitute for artificial
gas.
5. To permit a savings bank to change the location
to the organization of banks and trust companies respectively.
of a place of busi17. To limit the aggregate amount of funds which a banking institu- ness occupied and maintained by it as a branch office as a result of
prior
tion may invest in the stock, convertible bonds or other obligations of other merger with another savings bank to another place in the same
county.
6. To permit the Superintendent of Banks to
corporations.
order at the expense of
18. To modify the provision of the Banking Law which now requires the savings bank, appraisals of real estate property owned by or
that each Director of a trust company be a citizen of the United States to such institution, by independent, impartial appraisers of mortgaged
recognized
to provide some elasticity in the case of trust companies which, at the standing.
7. To permit the payment of extra dividends
time such provision became law, had on their boards of directors persons
above a basic rate when
who were not citizens of the United States by permitting one non-citizen earnings permit.
to become a director.
Savings and Loan Associations
19. To provide that any holding company which owns stock of a bank1.To require the segregation of funds received
by a savings and loan
ing institution shall be required to maintain reserves or surety bonds association on account of the issuance of
to protect the statutory double liability which attaches to such stock. the investment of these funds to the class savings shares and to restrict
of securities in which
savings
224
FINANCIAL CHRONICLE
banks are required by the provisions of Section 239 to invest deposits
and guaranty fund.
2. To provide for the transfer each year to guaranty fund of a larger
portion of the earnings of a savings and loan association and to require
a more adequate guaranty fund.
3. To require that vacancies in the board of directors of a savings
and loan association occasioned by resignation, death or other cause, shall
be reported to the Superintendent within ten days of the event and that
the savings and loan association shall likewise report each election by the
board to fill such vacancy.
Credit Unions
I. To amend generally the credit union article of the banking law to
provide as follows:
(a) That the qualifications for membership shall be limited strictly,
so that open membership credit unions may not be authorized henceforth.
(b) That credit unions shall not have the power to accept deposits.
(c) That the power of credit unions to borrow money shall be further
limited, and subject to the approval of the Superintendent of Banks.
(d) That credit unions be required to set up reserves at the end of
each fiscal year against bad debts.
Departmental
1. To permit a deputy, clerk, or other employe to obtain a mortgage
loan upon his own home from a savings bank or savings and loan association and to permit him to open an account with or subscribe to the
shares of such institutions.
2. To permit the department to charge a fee to an applicant for a
new charter in order to defray expenses of investigation so that such
expenses do not become a charge upon existing banking institutions.
3. To permit the Superintendent, in his discretion, to reinstate any
bank examiner who has left the department, provided he had served as
a bank examiner for three successive years but who had been separated
from the service through no delinquincy or misconduct on his part.
4. To permit the Superintendent to transfer to the State Treasurer
interest now in his possession which accrued on unclaimed deposits prior
to 1914.
S. To permit the Superintendent, in his discretion, to omit one examination in any year of a hank or trust company which is a member of the
New York Clearing House Association and to accept in lieu thereof a
report of examination made by such association during that year.
6. To permit the Superintendent to examine any corporation which
owns 10% or more of the capital stock of any corporation organized under
the banking law.
7. To provide for the establishment within the Department of a special
bureau for investigations of illegal banking concerns, general complaints
against banking institutions, illegal banking operations of individuals,
firms and corporations; providing further for the appointment under
classified service of six accountants and investigators, including also one
practicing attorney. The expenses of this bureau to be borne directly by
the State and not assessed on banking institutions.
Shelves Mellon Tax Plan—House Committee Drops Proposal to Cut Corporation Charity Levy.
The Mellon proposal to allow income tax reductions on
corporation charities has been laid aside by the House Ways
and Means Committee said Associated Press adyices from
Washington Dec. 27 to the New York "Times." The account added:
Chairman Hawley said to-day there was no plan pending for consideration of the proposal.
"Should the Treasury press it, we would give its hearing out of courtesy;
but what the Committee would do after that no one knows," he said.
Mr. Hawley said he would call up for Committee consideration next
month a bill to reduce international double taxation, and would seek House
passage of another measure to pay S2.500,000 of war claims to enemy
aliens. The latter would reimburse claimants to patents seized and sold
to the Chemical Foundation.
[VOL. 132.
to an annual corn crop of about 2,700,000,000 bushels, he said that only
about 275,000,000 bushels of this annual crop reached primary markets,
and that the farm price for the entire crop was fixed by this relaiveb
small amount.
It is expected that through added consumption of the product the prie•
of corn may be improved ultimately.
Discussing the new ruling, Mr. Ilyde said:
"There is an affirmative economic reason for this change in Departmental
ruling. American agriculture is overproduced. The fact that production
runs ahead of consumption is responsible for most of the ills of agriculture.
The Federal Farm Board, farm organizations, many of the State colleges,
and this Department are striving to re-establish the economic balance of
agriculture. The control and limitation of acreage planted is one method
of re-establishing that balance. Finding new uses and new outlets for
crops is another method. . . .
"If we fail to use all available methods of restoring agricultural balance,
whether those methods represent great and spectacular gains or merely short
and unnoticed steps, we shall be derelict in duty. . . .
Law Is Not Changed.
"The requirement heretofore that the presence of corn sugar as an
ingredient in prepared foods be declared on the label was not a matter of
law, but was a matter of administrative interpretation of the law. This
ruling, therefore, involves no change in the Federal Food and Drugs Act;
nor does it change the rules with reference to labeling of harmful or
injurious ingredients. Labeling of such ingredients still is required.
"When the Federal Food and Drugs Act was passed 25 years ago corn
sugar was a muddy, brown product less than 50% sweet. Under conditions
existing then, a prejudice existed against it. As a matter of administrative
procedure, this department ruled that its presence in a prepared food must
be declared on the label.
"In the last 10 years great progress has been made in refining corn
sugar. It is now clear, clean, white, granulated sugar. It is a wholesome
and healthful food. It is now about 75% as sweet as cane sugar. It has
some properties more valuable than cane sugar. It has no qualities which
are in any wise harmful to health. The reason for the old Departmental
ruling has disappeared."
Mrs. Wiley Attacks Ruling on Corn Sugar—Ending of
Curb Will Weaken Faith in Pure Food Laws, She
Says.
An attack upon Secretary Hyde's recent ruling that the
presence of corn sugar in foods need no longer be declared
on labels was made on Dec. 28 by Mrs. Harvey W. Wiley,
wife of the former Chief of the Bureau of Chemistry of the
Department of Agriculture. Noting this, a Washington
dispatch to the New York "Times" stated:
Asserting that the new ruling was an attack upon the pure food laws of
1906, the adoption of which had been her husband's lifework, Mrs. Wiley
added that the movement to secure such a ruling had been started within
a few days of her husband's death, on June 30, after years of effort on the
part of the Corn Products Co. of Kansas City, Mo., and other interests
had failed in Congress.
She went on:
"The statement of Secretary Hyde in explanation of the ruling shows
that he has lost sight entirely of the interests of consumers for whose
benefit the law was enacted and in whose interest it has been consistently
enforced. This new ruling will do much to weaken the confidence of
consumers in the Federal enforcement of the pure food law which heretofore
has been a bulwark of safety for the food of the nation. . . .
"This ruling was not sought by either consumers, food manufacturers
and distributors, nor officials charged with the enforcement of the Federal
and State food laws. Ample evidence of this fact developed last July when
a hearing, called on only four days' notice, brought such a storm of protest
from all groups that the Secretary delayed action until the present time.
"At the anent meeting of the Association of State and Federal Dairy and
Food Officials the president of that association announced that all of the
State food officials except two had written him that they were unalterably
opposed to a ruling of this nature."
Secretary of Agriculture Hyde Removes Restrictions on
Use of Corn Sugar in Prepared Foods—Labels on
Products not Required to Indicate Such Use.
Wage Control Denied to Utah Commission—State
The removal of the twenty-five-year-old restriction on the
Building Group Held to Lack Power to Regulate
use of corn sugar as an ingredient in prepared foods was
Pay, Hours or Labor.
announced on Dec. 26 by Secretary of Agriculture Hyde, who
The Utah State Building Commission has no authority to
said that the potential market for corn through sugar was force contractors to submit to a five-day week, to pay the
estimated as high as 100,000,000 bushels a year. A Wash- prevailing wage scale, or to employ Utah labor, the Attorney
ington dispatch to the New York "Times" Dec. 26, further General, George P. Parker, has ruled in an opinion to Wilsaid:
liam M. Knorr, Chairman of the State Industrial CommisThe Secretary issued a ruling holding that the use of the product in the sion. Salt Lake City advices Dec. 30 to the "Wall Street
preparation or processing of any article of food in which sugar is
packing,
Journal" from which we quote, added:
a recognized element need not be declared on the label.
"I believe," declared Mr. Hyde, "that this modification removes an
undeserved stigma from corn sugar; that it harms or deceives no one; that
it weakens neither the Federal Food and Drugs Act nor its administration;
that it is a just recognition of modern progress in refining, and that it
will aid in some degree in re-establishing the economic balance of agracultural products."
Under the previous policy of the Department, wherever corn sugar was
used as an ingredient it had to be declared on the label of all products
except ice cream and confections.
Text of the New Ruling.
Secretary Hyde's new ruling reads as follows:
STATUS OF CORN SUGAR UNDER THE FEDERAL FOOD AND DRUGS
ACT.
Corn sugar (dextrose) when sold in packages must be labeled as such; when sold
such; but the use of pure refined corn sugar as an Inin bulk must be declared as
gredient to the packing, preparation or processing of any article of food In which
sugar is a recognized element need not be declared upon the label of any such product.
Nothing in this ruling shall be construed to permit the adulteration or imitation
of any natural product such as honey by the addition of any sugar or other Ingredient whatever.
ARTHUR M. HYDE,
Dec. 26, 1930.
Secretary of Agruculture.
As a result of this modification between 5,000,000 and 100,000,000 more
bushels of corn nay be consumed annually, according to Mr. Hyde. Pointing
In construing the Act creating the Building Commission, Mr. Parker said
that "the intent seems to be that the chief duty of the commission is to
obtain a certain type of building or improvement of a given quality at as
small a monetary outlay as possible; the Act providing for work to be
done by the lowest qualified bidder.
While a clause in the contract calling for the stated benefits to the
laborers would no doubt be of benefit to the State from a social standpoint,
such a benefit does not seem to be one of the objects of the Act under
consideration.
"It is my opinion that the Act does not give to the Commission the
powers mentioned by you, even by implication.
"In State v. Younkin (Kansas), 196 Pac. 620, the Court laid down the
rule that when by statute official powers and duties are conferred or
imposed upon a public officer or official board the only implied powers
possessed by such officer or board are those which are necessaryy for the
effective exercise and discharge of the powers and duties expressly conferred
and imposed.
"It has been held that Acts conferring statutory powers npon an officer
are to be strictly construed. See McKenzie V. Douglas County, 139 Pac. 625.
"A number of States have held that it is within the statutory powers of
the Legislature to pass public works statutes embodying the fixing of wage
scales, days of labor per week, 6:c., on public works, although some States
have denied such power to its Legislatures."
JAN. 10 1031.]
FINANCIAL CHRONICLE
Ruling on Corn Sugar Usage Said to Aid Industry
5,000,000 Additional Bushels Will Be Used Annually
According to Advisory Committee of Federal Farm
Board.
It was stated in the "United States Daily" of Dec. 29 that
while the Federal Farm Board has taken no official attitude
on the removal of the requirement that canned foods containing corn sugar be so labeled, this action, which was taken
by the Secretary of Agriculture, Arthur M. Hyde, on Dec.
26, was in accord with a recommendation of the Coarse
Grains Advisory Committee presented to the Board some
time ago, it was stated orally at the offices of the Board
Dec. 27. The paper from which we quote likewise said:
The Advisory Committee, it was explained, is one of the Commodity
Advisory Committees established under the Agricultural Marketing Act to
present the views of co-operative associations to the Board. Its members
are chosen by associations dealing in the products which it represents.
The Committee stated that it felt that the regulation under the Food and
Drugs Act was "unduly restricting a reasonable outlet for corn sugar."
The amount of corn used in the production of corn sugar for food last
year was about 896,739,000 pounds, according to an estimate made available Dec. 17 in the Department of Agriculture. Any kind of corn can be
used in making the sugar, it was stated, the corn first being converted into
starch.
No estimate is available on the additional amount which would be used
as a result of the removal of the regulation, it was stated. Representatives
of the corn sugar industry have estimated that 5,000,000 additional bushels
will be used and that this amount will rise steadily to 100,000,000 annually,
according to Secretary Hyde.
The recommendation of the Coarse Grains Advisory Committee follows in
full text:
The Committee recognizes the extent of which economic evolution and National
Policies have restricted certain outlets for coarse grains, and the importance of
developing new outlets for these products. It is advised that existing regulations
under the Food and Drugs Act are unduly restricting a reasonable outlet
sugar, a wholesome product made from corn. The Committee desires tofor corn
express
to the Secretary of Agriculture its opinion that these regulations should be so modified so as to remove this restriction.
Study by Bureau of Railway Economics of Relationship
of Wheat Prices to Transportation Costs.
Failure of consumption to keep pace with production resulted in the greatest supply of wheat on hand in 1930 on
record, both in the United States and throughout the world.
This is shown by a study of the Bureau of Railway Economies
and made public Jan. 5 of the relationship of wheat prices
to transportation costs in the United States, and the principal economic factors affecting the world wheat situation.
"The annual carry-over of wheat in the United States."
according to thp study, "averaged 103,000,000 bushels at
the beginning of the years 1923 to 1927, amounted to 128,000,000 bushels in 1928, 247,000,000 bushels in 1929 and
275,000,000 bushels in 1930. Supply, that is production
plus carry-over, which averaged 912,000,000 bushels in 1923
to 1927, increased to 1,043,000,000 bushels in 1928, to
1,053,000,000 bushels in 1929 and 1,115,000,000 bushels in
1930." The Bureau further states:
"Production and supply in the United States has in general maintained
as relationship to that of the world throughout the entire period, although
the tendency has been toward a relative increase in supply.
'World production of wheat (exclusive of Russia and China) which was
3,551,000,000 bushels in 1923, rose to 3,676,000,000 bushels in 1927 and
then increased greatly to 3,973,000,000 bushels, the largest production
on record, in 1928, after which it declined to 3,491.000,000 bushels in 1929
and to an estimate of 3,650,000.000 bushels in 1930.
"World disappearance of wheat, that is, consumption, seed utilization,
etc., although following in general the same course as production, has
not kept pace with production, so that the world carry-over of wheat has
Increased almost every year, especially since 1924.
During the five years, 1923 to 1927, disappearance in the United States
averaged 23.3% of the world total, while in 1928 it amounted to only 20.9
and in 1929 to 21.9%. The carry-over in the United States, which at the
end of the year averaged 32.9% of the world total during the five years,
1923 to 1927, amounted to 41.8% in 1928 and 50.9% in 1929.
The bulletin shows prices paid to farmers at 159 points in
21 States during the 1929-30 crop year. It also shows the
average price paid to the farmer in the United States over
a period of years. According to the study, the average price
in 1929-30 was 105.1 cents per bushel, which was 5 cents per
bushel greater than in the previous year, but was 15.4 cents
per bushel less than in 1927-28.
The bulletin likewise says:
There is no definite relationship between freight rates on wheat and
the
prices paid to the farmer; that is, rate and price differentials as between
different points do not correspond.
This study of the wheat situation appears to warrant the conclusion that
variations in the prices paid to the farmer for wheat in the United States
during the crop year 1929-30 were due to such economic factors as large
supplies, reduced demand, favorable and unfavorable reports of weather
And crop conditions both in the United States and elsewhere, and competition in the world market with wheat from other countries.
Economists Back "Prosperity Loan"—Endorse $1,000,000,000 Public Works Program as Vital Need—Urge
it to Spur Buying.
Ninety of the country's leading economists have endorsed
the program of the Emergency Committee for Federal public
225
works, calling for a $1,000,000,000 "prosperity loan," it was
announced on Jan. 4 by Harold S. Buttenheim, Chairman of
the Committee. According to the New York "Times" from
which we quote further as follows:
Among the economists are Professors Edwin R. A. Seligman, James
T. Shotwell, James C. Bonbright, Samuel McCune Lindsay, Franklin
H. Giddings and Joseph P. Chamberlain of Columbia, T. S. Adams of
Yale. E. W.Kemmerer and Vernon A. Mund of Princeton, T. N. Carver of
Harvard, Paul H. Douglas of the University of Chicago, John R. Commons of Wisconsin University, Willford I. King of New York University
and N. H. Cornish of Oregon State College.
The $1.000.000,000 loan was asked recently by the Emergency Committee
for Federal public works for the purpose of"financing the construction of
needed public improvements to speed the nation's economic recovery."
Economists Laud Proposal.
The joint statement of the economists follows:
"In endorsing the appeal of the Emergency Committee for Federal
Public Works on a scale commensurate with the present need, we are simply
approving again a principle accepted by leading economists and sociallyminded business men for a generation past. Within the last year the principle has been almost universally accepted as shown in the response of the
business interests of the country to the President's appeal in November 1929.
when a capital construction program of 87,000,000,000 was adopted—and.
we are told, carried through.
"The principle was again endorsed by the large State bond issues authorized by the electorate of several States. The cities have already made
every effort and cut all possible red tape in order to largely increase public
works expenditures. Yet all these concerted efforts of business men, States
and cities have not sufficed. They have only prevented a more serious situation had this action not been taken.
"It seems only logical that the Federal Government,which has been urging
these expenditures by business men and local governments,should now do its
part in restoring the purchasing power of the masses of the people by an
extensive expansion of such public works as post roads, reforestation, elimination of grade crossings, reclamation and flood-control projects and other
Improvements that do not compete with private industry and can be
undertaken promptly.
"These public works, projected on a scale to check the present business depression, would, of course, require hundreds of millions of dollars. or possibly a billion, to be effective, but the cost cannot be compared to the loss sustained by all classes of the nation if such expenditures
are not made. Taxation for such projects, equitably distributed, would
not be seriously felt by any group. It is difficult to understand the timidity
in this crisis, of business men and legislators. The need of the hour is
courage to act along lines of long-established economic principles. The
time has come to test them on some adequate scale."
Seligman Urges Outlay.
A separate statement, in the form of comment on the joint statement,
was issued by l'rofessor Seligman. He pointed out that although business men, legislators, social workers and economists have been talking for
the past 15 years about the principle of expanding public works programs
in times ot depression "In no unemployment emergency and business depression, and there have been three major depressions in the past 15 years,
have we had the courage to try it out on a scale commensurate with the
economic need and to prove its effectiveness."
"It should be pointed out," Professor Seligman said, "that the large
outlays contemplated constitute productive expenditure of the greatest
significance. While it is primarily the function of private individuals to
increase production, industry and wealth, it is the peculiar function of government to produce productive forces. If it is permissible for government to spend billions in war time in the organization of production; it
Is no less legitimate for government in a great emergency of peace time
to do what it is also impossible for private individuals to accomplish.
"It is hoped that Congress will now address itself to this problem and set
up the machinery and appropriate sufficient funds to cope with the present
menacing situation in our country." .
Ezra N. Brainerd Made Chairman of Interstate
Commerce Commission.
Pursuant to its policy of rotation, the Interstate Commerce Commission on Dec. 11, announced Commissioner
Ezra Brainerd, Jr., as chairman for the coming year, sueceeding Frank McManarny.
The new Chairman comes from Oklahoma. He was born in
Middlebury, Vt., Aug. 26, 1878, the son of the late Ezra Brainerd,
for many
years President of Middlebury College.
Mr. Brainerd was appointed a member of the Commission by
President
Coolidge in 1927; prior thereto he had been engaged for nearly 23 years
in the general practice of law in Muskogee, Okla., formerly Indian
Territory, where he settled in 1904, soon after his graduation from the
University of Michigan. He was active in the convention which memorialized Congress for the admission of Oklahoma and Indian Territories as
a State in the Union and served as a judge in the constitutional election
in 1907. Following the admission of Oklahoma to statehood he served
as master in chancery in many important land suits brought by the
Government in the United States Court for the Eastern District of
Oklahoma and for a short period as a special judge of the Superior
Court of Muskogee County.
C. W. Hunt Designated Chairman of Federal Trade
Commission for Ensuing Year,
The Federal Trade Commission has designated Commissioner C. W. Hunt as its Chairman to serve for a period of one year, beginning January 1, 1931, succeeding
Commissioner Garland S. Ferguson, Jr., who was its
Chairman during 1930. Mr. Hunt was named under the
Commission's rotation policy which provides that Commissioners shall serve as Chairman for one year in the
order of their seniority. Mr. Hunt became affiliated with
the Commission in June, 1924. At the time of his appointment he was President of the Iowa Farm Federation Bureau.
226
FINANCIAL CHRONICLE
[VoL. 132.
I
you success in
meeting and
Rail Express Employees' Pay Demand Upheld—Arbitration you wishforward for the your year. Every in the organization plans which
put
new
automobile and truck which you
Plan in Wage make and sell adds to employment in a hundred different trades. Yours
Board Report Opposes Part-Time Labor
is indeed a great and vital industry, the success of which is important to
Dispute.
every one of us. I sincerely wish you a prosperous new year.
Carrying with it a recommended plan for providing a
maximum amount of regular full-time employment and
discouraging part-time labor, the Board of Arbitration American Automobile Association Warns Legislatures
to Halt Motor Vehicle Tax Increases.
appointed to settle the wage dispute of a group of employees of the Railway Express Agency, Inc., filed its The following Washington dispatch Jan. 3 is from the
report on Jan. 6, finding in almost every particular in the New York "Times":
In warning
taxes on
employees' favor. Stating this the New York "Herald motorists theLegislatures to go slow on any proposals for increasingthat the
American Automobile Association declared to-day
Jan. 7 added:
Tribune" of
motor vehicle owners in 1930 paid a tax bill of $1,060,000,000, or more than
The demands studied by the Board of Arbitration, which was headed double the taxes paid by railroads of the country. The levy, it said, conby Charles W. Flint, were those submitted by the members of the Brother- sisted of 8930,000.000 in special taxes and $130,000,000 in personal prophood of Railway and Steamship Clerks, Freight Handlers and Station erty taxes.
Thomas P. Henry, President of the Association, added that the taxes
Employees working for the express company. The employees in an
for
appeal to the Federal Board of Arbitration, which resulted in the appoint- paid by motorists made up nearly half of the $2,200,000,000 expended
guaranty of highway construction and maintenance, bonded indebtedness, equipment
ment of Mr. Flint's board on July 24, 1930, asked for a
in the
eight hours' pay for any number of hours of work a day up to eight hours. purchased and administrative cost of all the highways and streets
United States.
Overtime Poy Favored.
On this point the arbitrators found that "men employed in train service
I. C. C. to Speed Rail Merger Study—Awaits Roads'
where there is no regular assignment shall be paid 6554 cents an hour
Formal Application.
for messengers and 33% cents an hour for helpers, guards and attendants, with a minimum guaranty of four hours' pay for four hours or
From its Washington correspondent Jan. 4, the New
less of work, and of eight hours' pay for eight hours or less of work."
York "Journal of Commerce" reported the following:
The report further recommends that train employees on short turn-around
Acknowledging the formal notification that the heads of the four
runs shall be paid overtime for all time on actual duty, each month over
240 hours. It further provides that "eight hours daily" shall be included Eastern trunk lines had agreed on a plan for a consolidation of the
in a period of not more than twelve hours. The employees had asked for fifty railroads east of the Mississippi River, exclusive of New England,
the Interstate Commerce Commission indicated yesterday that it would
a maximum period, including any "swing" or "swings" of ten hours.
The most striking feature of the report deals with recommendations for begin study of the proposed merger at once.
The commission was in session all day, following receipt of the notiproviding a maximum number of hours of employment for regular employees and "the minimum number of part-time positions or short-hour fication yesterday, but aside from acknowledging the communication
fluctuations of freight traffic shall from the Eastern railroad executives it took no immediate action. The
assignments." It is recommended that
be handled to the fullest possible extent by regular full-time employees acknowledgment was void of the expected suggestion that the railroads
by means of adjustment of starting time, meal periods, days of rest, present their case to the commission as soon as possible, members of the
overlapping of shifts and also by adjustment of collection and deliveries commission being represented as feeling that there was no reason for
comment or official action until a formal petition or application had been
of freight.
Rule Companies Buy Uniforms.
placed before them.
The commission's acknowledgment was sent to President W. W.
It is provided that after all possible adjustments for full-time employees
Pennsylvania, Daniel Willard of the Baltimore & Ohio,
have failed, a secondary list, or extra group of employees, shall be Atterbury of the
P. E. Crowley of the New York Central and J. J. Bernet of the Chesacreated. The method of determining the number of employees to be
carried on the extra list at each point is to be fixed by mutual agreement, peake & Ohio railroads.
This latest development in connection with the projected consolidation
with consideration for seniority.
of the plan by President Hoover in an
The report also recommends that all uniforms for employees other than follows the virtual indorsement
White House simultaneous with the comcaps and jumpers which may be required by the company rules are to official statement issued at the
pletion of the agreement by the Eastern rail executives during deliberabe paid for by the express company.
tions held in New York city.
The members of the arbitration board in addition to Mr. Flint were
As to the next step, some officials of the commission are said to believe
William H. Leirserson, George M. Garrison, J. H. Sylvester, William
that the rail heads intend to ask an amendment of the Commission's
C. Smith and Charles D. Summy.
consolidation plan to provide four major Eastern systems instead of the
five proposed by the Government regulatory body last December. This
procedure would be in accordance with the law, sigce the commission's
President Hoover in Message to National Automobile rules of practice set forth that "if the proposed consolidation is not in
harmony with said plan of consolidation, then the applicants shall move
Chamber of Commerce Says Statistical Records to amend our consolidation plan accordingly." The petitions to amend
of Automobile Industry Do Not Warrant Pessimism the plan would be presented by individual roads and hearings held on
—Over 33' Million New Cars Sold in 1930 Not Used the effect of the new plan in separate areas, in the opinion of one
member of the commission.
for Transportation to Poorhouse.
Stould the Commission accept the new plan, applications would then
address from Washington by telephone to the be required for authority to acquire control of the lines to be consolidated.
In an
some
annual dinner of the National Automobile Chamber of Unless the roads intend askingitfor pointeddrastic change in the commisout, it may, in all probability,
rules of practice, is
Commerce held Jan.6 in the Hotel Commodore, New York, sion's present
be several months before the consolidation comes up for approval.
President Hoover alluded to the prosperity of the industry
and stated that "the despondency of some people over the
future is not borne out by the statistical evidence or pros- Receivers of Seaboard Air Line Railway Get $50,000
Salaries.
pects in the automobile industry." "Despite the depression,"
The following United Press advices from Norfolk, appeared
he said, "you have manufactured and sold during the year
1930 over 3,500,000 new automobiles. This certainly in the "Wall Street Journal" of Dec. 31:
L. R. Powell, Jr., and Ethelbert W. Smith will draw salaries of $50,000 a
means," the President observed,"that we have been cheerful
year each for services as receivers for the Seaboard Air Line Railway.
In the use of our automobiles; I do not assume that they are W. R. C. Cooke. chief counsel for the receivers, will be paid $25,000 a year.
being used for transportation to the poorhouse." The Salaries were approved by Federal Judge D. Lawrence Groner.
President spoke as follows:
I am glad to extend this,greeting to the automobile industry of the Railroads Submit Four-Party Plan of Consolidation—
United States as represented at your banquet in N. Y. City to-night.
Letter from Executives to Intra-State Commerce
person whose livelihood
I am informed that if I were speaking to every
be speaking
Commission Sets Forth Allocation of Eastern Trunk
Is directly or indirectly dependent upon the industry. I should
country. Therefore the
to one person in every 10 of the people of our
Lines.
prosperity of the industry Is in the anxious thoughts of the Nation and
manufacture and
The agreement of major Eastern trunk lines for the creaeverybody wishes you well in your plans to expand the
use of your product.
tion of four competitive systems in Eastern trunk line and
is not borne out by
The despondency of some people over the future
the "five-party plan" contemprospects in respect to the automobile industry. official territories in lieu of
the statistical evidence or
the Department of Commerce that despite the depression plated by the Inter-State Commerce Commission's railroad
I am informed by
year 1930 over 3,500,000 consolidation plan of December 1929, was announced Jan. 2
you have manufactured and sold during the
disposed of the large inventories of a
new automobiles. You have also
The plan, as set forth
roads are being constructed every day by the chief executives of the roads.
Year ago. Hundreds of miles of new
be equipped with more auto- contemplates the allocation of the Delaware, Lackawana &
In the world and these increasing miles must
consumption of gasoline during the Western to the New York Central System, together with a
biles. I am informed also that the
the highly optimistic year of
last year shows an increase of 5% over even
direct connection with the Virginian Railway at Deepwater,
1929.
cheerful in the use of our automo- W. Va., involving joint rates and through routes via the
This certainly means that we have been
transportation to the poor- Virginian.
biles; I do not assume they are being used for
are using the old automobile a
house. While I am aware that many people
The Pennsylvania retain its control of the Wabash, the
using it and that it is being
little longer, it is obvious that they are still
does not warrant any Norfolk & Western, and the Detroit, Toledo & Ironton,
'worn out. Altogether, the future for the industry
while the Baltimore & Ohio plans to round out its system by
espondency.
of the automobile in our
No one needs to recall the utility and importance
the Lehigh & Hudson River,
however, if part of its popularity was acquisition of the Ann Arbor,
tional life. I have often wondered,
through the Reading and Central of New Jersey, while retaining control
exhilarating sense of power that we all inhale
'due to the
freedom
nastery over time and space we gain from it. It brings a sense of
the Buffalo Rochester & Pittsburgh, the Buffalo & Suspeople of
chat makes our spirits rise even though it sometimes invites for some
quehanna, the Western Maryland, and the Chicago & Alton.
motorcycle policeman.
a
he depressing ministrations of
JAN. 10 1931.]
FINANCIAL CHRONICLE
The Chesapeake & Ohio-Nickel Plate System proposes to
retain control of the Hocking Valley, Pere Marquette,
Wheeling & Lake Erie, and Chicago & Eastern Illinois, and
acquire the Erie, the Bessemer & Lake Erie, and the Lehigh
Valley. In connection with the latter road, the Pennsylvania
is to have certain trackage rights.
The railway executives' letter states that following the
promulgation of the Commission's so-called complete plan
the railroad consolidation in December 1929, the major trunk
lines entered into a series of conferences looking toward the
carrying out of the plan, or failing that, a substitute plan.
"The suggestion of the Commission," says the letter,
"that modification might be approved by the Commission has
led an attempt to provide within the limits of a four-party
plan the allocation of nearly all the properties in accordance
with what we conceive to be the principles followed by the
Commission in its five-party plan. As a result of these
negotiations, an agreement covering the allocation of the
principal carriers in the Eastern group, excluding New England, has been reached. This agreement is inter-dependent
and could not have been reached upon any different basis of
allocation."
The letter of the Eastern railway executives, signed by
W. W. Atterbury, President, Pennsylvania RR.; P. E.
Crowley, President, New York Central Lines; Daniel Willard, President, Baltimore & Ohio RR.; J. J. Bernet, President, Chesapeake & Ohio Ry., to the I.
-S. C. Commission
follows:
In its opinion, in the Matter of Consolidation of Railway Properties of
the United States into a Limited Number of Systems, Dec. 2 1929, I. C. C.
159-522, the Commission said:
"In a matter of this magnitude in scope and complexity in detail, even
after the most careful studi and the fullest and freest interchange of views
,
by these charged with the duty of preparing this plan, there must remain
many differences of opinion as to the several component parts, both large
and small, comprised in the final result. Such is here the case. While a
clear majority of us, although not always the same majority, have agreed
as to each part of the plan proposed, not all of us have agreed as to all its
parts, but all concur in the result. Some of us deem it helpful now to express
Individual views as to parts of the plan. Others feel that their individual
expressions may usefully be deferred until the time for action, looking toward the ultimate effectuation of actual consolidations as provided by the
Act. Section 5(5) provides that after we have adopted our plan, as we here
do, we may, either upon our own action or upon application, reopen the
matter for such changes or modifications as in our judgment will promote
the public interest. Such applications will afford opportunity for further
consideration upon adequate and recent records of the various parts of the
plan."
Followin; the publication of this opinion, the representatives of the
Pennsylvania, Baltimore & Ohio, Chesapeake & Ohio-Nickel Plate, and
New York Central Systems have had a number of conferences on this subject. The suggestion of the Commission contained in the above quotation,
that changes and modifications might be approved by the Commission as
promoting the public interest, has led to an attempt to provide within the
limits of a Four-Party Plan the allocation of nearly all the properties in accordance with what we conceive to be the principles followed by the Commission in its Five-Party Plan.
As a result of these negotiations, an agreement covering the allocation of
the principal carriers in the Eastern group (excluding New England) has
been reached. This agreement is inter-dependent and could not have been
reached upon any different basis of allocation. Probably no single one of
the groups herein proposed is exactly what those interested in such group
would wish it to be. In order to reach a common understanding it has
repeatedly been necessary for all of the interests involved to make concessions. It is believed, however, that each of the Systems resulting
from the grouping we suggest will be able to operate efficiently, maintain its
credit, and serve the public better than the same amount of mileage
operated in a less co-ordinated manner as at present.
The general understanding as to the allocation of large railroads in the
Eastern District into four systems is as follows:
To the New York Central—the Delaware, Lackawanna & Western RR.,
and a direct connection with the Virginian Ry. at Deepwater, including
joint rates and routes over that railway;
To the Pennsylvania—the Wabash,the Detroit, Toledo & Ironton, and the
Norfolk & Western;
To the Baltimore & Ohio—the Ann Arbor RR.. the Reading and Central
RR. of New Jersey, the Western Maryland, the Buffalo, Rochester &
Pittsburgh, the Buffalo & Susquehanna, the Lehigh & Hudson River and
the Chicago & Alton;
To the Chesapeake & Ohio-Nickel Plate System—the Hocking Valley will
be added. the Erie RR., the Bessemer & Lake Erie, the Pere Marquette,
the Wheeling & Lake Erie, the Chicago & Eastern Illinois, and the Lehigh
Valley. with certain rights to the Pennsylvania on the Lehigh Valley.
The Grand Trunk Western Lines are to continue with the Canadian
National Rys.
The general plan will recommend the assignment of the following railroads to the four systems jointly, viz.: Lehigh & New England, Delaware
& Hudson. Monongahela, Montour. Pittsburgh & West Virginia and Pittsburgh, Chartiers & Youghiogheny.
The right to the use by the Pennsylvania of trackage on the Nickel Plate
between Ashtabula and Brocton, and the disposition of the Virginian, are
now in process of determination or adjustment.
Conferences in connection with the Four-System Plan will be continued
for the purpose of dealing with the Short Line railroads, and various
trackage and terminal grants essential to round out the four systems. The
present open gateways on all railroads are to be maintained.
It will be our purpose, as soon as practicable, to present this matter to
the Commission in a definite way to the end that the Commission may, as
indicated in the foregoing quotation, reopen the matter fbr such changes or
modifications as in its judgment will promote the public interest.
227
Banking Situation in South and Middle West.
In the State of Arkansas on Jan. 2three banks reopened for
business, according to an announcement by Walter E. Taylor
the State Banking Commissioner, reported in Little Rook
Associated Press advices on that date. The institutions are
the Eudora Bank at Eudora, succeeding the closed Eudora
Bank & Trust Co.; the Bank of Salem at Salem, and the
Farmers' Bank at Casa.
On the following day, Jan. 3, a dispatch from Washington,
Ark., by the Associated Press, stated that the Washington
State Bank of that place, with deposits of approximately
$41,000, had suspended for 5 days, following a meeting of
its directors the previous night, Jan. 2.
In the State of Mississippi, Associated Press advices from
Jackson, Miss., on Jan. 2 stated that withdrawals on that
day had caused State and Federal departments to close and
take over five banks, namely the First National Bank of
Pontotoc, with deposits of $600,000 and capital of $125,000;
the Bank of Pontotoc, with deposits of $534,000 and capital
of $100,000 (the closing of this bank was noted in our item
of last week on the Banking Situation in South and Middle
West, page 72); the Citizens' Bank at Winona, with deposits
of $260,000 and capital of $25,000;the Bank of Blue Mountain
at Blue Mountain, with deposits of $179,000 and capital
of $10,000, and the Bank of Derma at Derma, with deposits
of $50,000 and capital of $10,000.
Again, the next day, Jan. 3, a Jackson dispatch by the
Associated Press stated that failure of three North Mississippi
State banks to open for business on that day was reported
by officials of the State Banking Department. The banks
named in the dispatch were the People's Bank at Calhoun
City, with capital and surplus of $32,000, and deposits of
$200,000; the Bank of Bruce at Bruce, with capital and
surplus of $24,000 and deposits of $115,000, and the Bank of
Kilmichael at Kilmichael, with capital and surplus at $35,000,
and deposits of $315,000.
In the State of Alabama, a Montgomery dispatch by the
Associated Press on Jan. 2 reported that the State Superintendent of Banks, Dent F. Green, announced late that day
that the People's Bank of Gilbertown had closed. As of
Nov. 20 1930 the closed bank listed combined capital and
surplus of $18,000 and deposits of $61,880, the dispatch
noted.
In North Carolina three banks failed to open their doors
on Jan. 2, the Elm City Bank at Elm City, the Bank of
Severn, and the Bank of Candor, at Candor. The Raleigh
"News and Observer" of Jan. 3 in reporting the closing
of the institutuions said:
Deposits in the Elm City Bank on Sept. 24, the date of the last call
report, were $97,172. Loans and discounts amounted to $149,253, cash
and due from approved depositories, $13,514; capital and surplus, $40,000
and bills payable of $45,000.
Deposits in the Bank of Candor.on Sept. 24, were $110,555;loans and discounts, $126,581; cash and due from approved depository banks, $12,950:
and capital and surplus, $35,000.
Deposits in the Bank of Severn were $66,746;loans and discounts,$97.102;
capital and surplus, $24,000; and bills payable.$20,000.
Another North Carolina bank, the Farmers' & Merchants'
Bank of Littleton failed to open on Jan. 7, according to
Raleigh advices by the Associated Press on that date.
As of Sept. 24, the bank's call statement showed capital of
$25,000 and deposits of $118,000, it was stated.
Again, the Bank of Montgomery, the only financial institution in Troy, N. C., closed its doors yesterday, Jan. 9,
the action being taken to protect the depositors, according
to a dispatch by the Associatqfl Press from Troy on that
date. The closed bank was capitalized at $60,000.
In South Carolina, the Farmers' Bank of Chappells, on
Jan. 9 began voluntary liquidation with the approval of the
State Banking Department. Advices by the Associated Press
from Chappells on that date, reporting the matter, added:
Following a meeting of stockholders yesterday (Jan. 9) an announcement
was issued requesting depositors to draw out their money.
"Every depositor and creditor will be paid in full without delay," the
announcement said. The bank, capitalized at $15.000. has deposits of
$50,597.36.
In the State of Virginia, the Metropolitan*Bank & Trust
Co. of Norfolk, the only Negro bank in that city, closed its
doors on Jan. 5 by direction of M. E. Bristow, State Commissioner of Insurance & Banking,and the State Corporation
Commission directed Mr. Bristow to ask for a receiver for the
institution. The Richmond "Dispatch" of Jan.6,from which
we have quoted above, went on to say:
The bank's latest statement shows capital of $55,000; loans
and discounts
of $256,000; deposits of $436,000, and surplus and
undivided profits of
$33.000. William Rich Is President and A. J. Strong, Vice
-President and
Cashier.
•
228
FINANCIAL CHRONICLE
[Vol,
On the other hand, according to the "Wall Street Journal"
of Jan. 7, three Virginia banks, the Bank of Vinton, Bank of
Gretna and Bank of Pamplin, all of which were closed recently because of "frozen assets," have been reopened.
In the State of Illinois, closing of the State Bank of Yale
in Jasper County, and the Joppa State Bank at Joppa,
in Ma.ssae County, was anonunced on Jan. 5 by Oscar
Nelson, State Auditor of Illinois. Both banks were closed
for examination and adjustment. A Springfield, Ill., dispatch by the Associated Press on Jan. 5, reporting the
closings, furthermore said:
13
-20th shares were used in acquiring 1,853,439 shares of the New York
Title & Mortgage Co.out of its total of 2,000,000 shares outstanding. The
exchange basis was at the rate of 20 shares of New York Titleic Mortgage
Co. for seven shares of the Manhattan Company.
On June 13 1930 the Central National Bank of New York was acquired
and merged with the Bank of Manhattan Trust Co. 25,000 shares of
Manhattan Company stock were used for that purpose.
On July 21 1930 the Manhattan Company was authorized to issue 250,000
shares of new stock to be used in acquiring any part of the small number
of shares of the New York Title & Mortgage Co. still outstanding in the
hands of the public, or for such other purposes as the board of directors
might deem advisable. Since that date. 4,873 shares of the New York
Title & Mortgage Co. have been acquired. 235,965 3
-20th shares of the
authorized issue are still unissued and remain available for the acquisition
of further interests as favorable opportunities may offer.
The Joppa State Bank, at the last report, had surplus of $4,000, capital
During the year, in order to effect greater economy and simplicity of
stock of $15,000 and deposits totaled $73,526.40. Louis Henne is President
management, it was thought desirable to merge the American Trust Co.,
and J. C. Bremer is Cashier.
Deposits of the State Bank of Yale totaled $63,406.22. It was capitalized owned by the New York Title & Mortgage Co., with the Bank of Manat $15,000 and has surplus of $4,000. E. M. Wiman is President and 0. hattan Trust Co. This was accomplished by the Manhattan Company
giving 30,000 shares from its holdings of Bank of Manhattan Trust Co.
W. Markham Cashier of the institution.
stock to the New York Title &
In Indiana, Luther F. Symons, the State Banking Com- 50,000 shares of the AmericanMortgage Co.in exchange for the outstanding
Trust Co.
missioner, on Jan. 5 announced that four Indiana banks
In May, the Manhattan Company building was completed and the head
had failed to open their doors on that day because of loss of office of the Bank of Manhattan Trust Co., as well as the offices of the
Acceptance Bank, Inc., the International
deposits, according to Indianapolis advices by the Associated International Manhattan Company were moved to these Manhattan Co..
Inc., and the
new quarters at
Press on Jan.5. The closed banks are the First Indiana State 40 Wall St.. . .
Bank of Gary, with capital of $100,000 and deposits of $650,In view of the low money rates, the world-wide business depression and
000; the Citizens' Trust & Savings Bank of Indiana Harbor, the general decline in the price of securities characterizing the year just
closed, the earnings for the 12 months may be considered, we believe, as
with capital of $100,000 and deposits of $500,000; the very satisfactory. Combined net earnings of the group* after allowing
Indiana State Bank, capitalized at $50,000, with deposits for taxes, losses charged off and reserves for doubtful assets or depreciation,
and further,
of $480,000,and the Huntertown Bank at Huntertown, with shown in the after allotting substantial sums to the free reserve funds not
respective balance sheets as safeguards against contingencies
capital of $10,000 and deposits of $95,000.
as yet unforeseen, amounted to $9,810,578.82, from which dividends
In Ohio the State Security Bank of Zanesville, was closed aggregating 20%, and amounting to $8,007,432, were paid, leaving a net
on Jan. 5 by the State Superintendent of Banking, 0. C. balance of $1,803,146.82.
Gray. An associated Press dispatch from Zanesville on Jan.
5,indicating the closing, added:
The Superintendent said that"frozen loans" and depreciation in bond accounts had caused the closing.
At the close of business last Saturday (Jan. 3), the State Security Bank
had resources of $2,633,954.80..capital of $100,000 and surplus and undivided profits of approximately $70.000. Superintendent Gray said he
could not estimate just how much would be paid to depositors.
In the State of Missouri, the Central Trust Co. of St.
Charles was closed by its directors on Jan. 5. An Associated
Press dispatch from St. Charles, reporting the suspension,
went on to say:
A notice on the door said that this action was taken "owing to constant
withdrawals and to conserve the assets for the benefit of depositors."
The last statement showed total resources of $1,072,326.25. J. C. wmbrand, Secretary, declared that the company was solvent.
•
* Exclusive of the minority shareholders' equity.
Following a meeting of the Executive Committee of the
Brooklyn Trust Company, on Jan.8, George V. McLaughlin,
President, announced that Alfred N. Edwards had been appointed an Assitant Secretary of the company. Mr.Edwards
will continue in charge of the Auditirg Staff. Mr.Edwards
joined the Brooklyn Trust Company's Auditing Department
in 1922. Previously, he was an employee of the Guaranty
Trust Company.
The earnings of the Brooklyn Trust Company amounted
to $2,288,437 for year ended Dec. 31 1930, equal to $27.91
a share on 82,000 shares of capital stock. Dividends paid
per share were $24 regular, $3 extra. There was transferred
to reserves from current earnings and undivided profits,
$2,100,000.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Tangements were reportea made this week for the
——
AC—
The Hibernia Trust Company of New York reports as of
sale of a New York Stock Exchange membership for $210,000.
Dee. 31 1930, assets totaling $18,033,101 and deposits of
last preceding sale was for $200,000.
The
$12,403,357. The cash item was $6,280,185 and Govern
ment securities held totaled $621,500. The report showed
York Cocoa Exchange membership was reported other bonds and securities of $1,890,432, demand collatera
The New
sold this week for $2,000. The last preceding sale was also totaled' $2,603,761 and other loans and discounts of $6,for $2,000.
158,450.
National City Bank of New York have
Directors of the
The J. Henry Schroder Banking Corporation in its stateannounced the election of Herman J. Cook as a Vice-President. Mr. Cook was for several years Vice-President of ment of Dec. 31 1930, reports total resources of $76,654,734
the Equitable Trust Co. of New York, severing his relations compared with $71,821,269 on Dec. 31 1929. Net profits
for the year 1930, transferred to surplus and undivided
with that institution to become a partner in the firm of
H. McFadden & Brother. After spending two profits, amounted to $904,490 compared with $964,022 for
George
years with that firm, he again became associated with the the year 1929. A comparison of current assets with liabilities is said to show that current accounts due to customers
Equitable Trust Co. in the capacity of Vice-President.
and banks are covered one and one-half times by liquid
assets consisting of cash, call loans, acceptances of other
The Central Hanover Bank & Trust Co. of New York banks and Government securities. Total accounts due to
announced on Jan. 6 the appointment of Harvey Weeks as customers and banks (which increased over $4,000,000 during
Assistant Vice-President and A. H. Willets and W. Kardell the year) are covered more than 100% by ourernt assets
as Assistant Treasurers. Mr. Weeks, formerly general including municipal securities and short term investments
agent of the Provident Mutual Life Insurance Co. of Buffalo, maturing within three months. Total acceptances outN. Y., and past President of the Buffalo Life Underwriters standing on Dec. 31 1930, amount to $33,530,841, comAssn., accepted an appointment as Assistant Secretary pared with $34,163,745 on Dec. 31 1929. The J. Henry
with Central Hanover in 1929. He has been in charge of Schroeder Trust Company, which has completed its first
trust representatives, specializing in reduction of costs in full fiscal year, shows total resources of $4,683,288 as of
Dec. 31 1930.
transferring estates to heirs.
Following a meeting of the Board of Directors of the Bank
Frank A. Rowley, President of the Manhattan Company
of Manhattan Trust Company of New York held on Dec. 81,
in his report to the shareholders on Jan. 8 said in part:
The report includes an account of the operations of the Bank of Man- J. Stewart Baker, President, announced that George Ahern,
Interhattan Trust Co., the International Acceptance Bank, Inc., the
Assistant Treasurer, and Frank M. Ransom, Assistant Secnational Manhattan Co., Inc., the New York Title & Mortgage Co.. and
County Trust Co., White Plains. The Manhattan Com- retary, have been appointed Assistant Vice-Presidents, efits affiliate, the
pany directly or indirectly owns practically all the stock (barring directors' fective January 1.
shares) of the first three named companies. Of the stock of the Bank of
Manhattan Trust Co., the Manhattan Company owns directly 86.52%.
while 13.48% is owned by the New York Title & Mortgage Co., of which,
in turn, the Manhattan Company owns 98.45%•
In November 1929 the Manhattan Company's authorized capital was
increased by 700,000 shares and that, of these, on Jan. 16 1930, 648,703
An increase in resources, capital funds and the sale of
guaranteed mortgages and certificates is indicated by the
annual statement of the New York Title and Mortgage
JAN. 10 Inn
FINANCIAL CHRONICLE
Company, published Jan. 5. This statement shows capital,
surplus and undivided profits of $64,401,538.84 as against
$63,249,680.64 as of Dec. 31 a year ago, and guaranteed
mortgages•and certificates outstanding of $702,979,828.40
as compared with $639,047,316.55, Dec. 31 1929,a growth of
nearly $64,000,000. The report shows cash and marketable
securities on hand of $28,411,168.87, divided as follows:
229
and public utility bonds. Among the more important additions to the list during the last year were $2,000,000 State
of New York 4% bonds, due 1941-1954; $1,000,000 State of
New Jersey 4% bonds, due 1943-1950; and $500,000 principal amount of Dominion of Canada thirty-year 4% gold
bonds, due 1960.
Cash on hand and in Banks
$5,542,531.06
The Continental Bank & Trust Company of New York
Demand Loans Secured by Collateral
15,000.000.00
reports as of December 31, last, total resources of $45,608,U. S. Government Bonds and other Marketable Securities
"at market value"
7.868,637.81 022; deposits of $23,509,872 and undivided profits of $1,153,-
148, against $1,205,275 at the end of the previous year. The
Institution paid a dividend of $720,000, being $1.20 a share
The total resources of the company are $68,524,875.37.
on $600,000 shares of stock. The present book value of the
The Central Hanover Bank and Trust Company of New stock is approximately $28.92 a share, without the ContinenYork opened three of its offices in new quarters Dec. 22. tal Corporation, which is owned by stockholders of The ConThe Herald Square office is now located in a new building tinental Bank & Trust Company.
at 6th Avenue and 35th Street, the West Broadway office
at Church and Franklin Street, and the Warren Street
James P. Warburg, President of the International Manoffice at Jay and Greenwich Street. The Central Hanover hattan Company, Incorporated, announces that A. Suehsdorf,
purchase and supply department is occupying the upper sto- Jr., formerly Assistant Secretary, has been promoted to
ries of the Jay and Greenwich Street building. Each office Assistant Vice-President.
offers complete banking facilities, trust services and safe
deposit protection. W.R. Hanrahan assistant vice-president,
It was announced by F. Abbot Goodhue, President of the
is in charge of the Herald Square office, George K. Boday,
International Acceptance Bank, Inc. that the year ending
Assistant Treasurer, at the ,Curch and Franklin Street office,
December 31 1930 was one of satisfactory development both
and Paul Newton, Assistant Treasurer, at the Jay and
as to acceptance activity and the volume of deposits. The
Greenwich Street office.
net earnings after taxes and after making ample reserves
for all contingencies, are reported as considerably in excess
The Central Hanover Bank and Trust Company at the of the
dividend requirements, leaving a substantial amount
meeting of the trustees this week appointed Harvey Weeks, to be passed
to undivided profits. This was particularly
Assistant Vice-President, and A. H. Willets and W. Kardell, satisfactory in view
of the low interest rates which prevailed
Assistant Treasurers. Mr. Weeks, formerly general agent during the greater part of the year, and the curtailment of
of the Provident Mutual Life Insurance Company in Buf- general business activity
due to the world-wide depression
falo and past President of the Buffalo Underwriters Associ- and the depreciation in commodity prices. Although the
ation, accepted an appointment as Assistant Secretary with actual amount of acceptances outstanding at the end of the
Central Hanover in 1929. He has been in charge of trust year was less than at the corresponding date of the previous
representatives, specializing in reduction of costs in trans- year, the average amount outstanding during the year of
ferring estates to heirs.
1930 was substantially in excess of the average for 1928 or
1929, as the following figures indicate: Daily Average AcRobert E. Allen, Vice-President of the Central Hanover ceptances Outstanding 1930—$89,900,000; 1929—$71,039,000;
Bank and Trust Company of New York, has been elected a 1928—$62,635,000. As in the past the International Acceptdirector of the Fidelity Investment Association of Wheel- ance Bank, Inc. has made every effort to maintain a satising, West Virginia.
factory diversification, both as to countries and commodities,
of the credits which it has extended, and at the end of the
At a meeting of the board of directors of the City Bank year was extending credit to 35 countries to finance 39 major
Farmers Trust Company of New York, the following appoint- commodities.
ments were announced: Trust Officers—Simeon Hyde,
Henry Morrill Batchelder, President of the Merchants'
Ralph E. Morton, C. Reginald Oates and Nelson Stuart;
Assistant Vice-Presidents—William L. Darling, Lauritz G. National Bank of Salem, Mass., and connected with that
Haugen and John L. Turnbull; Assistant Trust Officers— Institution for over 60 years, died at the Salem Hospital on
Ralph O. Barnes, Duncan F. Geery, Kenneth A. Heckler and Jan. 2. Mr. Batchelder was born in Salem on Feb. 11 1852.
Charles H. Pfefferle; Assistant Secretary, George S. Moore. He received his education in the public schools and entered
the employ of the Merchants' National Bank shortly after
his graduation from the Salem High School in 1870. BeginThe statement of The Chase National Bank for December
ning with a clerkship he rose through successive stages to the
31 1930, sets a new high record in banking history, with total
Presidency of the bank in October 1901, the office he held
resources of $2,697,328,855. This represents an increase of
at his death. Among other interests, Mr. Batchelder was
$48,370,611 over the largest previous total reported by the
Treasurer for 28 years of the Salem Electric Lighting Co.,
Chase, in its statement of June 30 1930. Combined capital,
of which he was one of the organizers. At various times he•
surplus and undivided profits of the bank on December 31
served as Vice-President of the Salem Five Cent Savings
1930, amounted to $357,791,140. Deposits totaled $2,073,Bank, director of the Essex Institute, President of the Salem
775,922. Deposit figures show an increase of $221,480,877
Board of Trade and Vice-President of the Massachuetts State
over September 24 1930, the date of the preceding compBoard of Trade. He was the first President of the Massatroller's call. The year-end statement of The Chase Nachusetts Bankers' Association. An Associated Prep distional Bank does not include figures of Chase Securities Corpatch from Salem on Jan. 2, reporting the banker's death,
poration or any of the other organizations affiliated with
furthermore said:
the bank.
On
$28,411,168.87
Feb. 12 1877, while still a clerk at the bank and acting as correspondent for a Boston paper, he took a prominent part in the first public
demonstration of the telephone. The exhibition was held at Lyceum Hall,
where Alexander Graham Bell had set a wire. Mr. Batchelder, as correspondent of the Boston Globe, telephoned a story of the exhibition from the
stage of the hall.
The message consisted of about 850 words and was so clear through the
crude apparatus of that day that only three words were mistaken at the
Boston end of the wire and these errors were not sufficient to in any way
mar the continuity of the language used. This, the first message ever sent
to a newspaper by telephone, was copied all over the world and commented
on by the principal journals of Europe and America as a wonderful feat.
The statement of condition of United States Trust Company of New York as of the morning of January 1 1931,
shows capital, surplus and undivided profits of $29,503,497,
as compared with $26,709,141 a year ago, the increase in unvided profits amounting to $2,794,356. Stock and bond
investments of the company as of January 1 1931, had a par
value of $21,164,000, as against $19,637,000 on January 1
1929, while their book value was $20,122,040, as against
$18,580,760. The detailed list of holdings, made public in
The West Springfield Trust Co., West Springfield, Mass.,
connection with the statement, reflects no appreciable Change which was closed on Dec. 12, will reopen for business
next
in the character of the company's portfolio which includes Monday morning, Jan. 12, according to an announcement
on
United States Government, municipal, railroad, industrial the night of Jan. 7 by its Board of Directors after that
body
230
FINANCIAL CHRONICLE
had received word from Boston that Arthur Guy, State
Deputy Commissioner of Banks for Massachusetts, had returned the institution to its control. The Deputy Commissioner relinquished possession of the institution on Jan. 7
to the officers and stockholders. The Springfield "Republican" of Jan. 8, from which the above information is obtained, printed a statement issued by the Deputy Commissioner, which read as follows:
On Dec. 11 1930, at the request of the Board of Directors of the West
Springfield Trust Co., and under the authority conferred by law, the Commissioner of Banks took possession of the property and business of the
West Springfield Trust Co. Since that time the Commissioner of Banks
and the directors of the trust company have labored unceasingly on various
plans designed to protect the interests of the depositors and to permit the
reopening of the trust company.
A plan has been worked out whereby there will be paid in to the trust
company the sum of $450,000 in cash in substitution for certain "frozen
assets." With these funds and through the liquidation of certain other
assets there will be made available for depositors in the savings department and the commercial department the sum of approximately $1,000,000
in cash after the payment of $230,000 owed by the company on Dec. 11
1930, the date of taking possession.
The consummation of this plan places the trust company in a sound and
solvent position and should relieve the anxiety of depositors. The Commissioner to-day (Jan. 7) has relinquished possession of the trust company
to the officers and stockholders and has granted permission to pay a dividend at the rate of 45i% per annum to depositors on the Savings Department as of Jan. 1 1931.
The Hartford-Connecticut Trust Co., Hartford, was appointed temporary receiver on Jan. 6 for the closed Riverside Trust Co. of that city, the suspension of which by Leslie
Shippee, State Bank Commissioner for Connecticut, was
noted in our issue of Dec. 27, page 4158. The Hartford
"Courant" of Jan. 7, in reporting the matter, said:
"For the purpose of conserving its present position with a view of
reorganization," appointment of a temporary receiver for the Riverside
Trust Co. was obtained in the Superior Court, Tuesday afternoon (Jan. 6).
Application was made by Assistant Attorney General John II. King, acting
for the Connecticut Banking Department, before Judge Edwin a Dickinson. The Hartford-Connecticut Trust Co. was named temporarary receiver.
Appointment of the temporary receiver will facilitate in reorganization
plans which may be evolved. Bank officials will confer with the receivers
as regards the procedure. The prospects of reorganization are regarded as
favorable.
Bank Commissioner Shippee stated that the Riverside Trust Co. is solvent
—that depositors can be paid in full—and also that a substantial sum remains for stockholders.
As regards the temporary receivership Bank Commissioner Shippee said:
"The State Banking Department has asked for the appointment of a
temporary receiver for the Riverside Trust Co. of Hartford for the purpose
of conserving its present position with a view to reorganization. A
thorough examination of its affairs has been completed and it appears that
its assets, very conservatively valued, are materially in excess of all deposit
liabilities. It seems to be generally conceded that the Riverside Trust Co.
with its long record of successful operation has a definite place in the banking field of Hartford and it is understood that every effort will be made by
the parties interested to effect a reorganization satisfactory to all concerned."
It is learned from the Philadelphia "Ledger" of Jan. 7
that stockholders representing 25,000 shares of the capital
stock of the Ardmore Title & Trust Co., of Ardmore, Pa., on
Jan. 6 ratified a proposed merger of the institution with the
Merlon Title & Trust Co., of Ardmore, according to M. P.
Claney, Vice-President of the latter. The stockholders appointed L. Richard Kinnard, Granville Warrell and Pierce
Archer, Jr., a committee to represent them in the consummation of the merger, it was stated.
[you 132.
The bank held deposits of $1,261,000 at the close of business to-day
(Jan. 7). This amount is a decrease of $200,000 since the last statement,
and most of the decrease is said to have been due to withdrawals within
recent weeks.
Secretary Cameron said the action of the Department was taken "to
conserve the interests of the depositors," for if the run had continued
to-morrow at the same rate as during the last few days the bank would
have been unable to liquidate its assets rapidly enough to meet cash demands.
Although the closing of the bank was said to be due to the unreat in the
circulation of false rumors concerning the stability of various financial
institutions. The Darby Bank & Trust Co. has no connection with any
other banking institution in that district or in Philadelphia, Secretary
Cameron said.
Frank Glatfelter, of Columbia, Pa., a senior examiner of the Department, acting as Special Deputy Secretary of Banking, will take charge
of the Darby institution. He and several examiners will take over the
bank before 9 o'clock this morning (Jan. 8) and will be in charge of
converting the assets into cash in order to give all depositors equitable
treatment, Mr. Cameron said.
The institution was organized as a State bank under the name of the
Darby Bank in 1912. It added a trust department in 1925 and received
a new State charter as the Darby Bank & Trust Co.
The Market Street National Bank of Philadelphia is
moving to-day (Jan. 10) to its new bank and office building at the corner of Market and Juniper Streets (opposite
City Hall) where it will occupy three floors. This is the
first time the Market Street National Bank has moved
since its establishment in 1887. It is capitalized at $1,000,000 with surplus and net profits of $4,154,931 and has deposits of $20,385,84& On Jan. 1, Jason E. Delaney, heretofore a Vice-President of the Tradesmen's National Bank &
Trust Co. of Philadelphia, joined the institution as VicePresident. R. Livingston Sullivan is President.
With reference to the affairs of the Bankers' Trust Co.
of Philadelphia, which was closed by its directors on Dec.
22 and is now in the hands of the Pennsylvania State Banking Department, the Philadelphia "Ledger" of Jan. 8 contained the following:
Bankers Trust Co. rehabilitation was definitely declared to be a possibility following yesterday's (Jan. 7) meeting of the depositors committee.
Samuel IL Barker, President, it was learned, reiterated statements he had
made to a depositors' meeting shortly after the institution closed, that the
assets afford enough money to pay depositors and leave something for
stockholders.
"We are informed," the committee stated subsequently, "that the Banking Department has made as rapid progress as is possible, considering the
great volume of business the trust company had, and that it is expected
this report, covering appraisals, will be in the hands of Secretary Cameron,
of the State Banking Department, in a few days.
"When the report is available, a plan, the details of which necessarily
depend on the report, will be submitted to the depositors committee."
It was unofficially intimated that the reorganization plan, permitting
reopening of the institution, would follow broad lines, with few or no
restrictions on depositors as to whether they would continue to do business
with the bank.
It is expected the Banking Department examination will be finished by
next week.
4_--.
Solomon Slonlm, a Vice-President of the National Bank of
New Jersey, New Brunswick, N. J., committed suicide at his
home in that city early on the morning of Jan. 4. Mr. Slonim, who was 49 years of age, began his business career
some twenty years ago as a jeweler. He was also at the
time of his death Vice-President of the Board of Education
of New Brunswick and an official of the Business Men's
Building & Loan association. A dispatch from New BrunsFollowing a "run" this week, the Darby Bank & Trust wick to the New York "Herald Tribune" telling of his death
Co., Darby, Pa., on Wednesday night, Jan. 7, was placed in said in part:
Upon
the hands of Peter G. Cameron, State Secretary of Banking National being informed of the suicide, Henry G. Parker, President of the
Bank of New Jersey, issued a statement in which he declared that
for Pennsylvania. The Philadelphia "Ledger" of Jan. 8, in the financial condition of the bank was excellent and that Mr. Slonim's death
was caused by despondency as a result of his suffering from asthma and
indicating the closing of the institution, stated that although
heart trouble. Mr. Slonim was the bank's largest stockholder.
the assets are believed to lie sufficient to pay all depositors
doors of
in full, the Board of Directors decided to close the
A press dispatch from Camden, N. J., on Jan. 5, appearthe institution (which is capitalized at $200,000 with surplus
of $50,000) for the protection of the depositors. At the close ing in the New York "Herald Tribune" of the next day,
of business Jan. 7 deposits totaled slightly more than stated that in a reorganization of the Broadway-Merchants
$1,261,000. The paper mentioned went on to say in part: Trust Co. of Camden, announced on that date, former
Persistent rumors which caused unusually heavy withdrawals were blamed United States Senator David Baird, Jr., became President of
for the condition by Mr. Cameron.
the institution, and F. Morse Archer, President of the Cam"We think the bank is solvent," Secretary Cameron added, "but the
diffi- den Safe Deposit & Trust Co., and Ephriam Tomlinson,
'run' depleted its cash reserve at a time when 'frozen assets' made it
President of the First Camden National Bank & Trust Co.,
cult for the bank to obtain cash to meet the continued demand."
The following statement was dictated to officials of the State Banking became directors. Mr. Baird is a director of both the latter
Department by E. E. Barry, of Aldan, President of the bank:
banks.
"Due to unusually heavy withdrawals of deposits during the last few
weeks, the Board of Directors of this bank deemed it to be to the best interests of all its depositors that the bank be closed. The assets and property
of the bank have therefore been placed in the hands of Peter G. Cameron,
Secretary of Banking of the Commonwealth of Pennsylvania. In the
Opinion of the Board the assets of the bank should be sufficient to pay all
depositors in full.
"By order of the Board of Directors
0E. E. Barry, President." . . .
The Haddon Heights Bank & Trust Co., Haddon Heights,
N. J., was closed by its directors at the conclusion of business Jan. 2, and its affairs placed in the hands of the New
Jersey State Department of Banking and Insurance. Subsequently an audit of the institution was begun by Harry
J.101931.]
FINANCIAL CHRONICLE
Prosser, Examiner for the State Department, at the request
of the bank's officials. In its last statement, issued Sept.
24, the closed bank showed capital of $100,000, surplus and
undivided profits of $134,367; deposits of $1,616,908 and
resources of $2,168,346. The Philadelphia "Ledger" of Jan.
5, from which the above information is obtained, continuing
said in part:
The bank, located at Atlantic and Station Avenues, Haddon Heights,
N. J., is the only financial depository in the Borough and contained Borough
funds in addition to serving some 600 depositors in Haddon Heights, Barrington, Mount Ephriam, Audubon, Tavistock, Magnolia and Bellmawr. A
deposit of $50,000 of Borough funds was made by Frank Dubree, Borough
Clerk, on Friday (Jan. 2).
Edward I. Deibert, an officer of the Reading Railroad, is President of
the institution. W. M. Nash is Secretary-Treasurer. Other officers are:
Frank M. Underkuffler and A. Lincoln Taylor, Vice-Presidents; John A.
White, Assistant Secretary-Treasurer, and Frank Nelson Jess, Solicitor.
The decision to close the bank at the conclusion of business Friday night
(Jan. 2) and turn over its accounts to the State officials, pending possible
reorganization, was reached at a meeting of directors Thursday night, Nash
announced in a formal statement.
This and the note on the door signed by Prosser and dated as of
Friday,
was the only word forthcoming except from the State Commissioner of
Banking, Frank H. Smith, and Deputy Commissioner G. H. Markley, who
said the Department was advised of the exhaustion of the liquid assets of the
Haddon Heights bank in a telegram from the Directorate.
Recent heavy withdrawals of deposits drained the liquid assets of the
institution, Nash said, and while it was believed tie bank was still solvent,
the closing was decided upon to protect remaining depositors.
J. Pierson Reed, former President, and Charles A. Barradough, former Treasurer, of the defunct Vineland Trust Co.
of Vineland, N. J., were each sentenced on Jan. 2 to serve
six years in the State Prison at Trenton and fined $1,000,
according to a press dispatch from Bridgeton, N. J., on that
date, printed in the New York "Herald Tribune" of the following day. Three years of the sentences imposed must be
served at hard labor. On Dec. 15 last the former bank officials pleaded "guilty" to making false entries in reports to
the State Banking Department and granting loans to themselves without the knowledge of the directors. We quote
further, in part, from the dispatch, as follows:
The funds of the bank, which had $1,500,000 on deposit, were said to be
$500,000 short. The State Banking Department said that the peculations
amounted to $81,915.
Judge Francis A. Stanger, of the Cumberland Court, expressed regret over
the necessity for punishing the men in passing sentence, but said they had
shattered the confidence of the community.
"There was great pride in Vineland that these young men had worked to
high positions," he said. 0
0n the other hand a great injustice has been
done, particularly to the youth of our county. Eight thousand school children put their savings into the Vineland Trust Co. They had confidence
in the bank and its people, and to shatter the hope of youth was to lose the
confidence of the public." .
.
Frank E. Smith, former Secretary of the bank, pleaded "not guilty" to
a charge of granting unauthorized loans to himself and the jury which tried
him disagreed.
The affairs of the Vineland Trust Co. (which closed June
11 1930) were last referred to in our issue of Nov. 29, page
3475.
Net earnings of the Continental Illinois Bank & Trust Co.
of Chicago for the calendar year 1930, as shown in the annual
report to the stockholders by Arthur Reynolds, Chairman of
the Board, were $15,580,680. This was after setting aside
$5,000,000 for taxes and charging out all losses. Dividends
of $12,000,000 were paid during the year. Net earnings,
after taxes, were equivalent to 20.77% on the capital sto(-k
of the bank, or 9.21% on the average invested capital of
$169,136,360. In 1929, net earnings, after taxes, amounted
to $20,443,167, equivalent to 27.3% on the capital stock of
the bank and 12.5% on invested capital. Included in the
1930 earnings is the sum of $2,018,955 which was earned by
the Continental Illinois Co., the investment securities organization whose entire capital stock is held for the benefit
of the shareholders of the bank. Company earnings are
before unrealized depreciation on securities held at the end of
the year and the company has set up a reserve of $4,000,000
to provide for market fluctuations on these securities. A
very liquid position continues to be shown by the bank, Mr.
Reynolds points out. Total resources amount to $1,249,244,144, including $208,925,366 in cash and $154,733,281 in
United States Government securities. Excluding all customer loans, readily converible items of primary and secondary reserve total 58% of deposits, which are $964,468,140,
compared with $878,792,918 a year ago. In his report Mr.
Reynolds said:
"In casting up the possibilities for 1931 the outlook for American business
should become more encouraging as the new year advances. The fict that
upwards of 12 months of depression are now behind us contains an element
of comfort. Business may not be back to'normal'during 1931. but a degree
of recovery can confidently be expected. The only questions have to do
with the time and the extent of the improvement.
231
"The money market, to be conservative in opinion, may continue to
reflect a condition of ease during a considerable part of 1931. followed by
somewhatfirmer rates with any recovery of business. At no time, however.
will there be credit stringency to hamper business revival."
At a meeting of the Board of Directors of the Continental
Illinois Bank & Trust Co., held Jan. 6, Ike following changes
were made in the official roster of the bank:
Roger C. Hyatt was appointed a Vice-President. Walter
J. Delaney, C. M. Smits and T. Philip Swift, Second VicePresidents, wine promoted to Vice-Presidents. John W.
Baker, David Handler and Charles J. Klink were made
Assistant Cashiers. E. E. Freund, Assistant Secretary of
the trust department, was transfrred to the commercial department as an Assistant Cashier. C.E.Ronning,Secretary
of the trust department, was made Personnel Officer of the
bank, a newly created position. R. M. Kimball, a Second
Vice-President, was appointed a Second Vice-President and
Secretary of the trust department. C. E. Clippinger and
Leroy F. Pape were made Assistant Secretaries.
Woodbury S. Ober, a Second Vice-President of the Continental Minis Co., was appointed Secretary and Treasurer
of that company at a meeting of its Board, held the same day
(Jan. 6). Frank L. King, Comptroller of the bank, was also
made Comptroller of the company.
With reference to Mr.Hyatt's career, the bank's announcement says:
Roger C.Hyatt.prior to his election as a Vice-President of the Continental
Illinois Bank, practiced law in Cleveland as a partner of the Hon. Newton
D. Baker. Before that he was a Vice-President of the Union Trust Co. of
Cleveland. In 1921 he went to the First National Bank of Cleveland as a
Vice-President and on completion of the work of consolidating that bank
with others into the Union Trust Co., he continued as a Vice-President of
the consolidated bank. Prior, thereto, he practiced law for eight Years
with the firm of Tolles* Hogsett, Ginn & Morley, the last four years as a
partner. Mr. Hyatt was born in Ithaca, N. Y. in 1891. He was educated
in the public schools of that State and at Cornell University.
Two Wisconsin banks, with combined deposits of approximately $1,500,000, were closed on Jan. 7 by the State Banking Department, according to Associated Press advices from
Madison, Wis., on that date. The institutions are the Citizens' Bank of Monroe, with deposits of $1,363,000, which
was closed to protect the depositors after heavy withdrawals, and the State Bank of Roberts, which was closed because
of "frozen assets."
The Hibernia Bank & Trust Co. of New Orleans, in its
60th annual statement as of Dec. 31 1930, exhibited deposits of $55,955,000 as compared to $51,536,000 last year,
and cash resources of $15,927,000, or approximately a 30%
cash reserve. Capital, surplus, and undivided profits are
$6,191,000, which is a substantial gain over the figures of
1929. The regular quarterly dividend, amounting to $125,000,
was distributed to stockholders on Jan. 2; and it is interesting to note in this connection that the Hibernia Bank &Trust
Co. has paid annual dividends uninterruptedly for 56 years.
In addition to the dividend to stockholders' an employees'
quarterly dividend was distributed to the employees of the
bank. This was based on salary and length of service and
included every employee. The salary dividend has been
paid to employees for 11 years.
It is learned from the Dallas (Tex.) "News" of Jan. 1,
that a consolidation of the Dallas Bank & Trust Co. and the
Dallas National Bank was effected after banking hours
Dec. 31, and that the enlarged bank, under the title of the
Dallas Bank & Trust Co., would open on Jan. 2 in the quarters formerly occupied by the Dallas National Bank at
Main and Stone Streets. The personnel of the consolidated
bank which is a member of the Federal Reserve System,
was given as follows: Christian C. Weichsel, Chairman of
the Board; J. D. Gillespie, Chairman of the executive committee; Ernest R. Tennant, President; Oscar C. Bruce, L. C.
McBride (also general counsel), J. C. Tenison, J. 0. Humphreys, Joe Agee, 0. B. Chapoton, L. S. Brindley and J. W.
Shull (also Comptroller), Vice-Presidents: 0. A. Mangrum,
Assistant Vice-President; L. B. Glidden, Cashier; John C.
Jester, Vernon J. Carey, J. N. Ms:will, Geoi ge A.
B. H. McCulloch, 0. S. Green and Fred C. GrecnIvell, Assistant Cashiers, and L. W. Stayart, Manager of the Bond
Department.
The paper mentioned furthermore said:
The completion of the merger follows the announcement of it Dec. 14,
subject to ratification by stockholders, who gave this without a dissenting vote. Negotiations leading to the consolidation, begun more
than a
year ago, wer'e conducted only after numerous advantages to
=tomes
stockholders and personnel of both institutions were established, Mr.
Weieb:
sel explained.
232
FINANCIAL CHRONICLE
[vou 132.
"The directorates and official staffs have been combined in their entirety to insure the same close pereonal relations and the same type of
service to which customers of both banks are accustomed," Mr. Weichsel
said. "Customers will deal directly with the same officers and tellers as in
the past. The home of the merged institution in the new modern sixteenstory building at Main and Stone, in the heart of the business district,
especially designed for binking purposes, will give us ample space to
care for the needs of our customers. The bank will be fully departmentalized, with each division under direction of an officer who is an expert
in his line."
It is learned from the Bulletin of the U. S. Treasury Department for the week commencing Dec. 15, that the First
National Bank of Porterville, Cal., which went into voluntary liquidation on Nov. 24, was absorbed by the Bank of
America, Los Angeles, and not by the Bank of America National Trust & Savings Association, San Francisco, as indicated in the "Chronicle" of Dec. 13, page 3822. The mistake,
the Bulletin says, was inadvertently made in its issue of
Effective Jan. 1, two Linden, Ala., banks, the First Na- Dec. 8.
tional Bank and the Marengo County Bank, were consoliPaul Wilder has been appointed Manager of the San
dated under the title of the First National Bank of Linden.
Advices from Linden on Jan. 2 to the Montgomery "Adver- Francisco office of the Central-Illinois Co., investment
affiliate of the Central Trust Co. of Illinois, Chicago. His
tiser" reporting the union said:
bank will be the same as those of the territory covers all of California. On graduating from
The active officers of the merged
First National Bank, except R. G. Rhodes, Cashier of the Marengo County Cornell University in 1912, Mr. Wilder became associated
Bank, will be added to the officers of the merged institution.
with Spencer Trask & Co. in their Chicago office. In 1919
Capital stock will be raised from $25,000 to $40,000, all of the stock
he was one of the organizers of Federal Securities Corp.,
having been subscribed by the stockholders of the two institutions and the
which later became the present Central-Illinois Co., and was
new organization will have a $20,000 surplus.
its Secretary.
The Iowa Savings Bank of Fort Dodge, Iowa, with capiCentral-Illinois Co. also announces the opening of a branch
tal of $100,000 and deposits of $900,000, was closed on Jan. office in Louisville, Ky., in charge of William Wagner as
5 and its affairs turned over to the State Banking Depart- Manager. Associated with Mr. Wagner is Harry King
ment, according to a dispatch by the Associated Press from Brooking. Both men were formerly active in supervising the
Fort Dodge on that date, which furthermore stated that investment department of the Louisville Trust Co. The new
officials blamed "frozen assets" for the closing.
office is located at 724 Marion E. Taylor Bldg.
The addition of two more banks in Montana to the First
Bank Stock Corporation's group system (headquarters St.
Paul and Minneapolis) was announced the latter part of
last week by P. J. Leeman, Vice-President and General
Manager. The new affiliates are the Powder River County
Bank of Broadus and the Montana State Bank of Philipsburg, the latter being newly organized. The First National
group now numbers 110 units, 18 of which are situated in
Montana. Total resources of the system are in excess of
$494,000,000. A communication in the matter continuing
said:
The Powder River County Bank serves a large cattle and sheep range
from Broadus, which is 85 miles from the railroad at Miles City.
Founded in 1919 by a group of ranchers, this Isolated bank has established
a reputation of being one of the finest small banks in the West,
according to Mr. Leeman. The bank is capitalized at $25,000, with surplus
of $20,000 and undivided profits of $3,800. Deposits are $328,000 and
total resources $406,000. Officers include E. Lee Wilson, President; G. W.
Taylor, Vice-President; A. W. Heide], Cashier and Manager, and J. L.
Murphey, Assistant Cashier.
Organization of the Montana State Bank at Philipsburg followed the
closing of two banks which left the entire county without banking facilities.
It is capitalized at $25,000 with an initial paid in surplus of $5,000.
R. W. Place, Cashier of the Metals Bank & Trust Co. of Butte, will serve
as President, with Thomas N. Brogan as Cashier and Manager. Mr. Brogan
was formerly Trust Officer of the Metals Bank.
The first semi-annual statement of the Bank of America
National Trust & Savings Association of California (headquarters San Francisco) into which are consolidated also
the resources and liabilities of its State affiliate, the Bank
of America (California), the two banks operating 438 offices in 243 California cities, as released for publication
Jan. 3, shows deposits of $1,054,734,910 and resources of
$1,225,035,477. An official announcement in the matter goes
on to say:
The capital, surplus and undivided profits of the two banks and their
Identically owned affiliate, the Corporation of America, is $230,000,000.
The amount of United States bonds and Treasury certificates held—
approximately $140,000,000—i8 one of the largest holdings of governmental
securities possessed by any bank in the country. The number of the banks'
depositors, exceeding 1,750,000, is greater than that of any bank in
the United States.
"The first statement," said President A. J. Mount, "is satisfactory in
every essential, notably in those items showing the fluid strength of the
institution. The bank has developed to the proportions shown because of
the well ordered and well sustained growth of California and the faith of
its people in the principles of cautious and constructive banking."
The statement in condensed form follows:
RESOURCES.
3701,030.885.99
Loans and discounts
Milted States securities, State, county, municipal and other bonds
287,421,159.28
Reserve Bank
and securities and stock in Federal
152,540,228.28
Cash and due from Federal Reserve Bank and other banks
50,349,097.51
Banking premises, furniture, fixtures and safe deposit vaults
37,774,511.91
Customers'liability under letters of credit and acceptances
7,091,982.84
Customers'liability on bills purchased and sold
8,304,149.82
Interest earned on bonds and loans
523,481.58
Other resources
$1,225,035,477.11
Total resources
LIABILITIES.
$1,054,734,910.33
Deposits
37,774,511.91
Letters of credit and acceptances
7.091,982.84
Bill mold with our endorsement
Nothing
Due Federal Reserve Bank
10.000,000.00
Circulation
115,434,092.21
Capital,surplus, profits and reserves
$1,225,035,477.11
Total liabilities
The 30th annual statement of the Provincial Bank of
Canada (head office Montreal), covering the fiscal year
ended Nov. 29 1930 has just recently been published and
makes a very satisfactory showing in view of the prevailing
conditions during the period covered. Net earnings for the
twelve months, after deducting charges of management,
interest due to depositors, rebate on current discounts
($78,693) and provision for losses and doubtful debts, were
$511,458 and when added to $441,225, the balance to credit
of profit and loss brought forward from the preceding fiscal
year, made $952,683 available for distribution. Out of this
sum the following appropriations were made:$360,000 to pay
four quarterly dividends at the rate of 9% per annum;
$69,500 to take care of Dominion Government taxes on banknote circulation and provision for income tax, and $60,000
written off real estate and maintenance of new branches
account, leaving a balance of $463,183 to be carried forward
to the current fiscal year's profit and loss account. Total
resources of the institution are shown in the report at $52,482,028, of which $27,110,274 are liquid assets, or equal to
more than 58% of the bank's liabilities to the public, while
total deposits are given at $41,679,138, of which $35,787,825
are interest bearing deposits. These latter compare with
interest bearing deposits for the preceding fiscal year of $35,676,175, an increase of over $100,000 during the year. The
paid-in capital of the bank is $4,000,000 and its reserve fund
$1,500,000. The Hon. Sir Hormisdas Laporte is President
of the Provincial Bank of Canada and Charles A. Roy, General Manager.
The first branch office of Barclays Bank (Oanada) located
In Montreal, was opened in Toronto on 'Monday of this
week, Jan. 5. The Toronto "Globe" of Jan. 1 with reference to the approaching opening of the branch office said
in part:
It is interesting to note that Barclays Bank (Canada), in addition to
being a Canadian chartered bank, is also a member of the wellleaown Barclays group of banks, control of which is with Barclays Bank, Ltd., London,
England, an old-established and purely British bank, which is, incidentally,
one of the largest and strongest financial institutions in the world.
The announcement of the opening of the Toronto branch bears the signature of F. H. Dickinson, who was recently appointed General Manager of the
bank, and who has been associated with "Barclays" since 1896. His business activities have for many years been devoted to overseas banking, and,
previous to his leaving for Canada in 1929 to assist in the organization of
the Canadian unit, he was Manager of the chief foreign branch, Barclays
Bank Limited, London, England. . . .
The local Manager, T. A. Lissaman, was on the staff of the chief foreign
branch of Barclays Bank Limited until 1924, when he proceeded to Barclays
Bank (France) Limited, a member of the Barclay group, with 16 offices in
France. After filling managerial positions in Bordeaux and Paris, he was
transferred to Montreal on the opening of Barclays Bank (Canada), and is
now appointed to Toronto, where his knowledge of trade conditions in
Great Britain and Europe generally should be of special assistance to traders
in those important markets.
The office of the Toronto branch is located at 219 Bay Street, and has
been equipped to handle every description of banking business. A special
feature will be made of savings and current accounts. Letters of credit, mail
and cable transfers, foreign drafts and exchange, commercial credit information, sales, purchases and safe custody of securities, &c., are all included is
the business that will be transacted.
-4---
JAN. 10 1931.]
FINANCIAL CHRONICLE
233
THE WEEK ON THE NEW YORK STOCK EXCHANGE. were small, the buying quickly spread throughout the list
The stock market has continued its upward course this with the railroad shares at the head of the upward moveweek,though it has,at times,shown considerable irregularity. ment. In the latter group, sharp gains were scored by
Speculative activity has centered largely in the railroad Atlantic Coast Line which had a brisk run up of about
shares and while this group has shown strong recuperative eight points, followed by St. Louis-San Francisco with
five points, and Atchison, Rock Island and Southern Pacific
powers, there was also a large amount of buying in the in- with four points. Other strong
stocks were New York
dustrial shares, public utilities and rubber stocks. On Central, Del. & Hudson, New York & Harlem, Lehigh
Thursday there was a brisk advance in sugar :hares following Valley and Illinois Central. The feature of the afternoon
reports that Central European producers of sugar had trading was the activity of the rubber stocks which followed
finally been won over to the plan of curtailing output. The the unexpected declaration of the regular Goodyear common
weekly statement of the Federal Reserve Bank, issued after dividend of $1.25. Goodyear sold up 6 points to 47, and
good gains were recorded by United States Rubber,common,
the close of the market on Thursday, showed a decrease of Kelly-Springfield and Goodrich.
On the,other hand, some
$47,000,000 in brokers' loans in this district. This reduction of the active stocks that usually move with the leaders were
follows an advance of $6,000,000 as reported in last week's off from one to two or more points. The list included among
statement and brings the figures to a new low record since others, Westinghouse Electric, Allied Chemical & Dye and
the publication of these figures began in 1926. Call money Air Reduction.
Stocks were somewhat mixed on Thursday, and while
renewed at 13. % on Monday and remained unchanged at
trading was quiet, a series of rallies and recessions kept the
that rate on each and every day of the week.
market more or less unsettled with little or no progress either
The strength of the railroad shares was the outstanding way. Some of the utilities were moderatel
y strong, parfeature of the trading during the short session on Saturday, ticularly American & Foreign Power pref., which climbed
and while there was more or less irregularity during the early up 2% points to 90%, and Consolidated Gas, which gained
trading, the final quotations were from 1 to 2 or more points about a point. Gains were also made by Electric Power &
higher than the preceding close. Trading was brisk through- Light and Standard Gas & Electric. Railroad shares were
quiet, though Del., Lack. & West. was an outstanding exout the session and the turnover unusually large for a Satur- ception
as it jumped 16 points to 102. The feature of the
day. Following the announcement that the Eastern railroad day was the activity in sugar
shares during the early trading,
executives had submitted their consolidation plan to the Great Western pref. shooting ahead about 43( points
to
I.
-S. C. Commission, the railroad stocks surged forward, 963., followed by Cuban American pref. with a gain of 7M
points. Manati also showed a substantial gain. On Friday
Delaware & Hudson climbing upward about 7 points, while
Pittsburgh and West Virginia shot ahead about 8 points. the early trading was featured by brisk advances in the highgrade railroad issues and some of the preferred stocks recorded
Erie gained 3 points, Southern Railway about the same and
gains of from 1 to 5 or more points. Pitts. & West Virginia
numerous advances of 1 to 2 points were recorded through- was in sharp demand and climbed
upward about 16 points to
out the group. Public utilities were also in sharp demand 86. Central RR. of New Jersey, on a transaction of 100
and moved briskly upward from 2 to 5 or more points, and shares, jumped about 33 points and substantial gains were
oil stocks displayed good gains all along the line. The market scored by such active stocks as New York Central, New
was somewhat reactionary on Monday, and while prices were Haven, Southern Railway and Chicago & North Western.
fairly firm during the early trading, several stocks were under Steel stocks displayed considerable strength during the first
pressure as the day progressed and most of the early gains hour, but soon dropped back and closed fractionally lower.
were lost, many of the leading stocks showing recessions of Public utilities yielded ground somewhat and copper stocks
2 or more points. In the afternoon selling, United States and motor issues were lower. Acute weakness developed in
Steel showed a loss of 2 points at 142, and declines of a the chemical group as Allied Chemical & Dye broke 8 points
point or more were recorded by such pivotal stocks as General to a new low level. The weakness of this stock quickly
Electric, American Can, Westinghouse Electric, American extended to other members of the group, all of which also
Tel. & Tel., General Railway Signal, Bethlehem Steel, East- turned reactionary. As the day progressed, considerable
man Kodak, and Ingersoll Rand. Allied Chemical & Dye realizing became apparent and at the close prices were
was particularly weak and broke more than 4 points to 1733, generally down from the morning highs, though some of the
though it recovered part of its loss later in the day. Motor more active of the popular favorites held a part of their gains
shares also were off on the day and so were a good majority to the end of the session.
of the railroad issues. On the other hand, gains ranging
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
from 3 to 5 or more points were recorded by such active
stocks as American Type Foundry, Greene Cananea Copper,
Stocks,
Railroad,
State,
United
Total
National Lead, and Allegheny Corp.
Week Ended
Number of
etc.,
Municipal et
States
Bond
Jan. 9 1831.
Shares.
Bondy.
Fora Bonds.
Considerable irregularity was apparent during the early
Bonds.
Sales.
transactions on Tuesday, but the market soon settled down Saturday
1,547.790 $4,882,000 $2.067,000
3175,500 87,124.500
Monday
2.087,040
7,549.000
2,969,000
304,000 10,822,000
and held at higher levels during the rest of the day. Specu- Tuesday
1,906,610
7,958,000
2.844,000
1,283,000 12.085,000
Wednesday
2,140,190
8,328.000
3,713.000
lative interest centered largely in the industrial shares, Thursday
849,200 12,890,200
1,706,093
8,382,000
3,258.000
1,708,000 13,348.000
2,794,720
utilities, and rails and gains ranging from one to five or Friday
8,729,000
2,536,000
643.000 11,908,000
more points were registered in a fairly long list of active
Total
12,182,443 345,828,000 317.387.000! 34,962,700 368.177.700
stocks. Railroad issues moved to the front and surged
Sales at
steadily upward under the guidance of New Haven which
Week Ended Jan. 9.
Jan. 1 to Dec. 81.
New York Stock
had gained about 6 points at its top for the day, though it
Exchange.
1931.
1930.
1929.
1930.
slipped back to 85 and closed with a net advance of
43' Stocks-No.of shares_ 12,182,443 23,803,950 *810,038.161 *1,124,991,490
Bonds.
points. Other noteworthy gains included such prominent Government
bonds..,. 84,962,700 $3,186.000
115.785,250
*142,079,800
issues as Atchison 2% points, Balt. & Ohio,
State& foreign bonds_ 17,387,000 13,267,000
720,760,900
*657.827300
23'I points;
Wabash, 3% points; Union Pacific, 1% points; Norfolk & Railroad & misc. bonds 45,828.000 39,167,000 1,927,021,400 *2,182.392,300
68,177,700 855,620,000 32,763,567,550 *32,982,299,200
Western, 6 points; Missouri Pacific, 33/4 points; Chic. & Total bonds
North Western,3 points; and Bangor & Aroostook,4 points. •Corrected figures.
The buying extended to pivotal industrial and numerous DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
AND
substantial gains were recorded among the speculative favBALTIMORE EXCHANGES.
advances included among others United States
orites. The
Boston.
Philaddphia.
Baltimore.
Week Ended
Steel, American Can, Westinghouse, Air Reduction and
Jan. 9 1931.
Shares. Bond Sales Shares. Bond Sales. Shares. Bond Bales.
Copper stocks sold off in the morning, but came
Du Pont.
$7,000 a31,752
24,416
$68,600
1,453
39,000
back later in the day, American Smelting closing with a Saturday
Monday
12,000 a38,108
34.290
148.000
1,767
20,000
66.000 a28.882
30,392
54.000
gain of 2% points at 453s, and advances of a point or more Tuesday
1,375
15,000
Wednesday
7,000 a32,582
32.117
69,600
2,074
17.500
were registered by Anaconda, Calumet & Arizona, and Thursday
19,000 a25,496
27,475
84,000
2.576
18,700
18,000
13.500
16.025
2,991
27,000
Kennecott. The market continued its advance on Wednes- Friday
Total
162,190 3129,000 172,845 3425,200
railroad issues and rubber shares forged
12,236 3107.200
day as steel stocks,
ahead to higher levels. The gains ranged from two to eight Prey, week revised 269,663 8215,100 267,553 $326,100 23,682 358.300
points and in some special issues the advances were larger. a In addition, an es of rights were: Saturday, 200 Tuesday, 100; Wednesday,600.
Sales of warrants
The overnight prices were higher, and while the initial gains 100; Thursday. were: Saturday. 400; Monday, 400; Tuesday' 300: Wednesday
3008
[Vol,. 132.
FINANCIAL CHRONICLE
234
THE CURB EXCHANGE.
An upward movement to prices characterized trading
on the Curb Exchange this week and while there was some
irregularity at times values continued strong. A feature
of the market was the activity in bonds accompanied by a
steady rise in prices, utility issues being specially prominent.
Utilities continue to lead though here the preferred stocks
have been in more active demand and have scored larger
gains. Amer. Superpower first pref. sold up from 813% to
from
913% closing to-day at 903%. The $6 pref. advanced
to 883 and finished to-day at 87. Associated Gas &
4
823/2
Elec. allot. ctfs. moved up from 73 to 85. General Gas &
Elec. $6 pref. advanced from 563% to 70 and reacted finally
to 673/8. American Gas & Electric new common im4
proved from 743 to 793% but fell back to 76. Commonwealth-Edison from 2223% reached 2383/2. Electric Bond &
5
Share corn, rose from 43/s to 453% but reacted to 433/s.
Public Service Co. of Nor. Ill. corn. sold up from 2013/3 to
223. Oils were inactive with few important changes.
Humble Oil & Refining advanced from 593% to 65.
4
Vacuum Oil gained over seven points to 627 and
the week at 61. Gulf Oil of Pa. sold up from 673/i to
ends
4
753 and finished to-day at 733%. A number of industrial
preferred stocks also made good gains. General Baking,
pref., sold up from 28 to 35, the close to-day being at 32%.
Associated Rayon pref. rose from 34 to 433% and reacted
finally to 403/s. Continental Shares pref. B sold up from
34
/
43 to 49 and the convertible pref.from 43 to 543/8. Aviation
Corp. of the Americas jumped from 173% to 25.
A complete record of Curb Exchange transactions for the
week will be found on page 292.
Movements of gold at the Bank of England during the week show a net
efflux of £2,388,120. Receipts totaled £200,076 of which £200,000 was in
sovereigns from South Africa. Withdrawals amounted to £2,588,196 and
included £500,000 in sovereigns "set aside," £53,000 in sovereigns taken
for export, and £2,035,196 in bar gold the bulk of which was for export to
France after refining.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 15th instant to mid-day on the 22d inst.:
Exports.
Imports.
£4,283,430
£1,628,508 France
Brazil
417,187
690,505 Germany
British South Africa
Belgium
125.300
Straits Settlements and
12,000
Spain
40,220
Dependencies
18.006
23,297 Other countries
Australia
2,581
Other countries
£4,855,923
£2,385,111
SILVER.
The prices have shown some fluctuations but the market has remained
fairly steady at the low level reached last week. China has been less inclined to sell but offerings from America have offset a somewhat improved
demand from the Indian Bazaars, who bought silver both for near shipment
and to cover bear sales.
The week under review opened with cash silver at a discount of 1-168.,
prices on the 18th instant being quoted at 1430.for cash and 149-16d.for
two months' delivery. Quotations were 14%d. and 14 11-160. for the
respective deliveries on both the 18th and 19th instant. On the 22d instant
a sharp demand for silver for near delivery caused a rise of 7-16d. for cash
and 5-160. for two months', carrying prices to 15 1-16d. and 15d., and
establishing a premium of 1-158. on cash silver, which has since been maintained. The rise, however, proved overdone and yesterday, with buyers
holding back, prices dropped ;id. to 14 13-158. and 14340.. easing 1-16d.
to-day to 14%d. and 14 11-158.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 15th instant to mid-day on the 22d instant:
Exports.
Imports.
£29,985
£27,757 Hong Kong
C. S. A
35,903
16,495 British India
Canada
16,709
7,775 Other countries
Netherlands
5.585
Other countries
£57,612
£82,597
INDIAN CURRENCY RETURNS.
Dec. 15.
Dec. 7.
Nov. 30.
(In Lacs of Rupees.)
16189
16317
16484
Bonds (Par Value).
Notes in circulation
12126
12224
12266
Silver coin and bullion in India
Stocks
Foreign
Silver coin and bullion out of India
(Number of
Week Ended
3175
3227
5558
Gold coin and bullion in India
Domestic. Government.1 Total.
Rights.
Shares).
Jan. 9
Gold coin and bullion out of India
888
"Wri
-§ti r
596.000 $2,377,000 Securities (Indian Government)
1,600 52.281,000
319,900
Saturday
279.000 3.044.000 Securities (British Government)
6,100 2,765,000
462,800
Monday
3,598.000
161,000
5,000 3,437.000
349,700
Tuesday
The stocks in Shanghai on the 20th instant consisted of about 92,900.000
303,000 4,423,000
1,800 4,120.000
480,900
Wednesday
415,000 3,672.000 ounces in sycee. 153,000.000 dollars and 2,880 silver bars, as compared with
10,800 3,257,000
455.800
Thursday
242,000 4,725.000 about 94,200,000 ounces in sycee, 151,000,000 dollars and 2,700 silver
9,700 4,483,000
594,800
Friday
the 13th instant.
35,000 520,343,000 $1,496,000521,839,000 bars on
2,663,900
Total
Quotations during the week:
Bar Gold
-Bar sliver per Oz. Std.--per Or. Fine,
2 Moo,
Cash.
14 9-I68.
858. 13d.
THE ENGLISH GOLD AND SILVER MARKETS.
144d.
Dec. 18
14 11-168.
85s. 13id.
14 d.
Dec. 19
We reprint? the following from the weekly circular of Dec. 20
14 11-168.
858. 13itl.
14 d.
•
151-16d.. Ad.
Samuel Montagu & Co. of London, written under date of Dec. 22
85s. 13id.
14'%d.
1413-168.
Dec. 23
Dec. 24 1930:
14 11-16d.
858. 1.4d.
145(d.
Dec. 24
GOLD.
858. 1.46d.
14.729d.
14.7298.
Average
The Bank of England gold reserve against notes amounted to £150,580,757
The silver quotations to-day for cash and two months' delivery are
previous Wedneson the 17th instant (as compared with £151,597,547 on the
respectively 1-158. above and the same as those fixed a week ago.
day), and represents an Increase of £4.620,673 since Jan 1 last.
this week
The shipment of bar gold which arrived from South Africa
to France.
amounted to £749.974 nearly all of which had been sold forward
yesterday and this was taken
-PER CABLE.
ENGLISH FINANCIAL MARKET
Only £13,000 was available in the open market
trade at the fixed Price of 858.
for India and the Home and Continental
(See page 273.)
ounce.
1.34d. per fine
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
PRICES IN 1930 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the lowest and highest prices at the New York Stock Exchange
t and State securities,
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Governmen
a resolution of the
for each month of the past year. The tables are all compiled from actual sales. Under
ying bonds since Jan. 1 1909 have
Governing Committee of the Stock Exchange, prices of all interest-pa
addition to the stated price or quotation.
been on a new basis. The buyer now pays accrued interest in
-that is, the price included all accrued interest. Income
Previous to 1909 the quotations were "flat"
dealt in "flat."
bonds and bonds upon which interest is in default are still
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
1930.
BONDS
' July
August September October November December
June
May
April
March
January February
High Low High Low . High Low ,High Low High Low High Low High Low High
Low High Low High Low High Low High Low
'
RAILROAD BONDS.
_.
10312 10312 ____ _„:„ ..,__
s
..-_ ...... ...._ 104%1045 103 10 4 ---- ---0
3
8
101% 1013 100 4 10212 --------1031, 10312
4
4
9438 -------- 943 043 _ _ --- __-- -04
4 9434 9 % 9412 - -12 945 9312
Ala Gt Sou 1st 58 oar A_ -1943 '
3
4
_
92 --------923 92 4 93% 9314 8518 933 87 - 4
1943
89 87 89
87
8514
4s series B
88 911s gi 8734 8812 885 89 89%
s
1st cons
8338 8614
86 88
84 84
7
83 8 85
- - - --8612 8612 87 87 ---- - - 4
88% 8812 - -853 86
Albany & Susq 1st go 3A8.1946
86 8612 85 87
85 85
85
4 911
8
4
4
0i84
0612 oil - - 088 983 ea% I78 075 - 4
Allegh & West 1st g gu 4s_ _1998 85 9312 93 94
3
93 4 95% 9412 9534 0412 9478 95 9512 951 9578 9818 __
1942 9212
21
88% 813 873 __-_
82 84
Alleg Vol gee guar 48
3
'
4
763 78 7712 85 8112 8918 8112 83% 9334 96 '''.511 83 4 8212 8 % 84 4 8712 86% 9914 96 98 9514 -77
76
8%
9
9512 9714 96 9814 963 98%97
4
8
Ann Arbor 1st g 4s ___July 1995 9214 94
923 9612 9234 943 9312 95
9134 94
4
4
963 97 --------94 96
_
gee g 481995
92% 9234 9234 9234 9414 0414 9514 95' 96 96
4
Atch Too & S 9
_
91 -------------- 90 913 90 9112 9014 9112 91
8914 9212
95
1995 91
4
9312 9312 933 94%
92% 92 94
Registered
12 93 90 9112
3
87% 89 4
91
4
9314 9614 903 94 8912 95
901s 913 91
4
93
90% 9414 933 96
4
Adjustment g 4s-July 1995 8712
9014 93 90 9112 90 91
_.
..
..
-----------------------1995 89 93 878 9034 -------------------------89 89
.
July
8
9018 9018 Oils 91,
Stamped
3
85 8 85% 8814 8814 91
'
03, 03
8
4 0
3
8
90 4 9212 9014 92 9214 923 9212 9312 9334 9412 9412 97% 0
92 92
92
Registered
9018
1955 87 9114 90 91
,
90 9354 9014 92 0012 92 905 9218 928 9334 9318 941s 931 9734 9212 9418 92% 97
of 1909
Cony g 4s
9112 94
90
_
,.- 7,,---71955 88 89
9012 9012
- 92% 9214 --,91
..
9214 9214 -,_
3
Cony g 45 of 1905
3 -------904 90 4 91
-11312 12212 10812 11
1960 8914 SA 8912 89 4 13412 14112 3012 1403 129 13714 12012 1344 124 132
4
--Cony g 4s of 1910
25 132 12412 13214 12012 12614
4
94 94
91
1948 128 13512 1343 14012 88% 89
01
8
903 903 9112 9212 93 9334 94 961 9434 95% 911s 93
Cony deb 434s
92% 9214
88 88
4 95% 9714 95 96% 02 904
4
Rock Mtn Div 1st 4s set A1965 90% 9012
9114 9214 9118 9212 9112 9234 913 9234 92 9414 9014 96% 9618 973
92
4
Trans-Cont Short L lot 414'58 9114 913 9012 991 983 10114 10014 10034 9912 10014 9934 10012 100 101 101 10312 102%104% 10212 10412 10012 102% 973410214
4
:
4
9914 973
0
-- 104%10 % --------9712 972
_ _ ___ ____ ____
Cal-Ads lot & ref4 As A.1963 97
----- ---- __ _
------104 104 10334 103% -__ 9612 9613
99 991 9
7 -.
Atl Knox & Nor lot g 5s_ _1946 10214 10234
-12
96
9612 9612 9514 9712 ____ ____ ..___ ___ 11412 - 99 --------97 100 - 10345.
104 100% 1021s
3 96 96
A L 434s set A_ _1944 95 95 8 ,-,..,_ ,,,,,. 1013. 1(1.1 1021, 1021. 104 104 1027s 10274 nni. loot, n..i41., ins
At I& Char .-- r s series
-iT .
JAN. 10 1931.]
FINANCIAL CHRONICLE
235
1930-Continued.
BONDS
January February
August September
March
April
July
October
May
June
November
Low High Low, High Low High Low High Low High Low High Low High Low High Low High Low High Low High December
Low High
Atian City 1st con gu g 49_1951 87 87
92 92
94% 941z
---- -Atl Coast L 1st g 43___July 1952 91
9412 -9112 921 9138 95
90 c94
905 94
8
96
9714 9514 9714 95 9614 -ii" 11"94 16- 938 973 9514 97
Registered
9212 9212 --1.
Can unified 414s ser A _ .1964 9614 9812 9618 98
97%100
9714 984 97% 9914 983 100
161 4
- -1161- 10112 1021 55;
- 2
21IiI- ti 9934
2
4
- 4
913Louis,& Nashv coil g 48.1952 91 9318 8812 91
9014 923 89 9012 9012 9112 91 92
9112 92% 913 9312 92% 94% 92 9412 893 92 8712 9012
4
4
4
Atlantic & Danv 1st g 45..1948 58 59
59 6018 5814 7312 6218 65 60 63 61 6412 60 64
8
597 6012 58 60
49 5912 493 51
4
45 5014
2(1 48
1948 5318 55
8
8
_- -- 525 62% 53 5312 5212 5213 5212 523 52 5212 52 52
4
An & Yadkin 1st gu 4s..__ _1949 8218 8412 83 83 - 5618 577
8212 85
84 84
87 8814 86 87
84 84
Austin & N W 1st 5s
1941
99 99
10114 16-1- 2
101 III
1
---- -- 101 101
Bait & Ohio tat g 48
8
1948 9112 935 9114 93 92114 95 9212 9412 923 94
94% 9618 9518 98
4
96 97% 95 97
9314 95
92 9614
Registered
9312 9312
90 9912
93 95, 9314 96
9438 94% 925 923 9212 9212
8
4
9212 94
4
20-year convertible 4148_1933 98% 9914 983 9912 9914 10014 -961
4
4 11114 -653 1- 1- 0918 10034 100 101 100, 10114
101 101% 100%1013 98 1003
4
4 66 2
8
4
Registered
981s 9818
99 99
10014 10014
9912 993
4
Refund & gen 58 series A 1995 101 10212 10123 10212 1013 1024 10114 14
6i- 10234 1141 10234 1041 iai;8 10513 10312 10478
4
1013810428 it lia 1614 95 4 102
i
3
Registered
111_ 102 102
102%1023
4
1st g 5s
1948 101%10418 10318 104
10414
4
104%10514 1041, 10514 104%105% 1052,10712 1063 1093 105 COg"3- 1043
4
2 ±100 105 16544
- Ref & gen 6s series C__ _ .1995 108128111 109 51103 109 11012 10812
4
110 108% 10912 10914 110 1095
,111 1093 111 1093 111 10812 11012 10814 109 105 1085a
4
4
P L E& W Va Sys ref g 4s 1941 91
9438 9214 93 93 95
9212
9414 96 8 951s 9612 96 974 96 9714 94 96% 92 95 4
,
9312 95
3
Southwestern Div lot Is. 1950 10012 1027 101 1023 1023 1045 1017 9418 9312 95
8
4
5
8
8 104 10134 104 103 10414 10314 10412 10413 10618 10412 10618 1023 106 10112 10312 1003 103
8
4
Tol & Cin Div Ist&ref 4sA '59 84
87
84
86
843 8714 84% 8614 85 87
4
8612 8712 87 89
88, 893 87
4
, 843 88
79 4 82
1
Ref Ss series II
2000 10114 10212 10114 10238 102 10412 1013 1033 10234 10414 8612 87 103%10418 1032,104's 1033 105 4 102 89 2 100 8 103
8
4
4
105,
1025 104
4
8
97 10212
Convertible 4 qs
1960
10012 10434 100% 10458 10014 1033 9812 103
99 102 10018 1013 993 1013 95 10114 91% 967 88 94
4
4
4
8
8
Bangor & Aroostook 1st Ss 1943 1013 103 10184 103 101% 105 105
4
105 10312 104 103 1033 10312 1031 10212 10412 10418 105 103%105
4
4
101%10212
Con ref 4s
1951 84 8612 8618 87
86% 00
874 8814 87 887 8712 8812 88 9012 90 93
92 93
9014 9212 89 90
8
8518 88
Batt Crk & Sturgis 1st gu 38'89
62 62
62% 62%
Beech Creek 1st gu 4s
1936
9513 9512 9513 96
_
_
7
4
964 IA;-57T4 I71- 9714 9714 9812 9812 9812 99 -9914 993± 9788 98
2d guar gold 5s
1936 100- 160
---_
Extended 1st 3345
1951
78 78 ---_
84 84
_
86 86
86 86
87 87
Rig Sandy 1st 4s
1944
8912 8912 8934 92
923 923 9312 9312 9512 96
96 9612 9638 9612 94% 941 96 9612
4
4
4
Boston & Maine 1st Sa A C_I967 9618 9834 9614 9818 975 10178 98
8
10014 -55- 115i01- 9912 10034 9912 101% 100 1017 10112 104 100 103 4 9814 10118 9212 09%
- 2
,
1st mtge 5s series 2
1955 -__
9878 99s 9938 11.012 1003 103, 100 102 2 9712 101
4
,
,
934 9958
Boston & NY Alt L 1st 48_195581- ---- 8114 - -- 817
8118
0
lf"
-Ai"iii2 80 8512 85,2 8512 8612 86,2 871 87 8712 8518 87 85 8.6
Brunswick & West 1st gu 45'38_
9278 9278 94% 94%
9512 96
963 963 97 973 97 98
4
4
96% 9612
Buff Roch & Pitts gen g Ss 1937 103 103 - 100 102
_- -555 1- io.14 1163- 10184 1- -1- 991s 10184 101 101 10134 1021 102 10314 ioi 1- 12 10112 10111
4 6i62 2
4
6i
Consol 434s
1957 9018 9334 90 c933 92 95
92 9412 9234 94
9212 93% 9212 937 923 9518 95 9614 9212 9614 8712 94
8
4
80 87
Bur Ced Rap & Nor 1st 58.1934 10012 101 1005 101 4 9912 10012 100 101 101
8
10112 101 10112 101 10112 10112 10112 101%1011 10112 10112 101%102
9912 100
Canada Sou cons gu 5s A_ _1962 10212 103% 10314 10414 10314 105 4 105 105 10318
3
4
4
8
Canadian Nat 434s_ .Sept 15'54 9318 96 93% 954 9312 97% 95 967 95 10412 10418 10518 105 10612 1053 10612 1063 110 10812 110 106 108% 1033 106
s
963 9412 955 96 97'2 97% 997 99%100
s
8
9911 1003 119 997 97%101
8
4
5-yr a 434s
Feb 15 1930 993 100
4
907 99%
8
_
Gold 434a
1957 9214 9414 9212 93 8 955 97
95 97 -6i7 - 8
947
96 W7
;
9924 97 - 5
53 66166i
Gold 4128
941, c9612 943 95% 95 968 954 9712 973 90 8 -55; 100 -56- 1- 2 98's
1968 922, 9414 9214 94
9312 97
4
96
8 997 99 10014 993 10114 994 100
8
s
9714 99%
55
1969 9914 10114 995 1013 10118 1034 1013 103 1017 1027 1017 10312
8
4
8
8
8
8
1033 10512 10434 1053 1043 1061s 10414 1053 10312 1047
4
4
8
4
8
Guar gold 5s
_
Oct 1969 ____
1013 1034 10114 103 10134 102% 1013 103 1027 104 1033 100, 1047 1053 1043
8
4
8
4
8
4
4
Canadian Nor a f 7a
1940 1093 1113 io5i4 1 - 110 112 11012 112 110 111 110% 111 110%11114 111 112 4 11134 11212 11112 106 10412 106 103 105
4 ---4
-11
11312 11034 112 10912 112
Guar gold 5s
1970
10312 104 1035 105 105 1(16 1043 1057g 104 10514 1033 105
8
4
4
Guar a 4 Sis____June 15
- 101 101% 9912 1017
25-year deb s f 612a la__ _1946 113- 1147 1132 1143 114 11638
4
1955_-- s
,
11613 1143 1161- ii&f4 118 11684 h177
.
- 4
far 118 11834 11734 11858 11712 11812 115 11838
4
Registered
11314 11324
10-yr 434s
Feb 15 1935 9818 99
983 - 1- 983 14 66 2
664 -99E8 10612
1- - 9912 997k -9934 166" 100 1O1- 2 'jou. 161-1- 101 201:2 i9012 162'; 9914 ^",
6612
2
5162 4
- 3
Canadian Pac 4% coup deb stk 84 853 8312 843 84 c8814 843 87
4
4
4
8512 87 4 87 8812 873 r901a 8918 9012 89 9012 8812 9014 873 893 85 8912
4
,
4
4
Coil trust 4 12s
8
1946 9718 9912 96% 9812 993 10012 98 9914 9834 10014 98 10018 9812 997 99 10014 993 101
8
4
991
Sa equip tr temp ctfs
1944 10034 102 1011s 102 1015 10312 101% 103 4 1017 1033 102 51033 1023 1033 1033 105 10414 107 10318 1057s 10012 10112 98 102
8
1
8
8
4
4
4
4
10212 104 100 8 10318
3
Col trust 5s
1954 ____
10214 10214 1013 103 1017 103 102%104 103 105 10338106 103 104
8
4
9914 10314
Col trust 412s
1960
983 99
4
98%100
98 100
9712 9912 9534 99
Carl)& Show 1st g 4s
1932 ____
981 98% 9838 5838
Carolina Cent 1st con it 48_1949 74 75
78 -i§12
78
84 85'2 83 85
8012 90's 85 85
80 8018 7912 8212
Carolina Clinch &0 1st Ss 1938 9912 10118 10012 10012 101 102 1013 10212 102 102 -Air.' 85 101
4
102 10112 10212 102 102, 102 1023 102 103 ioi" 16212
1011
4
4
tat & con 68 series A _ _ _ _1952 10712 10812 107 108 10714 10912 107% 11012 10818 109 106 4 10212
109 108 10812 10712 108 1073 10912 10738108 107%108% mix Hos
8
Carthage & Adir 1st gu 48_1981
85% 853
4
85 4 85 4
3
3
9028 90 8 91
5
9212 92 92
Cent Branch Un Pac 1st 48 1948 82 82
4
8218 8212 83 8512 823 8812 84 85
84% 85 8612 8612 86 87 _8_612 8612
.
8018 81 2 80 80
,
Cent of Ca Ry 1st g Ss Nov 1945 10214 103 10211 10314 102% 105 104 104
1015 10418 105 105
8
102 102
99 100 8
7
Consol gold Ss
1945 101 104 10112 10234 101% 1023 10038 103 4 iooi 102 10132 101% 102 1027 1014 10212 1023 103
4
2
3
8
8
1017 1043 100 102 9612 103
8
s
12
Registered
-_
1945 _
100 100
Ref & gen 5 12s ger B_ _ _ _1959 1053 1053 104 10412 104i2 11112
8
_4
105 " 10412 idg" ioi1042± f6i1- 10424 1O5' 6 410514 1008 fOi 98'z 10084
lO41s
2
6
,4
Ref & gen Ss series C._ _1959 983810
038 98% 993 9912 10112 100 10218 10012 102 10018 10112 100 1003 100 1013 101 103
4
4
4
9712 1013 953 98
4
8
Chatt Div our mon g 48_ _1951 8412 8412
89 89
8612 8612 8818 88,
8
894 894
Macon & Nor div 1st Ss_ _1946
100 161-12
8
1015 101%
10338 103'4
_ 104 104
Middle Ga & Atl Div 5s 1947 98 9
ilk)" 100 10112 11412
jai,166% -- -- jai:16212
Mobile Div 1st g Ss
1946
ioo 100
103 103 10214 103
1033 1033 104 104,
4
4
- 8
Cent New Eng 1st gu 45....1961 8718 854 813 83 83 858, 843 853 8318
8
4
8
84 IS85
853 862, 87 89
4
84% 8812 85 88 4
,
Cent Ohio reorg It con 4 10'30
9912 9912
100
9984 993
4
Cent RR & Bkg of Ga col g 58'37 "6g2 981, 9812 9812 9812 100 10112 102 10114 10114 10114
1- 4
10112 "65- 102 -51 1- -1- 97 Vi72
9818
61 4
Central of NJ gen g Ss._ I987 1073 10914 1091s 110 1097 1117 1103 1117 110% 11212 1103 6f1- "iii2 9812
4
8
4
8
8
8 113 11114 11212 111%1131 11334c11638 112 11538 112 113 10552 11212
4
Registered
107 108 10812 111 11014 11014
107% 107% 107%1091s 111 111 111 111% 1121s 113 113 1134 11114 11214 no 111
General 48
1987
93 93
4
903 92
93% 933 844 95'4 9714 9714 9638 97% 96 9712 9518 95% 945 97%
8
s
Central Pac 1st ref gu 48..1949 9114 9312 -913 925 915 95
8
8
9214 943 931s 9538 9312 9412 94 95% 9512 9612 96
8
4
9712 9518 98 2 9414 95
92 96
,
Registered
90 90
9312 95
Through St List gu g 481954 903 9112 913 c9212 92 93 4 -51 92" 92 121
8
3
4
-9314 9438 9314 95
4
2
Guar g Ss
1960 100 4 1023 1013810388 10212 1041 102 104 10212 10412 ioii2 1041± 10338 104't 10418 1053 10412 10638 933 95 -aria I4t3
4
8
1037 1055 10338 1043 9912 104
4
Ches & Ohio 1st cons g 58_1939 103 104 1023 103% 10214 104 102 1023 1023
4
4
4 1033 10314 1047 10412 1053 10412 10512 1041s 1041 10412 105 1041s 10512 103 10412
8
4
4
Registered
10112 10212
10212 104
103 10312
Can gold 4 54a
1993 9714 9914 9711 111- ii§f 1
2 4 -6ti 98's 1iJ0l 9812 100 10278 102% 10014 101, i5i- 10414 103%10318 102 106 10214 fa- 9934 104
98 101
4
10318 10514
Registered
96 96
98 98
9812 9812 983 99
4
101 102 10114 10212
20-yr convertible 4148_1930 9978 10018
_
Ref & Imps 434s ser A....1993 94 95
_
94 95 -‘58- 981 -68E8 677;
4
- -18
1- . 801- "98i2
61- 1633
2
Ref & imp 410"B"
961:19012
1995 94 9412 933 65% 9412 9914 9512 9734 9718 141- 9738 9838 98 99 -5518 161
8
9812 973 9812 98 9912 9914 101, 10012 1023 100 10238 99 102
8
4
8
Craig Valley 1st a Ss_ _ _ _1940 965 10112 10012 10012 102 102 101 10114
96 100%
8
1003 1003 102 102
4
4
_
--- -- 101 102 101%102 10018 10018
Potts Creek Branch 1st 48'46 8612 88
8812 8812 87 87
12 9512
92 92
9014 9312
Rich & Aileg Div 1st con 4s'89 8614 877 -Ai-s 8812 89 8918 881s 8912
9514 96
s
I
8912 90
803 9038 -5ii2 9138 9212 95
s
9412 9518 95 9612 944 9512 932 94's
2d cons g 4s
1989 8312 87
851 8512 87 87
:
88 8914 88 8914 8712 883
4
90 92
92 92
Warm Spr Val 1st g 5s.. _1941 .--95 96
937 94
9214 9214
97 1011s
100 100 10012 1007
8
16672
Chesa'ke Corp con Ss May 15'47 98 101%10118
4
66- 983 1163- 100 10112 -003 fricif 100 101 100 100 4
2
4
e
3 100 1003 100 djOl34 -. 54 11272 -684 1-663- 98 9938 93 9918
4
9
Chic & Alt RR ref g 3s...
4
6514 67
65 72
69 6918 67% 68
6714 68 67 72 69 4 723 71
72
,
4
Ctfs dep stpd Oct '39
7412 56812 7112 66 70 66 70
__ 6414 6414
_1949-_-- 65 65
63 8 69
88 69% 675 67% 6712 6712 6612 6611 693
7
8
8 6912 71
74
Chic & Alt Ry 1st I 3145_1950 59 13312 64% 67
70 70
66 69 66 7012
65 69
6412 704 69
7012 63 8 6718 65 75
3
75% 79% 72 793 793 79% 79% 793 793 79 4
Ctfs dep Jan '23 sub coup
4
4
4
4
3
attached
6112 6112 66 66
65 6512
7014 7014 65 67
71
71
78 78
793 793 793 79 4
Chic Burl & 0
4
4
-Ill Div 334a'49 854 87
4
3
8518 8518 8614 88 4 86 87'2 8612 8712 873 88
,
8
8714 8812 100114 19271s 89 4 91
851 42 09 8
9
8
05
Registered
1949
3
89 9118
I612
8418 8418
If8914 91
Illinois Division 45
1949 9214 9414 9218 94
9324 94 -5ii2 94 -932 95
9212 95
953 97 -664 98
4
General 4s
.
1958 89 93 9112 9314 9134 94
97 9814 945 Ii1-1 9214 If9112 93 8 9234 95 94 0612 9438 c98
7
943 9512
4
lsr&ref4 i4aserfl
1977 96 99
9618 973 96 983 95% 98
917 9758
8
4
8
9618 98
97 100
9718 9812 98 991s 9812 100
99 1007
1st & ref. Ss set A
10112 103 2 10012 1033 10013 102% 97%102
8
1971 105 10628 10412 1053 10514 1077 106 1063
4
,
4
s
4
Chic & East III 1st con 68.1934 1012,1023 102 c105 1005s 100% 1027 10414 1081,1071± 107 107% 10718 109 10818 10918 1083 11018 105 110 107 1073 103%10714
4
4
4
8
10318 104 10312 10312 10312 10312 1037 1037
Chic & E III (new co) gen Ss '51 72 7814 75 7812 73 84
8
8 1033 103% 1003 1037 1024 1021s 100 102
4
4
8
7712 8212
7712
41 731
9
Chicago & Erie 1st gold 5. 1982 10314 10312 102 103 103 105 1033 1043 7612 8012 59
72 4 1 10422 58 723 36 60
4
37 5012 26 38
8
4 103 104 103 10458 64
10314 100 105 1083 104 105 10114 10414
Chicago Gt Western 1st 45 1959 64 663 6418 66
4
8
64 4 7112 68 7112 68% 72 2 6812 73 10412 10412
3
,
693 715 7114 7312 73 743 6814 74 4 6714 7014 60 67 8
Chic Indianan Se Louisville
4
8
,
4
7
1947 11234 113
Ref g 6s
114 114
Refunding gold 55
4
1947 10134 1013
11212 11212 110 111%
4
io5/ 10238 102i2 1121- 10.113 10412 112 112 104 10414 113%11512 11358 1153
4
2
10312 10312
10312 105
Refunding 4s sedes C
1947
10212 103
92 92
9224 Ii3- 927 927
4 8 8
1966 100 1- -1- -55" 10038 1001± 1Ii12 103 1611- 10284
93 93
1st & gen 5s set A
62 2
- 2
1st & gen 68 ser B___May 1966 106 106% 10614 1061s 1063 1094 107 1087 105 104 10212 10314 10118 103 10214 105 10212 10312 98381022, 95 983 897 897
4
8
8
108 c10412 108 107 10712 1075 10812 108 1087 10614 108 100 101
8
Chic Ind & Sou 50.yr 4s._ _1956 911a 9118
8
96 101
89 92
90 90
9114 9114 913 9131 92 92
4
953 953 9412 9412
4
Chic Lake Sh & E 1st 434s 1969
4
-0314 - - 98 9814 9814 9814 97 99
033
9112 9112
4
985 983 10014 10014
8
8
lift; 101 10218 102 102 102" 102 10114 102
Chic Mil & St P gen 48 A1989 8438 8712 8418 85
8412 87% 843 86
4
8514 8618 85 4 8614 84 4 85 4 85 864 8614 87% 84% 87
3
3
3
8312 851 7714 84 4
Registered
813 85
4
3
_833 84
4
4
Gen g 334a ser B__ _May 1989 723 7414 725 733 74% 745 7413 74
8
4
8
7434 74 'Ws
74
735
,
79
1989 9412 9512 923 9412 95 97
73 75 -ii 74
8
72 72
Gen 4)45 series C
9514 965 923a 96% 9314 94 -7228 953 73 "55; 75 76
8
4 9334 95% 95 2 9718 937 9712 91' 95% 89 9212
,
8
14
8
927 94
8
Gen 434a set E-__May 1 1989 923 96
93 4 9612 9414 9614 9278 9612 93% 9414 93%
3
9414 98 2 94% 96
95% 9712 9412 97
,
9012 953 8718 9118
8
414s series "F"
May 1989 - - -99 993 9712 100
4
97% 993 9914 10014 99% 10112 98 101% 98 991 93 98
4
s
Chic Mil St P & Pac 58-1975 91 94 -ki 1i- -Kra 161 ii(11 95
4
87 92% 85 89% 84% 89
84 86
84% 887 78 4 8712 7212 80
8
,
2000 7114 734 72 7414 713 7812 6714 753
6514 7314
Cony adj Ss
4
4 56% 68
4912 60 4 5012 58
50 54
,
4814 54% 47 48% 314 381 23 34
78 80
Chic & No West gent a 332.'87 77% 77%
7712 8014 7712 78% 78% 7914 7814 81
io14 81 81% 81% 7812 8212 7718 791 7212 7718
75 75
Registered
77
1987 8814 913 87 8938 88 9112 -tio- - 1 0E1 9214 77
s
7
General 4s
62
9018 9114 91 91'z
- 2 927 93's 89':
5I11987
84 S72
Stamped 48...
88t 8818 -8913
85 8512
Stem non-pay Fed Inc tax 87 93 93
-56- I1-1- 8914 90 8912 9118 -- -2
9314 9314 -o"irs 9388
90 9112
Genl 4Sis stpd Fed Inc tax '87 100 10214 102 102 103 104 103 10418 1071- 1641
4
10414 1051 1048 108 107 10812 10514 108,
4
2
8
4
Gaol Ss stpd Fed Inc tax 1987 10718 1077 10714 10712 107 112 1083 10938 10838111
10918 110 110 2 1113 1113 112 107 11414
,
4
s
105 105
Registered
103 105
10812 10812
Sinking fund deb 52.--1933 1002, 1012, ioi" 10118 101 10112 101 111-- 16- 161 4
- -110114 101% jai" 10214 102% 1027 1551 1027
.
4 8
8
09 09
1933
Registered
9912 10278
C Cash sale.
-aai!
[VOL. 132.
FINANCIAL CHRONICLE
236
1930-Continued.
BONDS
November December
July
August September October
June
May
April
March
January February
High Low High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low
Chicago & Nor West (ConcL)8
4
4
1930 10058 10114 10012 1003 10014 1003 100% 100% 997 10012
10-year sec g Is
2
61 155- 11- 3 55F2f163; 554 10858
6
8
8
4
8
15-yr secured g 634s__.1936 10734 1085 1073 109 1083 10912 108 10912 1083 109 10812 11- - 55- 1664 55- 100 2 108%109 101 109 100 10214 562 1661;
97%10214
8
4
May 2027 10514 106 1043 10512 10518 10614 1057 107 10618 107 106 107 106%107 10712 108% 99%101
1st & ref g 5s
94 8 10014 9012 93 871g 92
,
9812 10012
9718 99
97% 49812 97 98
9614 99
May 2037 95 9612 95 9614 9514 99
ref 43.s
1st &
92% 99% 8912 9312 82 c93
1st & ref434s ser C_May 2037
-61- -55- i61 93 9834 8712 94 80 88 4
8
1- 9812 1013; -5712 1014 -56- 1,
2
1
4
,
Convertible 4Sis series A1949 9814 100 4 -9812 166- 55E2 16i- 105- 16E1- 1661 102
9914 99 9912
9914
Subscript rcts pat paid
91- -81 IA;
4
667-5514 011- -5512 - 2 -55- 11E- -554 96 -04- 1E- -5512 8884 92 -5512 91
Chic RI & Pac Ry gen 4s1988 88 8912 8818 89
9012 9012
91 01
88 90
89 89
8512 8512 87 87
Registered
12 -198 994 99 9912 -5/6 I9 2 -65- 104 96 9913
8
975 499
-9714
6611034 9512 96
4
953 49714 -55E2 - 4 95% 98
Refunding, gold 48
98 98
95 95
Registered
2
4- -5164 "ii" 967 98 93 -- 2 903 95 8318 92
6
4
0
s
913-9311 971 6412 - -6E192% 9414 9212 95 -55i498 -55- - 2
A
1952
Secured 4 348 set
3
4
4
96 10012 97% 99% 98 993 93 4 99 8814 943 8114 89
1960
Convertible gold 43is
Chic St L & N 08
s
903 903
00% 9018 9012 9612
9012 92
8814 8812 8812 8812 88% 90
1951
Memph Div 1st 4s
99 99
1043 1043
8
8
10-1 164-104 161_
1951 103% 103% 10412 10412
Gold 58
102 102
Registered
161-14 10112 10112
-2
55;fo61- 1003,10053 5014 16631 10012 100's
4
-- -55i2 166- 55i 1664 5162
Chic S L & Pitts 1st con 55_1932
---8
8
1003 1003
Registered
---8
4
68'30 10018 1003 10014 1003 100% 10018 100 10018 100 100
Chic St P Minn &0cons
1930 99% 100 99% 99%
Debenture Is
.-4
647.
-55- If- -55- IE -55- - -2 -55- 61- -51 193- 80 11E1664
4
Chic Terre H & S'east 1st Ss'60 953 9712 95% 98 -553-2 1661- -5512 92 -81 1 1-2 -84
3
83 83 9234 86, 80 8514 763 80 60 73
2
8 14
;6 386
-84
9014 9414 90
4
1960 89 9212 893 94
Income guar 55
8
8
4 8
4
9812 9912 9914 10014 155- 1663- 1007 1031, 10214 103% 101, 104 10114 1027 99%1023
9712 100
4
97% 100
97 98
Chic Union Sta 1st 45s A 1963 073 100
10112
,
4
4
8
8
1963 10318 105 103 10412 1037 1047 10412 10514 10412 1043 10412 1053 105 105 2 10512 106 10514 10558 10514 106 10314 10512 10214 10418
1st Ss ser B.
4
4
11514 102 1043
s
4
8
104 10212 104 10214 103 1025 1033 103 104 10218 10312 10314 104% 10412 105 10418 1053 1043 10514
4
1944 1013
Guar g Ss
115 116 114 115% 1105 115
8
4
8
1963 11412 11518 114 115 11412 11618 11514 1167 115 11614 115 116 115 1153 115 115% 11412 11612 9712 9712
Ist 6 34m ser C
-8
8
100% 101 10114 10114 101 102 1017 1023 102 102 102% 102%
Chic & West Indiana gen 65'32
663913s 93 -6244 - 2 89% 9314 88 9214 84 88
89% 91
89 90
8
88 904 885 90
8512 87% 8712 92
1952 8512 89
Cons 50-year 48
10512 10312 10512 10018 102%
8
4
8
8
8
8
8
4
1962 103 1043 1035 1047 104 105 1037 105 104 105, 104 1053 10414 10518 1043 10512 105 1057 104
1st & ref 530 ser A
10218 10218 102 102
10118 102
4
1003 102
100%100% 101 101
10012
Choctaw Okla & G cons 5s 1952 99%
4
984 98 2 9812 9812 973 99
9614 9614 9812 9612
,
9512 9512
96 96
Cin dam 8c Dayton 2d 430 1937
4
6E1955 97 -5512 - 2 9718 99% 9812 9812 97% 97% -616 98 -55- VI3
95 8 9512 96 96
Cin Indianap St L & C 1st 48'36 9514 9514 9514 9014
94 94
94 9418
Registered
9518 96 4 9614 9614
,
6
4
4
-541 1111- 93I 9314 -5,- 2 941
90 90
8
con gu 48_1942 885 88% 494 94
Cin Leb & N 1st
4
55f21613- 101,2 10414 10134 10278 100 1- 4
6612020
Gin Un Term 1st 434s
4
,
,
4
913 92 4 917 96 2 95 9714 9414 96, 93 94% 8712 96
0014
664
661Clev Gin Chic & St L gen 4s'93 -55- 163- -55f2 - 2 -55- 92 -5162 10053
1-9-00f1142 10018 1005g 10014 10034 10018 112 10013 101% 10018 10012 100 100
1931 9914 993 9912 9958 99% 100 100 100 ;01- ;clio1114-4
4
20-yr deb 434s
11214 112, 11014 11014
4
109
66_ 105 105
108 108
1993
General 5s ser B
104 164 4
4
1033 1033
4
- -10
5514 1- 4
2
6E- 105 f6E- 55F2i
103 1065 io5- 18
103 106 103!11941
Ref & imp 68 ser C
4
1041,
4
2
-4i- 102 10312 10212 10358 10212 10358 loo 10412 mots 10414 104 105, 10418 105 10033 fdi 4 10414 105, ino- 16E- 10014 10114
1963 5512 11
Ref & imp 5s ser D
1023 100 4103 98 101% 9612 10012
9914 101,
4
97% 100
97 9712
1977 9612 9712 9312 95% 9518 98 97 98
Ref & imp 43.s ser E
0814 0312 98 08
96 97 4 96 9612
,
97 97
07 97
943 95%
4
95 95
8
Cairo Div 1st gold 48_ ....1939 ---- -- 92 943 9314 97
8
8
,
9118 92 2 007 95, 86 86 80 93
87 89
4
,
Gin Wab & M Div 1st 48_1991 8614 8614 85% 86 4 8512 8718 863 8712 8412 8412
9214 93, 9212 92%
8
8918 92% 924 93
87% 89 89 90
8
8712 877
4
,
St Louis Div 1st col tr 481990 8418 841s 853 85% 854 89 4 87% 89
9514 9514
------- ---93 93
94 94
Spring(& Col Div 1st 4s_1940
9518 9518 -----White Wat Val Div 1st 4s 1940 90 93
8
3
100 4 10438 1055
1- 2
611104 164:6
6114
155- 11934
---- 1043,10435 1OP 4 16114
Cleve Col Cin & In 6s
101 101 1015310153 10184 10134 10135102-3, 101'2 101'! 10134 10134
8
7---- ---- 100 1007
Cley Lor & W con 18t g 5s 1933 -554 008
100 101
---- 98 98 ---- ---- 99% 9912
1938
4 100- 166- 98 98
Cleve & Mahon Val g 5s
-3
4
-5E13. 119
100 166
---Cleve & Marietta 1st 4,48_1935 -___
8
-o-
Cleveland & Pittsburgh
1942
Series A guar 43s
-55r4 11114
-55- 1i_-_- -55;
1948 85% 851s
33is ser C
6 561-54 2 - 2
____
1950
3348 ser D
1977
Can 4348 series A
664
12 Rio2
6E1Cleve Short Line let 430_1961 -57r2 981- -5735 - 2 -55i2 101 -65f4 -661- 10712 166- -55- 1093
109 10814
4
Cley Un Term 1st 5 f 34s A 1972 10618 10714 10612 108 10612 108% 107% 109
3
1973 10312 105 10212 10414 10312 10812 10414 105 1033,105 10414 105 4
1st s f 5s, ser B
9814 9912
8
8
9818 985 97 987 98 99
1977 96 96
guar 430 C
1st s I
98 9814
When issued
9191
89 89
1945 88 88
Coal Ely Ry 1st gu 45
4
-5572 166i-a-6632
& ext 4)4s_ _1935 97 98 98 9914 98% 10314 554
Colo & So ref
.6iGen mtge 4 Xs sreles A 1980
94
4
Col & Hock Val 1st ext g 4s 1948 8818 8818 -5154 163Columbus & Tol 1st ext 48_1952
661-5162 - 2
Conn & Pasump Rh% 1st 48'42
4
'75- 7E174 10" 7
75 76
74 75
Consol Ry non-cony deb 4s '54 70 75
7418 7512 70 7318
75 78
7312 75
Non-cony deb 45 J & J_ _1955 70 70
7318 7318
Non-cony deb 48-A &0 1955
Non-cony deb 4s A &0-1955
-5- 11Ei6- 75
1956 70 73 "7313 7313 75 '
Non-con! deb 45
75
98
08
------.
10114 16172
-5954 10214
6 -12
3
1007, 161- 55 16E- 155- 1- 3 10078 10414 102 102% 100% 102
11018
10914 110% 108% 1004 1093,111 110 111 10818 10614 10514 10814
10618 10814 105
1043
4
105 1053 10512 106% 106%10712
4
4
8
s
99 1005 10014 1023 10218 1033 10118 104
-04- 11HA I- 1007 10134 55- 1613;
5172 8
-
9153 93
99 4 1003
8
3
8
9514 975
90% 91
70
71
f112 71
-55- 11- -514
105%
10112 10212 9912 10212
4
953 100% 9618 97 4 92
,
84
4
VE- 9214
90
7213 ;71 2 72 "
1
7258 69
8
723 7412 7218 72%
---7lls 7113
ii5; 71
7253 7
-55- 11173
7112
73
96
89
92 4
,
90
7014
----
if
- -
39 49
39 41% 40 41
5112 573 51% 63 50 52
s
627s 6712 6258 6412 57 64
67 69
64 70
1942 6012 75
Cuba Nor Ry 1st 5348
62
54
7012
4
73
77 7912 76
78% 73 76
1952 77 84 8014 8212 7934 84 76 81 80 8412 85% 88 8612 87,2 50 85 62 73 2 65 68 6512 68 69 62,
Cuba RR 1st 50-yr Ss g
70
7018
74
, 6412 7112
7018
8
893 9612 83 90
4
1936 973 9914 9578 97
ser A
1st 1 & ref 73-4s.
5312 6112 6312 58 60 65
8
80 83
76 8018 7212 787 65 73 61 61
90 90 83 87
1936 87 90% 89 92
Ist 1 & s f 68 ser B
10018 100% 99 99
8
8
8
995 100 10018 10018 10018 100,
9912 993 995 100
4
100 100
Day & Mich 1st con 4 W3-1931
4
8
4
9312 94% 94% 953 9512 9714 943 98, 9412 96% 913, 051
925 93% 93 9314 93 94
8
1943 ilia WI,"9113 "a" 9214 94
8
Del & Hud 1st ref 4s
2
2
4
4
101 101 10134 10018 101 101 10112 96% 104 1003 1013 101 10.1, 10112 101, 10112 1015 102 102%
97
30-year convertible 5s-1935 100 107 101 101
,
105 1053 105%105% 10518 105 2 10412 105 8
4
5
4
,
8
4
1937 100% 10414 103 104 1033 1045 104 105 104 105 1043 105 2 10414 105 104 10512
15-year 5s
---8
8 101 10012 100% 100 10012 10018 10012 997 10012
1930 1005
10-year 7s
5155- 100 -554 Ws; ---- -- -55- - -95 96
Del Riv RR & Bdge 1st 4s 1936
499
963 98
94
9712
6/3- 95', 97
-14
43 OA - -5412 i96 4 O37 951j 04 97 -5:62 - 2 9834 100 96% 10012 9638 100,2 100 4 102 9414 9714
8
664
4
998
Deny & Rio Gist cons 43.-1936 521 9312 -553, 99
9912
98 99
97 9812 96% 99
9812 99
4
1936 95% 963 96 9714 9714 99
Consol gold 4 36s
,
4
4
9212 943 93 9618 80 943 71 2 803 67 73%
4
8
8
9518 9812 925 9712 887 97% 90 9412
93% 9918 9518 99
R G West gen 58 Aug'55 9212 94
Den &
,
4
8
2
8
913 935 8112 92 8 753 81, 6912 77
91 93 91 93 9012 92
8
903 93% 9114 93
8912 95
8712 89% 88 90
1978
56 series B
---50 60
25 25%
30 30
30 30
26 26
Des Moines & Ft D 1st gu 48'35 2314 25
24% 24% ----5 15
25 25
30 31
25 30
25 26
25 25
Temp ctf of deposit
99 99
-Des Plaines Val 1st guar 430'47
-5- 1E__
-- -- 43 43
7412 7412 _
'4
63 66
63 5314
Det & Mackinac 1st I g 48..1945
745- 16 40 43 40 40 38 38
61
1
61
-55- --116 60 0914 60 104% 60 60 65- 100
1995
Gold 4s
516 100 102 105 10034 104 10134 103% 97%100
2 --12
984 99
104
8
4
953 965 97
River Tun 1st 4 34s 1961 952 97
Detroit
16318 10318 1034 103,8
10012 100% ---101 101
Dul Missabe & Nor gen 58_1941
4
6 4
10212 1025 1023 102% 5234 1- 23- lOZ's 103
8
"
2
1937 1.55i 101 10014 10014 1003, 103
Dul & Iron Range 1st 58
74 77
65 75% 60 6512 58 60,
79
78
8
4
174 16- -5512 113 -5534 -E1- 2
72 79
g Ss 1937 74 75
Dui So Shore & Atl
9412 9412 96 4 9614 9618 96,
s
,
9212 9212
Minn No Div 1st 4s1948
East Ry
3
105% 106, 10518 11012 106%109 4 58;1- E4 105 16
4
65i;
2
6671661664
2
-55- 1667- -5572 - -6162 105 2 85512 10512
East T Va 8c Ga div g 58_1930 -554 166- lo4r2 1613; 104% 1043 1043
8
1007 103
105
.110512 105
4
1956 100 10412
4
Con 1st g 5s
5512 1- 2 51 104 10414 1011- 'OS's 1011- 10018 102
- 4
6614
10314 103 10314 1023 10314
1st g Ss 1941 102 102 102 102 102 103 10212
4
Elgin Joliet & East
103 103 1033 1033
4
8018 8412
10214 10314 101% 10318 10114 101% 101%101%
102 102
8
,
El Paso & S W 1st & ref___ _1965 101 1013 ioi- 1- 2 101 1013 1003 1014 1003 101 10038 100 4 5164 16612 10014 10014 875 90 4
3
4
4
8
61-14
1930
16- -8358 168
865 88 8514 8712 8514 8514
Erie 1st cons gold 7s
84% 86% 85% 87% 87 88
3
85 8 488
84 489
1996 8(3 87
78 78
81
Erie 1st con g prior 48
81
8314 84
8218 8218
8213
Registered
82
1E- - iS 8012 84, 70, 81 5162 1E2
4
4
4
1163-79 81 -135T8 14 -55- - 4 803 823 80 82 -5162
8314 83,8 79 79
1st cons gen lien g 42---1996 7914 c83
68 68
79 79
77
77
7618 77
Registered
4
101 i5i- 101 joi- 101 101 101 101 101 ioi- 101 ioi- 1E11- 05%101
1951 101 101 101 101 101 101 jai- 1-61-- 101
8312 8612 861s 87 86 87 2 81% 8718 7114 79 65 7312
Penn coil trust g 48
,
8
833 86 2 8418 8512 83% 8412 83% 85
,
7
85 82 8 84
83
50-year con g 45 ser
3
,
8018 80, 6714 7312
8
8358 8414 83 8512 83% 4863 84% 8614 86 8912 82 8 87
8
8
7
1953 82 8 867 82% 8312 83% 8612 835 85
83 8418 85% 853 85 8 87
3
50-yr con g 4s ser B
3
81
69 7112
-8312 8312 81
84 84
1958
4
Gen conv 48 set D
4
16;
,
3
977 94 96 4 94 95 4 90% 95 2 91% 9414 91% 933 93 953 86 9312 80's " -1 6812 81
,
944 06 2 94
,
1967 9412 18
4
s
Ref & impt 5s
4
94 95% 04 953 90 94% 91% 9312 9112 /9334 927 9512 8412 9314 7912 853 68 8012
Imp 5s of 1930-1975
Ref &
108
1-1612 11212 11414 1123,113 112% 11312 11212 113 1125,8 113,2 11212 11314 1115,113'? 110 112 10118 109%
Erie & Jersey 1st 5 1 68_1955 iii- 112 ii164 112 11114 113 11114 11314 11314 11314 11218 113 11218 114 11214 113, 1123 113 4 110 113
10618
4
8
,
4
1103
,
Genesee Riv RR 1st s f 6s 1957 no34 111 2 109 11012
92 93
92% 9212
8
86% 865
Erie 8c Pitts gen guar 3Ms B '40
06 10512 106 5514 16E3, 105 1- E6 2
2
2
2
16E1- 113:14 1116.1- 10518 10614 805 166- 15514c16E1- 55f4 1661954
-al 1EEst RR extl s f 78
98% 98%
8
8
9812 98% 987 987
98 9853 9812 99
97 97
78 82
Fla Cent & Pen cons gold 5s '43 97 98
78612 8714 8712 8712 8615 16" -66- 188 -5512 87
87 89
89 89
90 90
82 8418 8412 8612
17% 3012
38
44 4612 4112 4614 35 4112 30
Florida East Coast 1st 4)48 1959 7912 87
5814 49 5412 40 49
54
5714 60
5315 6012 54% 61
1974 50 55
29 3212 26 30%
24 28
20 26
2112 36
Ist & ref Ss ser A
20 30
27 29
29 3312 28 30
4
273 35
Fonda Johnst & Glov 4548-1952 2512 2612 27 3012
9418 941s 96% 9712
---- 961s 9618
105 i6E107 107
Fort St U D Co 1st 4.3411-1941
107 107 107 107 ---1
1961 ---H1,'72 16E371
Ft Worth & DC 1st 68
661- 10414 10414
5512 1- 2 55- 108
-, 4
13
_1961
16E 10434 10434 10358 16 5348
- 2
4
- 2
1611- 104 1613- 10414 16E- 1043 1613- 104 161i
1551.2
Frem Elk & Mo V 1st 68____1933 55T2166 1031, 104
4
.,
4
10018 1003 10014 101 lool4 1003 101 10114 101 101 10053 1003 10014 101 100%101
03
101
4
993 100 10018 10 8
8
G H & S A,111 & P 1st 58_1931 99 100
4
4
100% 100% 10014 1003 10038 10012 1003 1003 1003511)0'! 10038 100% 10012 101 10012
4
1931 99%100 99% 100 10018 100% 97% 99
2d guar exten 55
4
4
98 9938 9812 9912 993,100 1003 1003 99 1003 9812 9912 9912 100
98 99
, 9812 99
4
Gal, Hous & Hen 1st 58_1933 95 96% 943 96 4 8118 83 8214 85
84 84
84 84
-ilia 9j1 -55- 80
Ga & Ala 1st cons Ss__Oct 1945
4
101 10214 10012 10112 100 10012 -511 166- -55- 9913 -5ii2 99
71% 73
4
Ga Caro & N 1st gu g 58Julyi854 __-- -- -55- 1663 100 10112
7418 7812 74 76
7212 73
8
1946 6512 6512
10012 1007 0914 166Georgia Midland 1st 3s
6E1-55i2 - 2 i55- 16612
673652 -135E2 - 2
9712 9712 -5iEs 4348_1941 9612 0612
Gr R & I ex 1st gu
-.
-
99% 99h
4 Cash sale.
JAN. 10 :Mil
FINANCIAL CHRONICLE
237
1930-Continued.
BONDS
October
August September
November December
July
May
June
January February
March
April
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
g
8
8
8
Grand Trunk Ry s f 7s__1940 10912 11012 10912 110% 10934 11214 1103 11112 11012 11112 11014 1107 11014 1113 111 112 1117 1125 1107 11214 111 112 10912 11214
4
8
8
_I5-year a f 65
4
3
4
1936 104 10512 10412 10514 104%1067 10514 106% 1043 105% 104 4 105% 1043 10614 1057 10718 10612 10712 106 10714 106 c108 104 10634
8
98
95 95
96
98 98
says Pt Ter 1st gu g 55_ _ _1947
95 s 9612
,
973 97 8
8 ,
-11 Gt Nor gen 7s C B & co coil A '36 115- 11 4 11514 1113- 11013 ffi 1093 11214 i jogs 1 -3 11014 11214 11014 11158 111 11214 11112 11214 11012 112 111 11112 10834 11274
4
4
-17
8
1103 1103
4
4
11012 11012
Registered
5'71
9 8
4
15t & refund 4 As ser A__1961 9412 /4
1 05- -9414 9714 95 16- 9612 98 -56E8 1 3 97% 9812 -5712 1661- -0914 16f - 4 166" -56T8 --65- -5:1- 119614 -6. 18 4
8
4
3
Gen g 5 yis ser B
8
8
1952 108 10912 108 8 110 1073 111 10912 11114 10934 1107 1103 11112 11014 112 11014 11114 1103 112 1083 11214 1083 110 104 108 4
4
,
8
3
4
Gen 55 series C
1973 10314 105 103 8 1043 104 10714 10612 107 10514 107 10514 1063 10512 10712 1057 10818 106 108 10412 10814 10314 c10614 99 103 4
,
8
9712 10113 96 9912 9414 98
,
973 997 98 4 100 100 101
4
8
97 98
Gen 4s series D
1976 95 9814 9512 963 95 99
9612 983 97 99
4
4
9914 10118 97 100% 97 9918 93 973
4
4
4
Gen 4;55 series E
1977 957 9714 95 9612 9614 98
9612 97 8 97 9814 963 9712 97 9812 98% 993
,
8
8
8
,
97 974 97 97 8 9614 985 983 99
Deb ctfs B
_
4
70 -8014 161661;
1977
80 80
43is "E" w i
3
16- 26 26 51.- 1E1- 18 18 12 18%
25
16- 23 2812 2414 94 8
Green Bay & West deb cas"A" 25 26 -588 32
27 - 4 -21312 3214
663_
,
94%
1940 913 92
Greenbrier Ry 1st gu 4s
9314 9314
4
6
8 .
10012103 9912 10434 9978 10012 ioo- 1044 ioi- 1- 6- -55- 1161- -5712 171;
113
Gulf Mob & Nor 1st 5y55_1950 98 10212 1021403 102 10512 16,- 10412
4
97 98
9714
993
4
1950 96 98
55T8 166 99 101 9912 10014 9914 10012 10418 10012 10612 100 103 103 9375 94
1st m 5s ser C
100 100
96 96
10612
10512
105 105
103 105 108F8 16618
Gulf & S I 1st ref & ter 55 1952
3
97 99 9818 100 100 101 10013 1031g 101 10312 1003 10112 9612 99%
8
Hocking Val 1st con 45s_1999 9614 9812 96% 97% 97 9912 967 98% 9814 99
100 100
Registered
937 94 ---- -- 9712 9712
8
____
4
-57- f661- ioo66161- -55- - 3
4
Housatonic RR con 5s__ _ _1937 9714 9812 9714 9714 98 9812 -5514 -661- -55- 10114 1014
- 1.
1151E8 1613- 101 101
- -8
Hous &Tex C 1st Saint gu_1937 99 4 99 4
10012 10012 102 102
, ,
Waco & NW div 1st 6s___1930 100 100
663-6612
4
4
Houston Belt &Term 5s_ _1937 953 96 -57- - 8 -55- 1- 4 -9914 166- -95T4 1663- 10514 1661- 9)5810012 150- 1161- 10012101 10013 1 2 156E4 1- 4 100¼ 1067i
7 1634
6639912 10112
Houston E & W Tex 1st 55_1933.
10012 10012
16i8 - -- 156E8 1- 8 15113 -1665HAY 100 100 101 557 161 100 10112 10018 162 8 102 4 102 155- 101 ionj'a 1661st gu g 5s redeemable_1933 -55E4 166- -55'7 Ws 155 100
8
10112 983 10214 9918
96 100
4
,
Bud & 51anh 1st & ref 5s__1957 93 9712 9418 97
97 9812 97 s c993 9814 9914 9814 10012
953 100
8
75 7914 6812 76
8
77,4 c8113 805 83% 8314 8512 78 84
771s 82
Adjustment income 55_1957 7614 79
4
7612 78
7712 84 8 79 813 8012 83
,
96 98 4
92 92
9818 98 4 96 9814 96 98
,
,
4
943 95 943 95% 96 97
4
Illinois Central-tat g 45-1951 93 94
96
91
9212 94
93 93
853 86% 8314 86 2 841s 8612
4
,
,
84 8 84%
1951 81
tat gold 334s
85
8412 8614 865 865
8
8
---Registered
---823 82%
4
-5513 - 2 8514 85'4 ---66
-58661-65- l‘xtended 1st gold 335_1951 83 85
---1951 68 68
1 t g 35 sterling
73 73
64166-902 - -9212 9353 -65'3 9413 -55- - 4 -65E4 9112 -56E4 16665; -51- 92
C.!lateral trust g 45.-1952 9014 911 89% 9012 89 5 9412 9112 ,
Registered
___
8712 8712
6416414 8
-55- - 8 -65E8 - 4 -5512 -. '7- -55- I41- -55- 11 2 84'i 90
-14
1511955 -55- 513- -55- 1st refunding 45
15-- 9134 95 91% 93 -55T4 - 4
8
,
8634 87
8712 8712 86 4 89
81 81
83 83
83 87
82% 84
85 85
Purchased lines 3As_ _ _1952 82 84
821,s 84
8
903 915 90 9112 8814 9114 8718 89% 8212 86
8
8913 9014 8912 91
88% 90
883 91
8
1953 873 89
Cull tr g 44 L N 0& T
877 8914 8818 92
8
8
90 9014
88 88
Registered
8712 8712
2
64-- -55E4 11167
--663- - 2
1955 10412 107 10,- 16E4 15, 18 1661- 10612 1 4 158E4 161- 10613 1061; 10618 10715 10612 107 15512 f6i1- 104- 1- -- 155- 1t
Ref 55
118 4
4
15-year secured 635s_ _ _ _1936 10812 110 10712 110 1093 11014 10814 110 109 110 109 110 110 11014 109 11014 10734 11021, 109 112 10834 1093 107 10911
4
4
4
8
8
4
983
4c102 9814 100 100 10112 997g 1007 10018 10112 1003 102Ig 10078 1013 963 10112 937 9814 92 963
40-year 4%s
Aug 1 1966 97 9912 9718 99
__-- 9314 94
91
91
91Ig 9113 9114 9114
91
91
91
Cairo Bridge gold 45___ _1950
8812 8812 91
77
7514 7514
, ,
747 74% -------- 75 8 76 4 77
8
Litchfield div 1st g 3s___1951
$
82 8258
4 11- Fr- 8712 571 875 -§Ht 8234
8312 83.
,
Lou'v div & term'l g 3Yis 1953 -5512 - 4 8212 85 85 8514 0 - 5s 83% 8412 84 86 8
61178 78
79 79
80 80
785 7858
8
7618 77
Omaha Div 1st g 35
1951 74% 7412 4
2
7812 7812 83 83 _135
7712 7713
--- 7514
St L div & term g 35
1951
1 - _ 2 -7514 ---_ 75
4
87 If -875g 874 85 8 863
,
4
87 87
8312
823 8388 84 85
8
Gold 3t4s
1951
_-_853 853
8
8
Springfield Div 1st g 3 151951
____ ---- 9313 - 1- 9212 94 _92 921
_.
914
_ 9114 92 -9113 9113
Western Lines 1st g 45_1951 89 91 -51- 91
---Registered
9212 9212
III Cent & Chic St L & N
s
,
4
8
4
4
Joint 1st 5s ser A
195 10214 10412 10258 10358 103 107 104 106% 1043 1053 10334 10553 105 1053 105 8 10712 104 107 10014 107 100 1027 967 10012
,
98 4 100
,
92 95 87 9414
,
99 9912 08 99
97 8 9812 97 4 99
,
9514 9812 9614 9714 97 98
1st ref 4 ts ser C
1963 9512 97% 95 96
8914 8914
Ind 111 & West 1st extd 4s 1940
-55. - 8 -56T8 9713 -55- 97 -9313 9313
78 16761 2
,
921 91 - -1 4 -6152 - -1- 93 93 8
Ind 111 & la 1st gold 4s
91
1950 -55- 90 -551. 9Os 91- 2
8714 8714 8714 8714
8778 90
66
8612 86 8 87 87 -5U,, ,
84 88
87 87
Indianan & Louis 1st g 45_1956 85 85 86 86
4 - -1101 101 103 103 155r8 fOS 10318 104 10314 10414 10314 10314 1031. 108 4
8
Ind Union gen & ref 5s A_1965 100 10112 100 100 1003 100% -------10212 10414 104 104 10314 10313
Gen & ref 55 ser B
1965 100 101 10013 10014
,
6 4
,
74 74
-6618
104 10112 1663- ioi- 1 2 -5573 1- 61- 155- 16i- 105 166 90 4 10212 78 8 89
-Int & Gt No 1st 6s A
1952 102 10412 10212 106 155- 102 i5i5 7814 50 65
34 5412
82 847 73 8214 7212 8812 86% 8912 8412 89
8
Adjust m 6s ser A
1952 84 8912 8434 8978 88 9212 8412 89
,
92% 9418 93 9412 94 9712 86 4 96
---- 58 58
4
s
91 963 913 9312 92 94
1st 5s ser B
1956 9278 9412 9138 9214 911 98
4
8612 9714 ---8
501s 60%
8
,
92 9312 92 100
93 9612 913 9412 91 2 9312 90 9312 9312 9618 943 97
1st 5s ser C
94
1956 01
597 73
8
70 7412 697 75
65 74
65 73
72 73
8
73 79
7414 8115 733 767 74 79
Intern Rys Cen Amer 1st 55'72 73 75
7212 75
8
827 86
8
85 8612 70 70
74 24
70 75
92 933 93 9312 9312 9412 94 9412 87 87
1st col tr 6% notes
4
1941 9012 93 9218 94
74 80
71
4
7618 723 71
4
1st 1 & ref 6145
943 963 963 9812 9612 981s 95 963 90 9612 90 9312 90 9212 8912 93
4
4
4
1941 93 95
1318 1514 12
1312
2914 2912 24 2514 2012 2012 2014 2014 16 22
32 32
33 33
Iowa Central 1st g 55
32% 30 3412 3212 35
1938 31
2012 2012
2012 13
1712 1318 1318
Certificates of deposit
- -- 16
-- 3014 3412 28 2812 23 25
3014 3412 3212 3412
3014 32
5
512 312 418 2% 3%
5
5
Vs 7
•6% 7
8
814 7
Refunding gold 4s
814 814 87 10
8
818 918 8
1951 8
9
93 96
9112 95
9158 9214 93 93% 9338 9438 9618 97
92 92
James Frankl & Clear 1st 45'59 87 5 88
883 88 4 ---4
3
91 91
,
90 9018 ---8312 8314 8814 88 88
86 86 87 901 89 8912 89 90
Kanawha & Mich 1st gu 4s :90
88 88
9714 98,4 9413 98
9712 9778 97% 98
9612 98
9614 97
KC Ft S & M Ry ref g 4s_ A936 -56- 165- 9412 9612 953 9714 96 97 963 967 9614 97
8
8
4
8
8
7914 8112 7914 C82
7712 8014 793 81
77 8314
763 c78
4
8
75 787 7612 78
Kan City South 1st g 3s__1950 7514 76'3 75 76
7412 79
7618 80
4
9718 10114 93 99
Ref and improv 5s_April 1950 99 1003 99 101 10012 10212 100 102 100 10112 100 10114 10012 102 101 1023 10214 104 100 104
923 9414 9312 9612 93 96
4
9213 95 91% 93 2
8
,
89% 90% 9014 9112 91 9212 913 93
4
Kan City Term 1st 4s __A960 8812 90 8818 893 883 92
4
,
8
89 9014 8912 90 8 89 903 903 921 86 8 9218 9012 9612 9014 9114 8812 91%
,
8712 88
Kentucky Central g 4s1987 88 88
8712 89
873 88
4
87 92
-_----Kentucky & Ind Term 455'61
8512 8512 8514 8514
41-__11 8
Stamped
1961 88 661 8814 8814 91 91 -897s 92 -51- - -1- 9113 9212 92 9212 -55- - 4 90% 9534 94 95 ---89 89
Plain
161
11315i4 102
101
- -38 -1- . 6134
4
4
8
Lake Erie & West 1st 5s__ A937 10012 1005 100 101 101 102 1013 1013 1.61E4 161 4 1157 161 2 15118 1- - 102 10214 1151
99 100
4
4
101 101 10112 10112 101 103 10134 1023 1023 10314 ---- -99 99 103 103
1941 100 100
2nd gold 5s
3
4
4
,
8
8012 8112 80 8112 8018 8112 8018 8112 803 82 8012 8412 843 85% 833 86 4 -gil4 IC 80 84 4
Lake Shore & M Sou g 30 1997 80 8212 7914 80
8414 8414 801 8312
2
783 78% 7838 78%
8
773 783 ---- -4
Registered
1997
4
4 4 1-663-4 12 101
8
00
;
- 16 8 -1- 3
8
4
1931 987 99 3 99% 9912 9918 10014 -55E4 166- -5534 1661- 9978 10014 10014C1015 165E8 1663 155E8 f613-8 1003 1-613; i38 1- 1-7- 100 8 110
8
25.year gold 4s
,
9913 99%
10014 10014
Registered
io418 16E- 10614 1661- 1156E4 1611- 151 105:4
- 3- 2
- 4
. Leh Val Harbor Term 1st 5s'54 103 104 - 10312 104 103 105 105 105 105 10634 168 16614
-93i,
96 1003
4
4
4
983 100
4
9912 100 ioo- c66- 155E4 166 10034 10314 1003 1003 993 101
983 983 9818 100
4
4
4
Leh V (NY) 1st gu g 4;55_1940 9634 9812 9712 99
9038 94
9133 94
8612 9114 803 8712
4
8
885g 90
4
883 89% 89 907 9014
8
Lehigh Val (Pa)gen con 4s2003 86% 89% 87 8814 873 91% 88 90
8612 8512 8712 8712
88 88 ____
8918 8918 --- -86 8612
Registered
-97 100. 9811 995 5§f2 100 -5812 104 -55i8 161 100 10214 1003 1033 100 104 -983 1001- -95m
4 - __4
4- 4
8
8
General consol 434a_ _ _ _ 2003 9612 987 97 98
13
8
4
4 ,
4
4
4
4
Lehigh Val RR gen con 5s_2003 106 107% 10612 1071 107 1093 10734 10812 108 10934 10812 110 1083 1083 100 110 8 11018 1107 10614 1103 1043 107 4 102 105
4
2 10412 106 10412 10412 99 10412
8
4
4
Leh V Ter Ity 1st gu g 55_1941 102 10212 1013 10314 1013 102 1015 10212 10218 10312 102 103 102 103 10234 1022 10413
8912 8912
4
89 89
8
Lehigh & NY lit gu g 45.1945 853 90
8
8
90 8 90% 905 9058 94 943 ----------------0114 932 863 86%
,
8
4
4
109 109 1087 10914 1093 1093 11012 11112 108 10818 100%107
Lexington& East 1st gu Is 1965 10114 109 108 108 108 109 10618 10818 107 10714
1962 88 88
90 90
Little Miami gen 45 A
_ 93 93
s
- -873 Voi 90 90
104 16f
1935 107 107
6613 106 106 104 clOO
6618
10314 10314 10:33 10312 15512 1- 2 10612 10612 10438 1Long Dock con g 6s
10012 100% 10012 10012 100I8 10012 10058 10058
Long Island 1st con 5s July '31 9914 10018 100- 166 100 1005s 10014 101 165- 166% 10014 10012 10018 101
985 985s
8
1st con gold 45__July 1931
1938 -. 81 - - 92 92
923 953 9312 c9512 -55- - 3 -55- 93
8
8
8 2 63)
-9513 06 -55- - 3 -9413 98 -5, - -9024 94
113 662
Gen gold 4s
6611i11932
- -99 99
Gen gold 4s
1949 87% 8718 89 9014 9014 161- -5153 91
1
4
4
Unified gold 4s
9018 9018 5- 7; 9114 -9114 92
923 94
1613 .
8
6§T8 161- -55- - 3 -55i3 91
993 10012 100 10012 100 100% 1005$ 161
4
1934 9914 9934 9914 993 too 10012
4
1002 1003 1002,10053 10014 10014
4
4
- -18
Deb gold 55
9712 993 9812 100 100 f661- 100 10013 100 10012 10012 10115 10014 101 10053 1 2 10012 10112 100%10118 9712 101
4
1937 98 99
2
20-year deben 55
1949 87 89
, ,
88 90
,
,
96
8834 9034 8914 91 89 4 91 4 8812 91 89 8 9184 9114 94 9378 0 94 4 95 8 92 9734 91 93
Guar ref gold 4s
,
993 100
4
997 10012 100 100 100 10012 100 10012 100%100% 1003 1003 1003 100% 1003 100 4
8
4
4 ,
8
4
8
4
N Sh Bch 1st eon gu Is Oct'32 9914 993 993 100
54 6111
Louisiana & Ark 1st 55 A_.1969
7234 8212 5812 73
83 85
83 843 81 85
4
. 1617
8
965;
618
9338 9312 9312 9312 9418 943 94 9412 933 93% 93 96
Lou &Jeff Bdge Co gu g 4s 1945 8913 8958 -5512 - 2 -55- -- -9073 - 1- -9114 9213
4
1937 101% 102
4
4
10318 10314 10258 1023
8
4
Louis' & Nash gold 55
101 1027 10312 1031 1027 1033 1043 1043
8
4
-9514 98
9414 96
1940 9513 96
95 163967 98%
5
9414 9612 9414 96
Unified gold 45
8
96 4 981 98 99
,
953 97
4
923 94
4
93 93 9412 9412
Registered
100341611;
-1931 993 1003 988810058 9934 101 1003 1003 1555 1- 8
8
4
8 665-8
io5i8 161- 155E8 16C- ioi- 161 ioi- 10Coll trust gold 5s
8 - 4
_
1930 10012 101 10058 1001 10018 1003 100 1003 997g 9978
4
8
4
7% notes
104
2003 105 107 106 107 10312 10714 106 1067 105 106
8
6i8
io6i3 166- ioLg4 f66- 158E4 1- 10533 1667- ,106 103 166
lst & ref 5 WI ser A
105
2003 9912 105 10418 10412 10412 10512 10312 10412 105 10612 10412 10538 10518 10614 106 10614 106 10614 104 10612 103 8
1st & ref 55 ser B
9912 103 13 95% 10014
,
5
2003 953 977 95 9714 9534 100
8
4
4
9718 98% 9815 9914 9812 100
99 10012 10014 10218 1013 1023 10014 103
ltat & ref 4 Yis set C
943 96
4
96 96
_
When issued
---94-19313 9312 -9353
-9212 15
9212 9212
.-55E8 - 3
-55E8 Ws; -__
Paducah & Mom Div 45_1946 9118 9212
66170 70 -6514 - 2 -65- 16- 65 65
67 67 6614 6718 6812 681
;
---- 6614 6714 87 68
St Louis Div 2d gold 35_1980 66 67% 66 66
8
1003 100% 10238 1023 100 100
8
4
973 973
8
4
8
---973 973
4
4
Mobile & Montg 1st g ems '45 973 973
16- 93 9312 8978 9118 8712 9013
9118 9413 -5158 621; -55- 8 8 9312 8914 90 -51- 93
97
Southern Ry joint Mon 45'52 00 9014 89 90
92 9514 90is 92 s
94% 97
7
9214 93% 15N4 14
,
4
-12 94 9512 94 8 943 9512 98
Atl Knox & Cm n Div 4s__1955 9112 9112 9114 9112 9112 9312 9212 93
100 100
8
014 10014 100%
4
Louis Gin & Lea g4s.-1931 9112 9112 983 9914 991, 991 9912 10014 99% 100% 100 10014 100 100 10018 10014 10014 10
1027 1027
5
2
,
s
99% 99%
100 10014 -s-4
1013 1013 1023 102 8
4
10018 1001s
RR 1st 55_1934
Mahoning Coal
75 76
74 7512 74 76
---- 7214 77
i634
743 7512 75 - 4 7518 76
8
753 7612 7512 753 7512 76
8
Manila RR Sou Lines 1st 4s '39 7312 76
67 67 ---- ---- 67 67
65 67
1959 60 70
70 68 71
66
_ 653 66
4
- - 69 69
extended 45
1st
10012 10012 ---- ---- 9714 793
4
4
9914 99% 9914 100
Manito SW Colonis g 55-1934 99 9910 9812 9914 9913 9912 -9914 1938914 8914 ---90 90
89 89 _--- -- 87 87
Man GB &N W 1st 503As 1941
cons 9s
Mex Nat RR 1st
512
612 612
412 5
5
213 5
5
5
1977
6
6
6 11%
Assented
s
100 100 100 1001g 101 101
- -1100%100 8 100%10018 jou.100 4 it5Ofi 10058 10014 10014 iCiiiT4f6OG 1003 10012
,
1931
Mich Cent Dot & BC 5s
Registered
-57g8 1/58
9463 95
-in- 97
-9612 16 2
1
Michigan Air Line 4s_ --l940
8412 8413
88R5 883 81
66188
-68f8 - 8
8758 111- -56- If 8711 87% 8814 11
1952
2
Ist gold 3355
0 99 101 14 98 10218
;
1
8
9912 101 1013 102% 10212 10314 Hills
Ref & impt 414s series C _1979
Cash sale.
238
FINANCIAL CHRONICLE
iVoL. 132.
1930—Continued.
4
January February
March
April
May
June
July
August September
October
November
Low High Low , High Low High Low High Low High LAW High Low High Low High Low High Low High Low High December
Low
Midland of N J 1st ext 524. _1940
95 951 95 963 95 968 942 94 8 94 94% 937 937 94 95
:
4
4
3
9412 9514 94 9514 98 98
MII & Nor RR 1st 430(1880)'34 9614 963
9712 9712
4
---: 984 991 99 99
:
9812 99% 99 99%
Con ezt 4 As(1884)
1934
96% 963 9712 98
98 9514 -664 -lifi7 :.
4
6
_
087 991 09 993
8
:
4
993 9934 -6I4
Mil Spar & NW 1st gu 4s 1947 90 90
90 9114 903 923 92 92
4
91% 9178 917 923 917 - - 9312 9312 9312 954 904 94
4
9212
s
924 921:
Minn & St L 1st cons 5s
1934 37% 3812 3812 4034 40 4118 38 41
38 40 ---- --- 30 30 ---- ---- 26
2759 20 22% 18 2059 15
19
Temp et's of deposit
3812 40
39 4114 39 4114 3618 39
36 40
30 364 3018 31
2514 2514 254 284 18 23
18
1814 13 151
/
4
1st & refund gold 4s____1949 144 16
1314 16
14
1212 1412 123 13% 12
4
9
1214 9 10
9
9 18 7 4 959 7 c12
3
5
718 3
58
,
Ref & ext Is ser A
1962
1518 154
114 15
15
15 ---- ---- 8
812
_ 8 4 83
3
4
Certificates of deposit
14
15
14
-ift4 -- ---- ---- ---- ---- --_
15
_
7i10 10
M St P&SSM cons 4s stpd '38 884 897 8812 89% 87% 9112 89 9078 883 90
8
89 91
8812 90
4
88 90 894 92
884 9114 8714 894 83% 8738
1st consul 5s
1938 9334 9438 93 95 4 9412 953 9412 97% 9334 9412 951 985 927 98
4
/
1
4
:
3
6
914 923 92 947 923 9312 921 933 8512 86
8
4
:
4
1st cons Is gu as toll:14_1938 98 99
97 9912 9612 9312 97% 99
97 99
967 973 9512 98
4
9412 9912 97 99
95% 9914 9218 95% 91% 9214
Col tr 61.4s
1931 99 993 9914 100 4 100 1013 10012 10112 101 10114 100410112 993 1007 10041007 1OO3 101% 1011:102 1011 1017 98 1015
4
3
,
4
8
4
8
:
8
8
1st & ref 68 ser A
1946 9814 100
95 9912 97 9814 9912 100
99 99
92 98 4 92 957 —
3
7932 82,4
25-year g 548
1949 81
87
88% 90
83 91
82 84
86% 89
87 8712 8318 85 -83- iiii ..iiti WC: 753g 82 88 69
50 55
1st ref 51Ss series B
1978
---- --- ---- 9712 99, 97 99
4
92 9712
1st Chicago Term s f 48 _1941.
0
*§ 92
92
__
91
ilo 95
91
--- ----953 955
2
8
Mississippi Central 1st 58_ _1949 95 99
6
-91 9559 - - 99
-5LT4 99'4 95 95
991 9912 -053 - - ---:
4 97
-664
92% 923
4
MIssouri•Illinois RR 1st 55 A '59
77 79
77
793 79 80
4
75 78, ---- -- 50 50
2
Mo Kan & Texas 1st 4s
1990 851z 8712
,1 883 -57- 16 8714 884 884 92
3
4
.
897 92
8
88 92
8814 90% 87 90
Mo-Kan-Texas RR 5s A_1962 99%102
9912 10112 10114 104 100% 10212 1017 104 1027 104 1023 1043 1037a 1043 104 104% 1014 1047 100 10214 9718 1003
8
4
3
4
1
4
1962 86 88
Prior lien 4s ser B
2
85 2 853 86 894 8614 883 87 88
,
4
8718 8814 87 91
901z 9314 90 937 8818 934 88 89% 8412 88
Prior lien 434s ser D.__ _1978 9212 95
9412 9312 9612 95 96
9314
96 9614 9518 95, 9512 9814 984 993 994 101
8
4
98 1003 97 975s 94% 96
6
1967 10312 106 10412 10612 104 10512 10512 108 1031:106 103 106 100 10214 100 102
Cum adj 58 ser A
98 10118 90 10112 894 94
86 897
8
Missouri Pacific RR 1st 58 A '65 9912 1017 99 4 10014 100 10214 99% 10112 100 101 100 101 10012 1013 1015310214 102 103
8
,
4
9918
8912 9812
97 100
1975 743 7612 7414 7512 75 817 78 80 4 78 80 4 7612 793 77 7912 78% 805 793 821 73 103
General 48
4
3
8
4
,
4
:
8
81% 70 7512 63 713
8
1977 97 100
1st & ref 5s ser F
97% c101 98% 102
99 10014 9912 100 2 98 100 4 99'1101'4 10014 102 1015 103
3
8
,
9611 1021: 954 993 6914 897
4
8
1978 963 99% 97% 9912 99 102
1st & ref Is ser G
4
98's 100 4 991s 100 2 99 c10112 9912 101 100%101% 101'21024 98 10214 965 99 894 97
,
,
8
Convertible gold 58a.._1949 1075 110 4 10912 113 109 113 4 110 1133 10614 110 1063 110 106%1094 107 10912 10714 109 2 103
8
3
3
4
4
,
107% 9612 1033 87 96%
4
1st ref gold 6$ series H
10138 103
97 10212 9512 0912 8914 98
1938 91 91
3d 78. ext at 4%
9214 9214 92 124 -9 1. 94 - -634 Ids; -654 6 -6E8 -i3-3-4 ---- ---- 944 944 94 945
- .5
;
4
_
8
Mobile & firm pr lien g 58_1945
100 100
Small
95 95
4
.
ii -96-1;
-57- 972 95- 15
.1945 91 91
Mortgage gold 48
92s 921s 924 9718
91 91
9
11.
/
3i1T8 89 -8812 91
87's 88 .
87
0
88 9 -66- -/
1
84 84
Small
80 8018
86 87 87 8712 87 87
8
87 86 86
811 87
/
4
82 82
86 87
Mobile & Ohio gen gold 48 _1938 925 94
8
94 2
-644. -1. 9412 9412 9412 9412 9414 9414 9514 96
95% 954 95 953 95 95
4
Montgom Div 1st g 5a.._1947 9618 99
100 10018 9738 19734 1003 1003 1017 103 102%103 4 102 104
8
4
0 1
,
93
64 0
4
1664 162 2
- -1Ref & impt 4s
1977 0414 963 9412 96 -$51 98 -5E8 97
4
-------94% 9514 944 9412 i i4 1
96 96
9618 98
1
Sec 5% notes
_-__--- 98 9812
Moh & Mai 1st gu g 48
1991 8614 862, 88 88
884 ____ ---88'4
874 8718 ---- -- 89's 90's
Montana Cent 1st go 6s
1937
105 105
---inET4
fOi 4 1681
110518 10518 106%1067
8
1073,10753
1st guar gold Is
1937
9912 10012 loofa 766
- ;
1003 100 4 95 95
1
4
3
1021, 16 4
2
iFs 1 212
0
i
Morris & Essex 1st ref 3
_2000 78% 8012 77 78
79 - - 785 80% 785 80% -66- I1 21
78 82
if
83
-5k35
8
8
-65- 852 823 84't 7914 85
8
Constr m 55 ser "A"___ _1955
10312 1033 10314 1063 10412 106% 1047 10618 106 1084 10614 10712 10714 1083 1084109 108 109 10612 107 102 1064
4
4
8
4
Constr m 44s ser "B" 1955 ____
9612 964 963 9912 9612 99
8
/
1
963 98% 983 100
8
99 10014 10014 10212 1014103 1013 1034 99 101 4 9714 10012
8
6
,
Nash Chatt & St L 4s
1978 90 91
904 9138 90 9112 901 91
9018 91
941 974 95 9712 92 95 89 953
:
:
9018 92 9112 927s 9334 94
4
Nashv Fla & Sher 1st go Is 1937
100 100 10018 100 8 100, 100 8 1003 1003 101 101 101 1024
103 103 10312 10312 1023 10314
8
,
,
8
8
4
Nat Ry of Mez prior In 430 1957
Ass't cash war&scr rctNo.3on 6
712
618 7
/ 812 74 8
1
4
74 8
718 9
612 6% 6
784 83
4
63 6 8
4
74 57
7
65
8
8 7
4
/ 518
1
4
Guar 7 -years f 4s
1977
Ass't cash war&scr rctNo.3on 7 8 83
4 7
913 91s 818 10
3
912 71
4 8
3 75s 714 73
712 9
714 9
/ 74
1
4
6
8
Nat RR of Mex pr lien 43481926
Ass't cash war&scr rctNo.3on 1314 1314 1314 14
1312 1414 1414 1512 1414 1414 12 1414 13 153 1312 1412 131 168 10 12%
/
4
4
4
48 7
7
1st cons gold 4s
1951
Ass't cash war&scr retNo.3on 5 4 63
oh 514 614 6 4 83
3
4 7
712 7
8
812 712 7
73
81
,
4 8
4 6
4 7
714 5
/ 6
1
4
5
4
Naugatuck RR lit 4%_1954
86 86
8514 8911
New England RR cons 5s_1945 96f4
995,
:101
---- -- -9d3 8 - 2
-1 1W1_
001
100 l00s 101 101
Cons guar 4s
1945 8614 8614 8712 88
92 92
89
89 91
9211 93 02 - 1 94 94
64
913 92
91 91
4
88 8818
N Jersey Jct RR gu 1st 48.1986 85 88
90 90
90 90 88 88
N 0 & Northeast 4,30 A 1952
9524 958 9584 - 34
-oZia 96 9312
97 97
E4
96 95 95 95
New On Term 1st 48 ser A.1953 8714 89g 88 88
87 4 9012 88 894 8812 90
,
9214 9334 924 94
3
89% 90 90 s 911s 91% 92
/
1
9253 124 -iE- WC:
New On Tex & Mez laser A 1935
95 5 9712 963 98% 98 994 9814 99% 9812 99 9814 994 99 99
5
4
4
8
99 100
/ 9914 997 993 100
1
4
/
1
4
99% 99% 98 98
1st 5s ser B
1954 93 99
94% 9812 98
927 96
99
s
9614 99
9.5 99 9312 964 96 1005 99 10012 95 9911 904 9514 871 92
8
/
1
:
1st 5s ser C
1956 96 99 9 96 974 96% 10014 100 1003 964 98
,
4
/
1
9918 9914 993 10012 100 1011 9818 98%
97 99 9712 99
4
:
/
1
4
1st 4 368 ser D
1956 9012 9212 9112 94
91% 9212 92 93,2 92 923
89% 89% 89 923 92% 9414 89 95 89 90
/
1
4
4
4
89 89
lst 5 Asser A
1954 102 103 10112 1023 1013 10512 1013 1023 101 10212 16- 1T2
4
4
10118 10259 02 103 2 1023 104
4
4
1
4
,
9959104
99 101
967 10012
8
Npt & Cin Bdge gen gu 4
'45 9514 9514 95 95
9512 954 96 4 9614 964 973 97 9738
/
1
,
4
973 973 973 973
4
4
4
4
NY Bklyn & Silicon 5s
1935 100 100
100 100
983 983 983 100
4
4
4
_
NY Central RR cv deb 68_1935 105 106
.
16/4 10512 10713 1057 10712 108 1073 106 107':
10611 107's 1064 1073 FOE- i073- 10814 1073 I65;117 4
8
4
6
4
4
-1
Consol 45 series A
1998 883 90 8 881m 89% 887 9212 91
917 904 9212 91% 924 9114 934 934 9512 94% 9712 9512 97
4
,
8
/
1
94% 97
904 94%
2013 97 1004 9714 9912 97% 101
Ref & Impt 434s ser A
983 1003 9918 10012 9914 101 10018 10112 10118 103 102 10334 10112 1037 10012 10212 98 10258
4
4
s
2013 105 10812 10512 10612 1051 10735 10512 10735 10614 10712 107 108 10718 10812 108 109 1084 110 107 1094 106 108 1035 107
Ref & impt 5s ser C
:
8
NY Cent & Hudson 3Iis. _1997 79 8118 7814 80
79 822g 7914 81
7912 8112 793 813 8112 83
8216 86
4
844 8512 85 8612 845 861: 803 8512
4
6
4
Registered
1997 7514 79
75 78 2 8012 81
7814 7814 78 784 7712 7712 7914 794 8018 8012 83 83 834 85 83 83 8214 82 4
,
,
Debenture gold 4s
1934 974 977 97 983 9715 99
97% 99
8
98% 9912 99%1003 100 100 4 993 10012 1004100% 98%1003
4
98 98% 9814 9914
s
3
4
4
30-year deben 4s___1912-1942 94 9418 93 94
941s 9418 94 94
95 951 9518 9612 96% 963 97 97
9712 97214 957 9814 97 97% 97 98
4
:
8
Lake Shore coil g 334s_ _1998 7614 793 76 78
76 8114 7514 80
4
791: 803 8012 834 824 84
78% 7912 79 80
4
827 8478 83 84
8
78 82
Registered
1998
751s 78
77 77
754 7514 7712 7712 774 79
775 80 4 80 85 4 81 814 8212 8212 8012 804 78 78%
8
,
,
Mich Cent coil g 334s__.1998 78 78
7612 77
76% 8112 7818 79
79 80
/ 824 85
1
4
78% 7912 79 8014 8014 82
83 8318 83 835 78 824
6
1998
Registered
79 8012 78 79
7812 7812
_
---- -- 80 80
7818 784
48_1937 94 98
NY Chic & St L 1st g
943 954 94% 97
4
964 97
963 974 1)6f4 97 97 9559
8
WI; 963 98 9814 99 6714 991 -9E1 4
:
4 IIRegistered
9314 9314
1931 983 9912 9918 99% 9914 lows 9934 161 - 97 166
25-year deben 48
4
100 106 2 9724 fa;it7933 faiii -574 1E.
14
106i ioo2d & Imp? 6s A, B & C.1931 1014 1015a 10118 102 1014 1924 100 1017 101.59101': 101 12 1011 10059102 1003 10214 10214 1023, 101%1024 1003 101%
8
8
/
4
8
1932
6% gold notes
10134 10212 102% 10234 10216 10234 10212 102% 10214 1033 10214 1027 10255103 1013 1023 1004102% 1001410133 99 101
8
8
4
4
1974 10512 10714 106 10718 10612 1073 10612 10712 1067 1073 10714 107 107 1074 10714 10712 1073 108 10441073 102
Ref g 5 36s ser A
4
8
/
1
4
4
8
4
98 4 1023
3
107
4
Refunding 534a ser B._1975 1051z 107 105 4 10714 106% 10714 10618 1073 106%107% 10714 10712 10714 107% 10714 10814 1077 10814 107%108
3
8
8
1074 1077 107%10712
8
1978 93 6 973 94 95
Ref 4345 ser C
4
5
4
3
4
,
/ 943 983 947 97 2 95 4 97% 9614 974 963 98
1
4
4
9712 994 9712 9814 88 981 8612 91% 8012 c90
/
4
N Y Connect RR 1st434aA 1953 984 1004 97 977 97 99
/
1
9712 9812 973 98 4 98 10059 991 10014 100 10114 98 102 101 10314 1001
/
1
4
3
8
/
4
/
1
4
/
1
4
:10114 07 101
1st gu 5s ser B
1953 10112 10112 10112 10112 100 10312 1013 102 103 1034 10318 10318 1033 103 105 1054 1054 10512 10514 10514 10514
4
4
/
1
4
10514 103 1034
N Y & Erie--Ist ext g 43-1947 89 90
____ 92 92
9218 92% 94% 9418
--_---- 92% 93
3d ext gold 434,
1933
100 100 100 100
____
---10018 10018 1004 10018
1930
4th ext gold 5s
- /OF 100 ioo- 100 itio- 100
NY & Greenw L got g 5,...1946 95 96
9612 9612 -664 WI;
---.---664 tibia
2000
NY & Harlem g 3 Sis
8012 804 82 82 ------- .-_80 83
NY Lack & W Ist&ref430B '73 9814
99 90 -951. 766 -95f49959
2 - 19
_-__
ioi101 101 102 1033
4
New York & Jersey 1st 5s_ _1932 10018 101 100 10018 991z 10114 100 101
161 4 ioois feof 1O0i fii4i
- -1;
7
101 10114 10118 10114 10118 10114 it 51 101
- 4
9
Long Branch gen 4s1941
NY &
8618 8618 88 88
-86'z 8659 -i47f2
7
NY NH&H non-cony 46..1947 845 857 -83 s 86
8859 8714 8714 884 89 89 89
887 90
8
87's 891: -57- - -188 2
Non-convertible 334s1947 7814 7814 78 79
813 824 82 823
4
8112 8318 83 83 81% 82
8
83 83 4 814 81% 77 80
,
824 8214
1954 7518 76
79 794 79 7918 -7914 80- 80 803 774 81
78 781 7914 80
Non-cony deb 334s
73% 76% 7614 79
4
4
76 7712 6518 72 4
,
1955 8112 84
8112 84
8514 853 85 87
84 853 8418 8512 85% 87
4
Non-cony deb 4s
4
85% 87 8612 88, 812 87% 82 83
4
4
79% 81
/
1
4
1956 811 86
3
,
81% 8438 79 85 4 85 8512 8514 8614 845 854 8514 86
/
4
Non-cony deb 4s
853 86
6
8614 88% 83 87% 78 8 83
73% 81 4
,
,
773 79
7814 80
4
78 80
783 79
8
774 79
/
4
Cons ertible deb 334s_1956 761 78 2 7412 77
,
783 80% 79 795 7718 81 14 75
s
8
774 6212 73
1948 121 12612 1263 13312 12712 135 123 134 123 1263 12012 125 1203 123 122 125 121 125 117 122
4
Convertible deb 6s
4
4
/
1
4
115 11812 110 11512
131 131 122 131 122 12212 120 120
Registered
125 125
_
121 14 121 14 11734 1173 112 115 110 110
4
4
1940 1043 106 105 166 4 105 10859 10514 10559 1043 10612 10514 10614 1Q51 106 10584
4
Collateral trust 6s
- -3
1053 1064 10514 10612 105 10614 10012 10514
4
1957 7712 78
4
7912 813 7918 81% 794 81
8018 81
777 80
Debenture 4s
794 81
/ 77 79
1
4
803 83
8
66 734
754
4
8
9412 93 95 9214 9312 92% 9414 9414 9612 953 9712 941 83, 755 77% 8512 9114
914 9614 91
s
1st & ref 434s ser of 1927_1967 90 933 901s 92
4
: 973 91
4
96
8918 91 893 8912 90 924 92 92
8914 893 89 90 90 90
8
1st 4s 1954 87 89
4
/
1
4
Mar Riv & Pt Ches
88 88
881: 90
91
973 90 92
4
3
1992 60 8112 5512 6014 5512 6514 5812 6112 55 5814 4518 56 45 4 53
NY Ont & West 1st g 4s
461: 51
49 51
36 401
/
4
43 4912 40 47
5112 4712 4712 42 474 45 45
50
1955 45 50
General 45
45 4712 48 54
40 42
38 41
33 36
3018 3314 26 30
901s 90 2
,
1942
NY Prov & Bos gen 48
914 9112 92
8811 00
-55; 89
88
8513 88
915 9214 -92i Ii7 94% 945 90 9312
8
Put 1st con gu g 48_ _1998
N Y&
8712
4
96
82% 8,5
83% 84% 80 84% 81 84 814 83 80 82 80 83 4
NY Soso & West 1st ref g 58'37 83 8612 83 c88
if
69 - 74 80
72
1937 75 76
75 75
2d g 434s
75
75
75 7759 -75i2
77
7614
1940 75 79
General gold 5s
75 78
71
73
66
7015 73 -66 IOSI- - -Li- - 's 6
98 98 99, 9914 100 100 10014 10014
97 8 993
,
:
4
4
..1943 944 944 993 993 971 99
4
Terminal 1st gold Is..
4
,
10014 10014 9912 99 2
/
1
4
9
6 8812 88 86 883 88 9018 904 923 86 9218 824 87
88 894 88% 924 88 9014 -554 -4
NY Westch & Bos 1st 434s I '46 8612 89
7714 83
4
8
8
4
4
4
4
1950 1021:10512 Kg 1043 1023 105 1033 10412 1035 1043 1043 106 10514 10614 10518 10614 10514 10612 10512 1071s 106 1071 1044 10614
Nord Ry extls f g 634.
/
4
75
dl 67 52 58
65 71
71
Norf & Sou 1st & ref 59 A 1961 5818 6412 6414 72 6714 79
60 55
:
52 57
,
35 39 4 3014 381
40 53
9714 9 32 95 9814 97 97
95 95 89 9612 92 96
99 99
1941
Ist gold 5s
97 973 973 970 84 98
4
4
4
6
/
4
/
1
Nonf & West RR gen g 68-1931
100 4 10 4 10034 101% 1014 1011 101%10112 1013 101% 101%1024 1013 1017 101% 1017 101 102 101 10118 1004 101
3
8
03
8
8
1043 1043
6
8
104%10 8
43
-_-- 10414 10414
Improvem% & ext g 68_1934 10314 1034
---10214 10214 _--10214 102%
New River 1st g 68
1932 10214 10214
4
:
Norf & West Ry Ist cons 48 1996 9114 92% 9012 93's 9114 941 921: 9414 -664 94:- 923 94% 94% 9612 -His l977- -664 -1 ;
4
961z 9754 95 9814
1/
7
1W_ 91
91
91
91
925 9258
6
Registered
1996
90 90
95% 95%
94 943 94 95 94 9618 9814 -- - 963 9714 972g 98
955 99
4
4
0712
Div 1st lien & gen g 4s
1944 913 9312 93 9312 9312 9412 -ei4
4
961: 98
8
4
8
945 95
8
Poca C & C joint 4s
,
3
0514 96
1941 93 9414 92 4 93 8 93% 9412 943 95, 94 94% 945 95
94% 95 954 97
9512 9618 9514 97
14
8
10214 1023
103 4 1041 100 100
3
:
Nor Cen gen & ref 5s A
10112 10112
1974
105 4 1053 1067 1064 107 107
8
3
/
1
4
99 99 98 100
98 99
Gen & ref 4 I-28 A stmpd_1975 99 99
_
1011:104
9494
944 95 4 93 4 933 933 9512 943 96
3
4
3
4
Northern Ohio 1st gu g 5s_1945 94 99
94 9434 95's 98
67
1
6
9812 994 9718 9812 -664 - . 4 -oi- -9-iBONDS
. 15§
9518
.
.AK34 1612. Vit; 86'4
. §6;
-it
-Era
.
6E1
145;
95
.
.. W
IOUs 10734
-664
16614
-564. .
W7;
1134
.
Wis
a
.1i5;
iiig
1-cW14
-Hi - s5
1614
-
E1;
c Cash sale.
7414
16
.
239
FINANCIAL CHRONICLE
JAN. 10 1931.]
1930-Continued.
November December
October
September
August
July
June
May
April
March
January February
Low High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low High
3
93 957 89 4 9514
8
4
1
/
s
9312 967 9412 967 94 97
8
8
8812 9014 885 9218 90 0214 8918 9112 9°34 921! 9114 94
Nor Pac prior lien g 45_ ___1997 89 91
4
1
/ 9312 9312 91% 9238
4
4
/
3
8
9918 893 88 4 89 911 9118 9112 933 92 93
4
883 90
1997 877 88
Registered
86% 8714 87 90
8
8
647 68
4
5
4
/
4
1
/
65 677 6713 7013 691 70% 675 7012 663 69
8
8
4
7014 6514 673 6514 667 6514 67
2047 637 65 4 637 68 66
Gen lien g 35
8
3
Jan
8
3
4
69 6918 6512 6512 65 4 683
6813 69
6513 67
65 65
64 64
6212 6212
Jan 2047 62 62
Registered
100 10112 991 10134 9712 98
4
1
/
4
1
/ 96 9712
4
/
4
8
973 9912 9714 98 2 973 9912 9938 102
,
6
Ref & impt 4 3.4s A
2047 97 985 9512 98 2 -55- 1- 3i -5i,
8
4
/
1143 1111 112 109 11112
4
4
/
4
1
/
8 11214 11512 11112 115 11212 114 11234 114 113 114 11318 11414 1131 115 11112
2047 11218 11412 112 1133
Ref & imp 6s ser B
4
107 10512 1063 10312 10418 10018 104
8
Ref & imp 5s ser C
2047 1035 10522 10312 104% 1035 10518 10412 10614 10512 106 10518 10512 10518 106 10512 107 106 1065 1045 1063 104 10418 101 10214
8
8
4
8
4
4
4
2047 1033 1043 10312 105 10312 10513 10412 1053 1043 105 105 1053 10518 1051 10614 10612 106 104
4
Ref & imp Ss ser D
4
10314 103 4
,
104
Nor P Term Co lot g 68_ _1933 10512 10512
4
104', 1044 10418 1043
-ioi- 161
No Ry of Cal guar gold 58_1938 101 101
7917 78 - - 1
1
7 ;
8112 77 824 7713 7 18 7812 7812 7813 8212 79 8212 7958
1
7934 83 81
8212 81
77 iis;
Og & L Ch 1st gu g 4s
1948 77 80
744 944
95 95 9614 9614
924 92 8
_
Ohio Connecting Ry lot 4s 194
,
10212 10212
10112
66216518 1- 4 102 16i- 101- 161- 102 102 10112 102 10238 10238 155 1 4
1936 lob 166Ohio Rh RR 1st g 5s
101 10118
8 -6611013,102 102
100 100
99 99
1937
Gen gold 5s
45 4
93 95% 931, - -1- 9238 934
9418 96
8
4
9214 9312 554 141- 9318 9312 943 96
8
Ore RR & Nay con g 48_ _ _1946 91 913 9114 9114 9158 93 9212 93
4
/
106%107 1071 109 106 107 104 108
4
1
/
Ore Short L 1st cons g 5s_ _1946 10418 10418 105 105 10418 105 10412 1041 2 105 105 10412 10412 105 105 106 106 106%109 1074 109 106 107 104 108
1
/
4
4
1
/
4
8
,
1946 1037 104 4 104 105 10418 105 4 10412 1053 10514 105 104 106 10512 1053 10512 106
1st con Is guar
,
8
8
92% 945 887 93
96
4
4
4
903 913 9118 93 92% 9414 04 9512 9312 60 --__ -- 50 50
8
Oregon-Wash lot & ref 48_1961 8914 913 883 8912 8914 9314 8812 9114 893 92
4
1
/
554
4
56 603 58 62
,
4
/
Pacific Coast Co 1st g Ss_ _ _1946 60 6112 60 6212 6114 61 4 61 611 60 60 2 55 6012
,
963 9712 9612 10014 9212 964
95 954 951 954 -§Li2 9534 9612 961 9612 9612 100 4 101 10014 10014 100 1004
4
/
1
/
9414 9414 9214 9512 95 95
Pac RR of Mo 1st ext g 48 1938
100 4 1001
3
4
/
100 100
99 994 100 10012
1
/
1938 973 11:10
4
1
/
99 100
4
2d extended gold 58
1
/
1
/
8
1005 10014 1004 1004
99 99
9914 9914 9818 98,5 98 98
Paducah & III 1st s f 4 348_1955
4
10318 1043 11:W4 11i- ioi- 166-.
1
/
4
- -1-12132
RR ext 6s 1958 165- 164 2 155- 1641- 10212 1 4 10212 10314 10258 1033 10314 10412 103410413 16521641 10314 10512 1053
Paris-Lyons-Med
12
8 1071 106 107 10612 107
4
/
4
/
106 1051 1061 105 10614
4
1
/
8
1958 10412 c107 10514 10612 10314 1053 104, 10512 10418 105 10418c10612 104
Esti s f 78
4
103 10112 102
4
1
/
4
4
1
/
Paris-Orleans RR ext s f 5345'68 9934 10118 100 102 1003 10114 100 102 10112 10214 10112 104 10314 10514 10212 1031 1013 1041 10214 103% 102
4
90 93
4
1003
4
1
/
4
4
1
/
8
4
8
Paulista Ry 1st & ref 78_1942 95 997 97 97
95 1003 100 101 100, 1101 1003 10114 10012 103 100 102 100 1001 95 98
4
9638 9858 97 97
4
1
/
8
4
/
5
4
1
/
Penn RR con g 45
953 95 8 9534 9534 9412 A1 957 9712 9712 9712 963 981 98 981 98
3
1943 93 9418 9234 95
8
98 9915 96 9812 95 984
4
1
/
97 99
4
1
/
95 97
4 8
963 9
95
95
9312 95
94 9513
8
4
Con gold 4s
1948 93 95 923 9238 923 97
9914 9812 97 98 4
3
8
9613 971 97 983 963 99
95 96
1
/
8
947 95
Sterling stamped dol bds... 93 95 9214 9258 9314 9512 934 96
9312 93 2 9314 9312
,
9212 9212
Registered
4
i
- 4
- 2
0
10112104 104T4 1 - 164- 1661- 1023 hO4' jai- 16631
/
2
Consol 4 345
4
1960 100 10112 983 10112 i55 161i 10012 1024 100 1023 10012 10214 10112 102'2
4
8
410412 987 1023 9812 103
/
8
8
8
9878 10078 99 10012 9914 10034 100, 10112 101 1033 10212 1035 1011
4
General 414s ser A
1965 9722 9922 98 9918 98, 101
4
1
/109
8
5
8
4
10715 10818 10715 109 10814 110 10812 111 10914 111 1103 112 1063 1123 1075 110 105
8
1968 10614 108 106 1065 10618 10914
General 5s ser B
8
s
10-year 78
1930 10014 10112 100 10038 997 100, 9978 110
-114 2t1163- 10934 111 10514 11 2 i65- 11018
-16- 109- 1-16- 1551-4 1663- 1651
1
/
8 109 109 10812 10812
8
4
/
15-year secured 6345..
1936 10814 109% 1081 109 10812 1097 108 1094 10814 1
8
8
1084 108 4 1083 1083
,
Registered
8 104 10514 jails 165" -9924
-, 4
6414
4
40-year secured g 58
1964 10314 1043 10214 10312 10314 1043 10318 10412 10312 104 1651 1- 2 10334 16c3- 10422 16612 10412 1053 97 100 4 9614 99 8 913 973
11
8
,
4
1
/
,
4
1
/
4
/
944 c953 943 C963 953 965 9614 973 971 98 9838c10012
8
4
1
/
4
5
8
8
Deb g 4 34s
95 95
91 91
90 90
Penn Co colt tr 334s ser A_ _1937 ---- ---2 8911
61-14 -111- 87 87 8714 8714 69 8911 -55 19 4 911 91I 91 91 -551, - 2 - _ - -55 8734
---- 88 • Gu 334s coil tr ctfs B
1941 ----4
1
/
87
90 90
Guar g 3345 tr ctfs ser C_I942 ---- ---- ---4
2
4
1
8784 - '- -553 -4 8914 88/ 893 89 89,
19
S4' 84
88 88 -§1 85
8 88
g 3345 tr ctfs ser 0_1944 -------Gu
4
8
4
/
,
6612 9914 100 934 100 9911 10018 9978 100 4 100 4 1001 10014 10038 10014 10012 10014 1003 10014 100% i6154 1663
Guar g 15-25-yr 4s
4
/
8
1931 987 991 99 91 92
1
/
944 95
94 9514 94 95
4
1
/
913 911
4
/
4
1
/ / 90 91
4
1
/
4
/
4
1
1
/
4
/
3
Guar 45 series E
1952 90 90 4 90 904 90 911 891 9018 89 89
4
/
/ - 34
3 9914 103 100 1011 95 101
4c1011 100 101 10014 10178 155 4 161- 1013,10
4
/
4
9718 983 9838101l 9813 10112 993
Secured gold 454s
1963 97 9914
9912 10112 10012 10214 100 1023s 991s 100% 96 10013
4
1
/
94 98
9412 98
4
/
971 r993 9813 100
4
Pa 0 tc Det 1st & ref4 345 A 1977 95 97 4 9514 9618 9413 99
,
1
/
,
4
1
/
4
/
8
4
4
8718 883 8714 8714 871 8914 88 9014 8914 89 4 884 8814 75 80
84 8512 84 8812 855 863 8618 88
8
Peoria & East 1st cons 45_1940 843 86
20 20
20
20
22 26
26 26
26 26
31
26 31
32 371 31
1
4
/
32 32
32
31
Income 48
31
1990 31
4
/
fa;10258 10314 10338 10312 10313 104 10212 1021 10212 104
8
Peoria &Pekin Un 1st 5 345 1974 101 1023 10212 10312 103 10412 10212 10312 10314 1035 10314 10312 11552
4
BONDS
1
/
4
1
/ 41
410512 1044105 103 10 / 101 10412
4
4 10514 1043
8
8
4
4
4
Pere Marquette lot Ss A _1956 1023 104 1023 10414 103 10418 103 104 1033 10514 1035 1047 104 106 1043 94
4
1
/
90 92
9513 92 94
9318 9412 91
9212 924
4
/
3
8
4
91 917 913 9212 90 9014 901 •9312 9012 92, 91
1st 4s series 18
1936 9012 91
9514 looks
4
9912 10112 101 103 100 1023 9915 101
4
1
4
1
/ / 98 100
97 9811 97 98
s
9712 99% 955 98
1st 4 34s ser C
1980 ---- -941, 9418
98 98
5
9618 9615 963 9712 9718 98
94
95
94
8
945
94 94
Phila Bait & W 1st 548_1943 9313 9313
109 110 8 0912 10912
,
4
i01:1Si4 1083 109 109
_
10714 10714 10714 10918
4
4
Gen 53 series B
1974 1063 1063
228g 23
23 24
23 26
25 27
27
1
/
30 3113 28 3014 24 284 2811 2812 26
28¼ 29 -55- 32
Philippine Ry 1st 30-yr sf4s'37 28 30
103 103 10318 10312 102%102% 10214 10214 10212 10212
4
1
/
10214 102
Pine Creek reg guar 65
1932 102 102 __-- -- 10238 I0238
4
1
/
90 91
4
963 97
-55- 92 94 94
03 93
4
934 96 -55 97
9218 933 9212 96
4
Pitts & West Va 1st 430._1958
4
4 5 9658 92 923
4
1
/
4 4
6
8
9212 943 -554 - 4 93 9413 94 954 -55 145- 96 963
92 9318 935 9514 94 96
8
1st m 4 345 ser B
1939
4
,
9412 944 9612 95 97 9558 498 2 95 963 92 9712
92
1st mtge 435s ser C
1960
9918 9918 984 984
,
9714 97 4 99 100
PC C & St L gu g 4 348 A_1940
4
4
98 993 983 983 98 100
4
Con gu g 4 345 ser B
1942 99 99 9612 98
8
,
1945 9414 9414 9414 94 4 9612 963
Con gu g 48 ser D
---8
5
93 8 935 944 95
Con gu g 3 34 ser E
1949
------Cons 45 series F guar 11_1953
---Con gu a 4s ser G
1957
4
-5.1E8 943Con gu g 4s ser 11
1960
z 101
974 9812
1634 -55- Wi 100 f6fCon gu g 4 Sis ser I
1963 97 97
100
9913 9913
Con gu g 434s ser J _1964
4
a
161318 11017 3- 10614 1077 10613 109 1073 11012 10811 109
.
-8
General Ss series A
1970
4
1073 1073
4
Registered
4
8
Gen mtge Is series B___1975 15i18 108 10612 1067 1063 109 10712 10914
Gen 4345 series C
1977
10112 10112 102 102
Pitts McK & Y 1st gu 681932
---2d guar 6s
1934
Pittsb Shen & L E 1st g 5s_1940 ---- ---1943 ---- -Pitts Va & Chic Ry 4s
4
/
Pitt, Y & Ash 1st gen 4s A_1948 911 9112
1962 0214 10214
1st gen 58 ser B
75
Providence Secur deb 45_1957 75 75
Providence Term 1st 45_ 1956
Reading Co Jet Cen col 45_1951
Gen & ref 4 34s ser A__ _ _1997
Gen & ref 41.s series 18 I997
Rensselaer & Sara 1st gu
Richmond & Fred 1st 41_1948
Richmond Ter Ry 1st au Is 1952
Rio Grande Jet 1st gu g5s.1939
Rio Grande West 1st g 45_1939
1st cons & coil tr 45 A-I949
4
4
913 923
974 9912
94 94
91
92 4 9214
,
8112 8554 82
88
88
4
34
965 16 4 -563'
97
97
09 2
- 2
165- 1641- 1159i8 1- .1- 1554 1111- ii6- 4
,
...- 10213 102 2
----
661-552 - 3
104
163; -96s - 4
967-51 If'
10014 102
102- 1611
/
1574 165-14 1004107
itii 1053,108
4
-55r4 161663-55E4 - 4
is
-15f
4
1
/
102 103
61100- 11
-14
4
99s 9938 10014 10014 10114 161 1023 103 2
4
4
1083 10912 109 111 11014 11113 1093 112
4
/
1021 10215
-14
i664. 1011a 161
1664
4
923 923
4
55- 93
ioiT4 166- 104 104 i5i75
3
9938 1013 101 10218 100 100 4
4
8
987 9914 9912 9912 9912 1001s
4
4
993 993
- 4
4
4
9912 99 1 993 993 101 1611- 102 10212 99 99
,
4
993 100
9814 98 4
,
4
4
9713 9712 973 973
4
100 1015 98 10112 9612 101
1028,10258
10218 103
__-05
112
1E-
---105 105
4
1
/
78 79 ---- ---4
863 863 ---4
10141014 103 103
ioi- 166- h01'
-75E8 16-
1O2'2
4
4
952 953
----
.8
-r75is 76370
70
1
/
,
4
1
/
8
933 9512 94 9512 944 9611 94 9413 9412 95 8
4
933 90 9312 9112 923 92 924
91
4
1
/
96 100
5
4
1
/
9812 10014 99 1004 99 10012 9912 10012 10014 10218 10114 10314 99 1027 99 102
4
1
/
9812 101
97 1014
2
1
/
4
/
,
8
8
993 10
93'8 10413 1903,1028, 1013 103 5 10118 1031 983 102
---10918 113
---711 8
- 74
165 1-6214 103 103
ioi- 101
-55- 166100 100 102's 1021,
1171- - 2 972 I713
97 ii28
97 97
94
6
11 0713 92 94
4
4
1214 92 95
92 94 923 943 94 94% 94 94% 9234 9414 -55- 5- 4 9212
3
79 80 4
84 897 82 85
4
1
/
4
843 8614 864 8914 884 91
84
8
833 883 8312 874 844 857 8414 86
8
8
4
8
997 1005 100%10118 10012 101 10014 1007 9812 1004
8
4
/
8
4
4
1
4
1
/ 9814 99
/
97 9913 9814 98
4
4
9838 993 991 100
1934 953 963 963 98
RI Ark & La 1st 4 411
78 78
75 75
78
78
75 75
75 78
784 754
Rutland-Can 1st gu g 45_1949
-56- 92 9212 9312 -55- 94 877 87, -1714
9012 9111 874 903 8811 8812 88 8918
86 88
8
Rutland RR 1st cons g 4301941
8
4
1
/ / 883 8918
87 87
4
1
87 89
87 87
4
/
4
/
87 87
85 85 851 851 88 88
1947 85 85
St Jos & G 151 1st g 48
10412 10412
St Law & Adlr,2d gold 65_ _1996 101 101 10112 1014
6(fi2 96 96
98 16- 961 1996
Ist gold 5s
997i
4
1
/ 997 --99.s 99
8
997 100
100 100
4
4 -1z 4
4
983 Ii:1 -555 I9 4 -5513 166- -55 991- 997 106 -6574 116- 166- 1162
1931 -55i4
St L & Cairo guar 45
3
St L Iron Mtn & So Ry3
410114 100 4 101 10014 1004
1
/
8
1
/
4
100 1003 100 10012 1004 100 10012 101 10012 101 10012 101 1003 102 1004 10114 1007 10112 99
1931
s
1
/
4
1
/
General Is
3
95 4 9912
,
8
914
8
4
1
/ 995 10014 993 100 4 9 100
4
/
4
8
4
1
/ 9714 98
96 9814 977 983 984 9914 991 99
8
8
4
River & Gulf di, 1st g 45_1933 953 963 9618 991 9634 98
4
4
993 993
8
8
4
1
/
8
St L M Bdge Ter gtd a Ss_ _1930 997 10018 997 10018 99 997
66161
-554 - -- 991 - 2 71
-91- 1i- -55i4
8
88% 927 891, 9111 -552 - z 83) Ill; 893 91
8
cifiSt L-San Fran pr lien 43 A..1950 8713 8912 8713 90
4
/ 85
4
1
/
804
8412 9314
4
1
/
3
8
4
3
Con mtge 434. ser A__ _1978 8812 9114 883 901 897 95 4 9014 934 9214 9414 9014 9378 913 934 9218 9313 92 94
_
89 93
924 94
When issued
-4
1
/ 9718 10034 -55- 161
10234 10414 9955 103
-4510114 103 1023, 10 4
- -1950 100 102 4 100 102 10138 104 101 1034 1013 10314
,
4
Prior lien 55 ser B
4
s
4
8
41013 10112 1013 10112 102 1013 1013 1001s 10158
/
4
5
8
4
4
/
St L & San Fran Ry gen 6s_1931 10018 1015 10014 10114 101 1011 1013 102 1003 102 10118 10118 10114 1013 1011
4
/
,
101 10112 101 101 2 101 1011 101 101 10012 101
4
4
/
1
/
1931 100 1011g 100 101 1001s 10012 1004 1013 100 10118 10014 1011 101 10114
8
General a 5s
4
4
1
/
4
3
10512 105% 104 4 1043 1043 104 101 10212
8
1948
4
1
/
10214 104 1023 1024 1023 102 102 1027 103181035g
4
4
4
1
/
St L Peo & N W 1st Ss
4
4
/
4
1
. 9934 / 991 9934 9938 9934 994 9934
s 4
4
1
/
98 99
8
9812 9812 98 99 -5514 1538 9014 99
947 99
St L Southern lot go g 43_ _1931 -NJ' 1638
913 8913 9112 992 9012 847 8912
4
8
8812 903
4
1989 85 8812 85 1f3- 863s 8913 86 89
4
8
614 8714 8715 885 873 89
Southw 184 54,
St L
4
1
/
4
1
/
83 82 84
4
1
/
79 8013 81
78
1
/
764 7812 7813 82
8112 8112
4
803 803
4
2d g 45 Inc bd etre...Nov 1989 77
4 6614
1
/
410018 99 10014 993 1- 4 -55;1661
/
99
9938
4
1932 971 9 , 977 9812 98 100
8
5,53 9938 99 100 -55i 9958 10014 100 101%103 1001
4
/ 84
9834 100
Consol gold 4s
90 10213
4103
/
101%
9912 101
1952 9712 9914 96 9813 971 100
99 100
9912 101 100 101
4
/
1st term & unify 5s
4
1
/ 9614 99
4
985s 993 98 99
4
1
/ ,
s
9714 977 97 98 4 9712 99
s
4
963 9712 97 98
St P & K C Sh L 1st 4%5_1941 9415 953 9411 9513 9518 c98
------1
/
4
1003 1004
1931
10018 1001s
---St Paul & Duluth lit Ss
---- ---1968
_ 94 If- 9512 9513 ----12
9112 I1
---Ist cons g 45
---991s 991s
__
47
St Paul & Cr Trunk 4148_19
4
99 10014 100% 1003 9812 99
4
993 100
96 963 9612 9714
4
8
1
/
984 983 9812 99 100 100
974 974 98 98
8
10312 105
4 10414 1043
St P Minn & Man cons 45-1933 1034 10312 103
10312 155E81- - 105 105 10511 1053 105 105 103 104 104 104 10338 1043
1933
4
8
663
- -33
161 - 10012 10138
lst consol g 68
10112 1005,101
9912 10014 99% 100'8 100 104 10012
984 9918 98 9918 9918 100
4
1
/
974 100
8
993 99%
Gold 6s reduced to 434a.1933
98 98
973 9914 9714 17 2 -55i 9714
Registered
1 8
4
-5i2
-9 WI;-558 163-oLF8
8
3
8 952, -55,
4
4
1
,
Mont ext 1st gold 48-1937 -55E8 We; 944 945 92 943 -55
-51:14 9214 92 92 95/ 95 4
9012 9114 9114 97 97
go
9012 9012
4
893 92
4
1
/
Pac ext sterling gu 46._1940 1047 1053
- 4
107 1613- 10734 110% 1083 11012 1047s 1094 iniTg 109
4
1
8
8
f6614
4 58 106 106 10612 1061 107/ 9438 9635 941 9612 94 961 92 9412 914 93 1
4
4
/
/
St Paul Un Dep 1st & ref Ss 1972 904 9314 914 9214 1054 10514 165E8 1111- 105
,
4
/
9212 93 93 9334 93 94%
1948
4
1
/
924 944 92 94
10312 10312 10278 103
SA&APIst gull 4s
9912 100 1014 10114
4
/
1001 101 101 101
100 100
foil;
Santa Fe Pros & Phoenix 581942
3
103 4 106
4
1
4103
1
/ /
s
s
.--- 1037 1037 103
1934
103 10314
---. 4
- -1161 1
_
;10134 1611Sav Fl & W lst g 6s
---4 111131934 -1551 - 4 ---- -lit 9512951z 9713 971 95 9712 92'2 94
1st g Ss
,
91's 923 9012 02'2 -55s 9118 92
8814 8814 -6i- 94
Scioto V & NE lit gu 48_1989
c Cash sale.
240
FINANCIAL CHRONICLE
[Vol,. 132.
1930-Continued.
BONDS
April
January February
March
August September October
Mat,
July
June
November
Low High Low High Low High Low High Low High Low High Low High Low High Low High Dna High Low High December
Low High
Seaboard Air L Ry g 4s____1950 65 66
4
8 70 70 683 7018
66 66
603 60
3
6514 66
56 573
4
_- 5112 5112 40 4518
Stamped
6518 6712 65 664
65 663 66 70% 661g 7014 6714 71
4
5512 62 5712 5818 62 56
51
5612 3914 53
Adjustment 58
4
1949 55 59
leis "
5412 5912 54 603 57 6018 55 5714 52 64 "
itis; 30 39
28 30
10 10
4
8
7
5
Ctfs of deposit
4518 49
Refunding 48
1959 52 59
2
58 6012 -5712 601- -58- -- 2 -5514
6
0116' "
- iii" 11" 448 47 "38" Id" "ii 301
145"2 "ii" "ff
.
let & cons 6s ser A
7112 763 69 72
1945 65 713 6912 7512 7212 79
4
45 60 50 54
8
40 61
50 69
2712 4018 17 30
1034 22
Atlanta & Birm 1st 4s
1933 8412 8512 843 86
4
85 4 8812 88 89
86 8812
3
723 78% 75 71312
8
45 55
66 70 6411 6812 61
Seaboard All Fla 1st gu 6s A '35 61 6614 65 72
6534 40 6012 40 473 40 4412 313 4178 20 307 1818 21
8
4
8
7 19
Series B
1935 62 67 64 72 64
42 46
42% 43 34 57
7018 64 6712 64 6414 4618 50
197 30
8
1812 20
718 1812
Scab & Roanoke 1st 5s ext 1931
98 98
_ 94 9812 9812 9812 9812 9812
94 94
85 90
4
1936 11111i4 1-003-4
-1003 1003 ____
4
So & No Ala con gu g 5s
10212 10278 102 102%
foil; 10112 10112 102 102
98 98
1 7 107
-67
Gen cons gu 5s
1963 105% 105%107 10714 10712 10712---107 10712 1073 10814 _--- -- 10812 1087 110%110% 10814 11018
12
- ;
4
10458 108%
923 94 4 93 95
9018 9112 90 8 9212 92 93
So Pac Co Cent Pac coil 441_1949 9012 9238 8918 9112 9014 93
8
3
,
943 95% 9214 95 4 9j1 93's 8818 9214
8
,
946 96
8
9634 100
9778 9912 987 102% 10014 10212 99U 10212 9812 10112 9478
let 40(Oregon Lines) A '77 9812 101
9712 9914 965 9812 97 98
8
8
1934 100 1005 10012 101 101 102 100 102 1003 10212 10014 102 101 102 10218 10212 102 10212 102 10212 0218 10218 10218 10012
8
Convertible 5s
4
102%
933 99
4
1968 9414 99
943 99
9614 983 98%100 4 99 100, 9612 1003 9434 98
4
9512 c99
Gold 434.
9612 9778 9638 98
4
,
4
8
9112 0714
8
Gold 434s w I____May 1 1969 9618 99 9612 987 9714 101
9812 10084 98 100
97 9913 97 100 4 993 1013 100 c1013 98 101
4
8
,
4
96 9812 93 97
12
92 89 91
9212 93 4 9314 94 4 95 953 9412 96
9038 935 9112 923 913 92
4
San Fran Term let 48_1950 91
,
8
913 94
8
4
,
95 96
893 94
8
Registered
87 87
---So Pac of Cal let con go 58-1937 101%102 100 1023
4
103" 163" 103- 103 ---- ---- lOi fOii 10314 1173 8 10238104
"
-5Sou Pac Coast let gu g 4s__1937 96 96
---9212 9112 94
9112 93
,
92 9314 923 9414 9312 95 4 9412 97 95 8 97 8 943 97
Sou Pac RR let ref gu 4s__1955 91 9212 91
, ,
4
4
92% 97
91
91
Registered
94 94
95 4 95 4
, ,
1955
Stamped (Fed tax)
_
9238 100
4
Southern Ry 1st con 5s_1994 IOW, 1101"2 jai" Ii083 Tat" 11112 jai" fib 109 109% 109- 109 8 10914 112
fii" 116 2C112 4 .
- 1- -3
1 1157; 111 4 106 h078 ioi" 116"
-11994 106 106 10712 10712 10814 10814 --------107 107 10512 10512
Reg.stered
10814 10814 10814 10814
1956 8812 9014 8812 9012 89% 93
"
ii" 164" 2 16 88 4 91
Devel & gen 4s ser A
888
8812 92
90 92
; ,
3
86 89 4 83 87
,
Wis
1956 116 118 1157 11612 1163 120 11414 11812 117 118 18852 119 11512 11712 115 11814 11514 11712 11012 11614 10814 113 "OA "
8
8
Devel & gen 6s
1614 91.
1956 122 125 12214 12314 1227 12612 120 126 123 12412 12312 126 12318 125 121%124 12134 123% 11712 1237 11312 119 10814 11014
8
Devel 8c gen 634. A
4
4
1996 10612 107 10612 1065s 1065g 1065 10612 10612 107 10718 108 108 1073 1073 ---- -- 10618 10618 107 107 107 107 112 1153
4
Mem Div let g 58
8
4
100
4
9218 9212 92 9212 9112 9212 92 92% 8912 100
898 923 903 9214 92 927 92 9214 92 92
St Louis Div 1st gold 4s_ _1951 8718 8812 89 89
4
8
9212
East Tenn reorg lien 58_1938
10018 1004 100 100 --------95 95 10012 10012
101 101
4
915 9314 9328 9414 933 94
4
Mob 8c Ohio coil tr g 4s1938 9015 92
4
4
9518 9412 95
4
9012 9512 943 95 943 94% 95 9512 943 953
0312 9512
Spokane Internet 1st g 58_1955 68 70
70 70
70
72
70 7112 63 65
613 66 61 6212 58 58
8
50 504 44 50
61
6418 61 66
8212 8612 -___ ____
Staten Isl Ry guar a 4 As....1943
87 87
---- ---- __-- ---Superior Short Line 1st 58_1930
- ---- ---- ---- -957- -9-9-7a- ____ ___. ___. ---8
'47
Tenn Cent 1st 6s"A"or"B"
9712 9914 984 9918 97 9814 9512 9818 951 9612 95 96
953 963 95 965 91
4
4
8
95
87 907
8
Term Assn of St List 04345'39
9818 981g
9838 9918 99 9912 99 100 10014 10014
100% 10114 017 102 10112 10214
g
1894.1944 c993 102 1013 10212 1015 10314 102% 103 102 104 102 10312 10312 104 10412 1045 105 100 104 104
let con 055
4
4
8
8
04 105 10314 10312
1953 873 8933 8714 887 883 9112 90 9112 89 90
4
Gen ref. f gold 48
8
4
41
4
8918 9012 8838 918 9118 927 923 05
92 943 9112 934
8
4
Texark & Ft Sm 1st 5348 A..1950 10412 10514 105 10612 1047 106% 1037 10511 10412 105 2 10334 10512 105 106141105 10612 106 10712 104 10714 0014 10412 88% 92 •
8
,
10018 102
1943
Texas & N 0 cons 5s
_ 9912 993 9838 983 10012 10012 101 101
4
s
2000 10612 1077 107- 10814 . .5714 110 - 10814 110 1085 111 1091k 10934 10918 11012 11012 11212 111 111 4 108'2 11214
Texas 8c Pacific 1st g 5s
1
-8
- 310712110 ioL" 1611977 9834 10118 987 1007 10012 10412 10012 1023 10112 1027 10112 1023 102 1027 10218 10338 103 1037 1003 1033 09
Gen Sc ref 58 ser B
4
4
8
8
8
8
4
1007 9412 0053
8
1979 987 10184 99% 1003 10012 10412 10012 10212 10112 10318 10134 10234 1013 1023 10214 104 10318 104
Gen & ref 58 series C
8
4
4
4
9912 10.312 9812 1013 94 9912
.
1931 9938 101 100 1005 10038 1013 100 1013 100 10012 1001g 10058 10012 10012 10012 101 1074 107. 2 38 10
La Div B L 1st g 5s
8
8
4
003 001
8
: 014 08012 100% 10014 993 100
6
4
Tex Pac-Mo Pac Ter 534s_1964 10412 10512 10512 10612 106 1067 104 10 7 1051 067 106 107 107 1073 107 107 4
8
0 18 00
62
0
4
8
1
8
,
10712 108
Tol & Ohio Cent let g 58_1935 9912 9912 997 103 9912 9934 10014
10012 98 1003 10012 10012 100 4 101 10114 10112 101 10112 1003 1005 101 foil;
,
4
8
8
g 5s_ __A935 98 98 100.38 100% 100 100
Western Div let
---- 101 101 100 10038 10012 100541
10018 10018 100142 100%
1935 98 98
Gen gold 5s
9715 9718 9718 100 ___ _
9714 971---------9934 10012 1007 101 1008 1007
8
Tol Peoria & W 1st 4s (flat) '17
9118 "OF 92
9118 91
Tol St L & West 50-yr g 48_1950 91
"9313
I2 4 "ioEs 11 "Or If
3
;
-3-50 93
9114 93 "Oa
92
Tol WV &O let gu 434sA193i 9812 9812
---100 116
"
---- 997 997
8
8
1933 9818 9818 9838 985 9914 161; ____
1
let gu 4.0 ser B
8
--.
10412 10118
9
0
12
---1942
9212 9212
1st gu 4s set C
95 95 ----Toronto Ham & But let 48_1946
8814 90
8838 885 59l 893 -lora -- 6""
"8
90C.2 6 7
- 4
6
93 13- 9112 9318 9012 91 _
679 9018
Ulster & Del let con g 5s__ _1928
90 90
3 8312 8714 81
82
Stpd as to Dec'28&J'ne'29 int 84 85
g018 82
8
75 75 Ws IF 7214 c74
77's SOle 70 745
6712 69*
Certificates of deposit
7014 70 4
,
1952 51 54
55 55
00 18 "Ws 1018 %Brit lics 40 48
1st refunding g 4s
41
41.
io 60
8
9312 9438 93% 965 93 4 96
Union Pac RR &Id grt g 4s 1947 933 95
8
,
9412 95 4 9518 9712 9614 97 4 9614 99% 98 99 4 9512 9912 973 9988 9012 993
,
3
,
2
4
Registered
1947 9114 93
92 93
9273 92% 93 4 93 4 93% 9412 9512 96
97% 97% 953 953 9458 9538
, ,
8
2008 8918 913 887 9014 8912 93 89 9112 89% 9112 905 9212 913 93% 9274 95 4 -134E8 978 95
4
let & ref 48
4
%
8
9714 90 96
, 8912 9634
96 98
1967
Gold 430
9614 9712 96 4 100
9933 10014 100 10112 10014 1011 10014 102
,
9714 100
973 99
4
98 4 100
,
4
994
974 100 2
,
2008 10612 110 10718 10812 107 110 109 10914 108% 109% 109 10914 0918 110 1093 1093 110%112 111 11112 111 101
1st & ref 58
8
8
1113 10718 11112
4
1968 8714 8914 88 8833 8818 91
40-year 48
8814 9012 8812 91
8
8912 9012 897 9112 9114 92% 913 93 2 90% 94
4
,
9055 9212 '875 9234
8
87242d NJ RR & Can gen 4s1944 __-.
9318 9312
9318 94
9514 9512
94 96
9814 99%
97 97
96 97
1933 ____
Utah & Nor 1st ext 48
9814 1110
1955 ____
Vandalla consol g 4s
93 93
--- ---- 9412 9 4
95% 95%
43
. -18 97 97
95
3 818 8%
714 87
Vera Cruz & P asstg 1st 43-68'34 812 9
7 10
8 103
8 84 113
4 888 9% 612 612 4
Oil
1931 9818 9818
101 101
Va Mid 58 ser F
oii" 166"
100% 10018 10018 10114 10018 100 8
,
1936
General 5s
100 8 101
3
0012 10012
10114
111 10012 166 10012 10012
1
;
10112 10112 10112 102 10114 10 4
12
23
99 99 99 100 10112 10112 99 99
99 99
Va & Southwest 1st gu 52_2003
9812 98% 812 100
99 99
97 9712
8514 87
1958 847 87
8612 9212 92 923 85 87
let corned 50-yr 5.
4
85 854 85% 863 873 9014 897 90
8
4
4
8314 87
85 85 101 10538
Virginian Ry 50-yr ser A 581962 10218 106 103 10414 103 107
0312 10512 10414 10574 104 10614 104%106 4 10618 10812 107%10912 10612 109 10518 10612 101 103
,
1962
_ 10034 10112 101 102 14,014 10214 9984 101 12 90
let mtge 43.4s ser B
9912
1939 ielifs 162 ii5i" 11 4 10112 RCA 10138 la; 10184 103 loi" 161" iOa 104 10312 10414 103%105% 0212 10414 998 10314 96
Wabash 1st g 58
2"114
8
1939 09121013 0034 10114 1004 102 10012 102 10012 102% 101 10218 10114 102% 10012 103 100 8 102% 101)33105 100 1014 9112 100
2d gold 5s
3
971
4
1975 102% 1033 1013 104 4 10312 10512 103 10414 10314 10514 10312 105 103%1043 103% 105 104 10614 00 1090: 98 101
4
4
ser A
3
Ref s f 5lie
4
800 1 04 2
6:22
0132
86 8812
85 85
1st lien 50-yr gold term 4s '54 84 86
87 87
-1941
Det & Ch Exist g 5s
Coi" 102 102 10112 10112 102 foi"
10312 103 2
,
--_
-_
Des Moines Div 1st g
927 93 ii" 6 9312 9312 9312
8
92 92
14
8614 86%
48_1939--- 4
Omaha Div 1st 3%8_1941 8114 8114 833 83 - "8514 86 "Or 863
4
8
4
4
843 843 853 85%
8
8
87 87
863 9312- -- 9214 931
4 87 8 8614 873
,
4
90 90
Tol & Chicago Div let g 4s'41 8814 8814 90 90
8914 908
9014 9012
4
9314 9335 --------84 9314
1976 98 1003 973 10014 99% 10214 993810133 loci" 161 9912 10114 100 101 1
4
8
Ref & gen 58 "B"
- 1"2
1
1
0038 fa- i 10084 16 4 9314 10114 91
9512 77 87
1978 88 4 9338 90 913 9112 9512 91
94 93 9414 9112 93 4 92 9312 93 933 93 4 95
4
3
Ref & gen 434s C
4
3
874 9312 863 884
3
4
Ref& gee 5s series D__1980
1003 1023 94 1015* 9118 97 2 94 944
4
--8
,
7212 7212
Warren RR ref gu 3Ms__2000
7212 7712 ---_
8014 8014 8014 8212
81
81
4s__1948 /133 8814 90 90 "8514 57
8
Wash Cent Ry let g
921
4
85 8514 85% 85% -Oil; 116(2 "i35r2 8613 "8814 "8:0Y2 -863 - 1
Wash Term 1st gu 334s_..1945 5414 86
4 114
89% 89% 89* If " "
" ii
1945 834 8314 90 90
8412 8412
1st guar 40-year 4s
935 931
4
4
4
Weathf MW&NW 1st 58_1930 993 993
99 4 99 4 054 993
, ,
"ii" WA;
1952 80 8112 8012 8112 81 84
82 83 "Oti1- 8484 "Ai" ITI1"2 " 4 11;- "8512 WI;"ii 8938 -i5T2 58 "8012 15
2
West Maryland 1st g 4s
823
.- 89 9512
95% 97
1977 945 97
96 101
9812 993 9914 100
4
1st 8c ref 51.65 A
98 99 4 98 100
9914 10212 101% 102 4 9712 102% 95 98% 1004 102
,
,
OS 10112 100 4 102 10112 102 10134 1017 10114 10214 1013 1023 102 1021s 10214 10312 1013 10318 10218 1023 9212 94
8
3
West N Y & Penn let g 58_1937 1007 102
8
4
4
4
8
9014 92 2 9018 9212 9112 9214 91
1943 8818 89
,
917 9158 9134 925 92% 9318 9414 93 9512 94% 95% 93 94% 864 89514
General g 4s
8
8
9712 9814 977 98% 9814 99
8
96 9812 9512 9718 9612 98 2 98 99% 983 99% 9312 9912 907 975
Western Pacific RR 1st 58 A '46 98 99
,
4
8
4
97 97
Registered
87 933
-4
-18 85 4 88% 8812 91
3
2361 86; 89
871 16" 8814 89 "8O18 "IRO; 8933 9238 89 9284 "9212 9414 "oi" 147 "Oir2 94
West Shore let 4s gu
".
8418 90
3
8534 89
864 88% 863 87% 8614 88 8618 91
5
2361 85 8 8712 85 4 88
4
Registered
89 9012 90% 93 90 9312 8818 013 91% 9114
4
Wheeling & Lake Erie
10012 10012
1930 ---- -Eaten & Impt g 5s
s
3
928
1966 90 90 "Hi "0"1"1"2 9118143; 90 4 94% 92 9212 -Bit; - 4 652 1
95 - 4 "
44 94 95
1/g1- in
97
Refunding 434s set A
--__
_- 99 101
10012 10012 10054 1003
4
1966 983 100
4
1007 100% 10114 10114 101
Refunding 5s ser B
s
89 8912 8712 875 "
8 iiis 188
59012 9214 924 93
Wh & L E RR let con g 48.1949 8814 8838 89 894 89 89%
0214 9212 89 9214
66 71 "0814 1 12 6614 67
/6
6518 667 64 64
8
5814 60
50 58
gu g 5s-1942 6212 6712 624 68
40 55
Wilk & East 1st
40 45
102 102
1938
10212 10212
Willmar & S F 1st g 55
"8014 WI;
85
294 94
62 8
92'8 - -3- "iO" 16"
Winston-Salem S B 1st 48.1960_ --8
"8181 WI; -11114 i831" 80 8212 -iii 82
4
"fi" 758 70 "
iii2 70
,
73 7714 67 75 4 58 6414 irris
'
Wisconsin Cent 1st gen g 43 49 79
86% 88% 85 4 873 86 864 858 86% 85% 8614 8512 8612 83 83
8
3
4
3
1936 88 4 918 90 9114 8818 90 88% 90
Sup & Dul Div let 4s
65 65
90 4 90 4
3
,
Wore & Conn East Ry 4As.1943
14 1-61-14
MANUFAC.& INDUS. BONDS
,
12
82 8 8312 82% 88 8 86 87 85 87
5
7
14 414 85 g 8412 8618 864 86% 8314 873 68 83 69 73
Abitibi Pow & Paper 1st 58.1953 8214 84
8812 7414
4
Abraham & Straus deb 5;28'43
98 9912 9812 9912 97 10112 101 10312 10112 10212 99 10112 9912 100 8 9912 10012 100 102 1004 102
,
96 100 4 89 97
with warrants
,
845 89
8
843 8612 85 90
4
87 90
88 8912 89% 92 89 92
89 9012 80 8318
Adams Express col tr g 4s._1948 82 8414 8314 8412 83% 87
9814 100
98 100
9612 100
97 10012 98 10012 97 4 9812 97% 99 92 4 9012 95
99 100
963 8912 96
8
,
,
Adriatic Elec Co ext 7s____1952 96 100
4512 497 454 80 60 65 60 63 60 6012 60 86
8
60 BO
12 12
4518 5518 25 25 8 24 24
,
Max Rubber 1st 15-yr s f 8s 1936
812 9
514 514 514 514 5U 514
7
7
1925
8
12
Alaska Gold deb 6s A
7
9
514 514 514 514
"
Li4 -1
4
9
9
1926
8
Cony deb 68 ser B
8
94 964 9312 "tii" -Oils WI; o5r2 94
9312 94
"
9314 9412 92 93
9312 94% 9314 95
1948 -OF IC 90 9111 90 9212
Albany Pert Paper 68
102
1
97 102
9714 10112 0012 101
,
79 9112 63 82
98% 10012 78 99
Allegheny Corp coil tr 5s 1944 99 100 4 9938 10212 10012 104 4 10014 104 10012
,
%
61 8112
a
1949 99 1007 9914 10212 10012 10412 10014 10414 100 10112 9714 10112 97 100 4 9878 9978 9818 100
80 98% 80 91
Collateral & cony 5s
97 994 9612 9812 9612 974 92 97
9214 9612 9412 953
_Col & cony 58
1950
7912 9613 7914 8812 62 79
10212 0114 10214 101%10278 10138 103 4 954 97
4
- 4
10138 102% 1013 102% 10018 1013 100 102
Allis-Chalmers Mfg deb 53_1937 9934 10114 9934 1151 .- 10014 10112 101 1013 100%
8
947 9712 94 96
8
95 9814 9612 9814 96% 100
93 95
9512 c99
95
Alpine Montan Steel 1st 7s 1955 91
92 96 2 88
9212 8518 8812 8218 88
,
4
Am Agile Chem 1st ref 7 Ms 1941 103 103 2 c103 104% 10212 1043 10338 10512 10312 105 0312 1041 103% 10414 10234 105 104 10514 10312 10412 10334 104 102 104
,
85 87% 80 85
70 7812 66 69 6318 6312 50 6412 46 50% 45 47% 35 40
777 86
s
SO
78
Amer Beet Stift cony deb (is 1935 75
79
,
4
9912 10014 9958 10112 9712 102% 9812 1013 0114 101 4 101 101% 10114 10214 1013 102% 1104 103 100 102
Amer Chain Co deb s f 68_1933 97 100
98 1003
4
4
3
99 100 4 10018 10012 10018 10014 10014 101 100 2 100 4 10012 10052 100%1003 1003 100% 100% 1007s 10034.101
, ,
Amer Cot Oil deb 58
993 100
8
1931 99 100
4
4
c Cash sale.
s Option Sale.
JAN. 10 1931.]
FINANCIAL CHRONICLE
241
1930-Continued.
BONDS
srI
September Octob.r November December
January February
FAtipus
March
April
May
June
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Amer Cyanamid deb 5s__1942 96 9812 96 9712 9714 10012 9714 9 4 973 9914 9712 9878 9413 9714 9714 9914 98 9912 95 9814 93 97
92 99
4
9
Amer & Fe reign Power 5s_2030
7418 817
8
4
8
88 8812 8612 89 8612 88% 8812 9012 8612 983 77 877 80 84
Amer Ice s f deb 5s
8312 85
88 90
84 86
82 85
1953 863 8914 87 87
4
87ls 88
87 88
8612 87 87 89 84 84
794 86
Amer I G Chem 55is w i1949 100 1047 100 102 102 10814 10618 10812 105 1073 10112 107 10233 1063 10553 1063 106 10812 100 104
97% 1014 95 994
8
4
4
4
Amer Internet Corpconv5129'49 93 963 94 9612 9412 101
9513 10014 92 984 8714 92 4 87 9114
,
8
99 10114 98 100
93 100
9513 99
94 2 98
,
_ 104 10414
Amer Mach & Fdy s I 6s_ i939 1033 10512 1034 1057 104 104 1033 104 10518 1053 05 106 105 105 104 104 104 104 104 4 1064
,
4
8
4
4
Amer Metal 5 yi
9134 94
notes
I934
-14 85 93
9912 9934 9718 9958 9612 97 8 96% 973 9614 97 8 964 97 2 93 97
5
,
7
8
42 56
7914 7612 74 823 8613 91
55 77
28 45
Amer Nat Gas Corp deb612s1942 70 75
7518 80
873 9112 80 89
4
7114 82
75 78
s
,
Amer Smelt & Ref 1st A 5s_1947 10012 1013 9918 c102 1007 102 10018 10218 1005 10178 0112 1023 1014 10212 10214 104 102 103% 101 102% 10112 10212 101 102 2
8
8
4
4
Amer Sugar Ref 15-year 60_1937 10314 105% 10312 104% 10314 10414 10312 10414 103 104
2
017 104 1023 10414 10312 10414 103 10414 103 104 103 104 10318 10453
4
9912 10014 9912 10012 97% 100
8
Amer Tel & Tel cony 4s
,
I936 9712 98 94% 95% 95 9712 9714 98 973 98
9814 100 100 101 10014 1011s 98 8 1007
4
20-year cony 43.0
4
1933 994 100
1003 105 100 10013 9978 101% 0012 10212 101 102 101 104 101 102 101 102 101 102 10018 1018
8
30-year coil trust 5s
1946 103 1043
4
8
4
fdirs 10314 105 10334 10512 1043 10514 10434 10512 1043 10614 10514 1064 10512 106% 105 10612 105% 10612 104 108
105 105
Registered
103 103
10312 10322
3
IS-year a f deb 5s
1960 10038 104 1004 1027 102 105 10253 104 10334 104%
1064 10618 1071_ 10584 10784 joira I06 - 102 1062
8
10453 fdi
20-year a f 5;is
,
1943 1043 10714 105 106 10512 108 1063 10712 10614 108 10712 10812 10714 10812 108 1083 10814 10912 108 10912 108 109 108 4 1084
4
4
4
Convertible deb 45is
,
1939 13714 14512 14334 16012 1564 18512 1643 193% 155 179 160 178 16012 168 160 166 15718 164 142 159 13714 147 118 138 4
4
35-year deb 53
8
1965 10018 10118 1004 10134 1014 105 1023 104 1035 10478 10438 105 104% 107 106 c107% 106 108 10614 107% 1044 1067 10214 108
4
8
Amer Type Founders deb 6s'40 103 105 104 105 10418 106 10412 107 10512 106 105 106 104% 10412 105 106 105 106% 105 1063 1044 1054 1034 1054
4
Amer Wet Wks & Elec col 53'34 9934 101
4
4
9912 10012 10014 1013 10012 10218 100% 103 101 10112 1003 10114 101 102 10112 104 1013 1023 101 102% 100 10212
4
4
Deb g 6s ser A
1975 10414 10612 105 10614 10534 108 10612 10712 104 10714 105 10714 10512 108% 106 4 10712 10688108's 1043 108 101 103
994 10214
4
,
Am Writ Paper 1st 6s
1947 69 7912 78 82
524 68
79 84
693 78 624 65
4
80 84
SO 83
78 823 774 8012 7718 7812 78 SO
8
Anglo-Chil Nitrates f deb 75'45 834 88
8512 897 90 95
8
93 96
9312 9812 9012 97
90 97 2 9612 974 9112 967 794 9112 70 82 88 76
,
Antilla(Comp Az) 734s A I939 49 52
50 52
15 20
14
18
50 55
idi_ 19 25
49% 51
497 52
8
21 49
24 25
Ark&Mem Ry Bdge&Ter 55 '64 9814 100 100 100
8
8
102% 10518 1033 103% 1037 103 s
7
101 101
993 101 loofa 16628 101 10312
4
HOZ,
Armour & Co 1st 45s
8412 9012
1939 88 8912 8814 89% 8718 - 12 8812 9012 8853 9012 89 903 89 4 92 ---i
8
88% c943 8918 91
01
8
- 92% 94
,
91 8
7618 8112 71
Armour & Co(Del) 1st 534sA'43 8214 85 824 85% 8118 863 8212 35 8212 85 8012 8412 804 83
82
4
4
814 8314 77 823 7278 79
Associated 011 6% notes I935 102 103 10214 1023 10212 10312 10212 103 10212 103 103 103 2 102%10312 103 164 1034 104 4 10212 1033 1024 103 1013 103
4
4
8
,
,
Atlanta Gas Light iat 5s 1947 1013 1013
4
4
10238 10238
1034 1034
42 1
Atlantic Fruit 7s ctfs dep_1934
_
7414 771, -iols 80
Atl Gulf & WI SS L col tr 5s'59 734 76
76
7812 758 66 6912 ifs 68
if -.Kr4 75 68 74
if -7322 741 -73r4 74
Atlantic Ref deb g 5s
1937 100 10118 10014 1003 10012 10212 101 4 103 10184 10214 100 10212 100% 103 102 103 102 10312 101 103 101 102 100 10212
4
,
Baldwin Loc Wks 1st a f5..1940 105 107 106 107 10612 107 1063 107 107 10712 107 107 107 10718 107 10718 107 1074 107 1073 10812 10712 1064 107
4
4
Baraqua (Comp Az) 7%a_ .1937 8714 91
854 8714 8114 8514 7714 8114 7614 7814 75 76
44 50
70 72
73
74 75
73 74
71
4
4
Batavian Petro deb 4 34s
1942 9234 933 9234 9513 9278 9512 92 03 925 941 933 943 94 95
12
8
8
943 95% 93% 954 93 954 94 958 92 9412
4
4
69 75
70 75 67 70
67 74
73 81
Belding-Heminway 6s
1936
75 7812 7812 80
85 904
77 81
80 8612 81% 85 8212 85
Bell Tel of Pa 1st & ref 5...1948 103% 106 102 10512 10278 105% 10438 10614 10412 10512 1043 106 1053 1074 1053 10712 1063 10712 10618 1073 106 107 10418c1084
4
8
4
4
4
1st & ref 5s A &0
8
1960 10512 1063 1035 106 10418 10818 10612 1073 10678 1073 1067 108 10818 109% 109 110% 1102 12218 1103
s
4
4
2
413127 110 111 1074 11214
8
4
Berlin City Elec Co 6 Jis
90 9112 90 9718 92 c97h 91
1951 88 91
70 79 4 66 7814
9488 88 94
90 92
7014 82
,
8812 92
78% 91
Deb a f 63
87 89
88 95 92 96
-Is
1959 84 4 90
3
9014 9312 87 9312 884 923 883 92
70 78 6618 72 4
8
70 80
4
80 91
,
Berlin Elec Elev 1st6 s.-_1956 86 9114 90 9214 897 9512 9214 96
8
9114 9314 8712 921 88 9012 90 9112 7912 92, 73 81
70 8012 67 78
2
Debenture 6s
1955
12
78 834 6312 7612 63 72 84 7114
Beth Steel 1st & ref Is ser A '42 10112104
ocl05 10224
icii" 10118 10312 l027
105 jails 164I3 103" 105 103 1043 102 105 1024 C106 100 c107
4
Purchase money Is
1936 993 10112 101 104 1003 102 101 102 10112 103 'Oils 103 1014 103 1017 10314 10212 10312 10114 102% 10112 103 9712 102 4
4
8
4
,
Con 30-year s f 6a ser A 1948 1047 105
8
Con 30-yr a f 53Is ser B 1953 1067 10718
8
Bing & Bing deb 6 14s
89 91 - 88 90
-1950 86 4 90
9090 86 87 -id- 16- 88 90
91
92 -17)&4 12 83 9112
90 91
,
Botany Consol Mills 63s 1934 40 47 40 42
40 4414 3512 42
37 40
35 3812 3418 363 344 35
343 3512 35 38
4
35 37
4
33 38
Bowman-Biltmore Hotels 7s '34 101 105 102 10414 1027 105 100 103 10014 102 10012 101 100% 10214 102 10412 102 105 10112 103 98 10112 97 10012
8
B'y & 7th Av 1st con g 58_1943 35 444 36 474 38 403 34 38
9 10 2 1012 104 712 10
16 29
14 18
5
712 5
814 5
4
,
84
,
Certificates of deposit
5
5
44 6
Bklyn City RR 1st 5s_1916-'41 8212 86 83 84
8314 8418 84 87
81 83
78 80
78 88
85 863 85 85
8
84 84
84 84
85 854
Brooklyn Edison gen 5s1949 103121054 104 105 104 105% 104%105 10414 105 1043 1054 104 105 4 1053 1063 10512 10614 104% 10614 105 106 10512 106
4
8
,
8
7
Bklyn-Man Tr sec s f6s____1968 9412 96% 96 98 9714 101
9714 993 9712 99% 96 100
96 9914 983 993 9912 10178 9812 1014 97 8 1004 944 99
4
8
4
Bklyn Q Co & S gu g Is stpd '41 7112 75
76
70 c80 68
76 76
68 76
71
73
64 6812
70 76
70 72 69 70
71
75 4 7112 77
,
1st 5s stamped
c81. c82
1941
87 92
8214 87o
Bklyn Un El 1st g 4-5s
91 94
8218 87 2 85 8812 88 9012 90 94
1950 84 88
85 88
854 883 87 8812 82 87
4
,
Stamped guaranteed__ _1950 84 863 85 88
843 88% 863 894 833 8812
4
4
4
4
104 lOS iOais 1681- ioeio 11111- 105 fdlis
- 2
2
Bklyn Un Gas Co 1st est g 5s'45 10412105 4 10418 105 1043 10612 1043 106 10514 107 1058 107 103 107 1:e533
4
4
,
1st lien & ref 6s A
s
116% 11
1947 11412 117 114 114 114 114 11484 1148 115121153 115'2 1151z
4
4
0118 11814 11718 1177 1174 118 117 118
240 240 232 232
Con, deb 53-.0
306 306
1936
310418 10514 10318 104 8 10212 1014 b001 20312
10234 103'2 10314
Convertible debs 5s
5
1950
Buff & Susq Iron lat f 5s_1932 98 96
Bush Terminal 1st 4s
4
93 2
1952 8714 8912 8712 WI;
6687'4 90 -90- 16- -6514 161- 9013 92'g -62- WI; -65- - - -1- 8714 8714 88 88
3
Consol 5s
6:64 9824 9534 9712 97 9812 9712 10614 9938 102 1103 10134 100 102 96 10134 9734 10078
.
1955 94 9612 9638 98 964 99
4
4
Bush Term Bldgs stpd 1st 5s'60 10014 1023 1003 101, 99 10214 993 1014 10014 10112 10012 1013 10112 1024 10153 103 1034 1043 10112 10412 1008 10212 1003 103
8
4
8
4
4
4
By-Prod Coke 1st 53is AI945 101 10218 10014 10112 10012 10418 101 103 102%10314 102 103% 101 10214 10214 103 10312 10511 103 10412 102 103 2 102 103
,
Calif Gas & E unif & ref 5s 1937 10012101 4 1003 1027 1004 10112 1014 10114 10114 10214 1013
8
8
8
8
4102 4 102 1023 102% 10314 10312 104 1027 10414 104 105 10214 104
,
,
Calif Pack cony deb 5s_1940
99 9912 93 4 9914
3
Calif Petrol cony deb 8158.1939 94 943
- -1
6614
111 -6Ols C66- 9814 16(2 -9514 1- 2 9914 100 -65E4 100 -OA 160 4 9934 frkil; -iiTz 166- 97 9812 94 9714
;
Cony deb s f 5;is
4
8
9912 102
1938 9812 993 99 10014 9912 102 10112 10214 1013 10212 10134 10212 1013 1023 102 10312 1011210212 9912 103 100 101
4
4
40 4018 40 40
33 41
Camaguey Sugar lots f 721_1942 58 60
33 37
38 42
39 42
47 52
42 46
59 59
56 58 50 56
Canada S S Lines 1st 6s
7912 83
7714 82 4 62 64
,
95 9512 874 88
56 62
1941 9512 95 2 944 9512 9512 97 96 97
96 963 95 96
4
,
4
4
Central Dist Tel 1st Is.... _1943 10218 1024 1024 104 1023 104 10312 103% 103%10414 10341043 10412 105 1043 105 1043 105 105 10518 104 1054 105 105
8
8
80 4 86
7914 7912
,
Central Fdy 1st s f 20-yr 68_1931 80 8112
8112 8112
81 81
---- 8014 8014
7914 80 81 81
612 1054 10534 105% 106 iools 1611Cent Bud G & E 5s____Jan 1957 10214 10238 10212 10212
104% 106 105 110312 10312
- 2
10418 10418 ---1117 115 115 120 115 120 115 118 11012 114
8
Central Steel 1st s f 8s
1941 121 122 122 12314 12314 125 12412 125 125- 11E4312 4712 384 45
32 39
4512 52
25 324
Certain-teed Prod 5 yis A 1948 54 58
4412 5112 371, 47
40 55
51 603 50 56
5514 61
4
50 70 55 63
687 .58%
8
Cespedes Sugar Co 1st 73is '39
,
7413 7814 70 7512 70 74 8 70 75
60 6012
Chicago City & Con Ry 5s_1927
5312 5312
10114 14'10153 162 4 102'2 104 10214 foil; 11.8212 112T31- i02r4 1633- 10284 1O3* 1018* 10314
- 4 .
4
Chic Gas L & Gist (lug 5s_1937 loO- 161 iOols162- 101 1024 10153
-- -178 c8214 8018 78
74 75
77 80
79 83
64 72
Chicago Rys 1st 20-yr 5s
78 8312 79 81% 80 85
70 80
1927 74 7512 69 72
8712 90
85 90
Childs Co deb Is
88% 9112 8812 92
7612 874
1943
8814 92% 87 91%
Chili Copper Co deb 5s___ _1947 9412 9614 95 953 95 9814 94% 9712 95 9612 94 9612 9412 963 953 9712 9412 97 2 89 95
4
,
4
4
Cln Gas & Elec 1st mtge 4s1968 8618 89% 87 8814 8712 907 88 89
8
,
3
8
8814 8912 883 9018 8912 91% 907 92 4 91% 93 8 9218 9314 92 9218 9014 9214
4
Clearfield Bit Coal 1st 4s_1940 63 83
66 665 68 70
8
74 77
74 74
72 72
7614 77
441 53 41
Colon 011 6s cony debs
1938 71
7912 89 4 80 2 8512 76 83 60 75 -612 66
65 69
55 66
78
75
,
63 66
,
55
Colorado Fuel & I gen a f 5s1943 95 9818 9612 98 97 9818 963 9918 96 100
8
99 10018 9812 993 98 99 994 100 2 98 9912 954 99
,
97 081s
4
Colorado Indus 1st coil tr 59'34 9212 947 934 95% 94 8 96
8
,
95 98
945 963 94 9653 957 92 4 96% 9912 964 9712 918 97 8453 93 8712 90
4
,
Columbia G & E deb 58_ _ _1952 98%10012 9914 10012 993 102 4 10012 102 1003 10212 101 103 1013 1023 102% 103 10212 10312 10012 1033 9912 102
4
,
4
4
4
4
984 101
Debenture 55 April 15 1952 983 100 2 99 c10114 993 1017 1003 102 1014 10253 10134 10312 102 10353 10238 103 102 103 10112 1035 101 162 100 101
4
4
4
,
Columbus Gas 1st g 5s_ __A932 95 9512 953 9534
4
9512 953 97 98
4
97 97
98 98 98% 98% 99 10112 994 9953 98 991, 95 96
Columbus Ry P & L 43-1,1957 90 94
91
9214 9124 96
9353 953 93 943 94 9514 9414 95 8 943 97
4
4
97 98
4
9634 977 943 96
4
,
934 9514
Commercial Credit a f 6(4_1934 933 97 9812 99
4
973 100 091s 100
4
9912 100
8
995910012 993 100 100 1003 100 10012 10012 10084 100 100
4
98 100
Coll tr s f 53.4% notes__ _1935 85 95 2 9512 9712 97 99
97 9714 97 9712 97 100
,
945 9712 9714 99 974 98 4 97 9812 968 9712 92 964
8
,
Comm'lInvest Trust deb 6s 1948 86 94 8914 9312 9214 10014 9512 Ms 9512 9988 9784 10018 9914 100
9914 100
993 10212 10078 103 10018 10518 104 8 106
4
,
Cony deb 5 As
1949 83 87 854 8812 8612 9712 9112 97
92 9514 933 9814 9418 95 9412 9512 95 98
4
93 964 92 95
97
91
Comput-Tab-Rec 30-yr s f 6s'41 103121044 104 1047 1054 105 2 10514 10512 10512 1064 10514 106 10512 10618 105% 1054 10512 1064 10514 106 10114 1664 104 4 108
8
,
,
Conn Ry&Lt Ist&gen 434s 1951 9512 9512
_
9512 9512 96 96
984 9814
9812104
99 99 99 100
99 10014 9918 100
98% 9914
Stamped guaranteed
9312 9618 94 - - 94 9714 96 97 9712 9814 9853
9612
9612 99
9812 100
997 10014 99 10059 984 9914 98 9914
8
Consol Agri La 6 hs___1958 7612 8512 833 85 8314 90 8314 898 8553 88 84 87% 8312 8414 82 8414 7612 8312 6712 77 68 764 6512 73
4
Consol Hydro El Works of
Upper Wuertemburg 7s.I956 89 92 89 92
9114 94% 93 c9538 92 93% 9218 93% 92% 9412 93 94
8253 84%
89 93% 80 90% 804 85
Consol Coal 1st & ref 5s___1950 60 62 603 63 554 61
4
42 57
45 4912 46 48
8
22 3212
464 5212 4612 50
45 4714 32 43 247 34
Consol Gas(NY)deb 5304_1945 105%106 105 106 105 10612 10512 10614 1053 10612 10512 10614 106 108 10614 1074 108 107 106 c108 10612 10714 1054 10718
4
Consum Gas Co 1st gu g 58 1936 9812 1004 99 101 10012 100 2 1003 101% 10112 10112 10112 10212 10112 10214 10214 1024 10212 103 10218 1023 10112 10212 102% 10318
8
,
4
Consum Pr 1st I & unit 5a C'52 10214 103% 10214 103 1023 1033 103 10418 1033 104 1033 1044 104 105 105 105 10518 105% 1044 1054 1043 10514 104 4 105
4
8
4
4
4
,
Container Corp 1st 65
1946 891s 9212 90 91
91
95
943 953 94 9512 93 9412 9212 9314 9212 93 4 9212 94% 92 9514 9112 92
4
4
83% 90
,
I5-year deb g 6s
1943 77 7812 77 81
78 82% 76 87
804 843 80 85
4
74 7712 7212 77
72 7312 66 71 68% 7012 59% 7014
Copenhagen TelephoneFeb 15 1954 9134 94 9314 9518 9412 973 9414 9912 9413 96
4
Esti f 5s
9412 95 95
9812 994 784 9914
9912 9512 103 95% 99% 99 100
9712 101 1003 1013 10114 1013 998 102 10184 10212 10214 10212 10318 10353 10212 10314 103 10312 103 10318 103 103
Corn Prod Ref 1st 25-yr s I 59'34 931,192
4
4
4
Crown Cork & Seal 1st s f 6s'42 9712 99 94 9712 95 983 98 99
9812 100
987 1013 983 11012 10018 101 100 10412 993 1004 9912 100 4 97 100
8
4
,
4
4
4
8
Crown-Willamette Pap 6s..1951 1003 102 100 8 10112 9912 101% 10114 102 1017 10212 1017 103 102 103 102% 103 101 103
,
8
8
974 9914 941s 9912
9512 102
Crown Zellerbach deb 6s w w._
- _
97 98 9514 98 85 95 84 8712 73 867
8
41 - -1-41 8
Cuba Cane Sug cony deb 72'30 3512 38
_
36 42
40 43
Certificates of deposit
39 4012
-- ---1930 364 38
40 4312 40 41 -55is 41
Cony deb stpd 8s
- _
36 40
394 4314 3912 404
Certificates of deposit
-7 7
2/8
9912 10014 993 100 4 so5l2 lid- 99 9953 -95- 99's 93 95 -9212 9313 931 9612 -51 Vcr 9412 Cuban-Amer Sug 1st coil 8s '31 9912 100
4
9W3:1 93 95
,
_
2412 2814 1612 25
16
281g 34
17% 1714 1712 8
Cuba Cane Prod deb 6s_ _ _1950
8
8
1512 8 4 15
,
254 271g
3412 3514 29 35
267 2678 20 20
8
15
35 39
21
15
Cuban-Domin Sug 1st 7 3.45 1944 3918 47 -io- 4453 -5i- 38
21
193 16
4
16 25
40 44
35 41
20 22
35 40
17 2112
35 39
Certificates of deposit
28 ig -26- if
_ 1518 20 -i5T3 29 "ii
35 4018 35 39
Stpd with purch warr attach
211
4
.34
4
,
8
Cumb'I'd T & T 1st & gen 5s'37 1561- c162 4 1003 1013 jOi 10212 1013 105 102 102% 10178 10212 102 1033 103 1034 103 103 2 10282 10414 1027 10312 101 104
8
,
Cuyamel Fruit 1st a I is A_1940 103 104 10284 10312 103 104 103%10412 103%10414 10312 104 104 10418 1037 10412 1044 105 1034 104 4 103% 10434 103 1043
4
99 101
4
99 102 10112 1023 1013 10312 9812 10212 9812 10212 10018 101 101 10212 120 103 10018 103
4
Denver Gas & El 1st 8c ref Is'51 99 100
99 100
9912 100 2 983 10012 99 103 10112 102 1013 103
4
,
4
984 104
99 10112 10012 10114 101 102 10012 101
99 1033 99 1007
4
Stamped as to Penna tax_
8
18
18
10
10
18
10
10
10
8
10
17 28
Dery(D G)Corp 213 s 73 stp 42 40 47
3
8
8c104
,
103 102 103
Detroit Edison 1st col tr 5s 1933 10014 101 10014 10282 101 102's 1004 103 4 10114 102 10112 10214 10112 103 10134 10334 1024 103 1013
1940 10112 103 101 10314 102%1033 102 1033 1024 1037 10114 1043 1014 10453 10414 10514 10414 10584 1023 1053 104 105 1034 105
8
8
4
4
8
4
1st & ref 5s ser A
8c10418 1023 1044 10312 10412 1033 10484 10334 1042 10453 1057 10512 10614 1053 10612 10512 10618 1044 10814 1021
1940 1013 1023 017
4
4
8
8
4
4
Gen & ref 5s ser A
1940 106 10714 10512 10714 10512 10714 106 108 105% 10812 107 108 115 10712 1063 10814 10612 1084 Iowa 10818 106 10712 106 2c10612
4
1st & ref 68 ser B
1955 102 10314 10214 1033 10318 10414 10414 1043 104 1047 104 105 1047 106, 1064 10612 1088 10714 10618 10714 108 10714 10312 10712
8
4
4
8
2
4
Gen & ref 5s ser B
8
1962 1024 103 1023 10312 103 1043 1033 10412 104% 10618 105 10512 10412 107 4 107 1073 107 107% 106 10714 11584 10714 10512 106
4
4
8
,
Series C
10612
C Cash sale.
-6-88;
242
FINANCIAL CHRONICLE
[VOL. 132.
1930—Continued.
BONDS
April
May
March
June
July
January February
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
9814 983 983 9934 9878 997 983 9912 983 9834 99 1131
DetUnitedRy1stconsg43651932 96 98
4
4
963 9812 9614 9814 9712 99
6
8
4
4
984 98
97 99
Dodge Bros deb be
8
1940 9212 94
4
8
9312 9412 94 987 9413 973 948 9614 9112 9512 91 9212 9212 9514 90 9512 84 91
85 88
75 87
Dold (Jacob) Pack 1st 63_1942 68 70
71
75
7018 72 64 7018 62 65 61 63 58 63 5912 64
6712 71
67 69
55 6312 58 8 4
4
Dominion I & S con a f 53_1939 ------------------------101 101
Donner Steel let & ref 7s AL'42 12118.41 12 )81312 103 104 iiii fa ioa 16314 10312t10i412 1051 10314 16314 16412 ioi foi ioi fol •;•;•;" lo2;
2
s8.8
-1
Duke-Price Power 1st 63 A.1966 10318 104 10312 10414 10312 1053 105 1064 10412 10512 1044 10514 1047 10512 10514 106 105 106 10313 106 10314 10434 10112 104
4
8
9938 10012 9914 102 10012 102 10112 103 1027 1033 10258c10412 10212 104 101 103 4
Duquesne Light let 450.-1967 9814 100
983 10012 9812 100
4
8
964 99
4
3
Eastern Cuba Sug at 730_1937 68
87
79 85
70 8012 68 7014 55 65
81
52 55
50 5412 3712 50
80 c86
41 43
78
30 4112
Ed El III Bklyn let cons g 4s'39 9458 9534 98 963 9612 983 954 9514 954 957 9618 9614 985 9712 974 97 8 973 973 9812 99
4
4
8
8
5
4
4
98 994 9712 98
Ed El III (NY) 1st cons 55_1995 106 109 --------109 111 11041104 --------10914 10914 110 110 ----------------1133411538 --------11514 11514
Edith Rockefeller McCormick's
Trust coil 6% notes
8
8
1934 10041013 10012 10114 1003 102 10114 102 10114 10218 1015 102 10114 10214 10112 1023 101410212 100410214 10012 10113 100 102
4
4
El Pow Corp(Germany)634s'50 8912 92
92 97
92 94
9012 914 914 9712 9418 9714 92 95
9314 9414 84 94
81 86
76 8412 72 784
lot s f 6.148
____ ___ 8718 94
1953.
9314 9412 91 94 80 80 85 9212 79 8113 602 7714 70 7514
4
9712 914 98
Elk Horn Coal 1st & setts)4s'31 82 84
3
7912 8114 79 83
837 90 81 82
8
824 90 87 953 96 79 79
80 84
793 88
4
8
_
8512 6512 -------60 6012 52 53
_ ---- — 657 75
Deb 7% notes (with war)I931 88 66
_ 5012 51
Equit Gas Lt N. y let 58_ _1932 --------100 166 ioo foci
994 99 4 10018 10010 10014 100 10014 100 8 10012 101 iotri4 161 10012 10113 ioi 161 ioii, 1ii114
3
84
3
- -14
- 14
Ernesto Breda Co 1st no Is 1954
794 83 8014 84
3
75 4 84
With stock purch warrants_
3
7712 834 75 8114 7612 80
--- 75 4 80
75 78
69 76
6012 69
55 63
Federal Lt & Trac let 1 53_1942 ......94 96
95 9612 95 975 955 9712 953 98 3 9512 9812 95 97
4
,
3
8
9614 98
8
9784 10012 97 995 95 97
94 9518
95 9818 95 9814 95 9612 92 9612 953 97
4
1st liens f 5s stamped_1942 944 9534 95 96
963 9714 98 1001g 98 993 96 975 93 9412
4
4
8
14 103 105 102 10412 10111102 1015 103 103 1034 10014 10234 101 102
let lien s f 65 stamped
1942 100 10212 100 4 102 101 10312 103 103
53
3
8
92 10212
1954 924 94
9412 9412 9812 984 98 1004 9818 97
96 9912 93 99
94 95
9412 96
30-year deb 65 ser B
934 97
93 9812 96 100
99 101
954 100
Federated Metals at 7s
97 9912 97 98
1939 100 10112 10114 102 100 10112 100 101
98 9812 98 9833 96 98
93 95
Flat deb Is (with wart)....-l946 104 107 104 10612 1034107 10212 10614 103 105
96 10313 943 98
9414 9414 897 90
4
8
8134 8613 8313 85
7412 7812
92 9478 91
9413 92 94
9034 93
Without stk purch warr____ 90 91
8734 93
905 9214 91
8
9212 863 90
4
7914 88
8134 85
7412 823
4
75 82 64 77
8
Fisk Rubber 1st a f 85
80 867 814 89 83 86
1941 75 86
60 69
8012 69
55 79
40 59
3612 42
26 3812
4
Framerican Ind & Dvd 7)4s'42 10312 10712 10614 1074 10612 109 1073 10858 10734 109 1064 10814 107 10814 10814 1083 10714 109 1064 10812 104 10712 103 108
4
95 95
82 92
92 9312 9212 93 88 90
Francisco Sugar 1st at 7)4s '42 98 0614 96 97
79 85
78 80
73 7712 75 7513 7212 7212
French Nat Mail SS Lines Is'49 10241034 10314 104 10318 104 1033 104 4 10314 10414 10312 10414 1027 1043 1033 10412 103410414 103410378 10212 10358
g
4
,
8
4
1943 87 88 86 87 86 9014 89 924 88 8812 82 89 84 8512 84 84 81
Gannett Co deb 6s
90 81 88
80 85
80 8212
8
Gas & El Bergen Co con 55 1949 ..-- ---- 998 997a ------------------------10212 10212 --------------------------------10318 103 8 103 103
,
Gelsenkirchen Mining 68-1934 ------------------------------------------------96
3
4
4 9 5
8
2 9
i
2 1 8912 91
84 90
Gen Amer Investors 5s
1952 82 82 8214 85 83 92 8812 90 85 89
81
85 804 8818 85 884 85 863 82 8514 81
4
8312 8014 8312
General Baking deb s f 53gs'40 ------------------------------------------------96 964 963 9714 97 9912 984 9913 964 99
8
9512 974
8
8
General Cable let at g 514347 99 10118 100 10112 1007 1033 101 1027 10018 1024 984101
964 100
9512 9818 96 9712 96 9712 943 9812 93 9412
4
General Elec deb 334s
1942 94 94
_ __ 95 9514 9518 98 06 96
94 94
9418 9418 9514 9514
94 96
9418 96
95 9513 96 9718
Gen Elec(Germany)20-yr 78'43 9941023 10114 103 10218 105 10312 10412 10314 1045 10212 10414 I03 I0418 10312 10414 101 1045 94 4 10212 1004 101
4
8
. 8
3
8912 1004
St deb 6343 with warr_1940 109 124 115 120 11312 1163 11212 115 11114 1133 110 11214 105 10718 --------102 103
4
94 10104 9212 923 91
4
4
91
9712 9914 9838 101 100 101
Without svarr attached__ 9513 99
993 101
4
94 4 100 8412 9812 933 9413 9084 94
3
4
95 10012 953 9813 9814 100
4
95121 93 4 06
_1948 9218 94
Sinking fund deb
9213 94
934 9714 934 9811
8712 934 88 9013 80 8714
4
9412 9614 9514 9612 893 98
3
Gen Mot Accep Corp deb 60 '37 100121027 10214 10318 1023 1043 1024 10313 102 10312'101 103 10114 103 102 104 10314 104 10214 10312 10212 103 10112 103
65__8
4
3
Gen Petrol let a t 55
1940 997 1017 10014 10118 101 102 1013 10212 1013 102 1013 10212 102 10211 102 1028 10212 1028 10112 1023 1014 1028 101 10258
8
3
8
8
4
4
4
4
4
Gen Pub Serv deb 5145
1939 9311 97 95 98
967 102 993 103
8
4
993 1014 90 102
4
97 102
983 101
4
9614 100
94 99
89 96
93 9513
Gen Steel Castings 1st 53481949 101 10212 1015 10314 1023 1057 104 10614 1023 105 102 10412 101 10212 1014104 1023 104
8
4
8
4
4
98 10318 974 997 89 9712
8
Gen Theatre Equip 614.-1944 ----------------12712132 12814 152 130 14312 1093 135 4
--- -- - -1940 -------- ------------------------998410014 9312 9918 55j4 If iii4 Convertible deb 65
oil4 ii ii Ili 'W7- ii ii Lil Yti"
2
Good Hope Steel & I sec 73 1945 924 977 95 973 94 9814 9104 C103 997 100 8 9818 1004 98 101
8
4
8
5
94 98
913 96
8
89 94 4 873 89
3
4
81
8812
Goodrich (B F) Co 1st 63.4s 1947 105 1057 105 107 10641077 1063 1077 105 107 10512 10714 10813 107 105 4 107 104 10812 95 4 10312 100 102 100 10218
3
8
4
8
3
7
Convertible deb 6s
_ __
_ ____
1945 ._ _ _ __ ___ ____
__ ____ __ ____ __
_
__ _ _ - 67 79
675 73 63 697
8
8
Goodyear Tire & Rub 1st 55'57 90 92
903 8 9212 92 -98
93 - , 9318 -95 4
9
412 911' - 414 92 ---8 93 933 9112 9384 8213 927 8613 90
3 6935
_--4
-8
84 89
Gotham Silk Hosiery deb 6s'36 87 90
90 9213 925 9712 9318 94
8
92 9812 9034 92 894 9158 893 90
89 9012 87 903 75 8718 75 80
s
8
Gould Coupler 1st a 1'63_1940 6912 73 69 7112 70 847 793 82
8
3
79 83
7134 80 664 7713 69 748 71
4
723 70 71
4
89 70
8812 69
Gt Cons El Pow (Japan) 711 1944 9714 100
4
99 994 9912 10113 993 1005 99 3 10014 9914 10014 9914 10014 100 10112 99 4 101
4
,
97 100
914 98
3
91
983
4
944 9712 92 95
1950 914 9412 93 4 943 944 98
let & gen s f 6.45
8
3
9358 947 94 9513 87 943 83 91
4
4
904 943 91 04
4
84 4 c90
3
Gulf States Steel deb 594s 1942 97 99
98 99
8
8
98 100 4 99 1007 987 10012 984 100
,
96 98 89 9012 91 927 89 914
8
9812 9912 94 98
Hackensack Water 1st 45_ A952 85 875 85 85 86 90 88 90 88 884 89 90 91 914 9178 9173 904 907 89 4 903 9036 9113 90 9118
8
4
3
4
92 94
9012 933 9112 9238 86 92 80 914 8873 913 80 88 8 7714 8318 80 8213 77 86
4
Harpen Mining Co 65 w w-1949 874 9212 91 94
7
3
Hamm SS Lines 65 with war '39 ----------------87 92
90 913 8812 9012 85 8978 8314 8714 8334 85
4
8212 85
75 8118 75 83
70 7814
Havana Elec Ry cons g 53_1952 84 8412 8312 8414 82 84
75 80 ------------ ----68 68
66 88
65 6714 --- ---- 314 5%2 2 11 57
65
54 3 14 5
0 35
7
1951 6214 845 8443 6612 6212 63
Deb 5345 ser of 1926
57 61, 524 5514 50 54
4
46 48
8
49 5012 43 45
4011
1934 75 79
76 84
Hoe(R) & Co 1st 6945
85 90
70 76
86
70 7014 65 70
7912 87 83 2
,
7514 80
78 8014 79 8018 79 84
Holland-Amer Line s f 65..A947 85 924 8012 81
814 82 84 8914 80 854 80 84
77 81
77 77
76 75
74 77
87 70
5812 64
1940 --------------------------------------------------------97 9714 97 9714 9314 974 924 947 8912 9314
Houston oil'kg Id 534s
8
Hudson Coal 1st s f 5s A._1962 654 7114 70 4 7212 7012 73
704 7218 68 71
,
3
54 64
63 66
574 6812 85 4 69
55 61
63 67
487 80
8
Hudson Co Gas list a 53
1949 1014102 1017 103 103 10414 103 10312 1023 1023 1028 1034 1034 10312 10412 10514 10514 107 106 107 105 10611 810212 105
8
4
4
4
Humble Oil & Ref deb 536s 1832 10114 10214 101 102 1014 10212 10114 102 1014102 8 101410214 1015 10212 10214 1023 1024103 10218 1023 1013 1023 1017 1025
,
8
4
4
4
4
8
8
1937 100 1007 993 1003g 10014 102 10014 102 101 102 10138 102 101410214 1017 103 10112 1023 1013 103 100 1017 100 102
8
4
Debenture g 5s
8
4
4
8
Illinois Bell Telep let 53 A-I956 103 1043 1033 105 1033 105 104 105 10453 10511 1043 10518 105 106 10514 10618 1054108 1054 1063 105 10618 10412 10512
.1
8
8
4
4
Illinois Steel deb 434s
102 101 102 101410212 101 102
973 9812 9814 10012 9812 994 99 100
4
993 10012 99 4 101 100
19413 97 102
4
3
99 10111
'Raeder Steel 6s int et's w 1 1948 82 87 854 89 8712 92 88 91
88 89 87 8834 87 8813 86 8814 82 8812 79 8314 79 8 823 67 8114
,
4
75 85
84 854 80 84
Indiana Limestone 1st s f 65'41 68 7014 1397 704 69 75
8
77 80
75 79
70 75
60 6514 55 62
1
45 54
Oil ref 5s`36 100 10012 100 101 100 100 100 100 --------10012 10012 ------------------------ 101 1014 100 100 100 100 2
Indiana Nat Gas &
I978 91 c9413 914 93
4
9212 954 93% 948 934 348 9414 95
9413 9514 95 975 9713 9843 95 99
Inland Steel•f 4145 A
4
8
944 97
92 9574
inspiration Con COM/6)48 1931 113041004 10013100'! 10014 1014 101 1014 101 10112 10118 1014 10118 10114 101 10118 1007 101 1011 101
8
994100
9912 100
94 94 818 818 94 94 ---- ---- 912 913
- -Certificates of deposit
114 14
6818 72
4
645 68 68 754 68 75 664 7084 6512 7012
8
61
6938 6112 65
Interboro R T 1s8 & ref 513-1966 614 673 6512 6814 8414 7412 6912 74
8
4
4
814 873 65 6814 6414 7412 895 74 68 713 61 6912 815 647 6412 68
8
67 7514 8813 75
8
Stamped
68 704 65 7012
603 60 4 -------65 65
4
3
----------------67 734 ----------------------- _
Registered
7 54 6814 ----------------67348714312 52 8
584 6 _81
5414 57
57
1932 51
45 524 51 68
45 61
60 67
55 02
447 48
8
10-year 6% notes
53 59
8814 943 8814 925 8712 897 85 9114 843 8712 87 894 88 9512 89 913 87 903 87
8
.i932 84 9012 885 92
8
10-year cony 7% notes.
4
4
8
904
94 95 - -------- 96_
__
9012 9618 9714 9618 97
Corp 1st & col tr 55'32 9313 9312 ____
Int Agric
8
9713 975 9714 9712 9712 93 98 8100
9812 98 2
,
7434
744 75
755 77
3
77 79
77 7912 77 7913 77 79
77 7814 77
Stamped extended to- - -1942 7214 724 7218 - - 7334 75
79
7513 77
993 1034 9812 102
4
944101
4
Internet Cement cony deb 55'48 91 95 923 95
99 10112 99 10112 10041023 100 102 974 1004 94 9812 9414 98
4
1944— - 10212 104
---Int-Hydro Elec 6s
814 947 76 9012
9818 104
8
98 10112 9912 10114 97 1013 90 99
4
974 1004 98 1
9718 98
00
9912 10012 9818 10012 983 100
Internat Match deb s f 5s 1947 97 98
4
2
91410(134 00 1013 9941014 97 1004 94 981.
8
int m m ist coi tr 5 t 6s 1941 983 98
4
974 987 973 1003 100 10112 10018 1014 10012 10112 100 10112 10034 10114 01 10112 10138 1023 10033 10112 92 1003
8
s
4
4
8
8
4
Int Paper lot & ref cony 5s A'47 83 9012 85 8618 843 9212 89 9112 893 9113 81
897 8212 8513 8414 85 81 844 74 8112 724 74
8
72 765
8
8
1955 82 90 85 877 885 925 88 9212 884 92 854 94
8
8
Ref 5 f 6s ser A
88 8812 8612 8712 75 87
697 763 6212 695 597 64
9
8
4
3
90 92
8938 904 904 93
9114 934 8912 92 893 91
Int Tel & Tel deb g 43.45_1952 90 94
4
90 9112 88 90
78 87
783 813 674 8011
4
4
4
1939 11812 125 116 1244 11858 12212 12114 1293 1184129 105 1224 10812 11258 107 1104 993 1083 90 10114 8914 9511 773 90
Conv deb 4}6s
4
4
4
Deb 55 when issued
1939 9612 964 983 963 9814 994 9614 974 963 0812 9612 9812 9658 9712 9512 9978 9212 97
8
4
4
81
9212 85 913 73 844
8
,
Ken ciky p & List 53 set A 1952 103 105 104 10412 10312 104 4 10414 10511 10414 105 1041210012 1043 10512 10514 1054 105 1053 10514 10618 1044 10512 1033 10518
4
4
4
1957
9513 9512 ------------------------90 9914 100 100 101 101 102 10218 10033 103 10034102',, 100 8 102
1st 434s series B
5
___ ___, -... - ---- ---- ---7-„, __,_-__
7
7
issued
_____ ____
__ --__
When
_ 10214 1023 10314 10314 ---- ---4
___„- -8
4
-4
6
-64 10618 10
-- 106 10 814
Kansas G & S 1st 5 --- ser - 5, 10 10812 10412 10512 1043 100 105 106 105 1003 10614 10
'
___-1980
- -- ---_ ___ _- - _ ---- 954 9814 9574 6 12 6,11 - ---1st /1149e 430
/
3 if 65 -93
'3 .5 Ig4 - 7,4
4 iff
i
4
1943 6912 75
73 7614 7318 834 774 794 76 --9
74 734 -- ; 743 -797
4 7812 734 76
Karstadt (R) 65
88 743 563 74
4
4
6211
87 893 87 2 88 84 867 77 83 80 8318 8112 85
4
,
8
8014 8512 79 813 75 79
4
Keith (E F) Corp 1st 68-1946 74 7812 79 82 84 91
923 87 02 81 867 74 4 80
4
8
s
7412 7614 74 787 57 7512 80 631a 30 6158
3
Kendall Co 5345 with wan 1948 89 90 89 9013 9018 9238 91
8314 8512 ____
1935 75 75
75 7741 78 90 83 83
_-. 8818 8818
___ 8812 9212 88 884 ---Keystone Teleph 1st 53
Kings Co El IL & Plat g 53_1937 102 102 10014 1024 1044 104 4 101, 1014 -,-, -_-- 10218 10218 10213 1024 10284 10338 10338 10334 103 1038 10314 1038 -_--- -____,
- _-4
2
4
41997 125 125 12514 12638 12534 126 128 128 1253 1284 12812 12812 127 12818 129 13034 135 13018 1333 136 13412 138 ci3ii4fiii-4
4
Purchase money 69
814 813 81 81
8
78 82
8
7914 803 793 82 8213 8714 8312 88
8
4
8312 84
Kings Co Elev RR 1st g 43_1949 7612 777 7512 7712 77 80
80 84
81
8218 8014 81
76 84
78 78
1949 7512 78
Stamped guaranteed
:::.- -8
65 10718 108 ----Kings Co tut 1st & ref 5s_1954 10012 1014 102 10212 103 104 1047 105 --------10412 10412 10413 1044 105 1- um 104
4
4
4
115 ---- _-_ 11412 117 116 1168 1153 1153 11512 116 116 11818 1164 11912 --------1171 1184 -r,---- 117 117
1954 115
-117 1174
1st & ref 63.45
4 10714 102121023 1027 105 10212 10312 1003 103
4
8
Il2c1612 97 103
91
8
91
85 92
Kinney(G R)Co cony 73.4s 1936 101 103 102 10318 101%105 1033
4
,
4
Kresge Found col tr 6s- - I936 102 4 10314 1023 10312 103 105 103 105 103 105 10212 1044 10212 104 10318 10412 10312 104 10318 10414 1023 10312 1014 102 8
7
84 9618 955 100
4 965 99
s
9841003
94 9712 943 964 9614 98
3
8
4
96 9858 9313 9718 907 9528 8974 944
4
Krueger & Toll 55 with ware'59 92 955 94
102 10212 101 102 102 10378 102 10312 1033 10353 10312 104 101 1037 10118 102 2
8
8
, 10018 1014
Lack Steel Ist cons 5s ser A '50 100 102 10014 102 100 10212
8
8
993 101 101 1015 1004102 10014 1015 101 102 1018 103 10038 10234 102 1035 102 1034 10012 10312 10112 103 8
4
8
8
Laclede Gas L ref Ist g 5s-1934 90 1001,
,
10118a054 10218 1034 1021/1035 102419313 102410312 1023 1033 103 105 10314 185 10214 1043
8
4
4
4
4 100 104
Col & ref 5 As ser C_ __ -1933 1003 1044 10114 10312
8
102 1023 1023 10314 10214 10314 10254 10312 103 104 10314 10412 1025 105 10241034 1003 1033
4
8
Col & ret 534s ser "D"-1960
4
4
Lautaro Nitrate Co 631954
60 76
78 82
With warrants
81 8712 8114 8312 78 833 78 6i8 iii2 -.
4
6i 81 85
7
8612 ii VI ---- — - 5i 66 5i iiilE
Without warrants
97 984 974 98
07 97
9712 99 9814 985 99 100
95 98
97
98 1004 98 9958 97 Nis
8
a
78
'4 L
Lehigh C & N cons f 4Ss A '50 9418 97
7
4
,
,
9912 10014 100 100 2 100 101 100 101 100 4 10012 100 10012 10012 10118 101 10118 10013 10184 1007 102
8
Lehigh Val Coal Co 1st g 35'33 994100
9914 1003
4
4
4
----------------952 9512 --------971 973 --- --- ----- --__
____ ___--- ---- ---- ---Ist 40 yr Int red to 4%__1933
8
9812 6812 _- _
_ ::------ 99 100 -,_ ___ 993 7912
1st & ref s f 5s
_ —_-- --_- ---- -- --- ___ ____ ____ 100 foo
1934
83 821g 83 814 8112 8113 8113 78 If 77 - 82 81
4
80
783 778 7712 ,
4
8
7712 7818
0
1st & ref s f 5s
012 814 81 4 81
8
1904 8012 - 7212 7212 ----------------66 68
73 73
724 73
let & ref 5 f 56
7212 74
1954 74 74
1st & ref 53
1964 704 764 7013 72
70 71
70 70
71
70 70 4
,
ii
60 80
Ist & ref a f 52
70 78
1974 72 72
4
3
4
8
3
Liggett & Myers Tob 78-1944 11712 119 118 119 4 1183 120 4 11912 122 120 121 12012 1218 121412213 122 12618 122 fis 1234 124 118 1237 120 l2lls
8
4
8
4
5s
16014102 1013 10418 103 105 100 1043 102 10514 104 1063 10512 10612 10434 10578 104 1063 10412 10512 1044 108
1951 99 4 1014
3
Loew's Inc deb 63 with war '41 10112 105 106 114 11312 122 11812 127 120 130 112 128 102 118 114 120 117 124 110 11912 107 111 100 1074
8
967 10012 9612 9978 97 9914 9713 10014 98 10012 983 10118 9913 1014 9612 9912 96 98
987 101
s
Without stk purch warrants 913 943 9314 97
4
4
4
4
4
86 90
70 87
8218 88
Lombard Elec lot Is w w1952 93 94
90 95
84
94 2 974 95 9913 983 9914 963 9812 94 9731 94 964 9458 95
,
90 98 3 94 9738 94 9614 94 95 8 9011 95
3
844 91
80 85
without warrants
,
7112 85
9512 9612 94 9814 97 99
93 94
8
3
Lorillard (P) 75
4
,
4 108 2 108 11012 108 1097 108 110 109 110 10938 110 1093 11114 1101z 11113 105 111 101 105 4 102 10511
4
1944 1047 107 1063
3
3
3
81
5
8112 78 8112
8812 9114 7712 90
s1951 784 8312 83 8512 85 804 8812 89 4 8714 90 89 8 0014 877 8918 8712 91
9112 944 90 95
9228 95
8
8713 9012 85 8818
944 9714 933 9713 8918 94
Deb 534s
90 9514 913 95
4
1937 84 90 8814 91
I Cash Sale.
JAN. 10 1931.]
FINANCIAL CHRONICLE
243
1930
-Continued.
BONDS
4
January February
March
May
April
October
June
November December
August September
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Louis, G & El 1st & ref 58_1952 100 1013 1001210112 1001810312 91 10212 10913 103h 1023
4
8 10312 1027 10414 103 z 103 1033 10512 104 10614 10418 10612 10112 104
4
8
,
Louis, Ry 1st con 58
1930 --------87 90 94 95
91 914 88 91
91
99 9818 9818 ------------------------7214 7
5 ---- ---Lower Austria Hydro Elec Co
1st s f 6)48
1944 80 84% 82 84 8318 91
7414 9012 87 873 84% 89 84h 8812 8.5h 8712 83 8514 75 83 --------721, 857
4
McCrory Stores deb 510-1941 9012 973 97 9812 9814 10012 99 100
9978 10012 9818100
971 9812 9712 9912 97 993 9512 97
4
97 99
933 9512
McKesson & Rob deb 5%8_1950 ------------------------------------------------91 93 86 9214 8612 89
78 8812 784 58212 76 84
Manati Sugar 1st a f 7ss_ _1942 7014 80
81 86 67 85 65 7712 60 65
31h 35
25 45
37 65 40 61
2312 30
40 4483 31 45
Manhat Ry(NY)con g 48_1990 54 59 59 60 57 6
2
0 5113 594 50 553 44 52 45 4912 48% 5012 5112 5712 5014 558 511 571 5012 58
4
2d 4s
2013 47 47 --------50 54 --------50 50
42 42
42 47
/
1
4
45 45
45 4612 --------47 47
50
41
Manila El Ry & I, Ist&coi 5s53 94 94
4
947 95
8
99 9914 97 97
98 99
98 98
90 90 ----------------992 99% 98 9914 98 93
Marion Steam Shovels I g 68'47 --------76 76
/
1
4
51
75 86 84h 8834 83 85
51
75 75 65 68
51 5112 46 51
51 63
50 60
Mfrs Tr Co elf of pestle in A 1
Nanun & Son 1st.660-1943 97 98 9613 98 97 98
981 99
/
1
4
4
9612 98
9812 99
97h 983 951 961 92 95
97%100
991 100
98 100
Market St Ry 1st 78 ser A...1940 90 94
973 92 9312 8912 9412 93 95% 92 9312 9218 96
4
90 93 92 9712 91
88 951 89 95
8912 93 8
7
1945_ ____
Mead Corp 6s A
-- 87 904
Meridionale Eiec tat 7s A_1957 97%100 9714 991 97%102
951 97
95h
9712 981 013 10014 94h -4
4
100 10112 100 1013 9712 10112 943 95
Metrop Edison 1st & ref 5s C'53 101 103 101 103
4
10214 10 % 10314 10 % 103 10312 103 10414 10412 105 10412 105 105 10512 10414 10518 104 1043 103 10414
3
3
1st g 4)4s ser"D"
4
98 99
4
9818 987 99%10112 1003 10118100 51023 991810018 98 101
8
Metr Water Service & Drain-58
1950
---- 70 75
Met-West Side El(Chic)4s 1938 6612 6814 6714 667
2 8
-.. 7
7 ;
9
6is 76- -'iii2 ---7 -T361- -- 8 80 82 8012 112 73 s 7614 73 74
Ming Mill Mach Is with warr'56 81
81 - _ _ 97 97 ----------------85 85
8012 8012 ----------------78 81
Without warrants
80 83 4 ii 16 8412 3
7
66 sr& sr&4
&
so 8614 77 7712 t 8 712.7sol& ow& 87 16
Midvale St & Ord cony s f 5s'36 9918 101
,
99
%100 100 8 10112 100181013 1003 102 10034 1017 1003 1013 10138 102% 10112 103 100%103 10018 10112 99 4 101 4
8
8
3
4
3
4
4
,
Mil El By & Lt ref &ext 4;48'31 9712 9944 9912 9974 993
4,10088 100 10012 99%10014 100 10014 100%101 10018 101 10018 100% 9978 1003 100410014 991810118
/
1
4
Gen 8c ref 5s
1951 100 4 100 4 9 %10014 10012 1024 1011810214 10112 102 101 102 10114 103 ____
3
3
9
_-- 1037 10518 10518 10518
8
-- - - - lit & ref 5s ser B
1961 963 9912 97 99
4
93 4 10114 10018 101% 100 101 100% 10112 10012 10112 10114 103 10212 104 101 10312 10073 10214 92 10218
3
____%Ist & ref 5s ser"B"temp 1961 9712 99h 9712 9914 982
994
Montana Pow 1st s& ser A_1943 100 103% 100
. 4
101 100% 1031z 1
,
-0ii4 163 - ioli4 1 12 i02 16i i621 103 8 110if8 1014 '165414i ioii& 1'617; ioii& 164:4 ioi- 1 ,
- 1- - 44
2 - -7Deb 5s ser A
1962 9818 10018 9812 100 99 1023 1001210218 1003 1013 10112 103 10112 10314 10218104 103 1044 10212 10418 101 1023 95 100 4
4
4
4
4
,
Montecatini Min & Agr
Deb 7s with warr
1937 1011210712 106%108 106 108 1051,1081, 105 10512 103 106 101 1031 101 102 102 1023 97 10118 9618 98
89 9784
4
Without warrants
2 973 102
9612 9812 97 99
95 97
1 98 98
97 9912 98 10012 9712 1001 983 997 985 101
4
8734 973
/
1
4
9612 99
8
4
Montreal Tram 1st & ref A 5s'41 95 96
9514 982, 96 8 10078 9812 9914 984 9812 98 99 987 9912 9912 101 10018 100 4 98 10018 9811 9914 98 99
3
/
1
3
s
3
/
4
Gen & ref. f 5s ser A_1955 9412 957 94 95% 93 4 94 --------9418 943 963 963 9512 9512 92 923 92 92
4
8
9114 913 9112 96
3
8
8
4
Series B
1955 9l's 917
;
Gen & ref s f 414s "C"__ _1955 --------8417 -- -12 ---- ---- airs -- -12 iiis
2 84
8
8
ii12
---8 --------9984 -8619914
Gen & ref s 65,"ID"
1955 ----- ---- --- ---- --- ---- --- 9318 93 4 931 9312 94 9414 911 9112 951 9512
/
4
3
95 i4 134 91% 911
Morris & Co 1st 6 1 4iis
1939 8112 -8512 81 8412 81 83
82 81 80 8318 8012 83t2 83 8514 8412 8512 79 843 80 81
8212 81 /
1
4
7918 82
4
Mortgage Bond Co 48 ser 2_1966
4
4 ---- ---- ------------------------73 4 7314 73 7314
- 10-20-year 52 ser 3
4
1931 96h 97
&
3
4
9758 oslz 9718 98 iiii& II ii 116- -iii- - - -iiis -6/4 -iiii& --614
6614
59
Murray Body 1st 634s
911 98
1934 89 95 95 9514 95 98
91 100
91
95
9814 100
9814 100 97h 993 97 98h 9212 9812
4
Mutual Fuel Gag Sat au g 5s 47 99%100 1004102 102%103 102%103 102 8 10314 1031810488 9614 100
/
1
7
10412 104-% 1041810418 ____ --- 104 4 106 10458104% 10412 10412
3
Mutual Union Teleg 5s.
Nartirn(A I)& Sons
-see Mfrs Tr
Nassau Elec RR 1st a 48_1951 50% 53% 53 5512 54 57
5212 533 50 53
5312 56
, 50 51
2
4918 50
5112 5712 59 5983 51
523 4418 592
4
National Acme 1st•f 68 -.1942 1018410284 1011810218 10118102 102 10214 10212 10212 102 102 2 10012 10214 10212 10212 10214 10214 ____
,
___ _5_
_ - 95 95
Nat Dairy Prod deb 5%8_1948 9818 9914 97 987 9718510112 98%5101 983 10014 95 99
/
1
4
4
9812 993 991810118 9914 10114 97%100 941 9914
9518 99
4
/
4
Nat Radiator deb 6148___ _1947 24 40
25 28'l 22h 273 2212 2512 2112 24
2618 29
2618 31
4
211 23
2012 22
14 2012 1412 16
1412 622
National Starch 20-yr deb 53'30 99%100 --------9914100
8
9918 993 --_- --- --- --- ___---- ____
_-- --_ - - ___- - - --- --- ---- --Newark Cons Gas cons 58 g '48 102 8 102 4 10212 103 102 103 103 103 103 10312 104 104 --------104 105 105%107 106 106 105 10514 102 10512
,
,
- -18
- -12
Newberry (.1 J) Co 5%14_ 1940- - - ---- -- ---- - ---- --_ ---- ---__ _-- 9812 99
9814 99 98 98% 94 98% 88 90
81
88
/
1
4
New Engl T & T 30-yr 58..1952 10414 10612 10312 10434 103%108 10518106 105 108 106 10714 1063 108 10714 108 10818 109% 10814 110 10712 109 10812 10818
- 8
/
1
4
lit g 4148 set B
1961 9818 99 4 9814 9912 99 10012 991 10014 9984100't 99 4 10112 101 102 10184 1027 10114 10414 1031810514 10314 10412 10012 10414
3
3
s
New On Pub Serv 1st 58 A_1952 82 86 83 882 8711 93
5
3
90 92 4 8918 91h 88 91
87 9012 89 9115 9118 95 90 95 5 89 9112 81 8812
14
3
lit & ref 5s ser B
9012 59338 883 91
1955 83 85
4
8412 8884 8312 93
8612 9012 87 89
89 92 92 95
90 94 8 863 9214 83 80 2
7
4
14
,
N Y Dock 50-yr g 4s
1955 8212 8212 8014 81
4
823 83
3
85
8018 843 81
8312 85 4 8314 84
8212 85
84 8515 8312 843 81 83
83 85
4
Serial 5% gold notes_- 1938 70 79
7614 7912 77 86
/
1
741 83
80 8912 764 80 721s 7712 713 74
4
7212 751 76 80
761z 8518 80 84
NY Edison 1st & ref 61 A '41 11113 114 11212 113% 1125
/
48
i11412 11314 114 1132,11414 11314 11412 11312 11413 114 11418114 1141811318115 11313 115 113 1143
4
1 lien & ref 58 ser B_ _1944 103 104 1028410312 103%104% 10414 10434 10412 105 10412 105 1042,108 1043 106 105 106 105 10518 105 1057 10434 106
st
4
5
NY Gas El Lt H & Pr Co 5s'48 1043 10612 105 1051 10512 109 10512 10718 105121061 10618 107 10612 107 10712511012 10818 11014 10818 109% 107%109 10415 10812
4
Purch money Conti'645.1949 927 94
4
8
923 59412 93 97
8
93 4 943 94 943 937 947 9425 95 4 95% 98
3
3
4
k
95 4 98
3
9614 983 96% 98
96 98
4
NYLE&WDock&Impt5843----------------------------------------981 , ii18 iO -- --------------------------------96 iii
'
96
i
NY & Queens EL & P 58_1950
18
1, & 14
loo ____ ____ ____ ____ ____ ____ ____ ____ ____ ____
soli sok 99
-oi% -iii- -iir, -iii; -iii-4 -7114
,
iiai., -8-6-14 8,4 88, ----------------841,
Adjustment lncSs_.Jan 1943
-5--434 424
-4--214 213
N Y Rye Corp inc 6s __J an 1965 i
li
12 411 614 2
6
6
ii; AlT2
6
6
i
i
i
4i4 -, . 3 - 64 41- 6
h 213 41
2
- 14
6
Prior lien 68 ser A
1965 64 7012 70 71
72 7212 72 72 64 71
55 6018 50 56
62 6312 61 6212 5914 59
/
1
4
/ 59 61
1
4
45 64
NY & Rich Gas 1st 65
_ 1951 104 105 104 10418 104%104% 10412 105 104% 105 4 10%105 8 1051810512 1051.10512 106 10814 10513 106 4 1054410682 10312106
3
3
,
NY State Rys lit cons 4348'62 20 241z 20 525
8
/
1
4
1214 1678 6 13
6 1012 10 1012 8% 1012 7
15 20
18 22
8 4 714 834 3
3
Registered
17
17
Certificates of deposit
20 20 -- ---- i8T3 16 -------- 14 -1
6 1;1 -- ----------------814 814 7
18
612 7
18
7
12 5
6
12
50-yr 1st con 6%s,set 13_1962 20 2312 22 52414 20 22
16
17
18
18
13 13
6 10 ---- --- 814 814 ----------------3
812
New York Steam 1st 25-yr 6s'47 10518 107 10613 107 10634 108 10712 108 10714 1073 106%1071 10712 10312 10714 108 10714 10818 10814 1083 108 10812 10614 109
4
4
1st mtge 58
---_ _ ____ ____ ____ ____ ____ _-__ ____ ___. -- _ - ---- --- 1951 ___
__
---- - - 10212 104 101 10184 991,10134
NY Tel 1st & gen 8 f 430._ 1939 95 4 100
3
- -12
9818 - 4 9914 10012 99% 10014 991 100 100 101 10012 10112 100% 101 4 10114 103 10134 10312 10114 10212 101 102 2
993- -33 ,
30-year deben 6s
3
1949 11014 110 4 10012 111 11014 11114 11014 112 11018 112 110%1113 1107 1113 11078 11112 111 11112 110 4 11114 110
4
3
8
/
1
411114 110 4 11112
3
20-yr refunding 65
1941 10618 10712 10612 10812 10618 107h 10813 107 105 8 1071 1063 10718 1068 10714 10812 10718 107 1073 10813 10712 1064 1067 1053 107
7
/
4
8
4
/
1
8
4
N Y Trap Rock lit 8 f 62_ _1946 94 95 4 95 96
9912 101
99%101h 101 1023 1013 104
95 100
9912 101% 991 101
3
9912 100
9914 1017 94 100
4
4
8
Niagara Falls Pow 1st 55..1932 10014 10112 10014 10112 1008 103 101 1023 1012, 102 10111 1092, 10212 103 103 1033 103%10412 10318 10412 103%1037 101 1023
4
/
4
4
8
4
Ref & gen 65
Jan 1932 10112 10212 10012 102 10214 10314 10212 10314 10212 10314 1021 10314 1021 10238 10314 10312 1032,10414 1032,10412 102%1037 1012,103
Nigg Lock & Ont P lit 52_ _1955 1011810218 10134 103 10034 10414 10314 10414 10338 1047 104 10412 10418 105 1042,105 10418 105 104 10518 1032,105 8 101 10312
Niagara Share deb 515s._ _1950 -_-- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 10312104 1023 104
8
9712 1023 92 98
87 94
4
Norddeutsche Lloyd (Bremen)
20-yr.665
86 4 8912 87 92% 914 9212 91 92h 91h 93 9112 93 88% 9212 82 88
3
/
1
14
1947 8714 91
1
82 86
8313 8512 8112 85
No Am Cement 634. A w war'40 5012 58
55 5734 56 69
64 70 6212 6518 60 6312 591 61
56 60
5912 60
54 60
6412 5712 44 55
No Amer Edison deb 5s set A '57 991 10114 99%10212 10114 1037 102 103 8 1023 103,101h 103 8 101h 103 102 10414 103%104h 10312 10412 101 10312 99 1013
/
4
s
8
5
3
7
/
1
4
4
k
Deb 514s ser B_Aug 15 1963 997 103 100 4 1013 101 10312 10288 103 10212 103 102 10334 103 103 4 10314 1033 10314 10414 103 10414 10212 104
,
3
3
4
9912 10313
Deb 58 series "C"
1969 ----------------95.2, 9812 9513 97
9814 5983 97h 59912 971 99
4
9812 10112 101 10214 100 10212 98 100 8 94h 9312
7
No Ohio Tr & Light egg 68_1947 99 101
9912 10Ol 98 104 100 1021g 10112 104 100 4 104 10214 106% 10414 10618 1043 108 10512 10712 10312 105% 100 1043
3
4
4
Northern States Pow 5s A.1941 100 10112 99 4 101 10012 102 10012 102 100 4 102% 10183 10312 10112 10414 1023 10312 103 1037 1021 10312 10234
3
3
8
10312 10184 103
12
1st & ref 68 ser B
8.941105 10584 10412 10514 1047 10714 1023
s
8511012 10514 106 1047 106 105 10612 10518 10612 105 1067 10514 10618 10514 108 105 10614
/
1
4
8
9912 9812 9812 9812 100 ____
Northwest Tel 1st 415s guar'34 --------98 98
99% 9912 9912
__ 98h 9812 10018 10014 10014 10014 -._ -__ 1001 100 4
..
/ ,
4
Norwegian Hydro Elec 55511 '57 88% 92% 9012 9212 913 945 91h 93
8
/ 91
1
4
93
91
92h 915 -9312 9314 95
94 95 94 95
9412 9812 9614 98
Ohio Public Serv 730 ser A '46 110 112 111 112 111 11212 11114 112 111 1l2h 11112 112 11134112 1111 11214 112 11212 11018
11212 11014 1107 110 111
8
1st & ref 78 ser B
1947 110 111 111 113 112 113 111 112 111 11212 11112 11212 1113 11214 112 114 113'2115 112 11414 110 11214 111 11114
4
Ohio River Edi let 4.3 & J '48 105 106 105 108 105 10612 105%5109 105 106 1052,10614 106% 108 108 10814 108 10814
7
107 108 1073 108 10712 1073
4
k
7214 72 7935 79 80 8 757 77
1944 71
Old Ben Coal 1st 6 6s
3
74
767 6212 7414 597 62 61 66
8
58 65
51
52 59
5214 4814 512,
Ontario Power N P 1st Si_ _1943 100 101
/
1
4
99 10018 100 102 101 10414 1012,1022, 102 1027 10214104 103 104 103h 1044 1041
/
1
4
8
,105 10212 105 1003410314
Ontario Transmission 53_ _1945 100 10038 --------98 101 10018 10012 10214 10214 1012,102 102 103 _ _
1023 10312 10312 103 4 102 102
4
3
Oriental Devel Co guar 68_1953 95 97
12 9611 98
962,100
7 975, 100
95 9812 95 8 98% 96 98
,
5- - -- 9812 9934 95h 9914 951 9712 99 0 11
7 9834
7
Ertl debt 534s lot ctfs 1958 8634 90
873 8913 89 9314 89 4 93 8914 91
3
891s 90 893 907 9018 92% 911 93
8
8
9012 9212 8912 917 80 90
7
Oslo Gas &El esti s f g 55_1963 90 9212 91% 93% 918 97
92% 9413 92h 93 k 91% 93 913 94 947 97
8
96% 9812 95h 98 953 97% 95 9718
Otis Steel lit m 6s ser A_1941 10014 10112 10112 10214 10114 103 10218 104 102 10314 1017 103 8 10112 103 10112103% 10218103 100 10312 1993 101
8
3
94 100
8
Pacific G & E gen & ref 58_1942 1007 103 101 10214 10112 10212 101% 1021s 1013 102 2 1013 1023 102 104 102135103
4
,
4
3 102%103 4 103145104 102121O45 10112 103
3
12
k
Pacific Pow & Lt 1st & ref 5s'30 99 4 10012 991 1013 99%10012 100 5100 100 100% 100 10035 100 102 4
3
4
3
- ---, _-,--pacific Tel & Tel 1st 5s___ _1937 1013 103 100 10212 1018
4
41034 102 10212 102 1023 1021s 10314 103 10334 . - 104- iOi- 164ii iiii- IOW
4
10314 - 4,
1952 101%105 10214510414 10314 10512 10284 105 10413105¼ 1043 10514 105 1067 1053810712 10618 10718 104 1073 ioii& fovi 1013a 10 1
Ref in 5s. series A
4
8
106 1063 101% 1067
8
8
pon-Arn Pet & T con's f 6s 1934 10214 10314 10214 103 2 10212 105 1021,104 1027 1073 1025,105 101 1043 103h 10412 10314 10412
s
,
4
102185106 102
102 10111 104
4
1930 113412 1043 101 10412 10212 1043 1043 104 4 991 9912 9912 9912 -----------------1st lien 78
4
3
92 94
9312 97
Pan-Am Pet (of Cal) cony 6s'40 89 94
95 9812 88 98% 88 91
95 98
91 595 4 87 9312
3
_ 72 80
70 7912
paramount-sw2y 1st 5348.1951 99 102
99 10112 101 10225 1011/1 1023 10112 103% 1012,103 102 103 100 102% 1012,103 102i 16314 10012 1024 100/1013
8 - 11
4
4
/
1
4
Para-Famous Lasky s f 69_1947 98 991 99 100% 100 10314 10012 102 10012 10212 100 4 1013 1002 102
3
4
9914 1013t 10018 101
89 9012
3
953 1003 92 4 96
4
4
___ __ ___ ____
Paramount Publix Corp 5)58'50 ..-- ______
_ _-- --_ _--- -_ ---- 94h 9478 9413 945, Erri, off& 82% 88
761s 85
85 84 - - 78 83 il i018
7612 7878 Park-LexIng 1st lease 6)48.1953 7512 8014 66 82
793 -8
0 78 801 80 81
76 7914 65 7514 60 72
77 8912 823 913 82 88
4
Parmelee Trans cony 63_1944 75 80
75 82
70 75
70 73
57 68
53 65
4
/
1
413 434 35 44
393 51
4
4
---- ___ ---Paterson & Passaic G & E 53'49 101 101 1013 1013 ____
-- ----- --__ -__ ____
-.
___ 1067 107 --------1041,1051, 103 10 83
8
4
45 48
47 - __- 59 68 s
7
61 711
80
77% 61 -Pathe Exchange deb 75_1937 36 c52
6134 67
50 59
537 67
40 52
47
5712 48 67
79 81
79 83 82 85
791 83
8012 8412 5512 8012 80 83 82 85
Penn-DI:le Cement 65 A._1941 7312 80
73h 8212 74 79
65 75
People's Gas & Coke 1st 68 1943 -- _-,.. 111%111% 11114 1123 111% 112 11214 112181121811218 1132,1132, --------1131211514 --------115 115 11012 115
4
1947 101 1 4 101 102% 1013 10318 10238510512 10218 103 10214 10312 1023 10% 1033 105 103 1051 105 10512 1038 10514 103 1051
Refunding g Ss
4
4
4
4
____ ___ .
____ 1007 1007 8
-- -- -- ---- - - ____ . _ ____
Registered
_ _ -- ___ 103 103 ____
_
101 102
98% 567- 9812 977 100% kik 1004 093310°38 091.101- 100 101 10013101 10114 103 100% 10314 9814 101
8
Phila Co ser 5s, series A_ _ _1967 96 - -12
- -3- 9512 101
7 1007 10018 10218 10114 10212 102%1031 102 1033 10112 103 4 9978510312
k
1967 97 99
97 98 2 9814 100
12
,
*
981 10012 9914 100
s
Phila Elec Co 1st 434s
98
4
88 4 8712 83 4 871s 80 84 8012 8318 84 88
3
86 4 88
3
Philo & Read C & I ref s f 55'73 84 87 8614 87% 8612 87
,
821 8612 82 85
754 82
/
1
931 98 9612 100
1949 91 95
99 10714 100 110
Cony deb 6s w I
9512 10811 9812 10018 9612 101% 9714 10312 90 98h 82 90 68 13172
93 90 9384 9112 596
9414 9514 9512 97 9
193 90
9
PhillIpa Petro deb 5 As
212 96 4 9314 96
3
96h 9712 92 963 90 93
95 8 97
7
4
821 90
4 105 1051 107 10512 10512 10512 1051 106 107 106 10612 --------106 106 10518 106 106 106
Pierce Oil Corp deb 5 f 8..1931 104 104 10
103
Pillsbury Fl Mills 20-yr 68_1943 103 105 10312 10412 10212 10412 10212 105 104 105 10311 105 104 105 1031z 10414 1041 106 105 10614 1041 106 113412 105
4
%
105
3
3
Pirelli Co (Italy) cony 75..1952 105 4 113 4 11014 11214 110% 112% 107 108 104 10614 100 107 10378 105 10014 101
997 103
8
99h 101
9718 9912 9
/
1
4
318 99
4
Pocahontas Con coil 1st 5s 1957 9412 9412 9412 94h 9412 9412 911 943 9412 941k 9412 94h 9413 95
94 941 93 93 93 93
93 94
Cash Sale.
244
[VOL. 132.
FINANCIAL CHRONICLE
1930-Continued.
April
May
March
June
July
August
January February
September October
November December
Low High Low High Law High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BONDS
4
Pt Arthur Can & Dock 6s A '53 10212 104 105 105 10412 105 105 105 103 10512 104 105 105 105 10412 10512 10514 106 1053 1053 1053 1053 98 99
4
4
4
4
1st as Os ser B
1953 102 102 10318 1043 ----------------10218 10314 105 105 ------------------------10434 1043 --------10112 10112
4
9814 10012 9912 10034 9934 10012 988 10018 983 100
087 103 105 105 10412 105
8
4
Portland Elec Pow 1st 6s B 1947 9612 9812 9712 100
4
4
Portland Gen Elec 1st 5s A935 99 103
4
8
9814 10112 1003 1003 10112 10112 101 10112 101 102 101 102 10112 10312 1013 1027 102 1021- 50112 102'
2 9913 100
995 100, 993 100 100 10018 10014 10118 100 102 100 100
4
8
4
994 993 9912 100
99 10 2 ---% 5,
PortlandRy 1st & ref 58-1930 97 99
- - 4
993 100 8 100 1013 100 10012 10018 10012 100%101 105 10512 10514 10512 10512 1053 108- 1661;
4
,
1942 96 9812 98 9812 99 101
Port Ry L & P cony 5s
8
99%10012 99 100
99 10012 105 10512 10434 105
97 99
993 101
4
98 101
98% 99
lot lien & ref 6s, ser B 1947 9618 9812
4
4
let & ref 7%s, ser A
1946 10458 10512 10514 107 10512 10612 104% 1053 10412 10514 105 106 10518 10612 10512 106 10712 10912 106 1083 106 168 10-14 iiii7
90 94
8513 88
92 96
8512 863 83 87
868 91
70 87 65 73 60 70
4
Porto Rican Amer Tob 68_1942 91
9212 91 9314 9314 98
91
9312 93 95
8783 9414 7518 8712 60 81
50 67
Postal Tel & Cable 55
1953 9312 9412 9312 9414 9312 9612 933 9512 95 9612 91 96
89 94 80 9012 77 8712 86 8712 8312 8714 8612 8814 87 90
83 88 81
8212 74 81
Pressed Steel Car conv 58_1933 81
8812 8714 89
r - ---- --- ---- --- ---- --- ____
_-_.
--- --r- -, --r- --- ---- --- ---- --- ,,,- 2 22,Pub Serv Corp N J deb 4%81948 181 194 -__
0412 103%105 1033 1043 1043 1/5 10
4 - 4
217 '2 5 17 512 1054 10512 104 10514 10518 10512 10412 10514
8103 103 105 10312 1
6
Pub Ser El & Gas 1st & ref 58'65 10218 104 1025
-9612 9812 978 99
4
9812 9912 100 101 10014 10212 1013 103 1018310314 10038 1033 10012 1028
4
1967 954 983 9512 9712 9612 100
4
1st & ref 4%s
4
4
1970 9513 953 9512 9612 96 9914 9683 984 978 988 9814 994 98%10012 10014 1027 102 103 101%10318 101 1023 10014 10914
8
4
8
1st 8c ref 4%s
2612 2813 25 25 ____
7
3413 453 32 35
4
1012 2012 818 11
__ 2012 21
42 50
5013 5418 50 51
Punta Alegre Su con deb 721'27 50 55
8
4
24 244 2312 1412 171 2112 1513 1512 35 103
29 3412 2312 28
43 453 344 46
8
49 50
55 55
51
51
Certificates of deposit
4
993 10012 993 10012 94 99
4
95 98
4
notes_ __1937 9912 100% 9912 1004 98 1004 99 10014 993 10012 9814 10018 9912 100
8514 9613
Pure Oil s f 5% %
9812 993 9914 100 934 993 933 96
4
1940 --------------------------------98 9812 9714 9812 9712 100
4
4
534s $ f g
8612 9383
93 9514 92 9412 94 96
4
96 9712 9483 9783 94 9512 8513 9312
1948 95 9612 9514 9612 96 9712 95 963 93% 96
Purity Bakeries s f 58
94% 964 97 100
4
96 9713 96 963 96 9613 96 97
95 97
95 97
96 97
9414 963
Remington Arms 1st 6s ser A '37 934 95 9314 97
4
994 1007 971k 993 96 99 96 99
9812 99
4
4
98 10012 9312 9812 8713 94
o
4
83 92
Rem-Rand deb 5%s, W. W-1947 9113 9612 953 9712 963 101
_ _ __ _
_ _ _ _ _ ___ ____
__ _ ____
_.... ....
r - _ _ -_-_ __„.
r- --,:.
Republic Brass 68_ __ Tilly 1948 101 103 10212 10312 ----- ,
, 1940 10114 10214 10112 10214 101 8 102 10214 103 4 10212 10314 1023 103 102 2103 10212 102 101% 10212 10014 10212 100 100 -9318 -- 1
- -- -12
, 4 971- -58
Republic 1 & S s fis
4
8
8
4
98 104
97 99
96 10012 7978 86
Ref & gen 5348 ser A war 1953 10018 103 10212 104% 102 10412 1013 10312 1023 10418 1023 1037 10313 10412 10312 104
Revere Cop & Br 1st 68 July '48 --------103 10312 102 10414 10212 104 8 10312 10514 103 105 10312 10514 10318 10414 102%10514 10112 1023 98 10112 100 100
,
4
9614 9878 904 9683 8212 9312 89 9412 76 90
4107's 10514 10712 10414 107 10313 10614 9714 104
Rheineibe Union 7s w warr1946 9934 10658 10212 106 1033
963 99
9512 9683 8618 95
4
943 9812 9513 c99
4
78 90 87 91
,
76 90
8
Without stock Purch war1946 928 967 96 97 2 967 9818 97 99
4
4
Rhine-Main-Danube Is ser A'50 101 103 100 102 10118 103 10212 103 10183103 1013 10318 10112 102% 10113 10212 9812 10212 94 9912 93 9683 87 9312
4
3
Rhine-Westphalia El Pow 78'50 100 10214 10014 1017 100 4 10338 10214 104 10083 10214 10114 103% 973 10218 101 103 100 10114 96%10014 93 9814 81 fog
4
883 9112 89 9014 8912 9014 83 903 75 8834 7813 8314 74 83%
4
8
89 9112 90 9512 8914 923 89 91
1952 86 91
6s
Direct mtge g
893 9012 79 9014 75 84
4
4
4
79 83 4 7312 82
3
1953 83 9212 894 927 913 9412 88 923 89 9112 8813 9112 88 91
Cons mtge 68 ctf8,
I 1
8012 88
89 9112 894 9012 88 901 8913 9012 79 90
894 91
13
80 8314 81
8714 9018 90 94
85 85
Without warrants
881
s
771 8412 70 81
8913 9012 794 9014 7412 85
933 9012 92 8813 9112 89 91
8
Con m 68 of'30 with wars '55 ---- ------------93 9383 91
77 83 674 7612 64 74
87 8018 8312 7912 83
81
8512 87
Rhine-Ruhr Wat Serv 6s1953 ------------------------8612 89
5614 683
4
4
72 79
8
3
943 968 8612 955 8612 893 86 8914 80 8714 70 88
4
Richfield 011 of Calif 6s1944 95 97 ) c971494 9814 95 8 97
51
75
4
4
9412 96
953 97
93 943 813 9012 79 86
92 96
9314 964 94 9714 95 9612 9512 96
1955 8812 94
Rime Steel 1st a 1 Is
79 83
4
4
Rochester Gen & El Is ser B'46 10634 10812 10634 1085 107 108 10714 108 1053 107 107 10712 10718 108 107 108 10714 1073 1064 11013 10618 107 105 107
8
8
8
3
4
Gen m 53s ser C
1948 105 105 105 10512 1053 108 105-83100 105 4 10614 10412 10614 105 10612 107 107 1067 10718 1055 1067 106 10612 105410512
9712 998 --------9734 9734 ____ ____ __- ----___ -- ____ ---- ---- -_-- lows un3 _
4
Gen mtge 434s series 13_1977 --------97 97
Roch & Pitts C & I pur m 58'46 --------------------------------85 85 ----------------100 100 ------------------------85
8
89 90% 8838 97 8614 8883
90 9
8712 8912 8812 9012 9014 92
8
8
Royal Dutch 4s with warr_1945 ____ ____ ____ ____ ____ ____ SS5 c897 _
4s series "A"
4 9 14
9
93
94
9
9 18
91 11T62 --- 5518 ---- 5rif ---97
4
St Jos R y L H & P Ist 58- A937 -94- ---2 -9-- ---- -iii- - 1- 97 9812 98 9814 Eli -- 3 Oi1 --12 iiff ---12 58C4 2 97
9 64
6i 2
9 1- -4 9
4
54 57
52 57
50 5212 50 50
5612 58
4
607 6318 5818 01
8
St L R Mtn & P 1st 58 stpd.1935 60 61, 613 613 61 623 62 64
45 50
2
87 88i8 87 883
8412 88
8413 87
8413 87
85 8614 86 88 8412 C92
90 90
St Paul City Ry Cable 58_ A937 --------85 88 87 90
_ --- 86 86
___
_
_
87 88 884 884 8838 92
_
_
_
_
_
_ _
_
1937 _
Guaranteed 5s
4
,
4
8 1073 10912 105 109 10412 107 4 104 1078
4
352
1 - 712 2
12
- 12
- 8
San Anton Pub Seri 6s ser A '52 la 165 i5i 16E12 165 161i iii 3 116 i6 2 16- io( icTii iii5i4 fo73 iiir 10
4
7812 85
4
95 4 99
3
Saxon Pub Wks(Ger'y) 78_1945 9283 96
9712 1003 9513 100
4
95 4 9912 953 9914 9512 97% 9614 973 893 9812 80 87
3
7314 80
a
9412 8814 94 89 9014 903 9213 8012 9212 74% 817 74 7913 667 75
91
97
91
1951 86 88 88 915 9113 c99
*
Gen ref guar 634s
75 80
77
69 7914 70 75
s f6% _ _ _1946 45 6118 60 66
72 7512 75 7514 OD
Schulco Co guar
65 67 2
70 7512 69 7012 70 75
,
85 c9312 8812 95
69 81
83 8912 85 95
591 7514 65 704 70 73
76 8214 7512 80
1940 45 6112 56 61
Guar s f 6%s B
96 9612 96 9614 85 93 4 90 92
4
98 998 99 99, 9618 9913 9618 9714 953 97
,
2
8
Sharon Steel Hoop lot 5125 1948 95 967 96 9712 97 100
12
7 95 967 9614 97
96 977 9112 9614 89 94
8
8
947 9618 95 4 99
8
93 c9714 95 96
93 94
Shell Pipe Lines s f deb 55_1952 9212 96
805 89
8
8
8
84 8912 71 84
97 9914 96 9714 9312 97 94 973 95 9814 93 967 8638 94
Shell Union Oils f deb 58_1947 9312 964 94 9514 9414 98
4
95 983 87 9512 8414 913 723* 844
4
9813 10114 9638 993 9614 10012 97 100
983 10212 101 101
8
4
with warrants _1949 9712 9812 977 99
Deb 5s
837 8512 68 80
73 78
8518 89
8612 87
88 91
8912 91
90 93
79 85%
88 94
Shieyetsu El Pow 1st 6348_1952 8518 9014 8714 92
17
32
39 471 2818 4012 1612 30
50 51
8
5312 6912 58 667 49 6012 49 52
45 64
4712 45 47
Shubert Th deb 68_June 1542 41
99 10212 9712 083 9712 9912
99 103
8
8
4
1935 101 103 10112 1023 1013 104 100 102 103 104 102 104 10212 103 100 103
Siemens & Halske s 1 7s
873 9012 8012 9714 87 94
4
4
4
8
1951 10112c10614 10312 1053 1043 107 10514 108 104 10618 1013 10513 103 10518 100 10112 9913 102
Deb 5 f 634s
4
8
s
4
Sierra & S F Power 1st 58_1949 9712 9914 963 9712 9683102 100 10183 10012 1093 10114 10314 10114 10214 10114 10314 10212 103 1023 103 1023 10312 100 102
gg
65 71
67 72
88 89
62 68
Silesia Elec Corp s f 634, 1946 8012 83 8212 8912 844 9018 8512 9018 84 87 87 8812 868 8812 8814 90
8512 873 8134 8514 65 4 818
4
87 89
873 88
4
86 9214 8712 90
8
8
8
Silesian-Am Corp coil tr Is 1941 9012 927 913 9212 917 9318 9112 9414 913 c97
,
4
8
4
4
3
Sinclair Cons Oii 1st Is sec A'37 100 4 102 1014 1018 10112 104 10314 104 103 104 103 104 10312 1043 104 1044 104 105 101 10412 100 1023 91 1013
8
8
4
4
8
lot lien coil 68 ser D._ _1930 995 10014 10014 10012 10014 1003 1003 1003 1003 100% 10014 100% 1004 10014 100 1004 ------------------------ _
2 968
4
4
8
4
8
4
4
4
ser li_ A933 99%10012 993 1007 1004 10212 1013 102% 1013 102% 10114 103 10114 104, 103 104 103 104 1003 1033 99 10 3 551 -- 1st lien coil 634s
4
4
4
99%1007 10012 101 1003810283 10218 1023 102 10214 10018 10212 10113 1017 998 1018
8
947 9812 98 10012 99 100
8
Sinclair Cr Oil Purch 534* A '38 97 98
4
97 9812 9712 99 97%102 10118 10214 102 1023 9934 10212 9934 1003 971210014
3
Sinclair Pipe Line s f 52_1942 9411 95 4 95 957 954 9812 9712 99
4
95 968 96 907 90 963 80 918 75 824
4
8
8
953 963 955 9612 954 96
4
4
94 97
9114 96
9314 91 92
1939 91
Skelly Oil deb 6(is
8
4
4
Smith (A 0) Corp1st 6348-1933 10112 10212 10112 10212 1013 104 1024 103 102 1034 102 103 1015 1023 10212 103 103 104 10218c108 102 10314 1013 1033
4
4
7
9712 987 98 9914 99 997 9914 10014 98 993 96 9812
8
1942 937 95 93 i 9614 9512 97
9512 96'8 9612 9712 97 98
Solvay Am Invest 5s
4
South Porto Rico Sug s f 7s'41 105 107 10414 10512 1013 105 103 105 104 105 103 10418 10412 105 10312 1033 10312 104 103 10512 105 10512
4
south Bell T & T 1st $ f 58_1941 101%10212 1013 10212 102 c10114 103 10414 10318 104 103 104 1038310583 104341055* 10438 10514 10412 10518 1044 105 _ iii51 16z:2
_
_
_
_
_
_
_
_
_
_
8
8
1014 1023 1017 10212
When issued
- -12
-- ilW4 166 ioii4 166 ii5552 1V6 loll., 10612 15ii4 16 64
6
12
- --12
4
4
6
Southw Bell Tel 1st & ref 58' 102 1043 103 1043 ii)414 c10 - "10274 165' ioii2 1cTi jai 166 15'54 10
54
4
4
4
3
Southern Colo Pow lot 68 A '47 10112 104 1018 104 10214 10412 10312 105 103 10412 103 104 4 1033 1053 10312 1053 10412 c107 101%10618 102 10334 99 103
4
4
993 993 995 100 4 997 997 --------993 993 ---- --- ---- - - --__ ---4
8
8
3
4
8
Spring Valley Water 1st g 58'48 9912 9913 993 993 9912 100
- -- 8
Standard Milling 1st a 1 58_1930 9978 10018 100 10012 10014 10012 10014 10014 10018 10012 10014 100% 10014 1003 10014 10014 100 10014 99%10013 ____ ____
-- ---- .- --__ -- ____ __ ___- -4
1945 100 10238 100 10212 10114 10212 10314 10413 103 1033 102%10312 10014 10314 ---1st & ref 534s
- 4
10 %
4
4
3
Stand Li of NJ deb 5s_Dec 1546 100 4103's 10112 103 10214 1034 10214 1033 10212 10418 1093 104 103 10412 104 4-4 103 1043- 103 10412 10318 1043- 10212 1045*
9812 9912 99 10012 9934 10012 99%10012 99 1003 9612 998
4
4
9712 99
Stand Oil of NY deb 4348_1951 95 9714 95 9618 9512 973 9514 9712 9634 98
7912 8012 7812 80
73 7812 694 732 61 6912
79 82
90 88 8912 74 c90
77 8418 77 81
8
Stevens Hotel 1st Os ser A-I945 88 893 8813
26 98
26 28
27 30
30 34
34 45
39 41
4313 40 40
41 42
36 39
41
12 26
Sugar Est Oriente 1st 8 f Is'42 42 48
Syracuse mg Co lot g 5.1951 10312 10312 1033 1033 1043 10412 105 105 10518 10518 1053 10612 10614 106% --------104 1073 1073 1073 --4
-- 10718 1072
8
4
8
4
4
4
1951 1024 10214 ---- - - 10218 104 1028310283 --------10234 10318 10414 1044 102 10412 --------10124 105 101 10312 1013 10134
4
-Tenn Cl & RR gen 55
0233 98 c10112 96 98
10012
- - 997 102 10014 102 100 0 13 100 101 100 10212
10283 100 1
89 2 97
Tenn Copp & Chem deb 68 1941 9713 9912 99 101
4
8
3
4
Tenn El Pow lot & ref 68-.1947 10412 106 105 4 10812 10614 108 10814 10878 10514 107 106 107 106 107 1063 10712 107 1073 10514 1075 10514 10612 10383106 4
,
Texas corn cony deb 5s
4
4
4
4
8
4
4
4
s
1944 1003 1017 1003*102 10083106 1038 1053 10414 10512 1013 1053 1025*105 10314 1043 1013 104 10012 10234 993 10112 982810012
4
50 5412 49 523 4814 52
52
4514 49
45 52
8
48 5114 503 5512 48 5214 45 49
1960 45 5212 51
4212 48
Third Ave 1st ref 48
231 30
28 34
1960 28 324 2912 3212 3018 35
24
25 283 22 28
4
2914
273 34
4
26
31
30 353 2714 33
4
Ad)inc 58 tax ex N Y
96 963 968 9814 9512 98
9612 97
4
96 964 96 100
9618 97
94 964
Third Ave RR 1st gold 5s 1937 92 95 9218 9214 923* 9512 95 96
9834 10014 99 1003 100 1007 9918 10012 9938 100 100 1003 9913 1007 97 100
9814 100
1955 98%100
4
.8
8
9412 98% 9212 9412
Toho Elec Pow 1st 76
1932 964 98 9712 99
8
4
99 997 99%10012 99 993 995 10018 99%10012 06121005* 96 99
9812 100
987 100
9512 9814
6% gold notes
Tokyo Mee Co
4
4
4
8
4
855 877 853 873 873 8912 88 8983 8514 8914 8634 c8918 81 877
8
1st m 65$ series.June 15 1953 873* 9012 883 c913 8914 921 887 911 86 89
8
Toledo Tr L & Pr 5(4% /its 1930 100 1003* 100 1004 997 10014 10018 10014 100 100 99%100 997 997 ____ ____ ____ ____ ____ ____ ____ ____ ____ ____
Transcontinental Oil
96 10218 101 10338 10114 103 101 108 107831093 10912 1103 1097 110 10012 110 10978 1107 10938 11014
97%100
4
8
4
1938 9814 100
8
634s with warrants
,
9012 100% 99%10012 100 10014
8712 91
9212 98 07 101 10012 10112 10058 10112 10012 101
91
911 92 9414 92 98
Without warrants
8
Trenton Gas & Elec 1st 58_1949 10214 10214 --------103 103 102 102 103 103 103 103 10318 1033* 10338 1033 ----------------10412 10412.
2
80 8412 76 80
85 90
75 7512 ii- W1
74 80
87 88 88 9412 8812 9212 85 86
,
Truax-Traer Coal con 048'43 7912 8512 84 84
4
4
88 9512
Trumbull Steel 1st s f68-1940 102 1033 10212 10314 10212 10312 1024 10314 102%104% 1028 1033* 10238 103 1024 103 103 10414 983*10312 95 99
2613 2912 ---- 33 33
3
30 33
23 23
36 36
23 23
30 30
r- 26 26
Twenty-third St By imp 581962 38 494 --------5 35
4
9714 964 9912 98 993 99 9912 99 9912 9
4
01 095 9812 100 983 10112 96 10014 9234 8
8
97
92 95
Tyrol Hydro El Pr 1st 734s 1955 94 967 95
8
9112 95 897 9214 9114 93
90 9414 93 9414 9212 95
4
923* 9314 85 93 86 893 823* 9012
1952 86 8814 85 90
Guar sec s f 75
8
8
- -1945 9713 995* 99 994 993 10312 993 10012 9912 10014 100 10014 10018 101 10014 101 10018 10112 97 10012 9814 10018 973* 99
Ujigawa Iliac Pow 8 f
10014 100% 100 100 4 100 8 1003 1003 10114 10012 101 101 10112 101 102 10012 10112 10114 103 101% 1023 100 10212
4
3
,
4
3
4
78Union Elec L &P(Mo)1st 58'32 100 100 4
8
8
8
4
3
1933 100 100 4 100 1003 1003 102 1008310112 1005 10112 1013% 10112 101 10112 10112 102 1017 10212 101%102% 10112 103 1003 10112
Ref & ext 5s
1
1
103 104 10314 10412 103 104 1024 104 100131035*
,
8
101 10212 1018
Union El L & p um 1st 534s '54 101 10212 --------70 4 103 102 2 103 4 10212 103 10212 1033 10212 105 83 83 81
3 7714 75 75
77 803 71
81
4
7812 8312
7614 7614 75
79
70
733* 68 70
Union El Ry (Chic) 1st 58_1945 70 100
_
___
__ 1005
8100% ----------------1013810138 ____
4
4
4
4
8
9912 10114 1013 10138 1013 1013 1013 1013 -_
Union Oil Cal 1st lien s f 5s 1931 9913
109 110
_
--,
___ 105% 1 ,
g
4
06 4
166
- -12
May 1942 10612 10712 107 109 10814 109 106 1073 1077 10814 107 108 8 108 109 109 11
30-yr 6s, ser A
)
8
8
963 1014 9912 1003
4
4
4
9953 10014 100 10014 993 10012 993 10118 995 101 100%102 10138 102 il 5 103
1935 98 99% 9912 100
55. ser C
lot lien $ f
9912 10014 100 101
993 100% 97 100
4
0612 977 903 99
a
4
Deb 55 with warr_ ,.Apr 1945
4
993 10014 10014 103 1014 103 10012 10214 102 103 10234 10312 10212 10313 10312 104% 1023 104 1007 10312 100 10912
4
Unit Biscuit of Amer deb 68'42 99 100
United Drug95% 9914 9012 9712
9518 9813 973 100
8
9513 97% 9512 974 95 98
9914 1007 97 101
4
947 9318 94 9212 99
Trust8 for 25-yr 58_1953 9213
67 68
68 69
4
6712 68
67 67
70 7112 68% 70
663 68 6513 663 6413 65
4
69% 70
60 64 4
,
te:It ys St List g 4s_ _1934 70 74
Ilct
Uiir
4
,
84 9612 100 4 10014 10012 10014 101 1004 10012 100 10012 1004101 101 1013 10132 10112 1013 101%
1
8
4
8
United Steamship I5-yr 6s 1937 973 99 2 983* 9912 993 100
Un Steel Works 634s A without
88 9113 89 91
75 8012 7114 7812
8912 91
89% 915 863 8912 80 8712 6812 82
8712 8834 8712 92
4
1951 8514 89
warrants
89 91
8912 913 87 8912 8013 874 72 8112 75 8012 684 7814
88 91
8
87 c9014 8712 92 874 91
88% 89
Series C without warrants_
81 8 73 80
,
90 9112 8714 9112 8112 8812 71
667 767
8
8
6%,ser A
Skg fd
Unit St Wks of Burbach-Esch
,
4
4
1951 102 105 103 10412 10314 1043 1033 105 10384 10512 103 1051 105 8 10718 106%10718 104 106 105 10614 105121063* 105 10512
Dudelange 7s
8
8018 857 8014 83 82 8314 8214 8312 68 82 694 7212 69 72 4
8
,
8412 8712 86 88 4 86 88 83 87
US Rubber Ist & ref 58 ser A'47 8212 8514
____ __-_ ____ __-_ ___
8
_
_ _s
101 10014 101 100 1007 10012 1007 10018 101% 9978 1014 _ _
10-yr sec 134% notes--_1930 10018 101 10012
61
60 62 61
61
61 61
60 --61
61 63 61 61
61
138 01
Rad deb fis'36 61 6912 --------------- 86 9014 837 86 83 85 4 83 87
Universal Pipe &
75 81
3
67 75
8
8113 8612 80 864 68 78
85 91
84 86
87
Unterelbe Power & Ltg 65_1953 85
94 9612 9114 95
4
4
933* 91314 94% 9614 9512 97 967 903 953 99
94 953* 95 c97
k
9218 97
4
Utah Li & Tr 1st & ref 58_1944 924 933 9218 93
8
8
98 10112 9912 10012 100 101 10014 1017 10014 10112 10013 1017 10118 10284 101 1027 100 10184 9738 101
s
4
1944 98 993 9712 99
Utah Pow & Lt 1st 5s
10412 10458 --------105 10518 104 107 10718 10718 107 1083 10714 10834 1073*10912 107 110
4
Ut/ca Gas & El ref & ext 58 1957 1024 1034 103 103% 103 1043*
214 89 924 88 91
8812 90% 90 9112 85 913 79 8783 71
934 l
80
91
3
87 95
86 88
Utilities Pr & Lt deb g 5 ii, 1947 87 89
77 854 6812 7712 62 7012
82 8512 8334 86
87
4
8612 8812 8014 863 81
8634 92
.
,
Deb 5s vri/•h -. r w.thoil ws•'39 ----------------0012 91
iaii2
-
ai -6f
c Cash sale.
JAN. 10 1931.]
FINANCIAL CHRONICLE
245
1930—Concluded.
IN
.ff
October
November December
March
April
May
January February
June
August September
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BONDS
Vertientes Sugar 1st s f 7s_1942 57 60
39 45
40 41
51
57 6112 54 5714 5412 57
5912 61
54
34 3712 35 4118 40 41
37 43
Victor Fuel 1st s f 5s
Vs Iron Coal & Coke 1st 41 5s'49 70 70
80 80
80 80
80 80
7218 73
72 73
7218 7218 80 80
724 7218
72 7218 72 73
8
993 102 10012 10112 10012 10138 101 10212 10114 10134 101 10214 1018 10212 10012 103 10118 1023 10112 1024
4
Virginia EY & Pow 1st 5a....1934 100 10012 100 101
4
Walworth Co deb 634s w war'35 9318 93.8 95 101 10078 1083 105 10913 102 105
4
98 10513 9558 1004 97 9814 95 9618 94 9512 --------70 1023
Without warrants
85 85
94 95
94 94
92 95
94 9614 ------------------------93 93
4
88 8812 883 91
79 84
1st a f 6s series A
613 79
4
92
9212 91
1945 8512 897 89 90
907 92
8
89 9314 91
8
83 893 8618 8912 86 8912 84 88
4
10812 10812 10714 11214 104 10814 9912 10613 9414 10112 8714 9618 75 90% 6814 823 6518 80
Warner Bros Pict deb 68_1030
60 7212
4
Warner Co 1st 6s with war '44 95 9712 96 983 9712 9912 99 10018 9914 100
95 9712
96 90
9714 99
95 99
96
97 100
4
97 97
99
Without warrants
96
97 97
94 961 9612 98
8978 95
89 89
Ms
4
95 963 96 97
4
97 973 96 9913 97 97
/
1
Warner Sugar Ref 1st a f 7s 1941 10212 107 105 10512 105 1053 10312 106 104 10512 104 10412 104 10414 104 105 104 1043 1044 10434 102 1043 98 10312
4
4
4
Warner Sug Cor 1st & ref 7s'39 50 5612 48 48
1018 154
454 4712 --------4214 4212 --------397 398 40 40
48
48
50 50
4812 52
Stamped
41 --------10
104
4214 4214 4214 4214 41
5112 5112 48 5012 48 48 --------45 4814 --------43 43
45 5412
Warner-Quinlan deb 623_1939 863 88
90 93 82 91
8312 8812 874 95
80 8112 76 8014 54 7712 49 55
8412 87
4
8112 82
Wash Water pow 1st ref 58 1939 10012 105 10112 103 10212 10414 104 1054 1044 10514 105 106 105 105 105 105 1033 104 1003 1003 10112 10112 1017 104
4
4
4
8
8
4
4
4
4
Westchester Ltg 5s stod gu '50 1043 1047 --------10334 105 1033 1033 1033 106 105 10718 105 105 105 1055s 10544109 10812 107% 107 10718 1033 107
4
West Penn Pow let 5s ser A '46 1013 1034 1013 1023 1013 1034 1033 10414 10312 10412 1033 1043 10414 10514 104, 10618 1017 10512 1043810512 1043 10614 10214 10514
8
4
4
4
4
4
8
1st 5s, series E
8
1963 1023 104 102 104 10312 105 1037 10512 1043 10518 1047 105'4 105 1058 10514 1063 1053 1067 106 1067 1057 10612 102 10614
4
4
8
8
8
1st g 534s, series lc
4
4
4
1983 10412 10514 105 10512 10514 105% 104 105 104%10512 10434 10512 105 10578 10514 1053 10512 10618 1053 10612 1053 10618 65 10512
1st sec 5s series G
4
4
8
1956 1023 10414 1017 103% 1023 104 104 1054 10414 105 1043 10518 1043 10512 105 10538 10512 10612 1043810614 1043 10614 103 10512
4
4
8
West Va C & C 1st is
1950 11'2O
15
13
15
15
8
8
4
West Elm 20-Yr deb 5s- — -1944 1013 1034 10112 1028 10134 104 103 104 103 104 1033 10412 10312 10412 104 105 10434 105 10418 105 10414 1054 1033 10512
West Union Teleg col tr 5s1938 1013 10212 10012 10 4 101 1034 10114 10213 101381023 101%1034 10112 10314 10214 103 10318 10518 101 10414 1033 10414 102 103
8
2
4
Fund & real est 43.s g_..1950 954 983 95 9738 9812 98
4
984 10218 997 102
8
8
4
9618 9712 9614 983 97 983 98 10014 985 102 100 101 10012 102
4
15-year gold 64s
1936 108 110 108 109 10812 110 1084 10912 10814 1094 1083 110 10914 110 10912 110 109%1101z 108 110 10814 109 10538 109
4
25-year gold 5s
1951 101 103 10018 102 101 10414 1013 10312 10212 10334 102 10312 10214 104 104 105 10412 10514 10314 10518 10112 1034 100 1034
8
58
1960
,
-__- ---- ---- 10318 10314 1023 1037 10318 105 10412 10514 10412 107 103%105 8 102 104 100 10312
8
Westphalia Un El Pr 6s 1953 76 8238 814 935 8178 91
85 8912 8513 88
8
8314 72 8314 7038 7812 68 793 62 7112
7914 887 817 8512 81
4
8
4
4
4
Wheeling Steel Coro 1st 5 358'48 1003 102 1003 10138 10114 103 102 103 102 103 102 103 10238 103 10058 10338 10314 104 10312 1043 102 1027 96 102
1st & ref 434s series B„..1953 87 884 873 89
8
9038 9112 9118 918 913 927 9212 9312 903 9312 89 9112 86 8912
4
8
8814 93 8912 9118 90 91
4
White Eag 0& Ref deb 54s'37
4
4
8
With stock purch warrants_ 10214 106 102%103% 10212 1083 106 10834 103 10612 10312 10512 104 10412 10238105 103 10412 10218 104 10212 1023 100 102
29 29
White Sew Mach 624(w war)1936 81
90 81 81 ----------------81 81 ------------------------81 81 --------38 38
Without warrants
39 4112 34 4114 27 33
7614 85
75 8012 60 68
76 8312 82 86
75 7712 75 76
38 48
39 60
31
21
41
Partic s f deb 6s
38 4013 31
77 894 73 78
69 73 60 69
73 80
73 74
38 41
40 59
1940 73 75
Wlckw Spen St Corp 1st Is 1935 2512 2912 30 36
18 --------8 10
23 2712 20 24
34 35
34 37
15
35 40
1918 20
184 20
7
14 714
Ctfs dep Chase Nat Bank__ _ 254 2912 29 398 343 36
10
34 3712 --------25 25
10
20 20
2012 21
4
18
18
17 18
11
5
34 3513 25 35
12
Wickw Spence St Co Is Jan '35 25 30
10
15
18
1812 25
23723 33
3112 41
18 20
17
20
28 39
Ctfs deposit Chase Nat Bank 25 30
25 31
393 3012 35
4
10
113
4 618 1014
1518 1912 12 19
20 2538 1338 20
28 387 32
1638 21
91
9812
4
323 99 10038 100 10112 101 c105 100 10112 97 101
4
8
984 10014 9918 10112 10014 1013 9914 1003 993 100
Willys-Overland 1st a f 634s'33 98 100
9614 994
9634 10138 9612 100
4
997 1003 991241013 10012 102% 100 101% 9918 10114 9918 10014 99 100's 10014 102
4
Wilson & Co 1st s f 6sser A '41 100 101
Winches Rep Arms 1st 734s .41 100 102 100 101 100 102 102 10314 103 10338 103 104 103 103 103 1031 103 13012 102 103 101 102 100 100
4
Youngst Sh & Tube 1st 58_1978 100 2 1014 10012 10114 101 103 10112 10212 10112 103 1013 10212 10218 103 1023 104% 104 1043 102 1043 10112 10312 993 102 2
,
4
4
4
4
,
4 Cash Sale.
COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR 1930.
April
November December
March
June
August
September October
May
July
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BONDS
New York City
334s
4s Registered
1956
4% Corporate stock_1957
434s Corp stock__ _May 1957 1621 4 162- 14 --------104 16i
- --------100
4% Corporate stock..._A958
6K ----------------1003810038
4.7 Corporate stock_ __ _1959 ----------------------------------------98 8 1018 9918 9918 ---- ---100 100
43.s Corporate stock.1931
loci; 191 ---_____---_________-_---------C54 96 4
41
/
4e
iiis - - 8 10012 16612 _
091
3--3
1960 9: 6018
ahs
435s Corporate
434s Corporate
434. Corporate
434s Corporate
stock_ --1971 ---- ---- ---- --- ---- --- ---- -stock__ _1963 --------1014 103 105 10512 10412 1013
- 4
stock_ _ _1965 ---- - --- --- - _ _ 106 106 _ _ _ ___ _
_ _ ___
stock-1967 ---- ---- ---- ---296*109
434s
---—
105 105
-_ _ _ _ ---_ _
---- ---973 98
3
106 106
_ _
_
_ 10814 10814 - - -- --- - -------- --- -----3
4 --107 107 ---- 107 107 1073 1074 106 106 107 10714 1053 10614
----------------------------------------10512 105 2
,
__ _ _ ____ _ _ _ _ __ _ ---- — __
32 f 12
81
---- ----
109
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT N. Y. STOCK EXCHANGE IN 1930.
BONDS
July
August
May
June
September
November December
January February
March
April
October
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
74
64 684 493 6414 597 6214 50 60
77 82
Aide Mtg Banks f 6s
1947 8312 68
8
7712 6812 75 674 7212 718 72
4
70 747 7112 88
4812 61
66 ' 72
72
Sinking fund 6s _Apr 15 1948 6312 674 68 73
60 64
64 698 55 64
74 743 66
7112 8012 764 7918 7412 78
9212 9433 94 96
924 9512 9214 9314 9214 94
Akershus (Dept) 5s
1963 87 93
9538 9714 9514 964 95 9612 93 9614
95
91
924 91
72 784 53 72
7438 80
4
Antioquia (Dept) coil, A_1945 71
563 6614
4
4
72 75
75
65 72
75 873 8112 8512 823 8414 7512 834 76 78
743 7812 804 84. 774 80 4 75 8014 75 783 76 7812 71
4
External a f 75 ser 13
1945 7012 7412 7112 75
53 6514
65 70
7534 52 72
4
3
/
1
3
Ext1 s (Is see C
1945 70 727 72 75
65 6514
76 7812 74 78
7412 78
7812 7812 7413 79
7418 874 80 84
54 727 65 71
7812 7912 75 8012 75 78
744 88
82 85
Esti s f 7s series 13
4
1945 70 723 707 75
7214 7412 54 7112 62 7014 52 68
76 78
*
Esti 7s 1st series
1957 70 7312 707 74
73 8712 784 8314 7514 80
734 70 7413 4978 69
71
7412 71
694 79
44 5612
623 69
4
67 71
2d series trust rcts
89% 7314 7414 89
714 79
78 8212 77 78
71
72 75
64 68
44 5514
738 70 7534 50 69
Ext1 s I Is 3rd series
1957 67 7212 717 747 7313 88
78 83
8
79 807 75 783 7112 75
68
4
8
41% 5514
7414 70 75
50 6912 60 68
7 944 9512 94 98
Antwerp (City) esti loan 56 '58 9214 94
9514 9714 9512 9658 9534 97
9812 995 9818c100
9912c10118 9912 10034 95 993
964 99
4
/
1
Argentine Govt Pub Wks 6s '60 9518 984 96 98
3
97 100
9858 99% 98 99 8 9818 9912 983 994 94 993 9438 977 88 9614 923 947 8934 943
8
8
8
4
Argentine Nation. Govt of—
S f 6s of June 1925
1959 95 9814 9512 974 983 998 9814 100
98 99
4
9818 993 983 9914 95 9914 9314 98
4
8
87 953 9214 96
4
8958 944
1959 9512 98
954 9712 965 991 9812 995 98 99
Eztl s f 68 of Oct 1925
8
9818 9914 978 9914 9412 9914 95 9713 87 9618 9214 95
8
8
8912 9438
8
3
S f g 6s series A
1957 943 98 4 953 9712 97 c100
8
9812 9934 984 9914 98 9958 98 997 9434 997 95 9812 87 96
923 95
897 9412
2
Esti s f 6s series B
1958 95 9812 9512 978 97 100
9812 9912 98 99
973 994 977 9938 95 9913 94 98
4
90 95
8
87 9512 923 95
3
8
Esti s f 68 of May 1926-1960 953 983 96 9758 97 10018 984 9912 98 994 98 993 9814 994 94 993 9412 9712 8638 953 93 9512 89 4 9412
8
8
3
4
4
Eat's f 6s (State Ry)— -1960 95 c983 96 9712 9718 9934 9814 993 98 99
9458 993 948 973 87 953 9212 95
973 99 973
4
8912 9412
4
8
4c100
8
Ertl 6s San Wks(Feb'27) 1961 95 98
9558 9712 97 993 9812 99 4 98 9914 984 9912 977 9918 95 993 9458 973* 87 96
3
724 95
8912 9422
3
4
Pub Wks cid 6s(May '27)1961 943 9914 95 9814 9712 10038 9812 993 98 9914 98 997 98 9914 94 9912 947 9712 8712 4967 9238 95
4
8934 9438
8
Pub Wks Eat' 534s
8
1962 89 913 91 923 9214 07 9112 953 927 0412 91
4
8
4
9312 9112 9358 9238 9558 89 92
78 8912 8414 8814 82 8612
Argentine (Republic)—
1945 8512 89
Intl 5s of 1909
8714 8914 8718 88 8714 89
873 8812 85 873 8712 9012 8938 93
5
8
82 823 82 8338
4
84 90
853 91
4
Australia 5s
July 15 1955 89 9414 8714 893 8712 92 8912 9114 88 91
4
8412 89
8473 893 8614 8912 82 888 7212 8314 71
7913 70 78
4
Ertl 5s of 1927_ _June 1957 887 944 87 8912 8712 924 894 913 884 91
_
84 89 85 8918 8613 8914 837 89
4
70 78
80
71
823 71
4
1956 8012 85
80 8212 81
gni e 143isof 1928
853 8114 84
4
81 8214 7714 8112 7714 8012 7814 82
735 813 70 72
6514 7312 6212 7112
4
Austrian (Govt) s 178
1943 1023 105 103 105 104 108 1033 107123 104 10512 103 8 1083 10214 1043 10312 10514 103 10514 10212 105 10414 105 1033 1058
4
4
,
4
4
4
Internationals 17,
195 ------------------------------------------------9213 9518 9218 494
918 934 87 49318 9014 924 8812 91
Bavaria (Free State)634s_1945 91 943 9414 96
4
944 9812 947 98'2 9412 9612 93 9814 9314 953 953 9658 8612 96
8
4
7834 8614 7418 8312 77 04 2
,
Belgium(Kingd of) esti 735s'45 115 118 115 11612 115 11512 11518 c1163 114% 11514 -------8
194 10912111 110 11112 11018 111 110 11034 1095 111 1073 11138 10958110 1081 1093- 10814 10918 10810110 1084 109 1073 10814
20-year s f 8s
4
8
4 8 - 4
25-year external 634s___l949 1053 1088 10612 1093 10712 109 1071 109'u 10714 1083 10814411013 108 11012 1094 11012 10812 10978 10614 1095 10714 1083 107 1084
4
4
4
/
4
3
8
3
1955 10118 10314 10214 1033 10214 10313 10114 103 10112 1035 10234 103 8 1021 10412 10314 10518 104 106 10118 104 10114 103 10018 1023a
8
Externals 16,
1
4
8
1955 10914 1104 110 1113 11012 113 11113 113 1113 11313 112%11312 11234 11412 11418 1155 11312 115 11112 114 111 113 1093 112
4
External a f 7a
8
4
8
stabilization loan 7s
1956107 10812 10714 10812 1073 11014 1077 109 1077 1094 108 10912 10814 110 1095 11012 10812 11034 10768 1093 10714 10812 10714 10858
4
8
8
8
8
Bergen, City of (Norway)—
194 11012 1124 110 1103 11018 112 11018 1114 1103 11238 11014 112 11014 11038 11014 110 4 110 11038 1094 1103 101 10158 ____ — _
3
4
Sinking fund 8s
*
3
194 99%101 100 10012 99 101 10013 10078 10012 102% 100 101 100 101 1003 102% 101 1013 101 102 --------9614 101,4
25-year a f 68
4
4
_ 95 97 9484 9612 9414 9612
External a f 5s-_Oct 15 194 ____ ____ _ __ _ _ __ ____ _ _ __ __ __ ___ _ _ __ _ __ ____ ____ __ __ ____ _ _ _ _ ____ ___
196
External a f 58
__ __
98Ts - - 95 974 94 964 9418 9614
1;7/2
4
4
983 49912 9558 973 954 98
3
95 9814 87 97
3
79 8712 80 4 87
Berlin (Germany) 635s____195 9212 943 9312 9412 9312 99
70 81
95 96
3
1958 85 8 9212 87 897 88 93 4 90 934 90 9434 85 913 863 92
3
s
External a f 6s
8
8812 913* 82 9012 7138 834 6814 761 64 7484
4
4
88_1945 93 988 9212 95
95 9912 98 9918 97 2 99
,
8612 924 al 89
75 93
93 987 933 9612 9434 073 93 96
Bogota (City) esti s I
4
8
4
1947 8912 9514 89 493
92 100
953 99 4 95 98
8
8
64 8234 6912 88
7112
814 9514 8514 8912 874 9012 76 89
Bolivia (Rep of) era 8a
35
1958 7212 7812 7212 7512 7512 853 804 843 793 8212 85 81
4
8
4
Ent sec 7s temp
8818 75 84 7184 61 694 43 653 47 7014 c30 681g
7214 7573 7512 84
1969 72 77
778 8012 624 79 4 68 75
787 82
8
454 65
62 6912 4412 65
3
Esti a f 75
297 5314
653 72
4
4
8
4
4
Bordeaux (City of) 15-yr 6s 1934 1024 10 3, 103 1044 10318 105 1034 1037 1034 104 1033 1043 1043 106 1054 10638 10478 106 105 c10612 10478 10514 10378 10512
96 102
1941 94 9814 98 98
91
993 57 9112 80 923 67 8212
4
98%100% 983 100 1004 1013 10014 10212 99%101
4
8
4
Brasil (U S of) esti 8s
4
1957 7212 774 75 c78
77 8818 8214 88
7912 C857 80 85
8
733 80
4
7412 7912 7212 76
4712 743 643 7214 55 8614
4
4
Esti a f 6352 of 1926
1957 7214 773 744 77
4
,
/
1
7412 7914 72 744 474 734 65 717 53 6712
7638 8712 82 48812 79 2 8412 80 85
734 80
Esti a f 635s of 1927
1952 80 884 8114 87
,
88 93 2 8612 9212 85 905 90 917 8814 904 8714 9012 79 88
52 79
,
664 7812 55 69
3
Cent Ry 30-year 78
S 1134.(coffee secured)
1952 95 101
9812 101 102 1054 9914 10212 991 102 10012 10178 10134 10234 10112 10212 8512 1034 96 100
/
4
9812 10014 9914 10014
loan of 1922
9912 102 10112 103 10112 103 102 10212 102410314 103 104 1023*10314 100 103
924 100
Bremen (State) external 1.193598'2 100
93 96
88 05
12
83 85
82 88
3
83 85 4 82 4 85
/
1
4
1957 86 90
3
7414 8212 7112 77 67 71
83 85 8 80 8312 8012 83
3
Brisbane (City) a f 55
82 69
804 8412 82 84
1958 85 88% 83 85 83 86
815 85 80 8214 8012 824 80 8212 71
5
77
66 71
S f gold 523
59 6912
20-year s f ._, l9506
e Cash sale. 6 Oa the bags ot 85 to the £ Sterling.
246
FINANCIAL CHRONICLE
[VOL. 132.
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE IN 1930.—Continued.
January February
March
Slay
April
June
1
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
5 7812 78 8512 81
Budapest (City) esti s f 6s.1962 73 76
8414 8112 834 763 823 76 80
75
4
g
76 7812 7012 77
61
7312 684 723 63 70
4
Buenos Aires (City) esti 6)4s'55 9612 10012 9714 100
4
9714 100
973 10012 9818 10014 973 100
4
9758 100
9812 9912 95 974
8912 963 93 96
4
90 96
3
Esti s f 6s ser C-2
8
1960 90 98
952 964 953 98, ---_ 9312 944 94 98
4
9312 983 95 96
4
91
9312 805 94 87 87
35 85
Esti s f 6s ser C-3
1960 93 93 9212 9618 957 9812 91 --- 92% 94
96
8
94 96
95 97
95 9614 93 98
7812 92
86 90
8112 90
Buenos Aires (Province)—
Ref esti s f 6s
88 893 8718 89
4
4
1961 84 8512 84 0863 84% 91
8018 8818 82 85
80 86
7812 8412 7112 80
74 7814 62 747
8
Externals f 616s
1961 --------------------------------------------------------8212 883 82 85
4
72 8512 72 78
6312 744
Bulgaria (Kingd) a f 7s_ _ 1967 76% 7812 7712 sio
80 853 82 8312 80 8312 3
4
11312 794 81
80
80 80
81
643 77
4
675 73
8
64 7012
Stabillen a 67)48 Nov -- 1968 82 84
15
88 90 864 88 8312 88 81 83% 8012 8212 81
8212 9014 86 90
86
67 81
7414 797 07013 79
Caldas, Dept of(Colombia)
7)4s
8378 9312 8612 91
1946 81 8414 8212 89
863 88
4
82 8812 8214 87
8412 8612 75 86
56
78
66
7812 57 681g
Canada. Dominion of, 5s 1931 100 10034 9934 1003 100 101 lOff5a10114 1008 10113 10012 10118 1007 10114 1007 10113 1003 10114 100 10118 100% 101 1003 10078
4
8
4
8
30-year gold Ss
1952 1025a 1037 10214 10373 1023 10418 10273 106 1034 10512 1045 106 1045 10512 05 106 10512 10614 1043 10614 1047 10614 103 10612
8
8
4
8
s
g
4.16s
1 2 98 10073 9812100
7g lO2 tOOl21017 1003 10173 1007 1015 10034 10112 100 01023
993 1003 99
1936 98 993 973 98
935 100
8
3
8
4
4
8
8
8
4
Carlsbad (City of) 8 f
_1954 103 105 105 0109
0614 1094 0814 109% 1074 1083 107 108 10712 1083 0512 10612 1043 1073 102%10612 102 109 104 10712
4
4
.4
4
Cauca Val(Dept) Colom 716546 8312 8514 85 90
8
8s..89 91
923 95 9212 9412 857 9312 8512 89
4
89 95
8712 91
75 81
648 83
523 67
4
12
Cent Agric Bank (Germany)
1st lien a f 7s farm loan.. 1950 9212 95
9312 95 94 8 982 9618 9812 96
977 93 97 93 9412 92 94
8
5
83 92
81
877 83 8712 76
86
3
1st 6s farm loan—
It ctf
J&J 15 1960 7714 83
8512 08812 8212 8712 82 8514 82 84
813 844 84 905 85 89
4
73 82
8
65 78
6914 763 6614 7414
4
Int ctf w iA&O 15 1960 773 8414 8112 84% 81
82 8712 8214 85
4
90 8412 88% 8514 89
8
81 8414 7212 817 6612 78
77
65 74
69
Farm loan 6s series A___1938 8412 90
8812 8934 89 94
8812 9212 887 92
8
88 9114 884 903 8973 9012 81
4
90
78 8712 77 88
758 84
Chile (Rep) 20-yr esti s f 7s 1942 9912 10114 100 102 100 10314 10012 10314 10012 102 100 102 10018 10212 101 103
9534 102
87 99
897 98
8
8812 95
External s f 6s
1960 8814 9014 88 90
4
4
8912 913 8334 9014 71 cS67 8013 85
9318 8914 913 8812 90% 883 91
895 948 91
8
8
70 8112
External s f 6s
1961 8818 9112 8814 9012 898 94
8834 91
387g 93
89 8 917 85 8934 72 864 8012 857 70 82
8
91 09412 8914 92
8
Ry external s f 6s
1961 8814 904 88 91
89 9014 89 9114 8914 92
9312 89 92
84 9012 72 8712 8118 8512 70 8118
91
8912 94
Ext1 s f 68 lot ctfs
1961 88 92
8812 9012 8912 94
3
91
933 90 9112 8812 904 89 90 4 8912 9113 84 903 71 86
8
4
81' 843 70 82
4
Esti 8 f 6s
1962 88 90 8814 894 8918 9414 91
4
88 904 883 91
90 9112 84 091
9312 90 92
69 86
81 854 72 8212
External sinking fund Gs 1953 ------------------------ 9112 9134 894 915 8814 897 8814 9012 8912 9012 84 90
8
8
72 86
8013 85
70 82
Chile Mtge Bk 636s June 30 '57 9212 9512 9234
8
92 963 9273 9573 94 9712 92 97
9312 96
12 9314 99
76 934 86 90
75 88
S f 6165 of 1926__June 30 1961 9412 9734 94 97
95 1003 98 993 973 09914 943 9973 9512 9712 9714 993 96 98
4
4
4
4
4
873 9673 8712 9212 751 89
4
Guar g s f 6s
1961 8612 8812 8714 8814 8712 94
8712 893 8828 904 85% 8912 6712 87
8712 90
8812 9114
881 94
76 84
65 80
6s
1962 ---------------------------------8812 91
8
8
8712 895 877 08912 883 8912 84 89
8
6912 35
1
6418 82
802 85
Chilean cons munic Is. _ _1960 ____
_
9334 94
9312 096
88 94
8
9313 098
9212 9514 927 947 9014 C96
7713 88
9312 096
70 81
8512 88
Chinese Gov Hukuang Ry 58'51 2358 -- - 253 30
2534
8
2418 e2912 2612 30
22 244 24 29
23
22 22
277 21
21
253 30
4
2414 34
23 324
Christiania (Oslo) s f 6s
1954 l013 10218 100 101 100 101 1993 1917 191 19214 101 102 10012 101 1003 101 10212 10334 993 102 100 1023 100 10112
8
4
8
8
4
Cologne (City) Gee 616s_ _1950 9018 9412 931 9112 933 e9824 9473 9712 94
8
87 9314 80 86
4
4
9212 943 92 933 9118 94
96
7614 83
70
79
Colombia
(Rep of)ext1 6s J&J'61 6628 7313 74
7713 75 82
7812 75 7918 688 7312 58 6912 63 70
78 c83
6912 7714 71
7618 78
55 70
Esti s f 6s of 1928
1961 68 72
7012 77
7212 815 77 817g 76
8
6812 75
78
7818 73 79
6914 7714 71
57 69
6013 70
5514 68 2
,
Colombia Mtge Bk 616a
1947 6514 68
673 72
7 7318 743 713 7312 51
4
72 8214 75 8012 70
14 76
4
4
7114 77
76
72
7212 63 70
52 77
S f 7s of 1926
1945 71
75
73 78
8013 86
78 82
80 85
75 791: 791z 87
56 7812 6314 72
75 78
7514 81
55 65
S f 7s of 1927
1947 70 747 713 78
4
4
7814 86
80 84
80 85 4 78 82
555 65
,
75 78
57 78
8373 76 80
7612
64
71
Copenhagen (City of)—
External 5s
1952 9634 98
9614 9714 953 984 97 0983 96 987 9714 99 973 991 98%100 991210012 98 100
4
4
8
4
9834 10014 933 9912.
4
Gold 416s
1953 8812 01
9012 923 903 9312 9012 927 91
4
4
4
9214 933 93 9412 9214 9412 93 9412 913 9418
925 92 93
4
8
9112
Cordoba (City) esti s f 75_ _1957 764 83 803 827 8114 93 8713 9014 87 9273 79 85 82 89
4
8
7614 8014 70 7812 0814 76 c45 c70
8114 85
88
Nov 15 1937 82 82 85 89
Esti s f 7s
8812 9712 91
92 9318 8934 92
9214 95
92
9012 92
8373 91
82 8314 50 84
9873 91
Cordoba (Prov) Argen 7s..1942 93 9714 9512 9612 95 100
95 98
9512 9673 9012 9312 83 913 83 8712 70 84
9612 9812 92 9612 94 97
4
Costa Rica (Repub) esti 73 1931 8612 8818 86 88 86 91
88 90
874 88 8612 8814 8314 87
4
8313 873 84 8714 6514 83
70 8012 65 75
Cuba Rep of 5s of 1904____1944 9912 101
9918 100
9073100
98 9912 98 9914 993 997 98 100
97140103 97 99
0014 10014 97%101
4
97 100
Est!5s of 1914 ser A
1949 101 101 10034 102 10112 1013 1007 10112 1007 10173.100 10014 993 993 964 10012 10173103
4
8
9912 10112 993 100% 97 97
4
8
4
External 484s
1949 93 953 93 9333 93 94
4
9414 943 93 9373 9012 93 9212 935 95 97
94 96
9614 99
4
:
94 94
88 91
30-yr s f 51.6s
1953 99% 10114 9914 100% 100 10014 997 10014 100 10014 99 101 100 101
8
102 100 102 100 10118 99 100
00
97 99
Public works 536sJune 30'45 ------------------------------------------------93 4 9414 93 94
3
9018 9314 8312 9012 77 85
70 78
Cundlnamarca (Dept). Colom
1959 65 73
Esti a f 6168
7114 7412 7312 84
7012 7814 70 7312 68 7012 6514 68
767 81
8
50 71
7712 79
52 6713 42 57
Czechoslovak (Rep) est!Is 1951 1093a 111 109, 111 110 111 10912 11012 10934 11012 10934 11012 10934 1103 110 111 10912 111% 109 11012 10953 11012 109• 111
4
4
18
Sinking fund Is series 13_1952 109 111 110 11112 10914 11114 10912 1103 1097 11012 1093 110 4 10814 110 4 (1014 111 110 1113 109 110 10933110 10912 11014
4
4
4
,
3
Danish Municipal 88 ser A_1946 11012 111 109 111 10912 1107 109 110 1083311014 10812 111 10812 110 10812 11012 108 10912 1085 109 108 1083 1073 0109
8
8
3
4
Is series II
1946 108 20112 1083 1093 1083 110 109 10934 108%110 10818 109 10814 10912 109 1107 10712 110 10873 1087 108 108% 1073
,
2
4
4
a
*
40110
Denmark (Kingdom of)
20-year esti 6s
1942 103331043 10312 105 10438 10528 10412 10512104 10512 104% 10512 104 1167 105120107 1043 10614 1041s 10614 105 1057 10433105 2
4
4
,
Esti gold 53',s
1955 100 101
9913 1004 10058 10134 100 10134,10013 10112 100%1017 10012 1017 101 10033 1003 10212 RIO 1013 0018 10112 99%0102
8
4
Trust rots gold 4As
1963 9012 92
91 9214 9138 9334 9114 9314 9112 93 9218 927a 9212 93 8 9314 943 94 9412 933 9412 0312 95
3
8
4
9314 947
Deutsche Bank American
part ctf 6s1932 97 983 9818 993 99 10014 991.190I8 9912 10014 10014 101 1003 101 1003 101
8
8
8
8
973 9914 9714 987 96 9712
4
8
0773 101
Dominic Rep Cost Admr 5)4s'42 9312 9613 9513 97
94 9614 94 9614 96 98
4
9518 99
963 97
967 983 93 9812 89 95
8
4
903 9214 88 9278
4
lot sec 5;38.1 1926
1940 9014 9612 9114 9512 92 963 893 93
9318 91
8
9312 96
91
4
93'2 9014 96
14
897 95 9014 95 894 913 87 93
8
4
24.1 series s f 514s
1940 92 96
93 95
92 93
9012 96
8512 8918
92 95
93
90 8 93
3
9414 96
903
91
4
943 89 953 89 93
8
4
Dresden (City) esti 7s
1945 96 98
97 9812 98 10112 9934 102
9912 10112 9934 1007g 997
8010112 995 10012 95180104
8
86 96
81
89 e753 82
4
Dutch E Indies 25-yr esti Es '47 1013 103 1013 10212 1013 1023 1013 1023 19134 10214 101331021* 2013310228 1021g 102% 102 103 lO2l 103
s
4
4
8
4
8
103 10112 1027
8
10273
40-year mitt s f 6s
1962 10112 10314 10134 10212 1013 10212 1013 103 1013 10212 1013 10212 1013 103 10218 10312 101%1024 10218 10328 1023 103 10112 103
4
4
4
4
4
4
Externals f 516s____1 18431953 1015 102% 101731015 10173 1013 101% 10212 101410212 1015 102% 1015 104 10212 10212 102 10212 102Ig 1027g 023
.
8
1
8
8
8
4
*10323
4
Externals f 5 As___M&N 1953 101% 1023 10128102 10158 102 10134 10214 102 10212 1017 103 1013310228 104 104 10214 10212 l02l2 104 103 103% 10141023
4
,3
10214 103
BONDS
El Salvador(Rcp)Customs fis '48 1033 106 10412 10612 10413 10812 105 108 107 108 10712 10812 10814 10912 109 110 108 110 104 11018 104 105
4
98 104
Estonia (Rep of) 78
1967 75 763 7512 8212 80 88
7612 78
74 753 65 73
7818 8714 78 8214 78 8113 78 78
4
594 6713 544 61
Finland (Rep of) esti 6s
1945 913 9412 9212 9712 95 9712 9612 9758 96 9712 9312 9734 9212 94
4
9212 94
9314 944 86 927 8434 90
85 87
External sink fund 7s
1950 9714 994 9814 101
993 10114 9934 10012 100 10012 100 1003 993 100 8 993 1008 9314 10012 923 961 924 96
8
4
7
4
9013 953
4
External s 16)48
1956 9112 96
93 4 9814 95% 984 9712 9812 9714 9812 9612 98 968 9818 9714 9812 94 9812 87 95
3
9714 9212 863 9012
4
Externals f Vis
1958 8118 87
85 8633 8612 0118 8812 92
8714 905 8514 89 8512 87
8
8618 87
8414 8814 7212 8258 77 774 77 7813
7 99
Finnish Mun Ln 633s A-1954 92% 95
97 9814 9713 98
948 97
3
4
96 9814 9612 96 4 963 9812 95% 9612 8734 94
8 86 92
1
97
88 93
1954 923 933 933 97
4
4
External 616s ser B
967 9758 97 9812 977 9812 .97
8
9712 9812 95 97
88 93
9813 961 98
88 93
87 92
Frankfort (City of) sf 634s 1953 -------------------------------- 93 9-838 9212 95
.
0814 79
9112 9312 9112 93 90 4 9418 7618 88
3
72 83
8
French Repub esti 716s_1941 1175g 1205 1212 123 12114 125 12
4
18 126 1213 12258 1223
3
4
801237 1223 125-8 1244 12513 125 126 125 80127 1254 1253 125 1253
5
g
4
External Is of 1924
1949 11218 11412 114120116 4 115 8 1185 117 11814 11718 11818 11738118 1173 120 119 12018 1193 12034 12014 0122 120 12012 120 12014
,
3
8
4
4
German Govt International
35-yr 5.7-3s of 1930
1965 --- - - ---- --- ---- -- ---- ---- ---- --- ---- --- 8818 09114 8612 873 --------7313 82 68 7812 68 7412
4
Gernvan Rep esti loan 744-1949 10614 10714 1063 10712 107 1097 1073 10914 10814 1087 10512 1051 10538 10633 105 1064 102 10612 100 10414 993
- 4 - 8
4
- 8
4 103% 1005 103
8
97
Graz (Municipality) 88_ _1954 94
95 010012 983 993 9913 9912 981j 997 99 100'2 99 10013 9933102
8
8
4
97 10018 93 973 96 98
97 99
Gt Brit & Ireland (UnKingd)
20-year 5 365
1937 10212 1037 10313 1043 1033 105 104 105 10418 1054 103 4 1045 103%1053 104%1053 105 106 1054106 105141061* 10412 106
8
8
8
3
4
4
Registered
4% fund optional 1960 £_1990 8824 0844 38312 08312 0823 e90 e8818 e883 e8 4 Willi 14
4
4 -6334C8 ;Ai e8673 081 05512 8812 efig 191- WS- III; e9114 Vi- -50i4 111 2
14
2
- .-15% War Loan E opt '29.1947 09714 09712 39714 09714 399 e91) --------95 93 898 e99 e99 e9914
e9938 100
8
8
Greater Prague 7;i a of'22_1952 1023 105% 10633 10712 106 107 10512 10712 105 106 10312 10614 10213 1043 10314 1047 1033 105 e9938 10012 e993 1003 9834 101
4
8
s
4
101 106 104 10518 104 105
1964 9814 100
Greek Goat a f sec 774
9814 100
994 100 8 97 1013 100 102 100 102 10012 10314 10013 10114 9934 10013 98 10013 0912 103
,
4
98 101
Sinking fund sec 6s
1968 81
8512 847 87
8512 8734 85 87
863 883 8513 88
81513 87
8
4
8514 86 4 8512 873 80 86
3
811 864 80 8512
4
Haiti(Rep of)customs 6s_1952 9714 983 97 10014 93 9818 92% 97
4
9212 94
93 95 95 96
34 9312 96
9412 5 612 94% 9614 95 96
3
92 96
9412 9414 97
3
Hamburg (State) 6s
1946 91
947 963 943 953 95 09812 94 95 8 9018 9412 83 89
3
4
4
95 0712 94 97
4
3
84 87
80 863
4
Heidelberg (Germany)—
1950 101 102 10(313102 101 10413 10238 104 10012 103 101%1037 102 10314 10112 10312 10114 103
External 73614
8
9014 93
843 95
4
93 953*
Heisingfors (City) ext 6;68 1960 --------------------------------------------------------9212 94 9118 9412 8312 9134. 8412 8714 80 8614
9213 9034 9312 9314 09814 95 98
9412 9618 9018 95 9012 9414 9112 938 86 93
Hungarian Munic Ln 71•47_1945 91
7314 85
80 83
34 797 83
9014 9312 874 91
External sink fund 7s Sept'46 86 9012 8612 88
86 94) 86 877 834 89
8713 94
8
8312 88% 78 e90
75 79
66 77
Hungarian Land mcg lost— -91
937:8 95 95 96
96
9712 987 934 96
922 9212 100
1961 91
95 9528 9218 93
Pis
87 92
84 89 0814 87
9334 97
92 953 92 06
4
1961 9012 9114 91
9312 9212 981, 94 98
9312 957 92 04
S f 773s series B
844 90
81
8673 82 86%
3
4
3
Hungary(King of) at 7368_1944 100 102 10012 1013 106 8 10433 102 10312 101 10213 997 1014 99 4 10214 100 10218 99%10118 99 10012 99 10013 98 10014
98 9812 93 0993 981210018 100 10033 9913 10012 99%101% 1003 0104 101 1027
1960 9613 971 2 96 9718 9614 95
4
9718 98
Irish Free State 5a
8
4
983 98 9914 987 101
8
4
8
9912 963 9914 957 994 977 994 93 9878 923 9718 9414 9612 8938 95
Italy(Kingd of) esti 7a...._1951 944
98 100% 934
4
95 07
97 9812 90 9814 9613 98'2 9412 973 9314 96
9434 963 94 97
Italian Cred Consort Is A..1937 93 96
92 9512 934 96
88 96
943 9712 9412 9534 9414 963 93 983 9012 933 91
4
4
1947 923 95
4
93 97
32
95 4 9812 95 983 9612 98
3
4
Ertl sec sf 7s ser 11
4
4
93 8314 9212
9514 09912 947 984 88 96 8612 913 83 903 77 85
Italian Pub Util esti 75
7
4
4
1952 92 93% 923 9512 943 93
8
95 8 93 8 9512 97
3
9412 97
4
8
963 9814 9714 9838 9714 973 9718 98
4
4
Japanese Goat £ loan 48.-1931 913 953 953 063 9618 967 9678 98
4
4
8
8
973 e987 9738 973 9714 9712 9718 9712
8
8
8
1984 10112 104 10258 10312 10314 10428 10373 105 10214 10
Extl. a f 636s
414 103 104 1033 1058 1047 1053 10518 10533 1033 1053g 103 10418 102 103%
4
4
8
8
4
Esti s f 512s
4
1965 -------------------------------- 90 913 89 914 89 925 917 973 9314 94
4
%
5 9312 9118 93
5
925 9412 92
8
Jugoslavia (State Mtge Bk)—
82 81
4
823 84
79 8512 8112 85
813 88
4
Second a f g Is
1957 7712 81
84 8 86
,
7714 82
SO
8513 74 8214 79 8114 74 082
99 10012 96 99
Leipzig (Germany) a f 7s 1947 947 96
9918 10073 98 100
97 99
96 973 973 101 14
4
8
96 100
83 9312 764 8218
8913 96
08% 9812 9812 994 97 994 9312 994 96 97
Lower Austria (Prov)sec73s 50 9312 9514 95 9873 8712 100
96 97
92% 97
9512 99
98 993
8
8
3
Lyons (City of) 15-year 69_1934 10212 10414 103 10414 10312 10414 1031409)47 103 8 19378 /0312c10514 1043 10618 10514 1065 105 106 105 105 10473 10514 1033 10512
4
8
5
10434 1043 106 105131063* 105 108 105 10513 1047 0107 1037 10512
8
3
.
Marseilles (City of) 15-yr 68 3 10212 104 103 10418 10358 104, 10314 e105 10312 103 4 10312
8
8
8
4
75 go
79 79
75 7612 673a 71
6814 go
95 70
Medellen (Munic)esti 6)451854 65 6612 6912 70
39 53
64 68
54% 6513 57 70
3
,
14 --------1023 10 3 1152 12 2 10 2 11
3
1214 16
15, 1214 12
2
4
Mexican Irrigation 4%_ 1943 123 1412 13
101s 1I4 812 1012
s
1212 15
1514 18
Mexico (U S of)—
26 26
Esti 5s of 9£'
1945
ii 15 if 18 191 ii 2114 1573 ig" -1673 - "1413 "1E3- --15" 1 34
173 1713 171 2 16 4
4
4
ill!
/
rx
Asseting 58 of 1899
194a 17 2012 20 2014 17
173 173 17% 1758 ---- - - • - --- - - - _- 18
4
4
4
----------------1612 17
Assenting 5s large
4
17% 173 - -3- ---- 1312 14
2034 24 24
12
1014 1212 11% 15
12% 1118 1273 11
8
12
Assenting 48 of 1904_1954 113 13 8 1218 13
1012
123 1534 1412 1758 1112 1514 012 11
5
4
4
1034 1212 12
1314 1312 1212 1212
1614 15
1312 14
104 1314 912 12
Assenting 4s of 1910 large
114 1412 1312 14
17
1812 18
4
213 13
1118 15
4
1112 123 1012 113 1012 12
131 1713 17
1712 10
13
1212 812 1312
12
Assenting 48 of 1910 small— 1073 14
4
123 14
2112 12
Tress 6s of '13 July '24 coup
__ II
19
20 217g 2178 254 2234 2712 1812 20
2018 2278 ____
17
1114 1412
22 22
14
Large
24 25
18 23
20
174 1914 1238 2113 1912 2412 22 27
18 _2218 22 22
134 17
Small
1112 1414
19 23 9458 2514 21
1818 19
88
93
9173 8878 9114 894 914 8112 0058 79 85
Milan (City,Italy)extl 67381952 85 8831 8812 9171 90 8 05
7812 85 6812 82
905 937 91
SCaali Sale.
eOn the basis 01 55 to the C Sterling.
JAN. 10 1
247
FINANCIAL CHRONICLE
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE IN 1930—Concluded.
BONDS
November December
August September October
January February
March
April
May
June
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High LOW High Low High Low High
Minas Geraes (State of)—
Ext1 sec a f g 6 M a
51 643 4234 54
4
76
703 45 67
4
76 83
7812 74 7814 68s 75523 69 713 65
4
1958 65 733 72 76
74 83
4
7712 68 76
External 6 M a ser A
4
4
685 703 45 708 497 6312 42 52
8
8
1959 691 73
74 8212 73 51
69 70
72 75
75 7812 74
Montevideo (City of) g 78-1952 98h 101
70 88
95 102
10212 100 103 100 103 100 101 101 102
838 951 8414 94
99 101 10012 103 100
74 79 2
likExt1 •1 Z. 6s series A.._...1959 91
4
8
7312 73
,
90 9414 918 943 867 94
4
9612 91
94
933 91 9412 94 95
4
933 9614 96 96s 91
Netherland (Kingdom of)—
P Sinking fund 66 A
4
8
1972 10414 1064 105 107 103 10618 1031g 10414 1034 105 104 10614 10512 10712 10512 1073 104 1057 10414 105h 10414 10512 105 1071s
New South Wales (State)—
4
65 7312 6112 72
External 5s
1957 85 90
8314 8618 8113 863 74 82
8434 8612 8514 89
865 89
853 88
4
80 8512 80 84
8
65 7312 6112 71
Externals f 58
Apr 1958 8514 90 84 8512 8514 8834 8612 8812 8618 8712 80 851 80 83s 8314 8512 80 863 74 83
8
8
Norway(Kingd of) ext a f 6s '43 103 104 102h 10312 103 101. 10258 10478 1021. 10338 101 104 1031210512 10414 10514 10414 105 3 104 10512 105 106 104 1057
External a f 6s
1944 1023 104 102 8 10312 1027 104 10234 101 10214 1033 103 1035 10313 106 1041g 106 10412106 102 106 105 106 104 106
8
4
,
8
External 2 8 f 6s
1952 102 101 102 c10312 102 10312 1013 10212 10112 10212 10138 10234 102 10314 101 g 10314 10214 103 101 10212 1017g 103 1007 10314
,
8
40-year a f 5)4s
3
1965 10012 1017 1003g 10214 101 10214 1001g 10112 10014 10114 1001s 10212 10114 103 10112 103 10214 10314 1017 1031 101 103 10133103
8
3
External 58
9912 101 10014 10112 9913 100 4
9758 99
9878 100
Mar 1963 968 978 97 9758 971 9814 98 99
4
984 99
9933 10114 99 101
8
Munic'l Bk ext1 a f 5s_ ___I967 943 9633 9618 97
8
4
953 9712 955 93
9512 98
4
8
967 9812 9813 9912 9884 10014 99 10013 997 c102 99 1005
8
958 98
4
9912.10114
Municipal Bank era s f 58--- -_-3
9914 100 4 16014 10114 10014 101
9814 100
- ---- a
8
- 973 985
--- -- ----63 72
Nuremburg (City) esti 68-1952 84 c8612 8512 - -- -865 - 2 89- - 7- -87- - 2 -12- 70 73
s
8
gil4 8312 86
87 8812 80 883 747 79
891--921917 8
877
8
Oslo (City) 30-Yr a I 68—.1955 102 10234 1003,102 100 10212 10012 102 101 10212 10014 10238 10112 10258 1017 10314 101 104 102 10314 963 10312 100 1027
8
Sinking fund 53.4a
1946 9838 101
9934 101 1007 10212 100 1003 100 1003 100 10212 101 10114 9914 10134
4
4
993 10012 993 10012 993 100 10013 101
4
4
4
8
Panama(Rep)ext a f 5 M s_ _1953 10018 10212 10013 10212 101 103 1011g 1023 1017 1023 10212 1023 102 10312 1027 10314 1021210312 10212103 1017 10313 102 1023
g
4
8
4
8
4
4
Ertl a f 58 set A__May 15 1963 8912 91' 90 913 913 95
8912 91h
893 9513 90 94
4
95 96
92 93 $ 92 9312 9314 96
12 93 94h 93 94
7
4
4
Pernambuco (State of)—
External 78
1947 7112 85
49 67
5514 695 397 573
8
s
4
74 81
7918 8512 7434 8014 76 8312 75 7912 667 75
8
84 86
7614 90
Peru (Republic of)—
Ertl a (sec 7a
1959 913 943 91
65 80
6613 795 521 69
4
9814 92 94
8334 9212 77 92
93 4 933 98 9412c10112 9218 9738 91
3
4
Nat Loan exit a 1 613
3
58 863 40 6012 437 573 33 50
4
1960 69
7712 81
7612 7912 71
7712 7014 7314 6158 73
7512 731s 763 733 84
4
4
S f 6a int ctfs w I
3112 4812
1961 69 7612 733 76
8
7018 77
g
4
70 722 6184 727 59 6834 41 6012 42 58
4
4
743 844 79 8134 757 80
Poland (Rep of) gold 6a.......1940 74
3
75 7838 74 761 74 763 70 7512 58 71
65 3723 58 67
78 80 7613 80
8
4
7712 743 7818 75 81
68 79
Stabilization loan at 7:8_1947 79 8431 8233 84
75 80
3
4
81
85
70 83
83 8838 8414 8738 83 853 84 8612 83 8 85
8334 85
5
Ertl a f g 8s
94 9512 92 96
1950 93 8 9512 9312 95
94 97
3
8
5
9312 98
94 95
94 c95 3 87 9412 691 88 4 83 885 73 841,
,
Porto Alegre (City of) at 8a 1961 91
9558 9978 95 9812 9338 9838 9312 94
8
9212 100
92 94
88h 921 681 867s 82 83 C64 817
95
9212 96
Esti guar a f 7Ms
7
1966 8312 85
8514 913 85 89
4
8713 941 89 9412 8812 92
8
84 88
4
80 8312 80 8214 59 657 70 753 63 s 72
Prussia (Free State)—
Ertl a f 656s
St gold 6s
1952
8
7512 77
691s 763 63 75
Queensland(State of):ext1 7s'41 107 10812 1047 1075 105 10712 1063 110 1051z 110 104 1063 10234 10578 103 10512 10213 10414 90 103
4
4
90 9512 90 94
External a f 6s
77 84
1947 9912 10414 993 102 100 10312 10014 10112 100 101h 9518 101
8
97 99
9812 10014 9914 100 4 88 9914 77 87
3
Rio Grande do Sil (State of)—
External 88
1946 90 96
91 9614 9614 103
98 103
9512 9812 9813 1003 951g 100
4
90 9814 8814 947 5912 90
8
75 873 74 83
4
Ertl 8 f 6s temp
36 51
8
1968 643 6858 67 70
4
8
65 683 6414 6614 6018 6413 347 61
4
44 60
69 803 75 777 7212 7612 67 76
8
Ertl s f 7s of 1926
4
7912 93h 82 93 83 c8614 79 843 77 80
711 7812 6914 75
4858 65 8
1966 74 3312 78 80
3
47h 75
627 73
7
Extl s f 7s munic loan_ _1967 73 77
7514 8912 80 863 82 83
4
77 8212 73 77 2 73 7412 67 74
77 80
50 69
63 72
46 5983
,
Rio de Janeiro (City) at 88_1946 9212 10018 9613 100
98 4 10313 100 10514 99 100
,
96 10014 963 987 96 9712 94 9614 6812 9712 79 9114 65 8014
4
External a f 634a
4
4
7
79 8312 773 793 73 79
713 76
4
65 73 6618 70
1953 7014 7512 7212 7612 73 8 85
48 6714 58 6612 4212 58
Rome (City of) extl LiMs
93 89 9112 8918 9112 90h 9133 81h 92
943 903 9338 91
70 82
7818 85
1952 87 8914 888 9112 91
7812 85
Rotterdam (City) extl at 61;1964 10314 10512 10314 10453 10314 10412 103 104 103 103 10312 1047 103 1043 104b8 10514 105 1053 10234 106 10412 106 104 105
s
4
4
Roumania 7s
82 843 8214 85
83 85
4
82 84
803 8214 72 81
4
7612 79
723 77h
4
1959
Saarbruecken (City) 68
1953 805 35
83 83
84 88
87 907 8512 8612 8412 853 8618 8812 82 903 8712 91
8
4
4
8612 90 8 90 9158 85 9012
3
San Paulo (City) (Brazil) 88'52 93 99 99 101
993 101
4
993 10012 82 9934 80 99
9934 100
67 75
97 107 10212 10412 10312 10334 9934 101
Extl 81 63.s 01 1927
74
6412 71
1957 70 77
8038 71
65 71
47 6512 5514 6712 497 5714
8
74 7612 7438 34
793 8214 76 8012 71
4
San Paulo (State) ext a 185 1936 9712 102
4
99 102
9618 1003 96 101 100 10214 100 1013 99 101
8
94 98
92 96
68 90
External a f 8s
9614 9812 9212 99
92h 9414 9034 94
8612 9112 62 91
1950 9014 9418 90 9212 91 10034 97 101
External water loan 78_1956 7934 90
80 9218 90 9312 86 9014 85 9014 85 0412 8334 8713 7854 85
50 8314
8178 90
Ertl a f 68 $ lot rcts
7414 7912 74 77
69 75
4
g
67 7012 6218 6812 593 637 41 60
1968 65 7012 66 7012 66 81
69 90
Secured s f 78
96 961s 90 9618 8914 9112 8812 9053 87 c90
- 96 96
1940
771 907
Santa Fe(Prov Arg Rep) 7s 1942 87 93
8
4
4
4
92 9413 92 953 9212 9414 92.2 9414 92 9414 90 9318 913 923 87 92
Saxon State Mtge Inst 78_ _1945 93 95
4
9614 993 9812 9914 98 983 897 9712 78 8914
4
8
9712 9912 9512 993 97 100
4
963 99
4
S f gold 63.4a
91s 9612 918 9412 93 9514 90 9414 903 93 8214 915 74 823
4
Dec 1946 8812 90
86 91
9112 97
Seine (Dept of, France)—
External 78
8
4
4
8
1942 107 10814 10718c10912 1073 1087 107 108h 10718 1073 10714 10814 10712 1088 1075s 10814 1075 10814 10712 10814
Serbs, Croats and Slovenes
93 97
9338 97
9614 9714 9414 9714 8112 9213
951 973 9112 97
4
(Kingdom of) 8s
1962 87 8938 8712 9212 9153 98
,
4
8514 87
82 87
Esti 78 series B
8318 88
75 83
81 12 8613 8118 8612 8212 85 4 823 86
1962 753 7918 7712 82
4
Silesia (Prov) eta a 1 78_1948 70 7318 7158 74
7018 74
71
74
6518 72
66 79
49 66
75 7912 76 78
73s 82
79 83
78 8314 74 80
Silesian Landowners Assn 68'47 72
64
75
8
7412 817 7912 8214 78 SO4 78 80
75
71
76
4
4
Soissons(city) 15-yr.6s
8
1936 1011 1047 103 10414 10312 c105 10314 104 10312 104 1033 10412 10414 1063 105 107 105 106 105 c107
1
9212 9214 9313 87 923
Styria (Prov) esti Is
4
9212 91
4
4
1946 86 90
90 93 90 9318 9012 9318 9013 913 903 9212 91
4
Sweden(Kingdom)ext 5,6 1954 104 1063 10314 105 10378 10512 104 105 1034 105 10414 10512 10412 10714 1043 10618 10414c107 10412 10614
1
4
20-yr.68
89h
77
75
51
80
8413
79
76
77
94
89
60
80 c5358
60
37
857 67
s
92
81
8312 77
79
6934
9112
80
60
558
81
88
81
80
10718 108
106 108
89 9184
79 82
57 68
70 7014
104 10514
8858 913
10212 10534
89,4 9214
7624 81
48 572
62 70
1023 10444
8
90 9112
1033 10512
i
Swiss Confederation•f 88_1940 108 1085 10712c10912 1073 10814 10758 10818 10758 c109 10714 105 10714 108 107 108 106 10718 10534 10612 10438 1063 105 10512
4
8
4
8
,
4
s
8
8
Switzerland Gov extl 534a_1946 10258 10124 10213 103 4 1027 10414 10358 1043 104 1053 1037 1053 104 106 10412 1053 104 10512 104 10614 10438 10512 1043 1064
s
Sydney (City) s f g 5 M s_ _1955 ------- 73 73
70 7614
- ---- - ----- ---- - - ---- ---- - - ---- --- ---- --- ---7
0
8 3
Tokyo (City) loan of 1912 '52 747 -82
7918 77 - - - 77 -- -3 80 g - 1 793 --- 793 847 7514 80
0
, 82 4
8112
81h 75 4 8
1
2
4
--58
7712
3 761s 76 - - 7612 --- 8015 - - 7912 92
9158 9314 9014 93
External a f 5Ms guar___1961 8714 907s 8818 9014 877g 9312 9014 9312 90 9138 90 903 9018 913 91
4
8912 9112 88 907
4
S
7112 80
74 773 71
74 80
68 74h 50 684 531 67
44 5358
Tolima (Dept) 7a
75 82
74
7312 75 87
1947 6712 707 71
Trondjhem (City)
97 9734 963 971 94 9712 9712 9812 977 9812 9814 100
97 98
99
98 991 98 998 9712
1st external 5368
1957 9312 9512 9534 97
3
4
96 9712 9612 9758 9713 98
94 985 96 985 98 99
9812 98 4
s
8
Upper Austria (Prov) 7a.. _1945 923 93 4 9512 9712 9514 973 94 9512 95 96
3
4
8587.18
9014 89 91
87 90
903 9113 89 9114 88 9014 87 9012
4
88 90 89 9012 90 91
External a f 6J411 June 1-5 1957 5711 86
87'8 108 1063 10712 1043 1063 105 1063 10518 10914 106 108 10412 10634 86 1043 98113 1031 99 103
8
4
4
4
4
4
Uruguay (Rep) extl 8s
1946 105 1063 105h 10712 106
9.112 963 95 9912 98
99
4
98 9812 95 98
9554 97
9233 97
External a f 613
1960 9312 c98
92 9412 83 94
8013 87
7013 83
94 95
93 95
92 933 81
82
ExtI a f 6s
921 80 881 71
313
May 1 1964 --------------------------------98 9814 9412 98
9614 9334 9534 925 9512
Venetian Prox Mtge 13k 78_1952 88 94
90 91
92 96
9413 96
9518 C98
95 9712 95 98
95 963 95 96
4
91
6
-_ 8514 86h5518 91
8612 90
Vienna (City) extl 68
863 95
4
863 873 8512 8714 853 87
4
4
861s 872 82 863 8414 86
4
83 85
Warsaw (City of)eta s f g 7,58 73 76
7412 78
7612 83h 783 8214 7714 803 7014 79
8
19524
73 77
7114 7512 70
7312 61
70
5613 8714 48 58
'Yokohama (City) ext1 69_1961 9514 98
95 9614 9512 9514 9618 98
9518 9758 9513 977 96 9712 97 98 3 98 9914 9512 98's 9512 97
3
,
9312 9658
c Cash sale. e On the basis of $5 to the g Sterling.
Discontinuance of Daily Figures by New York
Clearing House.
The New York Clearing House Association issued on
Dec. 31 the daily figures on exchanges and balances of
Clearing House members for the last time, ending a practice of several decades. Noting this the New York
"Times" of Jan. 1 said:
Henceforth only weekly figures will be imdc public. Cancellation of
the daily service was ordered to stop gambling on the "numbers," which
had attained country-wide proportions.
A previous item in the matter appeared in our issue of
Dec. 27, page 4146:
Boston Clearing House Association Reduces Interest
On Deposits.
A change in interest rates made by the Boston Clearing House Association is indicated in the following in the
Boston News Bureau:
Banks which are members of the Boston Clearing House Association
have reduced maximum interest rates payable on deposits, effective immediately. This is first change in rates since July 7, 1930.
New rates are as follows: On deposits payable to banks, trust companies and private bankers now 134% as against 134%; to mutual
savings banks, co-operative banks, building and loan associations, credit
unions or deposits to credit of banks and trust companies when such
balances are specifically designated as savings department now 134%
as against 2%; to others, including balances to credit of banks or trust
companies when specifically designated as trust or agency accounts, now
1% as against 134%.
Rate on time deposits is now set at 2%, as against 234% formerly.
Bill to Protect Savings—Senator Love Would Restrict
Investments of Such Accounts.
From Albany, N. Y., a dispatch to the New York
"Times" stated:
State Senator William F. Love of Brooklyn announced tonight that
he would introduce a bill tomorrow designed to protect depositors in
thrift and savings accounts in commercial banks and trust companies.
His bill would amend the banking laws to provide that all funds of
such accounts could be invested only in securities such as are legal for
investment by savings banks.
"The experience of a lot of poor people in my own district, a number
of whom had such accounts in the Bank of United States, is evidence
of the need for this legislation," he said.
248
FINANCIAL CHRONICLE
[VoL. 132.
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1930.
1930.
STOCKS
'arch
April
May
January February
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lew High Low High
per i
6
$ per share $ Per share per share $ per share 3 per share per share $ per share per share
Par S per 8116;7 Tip srz
11912 120 116 119 11612 12012
100
. Alabama& Vicksburg
121 121 122 122
212 220 212 212
Albany & Susnuehanna_100 215 215 215 215
---iii 116
Allegheny & Western6% gtd100 ____ _ _ __
------- ---100
-o -- 9S
Ann Arbor
---95 95
Pre erred
_100
f
2 s 8
,
Atch, Top & Santa Fe
8
4 4014 55(1 242"1" 2l85 2405 iii" 22933 194 2271 55ii221635 565;ii14 20418 22153 15414 213 i55" 116 idi" foil;
100 2193 23812 2263 2
-5;
.
4
4
100 1024 1037 1023 104 10312 10618 1043 10612 10518 107 10412 108 10412 1053 105 1063 10614 1083 10614 1083 106 107 100 10612
8
Preferred
4
4
4
4
Atlantic Coast Line
100 166 170 168 172 170 17512 169 175 16112 170 15214 170 145 154 144 151 13014 148 118 133 113 125
9514 12514
8
8
8
4
100 115 1193 1153 119 1153 12238 1123 12238 11018 11714 984 1123 101 1083 9614 105
4
Baltimore & Ohio
8
9014 10212 794 9612 70 8212 553 76
8
7814 81
8
8014 8234 8118 83 8114 8412 803 83 8012 845 82 8212 8112 83
Preferred
100 7912 81
75 813 753 78
8
4
7024 777
4
8
12 118
Rights
3
4 15
4
50 63 70
693 7714 7312 8412 "iefs I23" "ars WIT, "6p422 1615 70 VS" "o" 7114" "OA" 79
4
Bangor & Aroostook
161 "So; Ws;
8
58'2
100 110 112 109 11112 11014 112 111 113 111 1141., 11212 11614 110 113 110 113 110 113 110 113 110 111 10612 11014
Preferred
35 38
374 3838
Beech Creek
50
4112 4112
4014 4014 40 40
4
8
4
8
7 67 4
Bklyn-Manhattan tr ctfs63 715 675 73 8 7012 7833 "iii2 743 643 727 "5838 161; 621, 677 -52 8 - 5. 653 7612 66 7412 6118 68
,
8
554 663
8
4
94
8
867 9018 8838 93 2 89 93 91
8
90 9212 9012 92 90 9112 90 983 88 9312 843 8912 83 88
: 847 87
,
Trust etfs, preferred
4
4
13 13 2 13 133 13
157 13 14
Iliklyn 3c Queens Transit_ _ _ _• 10
1314 1112 123 1112 1234 1134 1212 12
8
4
9 11
1414 1013 13
,
618 10
8
• 54 61
60 615 60 6512 60 6514 53 6612 5912 65 57 6112 60 6012 60 6214 56 59
8
Preferred
53 5612
95 107 96 98 79 100 79 85 8412 85 79 79 60 61 5653 57 44 67
4
100 99 100 100 112 1043 109
Boston & Maine
51 56
Buff, Roch & Pittsburgh__ _100 8912 3913 ____ _ __ _ 9612 964 99 9914
__-100 95 95
Preferred
__-- ____
---.
6"
73 73 "56 8614 "ii" 1
16" 8918
71
Buffalo & Susquehanna_100 71
---- ---- _--82 85
80 87
77 77
8312 89 4 8918 8938 ---- -,
Certificates
8612 8612 82 82 89 90
7512 84
8918 90 8912 894
100 75 75
Preferred
84 893 89 9114 89 2 8912 "5512 "861"5
8
Preferred certificates------- ---- ---- ---- ---_ 85 8612 84 84
.
,
8
100 1875 2017 19918 22634 20018 215 1994 213 8 19513 210 18438 2037 18514 190 1653 186 167 1873 16734 18274
7
8
Canadian Pacific
4
3
4
51 5214 4538 5114 46 474 4078 467 40 47
25
4112 454 5512 "4488 551 163;
New
3
4
59 59 56 56 5612 5814
100
58 60 56 56
Canada Southern
64 65 65 65 65 65 56 58
_
8
2
Caro. Clinch &Ohio Stapd- 100 96 973 96 96, 96 101 100 100 100 101" 10112 1014 10014 102
10414 104 4 103 105 99 103
92 100
,
8
8612 92
100
90 90 91 92 9012 9012 95 96 91 93 90 90 7812 89
8612 90
863 92
Common
100 279 300 300 315 280 290 290 292 265 275 23012 265 241 250 228 241 20013 234 205 217 05 212 1893 210
Central RR of N J
4
4
4
3
Chesapeake Et Ohio
100 203 215 4 2133 23712 225 2413 214 2387 20112 22212 171 213 17412 1913 8512 19012
8
4
k
g
New
4412 477 "457 6135 "io" 167; 5515 Wi 3238 437
25
5
8
----Rights
4
---_- -171.2 /138 "1512 223"
-jig "Ili
Chicago & Alton
100 414 638 514 64 458 712 634 10
64 714 412 74 438 6 3 714 --A 135
1511
73 105
Preferred
134
8
100 638 87
1
412 7 8 43
8 613 8
8 633 734 6 812
314
,
138
8 813 218 7 4 2
,
3
3
Preferred certificates__ 100
-2
4
Chic & Eastern Illinols
100 1414 22 "1824 2012 16 28 "5138 /41- "tilt% I13"
4
4
393 45
Preferred
100 36 47
3814 527 43 52 40 44 "55" "41) 343 37 51 'eV "55" 31"
3
100 240 245
C CC & St Louis
10912 foil; 105 105 103 foiti
Preferred
100 98 98 102" 105 ioi" 105" 10458 foi" 105T8 1662; 105" 105" 10e3411563,, 105" 176615
10324
4
8
7
712 103
Chic, Great Western
100 135 15 8 123 153 124 173 1334 1714 1138 1614 812 14
5
4
4
4 6 8 878 613 83
4 78
5
4 43
912 124 914 11
8
8
3
4
Preferred
100 367 403 34 405 3412 50 4 4214 4958 424 5238 27 4818 3018 423 32 393 26 3853 24 32 224 283 12 26 8
3
4
8
3
654 6533 69 69
58 2 68 2
Chic,Indiana& Lousy, pfd_100
,
71 71
,
69 69
414 "13;
244 18 2238 1512 1958 "1358 163s 13 1538 10 1618 84 1112 658
Chic, Milw,St Paul & Pac-• 2418 25 2 "55" 1635 -2212 2512 21
,
4
1312 183 11
8
217 263 1912 2312 155 24
100 4178 4514 403 4614 394 43 4 3514 43
8
Preferred
143
8
31 4 37 2012 32
,
3
8
4 7 4 125
8
3
8
2812 4218
52 72 45 53 4 3914 48
4
4
3
Chic & Northwestern
100 84 873 8512 8973 84 88 4 8012 883 7912 83 4 66 813 68 77 69 76
3
,
119 131 114 122 101 112
100 13914 140 13734 139 138 14014 138 140 13614 14012 1304 14034 1317 135 132 135
8
Preferred
703 90 60 7112 4514 614
4
8
88 100
100 114 1193 11712 12518 11714 12412 112 124 109 117 95 11612 98 1073 90 102
Chic, Rock 1st St Pac
4
107 10918 109 11038 1074 10812 108 10914 105 109 10612 107 4 106 1075 10614 108 4 10414 10613 97%1044 92 9912
8
100 107 1077
,
8
7% preferred
3
4
80 9414 81 8912
4
4
100 993 102 10112 104 103 10418 03 1034 1023 10418 298 1033 100 10112 10018 101 10012 10212 973 101
4
6% preferred
214 14 218 1 134
Rights
------56 16"
Chic St P Minn & Omaha __100 40 45
------100 95 95
70 70
Preferred
778 "
4 77 7714 7814 "54 80 80
7412 74 2 741g 74l8 "75" 16" 75
70l8 V6- 76 -1(i4
,
751
75 75
,
Cleveland & Pittsburgh_ _50
8
4414 4414 4414 4414
433 43 4 433 43 4
50
45 45
4
4
Special
3
3
8
7618 86 "55" "ii" 67 6784 66 6934 633 66 59 6512 48 55
92 93
Colorado 8,Southern
100 83 885 83 95 88 94
8
4
100 683 7312 72 7512 74 2 774 76 7712 76
78 77 80 75 77 75 75 76 78 7712 78 70 7712
,
tat preferred
67 67
654 6812 6512 70 68 75
6814 73 63 67 60 69
2nd preferred
100 65 65
57 614 58 62
58 62 53 62 54 5018 53 55 "in" "a" 3512 44 "3614 16"
533 61
4
Consolid RR of Cuba. pref_100 49 57
66 70 66 70 70 70 50 50 45 46 40 4812 40 40 33 39
5712 70 644 69
Cuba RR, preferred
100 61 65 63 64
-fel;
100
Delaware & Hudson
Delaware, Lackw & West_ _50
Deny & Rio Gr & West.Pf-10
0
100
Detroit & Mackinac
100
Preferred
Det Dillsdale & South West100
100
Duluth S S & Atlanta
100
Preferred
100
Erie
100
1st preferred
100
2nd preferred
Rights
14
6112 17412 16914 181 17014 1793 17314 18034 16634 17614 146 175 15012 166 15434 170 15433 171 1403 1583 134 150 13018 1424 •
4
4
4
36 14212 13912 153 1383 15014 12612 148 121 131 11014 12614 112411813 112 1143 112 11712 974 11212 8512 9812 6912 87
4
4
60 6734 66 757 714 80
6812 7814 6412 7134 45 6814 50 62 52 60 5018 594 35 50 3012 3912 2518 36
8
203 203
40 40
8
8
4
BO 60
"5"o" 16" "ii 12
"58" .. 0"
"i5r2 16" "go" 16"
_ 6612 6622
11
7
8
112
3
4 1
1
4 13
4 23
4
4 13
13
4
3 13
3
s
5
-13 212 133 - . 1 1 1
21, 3 212 3 2 4 234 24
114 1,
214 212 __-- -- 34 34
,
4
8
4 14
,
4412 364 424 3712 42 3014 3834 2612 -3:1); 2218 3078
564 594 574 6334 5534 61 4 5118 6038 4312 5178 3513 4612 3834
,
6133 6234 62 6733 6434 6612 6334 65 61 6378 5313 6414 56 5834 5518 58 5312 57 47 • 53 43 47,2 27 4278
2
571: 5984 58 6212 6012 6212 6114 6212 5612 5834 50 56 54 55 55 55 52 65 4434 51, 4112 4214 26 3812
14
----___
1-16 3
2
6518 6518
6514 6558
8
8
50 6312 6312 635 635 644 6438
Erie & Pittsburgh
645;
9012 10134 87 94 713 8814 -iirs 1414 "Li Ii"
797"5 6418 7134 612 68 "Si" tt
4
100 95 984 97 1003 974 102
Great Northern, pref
9213 9914 93 98
85 9814 85 90 67 8412 73 81
Preferred certificates_ _ I00 9014 95
5614 "80'4
100
Green Bay & Western
4
8
30 1712 24 -loTs -2:2 - 1358 -ni7;
4
,
Gulf, Mobile & Northern_100 3812 443 40 4612 405 434 32 4338 32 4012 2814 374 3118 33 4 2612 i11- 21
9412 9614 96 9814 96 98
96 9718 90 9613 91 94
3
4
93 93 4 874 93 4 7114 873 55 8 77 6034 78
100 98 98
Preferred
,
,
8 813 818 818
1
2
2
2
34 4
17
8 2
34 34
3
3
Havana Elec Ry
70 7114
"Oo" 16" 58 58
100 6812 72
"ii" "4"6" 48 49 43 46 25 25 16 30
Preferred
100 450 465 465 520 491" 525 490 525 460 500
Hocking Valley
k
3
463 5118 47 534 4812 513 473 524 41 "488 4233 "4758" 44 " 4 43l 483 411 457 -in' :ili -54'73 411
4
8
a
,
100 464 51
ffi
Hudson & Manhattan
4
4
3
100 78 7912 75 778, 773 793 78 8212 8112 8112 82 83 813 813 8013 8224 81 81, 80 80
Preferred
74 75
77 77
4
4
4
4
100 1284 131 128 131 12818 1303 12714 1363 126 132 11314 129 11514 120 109 11812 108 116
95 Ill's 76 97
653 81
4
Illinois Central
113 120 120 120 1174 12012 116 11913 11013 113 11312 115 11018 1118
128 13634
_ 12812 130
6% preferred series ••A"_100
4
7812 80 76 8034 77 81 81 81 8112 8312
77 79
7318 744 74 78
7112 75
100
Leased line stock
7012 79
7514 81
7413 753 7413 77
7112 77
8
7012 7213 723 75
70 74
71 72
4
7112 734 72 7312 55i2 Wit 60 63
58 65
RR sec stock ctfs
2614 3312 3018 365 2914 3884 224 3058 2478 273 2318 28 8 284 37 2712 3453 2114 303 2114 30 4
8
4
100 204 33 4 2914 34
7
,
Interboro Rap Transit
,
4
•:
324 3514 30 324
3514 353 27 33 4 264 264 2114 257
,
Certificates of deposit
8
4
8
2918 3212 30 313 2814 295 2812 2812 2733 28, "2323 28 "iiis If"
4
11
1618 18
16 2 9 13
4
9
15
,
Int Rys of Cent Amer
2313 26
19 20
26
277 25 27
8
2714 2814 2812 29
9 11
ia" 16
_Certificates
-6912 72 69 4 72 70 7334 6518 7012 6618 694 60 69
4
593 6012 "So" "0"5 36 49 iS" WI;
4
,
4
100 613 6712 6812 71
Preferred
112 112
1
14
,
100
35 84
Iowa Central
134413412
100
Joliet & Chicago RR
447 '66" 40 47
4
- 777 8112 77 8533 76 83 2 "r71is 7612 85/ 7214 "io" "6"
,
(48 -614
- 134 43
100 77 82
Kansas City Southern
6714 70 es ee 6518 66 4 66 6712 6434 67 2 64 65,2 60 64 53 61
8
6814 693 683 70
,
4
,
__100 6718 6812 6718 69
Preferred
7212 7612 5758 7238 614 66 60 61 554 65 5014 57 40 55 4612 55
72 773 72 847 75 84
8
4
50 7014 75
Lehigh Valley
,
4
,
4
100 128 138 132 137 2 13114 1373 32 13812 128 13714 127 136 120 136 4 116 12012 115 120 10614 1164 993 11014 84 10412
Louisville & Nashville
4612 55 50 5118 5012 75
60 65 62 65 61 6812 68 624 56 60
100 5114 59
5014 644 5314 63
5012 71
Manhattan Ry, guar
3412 385 33 4012 3112 374 2914 344 24
8
31 2 2514 2912 2614 32, 3012 4212 3212 404 3112 3812 3012 38 4
,
,
8
100 30 4 39
,
Mod guar
112 2
2
2
2
1
58 13
3
138
1
1
Vs 3
. 2
112 2
106 112 14
34 155
Market Street Ry
1014 10 4 1014 10 4
,
,
9
10 10
9
100
Preferred
1612 23 25 21 224 "ii" ii" 19 2313
.
111- -ii"
2
1712 16"
13
1912
17 22
100 17 22 -if/
Prior preferred
3
13 4
314 312 23
4 6
2 4 2 4 218 24
3
8
6 4 614 414 414
,
_- 43
8 2
53
100
2nd preferred
4 14 13
112 13
12
18 1 4
-114 1 112
14
4 112 218
3
4 1
,
4 2
14 38
4 14
Minneapolis & St Louis_100 13
284 34
15 1712 1812 19
3012 3434 2712 2934
..--•
814 83,
Minn St Paul & S S Marie100 33 3414 30 35
4434 45
50 523 "WI 52
8
5 2 55 50 5518 54 54
4,
100
Preferred
56 5812 55 5912 5412 5912 50 55 "5012 li" 50 Wi" -E6" 16- "ii
4333 42 48'j
-1100 54 16 4 55 5912 5513 57
Leased line
8
5514 664 50 603 3273 5134 34 34
3618 437 295 4312 234 3212 183 25
5253 5812 5314 66
3
8
147 2314
8
4
467 55
8
Missouri Kansas &Texas
92 100
8
8
93 973 73 933 70 76
8
60 7512
4
4
8
103 1053 1047 1067 105 1084 0534 10814 10314 1073 9814 1074 99 101
100
*
Preferred
9812 86 9514 70 8612 57 8478 594 71
5812 663 514 70
204 3153
4
39 2 53 2 25 40
,
,
100 87 924 884 93 91
Missouri Pacific
8
8
8
8
387 14513 324 14018 125 1337 155 133 1185 1243 119 12414 113 124 100 1127 9514 10314 79 102
8
8
100 134 140 134 141
Preferred
82 8212 83 8612 84 8612 8612 8612 85 3 87 8514 85 4 75 76
823 84
4
4
4
5
,
3
4
4
50 813 83 813 83 813 83 8 823 84
Morris & Essex
15 120
95 104
25 132 118 124
95 983 93 97 2 92 93 88 92
29 132
70 88
4
128 210
,
Nashville Chatt & St Louls_100 190 197
14
12
4 118
38
4 112
118
34 14 84 112 12 h 12 12 14 113
3
4 118
118 1
Nat Rye of Mex 2d pref ___100 14 14 1
258 278 258 234 24 218
14
134 134
214 2 4
3 34 120 120, 129 129
3
1st preferred__ ___ -----100 3
iii" 111" 116 122 122 125 125 125 117 122 iia" 118 113 115
3
New On Texas & Mexico.. 100 1204 1203
1503 175 1543 17012 15612 16814 150 1864 135 155 1265 140 1054 132
4
8
19114 1714 1893 ii"i"
8
4
4
New York Central
100 167 1813 782 19284 18012
5
614
Rights
Mi. 116" iOf)it 1051- 92', 10014 841, ii" 8114 16" "ii" 163;
'
142 12484 1161; 12222 fiS
- 2
NY Chicago & St Louis_ _100 130 1373 134 fa"
4
3 105 1094 105 1081g 10312 106
4
,
4
3
1095 11012 108 1103 106 109
90 10414 83 90 2 75 8514
3
3
Preferred
100 108 4 109 4 109 110 109'4 11018 225 280 196 270 1783 232 188 208 17434
4
195 181 230 180 208 15514 18812 152 178
New York & Harlem
50 180 265 251 324 270 313
16712 16712
Preferred (10%)
50
105 105
loafs 108
1074 10712
107 iff"
N Y Lackawanna & West_100
s
11812 9714 114 9914 1083, 994 10833 -581 1683i4 88 1-614
,
903 675 87 4
4
4
4 -.
NY New Haven & Hartford_100 10538 11334 11224 123 2 121 12813 111581273
,
116 12212 1163 12014 11714 12012 1184 121 116 1194 112 11614 10612 116
4
,
Preferred
100 122 1254 12314 128 12712 13512 1194 132 2 119 123
•No par value.
c 60% stock dividend paid.
JAN. 10 1931.]
249
FINANCIAL CHRONICLE
1930 —Con tin ued.
October
November December
July
August September
March
April
May
June
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High LOIS High Low High
STOCKS
Par $ per share $ per share $ Per share S Per share $ Per share $ per share $ per share $ per share $ per share S per share $ per share $ per share
NY Ontario & Western----100 1318 1512 1312 16
5
8
912 6
714 3 4 54
7
812 10
1313 1714 13 167s 10% 1414 812 1212 93 12
4
4
4
212 1
14 1
/
1
N Y Rys pref trust ctfs
112 214
2
318 1
112 2
13
4 24 11
44 214 314 214 278 212 312 214 27
* 2
NY State Rys
1
118 1
14 Is 12
118 114
114 2
Is , -------- -14 52 14
8
1
1114 212 134 214
100 118 2
14 114
12
14 1
84 2
34
18 138
212 158 2
Preferred
2 4 214 312 2
3
15
100 212 312 2 8 3 8 2
3 158
7
5
412 71
1312 98 12
9 1034 512 8
418 93
8
10 20 8 11
3014 20 24
Norfolk Southern
3
4
100 163 197 1912 3312 2912 3214 24
8
4
Norfolk & Western
100 226 24112 242 265 248 262 241 262 22712 24212 21314 23912 218 2333 22012227 21914 231 21212 22414 19514 2145 18112208
/
1
4
89 90
85 4 8814 8714 8914 8818 9212 874 90
3
8558 8814 85 8614 85 86
85 8712 85 86
Preferred
100 84 8512 83 86
893 8988 8714 8714
4
Northern Central
8712 8712 8714 8714 --------8718 8718 8814 8814 --------8984 91
855 86
8
50 8512 8512 8513 86
/
1
4
5014 583 423 55
4
,
8
Northern Pacific
,
92 9688 83 9514 78 8414 663 813 7114 78% 6812 74 2 6212 757 55 2 64
4
4
100 84 87% 85 97
7712 727 6312 8Ul 683 76
8112 94
4
Certificates
83 963 9014 95
.3
100 8212 86
784 i
8
i lii 47 7 5 V iis ' 8
197 1418 183
Pacific Coast
63
4 9
15
4 9
918 165 15
8
912 14
14
100 7
12 13
11
13
6 11
14
15 --------19 20
1st preferred
/
1
4
1712 2514 24 291z 24 26 --------20 24
100 1712 20
11
12
10
12
15
11
4
9
12 12
10
10
14
16
1518 17
19
2d preferred
15
191 15
100 --------15 18
3
/
1
4
4
Pennsylvania RR
/
1
8
50 7218 7912 785 8514 803 865 772 86% 754 7912 697 7812 7388 763 7118 7514 6814 7514 64% 7112 55 66 53 60%
3
8
223 328
Rights
412 6
6
7
712 5
8
.
Ho
1612 -------- -7
11
21 --------12 Peoria & Eastern
244 RI 18
100 18
2
iii4 - - - . 5 21
99 127 98 115
7612 100
Pere Marquette
100 150 160 155 162 159 2 163 15912 16412 .4114 151 130 140 130 134 12912 13 12 15 132
,
97 9912 96% 9812 96 97 90 9018
9712 99
9514 100
Prior preferred
4
100 943 98
953 98
3
975 9912 977 10014 9818 101
8
95 98
--------97 9712 9112 9312 ---- ---- ---- ---1
/ 9714 977 97 97
1
4
Preferred
8
97 99
9612 97
95 96
100 95 96
9523 97
4
Phila Rapid Transit pref___50 -------------------- ----3612 3612 --------3312 3312 30 30 -___ ____ 293 293 30 30 ---- --- -,-- -4
Pitts & West Virginia
5812 - 12 4812 63
12112 158
100 11
12134 .0 1173 10612 113% 9834 10112 90 957 ---- -___ ---- ---- 8012 '8514 75 75
12
4
Pitts Ft Wayne & Chicago_ _100
_ 14014 14014 144 144
_
_
_
_
_
_
_
_
4
fa i&5 ftig; iiii 181 i8ii 1E/14 iLii2 16612 I50t4 15014 14014 15314
4
4
Pitts Ft Wayne & Chic pref_ 100 i8i." fEf3- iLi- fiff Bi-
--g4
1 ir5i- 1-ei iaii21-gg i5
-gil;
Pitts Youngs & Ash 7% pf 100------------------------ ------------------------14614 14614 14714 lift' ------------------------15012 11612
Reading Co
73 93 4
3
8 12012 00 116 10388108 10418 111
l3 1334
50 21 13 3 126 1.4112 12 . s 1378
98 10912 i60 8714 96
4
tat preferred
47 47 4618 47
4818 5018 4$ 4912
48 48
50 47 5018 4912 53 4418 47
47 483 47 4718 47 47
4
47 50
2d preferred
47 483 47 477 46 47
8
4818 494 4714 49
/
1
48 49
48 49
4912 497 4812 51
50 52
50 472 5518 52 57
Rensselaer & Saratoga
4
4
100 138 140 --------136 142 14014 14014 14012 1403 1363 14212 13714 13714 1372813723 14714 14714 147 147 143 143 130 137
Rutland RR pref
/ 22 35
1
4
3214 35
100 --------6012 65
3614 38
66 67 --------501 5212 42 51 ----------------40 43
/
1
4
1
St Louis-San Francisco
3
6314 7114 39 4 63 2
72 9112 6412 74
8614 11212 8512 95 4 863 93
4
3
8
8
100 1075 11014 110 1143 109 1187 11318 11812 110 116
8
8
Preferred
6212 77
963 997 93 9914 92 955 9212 94% 9112 95 4 78 9012 70 78
8
8
3
8
100 92 9338 935 9514 95 1007 977 101
/
1
4
27 443 1712 28
4
504 69% 40 56
/
1
64 69
4
8
/
1
St Louis Southwestern100 594 65 63 6923 62 70 60 687 58 763 524 73% 59 71
85 9014 86 89 85 943 904 90
90 90
Preferred
4
4
3
/ 903 94 4 70 8312 45 7012 35 45
1
4
4
s
883 883 893 90
8
100 87 88
97 1113 8 8 1023 6
9
7
Seaboard Air Line
12 115
17
8
8 514 13
6
4 312 1
68 412 614 25
12
93 1212 10
4
3
100 93 11
8
4
22 235 203 23
16 16 ----------------8
4
3
513 114 3 3
10
243 25
Preferred
3
23 28
12 2 11
,
100 2214 26
Southern Pacific Co
4
4
100 119% 123 12012 127 12014 125 12014 12514 116 122%108 12112 112 120 1143 120 109 1193 10212 11212 964 107
88 1023
4
/
1
4
75 893 76 89 683 794 62 7118 4612 65
4
4
854 100
Southern Ry
4
/
1
4 8 1347 12318 13118 105 130 10118 1153 894 109
100 132 1363 12
2
4
8
4
8
4
Preferred
76 8212
37
3
9912 10014 9712 993 913 985 907 9518 90 933 903 9312 85 90 8 81
99 101
4 8 99
100 98 1003 9
87 100 89 99 98%110
99 110
4
98 116 —_-' ____ 75 89
93 110 11212 1253 111 120
/
1
4
Mobile & Ohio ctfs
60 78 4
3
100 90 95
Texas & Pacific
85 109
100 117 12312 12014 12012 118 12934 127 145 129 139 110 130 110 122 111 137 12334 140 105 1121 105 111
2
612 11
714 938 8 1178 9 1314 74 1014 7
/
1
4
Third Avenue
93
1323 1012 1513 1112 1514 812 14
100 9 1312 11
4
1112
1012 17
17 21
10
11
13
10
14
19 23
2913 2278 25
1212 718 912 912 1212 812 1112
Twin City Rapid Transit-100 2413 3112 25
/ 6314 6384 60 63
1
4
6314 70 6312 63
74
6434 72 69
70 76
Preferred
49 .55
754 79
487 5088 4488 52
100 70 78
a
8
4
4
Union Pacific.
8
0
100 215 22314 22 23714 223 2423 21918 24134 21918 23212 200 22912 203 2242 20912 2223 205 22214 19214 210 17318 1973 16612 188 2
,
/
1
5
4
Preferred
3
82 8612 8414 853 845 8638 8314 8612 8328 864 858 874 86 88% 86 878s 85 87 83 8614
5
100 8214 83 8214 84
99 99 10014 10112 --------1011210113 --------988810188 ____ ___ ____ ____
VIcks Shreve be Pacific
100 95 95 -_-- ..-__ ____ ____ 99 99
98 99 --------10014 10112 ------------------------101 101 ___ ____
Preferred
__
100 --------------------28 3412 5 34
3
8
1434 - -14 1114 -204 27
Wabash
21
5214 6684 523 673 47 5413 30 5014 32 40
19
593 54 60
8
100 51
8214 70 75 4 66 70
3
8612 8914 83 8614 71
42 5113 39 4412
71
723 52 68
4
/
1
4
Preferred A
3
100 83 873 8482 8618 8518 88
_ 36 37
___ _
Preferred B
78'283 828485 --------70 75% --------69 69 ____
83
81
100 75 86
2512 i5i - 12 1014 16
4 11
4
4
27 343 2114 343 1888 318 23 283 20% 2514 15% 4
Western Maryland
iii 155;
8
4
4
/
4
100 241 273 253 2914 255 36
. 1678 2112 1418 2012 1112 15 4 1114 1512
26 26 - .
3
2d preferred
,
100 2412 2714 27 2914 2534 38 • 32 33 2 2312 3412 19 30
5 --- 153 19
12 1912
94 1514 912 1188 74 103
/
1
4
3021 2014 2612 17 23 2014 21
24 285 23 3012 24
3
Western Pacific
25
8
100 21
/
4
/ 38 391 32 43
1
4
8
26 334 26 3012 23 3014
/
1
4
/
1
/
1
8
Preferred
100 4012 4512 44 507 4312 5312 454 517s 4318 5118 383 4718 39 43
.100 100 --------100 100 100 10014 95 95
.
93 9434
Wheeling & Lake Erie
100 110 110 ------------------------110 110
Preferred
INDUSTRIAL & MISCELL.
26
16 228
33 4218 3088 33 2 12 3112 2512 2712 21
3213 29 35
/
1
4
4
4 83 1614 8 117
5
Abitibi Power & Paper
• 22 333 26
4
8 104
451 374 43
73 7512 74 75 603 7518 37 60
4
83 7612 81
36
6% preferred
/
1
76 8518 83 8612 81
78
8
100 647 7358 71
45 5012 4634 4812 4014 5312 40 4312 33 40
42 65
4912 57
Abraham & Straus
• 45 5612 50 5712 50 5412 5012 66
21
28
Preferred
100 104 108 108 110 107 10814 10714 10814 109 10912 10812 109 108 108 109 11012 10812 1098 106 108 102 10512 102 103
/
1
8
4
Adams Express
• 2318 293 233 355 313 378 3112 365 2614 3213 217 3238 231 2818 2358 2712 22 2812 194 2434 174 2114 1414 20 4
4
8
4
,
9114 94
90 92
4 • 87 92
8613 9314 851 8912 8018 88
8912 8912 86 903
8912 92
Preferred
100 8613 8712 8514 8814 88 92
2513 27
7 26 2714 25 27
21
2612 31
• 23 2312 23 2612 23 8 32
2514 2112 2214 214 2312
Adams Millis
/
1
28 32
5
293 32
4
4
30 3212 293 33
4
4
__
Addressograph In ternsit Corp• ---------------------------------------- 293 343 30 323 307 32
24 30%
2814 32
_
8 165
8 914 1312 912 1112 7 1012 312 712 312 412 218 4
Advance 'tumefy
4
20
93 1712 2112 163 2114 16
4
100 1112 2314 16
2312 20 26
19 3334 21
1412 20
15 20
8
30 39
3214 40
30 3734 157 32
Preferred
10
19
100 22 4114 3012 39
4
4
8
Air Reduction
8
8
* 118 13153 12214 134 131 148 1384 1503 1305 153 114 1563 10314 127% 10418 12614 1043 1283 9638 11418 91531083 871210613
8
19
10
16 3013 1688 191 1614 1823 11
133
4 9 4 1218 614 107
243 34
4
293 34
4
Air-Way Elm Appliance
3
2812 315 2818 36
8
32
• 21
114
/
4
1
15
8 14 11 1
178 212 112 2
7
8 14
/
1
Ajax Rubber
13
8 212 1% 214 14 214
a
12 118
14
3
8
12
3
4
84 1
3
4
7
4
12
/
1
4
I
12
12
5
8
38
44
3
4
12
3
8
Ahumada Lead
12
5
8
7
8
,
•a
3
4 1
1
13
8
14
3
8
4 47g 512 48 614 5
54 53
74 58 65
7
814 7
8 714 412 7
814 63
Alaska Juneau Gold Mines_ _10 712 914 733 9
5
8 5 8 74
84 914 7
73
8 1012 612 II% 9
7
11
144 1012 14
9
83 1518 8 11
4
6
8
Albany Pert Wrap Paper
* 814 107 104 1512 12
Rights14 14 ----------------58
3
8
177 2313 04 16
8
4 2418 195 23
4 3
.
63
4
35
7 4 Ti
264 3418 3014 -- .14 81- - 4 231 2912
51 - 12
• 23 27
4 10
Alieghany Corp
9234 94
75 9212 62 6412 364 603
4
Preferred $30 warrants-100 9512 9912 9812 10712 102 10558 10014 10558 93%10118 87 1003 93 9612 9314 96
4
8473 8614 8434 8512 ---- ---- -___
847 863 847 86
8
4
91 9614 92 9412 92 9312 93 9312 8912 92
__
8914 91
Preferred ex warrants
993 993 9812 9912 95 9812 89 9513 89 9314 90 9018 89 913 80 8712 --------3758 4
4
Preferred $40 warrants-100 ---------------45
55 55
57 62
49 50
55 .58
5714 65
40 4812 40 4128
4812 50
A Ilegbany Steel------------- _--- --- ---- ---- ---- ---- 607a 72
•
91 9112 90 93 --------70 8914 70 744 60
90 100
4 • 993 100 ----------------95 104 100 100
Alliance Realty
/
1
70
Allied Chemical & Dye
Preferred
Allis-Chalmers
Alpha Portland Cement
Amalgamated Leather
Preferred
Amerada Corp
Amer Agricult Chem
Ctfs of deposit
Preferred
Pref ctfs of deposit
Amer Bank Note
Preferred
Amer Beet sugar
Preferred
Am-Bosch Magneto
/
1
* 25534 280 26514 282 26512 30412 296 343 29512 328 232 318 24014 275 24114 2714 232 28412 194 243 185 212 17014 20712
53
100 121 122 12112 123 123 125 123 12614 1234 12553 12214 12512 12214 125 125 126 12512 12614 122 123 1223 12312 120 124
/
1
4
4
/
1
/
1
4
/
1
* 4914 60 5718 6214 598 68 603 6712 653 643 4818 6214 5118 593 50% 5712 454 567 365 483 3212 404 3114 387
4
8
4
8
8
8
8
4
/ 2412 26
1
4
• 30 32
23 25
24 25
24 33
2812 3212 2818 3214 31
32
21
2318 163 2114 1112 167
39 4 31
3
4
8
4 312 3
• 258 3 --------23
4 234 214 212 214 214
14 23
8 3
12 25
3 14 213 3
58 1
1
1
21
21
100 20 20
1814 1814 20 20
20 20
20 21
25
2213 2 14 2414 2414 21
18
18 _- 12 1412
2014 18
• 18 211 18
/ 285 2112 3112 2212 26
1
4
293 25 2812 20
4
2318 2614 21 243 21
4
2538 i51- - 2 1612 211
4 231/
4
97
103
8 7
100 7 ' 7% 6% 712 7
514 84 488 73
3
43
4 73
8 514 7 8 255 63
8 2
3% 13
4 212 158 23
4
100 ------------------------------------------15 24 112 214
8
2913 3812 30 39
/
4
4
100 271 323 26 3014
27% 3312 23 313 23% 364 29 395 277 383 217 30
8
/
1
4
8
4
8
2014 23 3 1712 2212
3
100.
23
23
2012 23
/ 1713 23
1
4
81
10 77 8313 80 93 8513 9738 8918 96
76 8312 6813 85 60 73
69 81
63 91
90
4512 6112 49 61
4
8
4
6112 613 623 6212 623 6258 6412 6114 66
4
50 63 663 61
61 63 62 645 6313 65 6218 64% 6014 6314 61 6112
8
. 7 12
4 814 1084 7
7
8
8
84 6
812 78 103
5
512 6
4
5
5
4
24 4
5
538 3
36 45
25 3018 267 2918 30 32--_8
100 3618 3912 36 364 37 45
-- —
8 103*
• 4018 4514 43 54% 49 53% 36 52% 34 4012 27 39% 30 36
344 218 -ii; 24
12218 28
204 26
1514 23
Am Brake Shoe & Foundry
Preferred
Am Brown Bowed El
Preferred
American Can
Preferred
Amer Car & Foundry
Preferred
American Chain
Preferred
Amer Chicle
• 47 49
5014 5488 463 527 4413 47
4814 53
8
413 44' 4212 4518
8
41
46
100 11814 12212 12212 128 12432 128 12112 12438 12112 124 119 12214 118 121 12012 1217
8
• 838 127 1214 1738 1334 1832 163 213 15 21
11
2032 123 208 1518 187
8
4
4
72 803 6812 793 70 80
/
1
4
4
7312 80
100 6012 66
65 6714 67 76
7012 73
4
25 11714 1313g 1283 146% 13818 154 14212 15612 1274 14812 10814 1433 11212 1354 112 13314
2
8
100 14014 144 14012 14212 14134 14512 14418 145 144 14614 14412 147 14414 14612 146 148
5 7812 82
79 8213 6512 80
53 7212 52 59
42 5512 4814 5312 42% 5014
100 110 116 111%1112 11012 1124 105 11112 993 10514 95 10112 98 102
96 100
4
•
39 5812 40 6012 4614 58
63 697 54 63
8
94 98
84 93 93 101
8
100 757 85
95 97
/
1
4
9518 9918 89 97
987 101
8
371 45
/ 40 4634 40 4434
1
4
* 3658 46
43 453 4312 495 447 5114 4138 48
8
4
_
_ _
____
_ __ _
*
Amer Colortype Co
8
914 1753 912 1512 105 1412
4
—
27 31% "ifir2 Iii34 -isr lif" -ial, If
Amer Commercial Alcohol -• 263 33
5 2358 267 25 2712 254 307 26
/
4
8
3
4
297 21 '261 15 2012 1812 203 157 17%
8
Am.Encaustic Tiling
• 35 437 44 4938 4612 5912 53 5988 44 54
543
/
1
3318 483 344 4014 33 3812
4
Am European Secs
Am & Foreign Power
Preferred
Preferred (6%)
2nd preferred
Amer Hawaiian S S Co
Amer Hide & Leather
Preferred
Amer Home Products
American Ice
Preferred
Amer Internat Corp new
Amer-La Prance FOSIMite
Preferred
American Locomotive
Preferred
•No par
4113 443 3612 44
30 3612
35 38
12112 124 12018 12312 11912 12312 11912 123
/ 157
1
4
1212 195
8 6
75 1113
8 712 123
8
70 84
45 57
38 773 44 65
4
11612 13514 1101g 1253 10712 120 10458 119
8
14738 15012 14812 1507 14634 1483 14214 149
8
4
35 4314 30 393 24% 39
43 55
4
92 97
76 8512 70 8414
75 90
46 605 373 5112 323 398 27 37
4
4
8
90 100
90 9912 8712 90
82 87
403 463 3612 43
38 42
8
8
35 4013
_
21.i2 li ilia If 1 7 262
143 16 4
8 -3
3
% 9
9 13144 9 10
11
0
5'3 8 423 2512 42
12
11,
8
%
34 397 26 36
223 28
3
17 25
8
• 885 9914 9012 10114 825 943 894 1013 65 9255 56% 8818 59% 773 603 7712 52 7512
8
8
4
8
4
• 107 10814 107 109 108 11014 10912 11112 11012 III 106141113* 1063 108 1073 10912 10414 111
4
4
• 95 964 953 953 98 9812 99 99 101 101
98 9914 98 9912
4
9814 101
4
8
18
612 9112 997
8
96 9912 95 984 9614 98% 98 9912 ____--- 92i2 963 9312 9
1414
2
• 954 98
92 2 1003
,
4
10 19% 22% 20
2812 24, 335 25 2914 2112 263 2212 28,2
4
8
4
41
2
/ 318
1
4
4 414 53
• 44 43
414 3
318 2712 12112 4
312 5
5
458 7
4 48 57
17 203
3014 27% 34
4
8
100 28
29
3234 3112 347 22% 3012 17% 234 19 227 1714 19
3
8
• 553 59
5712 60 2 60 693 6012 6614 5914 6412 55 6312 5618 6128 59% 623 54 617
,
4
• 3612 3912 354 377 3614 41% 36% 407 35 2
/
1
8
3012 335
8
4
375 323 3514 32 35
3
8
, 393
4
8712 85 8612 84 8514 83 8612 8334 851 783 833 78 8014 783 8012 8018 84
4
100 86
4
4
3
4
• 353 413 4012 4734 45% 5112 4518 553* 3812 48
293 407
4
4
8
/ 303 37
1
4
3014 36
283 46
4
24 27, 212 4
25
8 214 3
13
8 15
212 3
8 113 112
• 2
158 24 153 2
20 2312 15 1514 15
1512
2212 25
35
100 30 32% 32
304 35
30 33
33 35
37 46
* 994 105
94%10212 80 994 7018 8812 5412 7053 4714 5958 431 5012 39 45
4. 2.11424 nA.
90 98% 9012 931., ...4-44 44:
98 103
100 112 11428 11113 115 104 11812 104 10978 103 106
value.
36 5812
97 107
/
1
4
8014 99
88 9234
134 10
24
16
4912
2712
784
23
5
8
98
,
2812
44411
, ,•2
3433
9318 9812 84 99
80 8914 73 85
77 891 6312 7734
5
74 2
: 812 8
,
31424
2 48
1912
561 11
3218 27
/
1
4
83
77
323 173
4
8
112
3
4
1018 97
3714 2814
79
90
5 3 4612 5
24 1
3
13 4
2
8 2 14
,
15
30
/
1
4
78
233
4
184
111
/
4
3514
o4
0
24
/
1
4
75
16
..12
,
1814
30
77
1,
2211
_ a4
1lN
31
8814 8111
250
FINANCIAL CHRONICLE
[VOL. 132.
1930—Continued.
STOCKS
March
April
January February
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share $ Per share $ Per share $ per share $ per share $ per share $ per share $ Per share $ per share S per share
3
4
4
Amer Machine & Foundry____* 210 228 228 26812 25014 2663 245 2813 255 280 4 180 256 18314 211 175 205
New w i
45
4
8
— --- ---- ---- ---- ---- ---- ---- ---- ---- ____ _--- 36% 427 3514 443 351z 34% - 2 303 - 8 2614 -38-34
395
4 167Preferred ex-warrants..__100
118591155i, ------------------------------------------ __
100 112 III --------115 fiE Hi 1 1134
Preferred
e
9
412 6
37
4
98 6
7
Am Machine & Metals
0 8 312 65
5
3 3% 514 3
41 - -12 3914 /53 3014 51
s
4
4
4054 315 353 283 3234 2114 31
1,8
* ,- 1 483- 43 51i2 ii 40
1818 233 2012 247s 1312 21
4
American Metal
4
4
Preferred
100 --------110 116 11412 11534 112 112 112 112 109 1123 106 10812 108 108 102 106 100 10214 96 99
80 90
70 907 7012 78
89 93 8518 91
g
72 95
3
75 7912 7212 75 8 5814 7212 35 48
8
• 65 697 67 74
Am Natural Gas pref_
20 35
/
1
4
77 77
4812 64
3
• ----------------80 8018 79 4 8018 70 75
55 57 52 56
50 52 4912 52
American News Co
50 52
American
Piano__
_
934 612 9
3
512 212 5
/ 438 612 4
1
4
100 312 4
Preferred
70 88
88
• 77 8834 8712 9912 9914 11918 10748 11938 89 113 7284 1091 7678 9413 72 Li Amer Power It Light
7 iiii 1114 561 - -1-34
4 5
8
7
8
* 100 1015 10014 10212 10214 107 10318 10553 10312 10514 99 10618 1005 103 101 103 8 1037 10612 10014 1083 97 1005 90 99
8
Preferred
/
1
4
8
4
80 8412 78 8414 8012 843 811 825 83 877 817 87
83 85
85
4
8
• 75 783 79 8212 81
/
4
4
7412 75
7918 85
8
8
Preferred $5 pref ser A
851s 883 87 883 86 8712 817 8712 8372 85 4 8412 8614 86 8912 85 89
8
4
4
/ 8318 86
1
4
• 30 83
3
/
1
4
81 8718 74 81
/
1
4
Preferred A stamped
/
1
4
8
/ 375 3312 393 31
1
4
34
344 23 323 23 4 2778 2412 273 20 29
/
1
4
8
7
/
1
4
4
4
4
20 233 18
8
Am Rad & Stand Sanitary _ • 3018 343 333 33
2112 15 2014
135 132 138 140 141 14312 144 ---- ----145 145 143 145 1413 146 138 148 14018 14018 139 141
100 12614 133 134
4
Preferred
8
8
4
4
18 213 16 193 13 18
/
1
4
4
283 357 2012 293 .4 27
• 2012 2518 22 27N 233 37
4
814 1512 8 1212 51
Amer Republics
918
6712 81
5118 703 48 611. 51% 59
8
8159 97
25 80 913 8718 10078 907 96
4318 5412 343 447 29 357 28 36
8
/
1
4
4
American Rolling Mill
8
4
8
_
_
1-64 / 1-64 1-16 _
1
4
12 112
/
1
1
14
34 2
12 1
Rights
6112 6414 61
6734 64 6714 5212 6553 . U2 - 3 6i - - 3 358 iftils 5612 64
• 59 6212 6112 64
5
624
4
3 i
1
Amer Safety Razor
---------5934
2414 1912 223 16
1812 10
4
2014 2612 20
/ 23
1
4
• 17
16
9
712 1012 812 914 8
5
/ 7
1
4
Amer Seating
/ 6
1
4
5
8
7
iia ffe4
s Vs 114 2
• 114 238 118 238 112 214 134 212 17
11 14 114 3
/ /
4
1
114 14 1
/
1
Amer Ship & Commerce
112
/ 13
1
4
8
12 /
1
4
8212
86 98 90 9712 89 91
100 83 86
Amer Shipbuilding
89-__ _
/
1
_ 464 5112 4912 - 12 483 642 5312 48 /93- 33 - 4 3814 4314 39 40
4
•
New
35 42
493/ .12 6514 73
8
* 6974 767 7014 7812 70's -*-14 6iii8 -- 9
7112 5118 5734 4512 563 .3712 53 2
s
53 73 4 5818 7014 63 693 51
3
Amer Smelting & Refin
7
8
100 135 138 13312 13714 134 140 139 4 141 13812 14034 13618 40 13412 13618 1351 13912 135 140 1345 1363 13114 13612 131 133
3
/
4
8
4
Preferred
100 ---- -------- ---- ---------------- ------------------------ 100 1033 101 103 99 1013 975 10012 93 2 9912
8
8
4
2nd preferred
3
25 4218 43 8
.
4 4 3
2 48
7
als 39 4 42 40 417 3834 4314 385 40
8 4 313
7 40
k
3
8
8
Snuff
American
36 385 35
8
100 10018 102 102 1043 103 10752 105%1073 101 103 10412 10412 ----------------10318 112 107 112 --------101 10112
8
4
Preferred
* __
1178 163
19
8
___ 157 1618 15 2212 14
8 63 12
9
65
8 012 7
4
514 7 4 3
3
2
4
/ 6 4 312 5
1
4
3
Am Solvents & Chemical
/ 2434 30
1
4
2534 2612 253 3314 27 30
/ 21
1
4
4
4
_
173 20 ---- -_ 53 14
4
2812 18 25
714 9
•
Preferred
6
8'2
%
• 4412 507s 4718 5114 457 5214 45 4934 4014 4512 3518 447 3618 41
8
3612 4012 33 0 29 3712 24 32
2312 3114
12
Amer Steel Foundries
100 11012 11214 1123 116 112 11512 112 1135 113 11412 11034 114 111 114 11114 11312 1103 115 111 11212 11012 112 110 11138
8
4
4
Preferred
/
1
8
* 4612 4812 465 4914 464 33
4212 4912 4212 44
493 5512 4614 51
4
43 4812 38 423 38 3912 3612 40
42 44
4
American Stores
100 601s 65 61 67
6112 697 6218 67 8 60 623 47 63 49 55
4038 5412 40 46
52 54
7
4118 53
4
Amer Sugar Refining
3914 523
4
100 104 107 103 4 10714 1043 108 10712 110 108 10912 10314 10918 10314 1073 10314 105 101 108
4
3
4
96 1003 95 103 96 103
4
Preferred
• 1912 2312 211 263 1512 24
/
4
/
4
612 10
13
/ 177 121 17
1
4
8
4
5 103
8 638 114
103 123
4
8 953 13
3
934 145
8 9 4 13
Amer Sumatra Tob
/
1
7
25 2712 23 2714 24 27
Amer Telegraph & Cable---100 2612 27
2
1912 2212 18 207 19 21
19 21
16
2134 17 24
23 k 25
15 19
/
1
4
4
4
8
s
8
4
Amer Telephone & Telegr_-_100 216 22614 2241g 2413 23512 266 246 27414 22412 2513 20018 23212 20314 2215 20214 216 120214 21974 1923 2083 17812 1967 170%190
/
1
4
------------------------203 2259 1958 2112 16
4
2138 164 193 ,--- — ,--- ---- ---- ---- ---- ---- ---- ---Rights
/
1
4
50 197 22412
18 23912 223 2133 231 248 232 26414 210 262 225 2414 231 2503- 246 262
4
- 4
/
1
American Tobacco
_
25
__
. ____ ___ _
8
4
New
_ 118 126 1114 127 1075 1193- 99- fil 9812 167%
. -_
-50 i.O'i itiefs Hi- i41 - ia3"i4 24314 ail' 252 23614 26912 . 1812
H9 24812 23412 258I224554 281
2
-Class "B"
- /
1
/
1
4
- 4
118 121 117 12912116 130 10914 1214 10018 1123- 9914 11014
_ _
_ _
_
.
_Class B new w 1
25
-012 Ho 12212 N lig 12/18 12212 1233 1223 12412 . 2
100 12018 12
1 .612 1213; 121 1223 12212 125 126 129 12512 129 12538 12612 12212 12512
8
-- 4
Preferred
4
100 126 129 13014 135 13512 14112 134 1413 12714 13434 113 130 115 127 1153 130 119 130 101 115 95 10912 93 108
4
4
Amer Type Founders
/
1
4
100 108 111 106 11014 11014 113 11214 114 11214 11312 11214 114 11012 1143 11012 111 111 1143 108 112 10312 107 104 1074
4
/
1
4
Preferred
4
i6g-1,
/ 69 97 583 72 47 64
1
4
/ 9512 117
1
4
4
• 8812 973 9218 111 10112 116 112 114
8
4
4
Am Water Works &El
/ /
1
4
/
1
4
7818 11812 79 973 793 94 8712 102
1
4
4
/
1
4
8
1st preferred
* 9912 10212 10012 103 10212 1043 10412 10612 104 10514 10312 10512 104 105 104 105 1043 107 10112 10818 98 102 9918 101
100 712 1132 1014 2014 1318 1738 1312 16
57
71
3
3 68 103
1253 1512 1118 14
4 638 7
8 1112 912 1218 713 117
Amer Woolen
1558 1834 1614 23
1814 24
21 30
100 19 4 3412 2714 44
3
/ 34 4 42 4 3514 4112 35 3914 2959 3812 20 3112 2518 30 8
1
4
3
3
3
Preferred
21
612 234 5
312 138 212
712 6
6
9
9
812 6
5 4 63
3
4 6
7
Fs 612 514 512 5
Amer Writing Paper, v t c----• 5
21
20 31
24
33 38
39 4412 38 405 35 40
* 2912 4312 40 443 39 44
4
ION 20
8
s
Preferred v t c
3512 397 3712 39
418 7 8 3 8 6
4
4 514 8
1638 8 1114 612 12
7
712 113
4 812 1012 63 103
8
3
1412 177 1238 1514 11
Am Zinc, Lead & Smelting/
1
4
25 812 17
49 5212 --------2634 2884
5212 62
25 56
7312 62% 70
66 71 69
50 6518 58 65 62 62
797 73 78
8
Preferred
50 6958 7914 7112 80 8 6912 7914 58 8112 5218 63 4 4412 6112 48 5212 4414 5114 3412 4914 33 3912 - 2
7 25 373
8
3
3
Anaconda Copper
4
22 293 19 2412
20 275 2018 24
8
3914 4834 3458 40% 2612 3512 30 3112 2712 31
4412 5314 4512 50
• 40 48
4
Anaconda Wire & Cable
8
4
4
40 4314 39 4212 355 423 30 3812 28 323 24 323
4238 507 347 49
4
4012 497 46 513
8
8
8
8
4
• 35 467 4018 45
Anchor Cap
--------105.34107 100 10552 95 97 93 95
• 105 111 --------105 11118 11118 11518 11014 11412 110 11312 102 1093
4
Preferred
/
1
225 144 1612 1414 21
8
16
7
107 1818
1918 23
4
8
3
/ 304 374 30 4 35 8 2618 3714 2134 2934 18 273 22 25
1
4
/
1
Andes Copper Mining Co— • 3114 36
1712 207 1612 1912 1318 17
8
191s 22
• 2434 273 2358 27
4
8
235 193 22
8
8
4
2212 2618 2314 2914 2212 243 191 243 21
Archer Daniels Midland
100 105 105 _—_
110 110 105 1093 105 105 10612 109 10914 1093 10014 110 106 106 10912 10912 102 10512
__ 10312
4
4
Preferred
61
4
75 7714 76
7512 77
7518 60 7312
8
7112 747 693 76
827 76 8012 7314 76
8
8
7952 7414 78
Armour (Del) preferred-100 79 813 7612 -_25 514 614 55
8 512 738 43
4 45
43
4 67
8 43
8 63
4 438
8 23
/ 559 312 438 23
1
4
4 53
4 3
4 512 812 614 73
Armour of Illinois cl"A"
8 67
3
25 2
418 253 3 8 2 4 3 8 27
1
3
8 314 4
8 312 212 33
5
7
4 27
8 112 314
8 13
3 8 2 8 43
3
/ 32 3
1
4
Class "B"
/
1
4
7
138 2
100 6014 64
3
5612 58
59 65
/ 55 63
1
4
8
254 53
53 593 4312 55
58 60
60 613 3712 605 5814 59
4
Preferred
31 50
41
612 8
8 8
63
4 912 55
5
7
• 612 Fs 68 812 7 4 1214 9
133
4 859 1014 6 912
3
612 312 5
Arnold Constable Corp
/
1
4
11
11
1712 2018 1312 1712 10
1734 20
1118 7 4 101g 612 712 5 87
10
14
434 534
8
3
Artloom Corp------------- • -- - --- 1718 20
100 95 95
98 93
98 98
9014 9314 90 901g --------8814 90 80 .8814 80 8012 81 85
98 98
98 100
Preferred
10 2434 28
2478 25
24 24
8
2712 2838 2754 283 27 2712 2534 27
205s 22
24% 267 2414 25
4
21
2112 213
21
Art Metal Construction
4
40 435 4012 4618 3618 423 33 4112 3112 3778 3212 3612 33 3512 25 35
8
24 31
20 2812 2112 30
/
1
4
4
Assoc Apparel Industries ____* 3618 42
4
* 28 34
2914 3878 265 33
8
/ 3018 393 367 47 433 5012 39% 47% 3034 4431 3312 377 3138 35
1
4
2513 3018 19 2818
8
s
8
Associated Dry Goods
100 90 9012 85 90
91 93 90 91
91 92
8512 9312 9312 9514 9213 93 89 92
87 92
90 91
90 92
1st preferred
9314 10012 9778 9312 9212 93 91 92 --------91 9114 88 90 8514 8714 817 88
100 85 8612 864 8812 8814 98
/
1
4
2nd preferred
44 5014 45 50
25 3312 37
/
1
8
/ 33 35
1
4
40 414 40 42 3912 3912 307 33
4
/ 3212 353 33 44
1
4
30 39
51
51
Associated Oil
/ 597 6312 49 621& 55 57 5118 56
1
4
4912 6018 4712 5118 4218 48
33 44
8
4
8
/
1
4
Atlantic Gulf & W 1 SS Lines.. 7214 803 6612 793 6512 7114 63 89
6.514 623 648 623 6338 60 637 50 603 55 58
4
4
100 59 6234 61
5212 5312 48 5212
5414 5412 5359 55
5112 55
8
4
Preferred
8
8
/ 245 343 211 2912 183 233 1633 22
1
4
25 3614 3912 375 427 383 4912 42 5138 38 4512 3018 44
4
/
48
4
8
/ 334 38
1
4
345 39
4
4
Atlantic Refining
84 10318 78 9118 62 82 68 783 6912 72% 6314 767 54 6714 53 587 42 5418
874106
8
8
8
8318 94
• 8112 90
Atlas Powder
4
/
1
4
100 101 104 102 104 102 10412 104 108 102 106 10212 10514 102 105 101 1023 10012 10312 9912 10212 97 10014 98 100
Preferred
•
3314 35 8 33 37
3114 38
/
1
26
/ 104 124 7
1
4
/
1
4
3
3
/ 1114
1
4
2512 3512 2818 3018 28 30 4 25 3318 11
Atlas Stores
6
/ 84 614 8' 6
1
4
212 314 3
4
4
5
7
4 7
* 614 63
212 3
3
6
5
614 518 518 4
Atlas Tack Corp
91 171
• 17512235 214 238 217 26112 225 26334 150 232
91 135 6514 1023 603 823 7812 1193
94 141 10214 126
8
4
Auburn Automobile
_ 4_
_
___
_ _ _ _
_ _ __ _ _
_ _ _ __
8
312 4. 314 37 __ _
414 5
5
4 618 4
Austin. Nichols & Co
• 33
6
* ------------------------6
6
7
a
1
a
1
4"
i "i- —558 1 ain 14 iis 14 --ii8 -18
2
1New
3114 3512 3114 35 ---- ---- -------- 25 30 --100 24 3012 2712 3114 32 35
_ _ — -_ _
.
-- — _
-- ---Preferred
27 30
•
22 2412 19 --19 2212 22l 24
22
17% -2012 15 .-23
2512 26
Prior A
5612 5614 5812 5614 5612 52 53
56 60 5614 1814 56 52 53
/
1
4
/
1
4
5
55 8 53 8 52 8 54
5
3
Austrian Credit Anstalt
51 5212 311 513
52 53
/
4
4
8 51
• 412 8
7
63 101s 615 83
4
4
43
4 9
3
/ 15
1
4
53
8 2 8 034 2
78 2
14 23
/
1
4 112 212
8 3
7
Auto Sales Corp
16
2112 1914 20 --------10 10
1612 25
50 15 21
15 22
Preferred
6
6 10
12 812
612 612 -------7
_
8
/ 50 585 53 57
1
4
1 61
/
1
4
4413 53
• 37 4414 42 46
58 814 60 8114 6718 7812 643 73 6012 7012 -------/
1
AutoStrop Sat Razor A
4
/ 612 9
1
4
4
* 43 6
2
/ 518 81s 67 818 712 9
1
4
4
/ 7
1
4
8 434 - 614 3 4 43
/ 4 3 612 514 63
1
4
7
Aviation Corp
3
4 33
4 412 258 418
33% 363 27 3612 2458 30
8
• 3012 3452 32 38
193 2778 2012 283 2612 3214 2712 35
2
8
1912 273 20 273
4
2114 32
Baldwin Locomotive
4
8
100 111 116 114 116 112 113 112 116 109 1137 10412 113 10434 10612 106 110 106 112 100 1097 93 105
84 101
8
Preferred
Bomberger (L) & Co pref
4
4
100 107 10912 1073 11012 108 110 109 11014 108 109 10712 109 107 10814 1067 10912 10712 10912 10712 10912 107 109 103 108
1612 1712 14
19
1312 15
17
3
1714 1912 18 20 4 18
• 1618 20
1212 1334 12 15
8 1212 818 1238
1212 14
Barker Bros
87 90 82 83
74 91
100 --------7313 77
72 7412 7512 7512 75 76 --------68 70
68 68
58 6812
Preferred
4% 234 3
714 4
3
12 6 8 6
5
218 112 1
8 238 218 234 2
23
4 234 25
2 418 252 4
• 27
/
1
4
/ I
1
4
Barnet Leather
100 _
Preferred
3 8
- 2
6
21129 3312 "ii- -- 3- "tii- "211" "a ii8 - 2 -ill 14 'Hi WC "iiT -. 3- -jai's Igi ---- ---/
1
4
4
6
s 4
25 2138 2414 2012 2334 ;118 24
8
4 85 15
8 2 8
4
Barnsdall Corp, class A
6512 5914 60
483 5112 493 50
4
4912 59
61
63 65
4934 4934 48 4938 23 4018 25 30
4
4
• 65 67 633 68
Bayuk Cigars Inc
4
98 993 97 101
97 99 97 98 9212 9818 90 9278 89 93 8
4
98 993 97 98
4
100 9712 9912 9712 993 97 99
7
1st preferred
_
_ ____ -_ -_ ___-__ __ _
___ ___ ___ ___ __ ____
8
8
4
1512 133 165 18 205 1712 1912 ____
18
/ 13
1
4
• 14
Beacon Oil
73 88
74 - 4 75 4 - -8 77 7518 89
92
845
4
3 877
75 83 81
4
ii 7112 813 7018 773 62 Vi
7014 79
50 6712 77
Beatrice Creamery
4
4
4
8
100 103 1047 1023 103 10114 104 104 10514 1054 106 1043 107 103 106 105 10612 1043 10914 104 109 106 108 104 107
Preferred
49 574 51 5512 53 58
/
1
4
463 53
4
/ 6114 664 38 63
1
4
5314 5914 48 54
463 53
4
20 6012 7018 63 6812 6234 65
Beech-Nut Packing
513 4
/ 4
1
4
418 212 5
8 314 4
3
312 218 3
/ 4
1
4
/ 53
1
4
312 414 2
5
5
6
/ 6
1
4
/ 4
1
4
8 6
• 43
12
Belding Hemingway
793 84, 80 8114 80 8 8112 77 4 83
4
8
8
5
3
,
763 7712 76 2 7712 7614 78
3
4
Belgian Nat Rys partic pref___ 80 8314 8218 833 82 8512 83 8 8412 8312 85
/
1
8
7
4
8
8
/
1
4
8
/
1
4
/ 40 573 35 444 275 4314 2812 343 283 3318 20 343 17 23 8 1414 2014 1438 19
1
4
8
/
1
4
• 32 3912 38 463 4318 52
Bendix Aviation
3712 423 303 41 2
3714 5412 4058 4914 40 8 4912 423 5212 393 48
4
3
8
8
8
/
1
,
• 3118 35 4 3412 40
3718 464 4412 5614 4418 56
3
Best & Co
7534 957 773 86
4
8
8
75 843 7812 89
/
1
4
4
/ / 5813 713 47 64 4
1
4
1
4
/ 68 83
1
4
8
3
8
4
/ 973 1033 98 10812 9818 11014 915 100
1
4
100 92 102
Bethlehem Steel Corp
4
4
4
8
412714 1204 134 129 1313 1291g 13218 125 13214 124 12812 12512 12814 1263 1297 122 1294 115 12278 1123 12014
100 12214 127 1252
7% preferred
7 3312 3512 3212 3412 30 3312 23 2912 23 28
39
23 27
38 4112 3414 3912 31
•
Blaw-Knox Co
1712 20
4
1612 20
8
8
4
8
243 247 24 297 2312 233 1712 2238 2114 2114 ____ ____ 2212 283 17 26
2412 26
• 23 29
BinomIngdale Bros
2428
Ittfs
99 99 99 100
99 100
99 100
95 951
/
4
/
1
99 102 1004 104 10012 101
100 --------101 fOi ioii 103 100 102
Preferred
74 7414 --------78 83 83 90 82 4 8212 8114 8312 80 85
,
81 85 86 90 86 86
74 85
100 78 79
Blumenthal & Co pref
1
4
/ / 18 2334
1
4
3
/
1
4
4
18 253 15 24
48
57
/ 2814 55 4 3012 3814 24 3454 2312 29
1
4
4
56 8 51 604 503 69
3
/
1
/
1
4
* 47 544 51
Bohn Aluminum & Brass
70 71
70 71
60 624
704 7014 68 72
74 75
5912 67 60 61
72 78
7112 70 73
71
/
1
4
• 70 72
Bon And, class A
8 2
214 118 2
352 3
438 318 37
114 14
3
4
/
1
/ 1
1
4
/ 2
1
4
214 3
/ 3
1
4
4 5
/ 47g 33
1
4
/ 414 3
1
4
• 3
Booth Fisheries
19 203 --__ ___ 20 2512 10
2514 18 20
___ ____ 514 7 8
15 .
4
,
/
1
4
100 28 3314 2718 2912 22 3112 254 2712 20
1st preferred
,
4
743 / 73 904 7012 9038 73 81
1
4
2 8012 70 80 6512 743 6314 70 6314 70 2
/
1
8
25 801/4 67 63 7012 66 765 74 84
Borden Co
2358 38
42
/
1
8
2814 313 2712 3012 18 3012 16 2112 15 195 154 2112
3312
8
8
10 327 4114 384 4312 42 5012 38 50
Borg-Warner Corp
8 318
8 25
34 21/4 3 ---- --- 17
34 312 3
3
4 3
25
312 5
2
8 5
5
4
4
438 3
50 3
Botany Cons Mills A
28
/ ,
1
23 28 4 2312 21
3
24
21
2414 104 1912 1514 1814 154 19 2
12
253 2912 20 3214 30 354 29 3112
4
* 2114 27
Briggs & Stratton
_-__
8 218 ___- -___ -_-_ -___ ____ ____ __-- ____ --__ ____ ___. ____
2
23
4 13
4
2
4 2
/
4
4 11 13
/
4
100 11 218 13
British Empire Steel
4
3412 403 3214 354 --- -___ ____ ____ ____ __ ____ __ ____ ____ __
2814 41
25 29
4
1st preferred
100 224 2412 2434 243
8 418 4
8 412 47
2nd preferred
100 412 43
/ 5
1
4
1412 187 14
8
11 412
/
4
1114 4
4
19
8
/
4
10 19
/ 4
1
4
8
143 2014 175 211 163 2218 1212 20
/ 16
1
4
• 13 164 14
Brockway Motor Truck
29 37
13 16
78 83 ---- ---- 62 70
82 83
40 '0 40 55
70 7712 74 85
70 70
100 68 75
Preferred
Brooklyn Edison Inc
100.
1591
fiE ii3 13138Hi fii4l064.0 10912
18
i4 iii 994 113 ‘Z,- / . 4
1
4
2
• 131 14778 14112 1763 16212 17814 15912 174 i3151Brooklyn Union Gas
1-ei7; iia
*No par value.
iii
JAN. 10 1931.]
FINANCIAL CHRONICLE
251
1930—Continued.
STOCKS
January February
March
April
ay
October
July
June
August September
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Pars per share $ per share $ per shares per shares per share $ per share $ per share 3 per share $ Per shore $ per share 5 per share 5 per
shore
Brown Shoe Inc
• 40 4118 4038 42
40 42
40 417 40 4112 3712 4012 3812 40
8
3
38 4 38 4 37 38 4 35 37
3
3
3338 36
35 37
Preferred
100 11312 11512 11512 11512 118 119 118 11814 1173 119 11712 1173 118 118 118 118 11614 118 11612 120 ____
4
4
-- 1173 118
4
Briggs Manufacturing
1514 1712 1312 207 173 22% 17% 2418 133 23
• 1412 17
8
4
4
16 25% 1812 2312 14 21% 1218 17% 1312 -184 14
18%
Brunswick-Balke-Collender—• 1318 20 8 1314 24 4 1813 30% 19 2 8 17% 20 14 20 4 143 1914 1512 17
3
3
14 1612 1218 1418 11
93
13 8 10 1138
7
2
4
3
Brunswick Term & Ry sec
1534 2238 2018 333 18 2814 11
8
* 15 237 1412 21
55 15
8
8 10 4 512 813 514 84 5 2 8
21
3
812 11
7
,
Bucyrus-Erie Co
8
• 2218 243 2412 2714 2738 317 26 31
8
24 277 19% 26% 223 25
5 197 2412 13 2114 13 16
2114 23
3
111 1614
Preferred
10 331 373 35 4 38% 381g 43
4
3
41
427 39 4114 3318 40
8
2912 3612 2512 3314 2518 29
3512 3812 35 37
21
2814
Convertible preferred
100 1073 112 110 1114 110 112 111 115 114 115 11312 11312 11312 116 115 11612 11514 117 11312 1157 113 2 114 11034 115
4
, ,
Rudd (E G) Mfg
• 98 1212 10% 127 107 147 1218 163
3
73 117
3
8
618 3
8
3 97 13
52
8
4
8 8 1212 84 9% 528 828 514 8
Preferred
100
67 67
6612 68 ----------------62 65 --------54 65
5512 60 53 5814 52 56
Budd Wheel
• 818 127 124 108 114 143 12 143 10 14% 812 14
8
8
8
7% 103
4
92 13
4 83 9%
98 1112 818 118 63 10
Bullard Co
• 2978 4012 38 5138 46 70 56% 74 36 60
1812 27
2712 537 30% 393 2018 34% 2412 30
8
15 4 2134 97 123
3
8
8
3
Bulova Watch
• 2618 3028 2814 34i 31
43
3138 37
35 43
27 3214 27 2912 27 2838 2613 2738 27 298 16 28 8 8% 1612
7
Burns Bros
• 9912 1053 10018 1061z 102 1093 10413 11018 99 105 3 90 100
4
8
74 8512 2512 73 4
7
973 97 4 96 97 95 10014 8438 95
4
1
,
Preferred
100 95 9912 93 100 998 997 9612 99 96 9812 8914 983 921 96
8
95 99
9414 97
95 99
93 100
4
713 9424
4
Class B
• 25 26
2212 28
4
2418 293 22 35
17 25
1514 23
16
184 161 23% 20 247 177 2018 1312 1612 3 11
Burroughs Adding Mach
• 4314 507 457 50 8 4713 518 4018 493 37 44 8 291 4214 3028 353 304 35
8
8
8
3
3
3018 364 25 323 18% 2514 18 3 2418
4
3
Bush Terminal Co
• 36 443 39 4614 417g 4814 4012 4514 3914 42
4
2918 4312 32 38 4 35 3612 32 4 3538 2314 33 2312 2812 2112 271
3
3
4
7% Debenture
100 113014 108 10282 iOns 10518 110 105 108 104 108
99 106
99 10212 102 10712 10614 110
98 10812 97 103
9912 10512
Bush Terminal Bldgs pref-100 110 114 10918 116 11214 117 115 118 114 117 113 115 114%116 11614 117 115 11612 108 116'2 109
114 10814 115
Butte Copper & Zinc
5 3
33
4 314 414 312 4% 3
4
2
7
3
14 212 3
4 238 112 2
2
212 13
213 3
114 2
214 238
ButterIck
• 1612 21
2014 2938 2514 28'z 23 287 19 25
3
1314 23
10 1212 10
145 1812 1412 177 1213 17
12 14
8
16
Butte & Superior Mining..._..10412 514 43
33
4 5
5
3
4
214 27% 2
213 112 214 114 13
238 3
1
8
3 118 11
112
72 0
Byers & Co
• 84 9538 8013 903 84 110 100 1123 70 10678 6618 1014 6612 80% 6012 758 54 7912 4518 632 3728 493 33
3
8
4
3
, 4638
8
Preferred
100 109 114 109 112 11014 1101 11014 111 111 112 11012 1121 109 11012 10812 109 110 11012 109 112 1063 10918 106 1063
4
4
4
* 2524 2614
By-Products Coke Corp
Calif Packing Corp
• 6638 70 55 ii 7
7214 Vila iiia VI 55 8 Iti 55 WI. 5514 lila ilia I41.1 5514 11 iiik 5
ei 454 7
Ei 4114 - 7518
Calif Petroleum
25 28 28
28 28
28 28 --------28 28
28 28
35 35 --------28 28 22 22
21
22
Callahan Zinc
-Lead
10 1
13
4 114 2% 114 14 114 18 1% 114 1
8
78
14
1
118
7
8 118
7
8
7
8
34 78 38 711
Calumet & Ariz Mining
20 8134 8972 748 8814 7712 86
6414 8314 5033 6834 4838 641 51 5818 473 5513 43 5218 3314 45 32 42
8
2838 41
Calumet & Hecia
25 29 333 29 317 26 30
1814 30
8
1612 2114 13
1912 15
104 812 103
1714 1314 16
10
4 814 137
8 738 1012
Campbell W & C Foundry_ _ _. 19 237 23 27
8
2138 30
241 281 20
2612 17 2614 1718 211/ 1713 22
13
19
13 15
10
1313 10% 131,
Canada Dry Ginger Ale
* 6338 7112 6914 733 71% 754 6134 7518 5713 7012 56 70
4
59 68
6112 65 5512 6614 443 57
3438 4714 3012 44
8
Cannon Mills
• 27 3178 31
3212 31
3414 28 32
2614 29
20 2612 2118 2312 2018 23
20 23
1914 2018 188 20
1818 20
Capital Administration cl A • 183 26
22 277 2314 2812 25 283 21
12
8
8
4
24
13 23
1314 1912 15
17
1518 2114 11% 16
8 113
4 712 10
31
50 31
333 3412 37
4
Preferred A
3712 42
391 39% 398 40
37 37
33 33
3312 35
33 3338 30 35
,
2912 35
Case (3 I) Threshing Mach_100 192%249% 21614 2463 238 2943 26014 3623 276 35213 15612 28814 16012 20312 150 20012 12114 19312 10718 1384 297 37
4
4
4
10318 11812 8312 113
Preferred
100 115 120 120 122 12238132 126 128 128 130 12714 13012 12714 129 12314 1263 123 125 4 115 123 1143 116
4
3
4
113 1201,
Caterpillar Tractor Co
• 54 6314 623 6828 6712 7838 74 793 6928 7812 5538 75
4
5712 6414 53 62
45 5814 35% 48
293 36
4
22 321
• 812 137
8 938 107
Cavanagh-Dobbs
3 912 11% 914 1012 8
9
5
7
514 7
812 7
6
814 3
4
3
313 112 3
Preferred
100 62 75
74 7412 70 75
70 7334 65 70
59 65
5912 60
50 54 --------471, 4712 2912 38
24 25
Celanese Corp of America____• _
_ _
_ _
_ _
_
_
_
_ _
1438 20
1218 15
1214 13 8 1028 203 15 18
7
3
9% 18
Celotex
66 ii - .6" io • 551- - -1 iiiia lila Ws ( 7
1 68
45'13 iiiia - - 9 173 1138 17
6Pa
4
9 4 1414 9
3
1118 71
98 3
7
8
Rights
Voting trust ctfs
• -_
_ _ _ _ i( )T4 1-i
9
1112 61* 1024 —5
71
Certificates rights _______
_ _
_ _ _
__ _
_
_ _
_ _ _
_ ____ ____ _ _
_ ____ ____
1-128% _
_ _
,
Preferred
i0 ii - - Hi 6
ii i5 Iiia iu,, iiii iiii 16 55 "i6 --------35 "iiia --------25 4422 iiia 33
ii
iiia li
Central Aguirre Associates_ • 25 2714 2312 25
24 4 3012 2618 3018 28 2812 2312 2612 233 24
3
4
237 243 21 28
8
4
22 2412 18 231
2038 25
* 3O3 343 3138 3438 3138 343g 321 35
Central Alloy Steel
4
Certificates
Preferred
Preferred certificates
Century Ribbon Mills
• 4
4 5
5
414 814 5
712 i
33
514 5
i
14 iTa i
ii
112 54 i
512 1
ifa 112 514 17
Preferred
100 53% 60
59
55 6014 522 6212 60 60
31
55 6712 62 6978 ----------------697 697 60 69
3
54 65
Cerro de Pasco Copper
• 5918 653 60 6412 5734 64
3
5218 647 5114 591 431 5514 4614 523 4312 51
3
374 48 3012 40% 2512 34
8
21 301
Certain-teed Products
• 11
8
137 1314 157 121 143
8
2 918 1312 812 1114 51g 973 6 1012 612 8
5
63g 4
514 318 43
4 2
312
7% Preferred
100
38 4518 25
4314 30 30
20 26
2518 2518 21
20 40
223 20 2012 19 1918 63 15
8
4
Checker Cab mg
. 36 443 40 50
4
4618 64
40 61
2112 29
4018 4832 2012 46
183 338 1612 2478 16 243 1438 227
8
1938 27
4
Chesapeake Corp
• 6312 6912 66 76
5113 68
54 6514 6212 6 778 5514 70
8212 70 8212 64 72
71
43 5614 41
47
12 3214 4512
Chic Pneumatic Tool
4
• 2212 3212 273 327 281 37
4
3
2313 358 1711 253 111 213 1414 193 133 163
4
*
8
4 918 19% 9 147
g 73, 137
8 9 111
Preferred
• 5112 538 5312 5412 54 557 50 4 551 483 513 44 5178 4312 45
1
40 4438 26 '
4114 44
4
4
3712 2228 34% 2334 34
Chicago Yellow Cab
• 27 283 28% 2813 2613 32
4
26
25 261 2312 253 21
28 30
3
263 2913 25 273 251 267 25
4
2
,
4
231 2012 231
Chickasha Cotton Oil
2612 2814 2434 268 25 3212 213 27
10 25 28
17 20
20 217 20 21
1618 177 151 16
3
2
14
1512 101 14
Childs Co
• 5713 6212 603 673 61 6712 60 65 8 53 663 50 6738 4912 574 48 5714 44% 58 32 45
8
8
4
3
2913 34
22% 301
Chile Copper
25
65 65 ----- 51 62
5529 5518 ----------------49 49 --------32 32
26 39
19 30
Christie-Brown
•1251212612
Chrysler Corp
2 3 8
8
* 3314 387- 363 4114 iira 4
if 5511 ii 55/3 4
iffs ii - 1- 55 4 -- 3- His 16 1938 lila 15 4 - 12
6
66
.
1 2
6 1412 16 iiTa - -2
12
18
City Ice & Fuel
4418 47
4112 47
• 4018 4612 44 49
4112 45
4
38 423 40 43
38 40
3812 44
353 3912 3612 3772 3274 3712
4
Preferred
100 96 98 96 081 96 97 9614 9712 951 98
*
89 947 83 85 82 84% SI
8
85
79 83
80 2314
80 83
City Investing
100 ------------------------165 165 165 165 --------150 150 --------150 150 150 150 140 175 _
City Stores
• 83, 1014 812 98 73 10
8% 1314 8% 1214 63 10
8 618 718 418 7 4 312 538 3 4 412 212 - 2
8
58 83
3
3
41
Class A
3718 3718 40 40
• 38 38
3934 42 ----------------3514 3612 28 35
393 40
4
20 25
27 35
20 241
Clark Equipment
• 33 34
34 3812 36 38
3612 402 38 40
29 31
29 30
:
3014 371 30 31
17 25
17 1912 1512 191 4
Cluett Peabody & Co
• 32 41
30 3814 3734 4312 4512 60
43 4812 30 43 32 38
31
3312 36
3612 25 3112 25 28
21
27
Preferred
100 9114 9414 9514 100
99 105 100 103
8
9538 993 94 100
997 10012 100 102
4
998 100
9814 993
4
_
94
Coca Cola
• 13314 145 143% 15278 149 1867 17512 1877 16513 18712 16412 1913 16818 1813 168 8 1798 17618 18612 15314 180 iia 101 8 13613 102
8
8
8
,
-.-71591 2
Class A
• 4813 50
4912 50
5012 511g 51
8
495 53
52
52 523 51% 52
504 52
8
50 51
50 52
49 513 50 52
Coca-Cola International
•
Colgate-Palmolive-Peet____ • ----------------60 633 5918 6312 59 647 -80- 8
8
664
66 55 - 3- 55 66 49 55 4 47 4 iii: 5iia 3
.3 ii ii ii
Preferred
50
973 9818 9312 100
4
97 100
1001 1027 102 10318 101 1031 10314 103% 10212104
9914 100% 99 9914
8
:
Collins 13c Aikman
• 148 2612 2434 353 28 327 2712 3414 1914 297 17% 29'A 181 26
8
4
1912 25
14 2313 12
16 4 12 1712 12 16 4
3
,
Preferred
100 73 84 8314 8413 8514, 8512 84 86
87 92
85 9011 82 87
85 8612 8124 85
81
85
SO
80
73 78
Colonial Beacon Oil
• ------------------------19 2038 18
1812 1214 171% 133 145 14
1418 123 1414 913 13
4
4
91 10
83 10
4
Colorado Fuel & Iron
i5o
2
sa
505 643 4012 691 4418 548 4418 53 4 323 .513 233 4114 211 273 183 27 4
,
a
3 € 14 637 77
8
s
:
3
4
4
8
4
4
Preferred
100 ----------------------------------------124 124 --------124 13512 --------110 111
--------190 105
Columbia Gas & Electric
• 7012 847 84 938 8914 10438
2
_
New
•
55ig 7 iiig iii, 59i I712 Li ;
ii 55 1E
.
8
557
iiia Li 164 :life - 8
3.lilt{ 552 s ii
Preferred
100 10414 107 10414 1057 105 1093 108 110 10312 110 1043 110 10412 10812 1087 10912 109 1097 10512 10911 5238 8
4
4
8
8
99 1063 1004106
4
Preferred 13
9312 --------95 98 9718 98 98 9812 968 98 ____ -___ 9412 97
100 91
9513 9814 958 100
91 958 9278 93
7
Receipts part paid
- ---_ ___ --_. ---- ---- ---- ---- ---- ---- ---- ---- __-- ---- —_—.
7124 76'g 87 89
Receipts full paid
70-14 7624
Rec 2d paid 243 31% ii - - -iiii4 8
Columbia Graphophone
314
31
ii 8 iii4 14— "iii8 V.14 i:32 -2114 ii; -1112 i5i4 164 iiii2 ---- ---- ---- ---- --•
3,
15
984 1214 71a 11
• 168% 194 4 17614 1953 172 199 16014 190 4 12813 165 108 16234 11312 14412 11714 1411.,
Columbian Carbon
3
4
3
11214 144
8434 1193 813 96
4
4
65% 93
27
Rights
13
4 314 1
1
2
4
4
4
Commonwealth & Southern.* 123 153 153 1814 16% 193 177 2014 Liia 164 15E8 li
8
8
iiTa 14 iiia 1114 111- -14:4 —IA 4 - 33 1 4
164
6
si
Preferred
99 100
99 10112 1001,1037, 10214 10414 10014 100 10012 10132 101 1017 101 1031 9812 10212 --7 4 -- - --iia -8
9018 9914 8612 96
• 123 141 145 1041z 153 15834
Commonwealth Power
-___ ________ ____ ____ __.
• 2338 3012 2938 373 34% 40
Commercial Credit
3112 103 2718 3414 .i31 4
2112 247 27
2 3211 24 3
21
27113 183 25
8
16% 22
1512 20t;
50 317 3938 38 431g 40 44
Class A
8
40 443 37% 42
33 40
34 383 35 373 3414 3812 35 3818 3114 36
4
4
3012 35
Preferred 7%
25 2214 24
23 25
237 2434 2412 2514 24 2514 23 24
23 25
2312 25
25 2612 21
2012 2378
258 203 25
4
Preferred B
25 22 24
23 25
24 26
26 28
25 2512 24 26
2318 2412 24 25
2412 2512 23 25
21 2314 2012 2412
25 7614 81
1st preferred
82 90
88 95 92 95
8812 92
85 91
85 87
86 92 9214 9512 8512 95 84% 8612 80 86
lit Preferred ex-warr
7712 80
8312 88
8812 90
90 94
87 90
8353 87
85 85
85 92 93 95
85 94
8412 851 80 86
• 3618 4738 453 5114 477 55
Corn Investment Trust
8
45 5112 3818 4514 2818 421 3012 3722 3238 3712 291g 374 26 3213 2513 30
,
211 28
4
Preferred
100 99 10012 100 1003 104 108 106 108 115 115 105
105 ._ __ ____ ____ ____ ____ ____ 107 107 107 10912 10112 107
100 89 91
92 93 92 100 100 100
63-4% preferred
96 961 9828 993 9914 993 100 100
4
99 102% 100 102 101 10212 99 102
4
Convertible preferred
100 ----------------85
8312 85
8212 87
80 83 803 83
4
82 86
8112 8312 84 87
82 84 4 82 85
,
Warrants
100 11
1
1414 21
191 2314 16 201 11
17
4 10 4 6
,
4
67
8 4
7
614 5
514 .- - -Warrants stamped
_ _
_ _
_ _ _
312 0
5i2 i
ii2 -2
• 2714 313 2814 3284 3ii- 3724 51E2 ii 251, IA
Commercial Solvents B
;
4
-2iii4 "icit, 2134 Iiii -ii -- ioi2 iizi 1714 23 1418 193 14 1E 12
27
8
• 43 493 453 473 44 57
4
Conde Nast Publications
50 56
45 4812 3812 4714 3918 40
3812 398 3712 3312 34 3612 33 3513 3113 33
Congoleum-Nairn
• 131 1728 16
185 1633 19 4 163 183 1318 17
3
8
73 10
4
1018 147% 1114 138 10% 1314 10
14 7 4 914 54 E 12
125
3
• 45 51
Congress Cigar
5014 55
52 567 4014 52
35 44% 31
4
1
1912 28
183 24
1814 29
40
7
30 3112 23 8 29
20, 21 12
Conley Tin Foil
33
*
13
13 12 12 1
58 78 12 32 32 h 14 32 22 22 32 38 ---- - -- ---- ---- ---- -Connecticut Ry & Lighting 100 ____ ._ ____
- _ 713 7133 ----------------------------------------7214 7214 73 3
73
• 44 5378 52 Cigar
Consolidated
e5
52.4 593 48 54
451* 612 42 36 39
sa
27 35
32 38
27 31 2438 - 321 4
100 7638 763 8338 848 8012 8314 82 84
Preferred
4
8313 93 8 8312 88
7
70 77
78 81
6418 70 53 65
84 85
80 84
100 67 7312 7214 7412 72 80
Prior preferred (63.4)
75 80
73 763 70 7 2 6812 707 70 7012 683 707 64 69 6014 65
8
8
3
47
53 627
3
Prior prof ex warrants ______ ____ ___ 6012 70
6812 74
77 77
74 74
74
7412
--70 70 67 6712 53 5612 55 62
• 1513 23
2018 217 20 8 273 23 8 2714 19% 2412 1588 24
8
Consol Film Industry
3
3
3
1938 1412 2114 1218 1678 1258 1434 7 a iz sa
1818 /038 1718 -7
• 18 25
22% 24
Pref
2314 2814 2312 27
1614 1914 1714 1812 1212 1E 18
193 24 4 1813 24
4
19 213 1913 21
3
17 22
12
8
3
4
12
78
3,
Rights
.. ---- ---- ---- ---- ---- -• 983 11118 109 1213 117 125 1223 13 8
8
Consolidated Gas
8
92%105
67 1i7r4 1323- -153- 1334 113138 fill; -654 iiiit; -6512 fiz
8112 957 7814 96
2
8
• 9912 1003 100 101 100% 103 10114 10212 10214 1037 10114
8
Preferred
8
2
10312 10112 103 10214 10312 1037 10512 103 1043 1023 1037 100 2 101 88
3
3
8
,
• 1
2
Consolidated Textile
14 17
114 112 114 13
4
113 112
h 1
14 1
12
7
72
8 114
78 1
12
24
14
167 2212 1811 217 163 203 14
20 12 17
8
class A
Container Corp
8
3
2
2 8
1778 1138 157 1238 153 1312 1614 1512 1714 1418 1612 12 143
2
8 5t8 1 18
4
• 4% 6
5% 812 6% 81: 612 8% 5% 6 2 33
Class 13
43, 5
413 6
413 5
33
4 412 3
4 6
Ig
4
2
423 5212 3518 4512 274 3912 2712 34
8
Continental Baking class A • 39 46
3
1812 32ig 2212 27% 2214 2512 2112 303 21 28
173 2314 163 2 14
8
1
• 5 3 812 5
3
7
512 612 43
614 4
Class 13
518 388 4% 334 418 331 334 3
7
43
4 23 4
212 314 2
100 88 9014 8818 948 85 9012 7812 8714 79 83 6614 7912 73 7812 69 77
Preferred
76 82
7018 80
68 73 4 62 7
3
Continental Bank of N Y10 37 42l
100 12412 125 4 ------------------------ _ ----------------------------------------------------------,
Continental Can Pref
_
• 5012 5612
.% 6 3
8
4 ;13 6413 71$8 60 68
Common
5013 67
4
8
2
53 4 623 50 603 5114 603 46 55
3
4412 5212 4312 5 3
4
*No par value.
5;
[VOL. 132.
FINANCIAL CHRONICLE
252
1930—Continued.
April
May
June
July
Oaober
March
August September
January February
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS
Par $ per share $ per share $ per share $ per share $ per share $ Per Share S Per Share $ Per share S Per share 6 per share $ per share $ per share
5
12 11% 14% 1014 1338 93 13
4
Continental Diamond Fibre—. 28 3012 2812 3412 281g 3218 291 374 23 8 321 16% 2478 1714 2112 155 1914 1218 17
51 597 44 54
4
8
3938 4712 3714 47
Continental Insurance
• 59 667 66 7112 66 772 6712 7612 58 683 50 65% 5112 60 5314 58
212 414 238 37
234 4
312 41
334 514 3 4 43
4 6
7 2 43
3
238 3
3
4 72 6
678 618 814 63
Continental Motors
• 53
1838 277 19 2318 1812 217 1338 2114 12
8
7 4 12
3
1538 10 13
* 2118 2378 1912 2314 20 2818 2718 3012 22% 20
Continental Oil
4
4
1414 2114 123 158 10 1514 812 131s
8
3012 3834 3418 373 3314 4078 2712 337 20 3314 2212 2612 1618 25
8
* 273 33
Continental Shares
3
8
4
8318 9512 7812 943 7412 83 4 723 8212 65 8012
4
3
Corn Products Refining- — -25 8712 95 4 9138 998 9214 10238 9812 111% 94 10838 875 1083 8812 99
4
Preferred
100 14012 14212 140 14212 142 147 142 14618 144 14712 14414 14614 14414 146 1463 149 149 151 148 15114 145 14712 14414 150
8
918 121
1512 187 10 16
8
8
4
2838 323 283 3238 2538 297 1512 273 1812 228 1614 22
718 11
28 33
• 2414 31
Coty Inc
4
28 32 273 31
2834 3538 3012 33 8 3014 333 29 333 2912 32
8
2512 30
30 3113 2912 32
4
7
• 2512 2912 27 30
Cream of Wheat
15
15% 18
8
1514 153 1612 16
4
4
1512 1512 1538 1538 153 153 153 1612
16
4
13 2214 1712 2918 1738 23
10
Crex Carpet
100 9
1918 71 13
1518 1914 1014 1812 11
6
8
1112 1612 13
14
1912 177 22
3
14 6%
1518 197 16
8
• 1014 22
Crosley Radio Corp
4
413 537 45 5212 404 51
8
34 4012 35 423 31 41
4
7
* 43 53 4 4718 5212 4812 5914 46 5933 43 493 38 49
Crown Cork & Seal
------------------------ ---- -------------------- 32 36
3118 33 307 3312
8
*
Preferred
94
12 --------9212 93 8912 9212 72 72
7912 7912 6814 7012
97
Crown Willamette 1st pref • 94 95 93 95 95 - - 9812 9812
67
712 43
3
1518 1312 5 4 12 14
8
8 123
4 67 812 8
15
1618 13
1714 1812 1714 1778 17 18
• 17 18
Crown Zellerbsch
14 838 7012 79
77 80
7214 77 66 77 58 7038 52 6218 5018 61
75
Crucible Steel of America-100 8612 9212 86 9114 84 9333 8014 91
4
4
100 110 11012 1093 11412 1123 117 11412 116 11312 116 104 115 105 111 108 111 110 11412 108 11112 10312 110 10112 10612
Preferred
4, 6
2% 5
1912 12
1312 1212 16
4
10
143
4 618 1418 514 7
1912 1212 14
17 4 14
3
43 6
15
13 16
Cuba CO
31
27
8 112 23
23
8 23
4 1% 338 1
2
8 37
4
514 312 438 27
312 7
2
8 1
•
Cuba Cane Products
-- --- ____
Cuba Cane Sugar
Ctfs
8
214 27
4
333 214 318 2
100 2
Preferred
8
4 112 --,„ ,- --,„ - _.- -- _ , --, - -- --..- 8
---- ---- ---- ------- ---- --- ---- ---8
4 18
8 114 18
Preferred certificates
13
- 3% 412 314 43
4
512 4
8
2
478
4 32 5
-- - 412 03
4
612 -7
6% 814 08 -,
9
8 8
10 718 87
Cuban American Sugar
327 4212 30 34
8
49 5014 47 4938 4214 46
50 59
20 37
30 3312 3318 36
100 5812 6312 6114 6533 5712 84
Preferred
s 112 212 112 134 1% 133 1 114 1 118 12 112 3 84 88 1
14 1
12
8
8
7
8
4
7
8
84
8
8
Cuban Dominion sugar
3818 43% 39 4112 39 4014 3912 4312 3814 4112 4012 4278 39 4112
45 463 4434 4712 43 464 4112 45
50 45 48
Cudahy Packing
9612 10072 85 9714
• 113 115 114 122 11412 122 1191 12514 12112 12618 10514 125 110 120 110 11514 1117 11612 99 112
Curtis Publishing Co
4
4
* 11478 11612 1153 1163 116 12118 11718 1183 118 120 11614 121 117 11812 11812 120 11718 121 118 119 11814 118 112 117
Preferred
8
612 712 412 71
8
4
4 38
38 58 312 418 13
8 918 1314 65
* 612 818 633 113 103 1312 123 147
8 98 7
3
Curtiss-Wright Corp
433 57
9 111
614 912 514 8
7% 10
8
3
• 1312 1534 133 1812 1634 1958 1612 1934 123 1733 838 13
8
48
Class A
96 106
Cushman's Sons 7% pref_100 111 11118 11134 114 115 120 120 120 120 120 110 110 110 110 109 110 114 114 10812 11012 10112 106
_ _ _ _ _ _ _ _ 99% 100
4
— - __ _
4
97 100
* 105 109 --------1092 110 1093 120 105 111 105 10514 10414 10514 --8% preferred
40 5118 35 45
60
657
g
--55 748 60 6412 58 6314 5318 -- - 5018 • 64 66
701 79
66 777 77 9012 76 89
8
Cutler-Hammer Mfg
* 101
f%_
100 100
101
Cuyarnel Fruit
312
2
311 ii 2 1S-32 iii4 - i ii 2-- ii S-5- i i
2
4
5 28% 34 i8 1g12 i4E - 3
31ii ii 5
3 kj iii 3 4 43
Davison Chemical
ia
814 10 ---10 10
-- 814 83
_ ____ ____ ____ ____ ____ ---- ____ 14 14
De Beers Consol Mines
16% 14 -1618 912 15
14
3
2434 25% 22 2433 28 30
2114 2518 20% 20 4 18 2012 17 17
25 27
Debenham Securities..5 schirgs 23 27
.
- ---_
-- -2--- ---- --- -,-,
-- ---100 117 125 12314 12712 122 125 122 125 12114 127 _____ ---Deere & Co pref
207 23 21 8
ii58 20% 2212
24
24
2412 20 1412 212 1414 21 1414 2212 _
20
New
-- 1- 100 19533218 219 25012 251 24i 2 2 § 2 5 4 220 243 212 23318 213 221 210 220 187 219 185 200 173%187 161 18212
3
- .3Detroit Edison
1 193 1112 18
8
19 283 18 2018 17
8
4
8
4
3312 4212 39 4234 353 417 33 413 22 3812 213 2714 23 24
• 308 35
Devoe & Reynolds A
4
4
100 1063 10714 10634 11012 111 11134 112 11214 112 11412 11214 1143 -------- -99 100 10533107 10412 106 10412 10412 10312 104
1st preferred
,
1714 2483 200 254 2 202 218 193 220
4
100 139 15012 145 170 162 194 180 237 19614 23014 18412 21912 19014 222
Diamond Match
_ _
206 214 190 219 220 216
__
__
_
__
_
Certfs of deposit __________ __
-1ii
-8
- 1., —87- ""ii" -- - --iiii -18 --iis —8 i -1113-2 77 912 Vs 884 8 91s
2
4 9'
r2 -- --8' — 573 Sis -g7
gg8
Dome Mines Ltd
i U4 - 53
12 16
1933 1612 2112 138 18
1318 1512
• 2014 241 207s 2412 20 2218 21% 3033 21
253 18 2472 1914 2012 18
8
Dominion Stores
8
7814 7418 8238 742 84 695 78% 63 7214 5733 69
8
7914 873 80 8512 7918 85 4 67 8433 71
• 76 8012 79 84
3
Drug Inc
2
2% 412 2
100 ------------------------3'2 8
Preferred
12
253103
16 21
-12 1012 - 4 10 -- .14 7 - 8 5
-3
78
20
4
3214 4312 273 3718 1512 3514 18 4
8
• 347 4114 33 3714 32
Dunhill International
13 1434 1312 15
14 1434
8
1612 14% 1518 143 15 --------15 19
1814 1612 1812 16
1814 18
1634 15
• 15
Duplan Silk
99 105
99 10212 99% 10212 100 101 100 10212 10112 103 103 105 10312 106 10513 10512 101 105
100 9712 10012 97 99
Preferred
4
4
/
1
4
8
Duquesne Light 1st pref-100 100 101 10012 101 101 102 10118 10212 102 10312 10112 10314 101, 10312 10214 103 10314 106 105 10638 1043 1053 10014 105
_ ____ ____
___ ___. ____ ____ ____ ____ ---- —.... -_-_ ____ ___
*
Durham Hosiery Mills B
23 2312 23 23
_------ - 23 28
4612 49 4712 5212 ------------4412 578 52 57% 50 54
100 50 50
Preferred
4
9 1214 73 1012 614 1112
8
1412
16
15
19
4
• 2012 2512 2214 2512 2038 233 18 24% 17 2012 14
Eastern Rolling Mill
14 174 14218 16812
3
4
4
4
8
4
4
* 1753 1943 1893 2217 21518 244% 231 25514 2203 252 178 247 18612 2173 19314 220 4 19413 22112 168%20712 155
Eastman Kodak
4
8
,
4
100 -------1208125 12212 127 126 12714 1268 12712 12678 12814 128 12812 128 130 128 4 130 1287 132 1293 134 12838130
Preferred
113 1814 116g 16 2
4
8
19 253 1212 21
4
,
1918 3218 212 263 2133 25
4
,
s
;
* 277 367 34% 37 4 3214 36% 2838 353 2418 30
Eaton Axle & Spring
83 95
8
8012 913
4
4
El du Pont de Nem & Co __20 11218 125 1213 131 125 14312 129 14514 120 13514 1001 13178 953 118% 10212 11818 10118 12412 883 109
4
,
6% cumulative preferred_100 115 11712 11412 117% 1167 120 11812 12012 11914 121 117 12018 11614 118% 118 4 120 1193 123 11834123 116%119 116 12112
12
7 --,- - ,- --2- - ..- --,2 - _-- --, - _-.. —,- - __
8
3 lure
8
13
s 13
4
_ __-- _ _ ---- - __
s_ _ ___ --------------- ____ _ __ ____
Right
412 312 4%
71
5
5
- 8 218 53
53
5
512 514 - 8 4
6
63
4 5
8
- - 718 83
4
8 7
9% 8 107* 733 Eitingon ichild
4
40 533 40 4212 38 4018 3812 4012 38 40% 40 4018 40 4012 35 413 35 3512
533 57
8
,
Preferred
100 41 4912 50 4 62
3
372 58
4412 5538
8
8
8
558 9212 578 817 6214 807 4614 703g 33 50
9612 105 10014 1147 9214 11412 85 98
• 81 100
Electric-Auto Lite
4
4
4
Preferred
100 10614 1103 10712 110 107 110 107 110 10818 1093 108 10934 10712 10812 109 1091a 108 10912 10312 108 105 1063 106 110
218 3
233 47
3
414 234 33
314 5
4
57
8 33 5
4
e 7
8 93
8 55
4 63
4 154 93
,
8 518 63
• 4 2 57
Electric Boat
14112 14012 14012 153 153
Elec Pr & Lt pref 60% paid__ 12614 136 135
12
713; 504 73 60% - 18 44 60 3712 102 348 1512
77
2 97
9512 6314 5812 8
,
4
8
• 4914 607 5738 673 6738 93 8 875 10312 711 Certificates
8
4
8
4
• 1061210812 10818 1093 109 111 109%112 109%111 105 11034 107 110 109 110 1083 1105 1055 1095 100 10418 99 105
Preferred certificates.
_ ____ ____ ---_ ____ ____ ____ -_
Prof certificates full paid-----------14014 14014
93 1003 87 2 947 843 92
4 - 8 99 2 102
-------------------------------------- 1001210012 973 111117
4
,
8
4
,
•
Preferred (6)
__ 120 120 --------100 100
. ____ _ _ _____ ____
_ _
_ _
_ ____ . _ ____
_ ____
Preferred (70% paid)________ ____
4812 61
8 7
018 50 6112 4712 60
, 6712 585 -- -7
72
iil'2 --. 63 4 66 8 63 8 -7 8
6
4 77
%
71
4 7
57* 693 -- 8 7314 - 14 733 - - 73 - - -7Electric Storage Battery
214
8
8 1
18
7
8
238 314 212 312 214 214 --------238 288 1
4
4
5
• 4
33
4 512 4
5
Elk Horn Coal Corp
47
212 414 47
6
2
5
43
2 5
214
91 12
612 412 5
8 1018 7
5
7
9 12
14
50 11
Preferred
5
8 133
1% 2
118 2
214 212 138 3
312 512 312 418 233 38 314 4
6
6% 5
4 728 5
Emerson-Brantingham A
• 33
Class B
- -34 712 712
7
_ 6
1212 1i --- _ _ ---ii 1114 1834 18% - _ - _
21
iii8 - 12 iii Ili
* 1712 1814 18% 20
Emporium Capwell
8
44
,
38 --- 401s 4512 367 4712
51
4912 4712 - -58 45 50
46 -44 50
8
50 5212 5938 54 58% 5312 575 53 567 50 53
Endicott-Johnson
7
4
4
107'z109 109 111 110 11212 1118 113 11112 11212 11012 11212 1i041103 111 112 11112 11214 111 113 115'4118 112 115
100
Preferred
ia -7-3-58
4
367 443 38 4312
8
4518 57% 40 48
45 54
4
4
4
,
• 3914 4838 45 8 573 5418 613 5912 13712 56 6512 4538 6312 473 54
Engineers Public Service
55 6184 59 57 8
Ce rtifica tee
3.W8 - 7- iiii Ili WI% 104
918
- - oi "217 iii2 16ii 9
8
97 99 975 102 101 107 1150 10'58 00 10
• 9458 99
0 05 101
-5% Preferred
98%10212 95 10014 99 1008 101 10212 933320138 8014 9312 8918 9212
8
4
95 9912 993 1047 10014 104
975 102
8
• 9412 99
Preferred (534)
3112 3312
4212 47 45 4938 46 5034 45 4612 45 4614 44 4534 3512 4412 32 36
4212 44
40 44
4
• 393 41
Equitable Office Building
4 8 12
8 912 7 143
4
1038 1312 912 1212 63 1112 65
2734 12 24
351g 413 38 4333 22 4218 21
8
• 35 37
Eureka Vacuum Cleaner
87
512 4
5
838 4
58
,
58 4
612 1518 814 1112 8
5 1812 23 21 304 2112 2812 1718 2412 1314 18
Evans Auto Loading
2138 233o
22 2412 24 2712 2218 2512 22 23
2414 25
25 2614 25 268 25 26
23 2512 23 25
• 22 26
Exchange Buffet Corp
2114 23
2258 24
2412 2512 2238 25
2712 30
2612 2712 25 2712 2412 2612 2412 25
26% 3112 26 30
4
• 273 32
Co
Fair (The)
4
4
100 102 10514 106 110 110 110 105 109 1033 105 104 10511 10512106 105 10612 105 10612 105 106% 100'2 10612 1043 10612
Preferred
5% 57
2 312 ---- - -4 23
13
4 38 212 23
418
13
4 13 --,,
4
333 512 4
25 47
08 47 612 514 6
Fairbanks Co
312 ..- 4
63
4 9
9
1312 9 1512 8
73
,4
8
12 17
17 2112 165 20
8
7 143s 83 153 12
4
20, 398 153 24
4
100
Preferred
8
4
37 4012 357 383 3014 3934 27 3412 22 2914 1912 2412
373 453 41% 4812 42 5012 3414 49
4
4
35 38
• 3412 38
Fairbanks-Morse
8
100 102 106 10712 10914 105 109, 10612 10912 108 11112 10714 10812 10812109 109 11018 110 110% 109 11012 --------103 104
preferred
7%
212 5 4
4 612 8% 512 7
8
718 113
8
103 147 11% 14
4
15
4
10
• 20 251 20 274 15 263 1512 183 1418 17
Fashion Park Associates
1918 24
125 19
197 38
3912 41
50 50
53 5512 49 5612 48% 55
54 60
70 --------63 80
100 61
Preferred
1212 19
17 21
2512 28 24 3314 1912 25
,
30 38
30 3512 2512 34% 26 4 32
Stores_ _• 29 3612 3212 367 2912 33
Federal Department
4
2
6414 6514 59, 6414 4514 5933 433 50
4
63 72 63 6614 623 65
15 60 68 595 7233 7112 9014 77% 8333 7033 77
Federal Lt & Traction
8
9212 9512 9212 9612 9414 97 90 947 92 95 86 9212
3
96 92 9512 9512 98 4 9614 97 9614 97
* 91 95 91
Preferred
80 90
120 12612 9712
----------------17412185 170 185 145 150 ---------------- 115 115 --------98 101 100 100 85 15
Federal Mine & smetung___loo
99
9612 100 --,.- - - 9814 10014
993 10012 100 100 100 100
4
100 98 9814 9814 100
57 6%
Preferred
2 7
72
3
8
4 6
812 73 83
-812 8
5
4
4 712 10
8 93 103
1014 1112 1012 117
,
3
* 7 4 8 8 8 1214
Federal Motor Truck
----------------------------------------------------------1714 2512 13
1812 1212 1412 10
14
Federal Screw Works
4
4
1713 2614
32% 363 33 3512 303 347 26 317 241 29
4
3212 37% 35 3612 36 43 3838 427 3438 393 30 37
•
*
Federal Water Service CIA
4
5814 6912 51 603 46 53 4214 5312
6112 6912 61 69
56 76
4
4
8
4 807 7814 893 78 873 7018 81
Fidelity Phoenix Fire In11.--10 6512 7712 788
75
812 vs 733 6% 8
7 4 9 ---- ---- 733 812 7
3
9
8
9
* 714 812 7
4 9
83 1012 83
4
9
Fifth Ave Bus
17
31 ----------------------------------- -16
___ 31
• 36 4012 3414 3712 3612 3612 33 36
Filene's Sons
95 10014 9014 97 92 93% 9 9212
9618 98 97 99
96 98
96 98
92 9612 95 9718 --__93 96
100 93 96
3 188 1612 2038 16
Preferred
15
19
4
4
193 2214 193 2114 1833 21
4
8
293 33% 26 3033 27 293 2418 297 2138 2412 20 24
10
8
Firestone Tire & Rubber_
71
7312 66 7214 53% 673 58 7012 55 6912
8
877k 811s 85% 78% 8214 697 78% 7118 75
4
100 8012 8633 793 83% 81
4
Preferred
4
4
563 46 583 50 5612 6114 5712 493 578 40% 5312 893 4412 382 447
4
51
5252 57
52 59
• 5033 6133 55 61
133
133 1
First Nat Stores
12 1 4
238 112 212 112 218 1
,
4 2
4 512 312 4% 2% 33
33
314 4
414 312 4
• 3
214 412 114 314
Fisk Rubber
4 5
4 612 814 512 9
23
43
4 8
612 143
133 15
8
4
1912 1318 163 14 21
16
100 13 20
114 4
1st preferred
3
53
2 338 5
,
4
4
1514 187 13 163 1414 213 121 1612 612 1412 7 8 1012 68 912 512 7 s 3
8
4
100 123 198
1st preferred cony
35 35
30 39
38 41
4212 4434 42 4412 42 45
45 4612 40 46
8
46 527 46 50
• 4212 44% 43 45
Florsheim Shoe class A99 10014 --------100 10012 95 95 94 9612
96 99 100 100
99 90
9512 99
98 100
98 100
100 97 98
14
1638 1418 16%12 163
Preferred_
4
4
16 23
8
25 335 25 293 22 25
3114 41
8
39 4333 40 507 4018 4912
• 37 43
47 5712 3712 55
56 78
Follansbee Bros_
3
7814 101% 70 10412 75 8933 78 93 4 7038 96
* 6012 6612 63 6812 63% 9112 8614 99
----------------------------------15
0
Foster-Wheeler Corp
--200
_
,
* 15014 150 4 --------- 26% 21
112 7 934 534 8 312 68
1212 14
Preferred
2
21
283
4 l2 2 12
161s 812 Nis
• 1518 20
4
30
Foundation Co
8
3414 283 363 23% 3212 2233 2612 1814 243
2812 4212 3114 36
4
38 45
46% 4712 42% 50
4
Fourth National Investors— -* ---- ---- ---- ---- 2612 36% 331g 575 4414 553 3712 5438 3812 493 36% 497 416s 5234 29 451s 253 378 2418 2 7
3
8
8
4
26 4 3912
,
• 161s 34
Fox Film "A"
Debenture rights
Franklin Simon, pref
Freeport Texas Co
Fuller Co, prior preterred
2d preferred
Gabriel Snubbers "A"
•No par value*
100
*
•
•
•
9434
33%
90
80
55
8
--9712 3
9 %
6
8
44
85
95
86
8414
612
77
--99 4 45
91
49277%2 4618 493 95
90 9512 90
95
8412 8414 84
86
2 9
914 833 93
8514
8
513 -- 51 ; =8- 46;
96 2 91
55118 4414 - 4 -37- ---3 -3-5 -- -7 3914
8012 803
8812 90 881 9012 8812
90 92
04
2
4 75
84 84% 7833 85
86
5% 818 7% 1112 61s
114 712 9
8514
458
90
75
84
8512
-39
894
74
5
86
473
91
7912
68*
821-2
313
4
89
73
23
4
8&12
4218
8
913
75
47
8112
29%
89
70
212
8212
3438
913
4
74
4%
76
2412
75
60
3
82
338
90
71
41;
JAN. 10 1931.]
FINANCIAL CHRONICLE
253
1930—Continued.
STOCKS
•
January February
March
April
May
June
July
August September October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Par S per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per Share $ per share $ per share $ per share
Gamewell Co
7112 75 69 70 2 67 743 68 68
55 60
6712 70 64 6612 50 59
4
,
,
7212 76% 72 2 80
• 6914 76
508 61
Rights
47
Gardner Motor
5 34 412 4
2
8 118 18 1
25
3
2
12 5
8 418 718 4
7 4 518 65
3
Us 132
13
4 23
2
25
43
147
General American Investors—• 12 1314 13 1612 14
714 12 8 7
5
143 1612 12
4
16
34 6
7
4 718
4
3
912 714 84 63 9 8 53
Preferred
8812 98 9218 94 903 937 91 9712 87 9114 78 86
9712104
74 81
100 90 95
8
9512 10112 101 105
92 97
Gen Amer Tank Car
4
8
4
4
7814 897 795 873 7412 907 6412 7912 63 6918 5318 68
4
s1083 10214 1083 102 1073 10412 111% 10041083 785 105
8
* 993
8
Gen Asphalt
4
36 4314 283 3712 2818 3114 2234 30%
2
4
• 4918 534 52 593 54 708 604 7112 523 617s 385s 6012 4112 4814 384 46
Gen Baking, preferred
4
97 10012
4
• 1193 125 112 125 105 116 114412018 115 121 110 115 --------100 111 1103 114 102 11018 110 112
75 137
General Bronze
8 518 912
12 19
8
5
273 3412 1518 3158 175 23 8 1414 2112 153 23
8
4
• 2512 308 29 381 32 363 29% 38
1712 2412 14 22
8
Gen Cable
8
1312 163 14 15
8
8
• 26 317 295 3218 295 3412 244 31
138 1514 10 1412 105 1314 612 1138
4
99 99 8814 9214 79 89 80 8512 584 78
59 70
4
4
36 70
Preferred
_100 10412 107 106 1064 107%10812 104121093 1013 105
/
1
4
4
354 4212 33 4012 337 3812 27 3412 2714 293 13 28
/
1
32 59
6014 7214 51 64
8
Class "A"
8
• 653 7312 695 7434 69 74
36 393 30 37
4
414 463 3712 42
4
8
2
Gen Cigar, Inc
4
5514 593 5014 5514 403 517 44 494 423 46
4
8
5814 55 5918 575 61
• 51
Preferred (7)
NO 11212 115 115 117 115 4 118 115 2 118 11514 116 11512 118 116 120 115 118 115 115 11312 115 11012 115 113 114
,
,
4
Gen Electric
5645s 733
18
8
65gs 843 5;112 -- -14 5E18 ---3- L578 i514 485 6514 4412 E;2
35i8 15% ii - 4112 50 4
74 2
74
,
New when issued
8 8
1 7 4
5
* 6018 6612 H/g4 - - 3- i:17 -- 18 }
3
4
1112 11% 113 118
8
1114 12
113 12
4
4
Special
2
8
4
8
8
10 113 115 113 113 112 113 1112 117 115* 118 1112 1178 1112 11% 11125 12
4438 5214
8
8
527 57
51
573 5038 5918 483 545 47 53
4
* 4618 5112 5018 555 4712 5338 4614 60% 5414 6114 5014 61
8
Gen Foods Corp
4
-- ----- ---- -------- ---- - ---4
Gen Gas & Flee Corp of Del A • 6412 734 673 7612 673 8212 80 8212 ------197
1612 8 - -84 512 ---- 37 ---1014 5 -1012 08 -- - 7 -8 952 -•
5g
7
67
8
8
133 1612 15% 183 1314 -4
Class A new
97
s
Class "B"
•9091
---------------------------------2525
25 25
Class B new
Preferred "A"(7)
63 76
SO 95
* 10412 108 104 109 10512 10914 106 111 106 111 101 10812 100 105 104 104 105 106
8412 105
75 100
90 90
Preferred "A"(8)
• 11714 120 117 12012 115 120 12112 122 118 119 115 121 1l5,120 -------- 116 117
96 105
100 ------------------------94341061, 853 98
Cony pref A
38 59
547 65
78 0012 8018 86
7714 8412 654 7718 5914 75
3912 43
39 413 3412 3918 3512 3718 3514 36
s
44
General Italian Edison------4
/
1
4
8
--- 44 443 41
34 353 33 3518 3312 353 284 3312
4
7 46 51% 4612 593 454 50
493 4212 4818
8
50 5514 503 54
General Mills
• ----4018 481e 4238 46% 44 475s 445 4814 43 4818 4212
2
8
8
91 913 89 91
100 9014 9312 92 94
9118 95
Preferred
9612 904
89 91
90 95
90 913 91 93 93 971 97 98
8
4
457 5414 4212 528 38 5118 38% 418 4214 4714 3712 47
418 51
Gen Motors Corp new w i---_10 3712 4312 4112 45
327 404 3112 3714 313 3618
s
4
Preferred 7%
100 11712121 118'8 123 1225*12518 1223 12612 12614 13112 126 129 1243 127, ---- ---- ---- ---_ ---- ---- ---- ---- ---- ---4
8
___ 11012111 11512
Preferred 6%
100104
1210412 ____
10
104 10514 107121077s 107 11012 110 11514 11558116 116141165* -- -- -- ---- — -- -- - - - ---- --- -Deb 6%
---------------------------------957 957 925 9618 923 9614 96 - - 973 1007 904 10014 953 9112
9i.ig Preferred 5) w 1_
8
2 97
4 - 8
4
977
2
15 17
/ 154 213 1312 16
1
4
4
General Outdoor Advertising_*
94 14
3
84 12
117
8 57 1012 64 812 68 8 4 64 9
10
36 53; 18 3712 3912 3238 4118 32 3518 24 34 2478 30 2512 30 2578 2612 2234 30 25 30 203s 30
Class "A"
• 53 s
16
173 16 1784 157 17
4
Trust certificates
4
42 4214 393 li 5338 16 57 li ----------------------------------------19 - 52
General Printing Ink
*
11
Preferred
*
8712 9018 87 87 -------------------- --------------------6573
8712 90
3018 47
8
General Public Service
• 323 38% 3712 495 40% 493 45 527 39 48
3212 387
8
4 37% 18 307 1512 221 123 2018
8
8
92 1067 904105, 8512 9714 754 95 a 76 83
8
97
8
Gen Ry Signal
• 86'o 943 91
,
56
72'2 59 7418
7314 8214 6918 83
56 72
Preferred
100 10014 10212 1021210712 107 110 107 107 107 10712 107 107 10512 10512 10912 110 11212 115 110 11212 11018 11112 105 110
,
•
1514 193 1314 1612 Ills 173 1218 133 10,2 1214 7 1212 512 814 53
8
Gen Realty & Utilities
8
4 714 312 65
4
91
93 100
Preferred
9614 85 95
•
83 86
793 87
8
77 8412 70 77 61 701 49 687
82 874 794 86 4 6514 844 6512 79
69 00
/
1
4
4
Gen Refractories
• 67 754 713 76
,
40 5l1s 39 478
6712 785* 663 773 46% 72
4
4
98 100
99 101
100 100 1004 101 100 100
Gen Steel Castings pref
•
80 87
99 10014 99 997 9812 100
88 88
8
90 100
Gen Theatres Equ ipment- • 3934 413 40 4812 41 464 4314 5114 44 8 48% 30 47
4
,
27 3534 2734, 3718 144 3I1
30 36
153 21
4
15 102
New
512 10
8018 9112 813 8818 612
Gillette Safety Razor
8
• 9818 1064 8714 10412 8112 99
a 58 8812 65 2 87 4 49
8
2518 3612 185 3418
30 59
70
,
,
Convertible preferred
•
6612 703 564 695*
4
2
165 207s 15 193 1052 108 -il1a -- 14 10
8
Gimbel Bros
117 19
2
113 14
4
• 1112 15
55
8 8% 414 8
117
8 93 128 64 10
11
8
7318 783 70% 71, 6858 708 6852 703 5112 70
7% preferred
100 667 70
8
67 68% 69 8018 7914 8212 7814 80
5112 5718 39 52
8
8
4
1512 25
2718 3614 2312 30
Glidden Co
8
154 1814 145 1812 13 1812 1018 1412 8 104 7
3412 33 367s 334 38
• 31
9
13
9414 98 2 91 95 92 95
95 102
,
7% prior preferred
70 82 6382 75
100 9812 102 101 102 102 10518 101 105
9018 9512 83 90
1512 1712 1314 1714 814 145
8 9 1218 75
514 67
8
144 19
8
Gobel (Adolf)
8 3
4 93
8 5
8 912 53
• 13 16% 147 19
53
4
Gold Dust v t c
8
8
385 295 353 29 354
8
4
8
8
8
8
• 3734 4512 4114 467 405 4512 415 477 4018 46% 3412 457 3714 423 3714 4214 3558 4338 31
4
,
Preferred
• 100 10614 103 104 104 10712 105 10812 107 2 109 10614109k., 106 10614 10812 11112 110 11114 11012 11118 10812 1083 10312 108
101 101 10112101 12 115 115 115 11514 115411814 120 120 117 120 115 11712 -------Gold & Stock Teleg
100
2
163 2212 1514 207
8
2634 1918 2334 154 21
4
4
Goodrich (B F)
• 4014 463 4518 513 46%58's 3858 577 36 42% 2212 41% 2412 3014 21
62 727
68 75
99%1004 100 10412 971k 10412 9614 9912 78 96
78 87 67% 80
80 83 8212 86
7% preferred
8
100 955 100
3814 533 424 524
4
4512 5534 354 49
8
547 88's 553 6834 528 64
4
4
8
8
8
Goodyear Tire & Rubber
• 62 753 71 14 853 8012 967 803 953 7418 87
9212 100
80 89
79 87
927 96
2
8
9212 9512 92 944 7814 92
1st preferred
• 90 9512 94%1007 983 102 101 10214 9918 102
4
2738 113 2012 812 15
7
143
1114 9
4 9
Gotham Silk Hosiery
1012 65* 8
10
123
2
• 2112 253 23 2634 2434 287s 18
33
712
71
751 7014 74
50 6612 50 5012
6712 70
723 8212 70 79
72 7712 73 82
70 70
68 70
s
Preferred, new
100 70 76
724 77
72 79
50 5014
54 64
--------70 70
7314 76
Preferred ex-warrants
67 6814
708 703
2
7412 7812
70 70
100 65 65
1012 6% 1)5
13% 6
1538 10
7
452 512 4
8'2 5
8 612 878 57
93 1312 11
4
Gould Coupler "A"
514
9% 113
,
• 7 2 12
• 918 1114 958 11
58
45*
438 3
8 2 55
7
912 133
2 7 10
918 13
4
514 4
8 6% 5% 612 43
4 6
Graham-Paige Motors
83
4 54 8% 64 614 614 612 5
61
412 512 312 412 312 4
103
4 7
9
2 97
Certificates
8 94 8% 1014 87
• 85
32's 21
2
195*
12 217 12
8
133 237 1212 17
4
2118 25
26
Granby Cons M S & P
2
593 54 595* 52 557 33 597 27 357 18
100 51
4
31 3914 3514 4112 324 4012 2712 373 26 3038 16 31
38 45 8 30 44
,
43 5112 4214 52
3312 46
Grand Silver Stores (1 W)____• 3214 38
7
4
Grand (F W) Stores
* 34 3533 335* 448 45i 451
8714
Preferred
8
6
16 --------861-1 - ------------------------86 --- ---- - ---100 86 8912 89 891 86 9012 ia 8
8 67 1018 1412 1114 137- 1018
8
4 714 105
16% 117 16
8
2
8
Grand Union
143
8
8
20 8 1718 203 163 195 143 177 10
5
• 1335 1714 16
3918 43 4 37 4112 3618 4112 31
3
4
8
Preferred
8
4
405 387 403 3912 4314 407 4312 40 417 343 403 36 4238 41 44
8
• 37
*
22 2512 18
3112 3412 28 3614 25 30
4512 503 40 4512 35 418 33 36
8
Granite City Steel
39 50
• 37 4012 39 41
7
8
37
4
3014 33 2912 3312 2918 3718 2818 3318 27 3212 263
2
354 387 33 368 3314 383 3214 383 29
8
Grant(W T) Stores
• 325 43
s
1712
2112 1914 2112 1812 20% 18 23
4
20 213 18 213 1918 2218 19
4
8
8
233 22 253 20, 23
4
3
Great Nor Iron Ore properties* 197 23 4 22
s
31i8 20 2514 1838 21
8
1618 2038 1518 167s 1014 1514 7
17
19
8
Great Western Sugar
• 2918 3412 28 303 2814 3418 2918 323 22
98%10418 85
8
100 11412 11612 115 11612 116 120 11712 11814 1105 11712 112 116 11314.11612 112 11712 108 11512 10312 III
Preferred
308
65 6514 --------55 66
77 77
87 87
50 53 4718 60
Greene Cananea Copper_100 ------------------------89 89
5
814 3
25*
147
8 47
8
8
193 177 27% 1784 2612 1412 28
4
1214 161 133 1614 6
• 1212 2 12 1414 814 15
Grigsby-Grunow Co
1
14 1
12 112 118 114 1
14
4 1
112 4
• 112 2
8
4 114
12
12
5
8
5
8
Guantanamo Sugar
3
4
7
8
12 20
11
13
13
13
20 25 ---- - — 20 20' --------15 15
26
27
13
100
8% preferred
8
5214 58
64 73
4
38 53
4
5818 80 69% 78
4
3718 4612 35 383 3112 413 273 323 20 273 15
• 518 62
Gulf States Steel
95 95 ---- ---- 8314
97 97
99 99
,
99%100
100 9812 103 103 1061 106 10712 105 109 10514 10514 10114 103
7% 1st preferred
26 27
25 26 26
Hackensack Water
4
Preferred
25 28 283 28 28
27 27
Preferred "A"
25 26 27
Rights
Hahn Department Stores __ • 1288 1712 154 1714
8
160 714 815 788 8114
Preferred
4
10 263 2914 25 273
Hall Printing
s
Hamilton Watch Co
•
100 99 103 103 104
Hamilton Watch, pref
100 1001211212 11158122
Hanna 1st pref
86
9014
• 85 88
Preferred new
60 60
• 60 61
Harb-Walk Refract
100 Preferred
26
28
26
2712 29
30
29 29
29
2814 26 29
2734 32
2714 3012 2814 38
284 283 26 2718
4
30 32
34 367 317 35
g
s
2712
30__ 2614 2814 271- 181a 2712 2812 28 90
28 8 90 27 9818
,
..
30
28ls 23 2
28 -
18 23
/ 1758 2134 127 193* IE 1
4
158 20
1912
7814 844 803 823*
8
78% 86% 8318 8612 828 86
24 318 26 30
25 275* 21
26
213 23
8
- --- 4712 4712
103 10312 103 1044 10312 1643; io512 10312 105 105
120 128 125 128 129 133
8712 92
94 9612 89 95
92 98
50 11
55 60
60
7214 592 687 50 6212 50 5414
8
2112 23
• 2012 2214 2112 23
2212 2318 224 2314 2112 23
Hartman Corp Cl "A"
4
• 133 18
1618 20
Class B
144 17
153 1812 153 18
4
1012 16
57 57
59 59
5812 59
55 55
Hawaiian Pineapple Co, Ltd_20 54 5512 5412 61
4 87
8 614 914 6% 15
Hayes Body Corp
• 63
1218 173
94 1414 55 1018
8
7712 85
gg
84
go7 81
8
go
8
25 87 88's 87 925 82
Helme(6 W)
100 1204 1233 --------12412 12412 130 135 135 135 135 135
7% Preferred
• 22 26
25 274 2434 26
Hercules Motors
2612 28
243 31
4
204 261
7818 82
Hercules Powder
• 8318 85
80 8412 79 80
80 83
60 7714
/
4
Preferred
100 117 1l8's 117 1171 11814 118 4 1174 1183 11812 121 120 1233
4
,
• 70 821 78 851 843 1077 975 10614 944 109
Hershey Chocolate
8
8
8212 1087
Preferred
• 8312 901 8334 89% 8912 1067 99 1053 96 I08's 8912 1083
4
8
100 1043 106 10414 105 105 10614 106 1063 10612 1O7's 107 1071
Prior preferred
4
• 15 20
1612 2514 1914 2412 1812 22
1512 19
12
151
Hoe(R)& Co,Cl"A"
• 2614 2935 2912 35
Holland Furnace
8 64 103
• 7 125
Hollander (A) & Son
4
100 --------80 80
Homostake Mining
8
271 235 29
Houdaille Hershey class B__ 8 19
4
Household Finance Pr pref -.E0 5018 513 4912 511
• 5212 553k 53 s 571
3
Household Products
100 5214 59%578 70 8
3
Houston Oil of Texas
_
25 _
New voting trust ctfs
-7• 531 - .7- 8j2 11 8
. i0 8
4
Howe Sound
• 5352 627 545 613
8
8
s
Hudson Motor Car
24
10 2014 248 21
Hupp Motor Car Corp
• 2114 2312 2014 2214
Independent Oil & Gas
• 5
914 814 1238
Indian Motocycle
50
73
100 30 57
7% preferred
5
10 173 2314 18%23
Indian Refining
4
10 16 213 1758 2238
Certificates
F15 -8 1i% His -- 12
1i
8012 8214 80 8418
21
2212 20 22
42 47
/ 423 44
1
4
10412 105 105 105
iTs ills
59 81
175 20
42 44
105 10518
90 - . 92
13
89 2 , 92
50 5212 493 5212 45
4
2 -3
ii2 -- -3
' 11 8 07 -10 8
60 65
4512 6114
173 19
8
16
177
8
38 4178
417 43
8
--------103 103
11
- -14 91 93 8914 94
8
5014 4014 4412 38 417
213 217s 1712 2118 154 17'2 1338 1512 12 1312 714 12
4
8 214 5
412 738 44 63
1212 15
73* 10
7 8 13
5
3612 394
46 46
52 52 ----------------46 49
_
27
2 512 3
412
57 10
2
618 738 418 714 312 5
7718 84
7912 814 795* 85
78 85
82 85
8314 85
__ 13312 135
__ 13412 135 --_135 138 138 138
1312 1612
22 2618 -----2112 23
2012 2512 15 2112 1515 18
66 75 60 6512 55 6018 50 57
6012 6312 67 68
120 1223 11814 120 120 122 11912 12114 11612 120,8 11612 1174
4
8018 8838 81 9112
7614 92
85 988 92 9812 8612 100
4
913 945 8912 943*
88 96
99 10114 9312102
923 103
4
107581085* 10712 1073 107%107% 1075* 1084 -- r ---4
-73
4 7 -- - 4 -4
1112 1514 1112 1214 6 113
14
16
74
354 4114 343 4118 28 41
4
303 39
2
31
354 315 3414
s 8 10
7
9
678 107
5
8
64 7's 6
614
76 79
75 7714 7412 7684 75 78
72 791 77
78
2414 271 20 287 1714 23
97 19
8
1018 123
84 12
49 553* 54 554 527 5612 56 631 624 645* 63% 65
5512 611 ___.
- ---__ ---3_
-96 1167X 7512 110
-67 110
644 1107
---- 5 V63- 6i62 igis
4
_ _
_
_ _
_ _
_ _ _
_ _
_
14
2 ii14 iW8 3U4 10
.14 30r4 16 501 El: i
If i5; i6
8
4
253 4312 30 3612 28 35
2
5418 594 44, 563 4118 46
2012 2518 1958 2652 1718 2078 13 194 135 16
1214 143
4
*
224 275s 193 264 205 24
2
2
21.14 2912 263 32
2018 22
8
13% 618 934 412 74 47
9
9
17
65
8 44 53
4
22 37 --------22 23
43 55
53 8712 50 70
2532 16
4
213
4 83 185 1038 5
18 28% 21
8
1014 1314
154 2014 818 18
174 27% 19 24
105 147 ---- ---8
2
90 1134 95 117 105 117 101 106
• 112 124
Industrial Rayon Corp
• 1544 170 170 175 171 2037s 190 239 190 225
Ingersoll-Rand
_lee 112 115 118 120. 1193 1193 ..— --- 122 122
4
4
--- _
Preferred
*No par value. b 3 additional shares for each share helds
-1132
39
2314
3132
g
227
12
998
4
4712
41s
5a
15
2214
93
73 102
78 98
/
1
4
165 2263 185 212
4
122 122
81
94
18612 201
277 3114
3258 3614 284 3418 28 32
5 8 612 518 6
,
61
8 5
612 83
79 804
7812 82
79 83
79 83
45* 612 4
7
6
5
938 5
6512 68s 64 6512 6112 6512
6512 68
_
4
-- --4314 iii371 5318 111 i5i4 144
8
_
8
912 113
4 75 1058 65 1012
ii 11 2114 26 20 272 2034 26
-14
223
10
183
8
34
20
6%
----
313
4
143*
2512
512
30
141.4
----
19
7
54
1518
318
21
314
----
18
26
1112 8
8
211 11,
/
4
33
4 2
23
36
5
03
4 38
---- ----
2814 194
11
712
163 ---4
33
24
30
18
48 3
7
---- —
253
8
935
18
72912
48
----
76 8614 31
78
45 62
4512 60
181 208 172 1943 1474 184 165 187
- ---- ---- ---- ---- ---- ----
[VOL. 132.
FINANCIAL CHRONICLE
254
-Continued.
1930
STOCKS
Mar
June
August September October
July
November December
March
April
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Par $ per share E per share per share $ per share $ per share $ Per share $ per share $ per share $ per share E per share $ per share per mare
74 792 63 73 4 58 CO
2
5514 6412
3
4
745 80
2
4
,
90 95 85 2 89 2 68 857 693 77
2
82 85 83 98
Inland Steel
8
• 705 81
8 8 14
8
8
174 3014 1618 2114 1212 207 145 173 1312 1612 914 1512 8 107
63 107
2
2
8
8
8
8
Inspiration Cons Copper-.20 2614 30 4 262 307 273 30
2
712
912 114 8 10 8 6
812 4
,
9 2 1312 1118 13
7
918 13
Insuranshares Inc ctfs
•
1612 104 137 10
7 8 1012 512 8 4 5
5
13
1212 1018 1214 1012 12
8
17
2
78
5
5
3
InesharesCorpof Del ci A
a 13 15 4 1514 164 15 8 174 16
14
112 31g
4 315 4
4 5 4 338 42
2 8 314 218 412 212 24 24 4
7
44 712 43
3
63
8 512 7
Intercontinental Rubber-• 44 54 5
12 14, 1114 13
1414 17
1615 19
2
1718 18
4
25 287 2212 2512 1538 2272 173 19
2
4
Interlake Iron
• 25 2812 24 282 25 27
1
6
2
52 412 8
3 8 4 4 3 4 412 3% 4
3
5
• 412 718 512 6
5 4 5 8 5% 6% 4
,
3
513 7 4 614 812 512 6
Internet Agricultural
45 51
49 54
54 634 4214 54
55 63
5214 624 5412 61
63
0114 6714 61
5413 61
55 58
Prior Preferred
100 57 57
2
4
,
,
8
4
4
4
4
Int'l Business Machines
• 15212 186 16214 1773 1733 19214 1803 193 170 1971s 155 1952 165 18412 167 188 1562 183 131 166 2 1363 150 4 13814 1537
10
8
102
1318 10 11
4 87 104
4
1218 133 113 123 10
15
4
4
1612 193 1513 1913 1314 164 11
4
Int Carriers Ltd
•
8
5
8
,
3
55 4 741 66 75 2 66 70 4 587 671 60 704 6412 6912 5618 67 55 59 4 56 61, 4912 5014
3
International Cement
• 564 613 5718 60
8
114 21
17
8 3
4
3
912 2 4 5
7
55
8 812 54 6 8 4
8
4
Int'l Combustion Engine
8 718 1412 812 1412 82 115s 55 10
• 5
84 64 83
70 7513
Certificates
5434 VO1-4 55 69 58 74l 46 644 29 35' 13 16"
6 6834 4714 67
5813 78 46 563 5314 75
Preferred .
4
• 30 56
59 59 ---- -- 25 25
5018 694 38 67 59 70
55 55
53 53 60 62
Preferred certificates
8
9R1A 78% 873 72 844 6414 817 5614 682 545 6312 4514 61
4
8
8
2
4
4
International Harvester
• 782 9214 86 9.54 89 964 923 1153 931s 1113 76
8
8
4
,
1421/ 14412 1424 14414 14214 1433 14114 144 1422 14612 14514 146 4 141 1453 133 1394
4
2
7% Preferred
8
100 141 1417 140, 14212 141414412 14212 14418
2
3118 4752 3418 4012 32 40 314 3952 2712 355 23 2912 184 283
8
2
36 8
5
4
33 8 4512 42 473 43 4 54
7
Int Hydro-Elec System cl A___* 3112 35
5214 05
5912 66
71
804 62 75
734 80
754 89
69 834 7112 81
7914 92
7512 86
International Match
35 6512 7612 7311 81
15 1714
18
52
8
19
Ms 20 2314 204 227 19 2212 15 1914 15
26 29 4 26 33 2412 28
2
3
Int'l Merc Marine lett pref. --• 25 30 8 2512 28
4
333 22 4 2618 2014 2414 1912 274 1612 2238 17 2018 123 1914
. ,
354 21
,
,
8
8
• 313 3858 3638 4012 38 4312 34 8 443 30 4
Int Nickel of Canada
3
3
,
4
4
100 118 121 118 118 118 118 11812 123 120 12112 1193 123 12014 1213 12014 12012 120 2 121 2 120 8 122 120 121 114 118
Preferred
1-64
14
Rights
65 65
International Paper
• 58 59 60 60
4115 26 431
181 11.; 74 16; 70 78l-8 70 80 55 162 45 62 -37- 1
5
100 80 85 80 814 83 8512 815* 86 7% Preferred
8 14
4
144 204 133 18
64 914 54 812
1914 24
4
4
4
263 30 4 27 31 18 273 303 25% 283 17 26
4
3
Int Paper & Power class A.... • 26 28
612 3 8 5
3
6
5
4
173 • 94 1414 7 2 1013 54 8
4
17
197 1614 2012 18 2234 1612 20% 113 18; 14
8
• 1514 18
Class B
2
3
53
4 33
4 4
13 8 151
,
1413 18
814 4
9% 12% 612 10 2 5
14
,
9
3
• 124 1438 13 15 4 1314 17
Class C
40 564 38 424 21 40
2
8013 83 4 79 813 71
794 70 77% 70 7612 55 70
7914 82 80 86
7914 82
3
100
Preferred new
10 18
19 25
13 18
4
35 4 4314 304 373 24 30
,
53 5012 52 8 5212 583 47 53 36 46
4
,
8
• 464 517 51
Int Printing Ink
2512 27
47 47
4
34 39% 253 32
Cer tificates
-1 "61"
81 2 6
92 93 75 914 7413 - 3 - - Vi" "5
88 92
93 4 995 9111 96
3
8
2
100 94 95 4 9313 95 94 9914 9813 101
Preferred
------- ,
592 90
4
9412 94
Preferred certificates
73 854 80 88 4 89 153 125 112
70 76
100 69 77
.12
,
International Salt
7 41 2
38'2 347 384 34'2 38's
5912 if" -3114 - -1- 31
394 453 36 42
100
4
New
14
12
14 112
Rights
5314 55 -5312 55 - -854 4
a- 50 111- 4713 6123
61 62
59 4 6112 59 00
3
57 5812 56 571 5312 5614 55 56
•
Int Shoe
723 55 65 - - 8
- 26 43
71
70 71
69 75
98 11112 95 9912 794 88
100 105 11712 10211l9 100 107
International Silver
95 10218 7512 0312
100 10612 110 105 11214 11)522111 10514 111 106 110 10514 110 105 10712 106 110 10112 110 10112 103
7% Preferred
8
4
,
3
304 44 8 2518 323 25 8 308 1712 277
2
3
3
8
Int Teiep & Teleg new
100 624 75 4 6414 73 4 6212 7012 6718 773 5814 75% 4018 644 4214 497 3918 47
112 2% 218 312
Rights
145* 20
4 25 8
g
22:1 22 ids; -21- -- 12 -171 - .1- -177. 22
1304 40
264 333 264 323 24 /11 2 "ill"- -16-14 -29 25
4
4
Interstate Dept Stores------- 30 35
70 72 ---- - 59 68
743 76
4
7612 763 82 8212 76 76
4
100
61
77
Preferred
8
70 73 60 66 4 585 64
,
70 7112 674 75 4 7418 Ifile -8
- 169743 71
4
75
Preferred ex-warrants _100 7314 743- 7113 7514 71
,
4
214 213 18 218 12 16
23 2558 25 263 25 31
4
2312 2312 22 27
25 27
4
29 32
23 26 8 25 30
Intertype Corp
•
,
53 12% 533 83
5
414 7 5
2
17 2212 14
19 21
195 29
8
3
234 27
22 27
21% 1518 1612 13, 15 4 1214 17
Investors Equity
26 32
30 3412 25 3018 257 35
34 4 3812 32 3612 3112 3412 33 35
,
• 4122 4214 40 424 3812 43 3812 40
I
Island Creek Coal_
105 105 10512 10512 ____
105 105 105 105 105 105
Preferred
1 105 105 105 105 105 105
48 53 4 4014 49 38 4552 37 4512
3
59
5212 6612 54 65
45 61% 4512 517 4514 51
51
• 43 5312 50 54
8
Jewel Tea Inc
71% 967 6412 79 2 61 4 70% 4834 6914
,
,
8
4
• 117 143 130% 14818 12414 1454 1067 1363 98 1142 7314 1113 70 887 793 96
8
4
8
4
4
Johns-Manville Corp
100 121 12112 11814 122 11934 123 120 123 120 122 120 12214 12014 12112 122 12212 12112 123 12014 123 121 123% 117 122
7% Preferred
,
8
8
8
*
4
Jones & Loughlin Steel pref100 11812 120 1183 120 1207 123 122 12312 121 123 120 1227 120 1233 121 123 120 122 4 11912 122 1193 122 118 121
8
$
13
4
1
212 218 412 3
3
8
112
ii 2
33
4 2 4 112 17
3
, 13
32
4 314 612 212 3'2 1% 2 4
Jordan Motor Car
4
Kansas City .• & L 1st pref B. 108 10812 109 10012 109'115 111% 11412 11238114 113 114 113 113 113% 115 114 115 1143 115 1134116 11312 115
812 94 7% 914 7% 9% 418 8
1314 9% 1214 914 10
12
1313 12
1314 1112 1234 1212 1318 12
84 9
Karstadt Rudolph
8
8
20% 26% 15 203 16% 1914 1412 172
2
8
2
• 34 411 343 3978 3514 3812 303 377 243 31 14 24 293 24 2612 23 25
4
8
Kayser (.1) & Co
18
1713
18
18 4 14
,
17
18 2 16
,
8
19% 2012 183 1912 1814 1912 1612 183 17 1712 167 18
s
4
Kaufmann Dept Stores... $12.50 18 1912 184 20
37 45
• 21
29
30 30
303* 36
Keith-Aibee-Orpheum
-..
11
934 106 105 118 11612 150 151 13914 ill." 11E. 1132F2 1- 11 108 116 loci- nil; 95 102 90 98
100 85 97
Preferred
Da
25
8 112 272 1
8
8 3
,
4 61
35
8 17 5 4 2
44 5
3
3
514 314 43
534 43
• 314 5 4 413 558 41
Kelly-Springfield Tire
27 31
30 38
347 41% 35 35
8
4018 50
35 3512 3.5 35
4212 4212 3512 36
39 45
100 29 45
6% Preferred
12
9 15
19
11
21
22 3012 0 132 20 33
,2714 3218 2014 30
301 37
2614 3714 25 37
100 204 42
8% Preferred
5
,
8
2
4
8
3912 283 367 234 3512 2614 333 284 31 4 215 31, 1918 2512 1912 24 4 1914 23 8
5
,
• 2218 297 2718 313 244 387 31
8
Kelsey-Hayes Wheel
3
4
8 7% 114 7 8 1112 8 102
157 19, 14% 18 2 812 163
8
2
,
8
8
1012 1438 1414 247 2112 265 185 2578 134 25
2
74 11
Kelvinator Corp
20 3712
34 40
35 55
2
72 823 76 8112 75 8112 63 68
825 85
8
85 87
: 8212 84
83 873 8412 89
4
Kendall Co pref A
3
4
,
4158 4913 3713 49
,
374 4114 3314 40 4 27 4 38% 247 30 4 24% 3214 2018 273
,
4
• 5514 6214 55 623 544 6034 4412 62
Kennecott Copper
38 444
,
50 5312 4914 5112 48 52 42 4812 42 8 45
• 49 5212 5012 51% 50 59
5312 5812 53 58% 484 55
Kimberley-Clark
19 2112 1712 22
4
213 2412 193 24
4
2212 23
3112 397 38 40% 2414 4012 234 28
• 20 23
20 237 2012 33
8
Kinney (G R)
51 657
4
8
80 85
78 82 2 75 92 66 75 61, 69
88 94 2 83 90
,
,
8712 9612 92 97
8618 91
Preferred 8%
100 8712 90
13
8
112
4 5
33
2 l's 2% 1
2 4 45
3
8 2 4 318 2
3
8 412 812 418 6% 23
4 414 212 35
8 254 63
Holster Radio Corp ______ ____• 13
7
2
14
14 2
5
8 14
,
212 3
3
8
3
4
Nat City Bk ctfs of dep__ _
48% 4918
- -3g18 - /- -i5" "‘i4 74614 187- 718- 533 4734 54s
•
. 4
.2
.
1Kraft Fheonix Cheese
2
,
8
__las 9912 101
98 1053 10413 10714 105 10912 1094 1107 1107 111 10012 109 2
4
Preferred
2712 3014 26 4 323 2618 29 8 2618 29 4 2618 29
8
34
2934 317 264 31; 274 30
3114 3212 31
,
,
8
Kresge (S S) Co
,
4
10 3318 363 3058 34
100 110 111 111 113 11012 112 1104 114 10812 11178 10814 115 11012 11212 112 112 113 11412 110 113 110 111 1043410638
7% Preferred
2
4 458 7
74 9
2 812 9
4
8% 91, 84 94 83 94 6% 84 63 63
812 84 878 87
84 9
Kresge Dept Stores
4212 4512 4212 4212 3212 4212
45 45% 45 45
50 53 45 50
734 83 454 451s 4518 48
60 60 50 52
10; 60 62
8% Preferred
4814 553 39 48 2 40 4534
8
,
562 65
4
55 58% 50 58% 51% 58 8 52% 5312 52% 57
,
8
6312 695 63 65
6114 70
Kress (S 1-11 & Co
8
254 28 4 25 282 24% 2718 2218 24% 204 287
4
,
2812 313 314 35 8 30% 33 4 25 4 3214 2414 29
4
,
23 4 2812 28% 31
,
, ,
Kreuger & Tol
,
8
, ,
31
344 23 4 28 8 2212 26% 2412 327 22% 29 2 18 25% 1718 25
3712 21
Kroger Grocery & Baking....' 42% 4818 37 4734 38 427 3018 42
30 341 - -- 25 30
35 35
321 328 3212 3212 35 35
35 35
35 35
3
Kuppenheimer
_ 105 106
106 108
100
Preferred
199* 2254
210 216'
226- 230 26L- 225
230- 237
Laclede Gas (St Louis) _100 200 215
983* 9838
1004 10014
3
4
100 98 9812 9812 9812 100 1004 100 166 4 10022 10012 98% 983
57 Preferred
,
21% 2212 22 2212 2218 2522 2414 2612 2318 2612 2212 2412 2414 29 2 2718 29
Lag. Oil & Transport
73 8 8214
3
77 893 70% 86
4
: 97 1043 10118 1088 1025 11214 9918 113
93 104
7612 97% 70 9414 85 93 85 98
8
8
8
Lambert Co
20 2312 18% 20 2 17 20
,
Lane Bryant Inc
313 4
6
712 9
: 614 9
34 4 2 34 412
,
4 8 --4E2 "
. 2 If -7 T6C. 63
71
.
43
4 58 4
7E8
,
Lee Rubber & Tire
17
3612 39
,
1912 1312 17 2 11
30 323 1912 29 2 16
32 3614 30 34
,
4
35 3712 35 4112 39 42
Lehigh Portland Cement_ „50 34 37
8
,
99 1013 983 100 8
4
,
100 105 106 10514 107 106%108 107 10812 111712 10812 106 10812 105 107 4 104 1064 103 107 9918 104
Preferred
1512 10
13
8
9
,2 612 814 414 7
812 107
714 11
12 137 1218 17 2 12
,
8 81.1 1314 8
,
15
8 9 4 113
• 13
Lehigh Valley Coal
8
,
2218 29
2814 33
8
2214 2612 25 2714 2414 2414 22% 25% 185 2212 147 18 8
Preferred .
50 3212 36% 32 3318 32 3712 32 34
513 60 2
4
,
8
88 4 9714 8014 0012 667 90% 89 7814 6712 7434 664 78 60 70 4 5712 63
,
89 95
•
,
Lehman Corp(The)
-if;
Lehn & Fink
Libby-Owens Glass
Lima Locomotive Works
Liggett & Myers'Fob pref
Common
B
Rights
Link Belt Co
Liquid Carbonic
Loewe Inc
Preferred
Preferred ex-warrants
Loft-Inc
Long Bell Lumber A
Loose-Wiles Biscuit
1st Preferred
Lorillard (P) pref
Common
Louisiana Oil
614% Preferred
29% 34
: 1934 27
• 3578 43
100 138 138%
25 94 104%
25 9512 1054
* 39 41
4
* 523 61
4218 59%
: 855 88
8
• 84 85
212 412
: 12
1212
25 5012 64
4
100 11814 1183
8
100 9218 942
• 1612 2518
812 912
100 84 88
*
8
• 3814 413
Louisville Gas & Mac A
* 3258 434
Ludlum Steel
• 90 93
Preferred
Rights
s
• %loi 427
McCall Corp
•
McCrory Stores
•
Class B .
100
6% Preferred
McGraw-Hill Publishing Co -• 35 36
,
5 14 4 1712
McIntyre Porc Mines
69 4
,
• 61
McKeesport Tin Plate
• 32 35
McKesson & Robbins
8
__50 4414 467
• Preferred
20 4
,
• 16
McLellan Stores Co A
100 8312 8313
Preferred_
• 30 3112
MacAndrew2 & Forbes
100
Preferred
100
Mackay Co's
100
4% Preferred.
*No par value it Es-cUvs. Ex rights.
27
28 32
224 283 242 30 4 2618 2912 233 2812 21
2778 23 2712 21
8
36
3312 31
4
4
31
,
3012 34
1924 11
4
172 1018 143 1012 134
8
4
2234 272 23 3113 2512 2914 2212 2614 1912 2318 1912 203 1814 194 17
4
20 8 254 20 284
20 33% 23 2512 25 27
5
1812 24
2018 27
8
4018 4914 42 457 35 43% 3318 37
8
,
,
38 1383 13918 14234 140% 142 2 139 1427 1381214014 14114 14113 140341401± 140 146 142 145 141 14112 12718 135 4
4
79 863 7612 84
85 107
8
95 103 86 94
8612 0512 9112 100
,
9112 108 10112 113 106 113 4 101 110
7912 873 784 853
85 10712 87 96
8
4
8
8
4
3
90410112 9114 10312 85 8 95
2
8
9112 109 4 1017 1133 1053 1143 983 III
,
1318 1514 15, 174
4
7
40 43
2
3724 391± -6734 14 8 -581 16- -37 39
.7
4112 45
-36-1- 28 34
2
41
45 8 424 45
,
4
5912 713 454 63 42 514 39 50
8
54
8
58% 65 4 65 817 6512 7912 6012 7554 5914 804 64 72 627 71
,
4
8
3
8
5
4
73 4 52 8 623 412 585
,
59 70% 684 83 4 7412 9112 784 953 58 9212 62 8 7712 6114 7914 664 8114 51
,
8
4
3
99 105 10212 10854 105 11214 95341123 101 10712 103 10612 106 10914 984 1082 93 98 8014 96,
873 100
4
9614 99 95 995 90 95 2 84 9412
5
2
,
4
87 9212 90 9314 783 9612 897 95% 94 9712 9512 98
8512 85 2
,
8 438 312 5
3
43
4 33
378 212 3 8
4
2
3
312 44 3
8 4% 612 412 6
64 414 53
4
412
74 718 718 7 4 8 1 7% 4
914 74 8
6
3
,
10 4 8
,
,
13% 9
4
12
127 1138 153 11
8
8
8
4
3
,
8
62 7014 67 6712 537 693 59 647 5418 624 5358 647 50 4 58% 47% 54 2 4014 53 8
,
,
8
5918 6414 61 8 687
19 120 120 126 121 125 122 12212 12114 1224 120 122 121 12212 11812 12212 11814 121 121 121 118 120
92 9612 92 92
95 99
7614 873
8
93 9712 93 93 80 81
9414 97 4 95% 9812 9712 99
94 95
,
8
174 234 203 24, 1612 23 s 14 4 184 107 147
8
2
4
8
,
7
8 ,
2 84 137
8
22 26 4 245 2818 225 27 4 2018 26% 163 25
,
97
8 43 8
818 105
10
s 912 7
9
43 818 312 613
4
8 83
10% 8
10 4 9% 12
8
94 8
,
8
60 60
8412 84 2 8018 8012
802 813 87 90
4
12
4
85 89
78 8 783
3
,
8
84 8912 887 89
8
40 453 424 4612 444 5114
8
8
8
4012 443 38 447 33% 417
4
91
98 9214 994 89 90
12 1
g
.1418 15 2 427 484 45 50
64 65 63 66
65 70
63 68 63 67 60 63
93 4 97
,
92 95 95 97
407 44
8
36 40
36 38
8
167 1812 177 184 1814 1912
8
4
6914 747 73 863
8
6018 71
29 3738
2514 32
314 34
42 4914
4514 4612 4118 47
1513 192 1518 1778
4
1412 18
85 85 87 87
31
393
4
2814 36
28 31
944 100
93 98 96 100
40 48
28 • 3718
85 88
44
5
8
42 45
60 6412
60 6218
8912 9314
32)12 4112
1814 19%
74
84
25 30 4
3
42 44
14
1512
85 85
2812 3012
33
22
4
45
3414 402 3518 3914 3314 393 3014 353 29
8
8
4
22% 273 163 2438 1414 18 2 11
364 223 30
4
4
,
787 787
8
58
72 72
8
58 76
38
60
573
8
90
3012
175
8
70
18
5s
35
12
44
03
573
s
03
364
1812
894
27,
4
4218
1518
24I
96
37
33
174
72
204
38
1212
83
2933 2514
9512
96
*
012 Il 823* 823 -63.4 83 :girt
k
864 8283 -
41
38
16-
16- -55j2
47
4912 55
45
56 58
78
84 84
34
33 35
30
31
33
183 17 2 17 2 173 1912 174
8
,
4
,
85
7014
7512 8612 754 88
2478 1412 213 143 18
10 8
3
8
2
3
40
37 40
3534 4112 25 4
151, 134 16
1014
12
19
83
78 81
30
23 3112 23
95,
2
96 100 99
-8912
19
.49
55
88%
32%
184
79
15 4
3
37,
4
1212
25
99
323 25 31
8
8
153
4 94 143
343 50
4
59
3413 37 -81
37
44 49
3814
4112 45
7812
85
81
2914 3112 27
175 184 174
8
84
6614 74
115
8
1012 14
29 334 30
818 1012 6
8984
78 78
21
25, 20
2
99 100 4 95
,
id"
40
4112
85
297
8
20 4
3
7412 .
177
8
39 8
5
8a
7
72
24
9514
JAN. 10 1021.1
FINANCIAL CHRONICLE
255
1930-Continued.
STOCKS
January February
March
April
May
June
July
August 1Septem5er
Norember December
Low Iltgh Low High Low High Low High Low High Low Iligh Low High Low Iligh ,Low High Oaober
Lose High Low High Low High
Par per share $ per share $ Per share $ per share IS per share 3 per share
$ Per share $ Per share $ per share $ per share $ Per share $ Per share
Mack Truck Inc
• 70
7814 783 847 80 8812 7412 877 6518 767 4614 72
8
8
8
8
50
1
4
5135 3812 48% 33 8 45
Macy
,
• 13712 15412 14212 15914 132 152, 136 145 125 14214 109 141% 113 5778 53ss 1303 47.8 6212 42
4
12612 1103 129 1123 135 8 108%1213 9712 11344 81581117
4
4
3
Madison Square Garden
*
• 12
123 1214 1118 11 8 12% 1114 1212 10 4 12
4
,
3
11
153 1218 15
8
113 14
4
618 1212 6
Magma Copper
833 6% 944 4% 7
• 45 5234 48 51% 47
5213 333 52
3
3214 3818 283 36
4
30 3412 3018 33 4 2614 32% 20 27
,
2014 28
Mahoning Coal RR
1914 25
50
785 785
-Mallinson (14 it) & Co
• 8
83
4 8
8
4 8
912 83 123
11
612 107
3 712 12
fi
838 7
914 418 714 -38.
4 113 3
s
134 33
7% Preferred
100 80 80
7214 76
71
73
71
71
6612 70's 70 70 65 65
65 63 60 62
55 35
Maned! Sugar.
100 5
8
5
73
4 5
,
612 4 3 512 33
4 5
4
47
8
112 218
214 2% 13
- - -4 13
13 --274
4
13
4 3
7% Preferred
100 23 50
25 423 2312 2712 1818 2312 1514 263 1514 25% 113 16
8
4
4
12
1534 15 15
5415
Mandel Bros
5'4 10
• 14
15
1418 15
14
1434 133 14
4
1334 133 13
12 12
4
13
10 12
71s 117
8 7
8
7
Manhattan Elec Supply
• 25% 31% 3034 337 3318 381.8 3718 55
8
14
5518 8
18,2
_
Manhattan Shirt
25 207 24 8 217 24
8
2212 17
8
,
2112 24
18
19
11% 18
13 1412 12Tg 14
i4'4 9
11
11
538 938 6% 8 8
Preferred
100
116 116 1153 115
4
34
_Maracaibo 011 Errol
• 5% 63
4 5% 6% 53 1034 413
2 752 912 614 9
4
413 - 388 412 53
312 2% 3 -18
37
8 512 2
Marine Midland Corp
4 24
10
313 32, 2913 3212 28 31, 26 30
4
8
21 12 26,2 173 22 2
4
4
Marlin-Rockwell
,
• 397 4213 40 55
8
50 5178 48
5214 40% 47
3014 40
33 2 3718 32 3614 2912 3713 258 30
,
4
21% 25,2 2114 277
Marmon Motor Car ______ ____• 2038 273 2213 25% 2313 3012 2318
8
4
307 1714 24
8
83 2012 9 1512 9 4 12%3 7 8 11
2
,
,
5% 8 8 5% 8'8 914 7%
,
Marshall Field & Co
•
453 4818 43 157 35 4 44
4
8
3
3514 393 37 393 37 413 34 3814 3718 33 24 3314
8
8
4
Martin Perry Corp
• 3
3 12 3
438 558 4
4
512 4
8
3
33
43
4 3% 814 512 75
4 312 312 3
Mathieson Alkali Works
* 214 718
• 3713 4338 4038 4638 4338 513 4434 5014 4014 47
8
333 46% 3514 39 8 3512 423 3514 45% 333 38'4 323 38 8 30, 3818
28 3
,
4
4
4
3
8
7% Preferred
100 115 119 11912 120 4 1203 12212 127 127 12612 127
4
,
120 127 123 13014 132 134 130 136 123 125 121114 122 4
May Dept Stores
,
25 49 6138 513 597 53 58
8
8
5314 5914 51
4 53
55 2 923 - . 40% 4714 4138 44
,
40 47
3318 42
3318 367 274* 35%
8
Maytag Co
• 1618 1934 18
2013 19
1814 23
23
163 1812 1334 17% 1314 1414 10
4
1312 7 1218 712 83
8 5
7% 5
Preferred
6%
• 2914 3412 33 3472 33 40
4
35 4012 3013 353 2113 32% 2412 26
2412 26
21% 253 18 2014 145 18
8
15
1st Preferred
1718
• 76 80
8012 8312 8012 8412 82 84
80 80
76 81)
7412 75 8 71
3
71
71
71
87 71
68 69
Melville Shoe Corp
• 29 33
2614 3112 2912 40
3712 42
36 4
3512 371 27 35% 27 30
012 32 3812 3412 37
:
25 2812 25 30
Mengel Co
1518 18
16
2218 19 233 18
4
217 15% 19, 10
8
103 15% 1113 15
15
8
2
712 12% 7
912 6,
Preferred
3 9
5
83
8
100 83 85
4
1
4
8614 9212 91 12 92,2803 91
803 85
4
8414 85 85 89
80 90
70 80 69 80
Metro-Goldwyn Pic pre,___ _27 2313 243 25
4
2534 2514 2534 923
2 4
26
2634 2413 2613 243 26, 2312 26 2 26 2612 212 263 2514 25114 23 2514
4
4
,
8
8
Mexican Petroleum
100 ------------------------ 176 176 179 179 174 180
172 182 150 171
Preferred
100 100
Mexican Seaboard Oil
199• r iaT8 - -3- - itii4 i1 4
ii- -iai, idis -iii- 4 ii- -ii- -- .- -i;i2 16 -1814 23's 1O's 287 18'* 2538 1353 19
3
6
,
;
s
014 15
10
143
8
Miami Copper
5 267 317 287 337 28
8
8
8
8
317 2013 333 17 23
8
8
157 177 1438 17
15 22
8
10
11% 7% 13 4 7
157
3
107
8
Michigan Steel
• 33 743 6312 73
4
65% 733 65 747 59 77
4
8
14 4114 59
8
5814 75 663 743 543 6838 41
8
4
/13 59
4312 48
3813 13
Rights
1
1's
12 114
Mid-Cont`l Petroleum
• 25 28
2312 2612 2414 323s 2938 33
2512 32
22% 28 2 2312 2512 2258 2414 1953 23%
,
-151. - 2 11 17 4
2 111Middle States Oil new
1
10 1
118
1
I%
7
8 212 112 214 114 17
1
1
PI
112
7
8 1%
8
4 114
Midland Steel Prod
100 165 178 175 18012
New
100 --------37 53 9313 5212 -371a - 6 -iga 39
4
4- - 3
31,. 1/ 3 -391. 13 -39- 15 4 -29- 33
8
.1-11958 27 -iii2 2538
1st preferred •
- -1
23;
100 --------00 110 1023810912 963 1043 95 9912 84 97% 85 93 4 89 2 953 87 94
4
4
3
4
,
SO
884* 74 87
Miller Rubber.
80 88
• 378 412 37
8 412 4
518 43
538
Milwaukee El ity & Lt pref _100 103 110 10313 10812 107 108 10538 108 10512
10613 10512 10512 105 10312 103 1073 10512 10512 105 8 105% 31)514 3o5.3
4
,
511nn-Honeywell Regulator* 61
8 100'2 103 4
- -172
75
66
67
7634 68 74l8 61 6514 55% 61
50 58
5313 55
48 4884 41
4938 3912 42
Minn Moline Power Imp!
37 13
• 1218 1978 1158 2212 185 23
8
2014 2878 173 2838 13 22% 1312 1718 1018 1584 612 13
4 34 6 8
614 1012 618 77
Preferred
,
,
• 72 87
82 86
843 81
8
87
82 9214 75 91
8058
75 80
70 73% 68
70
80 68
Mohawk Carpet Mills
54
38
44
55
• 3614 40
30 3814 25 331 233 26 8 1818 2358 17 2214 17 20
,
4
1618 183 16
4
19
13
17
Monsanto Chemical %Vorks
1112 133
8 938 12
• 49 60
53 595 4838 56
52 63 4 51
3
60
8
35 5634 3612 47, 39 47
3014 483 21 3 345 2312 29 4 1888 271s
8
,
Montgomery Ward & Co
,
• 3338 497 41
8
4838 3514 48,8 3814 483 37 2 45 4 31
4
,
3
4718 3338 37% 2938 3612 2738 39
19 30
Moon Motor Car new
1013 25 8 1518 24 4
,
,
* 3 4 514 5 1212 9
15 2 913 1612 9
,
3
638 814 5
1112 5% 11
7
4
684 1, 6
Morrell (1) & Co
2
as 138
• 5S1fl 6512 644 72
65 694 66 68
6212 67
513 62
4
5212 547 51
58
52% 58
484 547 50, 52% 6 63
Mother Lode Coalition -------138 2
8
8
134 13 13
4 2
13
4 2
112 13
, 1 18 135
4 118 1 8
118 114
% 115
12
3
4 1
7
2
Moto-Meter Gauge & EquIp • 418 23
%
%
8 512 72
8 6
714 638 112
8 6
8
3% 63
8 314 47
8 312 414 212 414
Motor Products
112 3
2
284 218 3%
* 55 65
50 62
55 62 60 81
55 6312 3412 60
3912 5134 401 5012 34
:
46
2614 38
263 311
8
Motor Wheel
25 3112
5 2612 291s 2913 32
29 34
27 34
267 3078 21
8
8
2772 223 253 211 2412 IS 221 1512 19, 1412 18 4 141 15%
8
6
8
Mullins Mfg
4
8
' 127 19
1,
17 2034 17
19% 1712 197 1412 183
8
1612 9
1612 11
13
8 8 1212 7
3
912 614 11 8 8% 11
,
5 5712 6438 60 644 5912 63 60 6212 57 60 4 8
Preferred new
40 57
50 511s 47 52
3814 44
38 46
Montana% Wear
3512 45
• 46 511 1 50% 5312 49 50
49 513 4712 48 -907 4812 45 45
4
8
36 45
34
391 34 37
33 351 2 2518 327
Murray Body
8
• 18 2414 20 2314 19% 2331 1912 2514 18 2312 1212 22% 14
18% 1412 1712 11, 18% 9% 1514 9
4
Myers FE & Bros
15 4 10
,
19
4
4
3538 423 383 4214 40 4912 4514 48% 4112 46% 36 4814 37 412 3814 41
358 4338 34 10
362 41
2
373 41
4
Nash Motors Co
• 5112 5813 5038 5512 4538 5138 4314 53% 3812 1614 3018 41
3214 392 31% 3614 2914 361 27% 33
8
24 31% 2114 29
National Acme stamped
10 185 2228 2218 2614 23 2
8
1678 1012 10% 1813 11, 1514 12
514 1812 24
8
1418 912 14
7% 10 9 612 9
National Air Transport
,
3% 814
. 11
a
1558 1314 2012 1818 25
31 23 393 2012 29% 14% 257 1712 2017 1812 21
8
9
1912 201 11
National Hellas Hess
13
8 10
95 143 1012 157 11
6
9
1412 1113 20
11
17
,
8 8 4 1014 8
914 157
9% 43
4 9
,
7
7% Preferred
4
5% 214 4%
100 66
- - 55 60
66
74 4 70 72 60 70
,
40 40
40 40 4 30 38
,
National Biscuit
, 1812 21% 1312 27
25 177 21212 303 21413 20812 22512
82-New
25 71
8614 8134 87
8
83 8 9112 843 91
,
7112 923 7714 88
7812 93
4
3
7% Preferred
6
.
7235 8038
100 14212 145 14212 14414 14314 148 14612 1473 144 14714 1453 14614 146 14912 76 86% 78 8 8712 72% 84-38 - ;80
4
4
148 118 2 1473
,
8.151 148 132 148'i 150 14312 148
National Cash Register A____• 73 817 723 8312 6014 793
8
4
4 5314 68 2 5318 61% 4512 6.112 42% 48
3
41
471 3814 49% 30 413 28-% 33'2 27 8 33%
:
National Dairy Products
8
,
• 4514 193 461 5212 49
4
527 5114 5812 50 613 4512 63
8
483 5434 3018 35 8 4713 56,8 4018 51%
8
,
National Dept Stores _____ ._• 20 2131 20
3834 45, 35 4412
4
2412 2014 24
2014 22% 19 21
14
1434 19
15% 1312 143 11
4
7% 1st preferred
15 2 10 1184 7
,
10
100 90 90
31a 8%
88 88
88 8818 88 90
8812 89
87 90
86 86
83 83 2 82% 82
,
National Distilled Prod
75
% 77 83
Ms 60 75
• 29 378 3412 3912 3458 387 32 2 3872 3014 36 8 2412
s
,
,
3512 2612 31'8 27 325 27 34 8 2218 29% 2112
8
National Enamel & Stamp_. 283 31
3
8
4
•
25
2713 33
% 18, 26%
28
33'2 2714 294 25 2712 1714 25
22
,
22 26
20 22
National Lead
20 24
18 21 14
100 137 171 16612 18913 17014 1844 148 171 14114 151 125 14612 126 23 4 2018 22
13512 1243 130 119 13612 1161:126 115 127 114 119%
4
Preferred A
100 13818 140 13918 141 139 142 139 141 141 143 110 1413 140
4
Preferred R
100 116 117 116 11718 116 118 117 119 117 1183 118 118 4 118 141 140%143% 14114 144 141 1413 111 143 135 141
4
11912 118 118 118 1197 117 11912 118 120 118 119
8
National Power & Light
• 32
3738 36 423 41
2
8
55 4 51% 5834 38 553 32% 50% 36, 5018 39 48
8
3612 5014 3018 417s 30 39 8 30 8 38%
National*Radiator
,
,
• 13
4 412 3
3 12 228 318 2% 3% 2
27
134 213
114 23
4 13
4 2
112 2
1
Preferred
1 12
7
8 18
'2 1
8
57
8 612 6
• 4
11
513
7
5
6
312 412 4
3
4
284 314 2% 27
212 3
114 214
Nat Steel Corp
•
33 5514 34 62
5214 59% 50 5712 447 507 41 494 4112 4912
National Sopply
8
50 102 105 105 122 109 1183 113 12434 101 119
4
,
4
8
4
7% Preferred
69, 797g 60 79
2
8038 97
100 114 115 114 115 11314 115 113 115 115%115% 100%118 8 102 1103 103, 1103 96%107
113 115', 112 116 10612 11012 10714 111 108 110 107 10914 10612 110
National Surety
50 7012 9212 8014 893 86 983 89 97
8
8614 91
6614 8714 7018 733 677 80
4
8
67 771 6038 73
National Tea Co
57 4 6313 3.5
,
59
• 353 41
4
3518 417 318 3812 313 38
8
8
4
30 321 24
2512 30
2112 29
33'2
20, 2434 16 223 1112 1814 13 1712
8
Neisner Bros
4
• 43 30
43 4913 43 48
4514 54
49
54
3512 53 4 39 40
44 46
,
31 41
Nevada Cons Copper
2418 3238 24 27
• 2714 323 2718 317 267 30, 20 31% 17
8
20 27
8
4
231 1513 211s 15% 17% 1318 17, 10 4 167
4
Newport Co
914 12:3 938 15
,
•
9 13;
18
Newport Co class A
50 51
5812 57 65
1512 1714
61
85
7514 77 -io
70
-60! 55
4612 62 53 56
- 1Newton Steel
49 53
• 40 5512 52
30 43
5735 50 5714 4913 US
45 52
28 511* 29 38
32 35
27 40'4 1912 33
NY Air Brake_
• 4411 46
14 2012 1134 19
4.114 47
4414 45 2 4213 4514 4118 1312 3812 43
,
372 39% 3714 40
3
3812 40% 34 39
100 35 40
N Y Dock
2812 36
37 42
202 3012
3912 4414 10 48
40 46
28 36
29 3712 3518 373 28 30
5% Preferred
100 82 8312 80 84
25 30
22 27
84 85
12
84
8812
85 85
-- 8212 8212 82 8414 8112 84
N Y Investors
•
8212 81
7713 81'9
27% 32
22 30,
1738 2058 1412 18 8 11312 l5
N Y Steam prof (6)
,
• 100 10212 100 102 10014 16312 1023 103% 1023 104 8 1718 281s 1814 2014 1712 20
31
4
4
101 10334 101 102 101 106 105 10012 103 101% 102 10314 938 1538
7% 1st preferred
* 1114 112 110 112 Int2 1161z 11212 114 1123
98 10334
4
,
North American Co
• 932 10314 101 11614 114 12613 11912 1327 1053 113% III 11434 111%113 8 112 117 115 117 115 116,2 112-5811434 108-33113
8
8 127
129
87 2 105
,
90 4 105% 0038109
3
6% Preferred
80 8 9712 5912 85 57% 73
50 31
,
3
5338 53 5518 5412 5512 5412 551 i 55 5512 8914 67
,
2
54 8
54, 5512 55 557 35 56
North American AvIntion----• ___ 34 54 55 4 .5212 53
3
__
__
51 12 54
l2% 147
8
67
2 7%
North American Edison pref.* 1003 1021- 101- 102% 10210 lO48i 1033 10412 013 1412 712 11% 7% 10% 7% 1018 6% 91
4 - 4
7
414 612
8
103%105 102 10412 102%104 103%105 104 105 1037 10514 312 10138 993 102
North German Lloyd vit 1
8
4
,
45 501k, 4813 5114 48 54
101 8
5413 52 55
51
4814 553 41 18 47
4
10 44
3718 4312 3.5% 38
Northwestern Telegraph ___50 .12 19
31 8 35 s 287 3118
,
,
49 4912 60 5018 46 50
15
4812 45 18
43 4 45
,
46 48
47 50
45 30 4512 4914 4112 491s
Norwalk Tire & Rubber
10
% 1
7t1 1,3 1
4
2% 312 112 2 2 1
,
173 1
1% 1
1%
Preferred
7
8 118
3
4 1
100 9
9
6
3 Ps
9
10
13
9
19
35
25 25
- 12 12
12 12
Nunnally Co
---- 10
•
10
2
2
214 2 4
,
3
3
212 3 4
,
3
3
---212 Da 2
12 24
Ohio 011 Co (The)
•
3013 32
2218 3118 2012 2614 16 8 211 16
Oil Well Supply
25 918 11, 10
,
1158 984
191s
2
,
12
10
1514 2435 21
1158
24% 19 24% 17 20
7% Preferred
100 88 89
8787
88
86 9312 9113 93
911 86 1073 101 108 103 110 10614 108% ---- -,
4
Oliver Farm Equipment
• 13% 2338 1912 2214 22% 2978 2718 34% 9112 9212 86
2038 33% 142 297 153 21
8
8
4
1118 191
Gonv participating
0 2 13
,
,2 6
• 3114 42
9,
4 312 53 --Fs -lig
4
37% 42% 41
443 40 16'8 3712 44
4
27 42
27% 317 18 3018 123 197
8
Preferred A
• 70
4
8 8 14
5
Skt 218 718
8112 7812 8112 79 89
8512 87% 8-1
90
34 72 88
70 77
70 80
52 68, 30 50
Omnibus Corp
• 23
4
197 301s 12 8 30%
8
4 3% 3 2 514 4
,
,
838 512 814 4 8 614
312 57, 412 5% 4
,
51
100
8% l'referred
,
3% 6 4 2% 4
3
6% 3.% 518
7318 80
79% 83 82 82
80 85
82 84
83 84
Oppenheim Collins & Co
79 79
• 4714 54
70 79
65 70 67 69
47 48
43 4914 4634 56
4812 52 8 36 48
7
37 38
3614 38
Orpheum Circuit preferred 100 63 70
3413 3614 2914 33
25 31
70
22 28 4
79
78 86,
,
78 98
79 85
83 85
50 280 30012 29714 3333 310 327 4 82 99% 8712 99
76 87
70 75 8 66 7014 00 70
Otis Elevator
3
4
•
New
73% 80% 7014 78
6712 77
- 5 168
68
6 ill; 56 6338 4814 597; -93;8 - 177138 - - 100 11818 125 11912 125 123 126 124 126
6% Preferred
48 4
123 126 12612 128 12418 12612 1267 127 12714 12834 125
8
• 3013 35 2 3312 36
Otis Steel
12854 125 1273 123 12612
4
,
3234 38% 323 38% 29 8 3314 25 30
8
3
25 29 4 2412 28
,
20% 27
100 01
133 2012 123 10 2 9 2 143
Prior preferred
9418 9418 07
4
4
,
,
4
97 98
9712 99
92 92
89 90
90, 90'4 90, 9014
4
4
• 53 69
_- Outlet Co
_ 75 75
55 5512 60 67
687 70
8
70 72 61
70
60 60
593 60
4
59 GO
100
58 70
Preferred
54 58
50 55
102 103 107 110 10712 10712 105 10712
105 105
- 103 4 10712 10312 105 10312 105
,
Glass Co ____25 52l 5513 - . - 1 5812 60% 55 60 2 50% 5
Owens-Illinois
6 66 8
,
4514 5214 47 51
46 48
4013 473 3612 41
4
37 47
32 4114
8
25 5218 557 54 647 62% 74% 68 73% 6213 713
Pacific Gas & Electric
8
8 6212 69% 5418 60
52% 57% 52% 6112 462 55 4 1418 50% 4013 4934
8
,
72 843 S214 93% 8914 107% 9918 106, 89
4
Pacific Lighting Corp
4
105-% 73 98714 7512 8412 713 70
8
71% 83 6312 74% 6153 63 1 46 894
3
1
Nights
3
3% EN 434 5%
100 21
27
Pacific Mills
2712 30
2612 2912 24 2612 -33- 26
22 if 2014 22's -2014 2238 riois
l7' 20s 1738 19's -55" WI;
• 1
111
Pacific OR
.
118 114
118 114
118 114
100 150 166 164 178 141 167% 147 154% 141% 14734 130
Pacific Telep & Meg
4512 130 14112 131%141 13114 142 12814 13812 12312 1317100 11612 13514 135 145 12314 144
8 11972 125
6% Preferred
12612 128 12512 130 12614 12614 130 131 126, 129 1242
4
8 127 1119%12514
Riglats
19
2434
I5s 1738 18'i 1984 1834 23% 111
Packard Motor Car
08 23% 16
19 - i21 2 -fia; 1224 1584 12'4 15'4
"1-1V.
•No par value.
'34
-Lir., 64
1514
-ai-
[Vol,. 132.
FINANCIAL CHRONICLE
256
1930—Continued.
November December
October
August September
July
June
May
April
March
January February
High Low High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low
share $ per
Par $ per share 8 per share 5 per share g per share g per share $ per share $ per share $ Per share $ Per share 3 per 5258 42 share $ per share
4614 43 53
58 59l 54 5918 5118 5618 4614
56 6414 5412 60
8
Pan-Amer Petrol & Transp--50 52 6018 515 53 522 5514 55 60
8
30 43
8
3
55 63 4 55 6712 5412 633 575 597 5412 59 5512 56% 4614 53 41 47
5212 57
55
8
50 5012 604 515
Clads B
8 17
8 3
533 218 434 212 27
63 912 512 712 33
1234 58 11
4
8 9
8 612 117
4 87
43
• 458 538 44 5
Panhandle Prod & Ref
-- --70 744 72 72
70 70 ---- --- ---- - ---604 80
100 4712 4712 4712 5018 5112 5112 55 60
8% preferred
8
547
8
4618 - - 4012 185 -343 16
-38
62
4
4
8
4
70 713 5114 71, 5412 623 53 618 5158 7714 6818 77
8
8
• 485 6312 613 69% 6758
Paramount Publix
4 518 10
123
1312 10
5
65
307 17 2212 1012 1712 10
3
4
2512 2612 26 333 2858 35 4 2014 3012 19
• 25 29
Park & Tilford
13g 13
4 1, 23
4
8 14 17
218 112 2
8
3
4 23
13
8 24
8 17
15
8 3
8 453 25
314 27
1 212 33g 234 314 23
Park Utah Cons Mines
3
4 312 5 8 25s 412
8
918 1112 6
8 47 63
8 9 15
fas 5 105
8
2618 1514 237 1218 173
21
173 23
8
* 1758 23
43
Parmellee Trausportation
37
112 4
414 3
3
4 34 43
43
3
412 818 3 4 5% 3 4 53
3
514 9
6
5
• 234 43g 3 8 4,8 33
Exchange
Pathe
27
54 8
8 77
83
4
4 6
8
8
4 712 1134 74 1012 63 103
8 912 1712 67 113
8
7
8 8 714 814 73 1212 1114 195
• 5
' Class"A"
1014 123
4 818 12
918 165 1058 14
19
16
17 218 17 19
8
7
8
4
20 2814 323 285 32 8 2312 2918 20 273 1812 23
Patin.) Mines & Ent
4
8 3
43
8 3
5
4 814 43 6 8 4
4
514 3 8 553 34 43
,
43
734 9
84 133
2 818 11
50 618 125 1012 14
Peerless Motor
Rights
4
g4
- 3- 5ii2 lit2 5ii li iiie 612 3314 414 ii 167- 55 16
3
8
• 264 335 3214 3714 3618 447 43 5538 4118 53 4 5
8
Penick & Ford
8
110 1083 109 10914 110 1093
4
4
4
4.1093 1093 1093 110 110 11018 111 11118 11124
100 107 110 10714 10714 -------- 110
7% preferred
4
8
275 353
30 3912 ___--- _8
8
355 50
475 56
4
6414 7412 63 721g 48 6812 4914 5912 497 55
4
7114 793 63 714
8
• 635 80
Penney (J C)
4
4
8
8
9814 1005 100 10012 99 10012 9918 100 100 10014 995 1014 9614 10012 95 975 90 94,
95 99
9312 95
100 93 95
Preferred
5
712 64 614 512 618 4
7
7
612 9 --------6
4
11
93 10
1212 10
912 1012 10
8
50 83 10
Penn Coal & Coke
214 33
6
4
334 5
712 4
8 5
4 618 83
3
83
8
5 7 8 10% 7
95 113e 712 103
8
4 68 12
8 612 73
64 83
Penn-Dixie Cement
16 2434
24 28
40 51
40 42
4212 51
4
40 463 2518 34
45 50
44 5512 50 52
100 3018 4234 40 44
_ 7% preferred ser A
2114 30
24 31
35
31
8
35 397 35 36
4
393 54 4
,
57 604 54 58
•
Peoples Drug Stores
___ 98 98 9712 9712
10712 10712 100 106 --------103 103 100 100 ____
•
Preferred
4
242 268 250 320 300 323 290 325 240 3193 243 278 241 278 221 27412 212 239 193 234 18514 223
People's Gas Lt & Coke____100 230 251
11141312
Rights
-- - --81 10's
New rights
8
1.73 1812 17 174
19
21
12
4
8
177 213 198 2012 lii8 1912 1718 1i 20 - 12 i6 1024 iriEs --4
8
8
• 185 2038 193 2012 183 20
Pet Milk
1112 57 1012
10
14 1914 2212 18 2118 1412 1812 11
16
4
__ ____ ___ 25% 2612 183 27
____
_
___ ____
Petroleum Corp of America. •
4
193 27
28 318 2314 2912 2018 29
8
32 3612 297 34
443
8 444 35 - 8 344 404 2912 38
8
417
25 ____3858 4312 38 - -- 365 -Phelps Dodge Corp
_
_
__
185 ___
50 2213
4224 22812246 24414 24712 245 248 --------200 215 200 224 210 21434 --------170 5612 52- 131- -52- -- Philadelphia Co
4
55
52 5414 51 5418 54 5514 55 574 5218
52 55 5318 55
4
523 55
• 5018 5212 52 53
preferred
6%
50 _
Pref(6%) new
50 5038 ---- ---- --- ---- ---- ---- ---- ---- ---- ___- ---- ---4912 4912 49 494 48 50
48 49
50 47 47
5% preferred
1618 918 1234 612 113
4
4
4
4
8
15 185 1612 2412 18 257 13 2412 143 173 133 183s 1378 2053 1112 12
•
Phila, Reading Coal & Iron-- 113 1512 1313 1714
1253 14
12
1014 1112
13 17
19 208 19 21' 17 20
4
8
• 24% 2514 2512 2778 245 2618 23 273 20 22
Phillips-Jones Corp
4
52 5612
70 70 --------593 6612 60 6018 5612 5612 58 58
8
705 71 --------70 72
100 --------70 75
Preferred
913
8 9
97
97 1214 10
8
114 98 114 97 124 98 104 9
1058 14
1512 12 14
8
10 814 117 10 1112 11
Phillip Morris & Co
1112 1912
2458 344 2018 2718 1634 22
38 448 3718 44
2
293 383 3124 342 3012 34
4
2918 3414 3218 39
• 3118 35
Phillips Petroleum
--------------------------------114 18 1-64 138
Rights
814
6 a I i 194 6 -111 lo 11
1712 --------13 4
103 1512 15 2018 15 20
13 13
5 13 13
Phoenix Hosiery
75 838 --------70 7314
85 88 83 85 83 83
85 85
86 86
4
100 ----------------823 83 80 86
7% preferred
56 65
6814 77 6912 761 6912 70 67 75 6514 72 67 69
7614 79
7112 70 82
7312 6912 7112 70
Pierce-Arrow Motor Car PL 100 71
23 2518 2012 2222 16 21
27 29
27% 33
19 2612 1912 2412 1912 2012 20 28
23 2418 23% 28
2112 26
Class A
8
3
4 1
8
3
7
12
4
3
4 118
3
114
114 1
8 212 1
4 1
13
4 212 15
138 118 212 13
14 1
25 1
Pierce Oil Corp
1418 21
4
93 1514 712 11
1918 26
25 31
23 4214 2612 35
35 484 3712 52
26 4138
27
100 2012 2112 21
8% preferred
158 23
8 214 3
4 43
23
8 512 313 5
4 418 64 412 58 43
8 514 718 518 63
67
• 214 23 212 338 3
Pierce Petroleum
4
2933 331 4 2812 323 2818 305 2518 298
8
338 27 3214 30 343 3114 34
4
324 373 31
• 34 3714 344 3612 3212 35
Pillsbury Flour Mills
38 3912 3012 3874
,,
3 41 42
3
40 4114 39 404 3712 40
4
45 5018 48 508 4512 5014 4418 4614 433 4653 39 44
Pirelli Co of Italy
3514 4114 37 4812 33 3712 23 33% 18 25
4
7812 60 694 6112 673 54 64 55 6418 47 624 45 46
Pittsburgh Coal (of Pa.)---100 70
68 70 66 6914
70 80
83 85 80 88
8
85 915 92 92
8712 98
9718 10012 9518 9918 86 96
100 103 110
6% preferred
1514 173 15
4
158 1312 15
184 17 18
8
183 2114 1734 1912 18
8
s
8
* 175 2012 20 227 2014 2112 2014 225 2053 22
3
9514 98
Pitts Screw & Bolt
9213 93 4 8412 89
95 98
4
12102 10014 10114 9812 10012 0312 993 95 9612 9518 99
100 100 103 100 101 100
47
218 414
3
Pitts Steel, pref
3
7 4 412 5
5
7
4
8
7
7
8 1114 7
9 1114
8 12
8
100 157 158 10 14
2812 34 --------20 25
31
Pitts Terminal Coal
40 41 ____ -___ 3012 3012 31
40 42
38 40
100 45 45 --------36 38
1914 1114 1412 11
14
-15
6% preferred
8
___ ____ ____
975 101
_ 10012.103
Pittsburgh United Corp____25
9112 975
8
100 4
19 203 193 21
1814 197
Pref cony (7%)
21 21
8
21
211• 2012 218 2018 2012 208 228 22 228 22 22% 21 2212 21 - -8 -21
Pittston Co (The)
19
8
4
1018 17
8
8
22 257 22 267 163 247 16
4
4
8
8
4
8
• 275 333 2912 3314 294 343 2712 3314 25 311 207 273 203 24
B
Poor & Co class
--------1
8
727 70 7614 6312 7112 62 67 4 61 65 --------------------------------------- 144 2234
16 2512 154 184 17 2318
Porto Rico Am Tob. cl "A",.100 59 67 65 ---------------------------------25 3038 21
27
----------7
438 714 4
Class A new
614
o 58 1018 4
1112 912 9 1414 8 117
• 12 1774 1534 2553 24 2714 19 2678 1412 23
20 41
Class"B"
9018 10112 90 907 90 904 80 8712 6014 7914 44 60
4
4
993 1014 10014 1023 101 10214 10018 101
1114 18'8
8
22 2912 177 22
Postal Teleg lic Cable pref _100 97 103
8
k
8
8 387 33 3712 277 35
355
36 47
4533 49
46 5214 45 4933 4812 54
25 4812 52
2433 32 2 167 2838
,
8
Prairie Oil & Gas
2634 38
4
8
4
5014 557 444 513 447 498 44 473 36 46
5414 57
25 58 597 5538 6012 5458 57
Prairie Pipe Line
34 4012 26 40
45 50
8
55 575 50 58
50 574 5214 56
7612 69 72 63 7278 55 61
314 43
4 34 413
Pressed Steel Car 7% pref_100 52 717 71
714 518 753 418 6
8
612 912 64 8
6
8 1012
8
8
66
8
• 78 1353 1312 165 135 154 912 15
8
Common
4
6914 753 688 758 66 703 5618 667 57
66
8
8
• 525 6812 6553 7012 648 6918 66 763 6714 77 654 788 10514 7712 105 10712 107 107 10514 10514
Procter & Gamble
_
1074
- --__
------__ __-__ __-_
100 ___
Preferred
512 3
38
-5
4
44 1
7
14 914 7
5
8
14 63 -- - 7
4 103
4
13
4
8 118 97 1-- 734 1812 75 -94 64 _50 818 _Producers & Refs Corp
8
21 2653 15 193 1112 157
27 31
30 32
30% 35
30 35
35 38
34 35
40
31
3212 31 32
50 31
7% preferred
5318 5318 - • 46 528 5118 55
-14
Prophylactic Brush Co
14
.
1- Z
1E5 -ji7- pt_ioo 143 151 150 15553 153 155 8 10814 1 4 i5i 11612 iaii4 fthi lair., 100 i.55 9412 iLi 116- jai 113 4 iiiT4 iii iii 110
Pub Serv Corp of NJ 8%
86 9712 79 903 66 8312 65 7614
86
4
883
4
1233 994 118% 8512 116
• 8112 9012 874 9818 9418 1107
11512 0 8412 2
Common
7 1293
8
1285 12812129 12814 134 130 135 130 13018 124 1 14
12
100 121 12612 123 126 125%13014 1281212918 12614 130 128 131 128 112.2 11114 11258 112 117 110 117 11018
7% preferred
,
2 108 4 110 109 11233 1091211214 110 11214 11012 11212 111
100 106121091
95 983 923 9713
8
8
6% preferred
4
943 9614 957 984 9734100
,
93 2 95
9712 0812 913 98
4
8
96% 983
• 9214 93 9214 93 9214 97
5% preferred
9714 9712 ----- ---- --,- - -,- 0 - - --- 4 ---- ---•
-1
8
8
-5% preferred WI
4 -11 1095 1107 110 1 - -12 110 1103- 10714 11118
-4
10714 10914 109 11014 1093 11034 110 112 1094 110% 10914 110 1093 1
100 10712 10814
4
54 633 5412 63 47 62
8
59, 70
Pub Serv Et &Gas,pfd
664 70
4
, 71
8
4
8
8
• 8258 893 8133 863 814 843 7818 853 7414 7912 62 7532, 63
112 1
112
12 13
8
Pullman Co
134 158 118 134 1
114 2% 114 13
3
634 212 553 2
84 54 734 43
50 6
4 118
1
s
14
8
7
4 1,
3
4
3
4
3
Punta Alegre Sugar
8
7
14
4
3
12
153 112
50 _
8 758 11
4
4
103 185 103 125
8
Certificates
8
198 217 1614 20
2014 2212
4
213 254 25 2714 2214 258 1912 23
25 2234 2438 2118 24
4
Pure Oil_
12 11112113 10912 112% 102'21108 93'21044 9012104
4
4
4
100 11214 1133 113 1133 112121133 1123411414 11012114 11112114 11112113 5812 65
44 53
36 47
8
58 693 5218 60
Preferred
60%
8
8
'' 77 877 88 887 73 854 72 78 66 7514 52 7312 5833
Bakeries
Purity
4
4 4314 183 3012 1253 2014 111 377
8
8
4914 4638 5558 5318 693 4114 657 3212 5514 338 463 3612 458 263 56
8
• 343 4514 3614
,
488 5412 49 5012 47 50 8
Radio Corp of Amer new
5412 553 5314
4
53 5418 54 5512 55 57 5518 5612 55 554 543 56
50 5312 55
3118 45
40 52
5412 72 48 62
7% preferred "A"
76
79 84
4
7212 773 71
79 85
7012 81
7112 79
4
• 68 733 69 74
8
1912 223 143 213
4
s
Preferred B
8
4
3
354 4712 2714 4314 2618 35 8 263 3612 223 378 1712 27
3034 3838 35 50
_
* 19 3034 2733 3214
_
Radio-Keith-Orpheum cl A
214 ____
14 218 1
3 274
Rights --------------------- ---- ---- ---- ---- ---- ---- 34 37
34 ____274 -32 36 16
35
35 35
4
..
35 16 35 36 36
3314 36
4
353 374
s
4 218
-12 173 - 3 167 22
Rand Mines
4
4 2214 317 193 14
8
3814 4312 3612 47 46 587 35 5214 28 4158 28 354 2812 343 40 503 3512 458 30,e 36is 2212 3414
* 33 41
Raybestos-Manhattall
4
3818 4634 3818 4518
8
345 54
594 57 647 55 638 434 57
8
4
10 441 523 51
Real Silk Hosiery
8714 95 88 89 -------- 83 85
96 98 8912 90
89 90 90 90
98 100
91 100
8812 92
100 88 90
8 112
% 118
__
Preferred
228 114 214 -- -7
28 I
8 34 33
4 2
4 47
4 218 33
33
8 5'8 314 5
• 34 514 35
94 12
9
8
15
9 -20 20
14
Reis (Robt) 8c Co
2712 3114 ---- ------------ 14
31 33
2812 3512 31 35
100 30 37
1st preferred
4
3914 4612 32 418 23 3614 243 3014 2412 2812 2318 304 18 2638 144 1914 1414 1812
8
• 2533 3433 3334 3812 375 4414
85 9018
Remington-Rand
98 984 90 99 84 90
94 96
4
8
95 987 9812100% 991210014 98 10014 9314 993 9312 95
100 92 96
1st preferred
98 102 101 104 100 101 ---- ____ 100 100 100 10012 98 10012
97 10118 100 102 101 102 101 102
100 95 100
2nd preferred
3
4
1118 1434 93 12% 858 10 4 734 91
9 12
7
1018 1112 818 11% 8 10
114 14
8 ,
8
10 i(55 1218 107 14 8 1314 148
9 10
4
Reo Motor Car
6 74 853 953 97 1118 11112 14 ---- --__ 93 10
-------------- ---10 ----------------------Certificates
72
4
100 7212 7918 723 81
Republic Iron & Steel
Certificates
114 114
100 107 114 109 11414 111 11412 1131211412 _
_ _
7% preferred
810912 11234113
9
1093
4
2
201- s ii4 -514 -i6Ts --9 -55- 1714 -iii' - -iii- -- 4 -i512 -211- -i6C2 -1-1;
6
6 4
Preferred certificates
__-- 63 7912 L15T4 -- 1 57 4 ____
_ __
4
•
14 95
80 8512 7354 8314 54 743 38 553 28 44
Steel Corp
9512 884 9514 86 89
Republic
_ 95 95
15
8
100 _
17
8
514 113
10 1512 10
135 10
22 224 1712 1953 15
Preferred
i
2 8 7 2/38 2314 2612 22 24
25- -- 7- -21- 34 39
40 40
• 2712 30
,
61 6654 5914 6612 58 4 60% 5114 5814 5318 55% 493 50
Revere Copper & Brass
7018 7018 ------ 624 65
85 90
• 70 72
100 10012 100 10012 95 100 88 9112 90 9018 90 9012 85 85
Class A
102 103 102 104 100 104
18
13 174 10 1518
8
100 102 103
8
8
8
4
Preferred
3014 343 2818 343 23 3358 24 265 23 257 16 243 14
•
Reynolds Metal
8 5 614 4 5 3 44 314 353 353 312 2 33 2 258 2 214 1 218
4
712 i -13 --1 "i7
• 4
Reynolds Spring Co
3
1-64
8
454 5274 4918 5153 4814 5254 4618 5312 4312 488 4112 457 40 45
Rights
51 -3
5412 b5T8 - 4 544 58% 5114 5614 49 548 70 7434 7012 72
724 75
7118 75
7014 75
7114 73 7012 75
Reynolds(RJ)Tob cl B flew.10 4918
4
73 753 7112 744 7112 74
7214 75
3314 3358 30 3513
10 7214 80
40 40 ---- ----36 3912 3314 37
43 4414 43 4312 39 40
Clasv "A" new
43 44
4
455 42 443
El & Pr w I 41
Rhine Westphalia
51
214 1518 198 143 174 10% 1714 73 104 ____ ____ ____ __-_
4
2053 25% 1434 23
Rights
24 2814 25 28
2214 26
3
7
8% 5 4 6% 418 9 4
8
6
Richfield Oil of Calif— —25 227 2612
2
23 4
---1- "His 117; -ii." lir; -LA" Iiii --„ini, 161 758 35 7 32 2538 32 8
2134 441
New
2114
161- -15- - 2 -Hill - - -iii-4 50 3812 47 39% 44 38 40 3534 3914 31 loa, 2934 912 5 83
4 1614 liT -- - 2
Rio Grande Oil
8
54 585 5014 59
4
8
4
143 227
3112 20 24
* 448 4812 50 593 4212 483 38 4612 33 408 2714 3974. 283 3318 277 3133 2712 357 21
4
t
Ritter Dental nut
4
10 3718 4112 3834 458
Rossia Insurance new
Rights
Royal BakingPowder108 108
.—
8
leo no 116.. -2 -___ --__ 5314 5612 5118 5514 4918 53 5153 543 453 523 437 4912 43 4653 375 4412 36% 417
8
4
4
4
Preferred4914 5314 4934 5338
4
Royal Dutch Co N Y Shares.100 513 5434
4
4
2514 323 1914 273
4
403 34 4112 28 34
,
36 2 414 3814
334 44
4
4
494 563 44 543 404 46
4
383 53
8
5834 757 514 6814 4418 565
10 484 555 5314 5714 9314 10614 9018 1048 88 09
4
4
753 10012 5812 813 5714 69
St Joseph Lead
84 9118
4
923 9512 92 95
• 11114 122% 9612 11912 94
90 9712 87 91
95 99
9012 94
95 96
98
948 9618
Safeway Stores
7
3
95 10014 98 1027
95 103
8
4
100 96
4109% 107 10934 108 109 108 109 103 10718 1023 10314 100 103 8 1512 19
Preferred (6)
4
1073
14% 18% 1214 173
4
100 10518109 10612109
2612 3134 2434 3014 16 268 1818 221 1714 2012 1712 227
47
Preferred (7)
8
26, 30
453 54 4
7
5
9
8
• 2412 313 2612 30
512 738 6
51
7'
4 6
3
518 9
8 7% 10
Savage Arms Corp new
5
8 s 123
812 10
50 51
50 50
60 7018 60 65
• 414 13121 84 11
50 564 50 60
50 58
Schulte Retail Stores
70 747 60 65
4013
"
442 44
' 44
17'" 44
5e
6012 654 60 75
.55
...
50
_ _ 50
100 35 75
51 _ _
511i 5512 51
51-1
8% preferred
41
Scott Paper
STOCKS
fei
-Jai-2
!I. No par value. I
JAN. 10 1931.1
FINANCIAL CHRONICLE
257
1930—Continued.
October
November December
January
February
March
April
May
June
July
August September
Dow High Low High Low High Low High Low High LOW High Low High Low High Low High Low High Low High Low High
STOCKS
Par $ per share $ per share $ per share lb per share $ per share S per share $ per share S per share $ per share $ per share $ Per share $ Per share
58 7
3
6
7
Seagrave
6% 8
4
• 93 103 10 114 1114 1414 1014 133 10 1012 9 1038 9 1012 77
4
74 9
3
9
8
Sears, Roebuck & Co
• 8212 1005 851 1008 8114 9514 84 94
8
5
79 883 598 893 6114 697 56 738 5713 7612 4712 63 45 5914 4218 58 8
8
8
14 4
• 913 1218 115 23
3
1813 2214 16 2038 1312 18
8
Second National Investors......
7 104 43g 7 4 32 518 2
7 138 814 107
8 818 10
Preferred
65 73 698 823 77 804 73 76
• 5812 65
4
4
60 733 60 66 66 67 6312 683 5018 6212 48 5213 35 47
112 13
4 112 212 1
2
Seneca Copper
4 314 212 3
• 212 313 23
17
2
3
152 23
113 214 113 3
113 2
2
8 13
8 512 318 54
8 914 8 104 85 127
• 77
Serve! Inc
8 914 1312 88 1212 612 103
4 7% 83
4 713 48 78 413 614 33
4 53
9 117
2
4
Sharon Steel Hoop
• 2214 2812 28 3234 28 318 2612 3158 221 2612 1612 233 1638 19
17 1818 15 197 103 15% 1018 13
4
1118 17
17 1713 1714 273 20 2512 19 2038 1612 2138 1612 203 1614 18
• 17 18
1718 2238 16 2113 1614 19
Sharp & Dohme
4
8
54 5614
563 5814 5514 58
8
8
Preferred
• 54 5612 558 5612 573 633 591 6214 59 60
4
5612 5612 5812 60
5518 60
5513 58
8
3
4
• 364 473 42 49 437 478 4513 52 40% 4838 3112 48
,
8
Shattuck ((2 F)
35 401 3312 3813 30% 4138 255 3438 2018 291 20 8 28 4
4
3314 38% 26 321
E2 45 47 423 47 43 4512 4512 483 4514 46
8
Shell Transport& Trad
4418 4514 457 47 40 4413 38% 424 3712 39
54 84
8
8 714 11
934 123
• 213g 235 21
8
Shell Union 011
2312 2513 2018 2414 18 2118 1833 20
2314 2112 24
14 1953 11% 15
55 74
Preferred
100 103 10414 101 10334 100 10312 193 10614 983 105
86 9618 76 88 6514 74
95 10012 9612 10012 9312 10013
4
Shubert Theatre
• 853 143 1012 1333 11
5
105 1913 5 128 4% 8% 4% 8 8
8
188i 1518 35
208 348 108 253 1312 1914 14 19
4
9
3
8 1512 7 10 4 55
Simms Petroleum
10 228 2814 23 2814 2414 37 32 3614 2512 333 18 28% 2018 2453 18 213 14 22
4
4
8
Simmons Co
• 8514 948 6212 88
433 6914 4413 5314 351 4538 2214 3733 21 2938 2212 2714 1812 2912 15 207 11 2053 13 19%
4
3
Sinclair Com 011 Corp
• 2313 2534 2138 2578 2418 29 4s 2838 32
2478 30
8
20 291 2114 263 20 2514 16 2214 13 1818 113 1418 9 4 13%
8
8% preferrol
100 109 111 109 11013 10941118 1113
4
411214 10912 11012 108 110 110 1113 109%1103 1103 1103 106 11014 103 1074 86 100
8
8
4
8
4
Skelly Oil Co.
25 298 32 288 3214 29 3653 37 42 32 38% 2813 3633 2812 323 27% 31
173 2412 1014 173 1018 135
4
2212 28
4
42 61
Preferred
100 _
_
7112 8114 6018 71
9912 9912 8912 993 894 9213 83 8912 83 87
4
12 16%
35 5612 39 4512 --------2412 26
Sloes-Sheffield Steel &Iron 100 35 441 44 45
20 2013 13 20
2012 25
26 27
26 26
2812 36
Preferred
100 6814 684 604 70
40 5218 34 41
70 82 65 7514 60 65
50 54
45 65
45 5214 48 54
• 512 8
534 712 6
Snide. Packing
2
4 112 3
318
33
713 4
64 614 713 6
613 414 514 31
413 312 518 3
Preferred
28 3314 2618 3412 15 26
4
4
100 2353 348 313 363 30 36
14 4 1714 1118 1312 8 1212
3
17 20
16 2353 153 20
4
3
Solvay Amer Inv pre w w
100 9512 104 103 1048 103 114 11014 12113 1103811713 10413 1163 107 113 1093 11412 11112 118 102 110 4 98 103 90 2 98
3
4
4
14
10% 17
South Porto Rico Sugar
* 2433 304 2413 2614 25 304 2412 2812 2038 27
171 1118 1778 134 18
1514 2233 16
18
15
163 12
4
8% Preferred
100 117 121 117 121 11738 11738 11878 119 112 119 105 110 105 10718 103 108 106 107 105 106 105 113 103 111
Southern Calif Edison
,
563 6012 588 6533 60 6714 65 72
4
25
8
6038 683 525 6614 53% 607 5353 57% 53 60% 473 5518 4338 50 4018 48 8
8
Rights
__ ____ ____ ____ ____
,
f15 - 12 12 4 14
8 11
ili
22 235 25 -8
2518 27
21
26
Southern Dairies class A
• 184 21
4
o -- -____ _
2
(1
27
.18 20 --------20 413
• 3% 412 5
47
8 31
Class B
4
6
7 4 512 67
5
6% 414 5
8 55
714 64 9
5
9
7
6% 6
9
3812 41
40 44
33 39 8 32 373
3
34 3538 3412 45
Spalding Bros
• 33 36
4
33 3812 353 3812 3812 4212 3912 45
36 40
4
Spalding 1st pref
4
100 108 110 108 110 10912 113 109 113 108 113 108 113 108 11212 111 115 114 115 1143 115 11114 115 111 111
Spang Chalfante &Co5.referred
Sparks Withington
Speak & Co
7% Preferred
Spence Kellogg & Sons
:
Spicer mg Co
Preferred A
Spiegel-May-Stern
Stand Brands
Preferred_
Standard Gas 6 Electric
8% Preferred
Preferred 7%
Preferred 6%
2614 2818 2412 27
3
• 197 283 267 31
273 3612 3014 3414 25 351 2918 373 3112 33 8 318 3312 31
4
8
4
4
35's 2814 31
7
94 9513 9413 9512 941 96
9413 96
93 9413 95 95
9313 96
100 92 96
9312 9514 93 93% 93 96
9312 94
8
8
* 13% 185 1618 227k 1918 223 2134 3012 2014 273 147 2812 163 253 193 24
913 1333 8 117s
4
4
s
157 2234 113 17
4
4
712 718 712 6
7
978 7
938 814 101
• 6
27
3g 4
7 8 618 712 518 518 412 7
3
34
3
514 3
3
79 81
7814 7814 79 79
793 8053 80 8012 80 80
4
70 72 62 7012
100 71 80
75 79
76 85
783 81
4
22 25
21
22
2118 23
207 22
8
23
• 21
1214 8% 1214
1414 11
1612 12
187 2112 1712 1814 17 18
8
14
8
• 2112 303 3012 3612 3012 3532 2214 317 22 2472 1434 2333 157 1978 16
818 1212 759 11
141
15
8
17
1838 10
3712 4012 3714 38
411 4413 4214 4518 414 45 40 42
• 394 41
38 38 --------3014 3714 26 3012 25 273
40 457 3914 4314 293 3812 17 36
8
4
• 351 503 41 52
1018 20
64 117
,
93
2 8 4 12
12 183 11
8
s 412 11
4
8
243 273 21% 2518 17 2418 1814 2112 18 2118 163 2112 153 181 1418 1714 15 19
2538 2914 2232 37
• 2818 28
8
4
• 11812 119 1171211912 118 11913 11914 120 --------119 121 117 120 119 121 121 12112 117 1203 114 12113 11714 120
4
• 10934 109%11512 1247 110% 1243 1143812914 1023 1223 841& 11912 851g 10258 8752 10714 8614 10734 7014 9312 63 7312 5312 69 4
4
4
3
6138 6612 6314 6518 65 667 66 67 6213 67 60% 63 65 6213
50 6414 6514 64 66 64 661 6412 6618 6514 67
8
11013 1107 110%113% 110 4 110 4 11114 113 1113 11414 107 112 1043 108
8
•
4
9312 107
8
3
3
100 100
9813 1003 96 2 10014 100 10214 101%104
9818 10113 969 975 923 9412
4
4
4
•
,
5
614 47
8 518 312 43
614 714 54 7
Stand Commercial Tobacco_ _* 5
413 2% 518
413 3
7
4 414 814 418 64 4
4 414 43
Stand Investing Corp-- * 10
5
1212 1512 1118 137 1014 12
1012 6
11
15
14
112 3 4 113 314
3
714 518 718 338 6
6
77
993 102 10018 101 101 103% 100 10414 10012 10212 1024 10414 10313 106 102 1063 102 1043 98 104
4
Stand Oil Export pref
4
8
100 --------98 100
• 5912 6138 5512 6114 5853 67
3
8
67 75
14
4
6633 745 57 7114 5914 63 8 60 6512 5414 6112 51 573 48 8 5214 4214 50
Standard Oil of Calif
7
38 4734 29 4218 3012 3612 2912 33 22 3014 1912 25
49
8
8
Standard Oil of Kansas
177 2112 143 1914
8
---- 374 4034 375
25 __-7414 848 71
8
65'z 5838 75
Standard Oil of New Jersey... 62 ---- 58 -6033 8038 638 753 8714 7434 571s 704 52 623 49 5512 431 555
84
8
667
2
8
30 3714 31
3
4
8
Standard Oil of New York_25 32 337 3114 3338 32 357 3518 408 3418 40
193 2512
4
4
4
3418 3012 323 263 3118 2512 293 24 4 27
Standard Plate Glass
55
5
612 1012 3 8 812 4
83
8 213 37 - --- --_ ---- --__ ---- --__ - --7% Preferred
- ---- -___ ___
65s 43
8
100 4
68 7312 72 73 60
45 70
38 42
• 25 38
___ ____
55 55 _ _ _
73
30
_ _ _ 30 --- --------40 4 0
Stanley Co_
• 33 3878 37% 431 373 40
37 473 38 4714 2712 4433 30 36
4
8
33_7
2
261
4 3718 21
37% 283 Starrett Co (The L 5)
19 22
4
171
8
35
8 512 233 4 4
Sterling Secs Corp
• 1053 148 1414 173 1534 2013 1613 2012 1413 173 10
4
4 93 1133 7 1134 412 8
3
938 123
1412 1312 1414 11
1434 14
84 103
12
1112 1212 11
Preferred
4 653 9
143 113 13
8
1453 13
13 8 13
,
5
4
20 12
812
431 4733 42 4434 36 45
3714 407 38 40
50 3633 403 397 423 414 48
37 3934 3138 3718 3012 3352 31 3412
8
Cons 1st preferred
2718 3012 1914 304 2018 277 2238 268 20 28
2538 47
3813 42
Stewart-Warner Corp
1712 223 15% 2178 144 20 4
4
8
10 38 4212 38 44
5
1
8
5 77 833 83 103
4
4
9412 10418 9913 1133 8714 1063 7012 10014 74 8718 7112 833 6518 823 5238 7213 43% 553 37 5259
Stone & Webster
4
4
4
100 116 1224 120 12114 120 125 120 125 12018 122 122 1221 120 12178 120 122 122 12314 120 122 120 12018 116 120
Studebaker Corp pref
4714 40 431 3518 43
3
Common
12
1914 287 1818 247 19 24
8
4
4
* 403 453 413
8
358 3912 2514 36% 2612 348 2612 318 26 32
3
4 114
8
Submarine Boat
3
8 13
14
3
8
12
3
8
12
3
8
5
8
5
8
5
8
14
3
8
12
7
8
3
8
3
8
3
4
*
14
3
8
4
4
553 60
2
8
* 5612 593 53 578 533 653 64 70
50 6718 5512 60
4
607 66
8
Sun 011
2
5413 5912 513 5613 473 55
4
4
4
4
,
Preferred
100 10212 105% 1023 1053 10212 1041 103 2 10412 10312 1043 102%1043 103 105 105 108 106 10813 1043 1073 104%107
4414 3212 38
30 3314
38 4312 40 4514 41 4518 37
Superheater Co (The)
•
25
Superior Oil
3
988 5
7% 514 638 513 859 714 833 6
* 6
l's 13
4
6
78 2
38 112 2 4 113 2
4
8
714 8 8 6
1212 23
1613 813 14
1412 1718 14
7
Superior Steel
712
100 20 2538 2018 261 205 2938 213 287 20 26
14 11
8
1014 11
123
4 912 1218 1118 1238 10 4 107 1012 12
4
10
8
8 93 157 127 147 11
3
4
Sweets Co of America_
50 812 1014 93 103
312 213 3% 212 2 4 153 212
23
4 4
4
5
3
3
7
4
4 13 33 6
4 5
• 23
418 5 8 3
7
Symington
4
8
918 1653 143 173 1114 1514 714 131
8 67
8
614 978 514 712 45
8 12
• 812 1113 97 12
Class A
78 10
8
4
16
1714 203 195 2614 19 22
21
19
2
8
• 155 171 163 18
4
1712 19 4 17, 183 18
8
3
1633 1918 163 18
Telautogra ph Corp
1612 138 17
1314 15
9 11
814 10
84 12
12
108 1414 11, 127 11
1413 1413 1612 14
Tenn Copper & Chemical____ 5 13
8
8
35 4014
4
4
3
517 583 563 593 55 6013 5018 5812 5012 53 8 61 53 8 43 8 5214 3833 47
8
4
3
7
Texas Co
25 5314 5614 508 55
2
4
4
• 547 623 6018 643 5912 6738 603 6514 55 6112 4818 8059 517 6012 55 5978 531 6012 5018 5638 478 538
8
Texas Gulf Sulphur
1014 88 1412 1132 1338 932 1214 814 103
4 9
7
4 9% 103
Texas Pacific Coal & Oil.—_10 914 103
8 838 914 614 872 512 7 8 512 714
3014 1618 267 18 2433 1813 23
4
4
1614 2378 1414 1853 103 15 8
8
4
7
Texas Pacific Land Trust_
A 1359 167 1413 263 153 3238 2514 3138 21
_ _ _ _
_ ____
iim---------------- 2500 2600 2850 3100 ____
Old
22 33
25
2514 363 18 -- 8 1753 -- 3 113 li 25 247- 18 2414 1638 1914 1484 1/38
4
• 19 223 21
8
2
672 8
i
Thatcher mg
8
43 477 4313 4412 40 43
• 404 4234 44 4414 44 48
Preferred
4118 44
4018 4118 4215 43
393 4118 36 40
4
7 63
2313 267 13 2412 11
Thermoid Co
8
•
8 3
4
1333 9 1418 5% 107
1538 11
8
4
Third National Investors........• -------- -------- 43 4534 40 463 367 41
25 38
2612 3112 2412 2912 25 31
2212 28
21 23
18
14
39 4912
973 10414
4
30 3313
3
4 132
54 7
3
14
103 1134
4
13
8 21s
4
614
10 173
4
7 4 10 8
3
5
2814 383
4
4014 5318
4
812
10 148
1213 Ids;
35 40
34 6
3
151 21
38 417 4112 4712 40 4314 41
25 3612 40
42
Thompson (J R)
36 4134 36 39
27 2913 23 29
31 367 27 32
37 38
8
3453 38
347 393 30 3888 20 3218 2212 267 20 2518 15 214 12 1712 10
8
•
8
Thompson Products
3312 38
8
1412 107 13
8
115 137 11
8
2
• 1112 15
1872 1313 1812 12
Thompson-Starrett
1659 9 16
8 51
912 41
8 713 117
918 1153 953 123
64 312 512
4114 4212 4112 4938 4113 4512 43 4578 411 443 41% 42
• 40 42
Preferred
4
29 3212 2338 3112
4038 4214 4053 4212 30 40
• 113 13
103 1214 1114 16
4
4
Tidewater Assoc Oil
1538 178 14
173 12
4
173 1312 1518 135 15
57
84
4
1018 1414 934 1118 712 10
8
78 83% 7853 89% 8618 88
100 808 84
8614 883 8112 883 8012 85 83 4 8614 78 85
4
6% Preferred
8
4
70 78% 693 73 53 714
3
• 191 217 20 2134 1913 26
28 31 ____
Tidewater 011
_
_ - 2512 2512 --------2114 2114 1518 1512 --------12 13
8814 913 90% 947 907 1414 6613 - -12 83 867 90 9213 87 91
4
6% Preferred
100 868 90 8612 88
93
82 8512 68 82
85 86
8
8
Timken Detroit Axle Co
10 1413 1814 1534 1814 5512 207 173 2114 16
1914 1214 17
g
1314 1514 127 133 104 14
82 10 4 84 11
3
8 11
4
4
8
• 703 80% 7433 793 76 865 80 2 894 695 823 5712 7433 5518 663 61 4 69
,
Timken Roller Bearing
8
4
4212 505 4013 48
8
,
4
55% 71% 4814 60
5
Tobacco Prod Corp
20 214 612 453 514 4
313 4% 318 512 33
213
% 5
41
4 312 218 23
4 2
4 23
4 43
7
4 3% 3 8 314 43
---- ---Ctfs---1
Class A
20 Pe 10% 9 1114 938 10% 10 2 12
97 1112 953 11 4 115 1314 103 1213 1118 13
8
-3
10 1112 10
12
8
1012 12
4
Ctfs class A
25
8 25
9
Div certificates A
10 27 613 ____ -...... -_ . _
8
6 ii 6
,
8 _- 5
6 4 513 612 613 67 ---- ---- ---- ---- ---- ---,
--------45
Div certificates II
4% 5
6
6
614 514 54 612 613 ---- ---- ---- ---- ---- ---23
4 5 --------414 414
Div ctts C
8 518 412
18 412 45
Transamerica; Corp
25 ------------------------------------------------2112 255 19 2312 19 253 1612 2114 1438 173 103 1558
4
4
* 83 1018 7 4 93
8
Transcontinental Oil
3
7
104 --f
---. ”..- ..”.
.. .. .--- ---. ....--. -...- -.-.. ....... ....
“-.
..
- ..”..
•
1614 20% 19 -2
4
New
1734 -- 8 165 - - 1712 1914 1715 1838 1714 175 --rz
227
8 21
8
- --Tr - - --z- - •!.233 2713 20% 2538 1413 20
4
Transue & Williams Steel___ _• 16 283 22% 28
117 1712 1218 1612 135 163
612 18 7
11
3
8
8 913 1412 77 --IN
Tri-Continental Corp
•
___ 16
2014 14
1753 952 1653 1114 137 11
8 8 1012 52
8
8
8 918 113
1314 95 135
8%
100 ------------------------ 8914 93 92 937 9013 94
Preferred
9112 93 9214 944 9412 9612 9412 9514 94 9453 921 944
3 413 37 4133 35 38% 3013 35
• 305 3512 35 40
8
Products
37
4
Taco
4
2614 33 28 313 28 314
32 35
3012 3433 313 34
4
• 15 1934 15 18
1514 18
17
19
1613 22
Truax Traer Coal
13 16
10
13
1153 913 10 4
1614 10
127 147 1038 1212 11
8
8
3
Rights44 14 _
3% 37,, 334 35% 33 37% 3314 10 3
354 31% 3412 25 12 -263. - 1- -2658 19- ------22 253 203 27 4 21 23
Inruscon Steel
4
4
7
-3
s 218
"
Ulm &Co
144 198 1412 1738 144 1712
24
3
r- ---- ---- ---_ ____ 21 23 4 21
• 9712 121 11312 127% 121%138 108%12714 10618 115
83 110
65 86 61
705 49 72
8
Underwood Elliott Fishet
844 998 86 96 83 98
100 --------121 12212 --------125 12518 125 125 125 125 125 125 125 125 125 125 125 125 125 125 122 12559
7% Preferred
• 10
1113 14
12
1218 163 12
8
11
1718 9521512 1014 168 1414 1513 15 1914 12
1553
14
1712 11
Union Bag & Paper
833 1212
• 76 903 8738 9438 9113 10638 884 1053 7918 90 4 6018 857 65 7612 6614 793 65% 82
4
4
3
Unlock Carbide & Carbon
59 7138 54 84
5212 6312
8
2 4353 4614 4118 447 42 4733 453 50
8
4312 47
25% 2912 20% 2613
37 45 4 3953 4212 39% 41
28 36
333 41
4
Union Oil of California
3
Union Tank Car
_ ---- ---- ---- ---- ---- --- ---- ---- ---7 3614 55 16l4 55 1E52 31i4 Ugly 51 100 31 -7
3112 2514 - . 27 4 - 0
25 2612 24 26
13
4
8 3 - 253 2812 251g 27
New
23 2538
447 62 603 893 794 99
8
5734 8814 433 783 4814 6359 4818 63 8 38 6514 305 4414 253 323 18%
8
8
4
4
7
s
United Airport & Transp ... • 4312 53
3014
56 6614 65 7512 71
60 66 64
773 62 73
4
56 7212 58 6814 61 698 563 68 5418 604 513 57
4
8
Preferred
413 54%
4
* - -1
United American Bosch
553 17
3
45 507 47 527 4813 583 ii 578; 443. 16 iiig ii 4158 4732 35 42 4 343 3912 3212 393
8
8
America._ _• 36 43 8 4214 45
4
2
3
4
4
United Biscuit of
100 --------118 118 127 127 130 13014 13514 142 130 140 117 128 127 127 12214 123 115 121 115 115
Preferred
____ _......
25 25
2234 25
2112 2212 21
19 19
20 21
22
United Business Publishers _.• 30 30 --------25 28
4
• 443 5418 4559 5359 493 743 6514 84
4
4
544 7853 40% 6812 4318 55 4 43% 523 40 5353 285 4
8 43 2312 16 -iiis 153;
3
United Carbon
14
6
7 8 5 2 812 8
3
9
7
10 4
533 8
77
612 9 _-United Cigar Stores
•
64 81: iii '71; 5 2 l 14 Lis I
7 7
i
New
18 41i 512 ai4 I
5
no 26 5818 44 5018 4078 45 364 45 3612 60 54 88 55 6578 53 56 5118 58% 50 55 5018 60'i 54 67
7%Preferred
•No Dar value.
258
FINANCIAL CHRONICLE
[VOL. 132.
1930—Concluded.
STOCKS
April
February
March
June I
January
May
July
August September October
November December
Lore High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Par $ per share 8 per share $ per share 8 Per share $ per share $ per share 8 per share $ per share $ per share 8 per share $ per share $ per share
374 50
2838 453 297 354 284 34
4
4
8
United Corp
4
354 407 373 441 4338 52
• 3018 37
8
8
8
25 353 205 2914 155 2214 137 197
4
8
8
5
4
Preferred
8
8
• 465 495 483 50 494 5214 50 8 5312 5018 5314 494 5214 485 51
8
8
8
8
8
50 507 503 517 473 507 4512 497 4312 4938
8
8
912 93 --------6
8
10
100 514 67
44 6
10
8
4
8 63 11
United Dyewood
24 4
414 74 34 5
13 5
4
212 2
12
55 57
55 55
5334 58
50 55
7% Preferred
4
100 55 563 55 57
45 45
40 52
38 42
4814 5514 41
46
40 42
12
153
8 918 123
4 74 105
8 7
1714 1314 194 1278 18
United Electric Coal_
• 10
3
93
4 7 8 83
814 314 518 3 8 518 214 4
3
4 4
4
83 927 863 93 8 8514 895 754 893 65 81
90 95
91 IGO
4
United Fruit
8
8514 1013 88 99
.101 105
64 683 4912 673
4
4
8
4
5
Universal Pipe & Radiator_ * 218 53
3
5
64 9
414 7
5
8 312 215 3
4
/ 23
1
4
4 514 4
412 7 8 3 4 612 33
7
8 4
2
234
3
70 74
7% Preferred
ii0
---- -- - ---- -- -- -- -- ---- ---- ---- --- - ---- --- - ---- ---- ---3312 3814 323 3714 313 3812 2818 347 25 3012 2414 2914
37 40
8
3618 4330 4212 4914 375 494 3114 45
United Gas & Improvement __* 3158 38
4
8
4
98 10014 9912 10214 1003 102 101 102 101 10212 102 103 1017 10414 1005 10412 10012 10312 9912 102
8
Preferred
983 100
4
* 97 MO
8
8
11
133
8 714 11
4
5
714 53
8
United Paperboard
100 778 1012 84 133 103 14
4 53
418 418 212 4
4
5
5
4 5
4 512 53
313 22
4
4
2714 23 273 2212 237 23 2938 227 275 2314 264 2018 2512
8
8
8
• 25 293 2618 287 2614 323 28 327 26
8
4
United Piece Dye Works
8
8
100 97 97 --------99 114 --------100 102 1001210112 100 103 10212 107 10314 107 104 107 10212106[2 102 10312
Preferred
9 5 614 10
3
5
818 1012 74 9 8 8
934 147 107 1318 9
• 418 12
1112 7 8 125
8
8
United Stores cl A
54 74 4 4 714
5
8 514 9
3
2712 3212 24
• 1512 364 2712 33 2412 29
33 4312 314 42
33 44
8
3912 36 437 3914 5034 4518 4978 434 49
Preferred
323 367g 31
4
3234 24
35 4 25
3
33 3514 3314 39
• 3212 35
8
2518 197 2412 2518 3014 2412 2712 2412 2734 26 29
Universal Leaf Tobacco
100 14)334 114 --------112_
115 114 115 112 112 108 110
9912 10012 105 105
99 105
98 101
Preferred
98 100
96)410212
5914 75
74 76
55 61
0
41
35 58
65 72
47
Universal Pictures 1st pref_100 30 3812 37
27 41
40 48
42 8 53
5
4014 57
8
4
* 1812 2712 264 333 304 387 33 3814 28 35
24 3612 27 353 29 353 2712 363 2312 31
8
8
U S Pipe & Fdy
244 307 24 3012
8
4
4
5
• 15 8 1712 1812 1758 1618 183 18
20 21
8
183 183 21
8
4
183 193 183 1914 1834 20
4
4
18
1914 17's 183 1712 184
let preferred
4
1912 193 19 21
• 1812 19
4
185 20
8
184 19
21
211 _--- - -__ __ _ ____ ____ ___ ____ ____ _ ..._ ____ ____ _ — /
4
24 preferred
U S Distributing Corp
Preferred
U S Express
U S & Foreign Secs
Preferred
U S Freight
U S Hoffman Machinery
US Industrial Alcohol
U S Leather
Class A
Prior preferred
185 1214 164
8
3
• 1514 20 8 15 4 183 16
3
4
100 8812 95 ----------------70 71
100 23
4 23
33
4 2 8 33
4 8
3
5
44
• 184 273 25 273 264 327 2414 317
8
8
4
4
96
99
89 9012 9012 101
• 8512 90
8812 103
8
* 945 10114 8558 954 864 92
223 25 4 2515 304 2014 274
8
• 19 27
3
8
8
• 11014 1393 11514 1247 9814 1227 874 1067
8
8
• 718 984 8
814 1112 101s 151
9
18
• 1518 1918 15
1612 2012 18 26
4
100 8014 893 8014 8014 7712 82
7812 8514
93
4
70
3
2012
95
7258
1918
8412
1018
1812
85
1312
70
33
4
2512
964
94
243
8
944
124
213
4
92
94
70
24
16
9312
4018
1734
62
918
15
90
10
70
3
24
96
81
2412
904
123
8
203
8
94
8
8
US Realty & 1mproveMent---0 60 663 6412 697 6412 7512 65 7484 60 67
4814 663
2
• 214 2730 2458 2918 2618 3312 2658 35
U S Rubber
2512 327 20 2214
8
100 473 521 4914 533 513 6312 4912 637 47 565 4114 55
4
8% 1st preferred
8
8
4
8
US Smelting Ref & Mfg----50 3212 361 325 34 4 29 364 2914 3612 27 297 173 28
8
3
4
50 5212 5312 523 53
Preferred
8
51
4812 50
523 48 51
4
47 4912
8
100 166 1843 1767 18914 17734 195 18014 1983 1653 1833 1513 1733
U S Steel new
8
4
4
4
8
4
100 141 1423 141 14278 14212 146 14438 146 14414 146 145 146
4
7% Preferred
U S Tobacco
8
* 6014 657 65 68 6214 674 624 6630 603 651 5912 657
4
4
8
100 1241212412 12412 12412 12234 12412 12412 12412 125 12514 125 126
Preferred
10
__ 2
1
163
8
9018
49
1712
625
8
914
16
9018
1018
--238
1914
92
527
8
197
8
8212
103
4
19
93
31
10
6612
13
4
154
91
4018
17
59
8
15
86
1014 912 1014 812 91z 83
4
6612 ----------------50
112 2
2
112 118
1238 185
18
8 9 144 74
9112 94
91
94
92
83
474 3814 4758 2712 4012 2514
1712 13 143
74
8 912 14
8
4
8
713 603 783 5814 687 584
4
912 7
87
8 518
97
8 6
814
18
9 173
8 918 12
8
67
725 83 8614 77
90
10
50
118
1012
913
4
3412
1014
714
Glz
1030
7212
7
50
3
4
67
8
73
1612
5
5012
314
514
8414
9
50
7
8
98
7
8312
3018
8
6912
6
ir
73
32 38
8
5434 41 483 32 43
4812 5630 91
25 347
8
1114 17
17
14 2118 11
207 253 1814 22
8
8
1118 163
8
4014 475 38 4114 2912 4038 2112 31 12 21
317 1912 30
8
8
1712 2114 1812 21
1712 23
2014 24
173 22
4
1812 233
4
43 4412 42 43
45 47
42 4512 46 49
40 4212
4
4
4
15314 170 15512 17214 1543 1733 14314 1604 138 1493 13438 14712
4
8
8
145 1463 1453 14612 1464 15114 147 1503 14514 14712 140 14614
8
603 6318 63 6412 60 6518 597 61 12 60 61
4
591a 6014
8
126 126 --------139 140 1395 140 140 140
Utah Copper
Utilities Pow & Lt"A"
Vadsco Sales Corp
Preferred
Vanadium Corp of Amer
Van Raalte
7% 1st preferred
Vick Chemical
10 195 225 201 2105 196 200 190 195
8
• 314 3412 333 39
4
3618 4314 41 453 36 4412
4
55
8 412 512 5
• 4
74 434 5 8 4
7
5
100 64 64
57 57
62 62 697 697 59 60
8
8
• 4978 693 624 7333 6914 12412 103 14314 87 1337
4
8
* 22 22
1812 1912 1812 1914 --------1612 1812
100 5312 5412 4818 4818 4818 51
4912 50 4 48 5012
3
4714 44
* 3712 4112 3734 417 404 46
8
43's
478
Va-Carolina Chem
7% prior preferred
6% preferred
Va El & Pow pf(7%)
Preferred (6%)
Pref 6% new
Va Iron Coal & Coke
5% preferred
Vulcan Detinning
7% preferred
Class "A"
Preferred class"A"
• 512 7 2 5 4 67
8
3
15
8 213
8 212 314 218 3
614 4
7
8
8 5 8 814 614 8 8 512 714 4
44 47
g 212 43
5
100 78 80
784 8112 79 823 79 80
79 80
7312 7814 7114 76
8
78 80
75 80
774 79
78 78
674 73
100 2612 307 2718 2912 2712 3418 283 3414 2714 3012 23 28
8
4
2112 2512 183 25
23 26
22 24
4
1512 20
9 17
100 1054 10812 10712 110 10814 111 10914 111 110 11412 1113 11514 11514 1173 ---- ---- ---- ---- ---- ---4
4
---- ---- ---- ---100 10014 10014 10014 102 101 103 1013 104 102 10514 103 104 100 103
4
- - r
_--- ---- ____ --_-„ _ _- __
*- ___ 101 103 13112 114 1031-2 107 iEliTz 10i712 16- 3 10810010412
. _ _„_
,
1
14
-------- ---- ----1330 14
100 12 12
20 20
20 25
1314 1414 134 134 15 18
2012 22
18 IT 2C12 34
100
39 39 --------39 40
38 3814 ---- ----42 45
60 7014 70 7014 65 743 ____ --48 48
4
100 65 84
60 10612 63 873 705 83 604 88
86 122
764 132 112 156 11514 142
8
4753 6718 4114 537 364 4
8
50
100 85 95
86 96
9512 9712 97 9812 9414 9414 95 9512 9112 9312 9012 9012 85 90
9812 9812 96 97
95 100
100 68 79
8312 12412 106 1497 120 139
80 101
8
87 117
100
__
Waldorf System
Waigreen pre 04%
Walworth Co
Ward Baking. Cl"A"
Class"B"
7% preferred
Warner Bros Pictures
Preferred
Rights
•
100
•
•
•
100
*
*
2414 2812
97 100
26 3314
2112 31
44 612
58 683
4
385 544
8
3612 4912
148 148
20
30 11
38
8
4
8
-12 313 353 3014 357 31
278 4
7
8
3
23
4 314 214 2 4 112 238
20
247 25
8
30 32
40 45
4712 55
4638
6812 124
75 1064 777 10318 5618 90
8
1412 164 ------------------------7
48
35
454 4514 35 45
48
3930 477
2512 2914 2818 313 26 30 8 243 295
2512 27
4
4
5
8
9812 102 10212 103 102 10212 101 10212 1003 101
4
31 384 3458 40 4 344 424 3018 3512 2112 343
8
3
25 31
3812 50 8 36 41
2812 54
3
23 383
4
53 15
8
58 • 7
5
1018 153 1014 1112 7
8
113
2
63 67 63 724 654 7718 6452 6712 58 65 4
3
53 6712 663 8014 6714 8014 5812 7414 3812 86
4
49 59
58 7014 5912 7018 534 65
454 563
4
2514 254 2512 29
25 2818
97 100 --------9913 100
227 2578 20427 s 20 263
8
4
7
243 263 233 2514 23 3713
8
4
4
8 712 64 10 4
7
87
8 85
3
8
5830 6114 585 60 604 677
8
3512 4638 244 3712 1914 3214
4614 4858 46 4812 43 48
2412
9814
17
20
5
564
1618
36
- 8
33717
8
21
643
8
8
35
2530
9814
24
30
53
s
61
223
4
44
21
1
1912
443
8
64
2218
2330
944
155
8
134
412
53
1338
34
174
112
2012
595
8
7
31
25
97
177
8
2112
63
8
5612
203
4
39
1914
12
1212
457
8
7
225
8
17
14
20
5714
15
26 8
,
2178 24
1012
124
3
45
93
4
31
-161s
18
57
8
5014
187
2
39
8
8
• 165 207 18
197 17 2018 18 27
1718 213 123 183 13 144 11
8
Warner-Quinlan
1312 84 113
4
4 612 918 6
4
8
63
4 414 64
------------------------13
Rights
4
• 132 1523
12
19 12 180 190
Warren Bros
*
.
----------------56
_.
631 48i4 Ills 4030 5830ii 12 4 i5T8 WA; 394 lif 3013 I4I2 iiTs Iiiz 2633 Iiii
New
-1
t
,
26 48 50%
2 ea
55 6 14 59 64
1st preferred
-• — --- ____ __-- ____ ____ 18 4 20
3
Preferred new
19 2012 1938 204 __-- — --- _
__ 164 18 ---- ---- _ -- -•
Cony pref
8
4
423 - -1 4012 147- 403 16
4 514
56
55 51
50 5412 60 -• 2314 27 -25 2614 264 33 8 3118 4114 334 4312 2518 413 28 35
7
Warren Foundry & Pipe
8
26 277 2318 2712 2212 2552
2712 32 27 32
4
25 514 838 64 812 612 912 714 918 61s 7 8 5
Webster-Eisenlohr
47
8 53
8 412 4 4 414 65
7
7
3
8 3 4 43
3
212 312
4
4 3
100 5114 60 60 63 60 65 63 85 61 70 55 70 --------55 55 57 57 5614 5614 55 55
Preferred
5812 61
1
----------------2
34 2
3
Wells Fargo
218 --------215 218 --------------------------------1
1
25 2978 25 283 24 284 2212 2814 2314 254 2314 2712 244 2734 22 257 23 8 247 1958 244
25 28
• 2212 26
Wesson Oil & Snowdrift
4
5
8
8
Preferred new
• 5012 534 524 547 53 8 59
574 591 5714 58
7
8
5414 58.4 547 5812 55 58
8
5418 57
561 574 534 5612 55 57
/
4
4
• 98 105 101 104 10314 1063 106 110 10514 108 10112 1074 102 10514 102 10612 1063 108 104 168
West Penn El Co"A"
95 102
98 105
4
100 10534 110 108 110 108 110 109 11012 10812 1107 10512 11034 1084 11114 10914 11112 110 11212 109 112 102 10918 102 105
7% preferred
8
Preferred (6)
100 974 100, 9812 100' 99 100 2 99 101
2
987 1007 100 1017 99 104 101 10312 101 1024 95 10214 05 9912 904 97
8
,
8
8
3
8
West Penn Power. pref 7% _100 113411638 11514 116 115 4 11712 1154 1173 116 11712 116 11812 11512 1174 11512 11714 116 11712 11512 11714 114 11512 114 116
100 1044 10712 1043 10712 10712 1097 108 110 108 1093 10814 10012 1074 110 10818 11112 10912 11112 10812 1105 10914 1105 10314 10914
8
3
6% preferred
4
8
8
45 47
• 44 46
4778 4984 45 493 385 473 397 41
4878 50
Western Dairy Prod "A"
4
8
8
8
373 3914 34 3812 20 35
4
2212 28
20 31
1814 24's 1712 2112 114 203 11
1914 17 20
5
• 1312 155 15
Class "B"
133
4 9 115
8
8 7 123
8 7 4 412 814 412 63
3
4 45
4
100 190 210 2053 2193 177 2177 17314 1935 16814 187 15034 18514 158 17212 164 172 1523 17512 13314 162 13112 148 12218 1424
4
8
8
8
Western Union Teleg
4
8
* 4358 477 4512 52
4818 507 4312 487 404 45
8
8
Westinghouse Air Brake
3658 4314 3714 407 3714 39
8
3112 347 3114 3412
3512 404 31 12 37
8
4
Westinghouse Elm & mfg___50 140 18358 18038 18814 18118 195 1803 20112 160 187 12414 18312 12714 162 1313 15314 125 1573 997 13414 9412 1064 8818 10238
4
8
4
50 133 15718 159 183 180 192 180 1973 160 18114 126 174 131 14712 13012 148 125 153 1094 130 1075 1177 108 113
4
8
8
7% let preferred
3618 484 395 4778 3218 433 297 43 33 395 32 363 25 36
8
8
4
• 293 345 33 38
8
4
8
4
2018 26
213 27
4
1712 2412
Weatingh El Instrument
34 3412 34 3512 35 35
• 3312 36
3312 3412 3312 34
34 34
38 36
33 34
3414 344 35 35
38 36
Class"A"
39 4514 33 4012 2712 3412 25 28
303 45
4
30 45
49
Westvaco Chlorine Products _• 37 4114 3934 5912 52 5812 47 5584 41
18 26 4
,
1214 18
• 10 21
13 2018 133 1530 9
4 9 11
1212 7 133
143 10
4
8
5
912 112 312 2
4 3
3
Wextark Radio Stores
White Eagle Oil & Refill
White Motor
White Rock Mln Spring
White Sewing Mach
Preferred
Wilcox Oil & Gas
Wilcox-Rich class A
Class B
Class B certificates..Willys-Overland
7% preferred
Wilson & Co
"A"
Preferred
Woolworth (F 55') Co
Worthington P & M
7% preferred "A"
6% preferred "B"
•
50
*
•
*
•
*
•
26
31
364
718
274
14
27
1912
28
34
414
9
3112
15
3414
28
2612
33is
3814
814
304
1112
303
8
244
28
3612
464
114
3714
1412
334
264
274
3418
43
1018
35
1212
30
2212
5
100
*
•
100
10
100
100
100
712
6714
312
74
42
6412
6714
88
78
912
84
4
9
5018
724
82 2
,
89
82
9
79
333
9
484
8
605
79
91
82
107
8
81
44
3
104
52
6914
87 2
,
95
84
512 612
8 7
53
4 712 57
78 9
3
73 11
4
83 10
4
4
72 7914 62 7512 634 733 6512 67
75 85
794 84
4 34 458 34 478
4 414 612 44 512 318 43
33
4 73
8
1012 814 107
712 1012 9
9 12
10
13
84 13
4612 4878
44 48
42 51
47 5418 50 5412 48 52
8
8
8
4
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8
[2
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55 5912 584 5818 42 4 53 42 42 ____
3
Wright Aeronautic
3
• 35 2 35 2 354 56
8 694 7314 6932 80
8
Wrigley(Wm)Jr
• 684 7014 68 694 68 697 674 73 6812 723
41 44
46 604 4114 51
77 6112 75
25 7312 7512 7212 754 71
Yale & Towne
4
2712 2434 3234 1818 304 19 2818 2312 283
Yellow Truck & Coach Cl B_i0 123 194 1634 2214 19
4
90 97
90 91
92 94
90 105
873 90
4
79 85
7% preferred
100 72 75
8
3214 393 35 36
8
3712 457 3712 40
40 45 404 47
• 3611 42
Young Spring & Wire
8
Youngstown Sh & Tube
• 108 1274 121 1347 129 150 124 152 12134 125 115 12014 112 1154
Ctfs of deposit blue _________ ---- ---- ---- ---- ---- ---- --- --- --ii
3
,
Zenith Radio Corp
5
3
• 5 8 9 8 714 114 813 1018 9 8 153 1 8
Rights
___- ____ ____ ____ ___- ___•No par value.
44
44
1212
16
28
49
57
8
16
163
4
30
433
4
34
10
11
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493 4912 4514 35 4318 32 42
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31 9s8 212 378
4
4
3
34
JAN. 10 1931.]
259
FINANCIAL CHRONICLE
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1930.
[Compiled from sales made at the New York Stock Exchange.]
COUPON BONDS.
Liberty Loan.
is: 310,
1932-47.
January
Opening
High
_
Low
Closing
February
Opening
High
Low
Closing
March
Opening
High
LOw
Closing
April
Opening
High
Low
Closing
May
Opening
High
Low
Closing
June
Opening
High
Low
Closing
July
Opening
High
Low
Closing
Aucust
Opening
High
Low
Closing
September
Opening
High
Low
Closing
'
October
Opening
High
Low
Closing
Closing
November
Opening
High
Low
Closing
December
Opening
High
Low
Closing
is: 4s,
1932-47.
is: 444s,
1932-47.
4411s,
1032-47.
4th 4 ms,
1933-33.
Treasury
4 ms.
1947-52.
Treasury
4s,
1944-54.
Treasury
3V
is,
1946-56.
Treasury
310,
1943-47.
Treasury
314s.
June 15
1940-43.
Panama
Canal
2s,
1938.
Panama
Canal
3s,
1981.
991033
99":2
9888a:
99033
991433
99"ss
9888,2
991033
1011033
101"32
1000
,2
100"ss
981031
9888n
9888s2
988822
1010022
101 1122
100"ss
101
111 3n
11111n
110
110812
107132
1071832
1050
,2
1068
.2
104822
104032
103
1030
:2
99"n
9988,2
991ss
99832
99"n
0988s2
98"n
910n
----------
----------
998s:
990033
99
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1008822
101033
1001133
101
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991,33
991,33
991,33
101
101"32
1001033
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111",,
110882
ill",,
106",,
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•First Liberty Loan Second converted (under the terms of the Fourth loan).
•
c Cash Sale.
Course of Bank Clearings
Bank clearings this week will again show a decrease as compared with a year ago. Preliminary figures compiled by us
based upon telegraphic advices from the chief cities of the
country indicate that for the week ended to-day (Saturday
Jan. 10) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will fall
19.2% below those for the corresponding week last year.
Our preliminary total stands at $9,572,973,929, against
$11,850,892,957 for the same week in 1929. At this centre
there is a loss for the five days ended Friday of 17.1%.
Our comparative summary for the week follows:
Cleatings-Raurns by Telegraph.
Week Ended Jan. 10.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angelis
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1931.
1930.
$5,064,745,737 $6,106,000.000
420,640,910
437,490,082
360,000,000
541,000,000
343,000,000
420,000.000
91,616.828
115,149,9:38
104,100,000
103,100,000
138,880,000
15.8,562.000
Will no longer re port cletirhurs.
137,575,395
137,850,243
117,876,700
137,994,765
113,696,719
120,127,260
69.168,142
85,695,5:17
26,489,352
54,534,349
Per
Cent.
-17.1
-13.7
-33.4
-18.3
-20.6
+1.0
-12.4
-0.2
-14 6
-5.4
-19.3
-51.4
Twelve cities, five days
Other cities, live days
$6,987,789,781
989,688,495
$8,467,504,174
1,280,655,575
-17.5
-22.7
Total all cities, five days
All cities, one day
87,977,478,276
1,595,495,653
$9,748,189,749
2.102,733,208
-8.2
-35.1
59.572.973.929 311.850 602 1157
-10 2
Tntal ,111 oltim for week
that week there is a decrease of 16.1%, the aggregate of
clearings for the whole country being $10,529,792,334,
against $12,540,248,653 in the same week of 1929. Outside
of this city there is a decrease of 19.3%, while the bank clearings at this centre record a loss of 14.3%. We group the cities
now 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 14.3%, in the Boston Reserve District of 12.2% and
in the Philadelphia Reserve District of 26.5%. In the
Cleveland Reserve District the totals are smaller by 21.7%,
in the Richmond Reserve District by 17.1% and in the Atlanta Reserve District by 29.7%. In the Chicago Reserve
District the totals show a decrease of 12.4% ,in the St. Louis
Reserve District of 28.0% and in the Minneapolis Reserve
District of 5.6%. In the Kansas City Reserve District the
shrinkage is 16.0%, in the Dallas Reserve District 41.7%
and in the San Francisco Reserve District 28.3%.
SUMMARY OF BANK CLEARINGS.
Week Ended Jan.3 1930.
1930.
Federal Reserve Discs.
185 Boston _ _ _ _12 cities
2nd New York_ .11 3rd PhIladelpla 10 4th Cleveland.. 8 "
5th Richmond 6 '
6th A Bantu._..12 "
7th Chicago ___20 "
8th St. Louis._ 8 "
9th MinneaPolls 7 ''
10th KansasCity 12 "
11th Dallas
5 "
12th San Fran _i7 "
$
512,656,871
086.769
7,199,
543,356,200
365,910,010
155.493,775
155,991,998
845.805,449
177,634,219
95,680,028
161.357,458
51,722,853
264.139.306
1929.
$
583.517.376
8,398.580.152
328,821,988
467,102,463
189,257.212
190,578,455
965,039,139
246,670,691
110,642,733
192,171,375
88.685.870
368,181,199
Ine.or
Dec.
1928.
8
%
-12.2
641.641,598
-14.3 10,601,002,184
707,590,166
-26.5
472,596,387
-21.7
201,585,648
-17.1
209,273,713
-29.7
-12.
4 1,119,268,130
283,479,559
-28.0
-5.6
124,554.
-16.0
195,732,243
92,739,
-41.7
434,790.563
-29.3
1927.
$
725,603,370
8,452,921601
692,266,199
437,334,588
212,050,539
214,297,373
1,092,147.701
266,977,525
119,573,993
197.638,325
62.498,944
393,419,313
Complete and exact details for the week covered by the
foregoing will appear in our 'nue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
-16.1
128
Total
(Saturday) and the Saturday figures will not be available Outside N. Y. City cities 10.529.792.334 12,540,248,653 -19.3 15,084.574, 12.886,571,572
3,536,516.935 4,344,969,509
4,698,670,1
12,886,671,572
until noon to-day. Accordingly, in the above the last day
229.846.480
374,370,731 -38.6
elan9.,1r.
_111 Hiles
493.414.373
462.655.659
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
We also furnish to-day a summary by Federal Reserve
present further below, we are able to give final and complete Districts of the clearings for the month of December. For
results for the week previous—the week ended Jan. 3. For that month there is a decrease for the entire body of clearing
[VOL. 132.
FINANCIAL CHRONICLE
260
houses of 18.8%, the 1930 aggregate of the clearings being December and the twelve months of 1930 and 1929 are given
$42,473,317,793 and the 1929 aggregate $52,288,284,799. below:
In the New York Reserve District the totals show a diminuTwelve Months.
Month of December.
tion of 18.3%, in the Boston Reserve District of 18.4%,
Description.
1929.
1930.
1929.
1930.
and in the Philadelphia Reserve District of 28.7%. In
810,038.161 1.124,991,490
58,764.397 83,861,600
the Cleveland Reserve District the falling off is 4.8%, in Stock, number of shares_ $173,201,000 $197,426,000 $1,927,021,400 $2,182,392,300
Railroad and misc. bonds
the Richmond Reserve District 4.1% and in the Atlanta State, foreign, &c., bonds 74,951,500 62,692,000 720,760.900 657,827,100
Reserve District 18.9%. The Chicago Reserve District has U.S.Government bonds_ 15,291,900 15,427,000 115,785,250 142,079,800
8263,444,400 $275,545,000 $2,763,567,550 $2,982,299.200
Total bonds
suffered a loss of 25.2%, the St. Louis Reserve District of
23.8%, and the Minneapolis Reserve District of 15.9%.
The following compilation covers the clearings by month
In the Kansas City Reserve District the totals show a decrease since Jan. 1 in 1930 and 1929:
Reserve District of 29.5% and in the
of 12.9%, in the Dallas
MONTHLY CLEARINGS.
San Francisco Reserve District of 14.8%.
Clearings Outside New York.
Clearing*, Total AU.
December
1930.
December
1929.
Inc.or
Dec.
December
1927.
December
1928.
8
8
%
8
$
Federal Reserve Dists.
let Boston ___13 cities 1,993,758,260 2,443,819,596 -18.4 2,558,630,427 2,601,982,533
2nd New York__14 " 27,69,0361,293 33,897,653,389 -18.3 40,045,870,361 32,677,521,616
2,206,556,371 3,092,304,135 -28.7 3,042,358,664 2,763,912,181
3rd Philadelpla 14 "
1,780,222,701 1,870.147.626 -4.8 2,026,192,108 1,905,916,409
4th Cleveland__15 "
899,513,001
855,518,955
817,564,488 -4.1
783,925,162
5th Richmond _10 "
986,486,508
919,801,087
810,425,259 -18.9
656,705,703
"
6th Atlanta____18
3,237,541,785 4,328,437,167 -25.2 4,954,097,781 4,535,487,983
7th Chicago ..._29 "
982,040,234 -23.8 1,095,378,951 1,049,622,989
753,325,755
8th St. Louis___10 "
5E6,157,153
647,794,107
594,678,443 -15.9
499,742,211
9th Minneapolls13 "
956,564,861 1,097,303,175 -12.9 1,139,594,014 1,107,435,798
10th KansasCity 16 "
577.708,779
629,404,313
619,308,364 -29.5
436,559,703
12 "
11th Dallas
1,478,053,988 1,734,592,923 -14.8 1,945,004,916 1,907,619,799
12th San Fran 26 "
188 cities 42,473,317,793 52,2E8,284,799 -18.8 59,859,645,684 51,599,365,354
Total
15.512,736.543 19,188,162,026 -19.2 20,641,513,911 19,689,342,703
Outside N. Y. City
1,604,977,95
29 cities
Canada
2,380,303,432
2,216,190,054
1,952,718,831 -17.8
We append another table showing the c earings by Federal
Reserve districts for the twelve months back to 1927:
12 Months
1930.
12 Months
1927.
12 Months Inc.or 12 Months
1928.
Dec.
1929.
$
8
Federal Reserve Dists.
1st Boston ____14 cities 25.905,035,993 31,158,917,523
2nd New York .14 " 355,569,068,151 487,551,440,643
3rd PhIladelpla 14 " 28,151,934,548 33,989,427,506
4th Cleveland._15 " 21,138,939,099 24,535,091,978
9,076,108,317 9,834,565,649
5th Richmond _10 "
8,279,809,273 10,118,234,208
6th Atlanta____18 "
7th Chicago _...29 " 43,810,366,289 56,270,138,889
8th St. Louls__10 " 10,002,898,992 11.787,219,456
8,135,244,372 7,268,782,624
0th Minneapolls10 "
10th KansasCity 16 " 12,011,213,880 13,946,350,843
5,368,466,301 6,951,359,197
12 "
11th Dallas
12th San Fran 28 " 18,445,884,972 21,760,319,769
i
%
-16.9 29,134,573,808
-26.8 400,416,198.032
-17.2 31,554,665,027
-13.9 22,728,442,163
-7.7 9,785,185,874
-18.2 10,114,74,180
-22.2 56,385,44,739
-15.1 11,932,994,630
-15.6 7,178,775,087
-13.9 13,772.781,441
-18.9 6,633,536,743
-15.3 21,891,248,551
$
29,608,240,625
29,460,401,556
30,564,388,289
22,012,742,276
10,335,542,052
11,108,531,915
52,677,335,684
11,757,013,950
6,751,071,502
13,248,164.056
6,558.572,517
4,090,766,999
186 cities 553,894,970,187 715,171,848,285 -24.0 621,478,428,245 544,172,771,421
Total
196,785,442,067 237,929,566,124 -17.3 229,750,951,981 222,938,557,759
Outside N. Y. City
29 cities 20,046,784,836 25,046,784,836 -20.1 25,556,298,549 20,566,490,856
Canada
The volume of transact'ons in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1927 to 1930 is indicated in the following:
1928.
1927.
1929.
1930.
No. Shares. No. Shares. No. Shares. No. Shares.
62.308,290 110,805,940
67,834.100 77,968.730
96,552,040 105,661,570
donth of January
February
March
34,275,410
44.162.496
49,211.663
56,919,395
47,009.070
84.973,869
226,694.430 294.436,240 188.902,334 127.649.569
let quarter
111.041,000
78,340,030
76,593,250
Vlonth of April
May
June
82,600,470
91.283,550
69,546,040
80,478,835
82,398,724
63,886,110
49,781,211
46.597,830
47,778,544
2nd quarter
265,974.280 243,430.060 226,763,669 144.157,585
Six months
492,668.710 537,866,300 415.666,003 271,807,154
47,746,090 93,378,690
39,861).500 95,704,890
53,545,145 100,056,120
Uonth of July
August
September
38,575,576
51,205,812
51.576.500
39,197,238
67,191.023
90.578,701
141,160.735 289,139,700 196,966,962 141,357,978
3rd quarter
65,497,479 141,898,410 98,831,435
51,946,840 72,455,420 115,380,075
58,764,397 83,861,660 92,837,350
donth of October
November
December
50,289,449
51,016,335
62,092,302
176,208,716 297,985.490 307,028,860 163,398,086
4th quarter
Month•
1930.
1939.
• %
1929.
1930.
%
$
i
$
s
Jan_ _ . 50,678,406,142 64,913,654,189 -21.9 18,647,101,592 21.009.988.319-11.2
Feb_ _. 41,707,901,982 53,635,030,040 -22.2 15,720,253,075 17,705,271,710 -11.2
Mar _. 51,194,572,673 32,050,228,610-17.5 17,429,514,546 19,731,389.932 -22.8
1st qu. 143580880,797 180598912,839 -20.5 51.796,869,213 58,446,649,961 -11.4
Apr_ _. 50,876,578,082 54,138,221,704 -6.0 17,340,439,550 19,140,668,300 -9.4
May_ . 48,703,222,344 55,858,405,534 -12.8 17,274,304.424 19,076,465,942 -18.4
June_ . 49,754,859,458 52.967.719,206 -6.1 16,606,139,120 18,407,073,068 -9.8
.
2d qu 149334659,884 162964346,444 -8.4 51,220,883,094 56,624,207,310 -9.5
.
6 mos 292915540,681 343563259,283 -14.7 103017752,307 115070857,271 -10.4
July _ _ 47,063,160,251 60,608,300,494 -22.3 17,294,935,882 20,400,551,535-25.2
Aug .38,914,873,288 59,062,966,344 -34.1 14,908.905,064 19.863,741,735 -25.0
Sept _.40,461,500,858 58,136,974,579 -30.4 15,051,788,862 19,184,012,910 -21.5
.
3d qu 126439534,397 177808241,417 -38.8 47.255,629,808 59,448,306,180 -20.5
9 mos. 419355075,078 521371500,700 -19.6 150273382,115 174519163,451 -13.9
Oct._ . 45,777,224,382 77,073,322,025 -40.6 16,893,265,460 22,873,203,124 -37.2
Nov _ . 36,289,352,934 64,438,740,761 -43.7 14,106,057,949 21,349,037,523 -34.9
Dec _ . 42,473,317,793 52,288,284,799 -18.8 15,512,736,543 19,188,162,026 -19.1
4th qu 124539895,109 193800347,585 -35.8 46,512,059,952 63,410,402,673 -26.7
12 mu 543894970.187 715171848,285 -23.9 196785442,067 237929566.124 -18.4
The course of bank clearings at leading cities of the country
for the month of December and since Jan. 1 in each of the
last four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Dec. 31
December
1929.
1927.
1928.
(000,0005
1930. 1929. 1928. 1927. 1930.
$
3
$
omitted.)
39,218 31.910 347,109 477,242 391,727 321,234
New York
26,961 33,100
2,098 2,890 3,312 3,106 28,707 36,714 37,842 35,958
Chicago
Boston
1,763 2,184 2,272 2,308 23,070 27,610 25,829 26,468
2,060 2,929 2,859 2,558 26,360 31,837 29,377 28,354
Philadelphia
642 6,146
661
7,278
7,387
618
7,566
510
St. Louis
850
9,289
9.240 10.163
781
9,453
784
837
Pittsburgh
864 1,011
992 9,559 10,938 11,491 10,118
743
San Francisco
438
422
5,260
483 4,820 5,287
411
5,618
Baltimore
3,203
340
3.911
331
3,877
290
3,901
268
Cincinnati
7,254
7,254
592 6.302
7,451
597
582
495
Kansas City
6,913 6,457
568
7.064
628
6,638
616
518
Cleveland
3,056
2,908
2,734
2,315
287
256
229
197
New Orleans
4,095
4,420
4.705
4,016
346
396
387
324
Minneapolis
1,880
1,936
1,941
1,850
168
182
147
102
Louisville
8,440 11.558 10,434
8,770
758
976
825
643
Detroit
2,246
2,153
1,825
1,487
187
170
139
112
Milwaukee
729
814
876
684
70
72
69
56
Providence
2,102
2,312
2,398
2,183
174
179
186
173
Omaha
2,736
2,853
3,396
2,594
237
264
237
204
Buffalo
1,556
1,626
1,438
1,200
143
150
114
100
St. Paul
1,208
1,208
1,286
1.092
103
104
98
82
Indianapolis
1,733
1,864
1,861
1,694
152
169
160
143
Denver
2,333
2,517
2.287
2,320
218
214
213
194
Richmond
1,192
1,173
1,240
130
954
110
120
69
Memphis
2,654
2,367
1,998
2,543
211
Seattle
219
179
154
1,035
832
768
904
81
78
65
64
Hartford
924
918
954
102
87
1,035
93
100
Salt Lake City_....
39,368 48,534 55,829 4,760 505,634 668,665 577,040 499,948
2.105 3,754 4,031 4,139 38,261 46,507 44,438 44,224
Total
Other cities
42,473 52,288 59,860 51,599 543,895 715,172 621,478 544,172
Total all
Outside N.Y. City 15,513 19,188 20.642 19,689 196,785 237,930 229,751 222,939
um 11:18 161 1124 891 490 919 661.825 576.563.218
We now add our detailed statement showing the figures
usual monthly detailed statement of transactions on for each city separately for December and since Jan. 1 for
Our
the New York Stock Exchange is appended. The results for two years and for the week ended Jan. 3 for four years:
CLEARINGS FOR DECEMBER, FOR YEAR 1930, AND FOR WEEK ENDING JAN. 3.
Twelve Months Ended December 31.
Month of December.
Clearings at1930.
1929.
$
$
First Federal Rese rve District- Boston
2,671,050
3,230,326
Maine-Bangor
15,970,777
15,607.173
Portland
1,762,756,019 2,183,865,714
-Boston
33558.
6,252,032
4,746,550
Fall River
2,473,169
2,495,909
Holyoke
5,496,395
2,438,681
Lowell
8,597,861
4,210,357
New Bedford
21,576,163
21,747,889
Springfield
16,354,314
14,085.157
Worcester
64,509,559
64,137,638
-Hartford _ _ _
Conn.
32.270,531
29,383,114
New Haven
10,965,300
8,626,500
Waterbury
69,020,800
55,786,600
-Providence__ _
R. I.
3,795,931
4,506,347
N.IL-Manchester
Total(14 eities)
Inc. or
Dec.
1930.
%
$
1Week Ended January 3.
1929.
Inc. or
Dec.
1931.
1930.
Inc. or
Dec.
1929.
$
%
$
$
%
$
35,535,067 -1.9
34,873,633
+20.9
220,868,588 -10.4
197,868,116
-2.3
23,070,468,729 27,600,034,885 -16.6
-19.3
70,549,077 -18.8
57,280,304
-24.1
33,430,307 -9.4
30,299,066
+0.8
65,441,362 -51.7
38,136,771
-55.6
68,951,283 -23.0
53,088,956
-51.0
297,921,246 -18.2
243,701,444
+0.7
196,246,099 -11.0
174,694,717
-13.8
768,282,452 1,035,442,166 -37.2
-0.6
468,600,000 -14.4
401,300,685
-9.0
139,691.400 -20.4
111,115.600
-20.4
876,117,400 -22.9
683,896,100
-19.2
40,088,643 -0.1
40,029,420
+18.7
658.488
3,984,268
457.952,283
935,389
-16.9
1,993,758,260 2,443,819,596 -18.4 25,905,035.993 31,158,917,523
1928.
$
730,813 -16.6
4,015,730 -0.8
512,541,171 -10.7
1,255,987 -25.5
1.271,070
4,511,211
567.000.000
1,413.276
833,037
4,833.699
652.000,000
1,973.468
480,078
809,231
5,264,169
2,962,635
16,886,103
7,201,847
1,172,797
1,775,658
6,321,437
4,357,742
22,188,735
9,075,917
-59.1
-54.4
-16.7
-32.0
-23.9
-20.6
1,289,618
1,162,837
8,062,793
4,369,105
22,884,094
9,584,258
1,462,625
1,154,519
7,429,347
5,944,095
20,834,685
9,328,960
14,572,300
950,074
19,154,900 -23.9
926.489 +0.5
19,184,700
908,636
19,692,300
1,016,735
512,656.871
583,517,376 -12.2
641,641,598
725,603,370
261
FINANCIAL CHRONICLE
JAN. 10 1931.]
CLEARINGS
-(Continued.)
Week Ended January 3.
Thieve Months Ended December 31.
Month of December.
Clearings at
1930.
1929.
Inc.or
Dec.
1930.
1929.
Inc. or
Dec.
1931.
1930.
Inc. or
Dec.
1929.
1928.
$
Second Federal Re serve District -New YorkN. Y.
27,770,312
-Albany
27.221,665
5,958,309
Binghamton
5,062.701
236,678.114
204,251,443
Buffalo
Elmira
3,769,763
4,889,396
5,419,666
Jamestown
4,420,153
New York
26.960,581,250 33,100,122,773
5,348,170
Niagara Falls
4,766,669
59,983,872
Rochester
50,128,054
23,005,123
Syracuse
23,805,855
Conn.--Stam ford _
17,857,243
18,664,583
N. J.
4,212.360
-Montclair_ _ _ _
4,118,374
171,738,804
Newark
169,202,737
226,712,893
204,377,554
Northern N.J
8,870,859
9,085,987
Oranges
331,980,049
--2.0
353,497,666
78,010,459
70,199,795
--15.0
--13.7 2,594,443,330 3,395.939,862
59,094,042
51,364,282
+29.7
71,092,338
61,741,471
--18.4
--18.5 347,109,528,120 477,242,282,161
78,778.486
58,160,843
--10.9
850,955,176
599,751,946
--16.4
384,869.476
290,261,978
+3.5
240,409,568
208,474,112
+4.5
50,227,722
41,073,525
--2.3
--1.5 1,790,926,944 1,873,545,343
--20.0 2,250,855,686 2,797.244.114
--2.4
97,011,847
88,788,453
7,399,328
6,608,161
+6.1
2,245.790
1,620,710
--10.6
60,501.660
50,243,148
--23.6
1,101.561
1,091,636
--13.1
1,832,137
1,397,308
--I3.2
--27.3 7,024,519,271 8,196,279.044
--27.2
18,642,502
13,659.703
--28.5
7,881,981
6,943,919
--24.6
4,016,642
3,100,397
--I4.3
040,419
876,428
--18.2
38,651,568
37,398,978
--4.4
59.087,520
52.526,110
--19.6
--18.5
7,252,129
7,801,553
--10.7
2,160,914
1,683.608
--27.8
62,215.287
66,503,175
--27.9
920,237
1,215,267
--0.9
1,427.193
11,596,238
--23.8
--I4.3 10385,904.558 8,254,320,860
--26.8
--11.9
--22.8
--6.8
--3.3
--11.1
21,957,486
10,923,899
4,595,256
976,241
41,928,533
55,439,064
20,470,413
8.676.145
3,493,438
1.561.725
29.903,917
60,998,649
Tbtal(14 cities) _ _ - _ 27,690,361,293 33.897,663,389 -18.3 355.569,068,151 487,551,440,643 -26.8 7,199,985,769 8,398,580,152 -14.3 10601,002,184 8,452,923.601
Third Federal Res erve District -Philadel ph iaPa.
5,182,352
5,884,454 --11.9
-Altoona
68,868,072
78,710,687 --12.5
Bethlehem
16.128,140
19,575,064 --17.6
276,486,497 --18.4
225,717,798
Chester
4,578,034
4,919,694 --6.0
54,190,321
63,824,255 --I5.1
19.929,27
Harrisburg
18,690,076
--7.2
222,550,947
246,312.192 --9.7
7,772,990
Lancaster
100,081,996
7,068,855
108.996,383 --8.2
Lebanon
2,861,761 --4.4
2,734,889
34,870,724
35,265,231 --1.1
Norristown
3,729.84 --12.2
3,275,597
38,811.301
46,949,014 --17.3
Philadelphia
2,060,000,000 2,929,000,000 --29.8 26,360,000,000 31,837,000,000 --17.2
Reading
17,495,69 --20.8
178,233,147
13,863,648
225,803,124 --21.1
Scranton
245,741,796
20,074,051
335.876.651 --26.8
22,969,00 --12.6
178,381,878
206,040,804 --13.4
15,953.53 --12.3
Wilkes-Barre
13,998,044
York
+8.7
112,795,414 --17.5
8,320,20
105,501,365
9.047,685
N. J.
133.901,188 --11.8
11,492,61 --12.1
118,146,203
-Camden
10,100,000
--6.7
Trenton
220,839,000
281,466,066 --21.5
22,400,00
20.909,000
2,206,556,371 3,092,304,135 -28.7 28,151,934.548 33,989,427,506 -17.2
Total(14 cities)_ _
Fourth Federal Re serve District -ClevelandOhio-Akron
20,141,000
17.814,000
Canton
18,987.580
15.349.319
289,520,118
Cincinnati
267,618,589
615,913,603
Cleveland
518,050,980
71,638,100
Columbus
63,883,800
8,919,960
Hamilton
3.596,597
Lorain
1,900,047
1,320,668
7,778,297
Mansfield
6,633,404
Youngstown
19,967.623
16,732,302
Pa.
2,090,334
-Beaver Co
1,896,674
Franklin
887,107
727,664
3,369,107
Greensburg
5,857,113
Pittsburgh
781,287.7W
836,764,665
9,493,762
7,430,098
. Loxington
W.Va.-Wheeling- 18,253,228
16,546,828
Total(15 citles)_ - _ _
1,780,222,701 1.870,147,626
--11.6
--29.2
--7.6
--15.9
--10.8
--59.6
--30.5
--14.7
--27.3
--9.3
--18.0
+13.8
--21.7
--9.4
-4.8 21,138,939,099 24,535,091,978 -13.9
Fifth Federal Rose rve District. -Richmond-W Va.-Huntington _
5,627.091 --I0.5
5,041,093
Va.-Norfolk
23,795,066 --I0.9
21.192,264
213,002.781 --9.2
Richmond
193.506,636
N.C.
+4.4
11,560,011
-Raleigh
12,078,766
S. C.
9,807,793 --11.6
-Charleston,- 8,672,817
9.904,388
Columbia
10,095,707
422,601,554 --2.8
Md.-Baltimore
410,891.792
2,192,808 --4.3
Frederick
2,097,018
2,098,366 --7.4
Hagerstown
2,775,098
D. C.
-Washington_ _
116,074,630
117,573,071
Total(10 cities)-
817,564,488
-4.1
Sixth Federal Rese rye District. -Atlanta.Tenn. Knoxville_ -- _
13,083.792
.11,000,000
Nashville
94,228,682
74,577,551
Ga.-Atlanta
221,483,329
187,854,150
Augusta
10,117,981
7,374,627
Columbus
5,255,990
3,635,753
Macon
7,874,520
5,631,828
Fla.
64,671,549
-Jacksonville _ _
48,183,093
Miami
12,577,000
137,898,000
Tampa
9,354,460
7,913,489
106,528,222
75,059,677
Ala.-Birmington..._ _
9,289.183
Mobile
7,711,306
7,638,072
Montgomery
4,133,154
Miss.
6.534,000
5,321,000
-Hattiesburg -8,243,360
Jackson
9,441,436
3,327,454
2,536,692
Meridian
1,098,212
862,566
Vicksburg
La.
229,119,453
-New Orleans- - 197,571,381
--15.2
--37.2
--30.8
--28.5
--25.5
--37.2
--15.4
--29.6
--17.0
--45.9
--18.6
Total(17 cities)
783,925,162
63,130,826
247,128,060
2,333,296.114
125.618.965
114,752,998
117,079,295
5.286,948,733
24,775,584
40,444.345
1,481,390,729
--10.8
--13.8
--2.0
--14.9
--12.7
--7.5
--8.9
--0.5
--21.4
--11.1
9,076,108,317
9,834,565,649
-7.7
143.741,364
1,078,478,051
2,258,286,150
89,214,260
48,242,835
72,467,235
675,293,206
123,198,000
88.717.724
1,010,297.655
96,642,806
56,258,519
71.415,000
108,145,650
33,982,738
9,958.037
2,315,470,043
160,390,810
1,234,935.792
2,927,843.030
114,504,845
63,214,764
90,958,461
778,250,904
142,316,000
136,395,461
1,277.239,054
109.339,262
88,121,435
85,983,000
111,691,055
45,168,531
17,457.100
2,734,424,704
-71277
--22.8
--22.1
--23.6
--20.3
--13.2
--7317.6
1,338,124
4,543,538
1,309,347
1.578,490
4,814,652
1,342,760
2,005,539
1,703,638 +17.7
1,613,351
2,490,339
516,000,000
3,149,996
5.000,010
3,918,083
1,984,950
707,000,000 --27.0
4,838,939 --34.9
6,517,914 --23.3
3,638,828 +7.7
2,113,193 --6.1
665,000,000
5,117,082
6,605,407
5,553.311
2,046,310
652.000,000
5,863.131
8.228.689
4,793,300
2,501,918
4.724,000
5,510,000 -14.3
5,463,695
8,592,920
543,356,200
738,821,988 -26.5
707,590,165
692.206,199
3,570,000
3,330,092
58.836,018
123.716,805
14,689,400
5,440,000
3,918,556
74,544,830
165,000,000
16,763,000
---45.6
--15.0
--21.1
--25.1
--12.4
7,443,000
4,569,125
78,227,452
167,638,674
20,846,300
6.920,000
3,929,120
81,391,792
140.045,501
18,334.300
1,254.787
2,794,396
1,747.060 -28.2
4,188,217 -34.3
2,084,914
5,803.874
1,896,538
5,802,247
157,768,512
195.500.000 -19.3
185,983,048
179.015.050
365,910,010
467,102,463 -21.7
472,596,387
437,334.588
941,750
3,606,223
36,951,000
1,272,148 --2.6
4,574,062 --25.0
45,178,000 --18.2
1,350.230
6,972.709
43.439,000
1,431,659
5.202,698
44,596,000
2,022,731
3,000,000 --33.6
3,155,488
2,752.167
85,951,697
107.583,321 --20.1
116,816,578
129.676,302
26,020,374
155,493,775
27,649,681
-5.9
30,151,643
28,391,713
189,257,212 -17.1
201,885,648
212,050,539
.2,500,000
14,151,914
42,605,033
1,243,872
3,560,349
19.453,033
51,154,908
2,043,165
--20.8
--27.3
--16.7
--39.2
3,221,618
23,132,352
59,652,638
2,379,155
4,500.000
23,509,051
55,307,456
2.235,079
1,135,535
11,583,979
.1,436,000
1,489,714 -23.8
23,282,000 -40.7
2,853,000 -49.6
1,843,763
16,839,499
2,454.000
2,222,144
16,970,469
3,881,000
16,961,784
2,041,079
28,437,466 -40.4
2,435,207 -16.2
26,908,610
2.379,109
32,231.539
2,373,702
1,718,000
248.732
60,366,090
1,992,515 -13.8
333,583 -26.4
53,543,515 +12.7
2,488,000
642,091
67.332,878
2,269,000
479,930
68,318,003
8.279,809,273 10,118,234,208 -18.2
155,991,998
190,578,455 -29.7
209,273,713
214,297,373
10,745,160
14,764,327 --20.5
46,278,924
54,821,896 --15.6
8,440,151,513 11,558,165,403 --26.9
145,865,362
220,442,316 --33.1
287,853,084
388,723,194 --25.7
57,646,083
105,172,135 --54.7
175,838,800
203,161,895 --13.5
166,730,598
209,224,323 --20.3
253,971,064
296,543,662 --14.4
1,092,108,000 1,286,073,000 --15.1
135,223,195
166,260,154 --18.7
263,191,437
282,846,687 --7.0
136,958,500
161,114,961 --15.0
1,487,453,843 1,825,350.991 --14.4
40,009,150
49.445,900 --19.1
158,788.202
--4.6
166,327.97
637,723,686
672,066,65 --45.2
439,220,462
527,409,51 --16.8
24,256,693
25,545,07
--5.1
298,998,273
362,277.589 --17.5
71,518,177
83,909,00 --14.8
53,739,239
66,784,797
19.5
02,540,349
103,365,518 --10.5
28,707,627,136 36,713.580,962 --21.8
62,009,970
66,854,298 --7.3
233,987.210
309,660,998 --24.5
156,682.125
205,308,336 --23.7
133,250,054
144,937,325 --8.2
181,780
588,974
170,701,620
299,813 --39.4
1,159,734 --49.3
201,518,955 --15.3
364,363
1,041,025
166,346.695
305,447
1,273,831
138,792,530
5.171,542
6,076.080 -14.9
9,101,695
9,164,733
3,074,640
2,452,441
3,479,945 -11.6
3,866,000 -36.5
2,831,044
2,933,929
3,022,068
3,933,620
19,200,000
3.261,573
6,119,000
25,551,000 -24.8
2,636,228 +23.7
7,310,880 -16.3
26,859,000
3,981,130
7,164,205
24.018.000
3,267.700
7.496,041
25,753,362
32.393,713 -21.5
36,549,626
45.996.399
2,729,324
3,121,741 -12.6
3,194,090
3,314,577
7,409,955
10,755,233 -31.2
9,569,733
10,996,866
3.440.775
1,046,040
5,877,173 -41.3
1,576,074 -33.6
7,148,827
1,776,069
6,098.889
1,511,935
1,460,906
497,560,486
87,700,885
3,612,851
2,236,182
2,102,113
1,687,250
646.222,646
1.126,492
5.634,578
3,302,377
2,443,219
--I3.5
--23.0
--22.1
--35.9
-32.3
--14.0
1,887,012
824,125,280
1,486,640
6,321,327
3,771,507
2,814,933
2,029,881
818,264.299
1,313.269
5,256,181
3,536,250
2,555,185
_ 3,237,541,785 4,328,437,167 -25.2 43.810,366,289 56,270,138,889 -22.2
845.804,449
966,039.139 --12.4 1,119.268,130 1,092,147.701
131,000,000
3,700,000
21,556.673
449.697
167,300,000
4,314,149
36.853,055
743.304
--2I.7
--I4.3
--41.5
--39.5
192,200,000
6,884,506
41,470,232
706,565
182,700,000
5,719,986
39,640,210
589,873
12,503,223
7.736,636
168,764
519.224
21,426,000
14,325,188
418,678
1,290,317
--41.7
--46.0
--59.7
-68.8
24,719,678
15,380,147
550,342
1,588,089
22,269,309
14,147,170
378,600
1,532,477
246.670.691 -28.0
283,499,559
266,977.625
656,705,703
753.325,255
--23.8
--21.6
--13.8
810;425,250 -18.9
Eighth Federal Re serve District -St. Louis
22,187,000
-Evansville
21,072,751
Ind.
1.243,668
778,212
New Albany
510,467,808
617,747,014
Mo.-St. Louis
102.368,456
147,959,331
-Louisville
Hy.
1,862,527
2,621,378
Owensboro
5,608,923
9,177,512
Paducah
68,902.756
109,786,627
-Memphis
Tenn.
37,353,916
65,383.368
-Little Rock. _
Ark.
726,822
1.566.419
-Jacksonville--III.
5.947,622
2,603.879
Q
11IncY
Total(10 cities)
56,337,080
213,137,682
2,286,520,865
117,088,662
100,235,165
108.282,902
4,820,464,324
24,658,271
31,775,772
1,317,607,594
1,271,236 --21.4
4,905,177 --6.8
1,323,063 --24.4
--21.9
--11.7
--36.2
--I6.9
--3.2
--24.8
---52.9
--26.3
Seventh Federal R eserveDistric t-ChicagoMich.
1,022,461
-Adrian
822,116
Ann Arbor
3,793,255
4,087,099
Detroit
825,099,611
643,133.812
Flint
10,289,200
13,434,773
24,712,288
Grand Rapids
23,410,047
3,660,000
7,295,634
Jackson
Lansing
12,031,178
12,702,154
Ind.
-Ft. Wayne--13,288,609
17.106,071
Gary
23,803,162
18,097,734
Indianapolis
82,215,000
98,142,000
South Bend
10,949,894
12,343.348
23,352,234
Terre Haute
20,762,956
Wis.-Madison
10,463,208
12,644,973
111,734,612
Milwaukee
139,212,043
Oshkosh
3,379,524
2,962.260
Iowa-Cedar Rapids_
13,078,499
13.450,465
Davenport
60,565,168
47,279,574
Des Moines
42,916,405
32,123,695
Iowa City
2,026,82
2,021.030
Sioux City
18,312,329
27,144,474
Waterloo
4,874,369
6,552,995
4,232,07
III.
-Aurora
5,076,090
6,721,75
Bloomington
7.182,687
2,098,385,70 2,890,067.653
Chicago
4,524,96
5,136.832
Decatur
16,122,80
23,450,056
Peoria
11,581,20
15,394,934
Rockford
10,684,11
11,141,003
Springfield
Total(28 cities).
244,201,000
349,750,000 --30.2
209.510,783
252.951,681 --17.2
3.202,938,421 3,910,555,730 --18.1
6,637,913,338 7,964,234,471 --16.7
792,932,400
905,967.900 --12.5
48,898,612
67,249.607 --27.3
18,490,723
24,346,327 --25.0
93,261,261
109,509.897 --15.0
322.937,297 --19.6
259,844,604
29,492,205 --20.7
23.384.039
11.361,737 --8.0
9,358,775
74,753,770 +8.5
81,102.560
9,240,076,487 10,162,939,978
106,365,138 --22.7
82,259,046
242,676,240 --I9.7
194,767,050
1,000.047
4,573,575
*1.000,000
--19.5
--7.2
--22.0
--23.6
--5.3
--49.8
--5.3
--22.3
--24.0
--16.2
--11.4
--11.1
--17.3
--18.8
--12.1
--21.9
--25.
--32.
--35.
--17.
--6.
--27.
--11.9
--31.3
--27.9
--5.2
+5.3
i-58.8
--17.4
--30.8
---29.0
--38.9
--37.2
--42.9
--51.7
---56.2
241,354,305
8,858.206
6,146,332,080
1,850,136,498
20,386,427
104,085.592
954,000,029
606,192,265
10,567,352
60.986,238
277,018,070
9,538.727
7,278,217,025
1,940,887,905
21,782,580
129,177.974
1,239,779,88
791,641,157
20,773,72
78,402,41
12.9
--7.1
--15.6
--4.6
--6.4
--I9.4
--23.1
--23.4
--49.2
--22.2
982,040.234 -23.8 10,002,898,992 11,787.219.456 -15.1
177,634.219
262
[VOL. 132.
FINANCIAL CHRONICLE
CLEARINGS-(Concluded.)
Twelve Months Ended December 31.
Month of December.
1Veek Ended January 3.
Clearings at
1930.
Inc. or
Dec.
1929.
1930.
1929.
$
Inc. or
Dec.
1930.
Inc. or
Dec.
1929.
$
$
1931.
$
%
$
594,678,443 -15.9
6,135,244,372
7,268,782,624 -15.6
95,680,028
110,642,733
Tenth Federal Res erve District- -Kansas City1.540,709 -14.5
1,317.393
Neb.-Fremont
2,178,898 -40.6
2,192,882
Hastings
15,121,778 -8.5
13.836,464
Lincoln
185,641,936 -6.7
173,242,46.3
Omaha
9,676,800 +2.5
9,916,867
Kan.
-Kansas City14,822,984 +1.5
15,050,519
Topeka
34.166.147 -15.0
29,043,737
Wichita
4,901,008 -36.1
3,133,405
Missouri
-Joplin
582.111,984 -14.9
495,496.360
Kansas City
27.801,307 -18.4
22,695,383
St. Joseph
35,778,359
47,050,177 -24.0
Okla.
-Tulsa
5,144,419 -1.9
5,097.106
Colo.
-Colo. Springs_
143,447,264 _159,648,033 -10.2
Denver
7,496,995 -26.7
6.316,657
Pueblo
16,296,319
26,305,091
175,817,374
2.183,257,401
109.882,111
170,679,470
366,334,805
47,687,133
6,302.246,728
289,851,742
487,606,641
61,740,658
1,634,207,214
79,301,193
19,871,632
30,058,874
208,468.855
2,397,776.990
114,549,255
188,162,771
440.147,018
70,482,268
7.451,137,423
361,895,823
636,799,100
74,753,629
1,861,410,591
90,836,614
-28.0
-12.5
-15.7
-8.9
-4.2
-9.3
-16.8
-43.5
-15.4
-19.9
-23.4
-17.4
-9.0
-12.7
282,199
389,502
3,050,084
35,158,849
361,953
565,573
3,458.370
40,030,932
Total(13 cities).---
499,742,211
Total(11 citles)
436.559,703
cotoushlto
Eleventh Federal Reserve DIstr let-DallasTexas
6.385,938
7,140,406
-Austin
8,544,000
Beaumont
7.829,000
Dallas
174,024,000
265,860,631
El Paso
23,500,496
29,968.240
Fort Worth
40.912,000
63,317,556
Galveston
15,510,000
23,604,000
Houston
141,279,723
179,562,966
Port Arthur
2,586,19,,
3,422,810
Texarkana
1,675,207
2.798,826
Wichita Falls
7.160,000
10,169,000
La.
24,919,929
-Shreveport
15,697,144
cotow.to
958,564,861 1,097,303,175
Total(14 citles)
619,308,384 -29.5
-San Franc Iwo
Twelfth Federal R eserve DIstric t
Wash.
4,484,000
____
3,431,000
-Bellingham-153,637.442
Seattle
179,012.378 -41.2
54.172,000 -12.1
Spokane
47,621,000
7,715,198 -28.7
Yakima
5,499,105
7,366,720 +3.4
Idaho-BoLse_
7.632.813
Oregon-Eugene
1,580,000
2.093,000 -24.5
Portland
135,074,129
165,167,105 -18.2
Utah-Ogden
7,820,936
9.587.962 -18.4
Salt Lake City
100,456,824 -24.2
87,330,002
Arizona-Phoenix
16,391,000
21,480,000 -24.8
Calif. Bakerstield
5,238,751
7,592,149 -31.0
Berkeley
19,812,166
20.897,993 -5.2
Fresno
12,944,586
19,458,420 -33.5
Long Beach
32,276,686
35,269,967 -28.6
Los Angeles
No longer will report clearing a
3,216,406
10,844,607 -70.4
Modesto
Oakland
82,068,226 -15.6
69,243,479
25,261,652
26,181,103 -3.5
Pasadena
3,605,304 -3.1
Riverside
3,496,037
34.969,119 -12.3
30,664,223
Sacramento
30,518,458 -19.8
San Diego
24,475,403
864,377,972 -14.1
742,770,345
San Francisco
15,837,839 -16.4
13,233,437
San Jose
9,462,972 -1.6
9,414,548
Santa Barbara
8.932,438 +1.5
9,064,058
Santa Monica
2,352,169 -4.8
2,238.184
Santa Rosa
10,689,000 -18.8
8,686,600
Stockton
Total (26 cities)._
ececbobio;4, 0.664.
i.O.
390,823,396
4,705.231,843
32.731,386
1,437,575,407
109,463,285
96,786,000
25,842.392
63,504,526
99,565,044
38,736.025
72,724,161
188,049,416
7,749,743
H1111111 1 1111
279,895.777
4.016.265,425
28,948,330
1,200,088,456
102,983,785
83.571,000
20,082,098
53,202,133
99,433,856
33,136,648
54,660,708
158,239,335
4,736,821
;g,
$
$
%
Ninth Federal Res erve District- -Minneapolis31,768,960 -27.8
Minn.
-Duluth
22,920,233
386,839.131 -16.2
Minneapolis
324,080,761
2,658,429 -60.0
Rochester
1,051.445
114,876,588 -13.4
St. Paul
99,573,802
9,061,411 -1.4
N. Dak.-Fargo
8,933,404
7,798,000 -14.9
Grand Forks
6,633,000
1,989,080 -23.7
Minot
1,518,582
B. Dak.-Aberdeen
5,118.715 -47.7
4,661,079
8,898,552 -8.3
Sioux Falls
8,159,000
3,151.832 -8.4
Mont.
-Billings
2,922,249
5,796,859 -23.2
Great Falls
4,451,783
16,153.152 -10.6
14,445,818
Helena
567,734 -31.1
391.055
Lewistown
12,011,213,880 13,946,350,843 -13.9
76,981,831
96.974.276
2,122,364,049
298,613,604
520,252,889
179.440,290
1,676,248,710
35,361.870
24,116,049
100,312,041
237.800,692
97,763.410
113,183,692
2.881,787,579
324,538,201
744,516.447
284,292,000
2,008,863,851
42,640,553
33,302,527
130,005,246
290,465,691
5,368,466,301
6,951,359,197 -18.9
50,040,884
1,997,926,280
569,737,000
60,000,038
72,789.413
21,303,239
1,769,799,112
82,968,375
917,786,774
199,040,000
87,2.56,303
232,253,785
151,401,338
365,062,994
47,274,000
2,653,702,788
677,345,000
87,403,918
75,070,229
26,603,724
2,074,370,046
97.404,763
1,035,216,759
243,368,000
75,984.675
255,711,123
234,749.359
455,777,616
-21.2
-15.3
-26.5
-8.0
-31.5
-36.9
-16.5
-17.1
-27.6
-22.9
-18.1
-24.7
-25.0
-43.4
-3.0
-21.9
-14.7
-14.8
-11.4
-19.1
-15.3
-9.2
-35.5
-19.9
50,561,882
59,977,580 -15.7
1,020,614,221 -22.8
787.841,211
293,876,642
364.472,854 -19.4
49,565,876
60,739,928 -28.4
354,648,306
394,181,830 -10.0
276,387,907
326,932,602 -15.5
9,558,593,667 10,938,051,445 -12.6
157,352,616
190,592,939 -28.5
104,427,920
106,813,576 -2.3
102,745,953
104.376,297 -1.5
24,244,757
27,204,797 -10.9
108,272,700
135,379,700 -20.1
1.478,053.988 1,734,592,925 -14.8 18,445.884,972 21,760,319,769
15.3
1928.
$
4,938,697
67,128,991
4,822,248 +2.4
76.965,546 -12.8
5,681,086
80,711,396
6,652,998
75,274,690
17,914,803
1,723,464
22,092,310 -18.9
1.826,992 -15.7
30,298.746
1,965,577
30,987,455
1,905,323
770,756
1,179,483 -34.5
1,376,643
1.185,438
460,154
+4.1
760.490
596,191
3,254,000 -15.7
3.761,000
2,972,000
-5.6
124,554,938
119,573,993
-32.1
-31.1
-11.8
-12.2
491,492
557.728
4,999,338
39,966,406
422,223
540.929
5,494,475
38,000,489
3,680,012
6,501.408
3,292.583 -0.6
7.899,815 -17.7
4,427,347
9,992,474
3,987,090
8,301.929
106,016,383
4,322,762
128,078,099 -28.2
6,152.992 -29.8
125,786,168
8,623,708
130,586,142
7,124,134
598.671
a
1,357,988
707,626 -25.0
a
a
1,533,432 -12.5
1,087,572
a
1,800,410
1,796,727
a
1,384,188
161,357,858
192,171,375 -16.0
195,732,243
197,638,326
2,743,163
442,154
-3.5
2,046,421
2,114,138
35,699,076
64,266,238 -44.5
63,847,918
57,981,006
6.804.667
4,366,000
10,921,550 -37.7
3,933,000 +11.0
13,240,481
6,727,876
9,381,461
6,490,000
1,240,976
1,285,597
3,612,134
8,279,485 -56.4
8,876.906
8,532,339
51,722,853
88,685.870 -41.7
92,739,602
82,498,944
30,763,850
10,875,000
926,161
40,585,538 -24.2
12,084,000 -10.0
1,659,345 -44.2
54,127,964
13.795.000
1.570,883
43.506.261
12,194,000
1,532,445
25,724,701
36,088,194 -28.7
37,861,988
31,595,091
20.405,234
22,662,287 -10.0
19,769,698
20,811,365
1,826,688
3,069,195 -40.5
6,582,675
7.557,962 -12.0
No longer will report cicada go.
3,869,551
8,994,639
4,323,165
8,153,001
18,662.787 -28.4
5,819,944 -3.6
20,158,703
2,320,956
21,492,319
7,527.146
-30.9
-13.1
-33.9
-31.7
-18.7
-15.4
6.030,498
6.919,117
223,883,812
3,931,327
1,823,061
2,246,563
7,284,993
5,878,378
217,897,000
3,362,174
2.087,908
2,007,969
13,377,649
5,608,826
4,505,885
5,279,164
130,612,991
2,812,259
1,768,630
1.629.593
6.516,798
6.077,854
197,440,246
4.059,110
2,147.430
1,924.011
1,440,000
1.826,500 -32.3
2,328,100
3,798.100
264.139.306
368,181,199 -28.3
434.790,563
393,419,313
Grand tot.(186 cities) 42.473,317,793 52,288,284,796 -18.8 543,894'970,187 715.171.848,285 -24.0 10529 792,334 12540248,653 -16.115084574,730 12886671.572
Outside New York_ 15,512,736,543 19.188,162.026 -19.2 196,785,442,067 237,929,568,124 -17.3 3,506,516,935 4.344,969,509 -19.3 4,698,670,172 4,632,350,712
CANADIAN CLEARINGS FOR DECEMBER, ,FOR YEAR 1930, AND FOR WEEK ENDING JAN. 1.
Twelve Months Ended December 31.
Month of December.
Week Ended January 1.
Clearings at
1930.
Sarnia
m......, ‘si,
"1.1.,
1
an., n-17 nmo I
$
652,916,610
571,132,287
272,812,662
91,828.243
38,466,871
33,501.515
17,358,597
31,269,464
51,385,615
10,952,691
11,259.128
15,433,212
32,269,141
27,600.977
2,780.544
3,320,447
12,248.744
5,658.554
8,168,818
4,570,902
4,447,606
1,963.604
4,078,743
4,336,102
6.174,118
21,134,371
2,431.962
5,295,445
3,612,658
3,719.481
2,589.721
0,9 ilit CM
%
-13.0
-16.4
-31.5
-15.5
-17.7
-14.0
-15.9
-21.9
-26.4
-11.2
-12.4
-5.0
-18.8
-26.2
-20.4
-26.6
-21.0
-21.7
-9.6
-15.7
-23.4
-27.8
+5.9
-15.9
-5.4
-30.5
-20.1
-26.3
-3.0
-12.5
+11.9
$
8,279,414.820
7,721,361,164
3,393,339,677
1.243,625,652
443,895,304
375,097,862
197.539,725
350,828.242
697.716,733
151.865.016
151,226,015
183.916.716
358.982,727
341,917,6.50
35,403,096
38,807,465
146,732,755
72,492,575
76,811,637
52,807,241
52.236.137
26,445.424
51,283,226
54.684,850
71,102,878
303.189,777
27.389,870
53,623,914
46,678.714
41,710,000
42,932,463
%
-16.5
-21.8
-25.8
-20.0
-16.1
-9.5
-11.6
-8.5
-35.2
-19.5
-16.8
-8.7
-17.4
-26.1
-24.4
-29.5
-19.8
-19.1
-23.7
-17.6
-16.4
-34.2
-8.1
-15.9
-10.8
-29.2
-16.4
-4.8
-5.7
-21.7
-15.1
-178 20.048.784.838 25.085.039.125 -20.1
•Estimated. a No longer reports weekly clearings.
$
6,917.957.808
6.036,828.536
2,517.469,597
994,132,520
372,588,710
339,596,344
174,720,945
320,976.401
451,865,100
124,224.187
125,903,653
168.006,976
296,550,901
252.891.214
26.763.125
27,734,091
117.776,088
59,359,874
58,824,828
43.514.483
43,841.532
17.402,533
47,113,834
45,958,555
63,411.098
214.688,007
22,887,312
51,039,289
44.029,363
32,665,088
36.465,041
1929.
b Partly estimated.
1931.
1930.
Inc. or
Dec.
1929.
1928.
$
181,405,912
144.836.090
69,665,232
23.208.519
8,045,936
8,727,502
3.763.121
6,375.461
13,896,327
2,841,537
2,370,045
3,565.844
7,422.488
3.307,341
691.894
675.922
2.961,327
1.701,543
1.452.050
1,017.279
898.560
459.747
975.447
1,007.259
1,230.469
6.642,690
560.679
1,033.949
971,760
759.753
444,590
$
156,256.879
149,282,008
59.365.340
19.961,330
7,466,725
7,030,155
3.309.847
6.621.939
11,073,305
3.043.208
2.107.285
4.323,057
8,687,575
5,347.173
674.318
648.517
2,569.418
1,765,279
1,358,528
1,071,698
857.221
419.380
648,593
1.110,889
1,258.142
4.568.733
547,327
1,025,464
917,364
879,105
479.197
374.370.731 -38.6
493,414.373
462,655,659
$
125,351,818
78,988,196
32,267.816
13.381,721
5,422,740
4,820,001
2,616.593
4,493,393
5,679,438
1,720.124
1,404,372
2,665,354
4,093,919
3,364.797
384,108
404,919
1,749,397
672,075
958,732
643.374
549,429
194,347
802.641
630,800
1,055.789
2,938,222
229,708
725.764
599,188
629,818
404,887
$
126.224.334
115.843.237
46,658.554
18,752,256
8,784,241
6,214.633
2,081,500
8.500,560
9.667,467
2,567.620
2,093,059
3,563,075
3.377,846
5,657.740
539,871
562,175
2.484,817
1.198,359
1,258,507
874,271
912,140
327,228
796.494
803,889
1,208,871
3,932,725
471,135
965.765
739,532
757.292
751,538
229.846.480
11111+11111+1111111111111IIIII
$
568,116.618
477,703.707
186,949.704
77,624.994
31,646,219
28.515,459
14.608,298
24,736,866
37,813,817
9,732.561
9.857,923
14,679,129
26.261,838
19,926,844
2,213,608
2,438.912
9,686,927
4,201,556
5,577,986
3.853,618
3.407,686
1,418,249
4,318.228
3,645,895
5.842,399
14,705,111
1,943,779
3,901,249
3,505,432
3,255,010
2.888.352
1930.
Inc. or
Dec.
0
00R..CIC.0.10 M NCV*MtICOWO.d.W....MMOIORWt.
..
CV04.0 000
0.
C'0 0 CO t 0000000000.-t 000004000000
eitOMMNNNG VMMNNVNMNVNNM.. N....04 , -.....f.
,
,
31
,
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke_
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
1929.
Inc. or
Dec.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
.
263
FINANCIAL CHRONICLE
JAN. 10 1031.]
Jan. 3
1931.
Francs.
Hank of France
18,000
Banque Nationale de Credit
1,195
Banque de Paris et Pays Das
2,170
Banque de Union Parisienne
1,255
Canadian Pacific
1,060
Cana: de Sues
16.300
Cie Distr. d'Electricitie
2,465
Cie Generale d'ElectrIcitie
2,490
Cie Gle Trans-Atlantique
495
Citroen B
562
Comptoir Nationale d'Escompte 1,620
Coty, Inc
610
1,175
Courrieres
Credit Commerciale de France- 1,140
Credit Lyonnals
2,450
Eaux Lyonnais
2,370
Energie Electrique du Nord___..
870
Energie Electrique du Littoral- 1,050
Ford of France
204
French Line
495
Gales Lafayette
125
Kuhlmann
651
L'Air Liquids
1,100
Lyon (P. L. M.)
1,549
Nord fly
2,120
Orleans fly
1,354
Pathe Capital
135
Pechiney
1,940
Reines 3%
85.80
Rentes 5% 1920
134.50
Rentes 4% 1917
101.90
Rentes 5% 1915
101.80
Rentes 6% 1920
101.60
Royal Dutch
2,990
Saint Cobin, C.&0
3,425
Schneider & Cie
1,660
Societe Lyonnais
1,980
Societe Marseillaise
905
Tubise Artificial Silk, prof
165
Union d'Electricitie
960
Wagons-Lits
290
Jan. 5
1931.
Francs.
18,000
1,195
2,180
1,295
1.080
16,350
2,060
2,480
500
565
1,620
630
1,170
1,140
2,460
2,380
870
1,075
201
493
125
650
1,110
1,552
2,120
1,345
130
1,950
86.10
134.50
101.80
101.60
101.60
3 040
3,380
1,660
1,905
900
175
940
260
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets3old coin
/old bullion
734.999.753.52 Gold ctft. outstanding--1.790,868,749.00
2,782,097,575.22 Gold fund, Fed. Reserve
,
f1:3
Board (Act of Dee. 28
/an.8 Jan.9
u
"
1913.as amended June
1931. 1931.
1,526.868.977.86
21 1917)
Francs. Francs.
156.039,088.03
Gold reserve
17,700 17,600
Gold in general fund- 44.720.513.85
1,165
2,140 2:1671
3.517.997.328.74
Total_
3,517,997.328.74
Total.
1,245
Note.
-Reserve against 8346,681,016 of U. S. notes and 81.247,600 of Treasury
17,1558
1890 are also secured by ffilveridol16,180
notes of 1890 outstanding. Treasury notes of
1,990
2,430 2.400 lars in the Treasury.
SILVER DOLLARS.
470
$
LiabilitiesAssets$
551
-Lio
495,552,059.00 Silver etre. outstanding.. 489.226,287.00
1,610
1,600 &Ivor dollars
Treasury notes of 1890
650
650
1.247,600.00
outstanding
1,100
5.088.172.00
Silver dollars in gen.fund
1,139
__2,400 2,420
495.562.059.00
Total
495,562,059.00
Total
2,310 2,320
860
--GENERAL FUND.
1,050
Liabilities
8
Assets
196
-145
44,720.513.85 Treasurer's checks out426 Gold (see above)
450
686,377.68
standing
5,088.172.00
128
126 Silver dollars(see above)
3,805,325.00 Depos. of Govt. officers:
625
628 United States notes--8.421,130.60
Poet Office Dept
1,020,485.00
1,020 1,010 Federal Reserve notes....
Board of Trustees.
Fed. Res. bank notee___
18,002.00
1,540
Postal Bay. System:
National bank notes
-- 22.727,064.00
2,020 2:811.5
5% Reserve, law7,079,883170
Subsidiary silver coin-1,350
7,737.877.96
ful money
Minor coin
4,117,545.08
127
5,008,146.39
Other deposits-7,378,227.44
Silver bullion
1,850
1,870
Postmasters, clerks of
85.50 85.70 Unclassified, collections.
courts.disburaingof&a
1,007,201.27
134.60 134.60
51,301.991.45
ficers, Ac
101.60 101.70 Deposits in Federal Reserve banks
30.438,999.51 Deposita for:
101.60 101.80
Redemption of Fedi
Deposits in special de101.60 101.90
positaries acct. of sales
Res. notes(5% fd..
2,970
84,426.678.18
of efts.of indebtedness 278,392,000.00
gold)
3:51a
,
Redemption of nat'l
Deposits in foreign dep.:
1,660
To credit of Treas. U.S
bank notes(5% fd.,
339,090.32
1,910
27,167.082.25
To credit of other Govlawful money)
890
'
.
ernment officers___
Retirement of add
2,094,035.90
168
circulating notee,act
890
870 Deposits in nat'l banks:
To credit of Treas. U.S
1,350.00
6,516,354.55
May 30 1908
246
To credit of other GovUncollected items, ex1.793.404.81
ernment officers- -- 22,257,088.92
changes. dai
Deo.In Philippine Treas.
EXCHANGE.
131,544,034.20
To credit of Treas.U.S
1.346.465.21
306,803,319.55
Net balance
stocks on the Berlin
Jan.8 Jan. 7
1931. 1931.
Francs. Francs.
17,900
1,186
2,170
1,255
1,060
16,150
2,030
2.460
480
552
1,620
630
1,135
1.139
2,430
2,370
860
1,075
196
485
126
631 Holt
1.060 day
1,545
2,080
1,355
121
1,900
86.90
134.70
101.80
101.80
101.50
3,010
3,350
1,650
1,916
895
150
880
241
I
PRICES ON BERLIN STOCK
Closing quotations of representative
Stock Exchange as received by cable each day of the past
week have been as follows:
Jan. Jan. Jan. Jan. Jan. Jan.
7.
8.
9.
3.
5.
6.
-E'er Cent of Par--Allg. Deutsche Credit(Adca)(8)
98
99
98
-98
98
98
Berlin liendels Gee.(12)
120 121
120 120
120 121
110 111
Commers-und-privat Bank (11)
112 112 112 111
Darmstadter U. Nationalbank (12)
145 144 144 143 143
145
Deutsche Bank U. Disconto Gee.(10)
110 110
112 112 112 111
Dreedner Bank (10)
110 111
112 112 112 111
Reichsbank (12)
231
234 233 236 235 236
Algerznelne Kunstsijde UM°(Aku)(18)____ 45
49
54
50
51
50
Alig. Elektr. Gee.(A.E.G.)(9)
91
91
92
92
95
94
Deutsche Ton- und Steinzeugwerke (11) _ 69
67
68
68
68
69
Ford Motor Co.. Berlin (10)
165
15954 15954 15834 160 161
Gelsenkirchen Bergwerk (8)
82
80
80
84
83
82
Gesfuerel (10)
94
93
92
91
93
91
Hamburg-American Lines (Hallag)(7)
63
63
62
62
60
60
Hamburg Electric Co.(10)
105 104
108 107 107
106
Hayden Chemical (5)
43
43
43
__
43
Harpener Bergbau (6)
75
75
79
77
77
76
Hotelbetrieb (12)
100
96
98
96
97
96
I.0.Farben Indna.
126 124 125
(Dye Trust)(14)
128
128 126
Kali Chemie (7)
107
107 107 107
106
107
Karstadt (12)
71
70
70
69
71
71
Mannesmann Tubes (7)
64
62
61
61
64
65
North German Lloyd (8)
63
63
60
60
63
63
Phoenix Bergbau (634)
56
57
56
58
57
57
Poiyphonwerke (20)
138 138
145 144 142 139
Rhein-Westf. Elektr. (R.W.E.) (10)
130 132 129 128 127 126
Sachsenwerk Licht U. Kraft (734)
76
76
78
77
80
78
146
146 146
Siemens & Haiske (14)
148 145
148
Leonhard Tlets(10)
102 101
102
102 103 101
Ver. Stalhwerke (United Steel Works) (6) 59
59
58
88
58
58
Total
438,347,353.75
438,347,353.75
TotalNote.
-The amount to the credit of disbursing officers and agencies to-day was
$288,281,999.23.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money'for
the retirement of outstanding National bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligati:3os are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $33,970,642.
11 i.6
5
$486,090 in Federal Reserve notes and $22,690,845 In National bent notes are
In the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
Preliminary Debt Statement of the United States
December 1930.
The preliminary statement of the public debt of the United
States Dec. 31 1930, as made upon the basis of the daily
Treasury statement, is as follows:
BOUM2% Consols of 1930
3% Panama's of 1916-36
2% Panama's of 191848
3% Panamas of 1961
8% Conversion bonds
234% Postal savings bonds
8599,724,050.00
48,954.180.00
25,947.400.00
49,800.000.00
28.894,500.00
20,491,620.00
$773,811,750.00
First Liberty Loan of 1982-4781,392,246,350.00
% Benda
5,003,950.00
4% Bonds
536,287,050.00
436% Bonds
416% Fourth Liberty Loan of 1933-38
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of October,
November and December 1930 and January 1931:
Hailing,in U.& Treasury Od. 1 1930. Noe. 11930. Dec. 11930. Jan. 1 1931.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes__
Net Federal Reserve notes
Net Fed'I Iles, bank notes
Net subsidiary silver
Minor coin, Am
$
200,321,826
12,974,593
3,366,261
28,949,281
1,216,080
66,385
6,112,512
5,239,762
Total cash in Treasury_
Less gold reserve fund
258,246,700
156,039.088
Cash balance in Treas'y
Dep.In spec'l depositories,
account Treas'y bonds,
Treasury notes and certificates of indebtedness
Dep. in Fed') Res. bank
Dep. In national banks:
To credit Treas. U. S
To credit dish. officers_
Cash In Philippine Islands
Deposits in foreign dents_
Dep.In Fedi Land banks_
102,207,612
Net cash in Treasury
and In banks
Deduct current liabilities_
$
194,607.433
14,833,913
4,358,111
26,428,115
1,405,145
86,047
6.759,531
5,224,677
3
$
198,392,568 200,759,602
15,127.095
12,466,399
2,175,254
3,805,325
25,119,225 22,727,964
1,680,655
1,020,485
102,779
18.002
6,639,860
7,079,884
25,167,233
5,121,746
253.702,972 .274.404,669 0253.002.407
156,039.088 156,039,088 156.039,088
97.663,884
118,365,581
96,963,319
1,933,537,350.00
6.268,232,550.00
616% Treasury Bonds of 1947-52
6% Treasury Bonds of 1944-54
354% Treasury Bonds of 1946-55
354% Treasury Bonds of 1943-47
854% Treasury Bonds of 1940-43
758,984,300.00
1,036,834,500.00
489.087,100.00
493,037,750.00
359,042,950.00
8,201,769,900.00
3.138,986,600.00
Total Bonds
TreaSUIV Note,
834% Ser. A, 1930-32, maturing Mar. 15 1932
834% Ser. B, 1930-32. maturing Sept. 16 1932
834% Ser. C. 1930-32. =twins Dec. 15 1932
812,112,568,250.00
$625,548,350.00
483.826,200.00
451,720,450.00
$1,561,093,000.00
6% Adjusted service-Series 1931 to 1935._ 619.600,000.00
11% Civil service-Series 1931 to 1935
159,800,000.00
4% Foreign service-Series 1933 and 1935...1,288,000.00
2.341,781,000.00
Treasury Certificates% Series TD4930, maturing Dec. 151920
234% Series TJ-1931. maturing June 15 19:11
214% Series TS
-1931, maturing Sept. 15 1931
134% Series TD-1931, maturing Dec. 15 1931
$429,373,000.00
159,941,000.00
334,211,000.00
268,381,000.00
1,191,906,000.00
Treasury Bills (Mature: Value)
Maturing Feb. 16 1931
272.686,000
40.696.067
169,848.000
24,744,557
50.009.000
27.192,718
278,392.000
30,439,000
7.751,737
18,493,478
843,471
2,062,765
6.039.886
19,586.691
1,391,297
2,201,371
6,798,200
19,087.144
1.232.013
2,328.837
6,516.355
22,257.089
1,348.465
2,433.126
444.741,130
113,577,836
321.475,686
118.418.819
225,013,493
141,225,908
438,347,354
131,544,034
331,153,294 203,056.867
Available cash balance
83.757 5:15 xnft gna 590
•Includes Jan. 1 57.378,227 silver bullion and $4,117,545 minor, &c., coin not
ncluded In statement "Stock of Money."
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased
Old debt matured-issued prior to Apr. 11911
Second Liberty loan bonds of 1927-42
Third Liberty loan bonds of 1928
3St% Victory notes of 1922-23
454% Victory notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury bills
Treasury savings certificates
Debt Bearino no Interest
United States notes
Less gold reserve
127,455.000.00
815,773.710,250.00
$1,647,140.26
4,624.100.00
7,804.700.00
20,750.00
1,319.350.00
367,700.00
5,162,900.00
13,000.00
1,335,750.00
22.295,390.28
$348,681.016.00
156,039,088.03
$190,641,927.97
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Dec. 31 1930 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Dec. 31 1930.
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency_ _
Thrift and Treasury savings stamps, unclassified sales, &c
33,970,642.00
2,043,049.31
3,425,827.53
230,081,446.81
Total gross debt
516,026,087,087.07
264
FINANCIAL CHRONICLE
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statement.)
Aug. 31 1919
Dec. 31 1929
When War Debt
A Year Ago.
Was At Its Peak.
$26,596,701,648.01 $16,300,921,501.42
Gross debt
172,096,078.25
1,118,109.534.76
Net balance in general fund
Gross debt less net bal. In general fund__$25,478,592,113.25 $16,127,925,423.17
Nov. 30 1930.
Sept. 30 1930.
Dec. 31 1930.
Last Month.
Last Quarter.
$16,080,512,702.25 $16,184.828,812.07 516,026,087.087.07
Gross debt
306,803,319.55
83,787,585.54
331,163,294.28
Net balance in gen. fund
Gross debt less net bal.
In general fund____$15,749,349.407.97 $16,101,041,226.53 $15,719,283,767.52
[VoL. 132.
CONSOLIDATIONS.
1930Dec. 31-Third National Bank and Trust Co. of Greensburg, Ind. $150,000
The Citizens National Bank of Greensburg, Ind.
$100,000
Consolidated to-day under Act of Nov. 7 1918, under
the charter of Third National Bank and Trust Co. of
Greensburg, No. 2844, and under the corporate title of
"Citizens Third National Bank & Trust Co. of Greensburg," with capital stock of$150,000.
Dec. 31
-The First National Bank of Wytheville, Va.
$100,000
The Farmers Bank of Southwest Virginia,Wytheville,Va. $50.000
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of The First
National Bank of Wytheville, No.9012,and under the
corporate title of "The First National Farmers Bank
of Wytheville," with Capital stock of $200,000.
CHANGE OF TITLE.
1931-The Fergus Falls National Bank, Fergus Falls. Minn.,
Jan. 3
to "Fergus Falls National Bank and Trust Co."
Government Receipts and Expenditures.
Auction Sales.
-Among other securities, the following,
Through the courtesy of the Secretary of the Treasury we not actually dealt in at the Stock Exchange, were sold at auction
are enabled to place before our readers to-day the details of in New York, Boston, Philadelphia and Buffalo, on WednesGovernment receipts and disbursements for December 1930 day of this week:
and 1929 and the six months of the fiscal years 1929-1930
By Adrian H. Muller & Son, New York:
and 1930-1931.
Shares. Stocks.
Bonds.
Per Cent.
$ per Bk.
Six Months
-Month of December1930.
1929.
1929.
1930.
Receipts.
$
$
$
Ordinary$
30,763,578 39,297,854 201.385,240 302,214,137
Customs
Internal revenue
496,821,227 516,500,700 1,107,307,012 1,185,317,860
Income tax
45,373,519 50,664.274 295,371,352 318,493,629
Misc.internal revenue
Miscellaneous receipts
Proceeds Govt.
-owned securities:
Foreign obligations
-31.094,052
40,858,180
Principal
30.854.052 40,632,180
80,520,597
92,370,598
Interest
92,135,398 70,093,729
3,053,370
1,387,261
Railroad securities
401,123
406.697
1,066,750
5,844,510
AU others
3,241,609
508,041
Trust fund receipts(reappro20,967,312
priated for investment)__ _ 2,909,380
27,767,182
1,137.952
4.678,127
Proceeds sale of surp. prop
1.366,634
214,664
488,104
14,763,772
Panama Canal tolls. &c__ _ _ 2,737,634
14,121.388
2,403,925
Other miscellaneous
al1,640.115 b20,808,130 a76,192,583 6104,705,783
600 Frederick Figge Co.; 760 Figge
$5.000 Punta Alegre Sug. Co,7%
& Hutwelker Co.: 12 Figge Real
bonds of 1937
10
Estate Co
$58,360 100 East Coast Investors Corp. of
N.Y
500 Amer. Seal-Kap Corp. of Del.,
$35 lot
$80 lot
no par
The results of the special sale by Adrian H. Muller &
Son on Monday, Dec. 29 1930, are herewith appended:
Shares. Stocks.
$ Per Sh.
60 Seminole Investment Co.; 50
Essex Realty Co.; 500 General
Stationers, Inc., no par; 100
Sleeper Radio Corp., v.t.c., no
par; 459 Residuum Reciamatoin
Corp., v.t.c., no par; receipts,
covering the payment in full of
25,000 shares Tredennick Mines,
Inc., and $1,500 demand note of
the Internet'. Cocoanut 011 Corp.
8100 lot
dated Dec. 3 1926
Total ordinary
717,092.299 742,941,586 1.854,207.812 2,077,539,517
400 Nickles Mining Co., corn.,
$1 lot
par $1
Excess of ordinary receipts
10 Lawton-Stephens Co., Inc., 7%
over total expendltures
$10 lot
pref
chargeable against ordinary
receipts
53,124,896
91,644,655 4 Breitung Iron Co., corn., no par_ _$1 lot
352,552,459 299,750,639
$25 lot
44 Allegheny Coal Co
Excess of total expenditures
$6 lot
400 U. S. Transport, par 810
chargeable against ordinary
51 United Feldspar Corp., pref__ _$85 lot
receipts over ordinary re$4,000 Rio Bravo Oil Co. panic. oil
ceipts
ett.,series 1
560 lot
2,050 Amer. Writing Paper Co. of
Expenditures.
N.J.old corn,on which no assessOrdinary
ment was paid
$20 lot
(Checks & warrants paid, &c.)
194,374,805 195,118,729 1,171,124.747 1,112,046,603 350 Sanseal Corp. of N. Y.. com__55 lot
General expenditures
91.181,155 94,864.777 289,197,604 328,492,873 10 Sanseal Corp. of N. Y., pref _$5 lot
Interest on public debt_c
1.000 Amer. Teleg. Typewriter Co.,
Refund of receipts
320 lot
par $10
10,345,835
10,439,441
1,767,616
1,905.809
Customs
32,894,807
5,628,568 8,456,902
51,925,685 676 Atlantic Hardwood Corp., 6%
Internal revenue
non-cum. pref., par $10
$50 lot
5,000,000
65,004,582
35,000,000
Postal deficiency
1,296,406
5,757.614
6,826,702 25 Country Service Corp., corn.,
Panama Canal
635,778
Par $10
$1 lot
Operations in special accounts
3,575
0784,345 200 Denver & RIO Grande RR.(old)$1 lot
0187,171
0100,130
Railroads
01,080
0551
049,073 100 N.Y.United Hotels,Inc., pref.;
701
War Finance Corporation
40 N. Y. United Hotels. Inc.,
13,116,242
13,673,481
3,089.521
979,149
Shipping Board
corn., no par; 10 Gateway Restau80,556,771
Agricul. market. fund (net)_ 31,468,153
rants,Inc., pref., no par; 10 Gate1.652,036
460.057
201,318
948,329
Allen property funds
way Restaurants, Inc., corn., no
0647,405
0940,162
76,894
0892,013
Adj.-service certificate fund
par;20 Mallow Hotel Corp., pref.;
090.928
099,167
20,787,217
20,475,268
Clvii-service retirement fund_
20 Bowman Mgt.. Inc., Pref., no
Investment of trust funds
par; 10 Bowman Mgt.,Inc., Cl. B.
1,054,733
27,272,891
20,449.365
2,883,244
Government life insurance
corn, no par; 10 Sinclair Restau83,219
371,537
314,348
24,623
Dist. of Col. teachers' retire_
rants, Inc., pref., no par; 10 Sin346,582
08,249
335.930
09,000
Foreign service retirement
clair Restaurants, Inc., corn., no
122,754
203,598
1,512
General railroad contingent_
par; 50 Ritz Canton Restaurant
& Hotel Co. of Atlantic City,
335,334,840 303,210,497 1,706,788,917 1,601,089,458
Total ordinary
Pref., no par; 12 50-100 Ritz
chargeable
Public debt retire,
Carlton Restaurant & Hotel Co.
against ordinary receipts
of Atlantic City, corn., no Par;
30,000.000
65.000,000 274,514,950
Sinking fund
20 Mallow Hotel Corp., corn., no
Purchases and retirements
$800 lot
par
29,235,000
189,600
418,000
from foreign repayments__ 29,205,000
750 Nixon Vending Sc Change
Received from foreign govMaking Machines, Inc., corn.,
ernments under debt settleno par
$50 lot
109,790,850
109,790,850
ments
58,100 40 Hydro Refrigerator Co., Inc.,
Received for estate taxes__ _
corn., no par
$15 lot
Purchases and retirements
40 Columbia Baking Co., corn., no
from franchise tax receipts
par
$10 lot
(Federal Reserve & Federal
50 Piggly Wiggly Rhode Island
Intermediate credit banks)_
Stores, Inc., el. A
$5 lot
59,000
23,503
Forfeitures, gifts,&c
100 Piggly Wiggly Rhode Island
Stores. Inc., el. B
85 lot
94,294,000 384,805,403
29,205,000 139,980,450
Total
10 Mahlstedt Steen Securities
Corp., pref
$15 lot
Total expenditures charge5 Mahlstedt Steen Securities Corp.,
ordinary
able against
corn., no par
$5 lot
364,539,840 443,190,947 1,801,082,917 1,985,894,861 1,500 Manganese Holding
receipts
Corp., no
par
$50 lot
Receipts and expenditures for June reaching the Treasury In July are included. 125 Commonwealth Securities, Inc.,
$17,308.19 received from Federal Reserve Banks as franchise tax
1
Coln., no par
a Includes
Dec. 31 1930. b Includes $4,283,230.96 received from Federal Reserve Banks as 328 Onyx Fabrics Corp.$2.40 cony.
pref., no par
$400 lot
franchise tax Dec. 311929. c The figures for the month include $31,934,97 and for
the fiscal year 1931 to (late $206,677.64 accrued discount on war-savings certificates 492 Oryx Fabrics Corp., corn., no
par
$100 lot
of matured series, and for the corresponding periods last year the figures include
488 Amer. Blo-Chemical Labors544,685.60 and 5261858.38, respectively. 0 Excess of credits (deduct).
tortes, Inc.(Del.)
$45 lot
100 Raquel Inc.(N. Y.), no par_ _$20 lot
2,400 Gilvan, Inc., corn.(N.J.), no
$100 lot
par
50 Bracton. Limited (private co.)
(onrario) pref
$15 lot
of May Corcoran, dated
-The following information regarding $672 note 1929; $500 note of M. W.
National Banks.
Jan. 22
Aschoff, dated March 26 1930_ _$10 lot
National banks is from the office of the Comptroller of the 890 Te;ra Co., pref
$20 lot
80 Terra Co., pref.;480 corn.,no par$5 lot
Currency, Treasury Department:
2,000 Amorskin Corp.. corn. v.t.c..
TITLE
APPLICATION TO ORGANIZE RECEIVED WITH
no par; 100 Amorskin Corp----$30 lot
REQUESTED.
220 Primrose House, Inc., pref..
Capital.
1.480 el. B. no par
$20 lot
1930
York__
$25,000 20 Overseas Products Corp., el. A,
-The First National Bank of Long Lake, New
Dec. 31.
no par; 80 Overseas Products .
Erik S. Lagerquist, Long Beach, N.Y.
Correspondent:
$5101
Corp., corn
CHARTERS ISSUED.
25 Steel Furnaces Corp., pref., no
$100,000
Par; 125 Corn
$35 lot
National Bank, Hastings, Neb
Dec. 31.
-The Hastings
201 Durium Products Corp., pref.,
Conversion of the State Bank of Hastings, Neb.
no par; 268 corn., no par
$65 lot
President: H. G. Pratt. Cashier: Ivan C. Riley.
$150,000 25 Lincoln Joint Stock Land Bank
Citizens National Bank in Waxahachie, Texas
N.
of Lincoln, Neb
$700 lot
President: R. W. Getzendaner. Cashier: J.
100 Barbasol Co., corn., no par-4500 lot
Langsford.
26 Haley M-0 Co., Cl. A
$5 lot
1931
Bank of Madison, S. flak.. $50,000 200 Suburban Lt. & Pow. Co. 1st
Jan. 2.
-The Northwestern National
.
7% pref, deposltary receipts__ _ 10
President: W. Z. Sharp. Cashier: W. D. Wyard.
$25,000 100 Suburban Lt. & Pow. Co. 181
First National Bank of Paynesville, Minn
10
7% prof. °U.of deP
President: Anson Evans. Cashier: E. H. Essig.
Comintrcialand WiscznatteonsEtc=
Shares. Stocks.
$ per St.
25 Dr. Gross Laboratories, Inc.,
corn., no par; 500 It. B. Semler,
Inc., Cl. A,no par;61 Erskin Danforth Corp., corn., no par; 490
Family Products Corp., el. A,
partic., no par; 613 Family Products Corp.. corn., no par; 30
Newichawanick Co., pref.; 30
Newichawanick Co.; 160 Silver
King Prod's Corp., el. B, v.t.e.,
no par
$325 lot
100 Suburban Lt. & Pow. Co. corn.
stk. purchase warrants, depositary receipts
250
609 Monarch Fuel Co., no par--_$30 lot
33 2-3 Coral Groves, Inc., no par-41 lot
582 Blair Tool & Machine Corp.,
pref
$200 lot
340 Universal Gear Shift Corp.8%
pref
$225 lot
250 Developments corp. of Detroit
7% pref
$50 lot
100 Blackhurst Realty Corp., pref.,
no par
$5 lot
20 Montoloking Boat & Engine Co.,
Inc., pref.; 168 corn, no par
$5 lot
Sundry notes aggregating approximately $41,278.08
$100 lot
2,497 Imperial Motors, no par _ _$11 lot
30 A. T. A. Producing Corp., no
Par; 30 A. T. A.Producing Corp.,
pref., par $10; 20 Cole-Redding,
Inc., par $10: 30 Dramatic Festival, Inc., no par; 30 Dramatic
Festival, Inc., pref., Par $10; 100
Deepwater Coal & Iron Corp., no
Par; 100 Deepwater Coal & Iron
Corp., pref.; 22 Lassoy Realty
Corp
25 Southern Minnesota Joint Stock
Land Bank of Redwood Falls.
Minn.: $4,000 K. C., Clay Co.&
St. Joseph fly. let M. 5s, 1941:
$3,000 N.Y.State Rys. 1st eonsol.
M.bonds, ser. B,stpd. 6345, due
Nov. 1 1962; $1,000 N. Y. State
Rye. lot consol. m. bonds,ser. A,
$300 lot
4345, due Nov. 1 1962
100 Liquidometer Corp., cl. A. Inc.
(Del.), no par
5
800 Progressive Oil Co. of Wichita
$25 lot
Falls, Texas
1,000 Cuban National syndicate.
1
no Par
75 F. H. Roberts Co., cl. C, pref_545 lot
1,333 1-3 Internat, Germanic Trust
(N. Y. Trust Co. ctf. of dep.),
$2,000 lot
par $20
$75 lot
2,585 Corona Mines, Inc
212 16-18 Reserve Petroleum Co.of
$23 lot
Del., corn., no par
50 Celiulosa Cubans South America,
$11 lot
par 100 Cuban pesos
1,000 Manhattan Holding Corp_ _510 lot
36 Tork Co., Inc., prof
5
150 Florida Citrus Products Corp.
el. 0, warr.: 445 Florida Citrus
Products Corp., cl. B
1
150 Florida Citrus Products Corp.,
el.B, A
90
I88 'Pork Clocks, Inc., 1st pref
5
63 Tork Clocks, Inc., 20 pref.
5
20 California Flaxseed Products Co.$1 lot
$13,015.44 etf, of indebt. of G. S.
woodmere Corp
$50 lot
$34,778 etf. of Indebt. of Feish
Realty Co.. Inc
$100 lot
1,000 Sodamat Corp, no par_ _ _ _5150 lot
750 Bankers Securities Corp. of
Phila., 6% cum. pref
$7,500 lot
200 Barnet Leather Co.,Inc., pref.,
no par
20
10,448 Old Dominion Co.,Par $25
2
59,500 demand notes, with int.,
L. Krelsisheimer maker, unendorsed
$5 lot
40 Steel Creek Producers, Inc., par
$25
$1 lot
25 Bethlehem Publishers, Inc., corn $1 lot
481 Independent Chemical Co.,
Inc., let pref.; 63 20 pref.; 481
corn., no par
$75 lot
Sundry notes of Lakeland Phosphate & Fertilizer Co.aggregating
in principal amount $10,389.33,
endorsed without recourse.., $25 lot
197 Century Oil Co.,corn., par $1035 lot
100 Connecticut Electric Clock Co.,
Inc., no par
$3 lot
1,000 Delaware Apple Co.. Par $2-82 lot
140 Delvatex Petrol.CorP, Par$10 $1 lot
200 Mutual Tire & Rubber Corp.,
par $10
$1 lot
18 National Motor Car & Vehicle
Corp.. no par
$1 lot
JAN. 10 1931.]
FINANCIAL CHRONICLE
265
per Sh.
$ per Sh. Shares. Stockb.
Shares. Stocks.
By Wise, Hobbs & Arnold, Boston:
$5 lot
25 Pittsfield Airport Corp
280 Kendall Products Corp., com.,
8 Per Sht
8 Per Sh, Shares. Stocks.
20 Pittsfield Baseball Assn, par $10_51 lot Shares. Stocks.
no par; 200 Kendall Products
8034 21 Mass. Bond. & Insur. Co., par
10 First Nat'l Bank, par $20
$2 lot Bond & Mtge., made by Central
Corp.. Pref.. Par $10
80 ex-d1v.
$25
6 27-20 Federal Nat'l Bank, par $20 95
Park Properties, Inc., to Barclay.81 lot
10 National Properties Co., prof.
WM 25 Heywood-Wakefield Co.. com-- 834
50 Nat'l Shawmut Bank, par $25
Arrow Holding Corp., dated
5 Tyson Co., Inc.. pref.; 5 corn.,
10 Mass. Bonding & Insur. Co., par
Associated Textile Co's, as follows.
Oct. 24 1930 for $600,000 upon
no par
$1 lot
80 ex-dIve
$25
35: 5 at 35:
5 at 35: 5 at 35: 5 at
which $400,000 has been ad20 United National Utilities Co..
5 at 35: 5 at 35; 5 at 3634;6 at 3634 50 Quincy Market Cold Storage & 1734
vanced, payable Oct. 1 1938, Int.
$4 lot
10 com
pref.:
Warehouse Co.. com
8034
Pepperell Mfg. Co
premises cov5
6% semi-annually,
1,500 Sweetwater Cons. Mining &
27-34
50 National Service Co., prof
84
5 Naumkeag Steam Cotton Co
ered by said mtge. known as 155Milling Co.; 10 Nat. Film Pro53 ex-div. 2 Lockwood, Greene & Co., Ins.,
55 Amer. Glue Co. com
165 West 58th St. and 168-170
ducers, Inc., pref.; 100 Logan
Ell lot
prof.; 4-10 common
Engineer Corp., pref.,
45 Seabrook
West 59th St. in the Boro. of
Portland Cement Co., par $10;
100 Mass. Bonding & Insur. Co..
12
class A
$1,000 lot
Manhattan, N.Y
80 Nat. Society of Music, Inc.,
80 ox-diva
Par $25
7 special units First Peoples Trust- 3
300 Sterling Gum Co., Inc.(stpd.),
Corn., par $10; 200 Nat. Society
IOU,S. Capital Corp.,cl. Acorn.. 15
20
15 units First Peoples Trust
Par $5:25 Spokane & Inland Emof Music. Inc., pref., Dar $10:
pire RR. Co., corn. and 50 rights
Grocery Stores
80 All Package
By R. L. Day & Co., Boston:
for Prof.; 1.250 Sunset Mining &
Co., corn., par $10; 14 U. S.
$ Per ,1tha
per Sh. Shares. Stocks.
Develop. Co., Par $1; 50 United
Shares. Stocks.
Worsted Co., let pref.: 10
50 Great Northern Paper Co.. Par
corn.; 20 Victoria 011
lot
Copper Co.,
845
85 Nat. Rockland Bank, par $20- 80
Vacuum Churn Co
8534
$25
142
Co., par $10; 106 2-3 White Knob
20 Second Nat. Bank, par $25
4,000 Rio Blanco Copper Corp.,
.1
Copper Co.. Ltd., Par $10; 104
$12 lot
12 Abington Nat. Bank. Abington-15014 5 New Bedford Gas & Edison Light10834
Ltd., par $10
Co. v. t. c., par S25
Devel.
505
White Knob Copper &
12 Brooklyn (N. Y.) Trust Co
10 Bronx Boosters, Inc.; 20 InterCo., Ltd., Par $10; 44 White
30 Everett Mills,$23 paid in liquid_ 134 250 Hartford Steam Boller Inspeo- 5834
state Discount Corp., pref.. no
tion & Insurance Co.. Par $10
1
Knob Copper & Devel. Co., Ltd.,
par;10 Interstate Discount Corp,
22 Lyman Mills, $220 paid in ilq
16% 11 Springfield Fire & Marine Ins.
pref., par $10; 200 Bambergernom., no par; 10 U. S. Bond &
36 Arlington Mills
101%
Co., par $25
3%
334
DLamar Gold Mines Co., par $10;
Mtge. Corp. 7% cum. prof.;
6 Border City Mfg. Co
88
5 Oxford Paper Co.,$6 prof
35-36
100 Buffalo Mines, Ltd., par$1;
10 U. S. Bond & Mtge. Corp..
30 Associated Textile Cos
167
100 Electric
-Pneumatic Transit
$59 lot
5% 63 National Union Fire Ins. Co
com
4 Union Cotton Mfg. Co
510
10 Boston Insurance Co
19
$40 lot
Co., ctf. of dep.; 600 King Ed200 Plastuc Mfg. Corp., com
1 Brookside Mills
120 Hanover Fire Ins. Co..Par $10- 3134
ward Silver Mines, par $5; 10
85
3,125 Abe Stein & Co.. Inc., cl. B_10
100 West Point Mfg. Co
Kanawha Impt. Co.; 100 Man95% 180 Stuyvesant Ins. Co., Par $25 39
120 Liquidometer Corp. (Del.),
10 Esmond Mills preferred
hattan Transit Co., par $20: 1,200
22% 523 Schletter & Zander common.-- 750,
$150 lot
cl. A, no par
25 Harmony Mills, pref
10 Public Elec. Light,6% pre!..... 88
Pennsylvania Gasoline Co.. Par
95
20 Eastern Michigan fly., corn.,
15 Royal Weaving Co
1734
no par; $50 Eastern Michigan
81:200 Ray Hercules Mines,Inc.,
9531 1.600 Gorham Mfg. Co
5 Stony Brook RR
Ry. 68, 1958, scrip; $2,700 Eastpar 55; 5,000 Silver Pick Consol.
zo
5 units First Peoples Trust
Per Cosi,
Bonds$111 lot
Mines, par $1; 100 Tonopah Exern Michigan By, 6s 1958
9special units First Peoples Trust__ 3
tension Mining Co., par $1; 12
$2,000 Trustees National Dock
25 Bohlander Chemical Co., corn..
1 First National Stores, lst prof...106
Trust 1st 4345, Dec. 1940.
$10 lot
Winona dr Southwestern By.Co..
10
Par $10
20 Farland Industrial Corp
52 & int.
stamped
1,000 Elkton Consol. Min. &
25 Bohlander Chemical Co., pref.315 lot
13031
5 Essex Co., par $50
83.000 Brown Co. 530, March
Mill. Co.. par $1: 1.000 Gogehic
24
par
5,000 Utah Vanadium Corp.,
382 United Securities Trust Assoc
85&lllta
1950
Iron Syndicate, par $25;300 Mer5100 lot
$10
890 McLeod Pulp & Paper Co..
$2,000 Brown Co. 5318, April
cer Motors Co., corn., no Par;
100 Opal Ice Corp.ON.Y.,no par-$1 lot
pref.; 1,719 common
$651:7.
85 & int,
1946
25 Paymaster Con. Mines, Ltd.,
24
750 Franklin Fire Ins, Co..Par
600 Minneapolis, St.Paul & S.S.M.
par $1;400 Alaska Copper Corp..
8
By. Co., com
By Barnes & Lofland, Philadelphia:
Par $5; $5.83 White Knob CoPP.
1,600 Barnet Leather Co.. Inc..
& Develop. Co., Ltd., pref. scrip.
$20
pref., no par
per Mt
per Sh. Snares. Stocks.
$451ot Shares. Stocks.
and .29 cts. of com. scrip
5,000 Antillian Oil Corp., par $5--$50 lot
50 Pennsylvania Co. for Ina. on
Accounts of the following.$1,899.88
15 Brevard County Bank & Trust
1,025 Tidewater Rolling Mills,Inc.,
Lives & Granting Ann., par $10-- 7234
J. Southwick, Newportville, Pa.,
it lot
Co
com., no par: 350 prof
$150 lot
1 Haddonfield (N. J.) Safe Deposit
dated Jan. 1 1930; 51,384.81,
4,000 Rio Blanco Copper Corp.,
20 Amer. Hotels Corp., com., no
52
& Trust Co
Harry Barth, Croydon, dated
$30 lot
Ltd., par $10
Par: 25 Amer. Hotels Corp., pref.55 lot
52
5 Central Penn National Bank
Jan. 1 1930;$2,644.35,John C.&
1,000 Southern Cities Supply Corp..
43,100 Buckingham Mines Corp.
30 Tioga National Bank & Tr.Co 23
Eva J. Mayer, Croydon, dated
$80 lot
Cl. A. no par
of Nev., par al
$150 lot
100 Independence Fire Insurance
Jan. I 1930; $510.89, Mrs.
Rio Blanco Copper Corp.,
4,000
1,400 Universal Chain Theatres
11
Co., par $25
Frances Blythe, Croydon, dated
$37 lot
Ltd
Corp., 2c1 pref
5200 lot
100 Independence Indemnity Co.,
Jan. 1 1930; 53.538.73, Bertram
50 Greeley Square Hotel Co., pref.;
9 Blake & Clarke, pref.; 15 corn.,
6
Par $10
Storms, New Brunswick, dated
$500 lot
1.095 com
no par
$5 lot
$50 lot 5 John B.Stetson Co..COM..no Par 55
Jan. 1 1930
1,077 Joseph Bancroft & Sons Co.
250 Antilles Cigar Corp., cora., no
5 John B.Stetson Co.,corn.,on par 58
$1,082.93 Entered judgment note of
lot
par
of Wilmington. Del.. com, no par 8
5100
Chas. A.& Mary S. MeGill_5700 lot 25 Philadelphia Co. for Guarantee705 Joseph Bancroft & Sons Co. of
7,400 Metropolitan Chain Stores.
8234
ing Mortgages, par $20
1 Citizens National Bank, Jenkin80
Wilmington, Del., pref
1
corn
27 Philadelphia Co. for Guarantee100
town, Pa
Manganese Co., Inc.,
100 Consol.
1,000 Coronado Copper Corp.
3234
ing Mortgages, par $20
3 Olney Bank & Tr. Co., par $50-166
$1 lot
tempy. ctf., par $1
$2 lot
(Ariz.), Par $1
100 Montgomery Trust Co.. Norris8 Tradesmen's Nat.13k.& Tr. Co 275
1,500 Monarch Royalty Corp.,
so
town, Pa
Per Cent. 30 Corn Exchange National Bank 93
Bonds$50 lot
pref., par $1
85
50 Franklin Trust Co
& Trust Co., par $20
33 1-3 A.B.Chase-Emerson Corr:P.435 lot $40,000 Shubert Theatre Corp.,
100 Adelphia Bk.& Tr.Co..Par $10 7
60
deb. 6s, June 15 1942
lot
18,000 Como Mines Co., par 51-5500
Per Cent,
Bonds.
25 North'n Central Tr. Co., par $10 2234
825,000 Fisk Rubber Co., bti%
750 St. Lucie County Bk. & Trust
$1,800 St. Charles Hotel. Atlantic
65 Central Tr.& Say. Co., par $10_ 18
25
gold notes Jan. 1 1931
$175 lot
Co., Ft. Pierce. Fla
235
City 65, 1938
3
168 Plaza Trust Co., par $10
China 6% 2-Yr.
$25,000 Rep. of
100 Standard Textile, pref. B---- 1
82.700 St. Charles Hotel, Atlantic
50 Continental-Equitable Title &
treasury notes of 1919, which
5
128 Stern Brothers, corn
City,6s, 1937
234
26
Trust Co.. Par 85
were due Nov. 1 1921, COUP.
2
Rya. Corp., pref
500 N. Y.
$2,700 Bt. Charles Hotel, Atiantio
$750 flat 100 Real Estate Land Title dr Trust 3234
attached
164 Central West Power Co., no
234
City.(is, 1936
Co.. Par 510
•,..$650 lot $15,000 Seaboard Air Line By. Co.
par
$1,800 St. Charles Hotel, Atlantic
525
5 Fidelity-Philadelphia Tr. Co
5% notes ser. A, Feb. 1 1931- 50
50 Buckeye Distributing Co., no
234
City, as, 1935
85 Suburban Title & Tr.Co.,par $25 65
$25 lot $29,700 Eastern Michigan Rys.
par
adj. Ms. Os, July 1 1958. coup.
25 Amer.Assn.of Foreign Language
Oct. 1929 (on which a part payNewspapers, Inc., pref.; 10
DIVIDENDS.
ment is stamped) and subs,coup.
Amer. Woman's Realty Corp.,
$200 lot
attached
Prof.; 52 Electric Appliance Co.,
are grouped in two separate tables. In the
Dividends
820,000 Eastern Michigan Rys. 1st
Prof., par 550; 44 Empire State
m.& coll. tr. 75, due July 1 1958_ 75
RR. Corp., Syracuse, N. Y., A
first we bring together all the dividends announced the
- Prof. and 8361-100 scrip; 354
$5,000 Capitol District Base Ball
current week. Then we follow with a second table in
Assn., Inc., Albany, N. Y., 1st
Empire State RR. Corp. B pref.
50
'
m.7s, due Dec. 1 1947
and 3589-10,000 scrip; 267 Emwhich we show the dividends previously announced, but
lot
$2,500 Country Service Corp.bonds $1
pire State RR. Corp.. corn. and
which have not yet been paid.
$19.000 Ala.-Quenelda Graphite Co.
3471-10,000 scrip; 75 Fibre Toy
gen. mtge.6s, Feb. 15 1945, Feb.
Mfg, Co., Par $10: 20 PhiladelThe dividends announced this week are:
1930 and subs,coup. attached.$425 lot
phia Bourse, par 550: 12631 Rock
$5,000 Bethlehem Publishers, Inc.,
Island Southern Corp.; $2,051
Books Closed.
gold notes, due Jan. 1
When
Per
cony. 6%
Anderson Motor Co., 1st m. 68,
Days /madam
1935, July 1927 & subs, coup.
Cent. Payable.
Aug. 1 1925;5200 Ingram Branch
Name of Company.
$5 lot
attached
Co., 7% 1st sec. bonds.
Coal
$5,000 Outline Sales Corp.,7% gold
Dec. 1 1934, Dec. 1927 & subs.
Railroads (Steam).
notes,due Oct. 11927. Oct. 1927,
coup.attached;$600 Nati.Motors
Atch.,Topeka .3: Santa Fe.com.(quar.). *23.6 Mar. 2 *Holders of rec. Jan. 30
coup. attached
$5 lot Cincinnati Northern
Corp.
Jan. 31 *Holders of rec. Jan. 21
6
% coll. tr. gold notes,
$2,000 Washington Arlington &
et!. of dep.; $1,123.96 Natl.
Feb. 1 Holders of rec. Jan. 1
3
Connecticut d: Passumpsic River, pref- *
Falls Church By. 1st Cons. Mtge.
Motors Corp. deb. tr, notes, ser.
Feb. 1 Holders of rec. Jan. 1
3
Massawippi Valley
is. Sept. 1 1958, Sept. 1925, and
A3 deb. tr. notes, ctf. of dep.;
Mar. 1 *Holders of rec. Feb. 18
- *1
Northern RR.of New Jersey (quar.)_
subs, coup. attached
$4 lot Shamokin Valley & Pottsville
$600 Wyona Coal Co.Inc. m.6s.
*$1.50 Feb. 1 *Holders of rec. Jan. 15
$250 lot $4,500 gold notes of the North
Aug. 2 1951
Dec. 31 *Holders of red. Dec. 20
*4
Western By.of Alabama
Hayti Sugar Co., Inc.. past due $10 lot
151 Kentucky Refrigerating Co..
58,807.30 Promissory note, dated
Co., Prof.; 151 Kentucky ReUtilities.
Public
Dec. 1 1927 of the North Hayti
frigerating Co., corn. A, no Par;
81.75 Apr, 1 Holders of roe. Mar. 14
Alabama Power,$7 pref.(guar.)
Sugar Co., Inc., overdue
810 lot
10 Nicollet Hotel,Inc.. pt.;$2,000
81.50 Apr, 1 Holders of rec. Mar. 14
60 preferred (quar.)
$85,000 Promissory notes made by
Churchill, Chicago, Ill., 2d m. r.
$1.25 May 1 Holders of rec. Apr. 15
$5 preferred (quar.)
Florida Invest. & Realty Corp.,
78, Jan. 2 1927, July 1923 and
62sic Feb. 2 Holders of rec. Jan. 16a
Amer. Light & Tract.,corn.(quar.)
Inc
$20 lot
subs, coup. attached; $1,900
3734c Feb. 2 Holders of rec. Jan. 160
Preferred (quar.)
Jackson Towers. Jackson, Miss.,
$13.689.08 Collateral notes of
Amer. Power & Light,$8 pref.(quar.).. $1.60 Apr. 1 Holders of rec. Mar. 14
Cumberland Coal & Iron Co.
7% 2d m, bonds, receipt: $500
Apr. 1 Holders of rec. Mar. 14
$1
$5 preferred (guar.)
(Del.)
$20 lot Bangor Hydro-Electric, corn. (quer.)
Pembroke Apartment Bldg.,
*50c. Feb. 2 *Holders of rec. Jan. 15
' Detroit, Mich.,2d m.coup.bond,
$15,000 Amer. Bond & Mtge. Co.
650. Feb. 2 *Holders of rec. Jan. 20
Chicago Rap.Tr., pr. pref. A(monthly)_ *
gold deb. s. f. 6s, Mar. 1 1937,
Feb. 1928 & subs, coup. at*65c. Mar. 2 *Holders of rec. Feb. 17
Prior preferred A (monthly)
Mar. 1930 & usbs. coup. attached; $6,488.60 Strathmore
600. Feb. 2 *Holders of rec. Jan. 20
*
Prior preferred B (monthly)
tached, Mrs. of den
Hotel Co., Detroit, Mich., 6%
310 flat
*60c. Mar. 2 *Holders of rec. Feb. 17
Prior preferred 13 (monthly)
bonds. ser. A, May 15 1929;
$50,000 Distribution Terminal &
City Water Co. Chattanooga, pref.(qu.) *134 Feb. 2 *Holders of rec. Jan. 20
$10,992.40 Strathmore Hotel Co..
Cold Storage Co. 1st m.s. T.6315,
50c Feb. 16 Holders of rec. Jan. 20
Columbia Gas & Electric,common(qu.)
Detroit, Mich., 6% bonds. ser.
April 1 1952, Oct. 1929 & subs.
134 Feb. 16 Holders of rec. Jan. 20
% preferred A (quar.)
B; 20 Sovereign Hotel Corp.
coup. attached. Mts, of dep.
.25 flat
13-1 Feb. 16 Holders of rec. Jan .20
5% Preferred (quar.)
550,000 Grand Trunk By.Term.&
(Chicago, Ill.), pref.: 10 Sovereign
Feb. 2 *Holders of rec. Jan. 15
*2
Commonwealth-Edison Co.(guar.)
Hotel Corp., com., par $5:$2,000
Cold Storage Co. 1st m.s.f 6345,
*114 Jan. 15 *Holders of rec. Dec. 31
Commonwealth Telephone ((Mari
Apr. 1 1952, Oct. 1929 and subs.
Sovereign Hotel Corp., 7% rl.
Community Pow.& Light, 1st pref.(qu.) *$1.50 Feb. 21 *Holders of rec. Jan. 21
coup, attached, ctfs, of dep-25 flat
est, gold bonds, Nov. 1 1927,
Feb. 2 *Holders of rec. Jan. 10
,
84 3
Community Water Service, com
$25,000 Maricopa Co. Conservation
May 1925 and subs, coup.
250 Feb. 1 Holders of rec. Jan. 10
Eastern States Power, com.(quar.)...$76 lot
attached
District No. 1 6% Water Bonds,
$1.75 Feb. 1 Holders of rec. Jan. 10
Preferred A (guar.)
second series, due Feb. 1 1941-- 50
100 Amer. NVomans Realty Corp.,
$1.50 Feb. 1 Holders of roe. Jan. 10
Preferred B (quar.)
$500 lot $25,000 Central Oklahoma Service
pref
2 Holders
.
Elec.Power & Light,allot ctf 70% Pd-- 83“ Feb. 2 *Holders of rec. Jan. 10a
Co.. 1st m.6348. Mar. 11938... 75
50 Buffalo Lithia Springs Corp..
Gas de Fuel,8% pt.(monthlY)-e 66 2-3c Feb. 2 *Holders of rec. Jan. 15
Empire
$15 lot $25,000 Colon Oil Corp.,cony.deb.
•58 1-3c Feb.
com., no par
of rec. Jan. 15
7% preferred (monthly)
6s, July 1 1938
•541-dc Feb. 2 *Holders of rec. Jan. 15
80
100 Buffalo Lithia Springs Corp.,
6%% preferred kmonthly)
7% cum. prior pref., par $25-$55 lot 850,000 Detroit City Service Co.,
*50c Feb. 2 *Holders of rec. Jan. 15
6% preferred (monthly)
% gold notes, July 1 1932- 60
61 Central N. J. Land Impt. Co..
*150 Jan. 20 *Holders of rec. Jan. 15
Hawaiian Elec., Ltd.,corn.(mth17.)
$3 lot $25,000 Detroit City Service Co..
par $25
*20c Jan. 20 *Holders of rec. Jan. 15
Common (extra)
lot m.630, July 1 1937
60
1,800 United Arizona Copper Min.
•13' Feb. 2 *Holders of rec. Jan. 15
(quar.)
Idaho Power Co.,7% pref.
$3 lot $25.000 Electric Public Utilities
•134 Feb. 2 *Holders of rec. Jan. 15
& Smelt. Co., par $1
6% preferred (quar.)
Co., 15-yr. 6s, ser. 13, June 1
9 Garland SS. Corp., corn., stpd ,
Illinois Commercial TeleP., prof.(quar.) *81.50 Jan. 15 *Holders of rec. Doe. 31
1942
75
•134 Feb. 2 *Holders of rec. Jan. 16
Par 53; 7 Midland Securities Co ,
Illinois Nor. Utilities, pref.(quar.)
850,000 Rochester Button Co.. 1st
com., par $1; 33 Rome Brass &
$1.50 Feb. 2 Holders of rec. Jan. 10
Illinois Power& Light.$6 prof.(Quer.)
m.a. I. 634s, April 1 1941
50
Copper Co. corn., (stpd.)----$15 lot
corn. & prof.. *234 Feb. 1 *Holders of reo. Jan. 15
Jamestown Telep. Corp.,
Jan. 10 *Holders of rec. Dec. 31
*2
Kansas City Gas (guar.)
Co., Buffalo:
By A. J. Wright &
4.13' Jan. 1 *Holders of rec. Dec. 25
Lake Erie Power & Light, pref.(guar.)
$ per Sh.I Shares. Stocks.
*2
Jan. 15 *Holders of rec. Dec. 81
Shares. Stocks.
i per Sh, Lake Superior District Power (guar.)
Si lot 1100 Boston & Montana Devel.
100 Peer Oil, no par
Lexington Telephone, prior pref.(quar.) *154 Jan. 15 *Holders of reo. Deo. 31
$1
*$1.63 Feb. 2 *Holders of reo. Jan. 20
Co.. lot Lone Star Gas,814% prof.(guar.)
100 Assets Realization Co.. par $10-82 lot1 Boston temp W.. Par $5
85c.
100Premier Gold Mines,par $1
-41
266
Name of ConsDash-
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Name of Company.
Public Utilities (Continued).
Long Island Ltg., corn. (guar.)
•15e. Feb. 1 *Holders of rec. Jan. 16
Massachusetts Lighting Cos.,8% pf.(qu. )*2
Jan. 15 *Holders of rec. Dec. 26
t 6% preferred (guar.)
*lye Jan. 15 *Holders of rec. Dec. 26
Mexican Utilities, pref. (guar.)
*81.75 Jan. 15 *Holders of rec. Dec. 13
Municipal Service Co.. prof. (etiar.)-134 Feb. 1 Holders of rec. Jan. 15
National Public Service,common A (qu.) 1
.40e. Mar. 15 *Holders of rec. Feb. 27
Common B (guar.)
*40c. Mar. 1 *Holders of rec. Feb. 10
$3.50 preferred (guar.)
*8714.c Mar. 1 *Holders of rec. Feb. 10
$3 preferred (guar.)
"75c. Mar. 1 *Holders of rec. Feb. 10
Newark Telephone (extra)
Dec. 31 *Holders of rec. Dec. 30
*1
North American Gas & Elec., Cl. A (qu.) (u) Feb. 1 *Holders of rec. Jan. 15
Philadelphia City Passenger Ry
*53.75 Jan. 10 "Holders of rec. Dec. 28
Philadelphia Sub. Water, pref.(guar.)-- 1% Feb. 28 Holders of rec. Feb. 12a
Public Service of Nor. Illinois
Feb. 2 *Holders of rec. Jan. 15
*2
Common (5100 par) (guar)
Feb. 2 *Holders of rec. Jan. 15
Common (no par) (guar.)
1
12
*114 Feb. 2 *Holders of rec. Jan 15
6% preferred (guar.)
*1% Feb. 2 •Holders of rec. Jan. 15
7 Preferred (guar.)
%
Railway & Light Securities, corn.(guar.) *500. Feb. 2 *Holders of rec. Jan. 15
*51 Feb. 2 *Holders of rec. Jan. 15
Common (extra)
5134 Feb. 2 *Holders of rec. Jan.! 15
Preferred (guar.)
*31.75 Feb. 1 *Holders of ree. Jan. 15
Standard Telephone. pref. (guar.)
4
West Penn Elec. Co..7% pref.(quar.)-- 11 Feb. 16 Holders of rec. Jan. 20
lye Feb. 16 Holders of rec. Jan. 20
6% preferred (guar.)
Banks.
Harriman National Bank & Trust
Extra
Harriman Securities Co
National Bank of Far Rockaway
Queensboro National
Trust Companies.
Corn Exchange Bank Trust Co.(qu.)
Kings County (guar.)
Mutual Trust (Port Chester)
Extra
Flee Insurance.
American Reserve (guar.)
Baltimore American Insurance
Lincoln Fire (guar.)
National Liberty Insurance
Peoples National Fire Insurance
Jan. 3 Holders of rec. Jan. 2
5
Jan. 3 Holders of rec. Jan. 2
5
57.50 Jan. 3 Holders of rec. Jan. 2
Dec. 31 *Holders of rec. Dec. 31
*3
Dec. 31 *Holders of rec. Dec. 31
*3
81
*20
3
2
Feb.
Feb.
Jan.
Jan.
*750. Jan.
40c. Jan.
*60c. Jan.
25e. Jan.
25e. Jan.
2 *Holders of rec. Jan. 23
2 *Holders of rec. Jan. 24
9 Holders of rec. Dec. 31
9 Holders of rec. Dec. 31
15 *Holders of rec. Jan.
15 Holders of rec. Jan.
15 *Holders of rec. Jan.
15 Holders of rec. Jan.
15 Holders of rec. Jan.
7
8
7
8
8
[VOL. 132.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
$1.75 Jan. I *Holders of rec. Dec. 26
Harrisburg Hotel
Extra
*30e. Jan. 1 *Holders of rec. Dec. 20
Hawley Pulp & Paper, lot pref.(quar.) *31.75 Jan. 1 *Holders of rec. Dec. 20
Hershey Creamery, Preferred
*314 Jan, 1 *Holders of rec. Dec. 1
•1% Jan, 10 *Holders of rec. Jan. 1
Holeproof Hosiery, pref. (quar.)
•6234c Jan. 2 *Holders of rec. Dec. 15
Holland Furnace. common (guar.)
*25c. Jan, 2 *Holders of rec. Dec. 16
Common (extra)
Preferred
*334 Jan. 2 *Holders of rec. Dec. 15
Illinois-Pacific Coast Co.,pref.(quar.)
*75e. Feb. 1 *Holders of rec. Jan. 21
Indiana Consumers Gas By-Products, pr of. A- DivIden d omitted.
Internat'l Cigar Machinery (qua:.).. .
. 625.c. Feb. 2 Holders of rec. Jan. 22
Intertype Corp., corn. (guar.)
50e. Feb. 16 Holders of rec. Jan. 30
Jantzen Knitting Mills, new corn.(guar.) *3734e Feb. 1 *Holders of rec. Jan. 15
523-4 Jan. 1 *Holders of rec. Jan. 1
Jefferson Realty. let pref.(guar.)
S1X Feb. 1 *Holders of rec. Jan. 15
Kentucky Cons. Stone, pref.(quar.)
Kress(S. H.)& Co., corn.(guar.)
*25c. Feb. 2 *Holders of rec. Jan. 20
Special preferred (guar.)
*15e. Feb. 2 *Holders of rec. Jan. 20
Lamson & Sessions, corn.-Dividend omit ted
Lerner Stores Corp. pref.(guar.)
*1% Feb. 1 *Holders of rec. Jan. 20
Manning Bowman Sr Co.. class A & B-1)
'
'vide n d
mut tted
Massachusetts Investors 'Trust
*40c. Jan. 20 *Holders of rec. Jan. 8
Special
*1
Jan. 20 *Holders of rec. Jan. 8
Maytag Co., 1st pref.(guar.)
$1.50 Feb. 2 Holders of roe. Jan. 15
Cumulative preferred (guar.)
75c. Feb. 2 Holders of rec. Jan. 15
Mead Corp.,common (guar.)
*250. Jan. 15 *Holders of rec. Jan. 1
Common (payable in common stock)... ef1
Jan. 15 *Holders of rec. Jan. 1
Mid-Continent Petroleum (guar.)
*50c. Feb. 16 *Holders of rec. Jan. 15
Minnesota & Ontario Paper, pref.(qu.)_ *13.4 Jan. 2 *Holders of rec. Dec. 20
Montague Rod & Reel, pref.-Dividend omitte
Mullins Mfg., pref.(guar.)
*31.75 Feb. 1 *Holders of rec. Jan. 15
Jan. 1 *Holders of rec. Dec. 20
*2
Murray (J. W.) Mfg., pref.(guar.)
Mutual Invest. Trust, class A (quar.)..... *15c. Jan. 15 *Holders of rec. Dee. 31
Nash Motors (guar.)
Feb. 2 *Holders of rec. Jan. 20
*el
National Erie Co., participating class A- Divide nd omit ted
National Oil Prod.,$7 pref.(guar.)
111.75 Jan. 2
National Rubber Mach'y-Dividend omi tied
National Supply Co.of Del., com.(quar.) $1.25 Feb. 16 Holders of rec. Feb. 5
National Tea, 514% pref. (guar.)
1334e Feb. 1 Holders of rec. Jan. 14
Neisner Bros., pref.(guar.)
134 Feb. 1 Holders of rem Jan. 15
Newberry (J. J.) Realty, pref. A (quar.)_ *13-( Feb. 1 *Holders of rec. Jan. 16
•1 A Feb. I *Holders of rec. Jan. 16
6% Preferred B (guar.)
*h$1.50 Feb. 2 *Holders of rec. Jan. 10
New River Co., pref
.
N.Y.& Foreign Investing, pref.(qu.)..* 51.625 Jan. 15 *P :ders of rec. Jan. 14
New York Merchandise,common (guar.) 25e. Feb. 2 Holders of rec. Jan. 20
134 Feb. 2 Holders of rec. Jan. 20
Preferred (guar.)
Feb. 5 Holders of roe. Jan. 150
$1
North American Match
52c. Jan. 25 *Holders of rec. Jan. 18
Oceanic 011 (bi-monthly)
Oppenhelm Collins & Co., corn. (guar.) *75e. Feb. 16 *Holders of rec. Jan. 30
*I% Feb. 1 *Holders of rec. Jan. 15
Pennsylvania Industries(quar-)
'134 Feb. 1 *Holders of rec. Jan. 20
Peabody Coal,6% preferred (quar.)
Peoples Ice (Pittsb.) (acct, accum. diva.) *20c. Jan. 15 *Holders of rec. Jan. 1
Jan. 26 *Holders of rec. Dec. 31
Polygraphic Co.of Amer., pref.(guar.)_ *2
*134 Jan. 2 *Holders of rec. Dec. 19
Porcelain Enamel. & Mtg., corn.(qu.)
"134 Jan, 2 *Holders of rec. Dec. 19
First and second preferred (quar.)._
Premier Laundry, Ltd., pref.--Dividend omitt cd
111.50 Feb. 2 *Holders of rec. Jan. 15
Republic Service, pref. (guar.)
Reserve Resources Corp.,com.& pf.(gu.) *134 Jan. 15 *Holders of rec. Jan. 9
*90c. Feb. 1 *Holders of rec. Jan. 16
Rollins Hosiery Mills, pref.(guar.)
*1734c Feb. 1 *Holders of rec. Jan. 18
Hoovers Bros.. pref
Jan. 15 *Holders of rec. Jan. 5
*2
St. Croix Paper, common (guar.)
St. Lawrence Flour Mills, pref.(guar.)_. '131 Feb. 2 *Holders of rec. Jan. 19
13.4 Feb. 1 Holders of coo. Jan. 17
Scott Paper Co., pref. A (guar.)
11.4 Feb. 1 Holders of rec. Jan. 17
Preferred B (guar.)
Security Storage Co.,class A pref.(qu.)_ *134 Dec. 15 *Holders of rec. Nov. 27
Security Title Ins. & Guar., com.-Divi dead o mitted
eeu Jan. 1 *Holders of reo. Dec. 31
Preferred
Setay Co., common-Dividend action d eferred
*250. Feb. 2 *Holders of rec. Jan. 16
Solon Leather (guar.)
Sharp & Dohme, Inc., pref. (quar.)
8734e. Feb. 1 Holders of rec. Jan. 16
Shaw-Walker Co., preferred
33.4 Jan. 5 Holders of rec. Dec. 31
Mar.15 *Holders of rec. Mar. 1
*81
Sheaffer (W. A.) Pen Co., common
*50e. Mar. 15 *Holders of rec. Mar. 1
Common (extra)
Sept.15 *Holders of rec. Sept. 1
Common
3
Apr, 20 *Holders of rec. Mar. 30
*2
Preferred (guar.)
July 20 *Holders of rec. June 30
*2
Preferred (qua:.)
Oct. 20 *Holders of rec. Sept .30
•2
Preferred (guar.)
Shell Transport & Trading, Am.she_ __* 96 3-50 Jan, 23 *Holders of rec. Jan. 15
*2% Dec. 31
Silent Glow Oil Burner (guar.)
*234 Dec. 31
Extra
*134 Feb. 2 *Holders of rec. Jan. 19
Silver (Isaac) Bros. Co., pref.(quar.)
Spiegel
-May-Stern Co.. pref.-Dividend °mitt ed
Squibb (E. R.)& Sons, common (quar.). *50c. Feb. 2 *Holders of rec. Jan. 15
*lye Feb. 2 *Holders of rem Jan. 15
Preferred (guar.)
-Divide nd oml ted.
Straus(S. W.)& Co., common.
*114 Feb. 2 *Holders of rec. Jan. 15
Suburban Elec. Securities, 1st pf.(qu.)
15e. Feb. 2 Jan. 18 to Feb. 1
Teck-Hughes Gold Mines (guar.)
•90o. Feb. 15 *Holders of rec. Feb. 5
Thatcher Mfg., cony. pref.(guar.)
*300. Feb. 16 *Holders of rec. Jan. 31
Tide Water Associated Oil, common
*11.4 Feb. 16 *Holders of rec. Jan. 17
Tide Water 011, pref. (guar.)
Traymore, Ltd. (Toronto) Pref. (guar.) 134 Jan. 15 Holders of rec. Jan. 8
Tristate Royalty Corp., corn, and cl A- Divide d actio n deferred
750. Feb. 1 Holders of rec. Jan. 15
Tri-Utilities Corp., pref. (guar.)
400. Feb. I Holders of rec. Jan. 21
Truax-Traer Coal, corn. (guar.)
Trustee Standard 011shares A
*500. Jan. 15 *Holders of rec. Dec. 31
Tung Sol Lamp Works, corn. (quar.).__ *25o. Feb. I *Holders of rec. Jan. 20
*75e. Feb. 1 *Holders of rec. Jan. 20
Preferred (guar.)
*134 Feb. 2 *Holders of rec. Jan. 15
Underwriters Finance, 7% pf. (qu.)
*50e. Feb. 10 *Holders of rec. Jan. 15
Union 011 (guar.)
U. S. Electric Power. pref. (guar.)
'134 Feb .2 *Holders of rec. Jan. 9
Universal Pipe & Radiator. pref.(guar.) 114 Feb. 2 Holders of rec. Jan. 156
Universal Trust Shares
•300. Jan. 15 *Holders of rem Dec. 31
•34c. Jan. 15 *Holders of rec. Deo. 31
Extra
Jan. 1
*$3
Virginia Bridge & Iron
Jan. 1
1
13
Extra
Miscellaneous.
Adams
-Millis Corp., corn.(guar.)
*50e. Feb. 1 *Holders of rec. Jan. 17
First and second preferred (guar.)
_ . 134 Feb. 1 *Holders of rec. Jan. 17
1
.
Advance Bag & Paper-Dividend action deferr ed
Allis Chalmers Mfg.,common (quar.)_.. .75c. Feb. 16 *Holders of rec. Jan. 24
Amerada Corp.(guar.)
50e. Jan. 30 Holders of rec. Jan. 15
Amer. Chicle (guar.)
*500. Apr. 1 *Holders of rec. Mar. 12
•250. Apr. 1 *Holders of rec. Mar. 12
Extra
American Coal (guar.)
Feb. 2 *Holders of rec. Jan. 12
*51
Amer. Credit Indemnity (St. Louis)(gu) 111
Jan. 6 *Holders of rec. Jan. 5
Amer. Machine & Foundry, corn.(guar.)
35c Feb. 2 Holders of reo. Jan. 22
Amer.& Scottish Invest. Trust., pref.- Divide nd pass ed
Amer. Thermos Bottle, common (guar.) *30c. Feb. 2 *Holders of rec. Jan. 20
Amsterdam Trading Co
24c. Jan. 19 Holders of rec. Jan. 15
Jan. 31 *Holders of rec. Jan. 21
Anchor Poet & Fence.8% pref. (quar.)_ *2
Jan. 31 *Holders of rec. Jan. 21
7% preferred (guar.)
Art Cinema Corp., pref.-Dividend pass ed
Associated Standard Olistocks Shares_. 54,549ce Jan. 15
Associated Security Invaders. pref.(en.) 111.50 Feb. 1 *Holders of rec. Jan. 20
Atiai Acceptance Corp., class A & B
-D ividen ds omit ted
Atlas Powder. pref. (oust.)
lye Feb. 2 Holders of rec. Jan. 20a
Balaban & Katz, common (guar.)
•75e. Mar. 27 *Holders of reo. Mar. 16
Preferred (guar.)
Mar. 27 *Holders of rec. Mar. 16
*250. Jan. 1 *Holders of rec. Dec. 20
Bancroft Hotels Co
•25c. Feb. 16 *Holders of rec. Jan. 20
Barnsdall Corp.. class A 6: B
Beatty Bros.(Toronto), pref.(quar.)_ _ _ '13-4 Feb. I *Holders of rec. Jan. 15
i34 Feb. 2 *Holders of rec. Jan. 26
Bird dr Son, Inc., pref.(guar.)
*3734e Feb. 16 *Holders of rec. Feb. 10
Bloch Bros. Tobacco, common (qu.)__
Preferred (guar.)
•134 Mar. 31 *Holders of rec. Mar. 25
Bonwit Teller & Co., pref.-Dividend o milted
•75c. Mar. 2 *Holders of rec. Feb. 14
Borden Co. (guar.)
Feb. 16 Holders of rec. Jan. 31
1
Boss Mfg., common (guar.)
114 Feb. 16 Holders of rec. Jan. 31
Preferred (guar.)
Feb. 2 Holders of rec. Jan. 20
Brown Shoe, pref.(guar.)
Mar. 16 *Holders of rec. Feb. 28
California Packing, common (quar.)_
Carrier Engineering Corp., corn. A dr B_* 162-Sc Jan. 10 *Holders of rec. Dec. 31
•75c. Feb. 1 *Holders of rec. Jan. 20
Castle(A. M.)& Co.(guar.)
Central Ills. Securities. pref.(guar.)_ _ _• 3734c. Feb. 1 *Holders of rec. Jan. 20
Century Ribbon Mills, prof. (guar.)_ _ _ _ *13j Mar. 2 *Holders of rec. Feb. 20
50e. Feb. 2 Holders of rec. Jan. 15
Cerro de Pasco Copper (guar.)
Chansior & Lyons Stores. classA (qu.) *37160 Jan. 1 *Holders of rec. Dec. 20
20.21c Feb. 1 *Holders of rec. Jan. 15
Cities Service Bankers Shares
750. Feb. 2 Holders of rec. Jan. 21
Cluett. Peabody & Co.. Ins., corn.(qu.).
Colgate
-Palmolive-Peet, corn. (quar.)__ 62140. Jan. 15 Holders of rec. Jan. 12a
13.4 Mar. 10 Holders of rec. Apr. I
Preferred (guar.)
*51.25 Feb. 2 *Holders of rec. Jan. 19
Columbian Carbon (guar.)
*25c Feb. 2 *Holders of rec. Jan. 19
Extra
Connecticut Investment Trust, class A- Divide nd pass ed
*500. Feb. 2 *Holders of rec. Jan. 15
Consol. Press, Ltd., class A ord
*13-i Mar. 2 *Holders of rec. Feb. 14
Consolidated Cigar, 7% pref.(quar.)_
Feb. 2 *Holders of rec. Jan. 15
Si
(lyt% preferred (guar.)
Darby Petroleum-No action taken
Jan. 15 *Holders of rec. Dec. 31
*2
Delacroise Corp., pref.(quar)
Detroit-Michigan Stove, com.-No acti on tak en
•500. Mar. 5 *Holders of rec. Feb. 13
Dictaphone Corp., corn. (guar.)
*234 Jan. 2 *Holders of rec. Dec. 31
Discount Corp. of N. Y.(guar.)
el
Jan. 2 *Holders of rec. Dee. 31
Extra
*53 Jan. 1 *Holders of rec. Dec. 20
Dominion Securities (Richmond)
Dunlop's(John)Sons,Inc., 1st pf.(qu.)_ 91.50 Jan. 1
Electric Power Assoc. corn.& Cl. A (qu.). •25c. Feb. 2 *Holders of rec. Jan. 15
Below we give the dividends announced in previous weeks
Erase° Derrick dr Equiv.-Dividend om itted
250. Feb. 1 Holders of rec. Jan. 15
Enamel dr Heating Product (guar.)
and not yet paid. This list does not include dividends an375ee. Jan. 31 Holders of rec. Jan. 15
Exchange Buffet (guar.)
nounced this week, these being given in the preceding table.
Fageol Motors, pref.-Dividend omitted
*20c. Jan. I
Federal Finance Co.(Ky.)
ee
Jan. 15 *Holders of rec. Jan. 10
Fenn (J. J.) & Co., common
Per
When
Books Closed,
1% Jan. 15 *Holders of rec. Jan. 10
Preferred (quar
Name of Company.
Cent. Payable.
Days htelusfes.
-Di Mend omitte d.
First Investment Co.(New Haven).
Federal Knitting Mills, common (quar.). *6214e Feb. 1 *Holders of rec. Jan. 15
Railroads (Steam).
*12 Ye c Feb. 1 *Holders of rec. Jan. 15
Common (extra)
Alabama Great Southern. preferred
Feb. 13 Holders of tee. Jan. 9
32
•20C. Dec. 31 *Holders of rec. Dec. 26
Franklin Capital Corp
Premed (extra)
$1.50 Feb. 13 Holders of reo. Jan. 9
omi tted
General Alloys Co., com.-Dividend
234 Feb. 2 Holders of rec. Dec. 316
Ateh. Topeka Jr Santa Fe, pref
General Aviation, pref.-Dividend ornitt ed
Atlantic Coast Line RR.,corn
334 Jan. 10 Holders of reo. Dee. 120
•Ih• Feb. 1 *Holders of rec. Jan. 22
General Cable, preferred (guar.)
Common (extra)
154 Jan. 10 Holders of rem Dec. 12a
Feb. 2 Holders of rec. Jan. 16
$1
General Cigar, corn. (guar.)
Baltimore & Ohio.common (guar.)
134 Mar, 2 Holders of rec. Jan. 17a
Feb. 20
1% Mar. 2 Holders of rec.
Preferred (guar.)
Preferred (guar.)
1
Mar. 2 Holders of rec. Jan. 17a
75c. Feb. 2 Holders of rec. Jan. 15a Boston Revere Beach Jr Lynn
General Foods Corp., corn.(guar.)
"30c. Jan. 31 *Holders of rec. Jan. 15
75e. Feb. 2 Holders of rec. Jan. 15a Canada Southern
General Mills, Inc., corn. (quar.)
134 Feb. 2 Holders of rec. Dec. 266
530e. Feb. 2 *Holders of rec. Jan. 20
General Parts, Prof. (quar.)
Carolina Clinchfield Jr Ohio, corn.(qu.). 1
Jan. 10 Holders of rec. Dec. 31a
General Trustees Corp., pref.-Dividen d omit ted
Stamped (guar.)
134 Jan. 10 Holders of rec. Dec. 316
*400. Jan. 15 Holders of rec. Jan. 5
Georgian, Inc.. class A (guar.)
Central of N.J.(extra)
334 Jan. 15 Holders of reo. Dee. 316
2
•30e. Feb. 1 *Holders of rec. Jan. 20
Goldsmith (P.) Sons (guar.)
Jan. 10 Holders of reo. Deo. 26
Chic. Indianap. & Louisville, corn
rec. Jan. 17
Goodyear Tire & Rubber, corn. (quar.).. 31.25 Feb. 1 Holders of rec. Feb. 28
Jan. 10 Holders of rec. Dec. 260
Preferred
2
$1.75 Apr. 1 Holders of
Preferred (guar.)
Cuba RR. preferred
$1.50 Feb. 2 Holders of rec. Jan. 15a
3
250. Jan. 23 Holders of rec. Jan. 19
Grand(F.& W.) Silver Stores, com.(qu.)
Jan. 20 Holders of rec. Jan. 3a
Delaware Lackawanna & Western (qu,)Grand (F. & W.) 5-10-25e. Storesv4
Jan. 15 *Holders of rec. Jan. 8
Detroit River Tunnel
2
250. Jan. 15 Holders of rec. Jan. 10
L& Common (guar.)
Great Northern, preferred
$3i Feb. 2 Holders of res. Dee. 29a
51.625 Feb. 2 Holders of rec. Jan. 19
le Preferred (guar.)
Hudson & Manhattan RR.. prof
1m Feb. 16 Holders of roc. Feb. 2a
*400. Jan. 31
Grant Lunch Corp., corn
Feb. 2 Holders of rec. Dec. 31a
Kansas City Southern Ry.,core.(Oto
al0e. Jan. 2
Common (extra)
Preferred (guar.)
51.13 Jan. 15 Holders of reo. Deo. 31a
1
*400. July 31
Common
Jan. 15 Deo 13 to Jan. 15
Little Schuykill Nay. RR.& Coal
Guardian Invest. Trust. pref.stocks
-Di vidend s pawed
Louisville Jr Nashville
334 Feb. 10 Holdere of ree. Jan. 15a
Sc. Jan. 28 Holders of rec. Jan. 14
Hollinger Consol. Gold Mines(mthly.)
812.50 Feb. 2 Holders of rec. Jan. 154
Mahoning Coal RR..corn.(guar.)
rec. Dec. 31
Dec. 31 *Holders of
*4
Hanson Storage, 1st & 2d prof
Mill Creek Jr Mine Hill Nay. & RR__.._ 111.25 July 9 *Holders of rec. July 8
*10e. Dec. 31 'Holders of rec. Dec. 27
Heller(W.E.)& Co.,common (quar.)
Feb. 2 Dec. 27 to Jan. 28
2
N.Y.Central RR.(guar.)
Preferred (guar.)
•4311c Dec. 31 *Holders of rec. Dec. 27
1
•134
*134
134
*51
JAN. 10 1931.]
Name of Company.
267
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days'nausea.
Name of Company.
When
Per
Cent. Payable.
Books Closet!.
Days Inclusive.
Public Utilities(erneNUL
31
Missouri Gas& Elee.Serv.. pr lien (gu.). lei Jan. 15 Holders of rec. Dec. 31
Dec.
of
Missouri Riv.-Sioux City Mtge.. Pf.(qua lei Jan. 15 Holders of rec. Jan. 15
Mohawk de Hudson Power. let pref.(au) $1.75 Feb. 2 Holders of ree. Jan. 1
Monongahela Valley Water, pref.(eu.). '134 Jan. 15 *Holders of reo. Jan. 13
rec.
*1 e4 Feb. 2 *Yielders
Montana Power, preferred (quar.)
31
Montreal Lt.,Ht.& Pow.Cons.(guar.). 38e. Jan. 31 Holders of roe. Dec. 31
Jan. 15 Holders of rec. Dec.
2
Montreal Telegraph (guar.)
Holders of rec. Jan. 7
Montreal Tramways. common (guar.)._ 234 Jan. 15 Holders of ree. Dec. 31
lei Jan. 20
Mountain State Power, pref.(quar.)
Jan. 15 *Holders of rec. Deo. 81
Mountain States Tel.& Tel.(guar.).-. *2
450. Feb. 1 Holders of tea. Jan. 154
National Elec. Power Co.. corn. A (qua
250. Jan. 15 Holders of reo. Dec. 31
National Fuel Gas (guar.)
Teo. Jan. 17
National Power & Light,$6 pref.(guar.) 51.50 Feb. 2 Holders of reo. Dec. 31
of
Nat.Public Service,coin.B.(special). _ _ *60c. Jan. 15 *Holders of tee. Dec. 30
lei Feb. 2 Holders
Nevada-Callf. Elec.. prof.(guar.)
*lei Jan. 10 *Holders of rec. Dec. 15
Newark Telephone. Prof.(guar.)
26
New Bedford Gas& Edison Light(guar.) •75c. Jan. 15 *Holders of no. Dec. 31.
(qua- 50e. Jan. 15 Holders of ree. Dec.
New England Power Assn..corn.
31
New England Pub. Serv. $7 pref.(qua- $1.75 Jan. 15 Holders of rec. Dec. 31
$1.50 Jan. 15 Holders of rec. Dec.
$6 preferred (guar.)
$1.75 Jan. 15 Holders of rec. Dec. 31
Adjustment preferred (guar.)
Public Utilities.
$1.50 Jan. 15 Holders of roe. Dee. 31
$6 cony. preferred (quar.)
$1.25 Feb. 2 Holders of rec. Jan. 15
Alabama Power.$5 Prof.(guar.)
Dec.
New York Telephone Co..8ji% PL(1111.) 134 Jan. 15 Holders of rec. Feb. 20
American Cities Power & Light160
rec.
North American Edison, pref.(guar.)... $1.50 Mar. 2 Holders of rec. Jan. 200
1 Holders of reo. Jan. 5
Feb.
Class A (1-32 sit. el. B stk.or 75o.cash)
Feb. 16 Holders of
(gu.)._ 12
North Amer.Light &Pow.,com.
Feb. 1 Holders of rec. Jan. 5
Class B(234% in class B stock)
Northern Indiana Public Service
Am.Commonwealths Pow..ol. A&B(qu) (1) Jan. 26 Holders of reo. Dec. 31
lei Jan. 14 Holders of rec. Dec. 31
7% preferred (guar.)
$1.75 Feb. 2 Holders of rec. Jan. 15
First preferred series A(guar.)
lei Jan. 14 Holders of rec. Dec. 31
6% Preferred (guar.)
$1.62 Feb. 2 Holders of rec. Jan. 15
$6.50 first pref.(guar.)
lei Jan. 14 Holders of rec. Dec. 31
bee% preferred (guar.)
Feb. 2 Holders of rec. Jan. 15
$1.50
$6 first preferred (guar.)
(guar.)._ '234 Jan. 15 *Holders of rec. Dec. 31
Northern New York Telephone
$1.75 Feb. 2 Holders of rec. Jan. 15
Second preferred series A (Oar.)
1 Holders of rec. Jan. 10
Jan. 15 Holders of rec. Dec. 150 Northern N.Y.Utilities, Inc.. pref.(gu) lei Feb. 26 Holders of reo. Dec. 31
(WO- $1
Amer.Dist.Teleg.of N.J.,corn.
lei Jan. 15 Holders of rec. Dec. 150 Northern Ontario Power, corn. (guar.). 500 Jan.
7% preferred (guar.)
let Jan. 26 Holders of reo. Dec. 81
Preferred (guar.)
$1.50 Feb. 2 Holders of rec. Jan. 10
Amer. Gas & Elea., pref. (guar.)
Feb. 2 Holderrof reo. Dec. 31
Amer. Telephone & Telegraph (guar.).- 234 Jan. 15 Holders of rec. Deo. 200 Northern StatesPow.(Del.).item. A(qu) 2
lei Jan. 20 Holders of rec. Dec. 31
7% preferred (guar.)
75e. Feb. 2 Holders of rec. Jan. 9a
Amer. Water Works & El., corn.(qu.)134 Jan. 20 Holders of rec. Dec. 31
6% preferred (guar.)
Associated Gas& Elee.el. A (guar.).--. ce500. Feb. 2 Holders of roe. Dec. 30
134 Jan. 15 Holders of rec. Dec. 20
Nortliwntern Bell Telep,, Pref.(guar.).
$4 Pref. (guar.) (No. 1) $1 or 1-70th
681-30Feb. 2 Holders of rec. Jan. 15a
Ohio Pub. Sera.7% pref.(monthly)....
Feb. 2 Holders of rec. Dec. 30
share $5 preferred
50o Feb. 2 Holders of rec. Jan. 150
6% Preferred (monthly)
f2 Jan. 15 Holders of rec. Dec. 31
Arno°. Telep. Util., coin.(guar.)
41 2-30 Feb. 2 Holders of reo. Jan. 154
Jan. 15 Holders of roe. Doe. 23
5% preferred (monthly)
2
Bell Telep.of Canada(guar.)
500 Jan. 15 Holders of rec. Dec. 31a
Pacific Gas& Elec.,corn,(guar.)
134 Jan. 15 Holders of rec. Dec. 20
Bell Telep.of Pa.,6ee% pref.(guar.)
*400 Jan. 15 *Holders of rec. Dec. 31a Pacific Lighting Corp. $6 pref. (guar.)._ $1.50 Jan. 15 Holders of tea. Dee. 31
Bridgeport Hydraulic(guar.)
31
Pacific Public Service, class A (guar.)... z3234c Feb. 2 Holders of rec. Jan. 10
British Columbia Power, class A (guar.). 500 Jan. 15 Holders of reo. Dec.
134 Jan. 15 Holders of reo. Dec. 310
PacilleTelep.dr Teleg.. pref.(guar.)._
'134 Feb. 2 *Holders of rec. Dec. 30
Broad River Power, pref. (guar.)
550 Feb. 2 Holders of reo. Jan. 20
Jan. 10 Holders of rect. Dec. 31a Penna. Power Co., 58.60 pf.(mthly.).
31.50
Brooklyn Borough Gas, corn.(guar.)
55c Mar. 2 Holders of rec. Feb. 20
$8.60 preferred (monthly)
Jan. 15 Holders of rec. Dec. 31a
Bklyn.-Manhattan 'Fran., corn. (guar.)- $1
$1.50 Mar. 2 Holders of rec. Feb.,20
$6 preferred (guar.)
$1.50 Jan. 15 Holders of rec. Dec. 310
Preferred, series A (guar.)
Jan. 17 Holders of rec. Jan. Se
2
15 Holders of roe. Apr. la Peoples Gas Light dc Coke (guar.)
$1.50 Apr.
Preferred, serial A (guar.)
Philadelphia & Camden Ferry (guar.)._ *750. Jan. 10 *Holders of reo. Dec. 19
Buff. Niagara & East Per.200. Jan. 31 Holders of ree. Dec. 31
Philadelphia Company, corn. (quar.)
*51.25 Feb. 2 *Holders of rec. Jan. 15
$5 first preferred (guar.)
35e. Jan. 31 Holders of rec. Dec. 31
Common (extra)
lei Jan. 15 Holders of ree. Dec. 31
Callf.-Oregon Power Co.,7% pt.(qua
Jan. 31 Holders of rte. Dee. 311
1
Common old $50 par (guar.)
lei Jan. 15 Holders of roe. Doe. 31
6% Preferred(guar.)
lei Jan. 31 Holders of rec. Dec. Ille
Common old $50 par (extra)
Jan. 26 Holders of roe. Dee. 31
Canada Northern Pow. Corp.,com.(ge.) 150.
Philadelphia Electric Co.. $5 pref.(qua $1.25 Feb. 2 Holders of rec. Jan. 19
lae Jan. 15 Holders of rec. Dee. 31
7% preferred (guar.)
Jan. 31 Holders of roe. Jan. 151
51
Phila. Rapid Transit. corn.(guar.)
Canadian Western Natural Gas, Light,
'131 Jan. 1 *Holders of reo. Dee. 31
Piedmont de Northern Ry.(guar.)
•250. Mar. 2 *Holders of roe. Feb. 14
Heat & Power, preferred (extra)
Power Corp.of Canada, corn.(guar.).- 50c. Feb. 20 Holders of reo. Jan. 81
•250. June 1 *Holders of roe. May 15
Preferred (extra)
134 Jan. 15 Holders of reo. Dee. 31
Preferred (guar.)
Central liudson Gas & Elec., corn.(Qua - 0200. Feb. 1 *Holders of rec. Dec. 31
31
750. Jan. 15 Holders of reo. Dec. 31
Participating preferred (guar.)
Central Ills. Pub. Sen., pref.(guar.).- •51.50 Jan. 15 *Holders of rec. Dec. 31
Pub.Sen.of Col.7% pref.(mthly.)...._ 58 1-3e Feb. 1 Holders of reo. Jan. 15‘
Jan. 15 *Holders of roe. Dee.
Central & S. W.UtU., oom.(In stook).- *fa
500 Feb. 1 Holders of rec. Jan. 15(
6% preferred (monthly)
Jan. 15 Holders of rec. Dec. 31
Chesapeake & Pot. Telep., Prof. (guar.) lei
41 2-3e Feb. 1 Holders of rec. Jane, 15(
5% preferred (monthly)
• 51.125 Jan. 15 *Holders of rec. Jan. 8
Chester & Philadelphia RY
Pub.Sony. Corp. of N.J..6% pf.(mthly) 500 Jan. 31 Holders of rec. Jan.! 2c
Cie. Newport & Coy.L.&Tr.,com.(qu.) *31.50 Jan. 1 *Holders of rec. Dee. 31
Puget Sound Power & Light. pref.(Qua $1.50 Jan. 15 Holders of rec. Deo. 191
roe. Dec. 31
• 51.125 Jan. 1 *Holders of
Preferred (guar.)
$1.25 Jan. 15 Holders of reo. Dec. 194
Prior preferred (guar.)
Cities Sen.Pow.& Lt.$7 pf.(mthly.)... 681-ac Jan. 15 Holders of roe. Dec. 310 Quebec Power (guar.)
8234e Jan. 15 Holden of reo. Dee. 23
50o. Jan. 15 Holders of rec. Doe. 310
$8 Preferred (monthly)
Feb. 2 Holders of rec. Jan. 15
41 2-30 Jan. 15 Holders of rec. Dec. 310 Rhode Island Pub. Sen., el A (guar.)._ 51
$15 preferred (monthly)
50c Feb. 2 Holders of rec. Jan. 151
Preferred (guar.)
58 1-3e Feb. 16 Holders of rec. Jan. 31
$7 Preferred (monthly)
San Diego Consol. Gas& Elec., Pf.(qua lei Jan. 15 Holders of rec. Dec. 30
of reo. Jan. 31
500. Feb. 16 Holders
$6 preferred (monthly)
/*della Water. Prof. (quar.)
'131 Jan. 15 *Holders of rect. Jan. 1
41 2-3c Feb. 16 Holders of rec. Jan. 31
$5 Preferred (monthly)
Shawinigan Water &Power(qua
6214c Jan. 10 Holders of reo. Dec. 18
lel M. 1 Holders of rec. Feb. 16
Cleveland Elec.III., pref.(guar.)
50c Feb. 15 Holders of reo. Jan. 20
Feb. ea Southern Calif Edison, corn.(guar.)
Consolidated Gas of N.Y.. cont.((Via- $1 Mar. 18 Holders of rec.
50c Jan. 15 Holders of reo. Dec. 20
Orig. pref. (quar.)
51.25 Feb. 2 Holders of rec. Dec. 270
(guar.)
Preferred
3434c Jan. 15 Holders of reo. Dec. 20
Preferred series C (guar.)
*Holders of rec. Dec. 31
Jan. 15
*2
Consolidated Traction of New Jersey
Southern California Gas Co.,Prof.(qua_ .3734c Jan. 15 *Holders of rec. Dec. 31
Consumers Power Co..$5 pref.(guar.)... $1.25 Apr. 1 Holders of roe. Mar. 14
•37e4c Jan. 15 *Holders of rec. Dec. 31
Preferred A (guar.)
134 Apr. 1 Holders of rec. Mar. 14
6% Preferred (guard 250. Feb. 16 Holders of rec. Jan. 31
Southern Canada Power Co.. corn.(qua
1.85 Apr. 1 Holders of rec. Mar. 14
6.6% preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 20
Preferred (guar.)
lei Apr. 1 Holders of rec. Mar. 14
7% preferred (guar.)
*let Jan. 15 *Holders of rec. Dec. 81
Southern Counties Gas,8% pref.(qua
2 Holders of rec. Jan.1 15
50c Feb.
6% preferred (monthly)
Jan. 15 *Holders of rec. Dec. 31
*2
Southern N.E.Telep.(guar.)
50e Mar. 2 Holders of rec. Feb. 14
6% preferred (monthly)
South Pittsburgh Water,6% pref. (oil.) lee Jan. 15 Holders of rec. Jan. 2
50o Apr 1 Holders of rec. Mar. 14
6% preferred (monthly)
134 Jan. 15 Holders of reo. Jan. 2
e% preferred (guar.)
of rec. Jan. 15
55e. Feb. 2 Holden
6.6% preferred (monthly)
873.4c. Jan. 24 Holders of rec. Dec. 311
Standard Gas & Elec.. corn.(quar.)
55e. Mar. 2 Holders of rec. Feb. 14
6.8% preferred (monthly)
$1.75 Jan. 24 Holders of rec. Dec. 31,
37 preferred (guar.)
550. Apr. 1 Holders of rec. Mar. 14
6.8% preferred (monthly)
51.50 Jan. 24 Holders of rec. Doe. 31,
roe. Dec. 20a
$8 preferred (guar.)
Jan, 15 Holders of
2
Detroit Edison Co.(guar.)
Stand.Pow.& Light,com.& corn. B(gu) 50c. Mar, 2 Holders of rec. Feb. 11
(MO- •134 Jan. 15 *Holders of rec. Dec. 20
634% Id.
Diamond State Telep.,
$1.75 Feb. 2 Holders of rec. Jan. 16
Jan. 15 Holders of rec. Dec. 310
Preferred (guar.)
Duquesne Light,5% first pref.(guar.).- 134
oleic. Jan. 20 *Holders of rec. Dec. 31
Telluride Power Co.(guar.)
$3.40 Feb. 2 Holders of rec. Jan. 10
Edison Elec. Ilium.(Boston)(guar.)
*lei Jan. 20 *Holders of rec. Dec. 31
Preferred (guar.)
Electric Bond & Share Co.,coin.(guar.) f1e4 Jan. 15 Holders of rec. Dec. 5
Holders of rec. Jan. 8
581-3c Feb. 2 *Holden of rec. Jan. 15
Toledo Edison 7% pref. (monthly)
$1.50 Feb. 2
$6 preferred (guar.)
50e. Feb. 2 *Holders of rec. Jan .15
$1.25 Feb. 2 Holders of ree. Jan. 8
67 preferred (monthly)
55 preferred (guar.)
41 2-3c Feb. 2 Holders of rec. Jan. 15
0
5.9 preferred (monthly)
Elec. Power & Light Corp.,coin.(guar.) 250. Feb. 2 Holders of rec. Jan. 10a
L. Allot. Ws.(full paid) (corn. stock).- 12e4c Feb. 2 Holders of rec. Jan. 10a Twin City Rapid Transit, Minneapolis
Jan. 15 Holden of rec. Deo. 31
2
*$1.75 Feb.' 2 *Holders of rec. Jan. 10
Common (pay. In notes & scrip)
Second preferred A (guar.)
234 Jan. 15 Holders of rec. Dee. 31
$1.75 Jan. 15 Holders of rec. Jan. 20 United Gas & Elec. Co., 5% pre
El Paso Elea. Co., Prof. A (guar.)
$1.50 Jan. 15 Holders of ree. Jan. 20 United Lt.& Pow.,new cons. A &B(go.) 250. Feb. 2 Holders of rec. Jan. la
Preferred B (guar.)
51.25 Feb. 2 Holders of roe. Jan. 18
Old common A &B (guar.)
Empire District El. Co. pref.(mthly.). 500. Feb. 1 Holders of roe. Jan. 15a
Pf.(mthly)662-ac Feb. 1 Holders of reo. Jan. 15a United Telep. Co.(Del.), 2d pref.(qua- 81.75 Feb. 1 *Holders of rec. Jan. 20
Empire Gas & Fuel Co.,
58 1-30 Feb. 1 Holders of reo. Jan. 15a United Tel.(Kansas)corn.(guar.)
Jan. 15 *Holders of rec. Dec. 31
*$2
,
ik 7% Preferred (monthly)
541-60 Feb. 1 Holders of reel Jan 15a
$1.75 Jan. 15 *Holders of roe. Dec. 31
•
Preferred (guar.)
L 634% preferred( monthly)
5110. Feb. 1 Holders of reo. Jan. 150 Western Power. Lt.& Telep.. el. A (qua *50e. Feb. 1 'Holders of rec. Jan. If
R 6% preferred (monthly)
Jan. 15 Holders of rec. Dec. 23
2
750. Jan. 15 Holders of ree. Dec. 31
Western Union Telegraph (guar.)
English Elec. Co., class A (guar.)
lei Feb. 2 Holders of rec. Jan. 1
West Penn Power
7% pref.(qua
Fairmount Park Transp.(Phila.).P1.(gu) *1734 Jail. 10 *Holders of roe. Dee. 31
lei Feb. 2 Holders of roe. Jan. 1
saee Jan4 1 *Holders of reo. Dec. 31
Co..
6% Preferred (guar.)
Federal Public Service; pref.(quit.).Jan. 1 *Holden of rec. Dec. 31
*4
Wisconsin Gas &Elec..7% Pr. A (on.).. •134 Jan. 15 *Holders of rec. Doe. 31
Gardner Electric Light Co., corn
*lee Jan. 15 *Holders of rec. Dec. 31
814% preferred 13 (guar.)
Gas& Elec.Securities,corn.(monthly).- 500. Feb. 2 Holders of rec. Jan. 15a
$1.50 Jan. 15 Holders of rec. Jan. f
Si Feb. 2 Holders of ree. Jan. 154 York Rye.,common (guar.)
Common(payable in coin.stook)
1
dDee.31 Holders of rec. dDec.21 a
$3
681-30 Feb. 2 Holders of rec. Jan 15a
Common (extra)
Preferred (monthly)
623.4c Jan. 31 Holders of rec. Jan. 2(ma
f500. Feb. 2 Holders of reo. Jan. 15a
Preferred (guar.)
Gas Securities Co.,corn.(In stock)
of rec. Jan. 15a
50e. Feb. 2 Holders
Preferred (monthly)
Banks
Harrisburg Gas. pref. (guar.)
•154 Jan. 1 *Holders of reo. Dec. 31
*4 Jan. 10 *Holders of rec. Dec. 81
West New Brighton(Staten Wand)
Hartford Electric Light (guar.)
*6854e Feb. 1 *Holders of rec. Jan. 15
Havana Elec.& Utilities. 1st pref.(qua 13.4 Feb. 16 Holders of rec. Jan. 17
Cumulative preference (guar.)
51.25 Feb. 18 Holders of roe. Jan. 17
Trust Companies.
150. Jan. 10 Holders of roe. Dee. 31
Inter. Hydro-Elec.System, Cl. A(qua-- (n) Jan. 16 Holders of rec. Dec. 26a Bank of Sicily Trust Co.(guar.)
873.40 Jan. 15 Holders of roe. Dec. 26a
$3.50 preferred (guar.)
Fire Insurance.
50e. Jan. 15 Holders of rec. Dec. 19a
Internat. Telep. dr Telex.(guar.)
81.20 Jan. 10 Holders of rec. Dec. 81 a
International Utilities Corp..$7 Pf.(qua $1.75 Feb. 2 Holders of rec. Jan. 160 Continental
$1.30 Jan. 10 Holders of rec. Dec. 31 a
87e40. Jan. 15 Holders of rec. Dec. 30a Fidelity-Phenix
Class A(quar.)
Publics ServIce.lir.lien(Qu).- lei Jan. 15 Holders of rec. Dec. 31
Interstate
Miscellaneous,
1
Interstate Utilities, corn.(guar.)
12
Jan. 1 *Holders of rec. Dec. 30
Abitibi Power & Paper,6% of.(guar.). 134 Jan. 20 Holders of reo. Jan. 11
Joplin Water Works,8% pref. (guar.)._ *lee Jan. 1 *Holders of rec. Jan. 2
lei Jan. 31 Holders of rec. Jan. 11
Abraham & Straus, Inc., pref.(guar.).$1.50 Jan. iS Holders of reo. Dec. 20
Kentucky Securities. pref. (guar.)
Adams(J. D.) mfg.,common (guar.)... •60e. Feb. 1 *Holders of rec. Jan. 11
•500. Jan. 1 *Holders of reo. Dec. 26
Kentucky Utilities, pref.(guar.)
35e. Jan. 10 Holders of ree. Jan. /
Addressograph Int. Corp.(guar.)
Telep.of Phila., Prof.(guar.). 750. Feb. 1 Holders of rec. Jan. 23
Keystone
750. Jan. 15 Holders of rec. flea. 3'
*2
Jan. 10 *Holders of rec. Deo. 31
Ali Reduction Co.(guar.)
Lincoln Tel. & Tel., coin. (gear.)
100. Feb. 2 Holders of rec. Jan. 13
114 Jan. 10 *Holders of rec. Dee. 31
Alaska Juneau Gold Min.(gu.)(No. 1)(qua?.)'
Preferred
150. Jan. 17 Holders of reo. Dec. 81
Scour., class A (guar.).- *50e. Jan. 10 *Holders of roe. Dee. 31
Steel(monthly)
Allegheny
Lincoln Telep.
15o. Feb. 18 Holders or rec. Jan. 3
•25c. Jan. 10 *Holders of rec. Dec. 31
Monthly
Class B (guar.)
75e. Jan. 23 Holders of rec. Jan. II
Alliance Realty. com.(guar.)
'13.4 Jan. 10 *Holders of rec. Dec. 31
(guar.)
Preferred
Holders of reo. Jan. 11
(guar.) - $1.50 Feb.
corn.
corn 51k) On
.
Hold,of rec. Feb.2 1931
Allied Chemical de Dye,
Lone Star Gas Corp.. corn (In
134 Feb. 1 Holders of reo. Jan. 11
Allied Kid Co.. Preferred (guar.)
Louisville Gas dr Elec.(KY.)7% Pf.(gu.) easi Jan. 15 *Holders of rec. Dec. 31
500. Jan. 24 Holders of roe. Dec. 8
•134 Jan. 15 *Holders of rec. Dee. 31
Alpha Portland Cement. corn.(guar.).6% preferred (guar.)
olii Jan. 15 *Holders of re*. Dee. 31
Amalgamated Elec. Corp., Ltd.,Pf.(gu.) 750. Jan. 15 Holders of rec. Jani .
5% preferred (guar.)
•50e. Jan. 15 *Holders of reo. Dec. 23
American Aggregates. pref. (guar.).- *S1.75 Feb. 2 *Holders of tee. Dee. 9
Maine Gas Co., common (guar.)
.134 Jan. 1 *Holder of reo. Dec. 3
•500. Jan. 15 *Holders of rec. Doe. 23
Amer. Art Works, Inc., pref
(:. Common (extra)
*31.50 Jan. 15 *Holders of rec. Dec. 23
Amer. Asphalt Roolinil. writ.(guar.).- •lei Jan. 1 *Holders of reel. Dec. 8
.
P Preferred (guar.)
*2
Jan. 15 Molders of rec. Dee. 3
Preferred (guar.)
Associates. pref.(OIL).- 6234c Jan. 15 Holders of rec. Dec. 305
Mass. Utilities
Feb. 16 Holders of rec. Jan. 15
Amer. Brake Shoe & Fdy., cam.(guar.) 600. Mar.31 Holders of reo. Mar.2
Middle West Utilities, corn.(guar).__ 12
154 Mar.31 Holders of tee. Mar.2
Preferred (guar.)
Feb. 15 Holders of reo. Jan. 15
Prof.($1.50 or 3-80ths'Ii. corn.Stook)
51 Feb. 16 Holders of Yee. Feb.
Milwaukee Elee.fly.& Lt.. Of.(guar.).- 134 Jan. 81 Holders of rec. Jan. 260 American Can,corn.(guar.)
Railroads (Steam)(Conduded)•
Feb. 19 Holders of rec. Jan. 31a
Norfolk & Western, adj. pref.(guar.)._ 1
Jan. 15 Holders of rec. Dec. 31e
$2
Northern Central
lei Feb. 2 Holden of rec. Dec. 31a
Northern Pacific (quar.)
434 Jan. 10 Dec. 20 to Jan. 11
Northern Securities Co.(guar.)
Pere Marquette. pref. & prl. pref. (qua 114 Feb. 2 Holders of reo. Jan. 20
'234 Jan. 10 *Holders of rec. Dec. 30
Philadelphia Trenton (guar.)
214 Jan. 20 Holders of rec. Jan. 100
Pittsburgh elect. Chicago & 8t. Louis
•$2.513 Feb. 2 *Holders of reo. Dec. 26
Pittsburgh & Lake Erie
Pittsburgh & West Va., coin.(guar.).- lei Jan. 31 Holders of rec. Jan. 150
Feb. 12 Holders of reo. Jan. 150
$1
Reading Co., coin. (guar.)
20
St. Louls-Ban Francisco,6% pref.(qua- lei Feb. 2 Holders of reo. Jan. 12
334 May 1 Apr. 12 to May
8% preferred (guar.)
lei Aug. 1 Holders of rec. July la
6% Preferred (guar.)
134 Nov. 2 Holders of rec. Oct. la
6% Preferred (guar.)
2 Feb. 2 Holders of reo. Jan. 20
Southern Ity.common (guar.)
2 May 1 Holders of rec. Apr. la
Common(guar.)
1.65 Aug. 1 Holders of reo. July la
Common (guar.)
134 Jan. 15 Holders of rec. Dec. 28a
Preferred (quar.)
234 Jan. 10 Holeers of tea. Dec.20
United N.J.RR.& Canal Coe.(Qu.)
268
Name of Company.
FINANCIAL CHRONICLE
Per
When
Celli. Payable.
Books Cased.
Days Inclusive.
Name of Company.
[VOL. 132.
Pa
When
Conf. Payable
Books Closell
Days Inclusim.
Miscellaneous (Continued):
Miscellaneous (Continued).
American Factors, Ltd.(monthly)
Credit Util. Banking, class B(Qual.)... 374c Jan. 10 Holders of reo. Deo. 26
*15c. Jan. 10 *Holders of rec. Dee. 31
American Fork de Hoe, pref.(anal.).... 1)4 Jan. 15 Holders of rec. Jan. 5
Cresson Cons. Gold Min.& Mill (guar.) *lc. Jan. 10 *Holders of rec. Doe. 31
Amer. Founders Corp., 1st pref. A (qu.) 874c. Feb. 2 Holders of roe. Jan. 3
Crowell Publishing, preferred
*33.50 Feb. 2 *Holders of rec. Jan. 24
7% first preferred, series B (guar.)
Crucible Steel, common (quar.)
874e. Feb. 2 Holders of rec. Jan. 3
134 Jan. 31 Holders of rec. Jan. 15a
Crum & Forster, common (guar.)
6% first preferred, series D (guar.).
- 750. Feb. 2 Holders of rec. Jan. 3
254 Jan. 15 Holders of roe. Jan. 5
Preferred (guar.)
Amer. ome Products(monthly)
35e. Feb. 2 Holders of roe. Jan. 144
2
Mar.31 Holders of roe. Mar.21
Amer.Ice Co.,corn.(guar.)
75o. Jan. 26 Holders of roe. Jan. 9a Cuba Company, preferred
*34 Feb. 2 *Holden of rec. Jan. 15
Preferred (guar.)
$1.50 Jan. 26 Holders of rec. Jan. 9a Cudahy Packing, com. (quar.)
$1
Jan. 15 Holders of rec. Jan. 5a
Curtis Publishing, corn.(monthly)
Mar. 31 Holders of roe. Mar. 15
Amer. Manufacturing Co., corn.(guar.) 1
50e Feb. 2 Holders of roe. Jan. 20a
Preferred (guar.)
July 1 Holders of rec. June 15
1
Common (guar.)
$1.75 Apr. 1 Holders of roe. Mar.20a
Oct. 1 Holders of roe. Sept.15
Curtiss-Wright Export Corp.. pt.(qu.) _ iii$1.50 Jan. 15 *Holders of rec. Dec. 31
1
Common (guar.)
Dee. 31 Holders of roe. Dec. 15
Davenport Hosiery Mills. corn.(quar.)
1
Common (guar.)
50e Jan. 15 Holders of rec. Jan. 1
Deep Rook Oil Corp.,$7 pref.(qu.)
131 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
$1.75 Jan. 24 Holders of reo. Dee. 31
Deere & Co.,new corn (pay.In new corn.) 114 Jan. 15 Holders of roe. Dee. 15
131 July 1 Holders of roe. June 15
Preferred (guar.)
Denver Union Stock Yards.com.(qu.)._ *El
134 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
DevonstrireInvesting Corp.,own.
134 Dee. 31 Holders of rce. Dec. 15
50o Jan. 15 Holders of reo. Jan. 2
50c Jan. 15 Holders of reo Jan 50 Dictograph Products (guar.)
American News (bi-monthly)
25c. Jan, 15 Holders of rec. Jan. 1
Dome Mines. Ltd.(guar.)
American Phenix Corp.. general stock.. 50e. Jan. 10 Holders of roe. Dec. 31
25c. Jan. 20 Holders of rec. Doe. 31a
Dominion Engineering Works. Ltd.(qu.) "51
*400. Jan 15
Amer. Railway Trust Shares
Jan. 15 'Holders of roe. Dee. 19
500. Jan. 15 Holders of roe. Doe. lba Dominion Tar & Chemical pref.(guar.). 151 Feb. 1 Holders of rec. Jan. 5
Amer. Rolling Mill., com.(guar.)
Dominion Textile, Prof.(guar.)
'134 Jan. 15 *Holders of roe. Dee. 31
6% preferred (guar.)
131 Jan. 15 Holders of rec. Dee. 31
51.25 Feb. 1 Holders of roe. Jan. lba Du Pont(E.I.) de Nemours & Co.
Amer. Shipbuilding, com.(guar.)
Feb. 1 *Holders of rec. Jan. 15
al
Debenture stock (guar.)
14 Jan. 24 Holders of roe. Jan. 10a
Preferred (guar.)
Amer.Steel Foundries. com.(quar.).... 75o. Jan. 15 Holders of rec. Jan. 2a Eagle Fisher Lead Co., pref.(guar.)._ *14 Jan. 15 Holders of rec. Doe. 31
Jan. 15 Holders of roe. Jan. 5a Eastern Dairies, Ltd.,com.(qu.)
2
25e. Feb. 2 Holders of rec. Jan. 15
American Type Founders, com.(qual.).
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. ba
iii134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Eastern Theatres(Canada) pref
Amer. Vitrified Products, pref. (guar.). iii131 Feb.
34 Jan. 31 Holders of ere. Dec. 31
624e. Feb. 16 Holders of roe. Jan. 100 Eastern UM.Investing, partici. pl. (au.) $1.75 Feb. 2 Holders of rec. Deo. 30
Anaconda Copper Mining (guar.)
25e. Feb. 9 Holders of roe. Jan. 100
$6 preferred (guar.)
$1.50 Mar. 2 Holders of roe. Jan. 30
Anaconda Wire & Cable (guar.)
25c. Feb. 9 Holders of roe. Jan. 100
$7 preferred (quar.)
iqu.)
$1.75 Mar. 2 Holders of rec. Jan. 30
Andes Copper Mining
$5 prior preferred (guar.)
$1.25 Apr. 1 Holders of rec. Feb. 27
Andre Citroen Corp.
Eaton Axle & Spring, corn.(guar.)
40e. Feb. 1 Holders of rec. Jan. lba
Am.dep.rcts.B bear.shs.,26 88-100 fr ones Jan. 21 *Holders of rec. Jan. 14
(quar.)
50o. Jan. 15 Holders of rec. Jan. 3
Economy Grocery Stores (guar.)
Anglo-NatIonarCortio class A
250. Jan. 15 Holders of rec. Jan. 2
18340 Jan. 20 Holders of rec. Dec. 31
Archer-Daniels-Midland Co.,COM.(qu.) 50o. Feb. 1 Holders of rec. Jan. 21a Edison Bros.Stores(guar.)
134 Feb. 1 Holders of rec. Jan. 210 Electric Household Utilities (guar.)._
50c. Jan, 20 Holders of rec. Jan. 5
Preferred (guar.)
$34 Jan. 15 Holders of roe. Jan. (16
Associated Dry Goods, COM.(guar.)... 630. Feb. 2 Holders of rec. Jan. 10a Ely & Walker Dry Goods, 1st Prof.
14 Mar. 2 Holders of rec. Feb. 70
Second preferred
$3 Jan. 15 Holders of reo. Jan. d6
First preferred (guar)
134 Mar. 2 Holders of roe. Feb. 7a Eureka Pipe Line (guar.)
51
Feb. 2 Holders of rec. Jan. 15
Second preferred (guar.)
*50o. Jan. 15 Holders of roe. Doe. 31
Fair(The)corn.(guar.)
60e Feb. 1 Holders of rec. Jan. 210
Atlas Plywood (guar.)
fl 34 Mar. 2 Holders of roe. Feb. 16a
Preferred (guar.)
Atlas Stores. corn.(pay.in eom.stock)
154 Feb. 1 Holders of rec. Jan. 210
(guar.)._
75c. Feb. 1 Holders of rec. Jan. 15a Fashion Co.,corn
Austin, Nichols & Co., prior A
*50e. Feb. 1
*50e. Jan. 10 "Holders of rec. Dec. 20
Automobile Banking,com.(extra)
Faultless Rubber Co.,common (qual.).. *0324c Apr. 1 *Holders of rec. Mar. 16
*8734e an. 15 *Holders of rec. Dee. 81
Federal Electric Co., $7 pref.(qual.)... *$1.75 Feb. 1 "Holders of rec. Jan. 15
Automobile Finance Corp.. prof
$6 preferred (guar.)
•
Baldwin Co..6% pref.(old)(quar.).... '1)4 Jan. 15 *Holders of rec. Dec. 31
$1.50 Feb. 1 *Holders of rec. Jan..16
Federated Metals (guar.)
Bancroft (Jos.) & Sons, pref. (guar.).- 131 Jan. 31 Holders of rec. Jan. 15
25c Jan, 15 Holders of rec. Jan. 5
*100. Jan, 20 *Holders of rec. Dee. 31
BandiniPetroleum (monthly)
Federated Publications, common (guar.) "30o Jan. 31 *Holders of rec. Jan. 15
Bankers Secur.Corp.(Philo),eom.(qu.) 750. Jan. 15 Holders of roe. Dec 31a Fenton United Cleaners (guar.)
"El
Jan. 15 'Holders of recs. Jan. 10
750. Jan. 15 Holders of rec. Dec. 310
Extra
Participating preferred (guar.)
411
Jan. 15 *Holders of rec. Jan. 10
*740 Jan. 10 *Holders of rec. Dec. 31
Fibreboard Products, prior pref.(quar.)_ iiil
Bansicilla Corp., cl. A & B (guar.)
Feb. 1 *Holders of rec. Jan. 16
*75e. Mar..2 *Holders of roe. Feb. 14
Finance Co. of Am.,B0t.00m.A&B(qu.) 20e Jan, 15 Holders of roe. Jan. ba
Bastian Blessing Co.(guar.)
750. Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
4334e Jan. 15 Holders of rec. Jan. ba
Bayuk Cigars, Inc., corn. (guar.)
131 Jan. 15 Holders of roe. Dec. 31a Firestone Tire & Rubber,com.(qu.)
250. Jan. 20 Holders of rec. Jan. ba
First preferred (guar.)
Preferred (guar.)
14 Mar, 2 Holders of roe. Feb. 13a
Beaux-Arts Apt.(N. Y.), 1st prof. (11u.) *$1.50 Feb. 2 *Holders of rec. Jan. 10
First Nat. Corp., Portland, Ore.. class
Belding Cortloelli. Ltd., corn.(qual.)... 131 Feb. 2 Holders of roe. Jan. 15
$1.60 Feb. 16 Holders of rec. Jan. 195
A and B (guar.)
*50c. Jan. 15 *Holders of rec. Dee. 24
Bethlehem Steel. corn. (qual.)
*25c. Feb. 2 *Holders of rec. Jan..15
Fishman(M.H.)Co.,pref. A.& B.
(qu.) $1.75 Jan. 15 Holders of rec. Jan. 2
Birtman Electric Co.,common (quar.)
*81.75 Feb. 2 "Holders of rec. Jan. 15
Foreign Power &our. Corp., pref.(qu.). 14 Feb. 16 Holders of rec. Jan. 31
Preferred (guar.)
Apr. 1 Holders of roe. Mar.20
Foulds Milling, pref. ((uar.)
*2
Jan. 10 *Holders of roe. Dec. 31
Bliss(E. W.), com.(pay.In eom.stook)_ 12
July 1 Holders of reo. June 20
Food Machinery Corp.,corn.(qual.)... *374c Jan. 15 *Holders of rec. Dec. 31
Common(payable in common stock)._ 12
Oct. 1 Holders of rec. Sept. 20
64% preferred (monthly)
*50c. Jan. 15 Holders of rec. Jan. 10
(
Common payableIn common stock).. f2
*500. Feb. 15 Holders of rec. Feb. 10
134 Feb. 1 Holders of rec. Jan. 200
% preferred (monthly)
Bloomingdale Bros., Inc. PreL(quar.)
% preferred (monthly)
Jan. 31 Holders of rec. Jan. 14
$1
*50c. Mar.15 Holders of rec. Mar. 10
Bon Am!Co., class A (guar.)
634% preferred (monthly)
50c. Jan. 17 Holders of rec. Jan. 14
*50c. Apr. 15 Holders of rec. Apr. 10
Class B (guar.)
6)4% preferred (monthly)
50c. Jan. 17 Holders of rec. Jan. 14
*50c. May 15 Holders of roe. May 10
Class B (extra)
Jan. 15 Holders of reo. Doe. 30a
a
*50c. June 15 Holders of rec. June 10
6%% Preferred (monthly)
Borden Company (stock dividend)
6)4% preferred (monthly)
Brandram Henderson, Ltd.,com.(gu.). *50e. Feb. 2 Holders of rec. Jan. 2
*50c. July 15 Holders of rec. July 10
% preferred (monthly)
- 500. Jan. 15 Holders of rec. Dee. 20
*50c. Aug 15 Holders of rec. Aug. 10
Brantford Cordage, lot pref.(guar.).
6)4% preferred (monthly)
373.44 Jan. 26 Holders of rec. Jan. 100
Briggs Manufacturing (guar.)
*50c. Sept.lb Holders of roe. Sept.10
1234c Jan. 26 Holders of reo. Jan. 100 Foundation Co.of Canada corn.,(qual.) 250. Feb. 14 Holders of rec. Jan. 31
Extra
Fox Film Corp., class A & B (quar.)
Jan, 15 Holders of roe. Dec. 31a
11
British-American Tobacco,ordinary.... (p) Jan. 19 See note (p).
(p) Jan. 19 See note 0).
Freeport Texas Co.(guar.)
Ordinary (Interim)
Feb. 1 Holders of rec. Jan. 150
51
"1.51 Feb. 2 Holders of rec. Jan. 15
Fyr-Fyter Co., class A (guar.)
.500. Jan. 15 'Holders of rec. Dee. 31
British Columbia Pulp & Paper (qu.)
Gardner-Denver Co.,pref.(guar.)
British & Foreign Invest., pref.(guar.) '62)4c Apr. 1 Holders of roe. Mar. 15
'131 Jan. 31 "Holders of rec. Jan. 20
Preferred (quar.)_
9o. Feb. 2 Holders of roe. Jan. 2
iii194 Feb. 1 *Holders of roe. Jan. 20
British Type Investors. cl. A (bi-mthly)
General Electric (guar.)
40c. Jan. 24 Holders of reo. Doe. 190
Broadway Dept. Stores, 151 pf. (guar.). 114 Feb. 1 Holders of rec. Jan. 17
50c. Jan. 15 Holders of rec. Dec. 31
Special stock (guar.)
lbc. Jan. 24 Holders of reo. Dee, 19a
BCOMMOD Pulp & Paper (guar.)
General Motors.$5 pref.(guar.)
iii134 Feb. 2 Holders of roe. Jan. 11
$1.25 Feb. 2 Holders of reo. Jan. ba
Bullocks, Inc.. 7% pref. (guar.)
General Pub.Service,55.50 prof.(guar-) 51.375 Feb. 2 Holders of roe. Jana 9
*$1 Apr. 1
Burger Bros.,8% prof. ((uar.)
$6 preferred (guar.)
iii$1 July 1
$1.50 Feb. 2 Holders of roe. Jan. 9
8% preferred (guar.)
General Realty & Utilities. pref.(guar.) (*) Jan. 15 Holders of rec. Dee. 20a
*51 Oct. 1
8% preferred (guar.)
General Stockyards Corp.,corn,(guar.)_
500. Feb. 2 Holders of roe. Jan .15
Burma Corp., Amer. dep receipts
Feb. 20 Holders of roe. Jan. 14
Common (extra)
25c. Feb. 2 Holders of rec. Jan. 15
Div.of 2 annas plus bonus of 1 anna50c. Jan. 31 Holders of rec. Jan. 80
$6 preferred (guar.)
51.50 Feb. 2 Holders of ree. Jan. 15
Burroughs Adding Mach.,com.(extra)_
624o Feb. 2 Holders of reo. Jan. 20 Gibson Art Co., common (guar.)
*650 Apr. 1 *Holders of rec. Mar.20
Bush Terminal Co.,corn.(guar.)
1154 Jan. 15 Holders of reo. Jan. 2a Gilbert(A.C.)Co.,cam.
*250 Feb. 16 *Holders of rec. Feb. 5
(guar.)
7% debenture stock (guar.)
134 Feb. 2 Holders of roe. Jan. 19a Gnmore 011(guar.)
"30e Jan. 31 *Holders of rec. Jan. 15
Byers(A. M.) Co., pref.(quar.)
Gillette Safety Razor.$5PI.(qu.)(No.1) 51.25 Feb. 2 Holders of rec. Jan. 2
Calaveras Cement Co., pref.(guar.)._ iii131 Jan, 15 *Holders of rec. Dec. 31
"14 Feb. 2 *Holders of rec. Jan. 15
Gimbel Bros.. prof.(quar.)
1% Feb. 1 Holders of roe. Jan. 15a
% preferred (quar.)
Campe Corp..
Globe-Wernicke Co., pref. (guar.)
. 134 Jan. 15 'Holders of rec. Doe, 31
0
Canada Bud Breweries, Ltd.. corn.(qu.) *25c. Jan, 15 'Holders of ree. Dec. 31
75o. Jan. 15 Holders of rec. Jan. 2a Gold Dust Corp., corn. (guar.)
624c Feb. 2 Holders of roe. Jan. 10a
Canada Dry Ginger Ale(guar.)
Gorham Mfg., common (guar.)
500. Mar. 2 Holders of rec. Feb. 16
Canadian Bronze. L4..corn.(qual.)... 624e. Feb. 1 Holders of rec. Jan. 20
Gotham Silk Hosiery, pref.(qu.)
194 Feb. 1 Holders of rec. Jan. 20
Preferred (quar.)
194 Feb. 2 Holders of ree. Jan. 12a
Granby Consol. Min.Smelt% Pow.
Canadian Car & Foundry, prof.(guar.). *44c. Jan. 10 *Holders of rec. Dec. 26
(qu.) 50o. Feb. 2 Holders of roe. Jan. 16a
Great Lakes Engineering Works (qu.)
Canadian Fairbanks Morse Co..Pf.(qu.) 134 Jan. 15 Holders of roe. Dec. 31
*25o. Feb. 2 "Holders of rec. Jan. 26
Gruen Watch, common (quar.)
Canadian Foundries & Forgo cl. A (guar) 373.44, Jan. 15 Holders of rec. Doe. 31
*500. Mar. 1 *Holders of rec. Feb. 20
*6234c Jan. 31 Holders of ree. Dec. 31
Preferred (guar.)
Canadian Industries,corn.(guar.)
iii194 Feb. 1 *Holders of rec. Jan. 20
*31.25 Jan. 31 *Holders of rec. Dec. 31
HamiltonLoan Society(Pa.)(guar.)._ *20c. Jan. 15 *Holders of rec. Dec. 31
Common (extra)
• "1 YI Jan. 15 *Holders of reo. Dec. 31
Preferred (guar.)
*73ic Jan. 15 *Holders of rec. Dec.131
Hamilton Watch.oom.(no Par) (mthly.) 15o. Jan, 31 Holders of roe. Jan..100
Canadian Pow.& Paper Invest., pl. qu.) 6254c. Feb. 16 Holders of coo. Jan. 20
*124c Jan. 15 'Holders of rec. Dec. 31
Common $25 par
Canadian Wineries (guar.)
*30c. Jan. 31 *Holders of rec. Jan. 10
(guar.)._ *50c. Feb. 28 *Holders of rec. Feb. 13
Special
Carman dr Co., Inc., class A
15e. Jan. 31 Holders of reo. Dee. 290
*250. Jan. 26 "Holders of rec. Jan. 15
Hamilton Woolen
Jan. 15 *Holders of roe. Doe. 31
"51
Class B (guar.)
Feb. 1 Holders of rec. Jan. 2
Hammond Clock (guar.)(No. 1)
panic. shares_ _ $1
*50o. Jan. 15 'Holders of rec. Jan. 10
Century Shares Trust.
'624e Feb. 15 *Holders of rec. Feb. 1
Harblson-Walker Retrao.. prof (guar.). 134 Jan. 20 Holders of coo. Jan. 100
Chain Belt Co. (guar.)
Harttord Times((uar.)
'31344 Jan. 15 *Holders of rec. Dec. 24
*75o. Feb. 15 "Holders of rec. Feb. 1
Chapman Ice Cream (guar.)
15o. Feb. 2 Holders of rec. Jan. 200 Hathaway Bakeries, Inc., class D
25.. Jan. 15 Holders of rec. Jan. 2
Checker Cab Mfg.(monthly)
15e. Mar. 2 Holders of rec. Feb. 20a Havana Lithograph, pref.(guar.)
*194 Jan. 15 *Holders of rec. Dec. 31
Monthly
*624c Feb. 1 *Holders of ree. Jan. 15
Hercules Powder, pref. (guar.)
13.4 Feb. 14 Holden; of rec. Feb. 30
Cherry-Burrell Corp.. corn.(quar.)
*131 Feb. 1 *Holders of rec. Jan. 15
Hershey Chocolate Corp., COM.(quar.)_ "$1.25 Feb. 15 "Holders of rec. Jan. 25
Preferred (guar.)
25e. Feb. 2 Holders of rec. Jan. 20a
Convertible preferred (guar.)
"El Feb. 15 *Holders of rec. Jan. 25
Chicago Yellow Cab (monthly)
250. Mar, 2 Holders of rec. Feb. 20
Convertible preferred (extra)
iii$1 Feb. 15 'Holders of rec. Jan. 25
Monthly
Hibbard,Spencer,Bartlett & Co.(mthly) 250. Jan, 30 Holders of reo. Jan. 23
Cincinnati Advertising Prod.(extra)... *500. Feb. 1 *Holders of rec. Jan. 20
Hillcrest Collieries, Ltd., prat.(guar.)._ 194 Jan. 15 Holders of rec. Dec. 31
CincinnatiMilling Mach., pref.(qu.)... '1)4 Jan. 15 *Holders of rec. Dec. 31
240. Feb. 2 Holders of roe. Jan. 15a Holly Development(guar.)
*2444 Jan, 15 *Holders of rec. Dee, 31
Cities Service common (monthly)
Common(payable in common stock)._ 14 Feb. 2 Holders of era. Jan. 150 Home Service Co.. lot & 2d prof.(guar.) *50e. Jan. 20 'Holders of rec. Jan. 1
Sc. Feb. 2 Holders of rec. Jan. 15a Honolulu Plantation (monthly)
*25e, Jan, 10 *Holders of rec. Doe. 31
Preference D (monthly)
600. Feb. 2 Holders of roe. Jan. lba Horn & Hardart(N.Y.)com.(guar.)
623.4c, Feb. 2 Holders of rec. Jan. 12
Preference and pref.BB (monthly)
Household Finance, corn. A & B.(qu.).. 90o. Jan. 15 Holders of rec. Dec. 310
City Investing Co.
2a
Participating preferred (guar.)
roe.
Si Jan, 1 Holders of rec. Dee, 310
Common (payable In common stock) 1331-3 Feb. 2 Holders of rec. Jan. 31
Howe Sound Co.(guar.)
Holders
Jan, 1 Holders of roe. Dee. 31a
51
Cleveland Securities, prior lien stock.... *20e. Jan. 10 Jan. 1 ofto Dec. 22
Illinois Brick (guar.)
Jan.
20e. Jan, 10
*30o. Jan. 15 *Holders of rec. Jan. 3
Prior preferred
Quarterly
*20e. Jan. 15 *Holders of rec. Deo. 31
*30e. Apr. 15 *Holders of rec. Apr. $
Cleveland Tractor ;guar.)
Quarterly
250. Jan. 15 Holders of rec. Jan. 5
"30e. July 15 *Holders of roe. July 3
Coca Cola Bottling (quarterly)
Quarterly
250. Apr. 16 Holders of rec. Apr. 4
*30c. Oct. 15 *Holders of rec. Oct.1 3
Quarterly
Incorporated Investors (guar.)
250. July 15 Holders of reo. July 3
*250. Jan. 15 *Holders of roe. Dee. 22
Quarterly
Extra
25.. Oct. 15 Holders of roe. Oct. 5
*10o Jan. 15 *Holders of roe. Dee, 22
Quarterly
Indiana Pipe Line (guar.)
4334e Jan. 15 Holders of rec. Doe. 31
50. Feb. 14 Holders of roe. Jan. 23
Commercial Bookbinding (guar.)
Mar.26
Industrial Co.(quar.)
*Holders of
*50e. Jan. 15 *Holders of reo. Dee. 31
Community State Corp..class H (quar.). iii124c Mar. 31 *Holders of rec. Dee. 26
rec.
Industrial Credits Service
*1234c Dec. 31
100 Jan. 10 Holders of reo. Doe. 31
Class 13 (guar.)
IndustrialFinancel
(payab Corp.*75e. Feb. 1 *Holders of rec. Jan. 15
Canted.Invests., pf.(qu.)(No.1)
Common
of rec.
common stock).. 1234 Feb. 1 Hold.of Teo. Apr.18'30
*14
Consolidated Car Heat, corn. (guar.)
- '154 Jan. 15 *Holders of roe. Dee, 31
Jan. 15
Insull Utility Investments, com.(guar.) no% Jan. 15 Holders of rec. Doe. 15
*14 Feb. 1 *Holders
Consolidated Laundries, pref.(guar.)
Insurance Invest. Corp..Prof.(extra)._ *10o. Jan. 15
Consol. Mining & Smelt. Co.of Canada. 51.25 Jan. 15 Holders of roe. Doe. 30
Insurance Secur, Co., Inc.(N.0.) O(U,) 174e. Jan, 15 Jan. 1 to Jan. 8
Jan. 15 Holders of rec. Dee. 30
$5
Bonus
Rueuranshares Corn.(Del.),common A
40o. Jan. 15 Holders of rec. Deo. 31a
*740 Jan. 25 *Holders of res. Jan. 15
Consolidated Royalty 011(quar.)
35e. Jan. 15 Holders of rec. Jan. 10
75o. Jan. 20 Holders of rec. Jan. ba Interallied Investment Corp., class A
Corn Products Refg., com.(guar.)
50e. Jan. 20 Holders of rec. Jan. 5a Internat. Business Machines (guar.).- $1.50 Jan. 10 Holders of rec. Dee. 20a
Common (extra)
Stook dividend
Jan. 10 ITolders or rec. Doe. 200
e5
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. 5a
Stock dividend (5 shares for each 100) (f) Jan. 10 Holders of roe. Doe. 20.
Corporation Securities, pref.(qual.).... 775e. Feb. 2 Holders Of rec. Jan. 10
International Match Corp., corn.(qu.)
51 Jan. 15 Holders of rec. Doe. 26a
Creamery Package Mfg., com.(quar.).. *50e. au. 10 Holders of roe. Jan. 1
PartIcipatIng preference (guar.)
SI Jan. 15 Holders of rec. Doe. 26a
Preferred (qmar.)
'1)4 Jan. 10 Holders of rec. Jan. 1
JAN. 10 1931.]
Name of Company.
FINANCIAL CHRONICLE
Whew
Per
Cent. Payable.
Books Closest.
Days Inclusive.
Miscellaneous (Conginned).
Internat. Harvester, corn.(guar.)
62540. Jan. 15 Holders of rec. Dec. 20a
International Nickel of Canada
Preferred (par $100) (quar.)
134 Feb. 2 Holders of roe. Jan. 3a
Preferred (par 55)
834e. Feb. 2 Holders of rec. Jan. 30
International Paints, Ltd., pref.(quar.)- *$654c Jan. 15 *Holders of rec. Dec. 31
Internat.Paver,7% pref.(quar.)
154 Jan. 15 Holders of rec. Dec. 260
Internet'Paper & Power,7% pref.(qua
154 Jan. 15 Holders of rec. Dec. 266
8% preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 26
Internat. Printing Ink. pref. (lum.).-- 154 Feb. 1 Holders of rec. Jan. 12a
International Products Corp.. Pref.-3
Jan. 15 Holders of roe. Dec. 316
•500. Feb. 1 *Holders of rec. Jan. 15
International Shoe, pref.(monthly)
*50o. Mar. 1 *Holders of ree. Feb. 14
Preferred (monthly)
•500. Apr. I *Holders of rec. Mar.14
Preferred (monthly)
*500 May 1 *Holders of nzo. Apr. 15
Preferred (monthly)
*500 June 1 *Holders of ree. May 15
Preferred (monthly)
International Tea Store, Ltd.
Amer. dep, rots. for ord. reg. she ...- sw12 Jae. 12 *Holders of ree. Dec. 12
Investment Foundation, cony. pf. (qu.) 3754e Jan. 15 Holders of rec. Dec. 31
Investors Trust Associates(quar.)
12540 Feb, 2 Holders of rec. Jan. 15
Jewel Tea, ann.(quar.)
75e Jan, 15 Holders of rec. Jan. 2a
Johns-Manville Corp.. corn.
75e Jan, 15 Holders of rem Dec. 24a
Kaufmann Dept. Storm, corn.(guar.).38e Jan, 28 Holders of rec. Jan. 100
Kawneer Co.(quar.)6254e.or 2% stock_
Jan. 15 *Holders of rec. Dec 31
Kaybee Storm.cam.(quar.)
150 Jan. 15 Holders of rec. Jan. 2
Kayser (Julius) & Co., corn.(quar.)_._. 6234e Feb. 1 Holders of rec. Jan. 15
Kelsey Hayes Wheel Corp.. Pref.(quar.) 134 Feb. 1 Holders of rec. Jan. 20
Keystone Steel & Wire, prof.(guar.) - *154 Jan. 15 *Holders of rec. Dee. 31
.
Keystone Watch Case, new corn.(No.1) 75e Feb. 2 Holders of rem Jan. 180
Knott Corporation (quar.)
*25e Jan. 15 *Holders of rem Jan. 5
Laboratory Products stock dividend
*e3
Jan. 15 *Holders of reo. Dec. 20
Land & Building Investing, pref
354 Jan. 15 Holders of ree. Dec. 31
Lane Bryant, Inc., pref. (quar.)
14 Feb. 1 Holders of rec. Jan. 15
Langendort United Bakeries, el. A (qu.)- *50c Jan. 15 *Holders of rec. Dec. 31
Laundry Service of California
Jan. 10 *Holders of rec. Dec. 31
*11
Lefeourt Realty, cons, (quar.)
40e Feb. 16 Holders of rec. Feb. 5
Preference (quar.)
The Jan. 15 Holders of rec. Jan. 5
Lehigh Portland Cement,eons.(quar.).. 250 Feb. 2 Holders of rec. Jan. 140
Limestone Products, 7% pref.(quar.). '8234c Apr. 1 *Holders of roe. Mar.15
Link Belt Co.,corn.(quar.)
60e Mar. 1 Holders of ree. Feb. 140
Liquid Carbonic (guar.)
Jan. 31 Holders of rec. Jan. 200
$1
Lord & Taylor,2nd pref.(quar.)
Feb. 2 Holders of rec. Jan. 17a
2
MacAndrews& Forbes,corn.(quar.)_... 85e Jan. 15 Holders of rem Dec. 310
Preferred (quar.)
154 Jan. 15 Holders of rec. Dm. 310
Macfadden Publications, $6 pref
$3 Jan. 10 Holders of rec. Dec. 31a
MacKinnon Steel, pref.(quar.)
154 Feb. 2 Holders of rec. Jan. 15
Macy (R. H.) & Co., common (guar.).- 500 Feb. 16 Holders of rec. Jan. 230
Common (payable in com.stock)
Feb. 16 Holders of rec. Jan. 230
5
Madison Square Garden Corp.(qu.)
150. Jan. 15 Holders of rec. Jan. 5a
Magma Copper Co.(quar.)
75e. Jan. 15 Holders of rec. Dec. 31a
Magnin (I.)& Co.
(quar.)
•3755C Jan. 15 *Holders of ere. Dec. 31
Mansfield Theatre CO.(Toronto)pref.- - 355 Jan. 30 Holders of rec. Dec. 31
Marathon Razor Blade, Inc.(monthly)_ •354c. Jan. 15 *Holders of rec. Jan. 1
Monthly
*354c. Feb. 15 *Holders of rec. Feb. 1
Monthly
*3540. Mar.15 *Holders of rec. Mar. 1
Monthly
•354e. Apr. 1 *Holders of rec. Apr. 1
Monthly
*350. May 15 *Holders of rec. May 1
Monthly
•3540. June 1 *Holders of rec. June 1
Monthly
•354e. July 15 *Holders of rec. July 1
Monthly
*354c. Aug. 1$ *Holders of rec. Aug. 1
Monthly
•3540. Sept.15 *Holders of rec. Sept. 1
Monthly
•354e. Oct. 15 *Holders of rec. Oct. 1
Monthly
*354e. Nov.15 *Holders of roe. Nov. 1
Monthly
*354e. Doe. 15 *Holders of rec. Dec. 1
Merchant Calculating Mach.. pref
•350 Jan. 15 *Holders of ree. Dec. 31
Marcus Loew's Theatres(Can.), pref..- 334 Jan. 15 Holders of reo. Dec. 31
Masbeck Hardware, 1st pref. (quar.) . •154 Jan. 15 *Holders of rec. Dee. 31
Second preferred (quar.)
•154 Jan. 15 *Holders of rec. Dec. 31
Maxweld Corporation, corn.(quar.).... eelOc Jan. 15 Holders of rec. Jan. 1
6% partici. pref.($10 Par)(quer.)
15c. Jan. 15 Holders of rm. Jan. 1
Mayflower Associates,stock dividend... *el
Jan. 15 *Holders of rec. Dec. 30
McCall Corp.(quar.)
6254e Feb. 2 Holders of ree. Jan. 200
McColl-Frontenee Oil, pref.(quar,)_... 154 Jan. 15 Holders of rem Dec. 31
McCrory Stores Corp., pref.(quar.)
154 Feb. 2 Holders of rem Jan. 200
Mercantile Guaranty Corp., common.. *$1.25 Jan. 15 *Holders of rec. Dee. 31
8% preferred
•4
Jan. 15 *Holders of rec. Dec. 31
8% preferred
vg
Jan. 15 *Holders of rm. Dec. 31
Merchants & Mfrs. Co.
$3.50 prior pref.(quar.)(No. 1)
• 754c Jan. 15 *Holders of tee. Jan. 2
Merchants Refrig., corn. (extra)
•$1
Feb. 2 *Holders of me. Jan. 21
•1.1 Feb. 2 *Holders of rec. Jan. 21
Preferred (quar.)
Metal Textile Corp., corn
25e. Jan. 15 Holders of rm. Dec. 310
Participating pref.(extra)
25e. Jan, 15 Holders of rec. Dec. 310
Mexican Petroleum, corn.(quar)
Jan. 20 Holders of rec. Dee. 31a
3
Preferred (guar.)
Jan. 20 Holders of roe. Dec. 31a
2
Mickelberrys Food Prod., corn. (oust'.) *15e. Feb. 16 *Holders of ree. Feb. 2
Common (quar.)
41254 Feb. 16 *Holders of rec. Feb. 2
Common(payable in corn. stock).... 41234 May 15 *Holders of ree. May 1
,
Common (payable In corn, stock)- - */254 Aug. 15 *Holders of rec. Aug. 1
Common (payable In cons. stock).
*/254 Nov.16 *Holders of rec. Nov. 2
Minnesota Val. Can., pref.(guar.)
•$1.75 Feb. 1 *Holders of roe. Jan. 20
Mississippi Val. Util. Investment Co.
$6 prior lien preferred (quar.)
$1.50 Feb 2 Holders of rec. Jan. 15
Mitchell (Robert) Co., Ltd., con.(qua
.Jan. 15 Holders of rec. Dee. 31
Mitten Bank Securities Corp., corn
6254e Feb. 16 Holders of rem Dec. 31
Preferred (quar.)
6254e Feb. 16 Holders of me. Dec. 31
Mohawk Investment Trust (quar.)...... *500. Jan. 1 *Holders of rem Jan. 1
Moloney Electric Co., class A (quar.)
81
Jan. 1 Holders of rec. Jan. 2
Monighan Mfg.. CIDAS A (extra)
•20e. Jan. 1 *Holders of rec. Dec. 31
Morris(Philip) & Co., Ltd., Inc.(quar.) 25c, Jan. 1 Holders of rem Jan. 3
Mt. Vernon Woodberry Mills, pf.(qu.)_ 'l'4 Jan. 15 *Holders of rec. Dm. 31
Mountain & Gulf Oil Corp.(guar.)
*150. Jan. 1 *Holders of rec. Dec. 31
Nash (A.) Co., Inc. (quar.)
.254 Jan. 1 *Holders of ree. Jan. 9
National Acme,common (quar.)
•20e. Feb.
*Holders of rec. Jan. 12
National Biscuit, corn.(quar,)
70e Jan. 15 Holders of rm. D. lflo
National Carbon,pref.(quar.)
2
Feb. 2 Holders of rec. Jan. 20
National Cash Register, class A (quar.). 75o. Jan. 1 Holders of me. Dec. 300
National Distillers Products (quar.)____
50o. Feb.
Holders of ree. Jan. 150
National Fireproofing, com.(quar.)
75e. Feb.
Holders of rec. Dec. 31
Preferred (quar.)
75e. Jan. 15 Holders of rec. Dec. 31
National Lead, pres. B (quar,)
134 Jan. 8 Holders of rec. Jan. 160
National Short Term &cur.,el. A (qu.). •1254e Feb.
*Holders of rec. Jan. 10
Preferred (quar.)
*1734e Feb.
*Holders of ree. Jan. 10
Newhall Bldg. Trust, Prof.(quar.)
•lad Jan. 1 *Holders of rm. Jan. 1
Newrnont Mining Corp.(quar.)
$1
Jan. 1 Holders of rm. Doe. 31
Newton Steel, pref. A (quar.)
•154 Jan. 3 *Holders of rec. Jan. 15
New Bradford 011(quar.)
*150. Jan. 1 *Holders of ree. Doe. 31
New Jersey Zino (quar.)
*500. Feb. 10 *Holders of rec. Jan. 20
N. Y. Air Brake (quar.)
60e. Feb: 1 Holders of rec. Jan. ea
New York Dock, preferred
254 Jan, 15 Holders of rec. Jan. ba
New York Investors, Inn., lit prof...... 3
Jan. 15 Holders of ree. Jan. 5
400. Jan. 15 Holders of ree. Dec. 23
New York Transit Co. (quar.)
Niagara Falls Smelt. & Ref., el. A (qu.) *50e. Feb. 2 *Holders of rec. Jan. 15
Class B (quar.)
•250. Feb. 2 *Holders of rec. Jan. 15
Niagara Share Corp.. corn. (quar.)......
10o. Jan. 15 Holders of ree. Dec. 24
750 Jan. 20 Holders of ree. Doe. 31
NIpissIng Minim (quar.)
North Amer .Securities, corn.(in stock). '1134 Feb. 1 *Holders of rec. Dec. 31
*50c. Feb. 1 *Holders of rec. Jan. 15
Northwest Engineering (quar.)
*51.50 Jan. 14 *Holders of rec. Dec. 31
Noxzema Chemical
•100. Jan. 15 *Holders of rec. Jan. 18
Oahu Sugar Co., Ltd.(monthly)
51.25 Jan. 15 Holders of roe. Dec. 31
Ohio Brass,corn. A (quar.)
51.25 Jan, 15 Holders of ree. Doe. 31
Common B (quar.)
154 Jan. 15 Holders of ree. Dec. 31
Preferred (guar.)
*50e. Feb. 2 *Holders of rec. Jan. 20
Oliver United Filters, class A (quar.)
6234c Jan. 15 Holders of ree. Doe. 3I0
Otis Elevator, corn. (quar.)
154 Jan, 15 Holders of rec. Dec. 310
Preferred (guar.)
250. Jan. 15 Holders of rem Dec. 31
Packard Electric, corn. (quar.)
Park Austin & Lipscombe, pref.(quar.)- *50e. Jan. 15 *Holders of rec. Jan. 2
PechineyAmerican dep. refs. bearer she.16 frJan. 10 *Holders of rec. Jan. 2
*3750 Jan. 10 *Holders of rec. Dec. 31
Peck Bros. & Co., pref.(quar.)
Pennsylvania Rae mfe.(guar)
51 25 an. 14 Holders of ree. Dee. 81
Name Of Company.
269
Per
When
Cent. Payable
Books Closed,
Days Inclusive.
Miscellaneous (Cantinued)•
Penman's, Ltd., corn. (quar.)
Feb. 16 *Holders of rec. Feb. 5
1
11
*154 Feb. 2 *Holders of rec. Jan. 21
Preferred (quar.)
Penn Traffic
7340. Feb. 2 Holders of roe. Jan. 15
Petroleum Landowners Corp.(mthly.)
•25e. Jan. 15 *Holders of rec. Dec. 31
Feb. 2 *Holders of rec. Dec. 31
Philadelphia Bourse, common (No. 1).. •31
Preferred
.
*$1.50 Feb . 2 *Holders of ree. Dec. 31
22.
50
Phila Insulated Wire
Holders of rec. Jan. 16
Phillips-Jones Corp., pref. (guar.)
13.4 Feb. 2 Holders of rec. Jan. 200
Phoenix Financial Corp.. prof.(quar.)
•500. Jan. 10 *Holders of ree. Dee. 31
Pickwick Corp.,8% pref.(quar.)
2 .
.
:0c Jan. 20 *Holders of reo. Doe, 15
25c
Pittsburgh Forging (quar.)
Jan. 25 *Holders of rec. Jan. 15
Pittsburgh Screw & Bolt(quar.)
35e. Jan. 15 Holders of rec. Dee. 23a
Pittsburgh Steel, pref.(quar.)
I'd Mar. 1 Holders of rec. Feb. 7a
Pittsburgh Steel Foundry, corn.(guar.). •25c. J n. 15 *Holders of rec. Jan. 9
Jan. 5
Common (extra)
*Holders of rec. Jan. 9
•12.54c
Pittsburgh United Corp., prof.(qu.).... 154 Feb. 1 Holders of rec. Jan. 12a
•134 Jan. 20 *Holders of me Dec. 31
Plymouth Cordage (quar.)
Port Huron Sulphite ds Paper (quar.)... •15e. Feb. 1 *Holders of me. Jan. 15
Porto Rican Amer. Tob.. claim A (qu.)
87540 Jan. 10 Holders of reo. Dee. 200
Power & Rail Trustees Shares
*15e. Jan. 15 *Holders of rec. Dec. 31
Premier Shares, Inc.(quar.)
1834e. Jan. 15 Holders of ree. Jan. 2
Procter & Gamble Co..8% pref.(quar.). 2
Jan. 1 Holders of rec. Dec. 24]
Producing Oil Royalty, pref.(monthly). *10e. Jan. 15 *Holders of rec. Dec. 31
Prudential Investors, $8 Pf.(qu.)(No.1) 111.50 Jan. 1 *Holders of rec. Dec. 31
Pyrehe Manufacturing,corn.(quar.)
Jan. 17 to Feb. 1
20e. Feb.
Quaker Oats, coin. (oilar.)
*Holders of ree. Dec. 31
Preferred (quar.)
• 1 jsn* 28 *Holders of rem Feb. 2
*854 Fob. 1
1
Reed (C. A.) Co., class A (quar.)
*Holders of rec. Jan. 21
*500. Feb.
Class B
*Holders of ree. Jan. 21
*1254e Feb.
Republic Stamp.& Enamel.(quar.).... 40e. Jan. 1 Holders of ree. Dec. 81
Republic Supply Co. (quar.)
750. Jan. 1 Holders of ree. Jan. 1
Quarterly
750. Apr. 1 Holders of ree. Apr. 1
Quarterly
750. July 15 Holders of ree. July 1
Quarterly
750. OM. 15 Holders of ree. Oct. 1
Revere Copper & Brass, pref.(oiler.)-- I% Feb. 1 Holders of rm. Jan. 106
Roos Bros., corn.(Quer.)
'62540 Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
51.625 Feb. 1 *Holders of rec. Jan. 15
Royal Typewriter, common
81.50 Jan. 17 Holders of rec. Jan. 10
Prof.(for last two quarters of 1930)... 354 Jan. 17 Holders of rec. Jan. 15
Common
*S1.50 Jan. 17 *Holders of ree. Jan. 10
Preferred
*53.50 Jan. 17 *Holders of ree. Jan. 10
Royalty Corp. of America
Participating pref. (qua
•30e. Jan. 15 *Holders of ree. Dee. 31
Participating pref.(extra)
*15o. Jan. 15 *Holders of rec. Dec. 31
Russell Motor Car, corn.(quar.)
lk'd Feb. 2 Holders of rec. Dec. 31
Preferred (guar.)
lad Feb. 2 Holders of rec. Dec. 31
Ruud Mfg.(quar.)
65e Feb. 1 Holders of ree. Jan.d20
St. Croix Paper.corn,(quar.)
*2
Jan. 15 *Holders of ree. Dec. 22
St. Joseph Lead Co.(guar.)
500 Mar.20 Mar. 10 to Mar.20
St. Lawrence Corp., Ltd., class A
50e Jan. 15 Holders of rec. Dec. 31
St. Lawrence Paper Mills, pref.(guar.). 154 Jan. 15 Holders of roe. Doe. 31
Salt Creek Producers Assn.(guar.)
50e. Feb. 2 Holders of rec. Jan. 150
San Carlos Milling(monthly)
*20e. Jan. 15 *Holders of rm. Jan. 7
San Francisco Mines of Mexico, Ltd.
Am.dep. rcts. ord. reg.(1s. per share)
Jan. 13 *Holders of rm. Dec. 19
Savage Arms Corp., 2nd pref (guar.)._ •$1.50 Feb. 16 *Holders of rm. Fen. 2
Schettler Drug,class A pref.(monthly).* 11 2-3e Jan. 15 *Holders of rec. Dec. 81
Schnebbe Fire Protection, corn. (quar.)_ *1254c Jan. 15 *Holders of rec. Jan. 1
Class A (quar.)
*60e. Jan. 15 *Holders of rec. Jan. 1
$3 preferred (quar.)
*75e. Jan. 15 *Holders of rec. Jan. 1
Seaboard Utilities Shares,eom.(guar.).- 1254c Feb. 2 Holders of ree. Jan. 2
Seagrave Corp.,corn.(quar.)
15e. Jan. 15 Holders of rec. Dee. 31a
Sears. Roebuck & Co. (quer.)
8254e Feb. 1 Holders of rec. Jan, ea
Stork dividends (guar.)
ea
Feb. 1 Holders of ree. Jan. 9.1
Stock dividends(caw.)
el
May 1 Holders of ree. Apr. Sc
Securities Company
214 Jan. 15 Holders of rm. Dec. 31
Seeman Bros.. Inc., corn. (quar.)
75e. Feb. 1 Holders of rem Jan. 15
Segal Lock & Hardware, prof.(quer.)--- •8734e Jan. 15 *Holders of rec. Dee, 31
Shattuck (Frank GI.) Co. Mar.)
25e. Jan. 10 Holders of rec. Dee. 200
Extra
b0e. Jan, 10 Holders of res. Dec. 200
Sheafler(W.A.) Pen, prof.(quar.)
*2
Jan. 20 *Holders of rec. Dee. 31
Shenandoah Corp., 6% pref. (guar.).
- (.2) Feb. 1 Holders of rec. Jan. 5
Signed° Steel Strapping, corn.(quar.).. •1254e Jan. 15 *Holders of rec. Dee. 31
Preferred (quar.)
*6254c Jan. 15 *Holders of rec. Dee. 31
Sinclair Consol. Oil Corp.. coin.(quar.). 25e, Jan. 15 Holders of ree. Dec. 150
Skelly Oil, pref.(quar.)
154 Feb. 2 Holders of rec. Jan. 20
Smith (E. L.) Oil Co.
Jan. 10 *Holders of rec. Dec. 15
*$b
S. M.A.Corp., corn.(guar.)
•13 Jan. 1 *Holders of rec. Dee. 20
Solvay Amer.Investment, pf.(qu.)
134 Feb. 15 Holders of rec. Jan. 15a
Southland Royalty (quar.)
15c. Jan, 15 Holders of rec. Jan. 2
Spalding(A.G.)& Bros.,corn.(quar.).. 500. Jan. 15 Holders of rem Deo. 310
Spicer Mfg., Prof.(guar.)
75e. Jan. 15 Holders of ree. Jan. 2a
•13.4 Jan. 1 *Holders of rec. Jan. 15
standard Coosa Thatcher. pref.((PO
Standard Oil(Ohio), Prof.(quar.)
154 Jan, 15 Holders of rem Dec. 31
Stand. Royalties Wanetta, pref.(mthly.) *1
Jan. 1 *Holders of rec. Dec. 31
Stand. Royalties, Wetumka, pf.(mthly.) •1
Jan. 1 *Holders of rec. Dec. 31
Stand. Royalties, Wewoka,Pf.(mthly.). *1
Jan. 1 *Holders of rec. Dec. 31
Stand. Royalties, Wichita, pf.(mthly.)- *1
Jan. IS *Holders of rec. Dee. 31
Standard Wholesale Phosp.& Arid (qu.) •30e. Jan. 15'Hollers of rec. Dec. 31
State Street Invest. Tr.(quar.)
*75c. Jan. 15 *Holders of rec. Jan. 1
Steel Co. of Canada, corn. & pref.(qu.) 4334e Feb. 2 Holders of ree. Jan. 7
Stetson (John B.) Co., common
51.50 Jan, 15 Holders of rec. Jan. 1
Preferred
Si
Jan. 15 Holders of rec. Jan. 1
Stone & Webster. Inc.(quar.)
SI
Jan. 15 Holders of rec. Dee. 170
Sturtevant(B.F.) Co.,com.& pt.(qu.)_ *154 Jan. 15 *Holders of rec. Dec.
27
Sunray 011,corn,(pay.In stock)
Jan. 15 *Holders of rec. Dee. 20
*15
Superheater Co.
(quar.)
6234c Jan, 15 Holders of rec. Jan. ba
Sweets Co.of Amer.(quar.)
25e. Feb. 2 Holders of rem Jan. 150
Swift International
51.50 Feb. 15 Holders of ree. Jan. 15
Teck Ilughes Gold Mines(quar.)
•15c. Feb. 1 *Holders of rec. Jan. 17
Telautograph Corp., corn.(quar.)
35o. Feb. 2 Holders of me. Jan. 150
Telephone Bond dr Share Co.
Class A (quar.)50e.or 1-50th shr.stk
Jan. 15 Holders of ree. Dec. 24
Class C(quar.)
El Jan. 15 Holders of rec. Dec. 24
Preferred (quar.)
131 Jan. 15 Holders of rec. Dee. 24
Participating preferred (quar.)
$1 Jan, 15 Holders of rec. Doe. 24
Tennessee Produces Corp., corn.(quar.) •25e. Jan. 10 *Holders of me. Dee. 81
rammer)(quar.)
*25e. Apr, 10 *Holders of ree. Max.31
Tobacco Products. class A (quar.)
200. Feb. 16 Holders of ree. Jan. 28a
Class A (extra)
15e. Feb. 16 Holders of ree. Jan. 236
Tooke Bros., Ltd., pref. squat.)
134 Jan. 15 Holders of ree. Dee. 31
Transamerica Corp.(quar.)
25e. Jan. 25 Holders of roe. Jan. 50
Transue & Williams Steel Forg.(qu.)-25e. Jan. 15 Holders of ree. Dee. 31a
Truscon Steel, corn.(quar.)
30e. Jan. 15 Holders of ree. Dec. 260
Corn.(Payable in corn.stock)
/8 Mar.10 Holders of rec. Jan. Ba
Tucketts Tobacco, Ltd., Prof.(quar.).. 134 Jan. 15 Holders of rec. Dec. 31
Tudor City Fifth Unit Ine., prof
3
Jan. 15 Jan. 1 to Jan. 15
Tudor City Ninth Unit. Inc., pref
3
Jan. 15 Dec. 27 to
Twenty Wacker Drive Bldg., pref.(au.). .51.50 Jan. 15 *Holders of rec. Jan. 15
Dec. 31
Ulan & Co.. corn.(quar.)
40e. Jan. 15 Holders of me. Doe, 310
United Advertising(quar.)
•250. Jan, 10 *Holders of rec. Jan. 9
Extra
•250. Jan. 10 *Holders of rm. Jan. 9
United Biscuit of America (quar.)
50e. Mar, 1 Holders of roe. Feb. 16a
Preferred (luer.)
1,1 Feb. 1 Holders
United Cigar Storm of Amer.. prof.(rin.) 154 Feb. I Holders of ree. Jae. 160
of rec. Jan. 9a
Preferred (guar.)
154 May 1 Holders of rec. Apr. 10a
Preferred (guar.)
154 Aug. 1 Holders of rec. July 10a
Preferred (quar,)
154 Nov. 2 Holders of rec. Oct. Pa
United Linen Supply, cl. B (quar.)
•$1.50 Jan, 20 *Holders of rec. Jan. I
United Milk Co.(monthly)
*6e. Jan. 10 *Holders
United Ohio Utilities, prior pref.(qu.)_. elm Feb. 1 *Holders of rec. Jan. 1
of
United Piece Dye Works,corn.(quar.).. 50e. Feb. 1 Holders of ree. Jan. 10
rec. Jan. 15a
Common (quar,)
50e. May 1 Holders of rec. Apr, 15a
Common (guar.)
50e. AWL 1 Holders of rec. July 15a
Common (guar.)
50c. Nov. 1 Holders of rec. Oct. lba
United Verde Extension Mining (quar.)50c. Jan, 31
1J. S.& British Int..$3 prof.(quar.)... 75e. Feb. 2 Holders of rec. Jan. 24
Holders of ree. Jan. 15
Class A (quar.)
121
4e
U.S.Chain & Forging, corn.(quar,).... •75e. Feb. 2 Holders of Mo. Jan. 15
Feb. 15
U.S.dr Foreign Securities Corp.
First preferred (guar.)
81.50 Feb 2 Holders of rm. Jan.
120
[Vol,. 132.
FINANCIAL CHRONICLE
270
When
Per
Cent. Payable.
Name of Company.
Boots Closed.
Days Inclusive.
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 Dee. 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 Dec. 31:
Miscellaneous (Concluded).
$1.50 Feb. 2 Holders of rec. Jan. 150
U.B.Industrial Alcohol (guar.)
50c. Jan. 15 Holders of rec. Dec. 310
U. S. Lines, preferred
Dec. 310
U. B. Pipe dr Foundry, corn. (quar.)... 234 Jan. 20 Holders of rec. Dec. 31a
300. Jan. 20 Holders of rec.
First preferred (guar.)
Jan. 15 *Holders of rec. Jan. 2
*1
S. Radiator, pref. (quar.)
U.
250. Jan. 15 Holders of rec. Dec. 310
(qu
U.S.Smelt., Refg. & Mining, co m. .)
310
8755o Jan. 15 Holders of rec. Dec. 22a
Preferred (guar.)
75c. Feb. 1 Holders of rec. Jan.
corn.(quar.)_
Universal Leaf Tobacco,
*Holders of rec. Dec. 30
•300. Jan. 15
Universal Trust Shares(No.1)
*34c. Jan. 15 *Holders of reo. Dec. 30
Extra
100. Feb. 2 Holders of rec. Jan, 2
Utilities Hydro & Rails Shares
Feb. 2 *Holders of rec. Jan. 17
Victor Talking Mach., corn. (quer.)--- 031
Jan, 20 Holders of rec. Jan. 50 INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF
1
Vulcan Detinning, corn. (guar.)
1 Si Jan. 20 Holders of rec. Jan. 50
Preferred (guar.)
BUSINESS FOR TIIE WEEK ENDED WEDNESDAY, DEC. 31 1030,
MM. Jan. 15 Holders of rec. Dec. 31
Warner Co., common (quar.)
NATIONAL AND STATE BANKS-Average Figures.
1 Si Jan. 15 Holders of reo. Dee. 20
Western Grocers, Ltd.(Can.). Pf.(qu.)
50c. Feb. 1 Holders of rec. Jan. 20
Western Tablet & Stationery, coca.(qu.)
50c. Jan. 31 Holders of rec. Dec. 240
Oth, Cash Res, Dep., Dep, Other
Westinghouse Air Brake(quar.)
Loans
Holders of rec. Dec. 31a
Gross
Westinghouse El.& Mfg.,corn.& pf.(qu) $1.25 Jan. 31 *Holders of rec. Jan. 10
Disc:. and Gold. Including N. Y. and Banks and
Jan, 15
.4
Wichita Union Stock Yards, pref
Bk.Notes. Elesewhere. Trust, Cos. Deposits,
Invest.
$3.50 Feb. 15 Holders of rec. Jan. 15
Wilson Line, Inc., preferred
*500. Jan. 15 *Holders of rec. Dec. 31
$
$
$
Worthington Ball, class A (quar.)
$
$
$
Manhattan250. Feb. 2 Holders of rec. Jan. 200
1,576,200
185,500
75,000
Wrigley (Wm.) Jr. Co.(monthly)
2,561,600 72,200
50c. Mar. 2 Holders of rec. Feb. 200 Bryant Park Bk_ 20,122,704 3,000
Monthly
73,428 2,037,230 1,831,345 20,138,451
Apr, 1 Holders of rec. Mar. 200 Grace National__
255.
Monthly
Brooklyn
Apr. 1 *Holders of rec. Mar.20
•1
747.600 7,483,300
WurlItzer (Rudolph). Dref. (guar.) -572,600
Brooklyn Nat'l__ 10,698,700 22,300 174.300
•1% July 1 *Holders of rec. June 20
107,000 7,000,000
504,000
Preferred (quar.)
7,000,000 5,000 173,000
People's Nat'l._ _
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JAN. 3 1931.
Clearing House
Members.
*Capital.
•Surplus and
Undivided
Profits,
Net Demand
Deposits
Average.
Time
Deposits
Average.
3
$
$
$
14,978,000
62,635,000
15,045,800
6,000,000
Bank of N.Y.& Tr. Co_
51,213,000
269,083,000
22,250.000 1353,928,200
Bk.of Nlanhattan Tr. Co
52,762,000
165.595.000
41,331,600
36,775,300
Bk.of Amer. Nat'l Ass'n 110,000,000 el14,017,100 a1,040,018.000 207,777,000
National City Dank__-29,067,000
231,895.000
44,039,700
21.000,000
& Trust Co__
Chem. Bk.
90,000.000 207,391,300 1,963,109,000 114,883.000
Guaranty Trust Co
37,199,000
165,960,000
19,621,400
16,200.000
Chat.Ph.Nat.13k.&Tr.Co
73.256,000
434,566,000
84,165.400
21,000,000
Cent, Han.Bk.& Tr. Co
35,577,000
182,798,000
35,356,600
15,000,000
Corn Each,Bank Tr,Co.
29,330,000
286,811,000
10,000,000 112,282,500
First National Bank _
53,358,000
418,049,000
85,182,900
50.000,000
Irving Trust Co
437,000
9,229,000
11,341,100
6,000.000
ContinenVIBk.So Tr. Co.
148,000,000 213,397,300 c1,462,312,000 202,104,000
Chase National Bank _ _ _
2,276,000
26,902.000
3,823,800
500,000
Fifth Avenue Bank
68.604,000
87,280,600 d461,848,000
25,000,000
Bankers Trust Co
1,773,000
36,400,000
24,901,900
10,000,000
Title Guar.& Truitt Co
4,373,000
45,942,000
11,435,600
10,000,000
Marine Midland Ti', Co_
1,907,000
19,073,000
4,804,400
3,000,000
Lawyers Trust Co
45,699,000
182,173,000
36,081,200
12,500,000
New York Trust Co
4.253,000
52,918,000
9,711,800
7,000,000
Bk.& Ti'. Co
Corn'l Nat.
6,964,600
29,716,000
2,566,800
2,000,000
Harriman Nat. Bk.& Ti'.
46,594,000
41,025,000
118,250,000 g14,558,400
Public Nat. Trust co
91,951,000
94,174,000
Co. g27,500,000 1323,124,100
Manufacturers Trust
Non-Memb
Pawling Farm,Tr.ers;
Co.
City Bank
Mech. Tr. Co.. Bayonne
Tntsl.
10,000,000
500,000
000 470
13,698,200
905,600
5,318,000
3,006.000
5,238,000
son 1 2130 nq3 300 6.691,455,000 1,181,573,000
State, Sept. 24 1930; Trust
• As per official report.: National, Sept. 24 1930*
171930. g As of Dec. 11
Co's. Sept. 241930, a As of Sept. 301930. f As of Nov.
1930.
$288,825,000; (b) $132,969,Includes deposits in foreign branches as follows: (a)
000; (c) 3133.023,000: (0) 355,914,000.
ManhattanBank of Europe & Tr
Empire
Federation
Fulton
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.
Mechanics
Cash.
Res, Dep., Dep. Other
N. 3'. and Banks and
Elsewhere. Trust Cos,
Gross
Deposits,
$
$
$
123,548
860,611
15,407,207
75,825,500 .4,144,300 8,982,300
179,704 1,565,544
15,339,140
729,600
10,319,000 2.428.300
68,118,318 4,400,000 13,680,428
3
$
13,655,660
3,814,100 76.989,600
205,155 15,722.339
17,690,900
56,795,725
3,693,000 26,685,000
2,501,626 5,367,277
1,017,000 124,079,000
29,279.041
117,557,000
28,014,948
727,283
386,137
8,608,759
309,413
8,612,450
•Includes amount with Federal Reserve Bank as follows: Empire, 32,384.300:
Fu ton, $2,259,300.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Jan. 7
1931.
$
94,075,000
Capital
98,337,000
Surplus and profits
Loans,disc'ts & Invest'ts. 1,051,355,000
659,541,000
Individual deposits
168,900,000
Due to banks
277,717,000
Time deposits
16,564,000
United States deposits_
27,902.000
Exch.for Clearing House_
Due from other banks.-- 121,500,000
87,502,000
Res've in legal d eposit'les_
7,208,000
Cash in bank
5.733,000
Ree'VO in excess in F.R.Bk
Changesfrom
Precious
Week.
Week Ended
Dec. 31
1930.
$
$
Unchanged
94,075.000
-659,000
98,996.000
+6,525,000 1,044,830,000
+26.394,000 033,147,000
+13,963,000 154,937.000
-3,433,000 281.150.000
19.782,000
-3.218,000
+4,990,000
22,912.000
+12,461,000 109.039.000
84,718,000
+2,784,000
7,799,000
-501,000
4.693,000
+1,035,000
Week Ended
Dec. 24
1930,
§§§§§§§§§§§§
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the Now 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. 13 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, $37,682,500 to Surplus and Undivided Profits,
$141,824,000 to the Net Demand Deposits and $170,451,000
to the Time Deposits. We give it below in full:
Loans,
Disci. and
Invest,
r+
r•e
TRUST COMPANIES-Average Figures,
0
N.="
CO:5.b.C.N.P.CCO
-.C.C*Co.m.
WCW.42 ,
,-.Vos
11nVtlV
,
,0017
:1 .
has ruled that
; •From unofficial sources. t The New York Stock Exchange
until further notice.
!dock will dot be quoted ex-dividend on this date and not
stock will not be quoted
9 The New York Curb Exchange Association has ruled that
ex-dlvidend on this date and not until further notice.
a Transfer books not closed for this div/dend.
Correction. s Payable In stock.
!Payable In common stook. g Payable in scrip. h On account of accumulated
dividends. I Payable in preferred stock.
at
n Inter. Hydro-Electric System class A dividend is payable In class A stock
the rate of 1-50th share, or cash at rate of 60c. a share.
p British-American Tobacco final dividend Is Is. 8d., and the interim dividend
10d. Transfer received in London up to Dec.24 will be in time to enable transferees
to receive dividends.
Shenandoah Corp. dividend will be paid. 1-32d,share cora, stock, unless holders
notify company on or before Jan. 15 of their desire to take cash-75c. per share.
r Corporation Securities div. Is optional, either 75o. cash or 1-40th oh. corn, stock.
8 Community Water Service dividend is payable In common stock or non-dividend
bearing scrip.
Amer. Commonwealths Power class A and class B dividends are Payable in
class A stock at rate of 1-40th share for each share hold.
u North American Gas & Electric class A dividend Is payable 40 cents cash or
1-40th share of class A stock.
of
o General Realty & Utilities dividend is payable in common stock at rate
75-1000 of a share or at option of holder, $1.50 in Cash.
w Less deduction for expenses of depositary.
of additional
z Pacific Public Service dividend will be applied to the purchase
desire
class A stock unless stockholder notifies company on before Jan. 10 of his
to take cash.
Star Gas dividend Is one share for each seven held.
p Lone
a Bird & Son preferred stock called for redemption on Feb. 2.
in class A
cc Payment of Associated Gas & Electric class A dividend will be made Jan. 10
before
stock-1-40th share--unless stockholder notifies company on or
of his desire to take cash.
ee Maxweld Corp. common dividend is 10c. per share or 2% In stock.
-Beginning with the return for the
Philadelphia Banks.
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately
but are included with the rest. In addition the companies
recently admitted to membership in the Association are
Included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Jan, 3
1931,
Changes from
Previous
Week,
Week Ended
Dec. 27
1930.
3
$
$
Week Ended
Dec. 20
1930.
$
82,531,000
82,534,000
Unchanged
Capital
82,534,000
Surplus and profits
258,549,000 -10,888,000 269.437,000 269,437.000
Loans, dIsets, and invest_ 1,456,992.000 -19,901,000 1,476.983,000 1,482,756,000
32,842,000
35.024.000
Each, for Clearing House
47,552,000 +14,710,000
Due from banks
124,378,000 +23,001,000 101,377.000 115.492.000
+1,405.000 201,598,000 216,202,000
Bank deposits
203,003,000
767,122,000 +35,694,000 731,428,000 745,160,000
Individual deposits
394,871,000 -7.366,000 402,237,000 418.859,000
Time deposits
1,384,996,000 +29,733,000 1,335,263,000 1,380.227.000
Total deposits
+277,000 126,353,000 121,613,000
with F. R.Bank_ 126,630,000
Reserve
271
FINANCIAL CHRONICLE
JAN. 10 1931.]
Weekly Return of the Federal Reserve Board.
The following is the return Issued by the Federal Reserve Board Thursday afternoon, Jan.8 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 206, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 7 1931
Jan. 7 1931. Dec. 31 1930. Dec. 24 1930 ,Dec. 17 1930. Dec. 10 1930. Dec.3 1930. Nay. 28 1930. Nos. 19 1930. Jan. 8 1930.
5
RBSOURCBS.
$
1,891,189,000 1,730,439,000 1,703.400,00011,885.310,000 1,850.870,000 1,588,506.000 1,592,500.000 1,589.056,000 1,685,479,000
Gold with Federal Reserve agents
35,085.000
73,787,000
35,082.000
33,453.000j 36,833.000
33,700,000
35,450,000
34,911,009
37,128,000
Gold redemption fund with U.8.Tram_
.
Jold held exclusively Agit., R.notes 1,728.315,000 1,785,350.000 1,738,850,000 1,899,010.000 1,684,323.0001.625.839,000 1,627,591,000 1,624,138,000 1,759,266.000
Gold militiamen% fund with 7.R.Board
483.560,000 417,740.000 437,581,0001 462,649.000 474,094.0001 486.843,000 474,745,000 500,471,000 534,305,000
Goldand gold certilioates held by banks_ 781,641,000 758,129,000 745,636,000 797,191.000 846.603.000 895,309.000 922.634.000 918.373,000 635,776,000
2,993,516,000 2,941.219.000 2,922,067,0002.958,850,000 3,005.e20,0003.007.491.000 3,024.970,000 3,040.982.000 2,929.347.000
153,832,000 140,298,000 115,499,0001 132,240,000 136,457,0001 137,312,000 138.832,000 150.302,000 175,783,000
Total gold reserves
Reserves other than gold
1
Total reservee
3,147,348,000 3,081,517,000 3.037,568,000 3,091,090.000 3,141.477,000 3,144,803,000 3,163,802,000 3.191,284,000 3,105,130,000
85,232,000
61,210.000 88,395,000
59,961,000 61,585,000
Non-reserve cash
59,750,000
82,779,000
81,852,000
79,932,000
Bills discounted:
93,371.000
87,419,000
70.357,000 319,217,000
89,676,000
Secured by U.8. Govt. obligatiom.- 115,501,000
89,421,000 219,422.000 144,528.000
Other bills discounted
176,884,000 161,977,000 228,927,000 186,703.000 167.421.000 158,556,000 148.433,000 128,680.000 248,398.000
250.927,000
218,937,000
233.852,000
176,108.000
205,037,000
178,273,000
567,615,000
319,167,000
54,863,000
70,910,000
239.282.000 247.269,000
308,811,000 300,060.000
45.742.000
258,151,000
291,741,000
39,110.000
257,037,000
299,628,000
72,304,000
180,624,000
231,914,000
641,676,000 692,434,000 617,003.000 602,192,000
108.000
6.358,000
7,451,000
6.533.000
595.634,000
6,348,000
595.773,000
6,297,000
484,842,000
12,700,000
292,385,000
265,456,000
251,398,000
363,844,000
448,349,000 331.321.000
259,837,000 251,591,000
114,982,000
201.369.000
342,550,000
163,785,000
226,473.000
339.209,000
127.234.000
193,090.000
321.352.000
Total U.S. Government securities.... 658,901,000
8,558,000
Other securities (see sots)
Foreign loans on gold
729,487,000
7,143,000
Total bills discounted
Bills bought In open market
U.8. Government securities:
Bonds
Treason* Dotal
Certificates and bills
121.287.000
200,030,000
371.117,000
257.097.000
243,697,000
Total bills and securitlee (ese sofe).....- 1,233,300,000 1,351,852.000 1,356.395,000 1,282,797,000 1,117,905,000 1,078,414,000 1,011.940.000
Gold held abroad
703,000
702,000
2,652,000
703,000
707,000
704.000
712,000
Due from foreign banks(see sole)
Unoollected Mons
25,468.000 584,783.000 570.952,000 733.584,000 526,348,000 571,488,000 831,631.000
14.066,000
15,322,000
15,250,000
21,993,000
21,019,000
14,087.000
Federal Res,ve notes of other banks
521,013,000
59.742,000
59,704,000 59,702,000
57.843.000
59,783,000 59,783,000
Bank premises
57,845,000
20,925.000
20,780,000
19,801,000
22,024,000
22,525,000
24,338.000
All other resources
20,890,000
985,380,000 1,384,324,000
724,000
705,000
41,334,000
613,143,000
18,839,000 633,601.000
58,149.000
59./02,000
21,564,000
11,788,000
5,078,228,000 5,200,648,000 5,128,693,000 5,265,727,000 4,942,237,000 4,953.737.000 4.867,447,000 6.859.012,000 5,320,382,000
Total resources
LIABILITIHS.
F.R. noses in actual circulation
Deposits:
Member banks-reserve amount
Government
Foreign banks (see note)
Other deposits
2,443,859,000 2,470,583,000 2,366,717,000 2,454,974,000 2,447,517,000 2,423,952,000 2,409.929,000 2,448.746.000 2,367,250,000
37,137,000
2,615,000
16,402,000
41,935.000
29,384,000
23,871,000
24,689,000
18,819,000
46.180,000
5,433.000
6,048,000
6,152,000
5.377,000
5,611,000
5,557,000
5,761,000
5,779,000
5,856,000
20,273,000
20.248,000
18.723.000
22,879.000
25,130,000
20,348,000
21,970,000
18,396,000
25,390,000
Total deposits
Deferred availability Ile=
Capital Paid I.
Surplus
All other liabilities
2,499,717.000 2,517,133,000 2,438,949,000 2,483,548,000 2,489,749,000 2,492,267,000 2,463,413,000 2,514,195,000 2,422,299,000
496,970,000 584.007.000 503,448,000 720.068,000 511,002.000 544,819,000 516,493.000 595.772,000 598,980,000
169.668.000 169,640,000 170,314,000 170,303,000 170,302.000 170.591.000 170,488.000 170,455.000 170,367,000
274,638,000 274,638,000 276.936,000 276.936,000 278.936,000 276,936.000 276,936,000 276.936.000 276,936,000
18,226,000
18,260.000
18.050.000
18,704,000
18,503,000
14,846,000
11,694,000
12,339,000
19,149,000
1.624,898,000 1,663,538,000 1,721,897,000 1.598,168.000 1.475.745.000 1,450,898,000 1,421.888.000 1.383.804,000 1.836,854,000
Total liabilities
5,078,228,000 5,200,648,000 5,128,693,000 5.265,727.000 4,942,237.000 4.953,737,000 4.887.447,000 4.959.012,000 5,320,282,000
Ratio of gold reserves to deposits and
76.2%
72,5%
75.7%
77.8%
78.0%
69.0%
F.IL note liabilities combined
72.6%
70.3%
70.2%
Ratio of total reserves to deposits and
79.8%
75.8%
81.4%
79.2%
81.9%
72.9%
F. R.note liabilities combined
76.3%
73.7%
73.0%
Contingent liability on bills purchased
for foreign correspondent::
440,326,000 439,288,000 432,327,000 434.600,000 417,422.000 425.828,000 428,938.000 428,501.000 527,816,000
Distrtbsiloss by Maffullfes$
92,595.000 84,859.000 65.854.000
1-15 flay bills bought In open market
- 141,785,000 219,272,000 149,905.000 107,130,000
1-15 days bills disocmoted
203.724,000 175,501.000 355,958,000 241,075,060 171,392.000 167.328,000 152.715.000
72.765,000
109,000,000
73,555,000
1-16 days U. B. certif. of indebtedness
2,425,000
1-15 days municipal warrants
185,000
169,000
51,691,000
77,280.000
44,203,000
70,984.000
16-10 days bills bought in open market _68,082,000
60,720.000
60,355,000
23,983.000
27,077,000
24,410,000
21,725,000
17,659,000
22,149.000
10-30 days bills discounted
21,889,000
73,765.000
indebtedness
18-80 days U. B. certif. of
110,000
29,000
194,000
10-30 days municipal warrants
12,000
68.277.000
55.973,000
67,414,000
53.802.000
47,249,000
40,712,000
51-80 days bills bought in open market.
34,434,000
30,673,000
30,289,000 28,745.000
30,117.000
26,966,000
34,937,000
31,489.000
81-80 deys bills discounted
24,182,000
23,457.000
81-80 days U.8. certif. of indebtedness_
24,182.000
74,000
14,000
84,000
15,000
84.000
15,000
81-80 days municipal warrants
3,000
14,062,000
28,129,000
11,160,000
12,655.000
12,088,000
27,929,000
8,218,000
61-90 days bills bought In open market
19.230.00e
19,459,000
19,838,000
19.530,000
18.958.000
22.799,000
23.255,000
01-00 days bale discounted
38,707,000
33,957,000
38,707.000
01-90 days U. B mersil. of Indebtednese
38.707.000
3,000
10.000
61-90 days municipal warrants
24,000
10,000
48.000
953,000
1,132,000
48,000
Over 90 days bills bought in open market
282,000
49,000
159,000
11,841,000
Over 90 days bills discounted
12,484,000
11,813,000 12,050,000
12,658,000
11,498,000
12,337,000
- -318,368,000 312,602.000 297,895,000 228,160,000 194,549,000 188.588.000 179,289,000
Over 90 days certif. of Indebtedness
674,000
Over 90 days municipal warrants
614,000
24.000
24.000
24,000
24,000
61,282.000
131,427.000
81,242,000
19,799.000
79.765.000
103,000
42,908,000
34,874,000
55,768.000
29.428.000
45,823,000
45,295,000
47,000
19,865.000
14,089.000
43.707,000
22,684,000
30,247.000
87,793,000
118,000
10,294.000
176,154,000
596,000
12,871,000
144,121.000
47,000
F.R.note,received from Comptroller...
F.R.notes held by F.R.Agent
Issued to Federal Reserve Banks
207,684,000
439,800,000
3,588,714,000
1,225,186,000
2,101,889,000 2.093,825.000 2,121,087,000 2,047.285,000 1,981,936.000 1.874,572,000 1,851.713.000 1,814,878,000 2,363,528,000
for Secured-By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
Byeligibis Palter
636,009,000
621,009,000
825,644,000
817.054.000
571,114,000 512.250,000
482,250.000
473.800.000
413,959,000
1,055,180,000 1.109,430,000 1,077,758,000 1,048.258,00011,079,758,000 1.076.258.000 1,110.256.000 1.115,256.000 1,271.520,000
508,820,000 507,788,000 631.915,000 518,889,0001 437,991,090 407.749.000 358,944.000 333,844,000 854,099,000
TotaL
2,200,009,000 2.238,227.000 2,335.315.0002.183 .979,0002,088,861.000 1,996,255,000 1.951,450,000 1,922,900,000 2,539,578.000
-Beginning with the statement of Oct.7 1925, two new terns were added in order to snow separately toe amount of balances held abroad and amounts due
NOTE.
correspondents. In addition, the emotion. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
to foreign
l'Other seouritles," and the caption, "Total earning wets" to "Total bills and securities." The latter item was adopted se a more accurate description of the total of
the discounts, acceptances and securItiee acquired under the provision of Sections 13 and 14 of the Federal Reserve AM, willoh. It was stated, are the only Items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 11931
Two Mhos (00) insitiesit
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta, Chicago. St. Louis, Minneap Kan.Cttg. Dallas. San Frani
Federal Reserve Bask of$
BBSOURCER.
$
$
$
s
3
$
$
s
$
$
$
$
Gold with Federal Reserve Agents 1,891,189,0 139,917.0 420.729,0 160,000.0 185.550,0 83,150,0 125,650,0 163,000,0 73,885.0 46,325,0 58,000,0 28,220.0 210.763.0
37,128,0 1,428.0
795,0 4,514,0
Gold red'll fUnd with U.IL Tram
13,909,0 1,469,0 2,830,0 2,092,0 2,204,0 4,070,0 1,581,0
796,0 1,440,0
Cold him etc ailist.F.R. notes 1.728,315,0 141,343,0
,
Gold genial fund with F.R.Board 483,580,0 34,182,0
Dold and gold inIcheld bY bank'. 781,641,0 32,311,0
Total gold reserves
Reserve other than gold
434,638,0 161,469,0 188,380,0 85,242,0 127,854,0 167,070,0 75,486,0 47.121,0 57,440.0 27,015,0 215,277,0
160,575,0 56,579,0 52,897.0 15,366,0 9,335.0 53,582.0 23.160,0 12,022.0 25,079,0 12,848,0 27,975,0
471430,0 16,649.0 53,924,0 9.894.0 8,171.0 120.112,0 9.242,0 5,102,0 7,540,0 8,533,0 38.733,0
2.993,516,0 207,816,0 1,068,643,0 234.697,0 295.201,0 110,502.0 145,360.0 340.744,0 107,888,0 64.245.0 90,059,0 48,396,0281,985,0
153,832,0 11,043,0
45,219,0 9.535,0 8.469,0 7.796,0 9,880,0 22,490.0 10,007,0 4,443.0 7,665,0 7,688.0 9.597.0
3,147,348,0 218,859,0 1,111,862.0 244,232,0 303,670,0 118.298,0 155,240,0 363,234,0 117.875,0 88,688.0 97,724.0 58,084.0 291.582,0
Total reserves
81,652,0 7,421,0
Non-reserve cash
24.432,0 4,000.0 0,342,0 4,723,0 4,993,0 10.554,0 4,809,0 2,043.0 2,373,0 3,510,0 6,452.0
Bills (Recounted:
581,0 2,741,0
497,0 20,882.0
Bee. by U.S. Govt.obligations 115,501,0 4,281,0
34,073,0 11,643,0 16,887,0 4.839,0
582,0 14,228,0 4,489,0
178,884,0 7,223,0
Other bills discounted
35,419,0 17.497,0 17,293,0 19,642,0 22,128,0 15,793,0 6.802,0 3,519.0 18.900,0 4,512,0 10,356,0
292.385,0 11,504,0
265,456,0 23,816,0
Total bills discounted
Bills bought in open market
U. 8. Government securities
Bonds
nascency notes
Clertlfleates and bills
114,982,0 1,821,0
201,389,0 17,023,0
342,550,0 28,087,0
62,158,0 1,378,0 1,192.0
40.707,0 21,418,0 27.930,0
135,176.0 28.831,0 30.558,0
1.248,0
4,079,0
7.255.0
707,0 5,082,0
847,0 10,393,0 7.929,0
214.0 22.233,0
4,424,0 23.125,0 13,928,0 9,914,0 10,798,0 7.240,0 20.785.0
3,079.0 37,245,0 10.166,0 11,430,0 18.336,0 12,351,0 19,458.0
Total U.S. Govt securities
858,901,0 47.511,0
238,041,0 51,625,0 59,680,0 12,582,0
7,717,0 82,603,0 24.801,0 28.406,0 29,781,0 29,984,0 48.170,0
69,492,0 29,140,0 34,180,0 24,281,0 22,710,0 30,019.0 11,091,0
70,723,0 3,568,0 26,831,0 10.006,0 18.078,0 47,649.0 10,066,0
4.080,0 19,641.0
8,860,0 12,703,0
5.009,0 31,238.0
9,383,0 25,793,0
[Void. 132.
FINANCIAL CHRONICLE
272
RESOURCES (Concisded)Two olifilers (00) omitted.
Total bins and securities
Due from foreign banks
Uncollected Items
F. R. notes of other banks
Bank premises
An other resources
$
2,850,0
$
850,0
$
6,558,0
Other securities
Foreign loans on gold
New York.
Boston.
Total.
1,223,300 83,681,0
53,0
712,0
204,0
25.468,0
521,013,0 57,078,0
57,845,0 3,458,0
86,0
20,890,0
Phila. Cleveland Richmontl Atlanta. Chicago Si, Louis Mtrineap, Eati.Citv. Dallas San Pram
-$
8
s
$
$
$
$
$
3
$
.
208,0
1,000,0
650,0 1,000,0
381,106,0 84,983,0 121,691,0 46,869,0 46,505,0 161,271,0 45,956,0 39,554,0 62,125,0 44,356,0 105,201,0
21,0
16,0
21,0
25.0
28,0
48,0
26,0
96,0
70,0
71,0
237.0
891,0 2,283,0
462,0 2,712,0
528,1
1,263,0 2,386,0 1,052,0 2,671,0 1,669,0
9,347,0
135,053,0 47,539.0 50,299,0 38,352,0 16,579,0 60,198,0 23,902,0 9,677.0 31,547,0 19,757,0 31,032,0
15,240,0 2,614,0 6,835,0 3,249,0 2,573,0 8,061,0 3,635,0 1,926,0 3,803,0 1,830.0 4,621,0
261,0
536,0
600,0
761,0
160,0 1,028,0 1.027,0 4,575,0 1,188.0 3.396,0
7,272,0
5,078,228,0 370,840,0 1,684,549,0 384,126,0 491,199,0 214,932,0 231,543,0 607,273,0 201,269,0 123,331,0 200,137,0 126,620,0 442,409.0
Total resources
LIABILITIES.
31,443,0 187,204,0
F. R. notes in actual circulation- 1,624,898,0 127,006.0 365,265,0 146,405,0 191,063,0 95,566,0 133,973,0 142,337,0 84,163,0 52,219,0 68,254,0
Deposits:
Member bank-reserve ace's- 2,443,859,0 151,334,0 1,027.871,0 146,492,0 198,736,0 61,534.0 60,618.0 342,472,0 72,840,0 50,691,0 86,321,0 58.898,0 186,052,0
442,0
545,0 3,315,0 1,604,0
900,0
3,603,0 2,668,0 2,513,0 2,995,0 2,807,0 1,216,0
24,689,0 2,081,0
Government
171.0
388,0
166,0
131,0
228,0
206.0
771,0
200,0
577,0
565,0
1,948.0
428,0
5,779,0
Foreign bank
100.0 6,119,0
150.0
198,0
164,0
249,0
543,0
558,0
110,0 5,005,0
12,037,0
157.0
25,390,0
i. Other deposits
F:Total deposit.
Deferred availability items
Capital paid In
3MPlus
All Inner liabilities
2,499,717,0 154,000,0 1,045,459,0 149,835,0 206,831.0 64,921,0 63,880,0 35,002,0 74.498,0 51,517,0 90,000,0 60.773,0193,001,0
496,970,0 56,511.0 125,191,0 43,929,0 47,501.0 35,762,0 15,515.0 57,790,0 25,657,0 8,644,0 28,411,0 20,447.0 31,612,0
5,333.0 20,145.0 5,052,0 3,065,0 4,310.0 4.399,0 11,504,0
65,578,0 16,793.0 15,811,0 5,801,0
169,668,0 11,877.0
80.575,0 27,065,0 28,971.0 12,114,0 10,857,0 39,936,0 10,562,0 7,144,0 '8,702,0 8,936.0 18,475,0
274,636,0 21,299,0
613,0
460,0
622,0
742,0
768,0 1,985,0 2,063,0 1,337,0
99,0 1,022,0
2,481,0
147,0
12,339,0
5,078,228,0 370.840,0 1,684,549,0 384,126,0 491,199,0 214,932,0 231,543,0 607.273,0 201,269,0 123,331,0 200,137,0 126,620,0 442,409,0
Total liabilities
Me/saran/Ia.
76.7
61.8
60.8
73.7
74.5
74.3
66.2
76.3
78.5
82.4
78.8
77.9
76.3
Reserve ratio (per cent)
Contingent liability on bills Pur144,906,0 43,573,0 44,454,0 17,605,0 15,845,0 59.418,0 15,405,0 10,123,0 12,764,0 13,204,0 29,929.0
chased for foreign oorreepondls 440,326,0 33.010,0
FEDERAL RESERVE NOTE STATEMENT
New York.
Boston.
Total.
Federal Reserve Agent iii-
$
Two Ciphers (00) omittedI
Federal Reserve notes:
Issued to F.R.bk. by F.R.Agt- 2,101,889,0 165.993,0
Held by Federal Reserve bank_ 476,991,0 38,987.0
Cleveland. IlicAssend Atlanta. Chicago. St. Louis. lifinssap. Kan.Citg
Phila.
3
3
$
$
3
$
$
$
$
Dallas. San!rant
$
$
522,437,0 180,378,0 233,433,0 108,973,0 162,404,0 203,556,0 93,069,0 57,190,0 81,218,0 36,971,0 256,267,0
157,172,0 33,973,0 42,370,0 13,407,0 28,431,0 61,219,0 8,906,0 4.971,0 12,964,0 5,528,0 69.063,0
365,265,0 146,405,0 191,063.0 95,566,0 133,973,0 142,337,0 84,163,0 52,219.0 68,254,0 31,443,0 187,204,0
1,624,898,0 127,006,0
In actual circulation
Collateral held by Agt.as security
for notes Issued to bank:
636.009,0 35,300,0
Gold and gold certificates
1,055,180,0 104.617,0
Gold fund-F.R.Board
508,820,0 32,620,0
Eligible paper
17,170,0 50,000,0
395,729,0 38.700,0 20,550,0 5,150.0 7,500,0 40,000,0 14,085,0 11.825,0
25,000,0 121,300,0 165,000,0 78,000,0 118,150,0 123,000.0 59.800,0 34,500,0 56,000,0 9,050,0 160,763,0
121,292,0 25,797,0 56,642,0 32,566,0 37,341,0 72,740,0 19,617,0 11,557,0 31,174,0 13,072.0 54.402,0
2,200,009,0 172,537,0
542,021,0 185,797,0 242,192,0 115,716.0 162,991,0 235,740,0 93,502,0 57.882,0 87,174,0 39,292,0 265,165.0
Total collateral
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 Dee. 29 1917, page 4126. The comment of the Reserve Board upon
the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 206, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
bills of exchange or drafts sold with enBeginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of ether banks and
acceptances of other banks and bills sold with
dorsement. and include all real estate mortgages and mortgage loans held by the bank. Previously
endorsement were included with loans, and some of the banks included mortgages In investments, Loans secured by U.S. Government obligations are
Federal Reserve is not any more subno longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the
given. The number of reportdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being
in its place the number of cities Included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
ing banks is now omitted;
Jan. 2 which recent',
The figures have also been revised to exclude a bank in the Ban Francisco district with loans and investments of $135.000,000 on
merged with a non-member bank. The figures are now given in round millions Instead of in thousands.
DISTRICT AS AT CLOSE OP
PRINCIPAL RESOURCES AND LIABILITIES OF AL!. REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
BUSINESS DEC. 31 1930 (In million, or dollars).
Federal Resorts Distriii-
Total.
Boston. New York
Phila.
!
Cleveland. Richmond Atlanta. Chicago. St, LOUiS. Minium,. Kan.Cliy. Dallas. Ban Fran,
s
364
662
444
$
1,954
2,444
483
233
409
329
1,320
1,150
1,294
206
277
79
154
108
301
95
234
412
908
140
868
167
131
253
115
634
58
83
389
09
34
133
67
65
106
147
61
54
313
322
39
15
40
12
287
39
45
8
24
5
57
11
32
7
107
25
1,070
985
21
332
241
14
303
229
20
1,872
1,265
32
393
226
1
207
148
1
476
190
2
269
147
12
751
1.037
25
126
289
78
102
83
101
300
514
73
116
83
87
147
204
97
121
219
263
629
577
$
3,312
883
1,475
450
436
476
407
706
769
171
280
130
307
2,679
408
741
179
1,298
1,381
114
294
335
406
70
109
107
16
921
99
85
19
134
32
13,999
7,070
204
896
509
19
6,663
1,741
41
767
331
16
1,617
3,539
111
150
204
1,389
97
214
$
22,956
$
1,492
$
9,365
S
1,291
-total
Loans
16,263
1,11k
6,687
7,814
8,449
454
661
3,828
2,859
6,693
377
2,992
3,701
149
228
1,878
287
On securities
All other
-total
Investments
U. B. Government securities ....
Other securities
Reserve with F.IL Bank
CAM in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
11
650
$
2,216
-totalLoans and Investments
$
$
$
$
71
8
1
12
19
8
5
17
2
89
in New York City, closed Dec. 11. Last report of bank showed loans and Investments of about $190,000,000.
•Exclusive of figures for one bank
lanwrnerinfra frnrn P. se, Hunk
11
Condition of the Federal Reserve Bank of New York.
Federal Reserve Bank of New York at the close of business Jan. 7 1931,
The following shows the condition of the corresponding date last year:
In comparison with the previous week and the
ResosroesGold with Federal Reserve Agent
Gold redemp.fund with U.S.TreasuryGold held exclusively asst. T.R.notes
Gold settlement fund with E. R. Board_
Gold and gold certificates bsid by bank.
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates and bills
Total IL B. Government securities.es
Other securities (see note)
loans on gold
Jan. 7 1931. Dec. 311930. Jan. 8 1930.
S
$
3
420,729,000 420,729,000 238,594,000
16,814,000
14,032,000
13,909,000
434,761,000
135,358,000
437,003,000
255.408,000
182,001,000
369,754,000
1,066.643,000 1,007,122,000
39,879,000
45,219,000
807,163,000
56,878,000
1.111,862,000 1,047,001,000
22,285,000
24,432,000
864,041,000
15,429,000
34,073,000
35,419,000
24,441,000
37.457,000
109,339,000
21,838,000
69,492,000
70.723.000
61,898,000
158,273,000
131,177,000
152,336,000
62,158,000
40,707,000
135,176,000
89,226,000
58,332,000
135,774,000
13,657,000
96,723,000
104,876,000
238,041,000
2,850,000
283,332,000
2.850,000
215,256,000
7,550,000
434,638,000
160,575,000
471.430,000
Resouress (Cascaded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Federal Reserve notes of other banks
Bank premises
All other resources
Total Monne,
Jan. 7 1931. Dec. 311930. Jan. 8 1930
3
$
$
237,000
135,053,000
9,347,000
15,240,000
7,272,000
231,000
183,283,000
7,173,000
15,240,000
8,615,000
240,000
159,350,000
16,085,000
15,664,000
3,542,000
1,684,540,000 1,790,181,000 1,580,670,000
LiaellitissFell Reserve notes in actual circulation- 365,265,000 384,976.000
-Member bank, reserve soot- 1,027,871,000 1,062,276,000
Deposits
4,113,000
Government
3,603.000
Foreign bank (Be. Note)
1,903,000
1,948,000
0,555,000
Other deposits
12,037,000
308,083,000
956,073,000
2,911,000
2,365,000
12,672,000
1.045,459,000 1,077,847,000
125,191,000 178,877,000
65,578,000
65,578,000
80,575,000
80,575,000
2,328,000
2,481,000
974.021,000
148,193,000
66,701,000
80,001,000
3,671,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
1,684,549,000 1,790,181,000 1.580,670,000
Retie of total reserves to deposit and
67.4%
71.6%
78.8%
Fecl'l Rea vs nots Liabilities combined_
Contingent liability on bills purchased
144,996,000 147,736.000 175,179,000
for foreign correspondence
381,106.000 506,353,000 506,319,000
Total bills and securities (fife Nots)
held abroad and amounts due to
1925, two new items were added in order to show separately the amount of balances
changed to "Other
NOTE -Beginning with the statement of Oct. 7
assets," previously made up of Federal Intermediate Credit Bank debentures, was
foreign ecrreeponeenta. In addition, the caption "All other earning securities." The latter term was adorned a a more accurate description of the total of the die/went
,
Total bale and
to Total earning assets"
securities," and the caption.14 of the Federal Reserve Act, which, It was stated, are the only Items Included therein,
13 and
acceptances and securities acquired under the provisions of Section;
JAN. 10 1931.]
=kers'
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
azette.
(AU prices dollars per share)
Wall Street, Friday Night, Dec. 9 1931.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 233.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Jan.9.
Sales
for
Week.
Range for Year 1930
Range for Week.
Lowest.
Par. Shares. $ per share.
Railroads—
per share. S per share.S per share.
May
May 220
Albany & Susqueh--100
20 225 Jan 7225 Jan 7 212
Feb
Central KR of N J.-100
100 225 Jan 9925 Jan 9 18934 Dec 315
CCC & St Louis pf 100
Jan 10935 Oct
Jan 7 110 Jan 8 98
60 106
Mar
Cuba RR pref
100
Dec 70
120 37 Jan 5 38 Jan 9 33
Duluth S S& Atl pf-100
Feb
34 Aug 3
500
31 Jan 7 134 Jan 9
Common
100
Feb
500
34 Jan 9 134 Jan 9
15 Dec 3
Havana Elec Ry
Nov 8% Jan
100
. Jan 7
3
%
54 Jan 7 1
Int Rys of Cent Am.100
Nov 3234 Jan
50 10 Jan 7 10 Jan 7 9
Certificates
Feb
Nov 29
50 8% Jan 7 8% Jan 7 9
Hudson & Manh pf.100
Dec 83 June
300 72 Jan 9 74 Jan 9 74
Manhat Elev guar. 100
20 52% Jan 6 5234 Jan 6 4635 Sept75
Sept
Northern Central_ __ _50
20 873's Jan 6 873 Jan 6 8534 Jan 91
Oct
Pac Coast 1st pref__100
20 8 Jan 5 10 Jan 7 6
Dec 2934 Mar
2d preferred
100
10 8 Jan 3 8 Jan 3 4
Dec 1934 Mar
Rutland RR pref .100
200 30 Jan 830 Jan 8 22
Dec 6734 Mar
South Ry M &0cUs100
Dec 13534 Mar
500 70 Jan 3 74% Jan 5 60
Wheel & Lake Er pf_100
Dec 11034 June
100 94 Jan 594 Jan 5 93
Indus. &
Alleghany Steel
•
100 42 Jan
Am Ag Chem pf ctfs.100
200 21% Jan
Amer Beet Sugar pi _100
3001 8 Jan
American Ice pref_ J00
400 77 Jan
Am End & Stan San.100
30 142 Jan
Anchor Cap Corp pref.*
200 93 Jan
Art Metal Construct_ 10
100 20% Jan
Austin Nichols prior A.*
90 21
Jan
Budd (E G) pref._100
10 49% Jan
Celotex Co pref
•
190 2234 Jan
Certificates
600 5 Jan
Certain-Teed Products
181 preferred
100
400 11
Jan
Chile Copper
25
100 26 Jan
City Stores class A _ _ _ _•
30 20 Jan
Cob Fuel & Iron pf.100
70 100% Jan
Crown Cork & Seal pr.*
300 31% Jan
Cuba Dominion Sug- -• 7,000
Jan
Cushman's Sons pf8%*
50 95 Jan
Preferred 7% _ .100
20 101
Jan
Devoe & Ray n let pf100
50 103% Jan
Diamond Match
• 22,800 16
Jan
Preferred
25 2,900 2434 Jan
Durham Ens Mill pi 100
60 23 Jan
Elk Horn Coal pref_ 50
100 5 Jan
Emerson Brant cl 13_ _*
500
35 Jan
Fash'n Park Assn p1100
350 16
Jan
Fed'i Screw Works.- -•
400 11% Jan
Frank Simon pref. 100
250 72
Jan
Gen'l Baking Co pref. _*
300 99% Jan
Gen'l Cigar pref
_100
210 108
Jan
Gen Gas & El pf A (8)_ 5
100 75 Jan
Gen'l Printing Ink _ _ _ _*
90 23 Jan
Preferred
93 74 Jan
Gen'l fly Signal prof 100
20 106)4 Jan
Gillette Safety Razor
Cony pref
100 3,300 66 Jan
Gold Dust pref
•
400 107% Jan
Greene Cananea Cop100
310 45 Jan
Guantanama Sug pf 100
20 12
Jan
Hawaiian Pineapple _20
30 42 Jan
Hamilton Watch
•
100 37% Jan
Hercules Powder
•
500 55 Jan
Houston 011 new.-- _25 15,000 854 Jan
Indian Motor pref. _100
390 22
Jan
Indian Refining
_ 6,000 455 Jan
Ingersoll Rand pref.100
40 23 Jan
Internat Nickel pfd.100
200 14
Jan
Internat Silver pref _100
40 73% Jan
Island Creek Coal pfd.1
20 105 Jan
Kans City Pow & Light
let pref series B
*
8011334 Jan
Holster Radio ctfs
1,100
3 . Jan
4
Kresge Dept Stores _ _ _•
200 555 Jan
Kresge(S 8) Co Pt..loo
50 107 Jan
Lane Bryant
500 1634 Jan
Liggett & Myers pf.100
100113734 Jan
Loose-Wiles Biscuit
lot preferred
100
1001121
Jan
Lorillard Co prof...100
700 91
Jan
MacAndrews & Forbes
Preferred
100
20 9834 Jan
400 2535 Jan
Metro Goldwyn Pic pf27
Mil El fly & Lt pf._100
60 104
Jan
600 17 Jan
Nat Bell Hess pref._100
Nat Depart Store;pf 100
150 59 Jan
320 107% Jan
Nat Supply pref .100
•
Nelsner Bros
100 23 Jan
• 1,200 1734 Jan
Newport Co
Class A
50
100 4234 Jan
Omnibus corp pref_100
100 69 Jan
Oppenhelrn,Collins&Co•
300 2235 Jan
•
Outlet Co
170 45 Jan
Penn Coal & Coke--.50
300 434 Jan
People's Drug Stores--•
600 24% Jan
Peoples Gas (Chic) rts_ 28,900 10 Jan
Phila Co 6% pref new.*
ioo 9554 Jan
Phoenix Hosiery pf..100
200 7034 Jan
600 63 Jan
Pierce-Arrow Co pf _100
Pitts Term Coal__ 100 2,300 334 Jan
100
100 25 Jan
Preferred
400 13 Jan
25
Pitts United
100 94 Jan
100
Preferred
Produc & Refiners Corp
140 11134 Jan
Preferred
50
Punta Alegra Sugar—
Certificates
so 2,800 % Jan
•
30 40 Jan
Scott Paper
100 2,500 5035 Jan
Skelly 011 pref
300 16
Jan
Sloss-Sheff St & Ir._100
180 30 Jan
100
Preferred
40 234 Jan
•
Spear & Co
10 60 Jan
100
Preferred
300 103 Jan
So Porto Rico Bug Pf100
60 10 Jan
Publishers*
Un Business
Un Piece Dye Works—
100102 Jan
100
Preferred
2010234 Jan
Univ Leaf Tob Pref-10
0
80 54 Jan
lUnlv Pipe & End p1.100
100 4934 Jan
U S Distributing pf_100
200 1735 Jan
Vadsco Sales pref._100
30 14 Jan
•
Van Raalte
10 22 Jan
Va Ir Coal & Coke.100
10 60 Jan
Webster Elsenlohr Pf100
•No par value.
273
FINANCIAL CHRONICLE
942
722
5 17%
877
5 142
93
2035
22
49%
25%
6
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9 40
7 1735
9 8
8 75
5 12634
5 93
8 2035
9 15
5 52
7 17%
5 3
Nov 72
Dec 2334
Dec 45
Dec 87%
Jan 148
Dec 11534
Oct 28%
Dec 30
Dec 68
Dec 841
4
Dec 12
Apr
Nov
Mar
Jan
Oct
Apr
Feb
May
Apr
Apr
Sept
5 17
3 35
7 2135
9 105
5 3234
8 1%
96
8 101
910334
3 1734
7 24%
923
O 5%
3
55
720
3 12
75
510234
8 110
3 75
623
876
8 10635
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7 6%
6 19
8 20
5'l00
9 3035
34
8
6 97
8 96
9 99
3 _____
9 _____
23
9 2
3
34
9 12%
3 10
7 75
9 97
9 11035
3 75
6 19
9 65
8 10034
Dec 4534
Dec 65
Oct 42
Dec 13534
D
35
Dec 235
Dec 120
Dec 120
Aug 114%
__ _
_
Oct 5734
Dec 14
Dec 3%
Dec 80
Dec 2534
Dec 99
Dec 125
Nov 120
Dec 122
Dec 42%
Dec 9034
Jan 15
Mar
Feb
May
Aug
Oct
Jan
Apr
Mar
June
7 68%
6 109
3 50
8 1234
8 42
8 3735
7 55
5 10
7 25
3 414
9 123
9 117
3 82
5 105
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5634
100
5 3834
9 11
3634
8 38
750
9 634
5 18
9 335
9 112
6 114
9 7055
5 105
Dec 703.4
Jan 1135
Dec 89
Dec 27
Dec 61
Dec 4734
Dec 85
Dec
Dec 8755
Dec 434
Jan 122
Dec 127
Dec 112 34
Jan 10535
,
Nov
Aug
Apr
Mar
Feb
July
Jan
Oct
Mar
Dec
May
Apr
Feb
Oct
6 114
34
5
7 535
9 107
3 1735
7 13735
Jan
Jan
Jan
Jan
Jan
Jan
9 108
9
%
7 434
910434
6 17
712734
Jan 116
Dec 3
Dec 934
Dec 115
Dec 2334
Dec 146
Nov
July
July
June
Oct
Sept
3 12654 Jan 8 118 Dec 126
Jan 9 7634 Dec 99
5 97
8 98% Jan
7 2555 Jan
Jan
7 104
1835 Jan
,
8 60 Jan
Jan
3 108
5 23 IJan
17% Jan
8 42% Jan
769 Jan
5 2431 Jan
552 Jan
3 4% Jan
327 Jan
3 12% Jan
6 95% Jan
9 70% Jan
9 64 Jan
5 4% Jan
525 Jan
3 13% Jan
6 94 Jan
8 93
7 23
7 0034
6 1334
9 60
6 10635
5 20
7 1534
8 30
7 65
22
50
3 4
91
6 2134
9 834
5 95
9, 70
31 56
71 234
5 20
9 11
6 913.4
Feb
Jan
Jan
Mar
Sept
Mar
Jan
July
Apr
Mar
May
Sept
Mar
May
Feb 10031 Nov
Dec 26%imay
Dec 110 • Jan
Dec 82 (Jan
Dec 90 'Jan
Aug 16
July
Dec 54
Apr
Dec 1734 Dec
Dec 85
Mar
Nov 85 June
Dec 56
Apr
Dec 72
May
Dec 1234 Mar
Dec 6035 Apr
Dec 1034 Dec
Dec 104
Oct
Dec 88
July
Dec 82
Apr
Dec 1534 Jan
Dee 45
Jan
Dec 19 34 Oct
Dec 103
Oct
14
Jan
3 1135 Dec 40
Mar
135
4235
62
16
33
234
60
112
9 11
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
%
9
9 45
8 42
7 12
9 28%
8 2%
6 62
8 103
9 19
Aug 135
Mar 5534
Dec 9914
Dec 56%
Dec 82
Dec 10%
Dec 85
Aug 121
Sept 30
June
Apr
June
Mar
Mar
Feb
Sept
tJan
Jan
5 102
9 10235
960
8 4934
7 1735
5 14
922
760
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
9
9
8
7
97
Jan 114
96% Dec 115
70
Apri 74
so Novl 95
12% Dec 7934
634 Nova 22
9 12 Jan 34
7 51% Jan 70
Mar
Mar
Apr
Jan
Apr
Jan
Sept
May
5
7
3
7
7
3
Maturity.
June 15
June 15
Sept.15
Dec. 15
1931-1931...
1931...
1931._
Int.
Rate.
Bid.
234%
154%
234%
134%
100"n
1003r,
10011n
100112
Asked
int.
Rate.
Maturity.
Bid.
Asked.
1001in Sept.15 1931-32 334% 100118 1005
'ss
1001,2 Mar.15 1931-32 334% 100nu 10011n
10011n Dee. 15 1931-32 354% 10120., 101sen
100122
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Jan. 3. Jan. 5. Jan. 6. Jan. 7. Jan. 8. Jan. 9,
High 10110,2 1011•12 101",, 101"., 101",, 101"u
First Liberty Loan
334% bonds of 1932-47— Low- 10111,2 10121.2 1011/.2 10111u 10121,2 101"n
ICbose 10121.2 10113,2 101on 101naa 101"st 101"as
(First 3549
50
39
10
25
13
24
Total sales in $1,000 units__
Converted 4% bonds of(High
Total sales in $1,000 units___
Converted 4%% bondsrigh
of 1932-47 (First 4%,$) LowClose
.
Total sales in $1,000 units __
Second converted 4q% High
bonds of 1932-47 (First LawSecond 434s)
Total sales in $1,000 units__{Iligh
Fourth Liberty Loan
434% bonds of 1933-38_ LowClose
(Fourth 4545)
Total sales in $1.000 units—
illgii
Treasury
SLow_
434s, 1947-52
Close
Total sales in $1,000 units__
High
1.0w_
45, 1944-1954
Close
Total sales in $1,000 units_ _
Iritg
-h
354s, 1946-1956
Low_
Close
Total sales in $1,000 units__
{
Higi
334s, 1943-1947
Low.
Total sales in $1,000 units_ (High
Low_
Close
..
3548, 1940-1943
....._. __.__ — .. ....
,
-_-_---__
,_-_-- ----- -103
10311,2 103
103.32 103.:1 102n.
102"aa 102"n 102"sa 102"n 103
102un
102n.
1023, 102lin 100
:i
1031.., 103
37
5
45
55
14
1
----
----
----
---,--,2
1032322 10313
21
103,, 10322,2
10321,, 103"sa
66
159
1121... 112un
11215,2 112"sa
11211,1 1121122
25
31
10511123 108",,
10810 1 108"aa
.
108"sa 108"1:
22
36
____
____
____
____
____
____
____
____
10221,2 1025122
10210
.10211,2
102"aa 1022412
3
I
10212,2 102n,2
1
102"n 102":
"
10211,2 102 n
---1033 32
103".,
103"aa
262
112"aa
112"aa
1121122
27
108"31
108"as
108"n
752
1061,122
10611,2
10618,2
105
10211a
102"sa
102"n
31
102"si
102"sa
102"sa
----
----
---103"sa
10323s,
103"as
115
112"sa
112un
112202
,
4
10811,2
108"aa
108"aa
632
____
---....
---_
10221,2
102"aa
102"n
4
102un
102"sa
102"at
----
,-,,--103"sa 103"11
103",,.4.
103
103un 103"st
124
133
113
113
112"ss 112"m
112:o.,
113
213
315
109
1081,21
108"n 108"ai
108"n 108"si
591
11H
106"at 106"n
1063122 10621n
10611,2 10613,1
99
75
103
103
102",, 102",
102"at 102"a
10
1
10222n 102"a
102"a: 102n,
,
102 n 10221
9
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
25 1st 335s
3 4th 434s
10121,2 to 101,111
10320:. to 103tits
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.8531@
4.85 5-16 for checks and 4.85 7-16@4.8534 for cables. Commercial on
banks, sight, 4.85@4.8534; sixty days. 4.8334@4.83 3-16; ninety tlaYs.
4.82 3-16@4.8234, and documents for payment, 4.82%@4.83 3-16.
Cotton for payment, 4.84%, and grain for payment, 4.8434•
To-day's (Friday's) actual rates for Paris bankers francs were 3.92 1-16
03.9234 for short. Amsterdam bankers' guilders were 40.2234 @40.2434
for short.
Exchange for Paris on London, 123.74; week's range, 123.76 francs high
and 123.67 francs low.
The week's range for exchange rates fellows!
Sterling, Actual—
Cables.
Checks.
High for the week
4.8534
4.8534
Low for the week
4.85 13-32
4.85 7-32
Paris Bankers' Francs—
High for the week
3.92%
3
.9234
Low for the week
3.92 3-16
3.92 1-16
Germany Bankers' Marks—
High for the week
23.80
23.8034
Low for the week
23.7834
23.77
Amsterdam Bankers' Guilders—
High for the week
40.2631
40.2534
Low for the week
40.2434
40.2234
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Wed.,
Tues.,
Sal.,
Mon.,
Jan. 3.
Jan. 7.
Jan. 5.
Jan. 8.
Silver, p. oz.& 147-16
1435
13 11-16 1334
Gold, p.fine oz. 85,134,!. 85s.34d. 85s. ld. 855. 'Ad.
ConsoLs,235% _ 5735
5834
58
5734
British 5%
_
10335
10354
British 435% _ _
_ __
10135
10134
French Rentes
(in Paris)_fr_
80.90
French War I.'n
(in Paris)_tr_
101.80
Thurs.,
Jan. 8.
137-16
855. itel.
5754
10335
10134
Frt.;
Jan. 9.
13 3-16
855. Sid.
5774
10335
101%
85.50
85.70
101.60
101.80
The price of silver in New York on the same days as been:
Silver in N.Y., per on. lets.):
Foreign
2934
3074
2934
2854
2854
28%
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 234.
A complete record of Curb Exchange transactions for the
week will be found on page 292.
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
-PA'S SHARE, NOT PER CENT
111011 AND LOW SALE PRICES
Saturday
Jan. 3.
Monday
Jan. 5.
Tuesday
Jan. 6.
Wednesday
Jan. 7.
Thursday
Jan. 8.
Friday
Jan. 9.
per share
i per share $ per share $ per share $ per share S per share S
4
2
18152 18572 18314 1864 189 1907 188 1893 189 19212
4
1833 186
10412 10412
4
4
10314 10314 10314 103 10314 1034 1033 1033 104
*10212
2
2
1147 1147
112 115
115 115
106 107 *108 115
107 107
8
4
7104 773 7912 774 Ws 7874 817
754 74
2 73
743
73
4
4 775g 774 773 78
*7512 773
3
774 743 744
*74
73
73
624
4 5934 593g 59
5814 603
*5412 5812 5612 58
*5412 57
*10712 103 *10712 108 *10712 108 *10712 108 *10712 108 *10712 108
60
59
70
*50
60
*50
70
*56
75
*50
75
5
*0
10
*8
10
*8
10
*8
10
*8
*8
10
10
*8
2
547
2
2
2
2
2
*517 5672 *517 547 •517 547 *5172 544 *5012 547 *5012 61 8
604 604 604 6012 604 6012
60
5912 61
6112 62
8712 8712
88
87
*8112 89
*8412 89
*8112 89
*8412 89
74
7
7
7
4
4 63
63
7
72
*7
7
7
Ws 7
2 4152 4214 4112 4214 4114 4214
52 4152 401 4 4152 4014 413
40
2
424 417 424 4112 4312
2 42
427
4112 4212 4112
4112 42
14 2
2
152 17
172
14
Ps
114
152
2
13
114
114
112
11g
1 18
118
114
78
1
1
8 1
7
8
7
4
1
18 *---_ 18 *_-__ 18
18 *___
*10
*--- 18 *____ 18
._ -_ 25
2.3 •____ 23
*---- 30 *__ _ _ 25 *_ _ _ _ 25 *__
712
7
2
64 67
634 71;
614 714
612 712
614 64
2
4 2014 214 217 2312
2 2112 223
217
204 20
2112 20
20
4
83
8
712 814
812
8
2
5
5 2 63
614 712
2
4 77
63
2
2
1212 123 1312 1212 134 1318 145
1112 1034 1112 11
10
4312
3812 39
374 3712 381 38
4 3412 3612 35
4
343 363
4
1033 10514
103 103
*90 103
*90 103
*90 103 .90 103
2
613
56
5212 56
5312 55
4 4912 52
4912 5112 4932 493
9.312 9512
*97 103
4
943 100
95
*94
93
*93
94
94
94
*87
87
864 8614 87
85
85
85 85
84 84
48
45
45
*35
45
*1752 48 .35
48
*35
48
*35
*4914 60
60 *4914 60
60
*4914 60
*4914 60
*5014 60
*____ 67 *____ 67 *_ 67 •____ 66 •____ 66 *__ __ 66
4
3814 33'2 383 39
38
*37
3712 38
3414 3531 3514 37
14514 14514 145 149
143 14312 148 146
141 14312 142 142
9812 10012
85 102
91
*87
844 844 85
8512 8112 89
4
4
4
4
281 *28
343 *2912 343 *3012 313 *3012 3434 343 35
23
2
323 35
4
324 313 324 3212 327
31
4 3012 33
2914 333
45
43
45
4312 43
*43
44
41
4
443 45
43
43
40 40
40
4012 *37
*37
41
4012 *37
40
*4014 46
4 64
6714
4 6312 643
4
2 633 613
647
6334 6412 63
6214 64
2012 204 204 194 2212
2012 *1714 2012 *19
*18
21
21
4
723 75
73
*70
77
*63
4
723 73
79
MI
80
*61
3812
8
375 3722 34
38
3412 38
38
3752 38
38
*38
7912 8212
79
4
774 773 7914 78
4 74
744 773
78
74
65
*60
65
*60
65
*60
65
*69
65
*58
66
60
0
4
4 253 26 4
2
,
2512 2512 263 .2514 253
3
25 4 *25
*2514 2614 *25
4312
4052 40
40
41
414 41
*39
4
393 40
39
38
57
*55
57
*55
57
*55
57
57
57
*55
57
*54
4
55 12 593 61
55
4
533 55
53
7
52 2 53
*50
55
*48
106 107
104 104
104 10412 104 10412 10.112 105
4
1033 104
3314 34
4
4 334 344 3312 343 *3312 35
334 34,
35
35
17
17
17
*16
17
*16
*1312 17
*1312 17
15
15
*3
12 28
12
12
r34
13
12
14
12
14 .
14
.
10
10
11
*9
10
10
10
*9
9
9
*812 9
45
*42
43
43
43
43
43
43
43 43
45
*43
2 211$ 2414
213
2214 21
2214 21
52 2114 204 214 21
20
80
76
76
75
75
7312 7412 74
8
707 72
*711s 75
3312 34
33
3718
36
3214 3212 354 34
2
317 3314 32
9112 924 96
91
93
9014 91
9014 90
4 90
*91 1023
84
*82
84
•82
84
____ *82
__- *78
____ *78
*78
*7518 87
*754 87
87
*79
75
75
79
*70
79
*75
32
*34
22
12
12
12
,2
8
*3
'2
12
8
1
2
3
4
12114 1243
4
1174 11834 116 1183 118 11952 12012 12214 11914 12172 *77
8412
8412
8112 •77
*76
82
*75
82
*76
81
*75
8612
8612 *78
8612 •78
8612 *76
*7512 8612 *7512 8612 *75
175 17514 175 17314 168 18212
168 172
170 17014 168 168
874 91
87
8812 86
86
87
85
81
80
82
81
4
4
113 11312 1133 1143
110 11012 11112 113
3
110 4 111
110 110
8
7
612 612
614 712
614
6
614
6
614 614
2
13
1 14
112
l's
4
13
*1
112 112
2
*1
2
*1
•14
12
•14
12
34
*14
12
22
32
.14
12
*14
834
7
2
Vs 67
7
7
*615 Pt
6
6
6
6
206 208
203 204
20312 204
202 203
4
•200 2033 *19814 202
•89
___89
8912 8912 89
90
*89
90
*89
90
•89
3
4
2 5312 We 563 577a 56314 5712 5712 59 4
543
7
53 2 53
52
512
512 *4
512 *4
,
412 0312
*312 512 *312 511 *4
4
603 6252
6112 604 61
4
,
5814 5912 5918 60 8 593 614 61
912
8
64 614
512 512
12
*5
4
*43 10
10
*5
95
*79
95
*79
2
*777 95
88
•77
86
*75
76
76
*__ __ 95 *__ __ 95 *____ 95 *____ 95 *--- 95
*--- 9134
80 *---- 80
80
*7434 80
77
77
80 *____ 80
86
74
71
70
72
6514 7112 •70
6714 70
67
60
91
8312 87
8112 8314 83
8313 8318
82
8412 82
81
49
*41
49
*41
49
*41
47
*41
46
46
47
*46
49
*40
49
*40
49
4812 *40
4532 *40
*4212 4812 454
52
50
50
48
50
49
45
15
45
4312 444 45
74
4
693 704 73
73
*69
654 67
65
65
65
84
2
307 3312
304 *2912 31
304 314 29
31
4
253 3012 28
4
593
*41
60
*41
49
*41
50
50
50
*49
49
49
4
3
1
8
7
78
34
4
3
34
4
1
14
12
14
14
8
17
17s
8
17
4
13
134
8
13
112 112
114
118
118
118
2
2
9912 100 1024 101 1017 1013 10212
9912 97
9612 9814 97
4
5812 603
564 58
4
5212 554 563 60
5214 54
3
60 2 52
80
85
80
*75
85
804 *75
*60
85
8012 *51
*85 100
*85 100
*85 100
*85 100
*85 100
*85 110
7
7
912 612
*652 7
(Pa 912 *614 7
614 614
*914 94
*914 10
*914 11
*914 H
*914 10
*914 10
*4114 45
433 433
4
4
8
*4114 47 .4114 47118 *4114 443 *4114 45
187 190
18612 188
3
187 190 4 18714 190
188 1893 186 4 189
,
4
844 9614 28512 864
83 2
0 7 87
834 834 8412 8412 8512 86
26
21
4
2 173 2212 2012 2112 2012 2112 46
1712 1814 1714 187
51
46
4674 45
46
47
4312 ,4312 *4212 4412 44
4
8
8
,
17 8 157 1612 167 173
113
4 1412 1512 1518 171$
1412 143
18
18
14
1812 *13
*15
19
16
16
013
*134 16
13
13
1114 13
1012 1012 Ills 1112 *1112 12
10
10
3112
2712 2712 28
28
28
28
2612 2612 2612 *25
*23
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
Par
Railroads
Shares
11.700 Atch Topeka & Santa Fe__100
100
1,300 Preferred
100
1.000 Atlantic Coast Line RR
100
51,500 Baltimore & Ohio
100
700 Preferred
50
3,300 Bangor & Aroostook
100
Preferred
100
200 Boston& Maine
Brooklyn dc Queens Tr_No par
No par
Preferred
7,900113klyn Manh Tran v t o No par
No par
500 Preferred v t 0
1.000iBrunswIck Term & Ry Seo_100
25
40,200iCanadian Pacific new
25
36.900 Chesapeake & Ohio new
100
8.500 Chicago & Alton
100
6,500 Preferred
Chlo & East Illinois RR__ _100
100
Preferred
100
6,800 Chicago Great Western
100
13,800 Preferred
23.600 Chicago Mew St Paul & Pao__
54.2001 Preferred new
15,900 Chicago & North Western_100
100
3001 Preferred
8,500 Chicago Rook Ill & Paelfie_100
100
,, preferred
600
100
500 6% preferred
100
300 Colorado & Southern
100
FIrmt preferred
10
100
Second preferred
100
1,600 Coiasol ItR of Cuba pref
100
2,700 Delaware & 'Hudson
4,800 Delaware Lack & Western_100
800 Deny dc Rlo Or West pref _100
100
18,300 Erie
100
First preferred
1,500
100
400 Second preferred
1,150 Great Northern preferred 100
100
1.800 Gulf Mobile & Northern
100
800 Preferred
3,300 Hudson& Manhattan
100
10,400 Illinois Central
100
RR See stock certificates__ _
1,000 interboro Rapid Tran v t e_100
100
1,700 Kansas City Southern
100
100 Preferred
50
2.600 Lehigh Valley
2,700 Loulaville& Nashville
100
5.400 Manhat Elev modified guar100
500 Market St Ry prior pref 100
900 Minneapolis & St Louis_ _100
900 Minn St Paul & S S Marie.100
100
260 Leased lines
12,900 Mo-Kan-Texas RR____No par
100
2,100 Preferred
100
15,200 Missouri Pacific
100
2,200 Preferred
50
Morrie & Essex
10 Nash Chatt & St Louls___100
1,500 Nat Rye of Mexico 2d pre1,100
100
62,300 New York Central
NY Chic & St Louis Co___100
100
Preferred
50
250 N Y & IIarlem
100
7,700 NY Nil & Hartford
2,700 Preferred
2.100 NY Ontario es Western_ _100
1,200 N Y Railways pref____No par
100
100 NY State Rye
100
3,000 Norfolk Southern
PER SHARE
Range for Year 1930.
-share tots.
On salts of 100
Lowest.
$ per share
168 Dec 17
100 Dec 18
9314 Dee 30
5512 Dec 16
7014 Dee 19
504 Dec 29
10612 Dec 16
44 Dec 16
612 Des 11
53 May 3
5512 Dec 23
83 Dec 17
,
5 4 Nov 11
,
35 4 Dec 17
2
323 Dec 17
2
3 Dec 10
4 Doe 23
144 Jan 7
29 Sept 25
434 Des 15
12 Dec 15
414 Dec 17
4
73 Dec 17
2912 Dec29
101 Dec 30
454 Dec 17
92 Dec 17
81 Dec 15
4012 Dec 31
2
653 Dec 30
80 July 11
30 Dec 30
13012 Dec 29
694 Dee 15
2512 Dec 18
2212 Dec 8
27 Der 18
26 Dec 17
51 Dec 19
104 Nov 11
3
55 8Nov 11
2
347 Dec 17
4
653 Dee 22
58 Dec 19
3
20 2 Jan 3
34 Dec 30
53 Dec 19
40 Nov 12
84 Dec 29
24 June 28
13 Dec 17
14 Oct 16
814 Dec 30
41 Nov 10
2
147 Dec 17
60 Dec 17
3
20 2 Dec 17
79 Dec 17
75 Dec 17
70 Dec 17
14 Deo 18
10512 Dec 17
73 Dee 29
75 Dec 30
152 Dec 23
,
67 2 Dec 17
10612 Dec 17
4
33 Dec 17
1 Oct 16
Is Aug 27
418 Dee 11
100 18112 Dec 17
1,300 Norfolk & Western
100 83 Feb 3
700 Preferred
2
100 421 Dec 17
13,500 Northern Pacitio
34 Dec 26
100
Pacific, Coast
44,000 Pennsylvania
50 53 Dec 17
412 Dec 30
100
1,200 Peoria & Eastern
100 7612 Dec 31
100 Pere Marquette
Prior preferred
100 110 Dec 3
100 9112 Oct 9
20 Preferred
4,100 Pittsburgh & West Virginia 100 4812 Dee 18
50 73 Dec 17
1,600 Reading
50 44le Mar 11
100 First preferred
60 46 Dec 13
100 Second preferred
4
2,500 St Louis-San Francisco_ ___100 393 Dec 29
100 6212 Dec 17
2,200 First preferred
4.30081 L01118 Southwestern_ _100 1712 Dec 30
100 35 Dec 16
600 Preferred
It Der, 15
100
21.800 Seaboard Alr Line
12 Dec 27
100
3,400 Preferred
100 88 Dec 17
12,900 Southern Pacific, Co
100 4612 Dec 29
18,400 Southern Railway
100 76 Dec 21
100 Preferred
100 85 Doc 18
Texas & Pacific,
4 Dee 23
100
600 Third Avenue_
71e Oct 25
Twin City Rapid Tranalt_100
4
100 413 Dec 31
10 Preferred
100 16612 Dec 17
9.500 Union Pacific
100 8214 Jan 17
700 Preferred
100 1114 Dec 17
22,000 Wabash
100 39 Dec 16
5,100 Preferred A
100 10 Dec 17
36,600 Western Maryland
100 1114 Dee 16
800 Second preferred
712 Dec 29
100
900 Western Pacific
100 23 Dec 20
2,100 Preferred
Highest.
1112
11
10
45
45
50
g
297 3018
28
10112 *_. 10214
2 1812 19
187
804
*84
84
*2214 24
24
4
2214 223
23
314 314
312
15
•10
15
4
1112 113
11
4612 4612 *43
4
*2912 343 *29
101 1014 •____
1814 1872 1813
4
4 843
843
*84
*2214 2312 .2214
221g 2212 22
312 312 *34
15 I *13
*10
Lowest
Highest.
$ per share $ Per share $ per 1111
/11
24212Mar 29 1954 Mar 29852 Aug
2
99 May 1047 Dec
4Seet 29
1083
17512Mar 18 161 Nov 20912 July
2Mar 31 10514 Nov 14512 Sept
1223
8452July 25
75 June 81 Dee
2
Oct 901 Sept
55
8412 Mar 29
11614June 4 y10314 Oct 115 Sept
811 Apr 145 July
112 Feb 8
15 Deo
7 Nov
2May 22
157
44 Nov 65 Sept
6612May 29
2
Oct 817 Feb
10
2Mar 18
783
52
7612 Nov 92 Feb
983
4Sept 25
44 Oct 4412 Jan
334 Apr 23
5214Nlay 14
2Sept 9
513
194 Feb
4 Nov
10 Apr 2
312 Nov 2534 Feb
1052 Apr II
15 Dec 43 Feb
28 Mar 26
g
2Mar 26
527
4
363 Dec 667 Fee
7 Nov 234 Fob
4
173 Mar 31
52
8May 16
523
1712 Nov 63 Jan
16 Nov 4472 Aug
2632 Feb 7
2812 Nov 6852 Sept
484 Feb 10
75 Nov 10812 Aug
8972 Feb 8
3
140 4June 3 134 Apr 145 Feb
12512 Feb 14 101 Nov 1434 Sept
Oct
11032Mar 20 100 Nov 109
9472 Nov 10314 NOT
10412 Mar 21
95 Feb 13
864 Dec 135 July
80 June 19
6512 Oct 80 Jan
75 Apr 23
64 Apr 7212 mar
45 Nov 7052 Jan
62 Apr 10
181 Feb 8 14112 Oct 226 July
4
153 Feb 8 12014 June 1693 Sept
49 Oct 773 Feb
4
80 Mar 28
4112 Nov 9312 Sept
4
633 Feb 14
5512 Nov 6614 July
674 Feb 19
52 Nov 634 July
6212 Feb 19
854 Nov 12814 July
102 Mar 29
18 Nov 59 Feb
4612 Feb 17
70 Nov 103 Jan
9814 Mar 10
34l May 584 Jan
2Mar 25
533
1364 Apr 22 116 Nov 15312 July
70 Nov 804 Feb
77 May 13
2
15 Oct 583 Feb
392 Mar 18
80 Oct 1087 July
2Mar 29
2
853
63 Nov 7012 Jan
70 Apr 16
2Mar 31
65 Nov 1024 Feb
847
13812 Apr 4 110
Oct 15414 Beni
4212Sept 27
Oct 5712 Jan
24
1412 Nov 3912 Jan
2512 Feb 13
334 Jan
212 Apr 5
114 Nov
85 May 6112 Sept
35 Feb 7
51 Dec 66
Jai)
5912 Feb 21
4
6652 Apr 14
2712 Nov 653 July
7
93 2 Nov 10712 Apr
2Mar 27
1083
2
9812Mar 6
46 Nov 1013 July
14512 Mar 6 105 Nov 149 Oct
753 Oct 8652 Jan
87 Oct 2
2
132 Mar 25 173 Nov 240 Aug
52
3 Jan
Oct
1
112July 29
4
1923 Feb 14 160 Nov 25612 Aug
2
144 Feb 10 110 Nov 1923 Aug
4May 14 100 May 110 Dec
1103
Oct 379 Jan
324 Feb 3 155
8072 Jan 13212 Oct
1284 Mar 29
4
13511Mar 21 1144 Jan 1343 Aug
8 Nov 32 Feb
174 Mar 31
972 Feb
14 Dec
412 Jan 16
Oct 1414 Mar
1
212 Feb 6
1412 Dec 4812 Feb
3312 Feb 14
Jan 200 Sept
265 Feb 18 191
82 Nov 874 Ma,
9212 Oct 14
2
7512 Nov 1187 July
97 Feb 21
472 Dec 43 Feb
1972 Apr 9
724 Mar 110 Aug
2Mar 31
863
17 Dec 85 July
2412 Mar 31
16412 Apr 10 140 Nov 260 Aug
94 Nov 101 Mar
101 May 17
Jan
90 Nov 97
99 Apr 15
4
90 Nov 1483 Jan
1214 Feb 11
14112 Feb 6 10112May 14734 Sept
4112 Apr 60 Sept
63 Feb 21
5
43 2 May 604 Sept
57 Feb 6
2Mar 27 101 Nov 1333 Aug
4
1187
87 Nov 964 Feb
101 Apr 2
4
50 Nov 1153 Feb
4May 16
763
Oct 94 Apr
84
944July 24
4
94 Dec 213 Mar
124 Feb 15
2
28 Feb 7
1614 June 413 Oat
127 Feb 10 105 Nov 15712 Sept
4
1383 Jan 13 109 Nov 16212 Sept
93 June 100 D041
101 Mar 20
145 Apr 24 115 Nov 181 MAY
1512Mar 20
812 Nov 39 Feb
2014 Dec 5814 Jan
3112 Jan 29
75 Dec 100 Jan
79 Feb 3
24214 Mar 29 200 Nov 2974 Aug
80 Nov 854 Sept
2Sept 30
883
2
40 Nov 813 Jan
874 Apr 1
82 Nov 10472 Jan
8914 Apr 8
Oct 54 Feb
10
38 Mar 29
1414 Nov 5312 Feb
38 Mar 28
,
Oct 417 Mar
15
3012Mar 29
4
3712 Nov 873 July
5312 Mar 19
Industrial & Miscellaneous
8 Dec 27 4218 Apr 9
1212 2,300 Abitibi Power & Paper_N• par
100 36 Nov 17 8612 Apr 8
700 Preferred
45
500 Abraham & Straun___No par 21 Dec 29 66 Apr 21
3412
100 102 Nov 24 11012 Aug 25
110 Preferred
10214
No par 1414 Dec 17 37112 Mar 31
4
193 35,300,Adams Express
100 8012 Dec 29 94 Sept 10
, Preferred
844
No per 21 (let 20 33 Mar 31
200 Adams Millis
23
4 1,300 Addressograph Int Corp No par 24 Dec 30 844June 13
223
100
212 Dec 30 2312 Jan 24
312 1,100 Advance Homely
100 10 Dec 20 4114 Jan 29
1001 Preferred_
15
Ex-dividend. V Ex-rights. a Ex-dividend and en-rights.
•Bld and asked prices; uo sales on this day. c 60% stock dividend paid. x •
9
912 912 10
9
*41
45
*40
40
40
28
28
2812 2812 26
10214 *____ 10214 *____
0-1772 1834 1812 184 184
3
*8012 8312 8312 8312 83 4
*2214
24
23
23
24
*2314 2412 12272 2272 22
312 312 *312
'2 312
3
*1012
15
*10
12
12
Prat bli AKE
Range for Previous
Year 1929.
844
69
43
10012
20
84
19
Dec 5714 Aug
Nov 8852 Jan
Dec 15912 Jan
Nov 11212 Oct
34 Nov
Nov
Jan
Nov 98
Nov 357 Jan
2
7
15
Oct 10474 may
Oct 119 May
New York Stock Record—Continued—Page 2
275
For sales during the week of stocks not recorded here. see second page preceding.
4
1
HIGH AND LOW SALE PRICES—PER SNARE, NOT PER CENT
Saturday
Jan. 3.
Monday
Jan. 5.
Tuesday
Jan. 6.
1Wednesday
Jan. 7.
Thursday
Jan. 8.
Friday
Jan. 9.
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1930.
-share lots.
On oasis of 100
Lateral.
Highest.
PER SHARE
Range for Previous
Year 1029.
Lowest.
Highest.
$ per share $ per share Shares Indus. & MisceII.(Con.) Par $ per share $ per share $ per share $ per share
$ per share
Dec
15 Mar 28
44 Feb
3 Dec
8
2
8
1
3
8
3
3 1.200 Ahumada Lead
3
8
3
8
3
8
8June 2
77 Nov 22348 Oct
16
2
No par 8714 Dec 17 1563
8
8
993 10214 984 1027 34,800 Air Reduction Ina
101 1034
8
184 Dec 487 Stay
64 Dec 29 86 Mar 24
712 74 2,900 Air-Way EleoAppllanoeNe par
713 713
712 74
14 Dec 11
3
3
13 8,900 Ajax Rubber Ino
3
8
3
8
1 Dec 1114 Jan
212 Jan 9
No par
*4
12
44 Nov
918 Jan 7
1014 Jan
412June 18
8 912 199,900 Alaska Juneau Gold Min ___10
8 283
77
8 85
7
77
8
Jan
5 Oct 25
6 Dee 16 1512 Feb 17
200 A P W Paper Co
No par
613 612
612 613
*614 7
17 Nov
5612 Sept
5 4 Dec 16 3514 Mar 31
3
8
No par
87 103 139.600 Allegheny Corp
8
812 93
87
8 9,
3
8
90 Nov 1182 July
12
4
52
503 513
4
51
4 1.900 Prof A with $30 wart....._100 3514 Dee 30 107 Feb 11
55
55
4
50 50
48
1,000 Pref A with $40 warr____100 3713 Deo 30 993 Apr 11
48
53 53
4
Pref A without warr___1(10 843 Oct 7 984 Feb 24
50
50 •44
*40
58
*48
173 17512 164 17313 59.100 Allied Chemical & Dys_No par 17014 Dec 17 343 Apr 17 He/ Nov 85438 Aug
17312 17812
Apr
100 1204 Dec 15 12514 Apr I 11812 Nov 125
400 Preferred
124 124 *124 12512
122 122
8518 Nov 7511 Sept
363 374 11,900 Allis-Chalmers Mfg____No par 3114 1)80 17 88 Mar 11
4
343 353
4
8
363 38
4
23 Nov 23 Nov
1634 165 163
8
16
4 4.400 A lpha Portland Cement No par 1112 Dec 17 4214 Mar 27
1614 174
4
1712 Oct 422 Jan
16, Dec 17 8112June 8
2
No par
3,300 Amerada Corp
4
2013 2034
2012 2012 203 21
15 Dec 29 103 Mar 31
8
8
4 Oct 235 Jan
8
900 Amer Agrioultural Chem__100
23
8 23
23
8
13
4 24 *2
8
18 Nov
8
734 Jan
100 1712 Dec 29 895 Aug 16
Preferred
21
2112 213 213
4
4 1.300
20, 2
4 014
65 Nov 157
Oet
10 4512Nov 11 972e Mar 27
57
5914 594, 5912 5914 2,250 American Bank Note
57
57 July 65:4 June
50 8014 Nov 11 683 Jan 31
4
63141 6314 6314
6314 63 4
*63
,
54 Dec 2012 J1111
37
218 Dec 17 12 Jan 18
44 43
4 1,500 American Beet Sugar_No par
42
313 31
7613 Sept
1514 Dec 17 547 Feb 14
_ Amor Rogeb Magneto__No par
27 Nov
8
;51 If" 34 34 *3338 35 3513 3513 *3614 38 3534 3614 600 Am Brake Shoe As Fdy_No par 30 Dec 30 5453 Mar 20 4012 Nov 82 Feb
*119 12212 121 121
100 118 July 17 128 Feb 13 113 Nov 12812 Mar
120 Preferred
121 121
121 121
120 120
11912 1201
4
44 Oct 343 June
4
614 Oct 31 212 Apr 28
9 8 93
,
4
83
4 9
*9
914 2,800 Amer Brown Boyer'EI_No par
93
4
8
9
9
93
94 94
49
4934 Jan 104 June
50
47
100 38 Oct 31 84 Sept 18
480 Proferred
4813 50
493
4614 47
4 4918 493
474 48
11314 11412 1123 115
88 Nov 1844 Aug
25 1044 Dec 17 15611 Apr 16
3
8
8
3
1124 1153 11318 1154 113 1143 1123 1143 162,000 Amei loan Can
8
*145 148 *146 14812 *1454 14812 *14618 14312 143 143 *147 1483
8
100 Preferred
100 14014 Jan 27 1507 Oct 2 13318 Nov 145 Dec
293 3012 31
4
8,300 American Car & P57
75 Nov 10612 Jan
._No par 2418 Dec 39 8212 Feb 6
3312 3313 341
32 4 304 323
,
3312 33
3 32
*7112 79
Jan
290 Preferred
744 744 *73
100 70 Dec 29 116 Jan 4 11012 Oct 120
79
*75
79
79
*74
7714 771
31
31
500 American Chain
*31
No par 27 Dee 17 697 Apr 10
33
8
3212 32
33
33
4
4 33
32
323 323
39
39
8 5,400 American Chicle
8153 Sept
417
27 Nov
337 33 3 394 407
41
No par 35 Dee 17 3114 Apr 3
41
8
8 404 404 40
7
918
91
10
918 938 4,200 Am Comm. Aloohol
1012 1013 1012 10
!
20 Oct 65 May
9 Nov 19 33 Jan 16
No par
1018
9'8 10
*10
900 Amer Encaustic Tiling_No par
123 1310
184 Nov 474 Feb
8Mar 31
4
8 Nov 11 307
1012 l0e
9
10
11
10
10
*10
11
2012 203
984 Sent
17 Dec 30 5912 Mar 31
23 Nov
8 2218 2212 1.400 Amer European Seo's_No par
*215 235
4 21
8
21
2113 22
21
*20
303 32
8
3412 3318 3512 218.700 Amer & Fern Power
No par 25 Dec 17 10114 Apr 18
50 Oct 19914 Sept
3012 324 304 324 32
333
4 32
preferred
1,700
85 4 854 *83
,
9014 9012 91
No par 81 Dec 30 11112 Apr 29 10112 Nov 10812 Feb
90
89
9213 *37
9212 88
*
8914 75
8 7213 7212 1.350 25 preferred
8614 Oct 103 Feb
No par 6313 Dee 17 1004June 11
70
7114 7114 *7214 723
70 4 *7114 75
,
74
74
8012 2.000 $6 preferred
78
73 Dec 30 101 May 17
79
94 Dec 100 Feb
No par
7612 76
75
76
75
78
76
104 2,200 Am Hawaiian S S Co
83
9
8 838
87
8 934
10
53
512 Dee 15 33 Mar 19
812 812
8
1712 Dec 42 Apr
8
4
818 8
4 3
200 American Hide & Leather_100
•14 3
311 Dec
*112 2
10
Jan
7 Apr 10
112 Dec 17
13
8 14 •13
*112 2
*1 12 17
3
.
300 Preferred
* 3 14
38
312 Dec 30 347 Apr 11
2314 Nov
5314 Aug
•3
18 134 11
100
*1012 1114 1013 1013 *1034 14
11
485 49
8
483 49,
8
855 Jan
4
40 Nov
2 4912 5012 5014 504 504 504 5018 514, 7.100 Amer Home Products_No par 4012 Dec 171 894 Mar 20
2614 273
27
3,200 American Ice
2718 2712 2753 274 27
274 x27
274 27
29 Oct 5312 Aug
No par 2412 Dec 28 417
8Mar 27
193 20
4
8
4
3
20
8 204 204 203 217 32,200 Amer Internal Corp_No par 18 Dec 17 5538 Apr 2
21
2912 Nov 962 Sept
4
3
2014 214 20 4 213
*5
8
3
112 4,600 Amer La France & Foamite_10
12 Dee 23
87 Jan
4
24 Oct
4 Apr 2
.18
.8 •714 1258 1234 12
58
2
8
2
2
30 Preferred
7
*714 12
*512 25
7 Dee 30 85 Feb 14
7
2712 Nov 76 Feb
100
74 7 4
,
213 221
4
2
23
1814 Dec 30 105 Jan 6
24
8 2512 2634 9.700 American Locornotive_No par
2612 253 267
2318 2414 24
90 Nov 138 July
7214 77
80
500 Preferred
*7812 80
80
80
100 6314 Dec 23 1181251ar 1 11114 Nov 120 Dec
80
80
*74
*747 80
3
324 331
323 334 6,400 Amer Mach & Fdy new_No par 293 Dec 17 45 Sept 6
4
4 33
33
33
4
331
33
334 3312 333
413 47
4
4
2,100 Amer Mach & Metals_ No par
3 Dec 15 1412July 8
418 41
32
*413 44
4
458
18
18
18
2,000 Amer Metal Co Ltd_No par 134 Dee 15 5113 Feb 7
Nov31
18
174 18
174 1814
Feb
18
18
18
18
1575
9l)
90
*80
90
Preferred (6%)
*80
1380
100 80 Dec 29 118 Feb 18 106 Nov 135 Feb
90
90
*80
80
90 •
25
25
500 Amor Nat Gas pref____No par 20 Dee 27 95 Mar 27
2814 30
2814 30
30
58 Nov 9814 Jan
30
30
30
30
30
4714 4912 4814 4938 473 49
48
504 17,000 Am Power dr Light___ _No par 3618 Dec 16 1193 Apr 1
8
4834 5012 4813 50
6414 Nov 1764 Sept
8
9512 96
97
1.500 Preferred
1/24 Oct 105 Feb
No par 90 Dec 17 107 Mar 24
9012 9612 9612 961
9612 9313 964 97
95
*7412 8018 78
300 Preferred A
80
•78
80
80
70 May 80 Feb
No par 7412 Dee 30 87 8 Sept 19
7
*7814 80
78
78
78
80
80 4 8012 8012 8012 801 *8012 83
1,100 Pref A stamped
8012 81
8
,
8012 801
4
727 Nov 8418 Fob
No par 743 Dec 29 8913Sept 27
1612 17
8 18
28 Oct 551 Sept
1712 183
4
184 54.500 Am Red dr Stand San'y_No par
8
15 Deo 29 39 4 Apr 7
164 1714 17
8
174 173 18
712 9
3,500 American Republics_ _ No Par
8
9
54 Dec 17 87 Mar 25
84 94 *813 9
1213 Nov 644 Jan
87
8 912
914 91
32
333
8 323 3414 331 343
8
60 Nov 1445 Sept
303 3212 38,200 American Rolling 54111
4
8 3058 321
25 28 Dee 27 1007 Feb 17
8
4
3218 313
,
611
5814 533 *57
61
3
12,000 American Safety Razor_No pa
4
44 Nov 742 Jan
63
3
6212June 18 673 Apr 28
5718 6014 59
573
4 574 571
4.6
*63
4 7 2 *63
71
Amer Seating v to
p3
,
• 8 9
67
5 Dec 4 2812 Feb 18
8
17 Dec 617 Mar
818
*67
8 9
4 712 *678
7
3
7
3
1,100 Amer Ship & Comm_No pa
12 Dee 10
1
1
"4 78 *34 78
7 Feb
3 Oct
3
133
$151aY 6
34
3
3
4
3
414 4118 *41
41
41
41
110 Amer Shipbuilding new_Ne par 35 Dec 16 5412June 5
42
42
*41
42
_
42
42
43 4 443
3
4 42
4512 463
8 44
454 435 453 43,800 Amer Smelting & Refg_No pa
4434 427 46
62 Noy 130¼ Sept
8
3713 Dec 29 7912 Apr 2
8
8
31115 1304 130 130 *125 130
400 Preferred
129 129
' 100 131 Dec 15 141 Apr 8 1234 Nov 138
130 13010129 130
Jan
93 2 9312 *9414 9412 *9414 9413 9412 9413 95
,
400 6% Otim 25 prof
.96
95
100 9338 Dee 31 1033 Aug 14
8
9612
38
38
38
25 357 Dec 29 434 Jan 27
8
38
383 3913 1,100 American Snuff
4
3818 387
4
38 Oct 49 July
8 383 384 *3812 39
*102 101 *102 110 *10214 108 *10214 108 *10214 108 *10214 108
Preferred
100 1004 Jan 3 112 Sept 18
Jan
98 Nov 112
27
8 24
3
2 Dec 30 2212Mar 7
3
33
8 .3
3
14 *3
314 1,000 Amer Solvents& Chem _No Pa
34 *3
*3
*74 83
4
5 4 Oct 23 331451ar 5
3
78
7
No pa
7
800 Preferred
*7
812
*7
9
*7
9
7
7
26
263
8 26
263
8 2614 27
2312 Dec 17 5214 Mar 20
2814 29
8
8,910 Amer Steel Foundriee No pa
273 2813 275 28
85 Oct 79& Feb
4
3
,
41110 1107 •110 1104 11078 1104 1107 1107o *111 11212 *111 11212
8
20 Preferred
100 110 Dec 17 116 Feb 25 110 June 114 Mar
8
*37
39
3718 1.100American Stores
*3712 33
3712 37
3612 Dee 26 5512 Apr 16
3712 37
No pa
*37
3778 37
40 Oct 85 Apr
1342
51
4234 423
503
4 1.600 Amer Sugar Refining
49
100 3914 Dec 27 697 Mar 26
45
50
*46
4 45
50
8
50
56 Nov 9414 Jan
*96 10014 *977 99
200 Preferred
8
95 Nov 10 110 Apr 24
100 100
*9814 10014 10014 10014 *10113 103
10
99 Nov 111 Feb
4 *9
94 93
300 Am Sumatra Tobaceo—NO Pa
812 812
Jan
10
5 Nov 10 263 Feb 10
9
*812 914 *812 912 .8
4
18 Nov 60
*1518 17
17
1612 16 2 *16
17
90 Amer Teleg & Cable Co
16
17
8
4
327 Feb
100 15 Dec 29 2712 Feb 8
164 163 17
17 Jan
,
182 18414 1813 1843 182 1863 18518 1863 18414 1863 18553 1883 63.700 Amer Telep & Teleg
4
4
3
8
4
100 1704 Dec 17 27414 Apr 17 19314 Jan 8104 Sept
4
American Tobaceo oom
_50 197 Jan 8 26414May 23 160 Mar 23212 Out
•
1- - i56T2 116- 109 1114 110- 1-1-14 ThiT2 116" iiii" 111 --- -0 New w I
69
---- 3,20398 2 Dec 18 127 Sept 10
,
2
Cononon class B
Oct
50 197 Jan 8 26912May 23 160 Oct 235
1085 10938 10818 11138 1419C2 1137 111 1133 11012 11214 11014 113
8
34,200 Class B new w I
8
4
2
9914 Dec 16 1304 Sept 10!
12414 *1244 12612 *12412 12(312 *1243 12612 1253 1253 •125 12712
12414
4
4
200 Preferred
4
100 120 Feb 3 129 Sept 213 1145, Nov 1211, Jan
*95 102
29778 97 81 •96 105
100 100 •100 110 *101 110
200 American Type Founders 100 95 Nov 17 1414 Apr 1 115 Nov 181 Sept
7
O105 106 *105 106 *10414 106 *10414 106 •10412 105 *10412 106
Preferred
10 10313 Nov 7 1143
4July 24 103 Nov 112 Apr
59
604 58
8 58
6012 573 8014 584 613
8
603 2584 615 39,300 Am Water Wks & Elea_No Pa
4
4
474 Dec 17 1247 Apr 23
8
50 Nov 199 Sent
*100 105 •
100 10414 *10112 104 13102 105 *102 105 I 105 105 I
100 let preferred
98 Nov 25 1084 Oct 6
Jan
97 Jan 104
7
012 10
7 14
9
914
812 94
713 838
74 714
5,000 American Woolen
100
5 8 Nov 11 2014 Feb 17
3
4
54 Oct 277 Jan
2112 2112 21
21
21
274 294 29
247
8 243 29
4
3053 20.600 Preferred
8Nov 11 444 Feb 18
100 155
1
154 Nov 582 Jan
2
2
2
2
2
2
*2
212
214 278
3
3
2,700 Am Writing Paper otts_No par
138 Deo 29
4 Nov
9 May 20
1613 July
*12
17
15
15
*1212 15
15
15
15
15
•1413 17
500 Preferred certificates_ _100 1018 Dec 23 442 Feb 27
4
28 Nov 46 Mar
5
514 *43
512
4 512 *43
5
4 512
5
514 512
5
2,300 Amer Zino Lead & Smelt___25
34 Dec 17 177g Feb 8
7 Nov 494 Mar
*28
30
2712 2712 2714 2714 *2713 30
*2713 30
•213
27
200 Preferred
25 263 Dec 29 7973 Jan 20
4
4934 Nov 11114 Mar
317 323
8
4 3134 323
4 3112 3312 3318 343
8 313 3314 13114 3212 209,600 Anaconda Copper Mining_ _50 25 Dec 17 8112 Apr 2
4
8714 Dec 140 Mar
*
2214 _ _ *2234 26
23
23
2514 2512 z25 25
_
600 Anaconda Wire& Cable No par
19 Dec 27 5314 Feb 6
46 Dec 893 Sent
4
283 283 *2712 29 4 30
8
3
3
30
*23l4-31 •3018 3114 *3012 31
30
600 Anchor Cap
Oct
No par 24 Dec 29 513 Apr 21
4
25 Oct 80
1514 1512 143 1434 1514 1512 1512 1512 1434 143 z14
4
4
14
1,400 Andes Copper Mining No par
105 Dec 17 3714 Apr 2
3
30 Oct 884 mar
1513 1512 157 16
1512 154
8
153 167
4
8 1614 164 164 17
5,000 Archer Daniels
Par 134 Dec 17 2914 Apr 5
1813 Nov 4912 Mar
67
67
67
7012 7012 7012 6912 72
69
7112 70
71
4.100 Armour & Co (Del) pref_ A00 60 Dcc 30 8278June
75 Oct 95 Jan
3 4 33
,
3
33 4
,
4 18 413
37
a
414
33
4 4
33
4 37 72,400 Armour of Illinois class A___25
3
54 Oct 184 Jan
818 Mar 28
4
23 Nov 11
218
2
218 25)
2% 23
4
212 27
8
212 25)
212 25) 25,700 Claes B
1014 Jan
112 Nov 10
24 Nov
25
438 Mar 26
353 37,
4
4 37
43
4214 47
40
393 4212 42
4
45
42
5,400 Preferred
Jet
57 Nov 86
100 2514 Nov 10 65 June 4
34 4
33
4 3 8 *348 4
7
4
44
4
4
4
4
2,150 Arnold Constable Corp_No par
3
614 Dec 404 Jan
312 Dec 16 13 4 Apr 21
1044 53
4 *
514 53
4 *5
53
4 *5
534
53
4 53
4 *512 812
100IArtioom Corp
165 Nov 30 Feb
8
04
No par 243 Dec 17 2013 Apr 28
*23
2418 2418 2418 2413 2413 247 25
8
247 254 254 2812 2,900 Associated Apparel 1nd_No par
8
4
34 Nov 582 June
4612 Mar 10
Nov
24
2414 2314 24
2314 233
4 23
7 24
234 244 2237 243
8
8 4,800 A21300 Dry Goods
4
25 Nov 703 Jan
19 Den 17 5012 Apr 15
No par
2612 2612 *2612 30
*2612 30
*2612 2912 2912 30
*2613 30
80 Associated 011
8412 Dec 474 Ain
25 30 Dec 22 51 June 2
*35
33
*35
38
1335
38
364 39
*36
39
600,Ati0&WIsSLine___No par 33 Dec 26 803 Jan 30
*3613 39
8218 Feb 8612 Oct
3
MO
53
*
50
53
•50
53
50
50 •
50
53
*50
53
1001 Preferred
453 Feb 624 Sept
4
100 48 Dec 23 6514 Feb 28
204 2114 2012 217
2018 213
4 2118 223
8 203 217
4
2112 224 24.600 Atlantic, Refining
80 Oct 777 July
8
25 164 Dec 17 613 Apr 7
8
*4512 4712 4512 4512 4614 4612 47
4712 .48
4913 4912 52
1,3001 Atlas Powder
42 Dec 16 106 Mar 221 87 Nov 140 Sept
No par
1397
98
98
98
*97
991
8 983 9812 *98
9812 9812 9812
8
1201 Preferred
100 97 Nov10 108 Mar 221 90 Nov 10612 Jan
*812 9
•84 9
9
9
912 912
0
9
9
9001Atla8 Stored Corp
9
No par
73 Dee 31 87 May 15
4
312 312 *3
312 *3
*3
4
312 *3
312 *3
177k July
63,6166001AAutlbas..T.
5 Nov
Ns par
812Mar 5
212 Oct 10
1083 11312 109 116
4
11034 11412 110 114
10814 11234 10712 113%
ar
utomobile
33
3
No par 603 Nov 5 2684 Apr 1 120 Oct 514 Sept
8
*13
4 2
2
2
*134 2
*13
4 2
2
2
*134 2
7 May 14
300 Austin Nichols
153 Dec 6
No par
2
*1
•1
2
13
4
17
8
114
114 *114
4 Dec -fait Aug
400 Autosales Corp
13
4
114
8
7 Deo 30 103 Mar 3
8
No par
1 14
*1.18 412 *114 44 *114 414
13158
414 32
414 *112 414
13 Dec 457 Aug
Preferred
13 Dec 30 25 Mar 4
50
---- ---Autostrap Sat Railer A_No par 37 Jan 2 813
4July 31
84 Nov 50
Jan
314 3 3 --Vs --V;
312 34 --3i4 - 11-4
,
No par
34 418 27,700 Avietion Corp
978 Apr 16
5412 Dec 20 Aug
34 44
25 Dee 15
8
2212 2318 2134 223
2278 23
4 22
24
223 233
4
4 2218 2414 58.700 Baldwin L000 Works No par 1942ues 17 38 Feb 18
15
Oct 065 Aug
8
8
884 883
8 8913 8912 893 8912 9138 9112 9112 9412
4 89 893
670 Preferred
100 84 Dec 27 118 Jan 21 10912 Nov 125
Apr
1043 105 *105 106
4
105 105
105 10512 1054 106
510 Barnberger (L)& Co prof _ .100 103 Dec 29 11012 Feb 4
9312 Nov 11012 Feb
10512 10512
*9
912 10
10
*912 10
93
4 93
4 *93 10
No par
4
8
60 Barker Brothers
16 Dec 332 Jan
8 Nov 28 201 Mar 5
*93 10
8
4
*
5712 70
*5713 70
*5713 70
*5712 70
Preferred
100 58 Dec 30 91 Mar 31
•60
70 .5712 70
70 Nov 97
Jan
12
8
1213 134 125 1318 125 13
13
1214 131.4
25
8
1213 1312 47.300 Barnsdall Corp class A
85 Dec 17 34 Mar 28
8
20 Oct 491e May
*
25
30
*25
30
297 294 30
8
30
*25
500 Bayuk Cigars Ins
34
3134 314
No Par 23 NOT 7 68 Feb 4
55 Nov 1132 Jan
4
*
8712 91
8712 8712 *8712 91
*874 91
*88
91
*80 9110 First preferred
100 89 Deo 9 101 July 24
95
Oct 1064 Jan
674 6712 6734 69,' 6912 6913 67
67
1,500 Beatrice Creamery
66
67 .67
50 62 Dec 16 92 Apr 14
68
69 Dec 131
Oct
13106 108 •106 108 •106 108 *1083 108 *105 108 •106 108
4
Preferred
100 10114 Mar 20 1091413ept 22 100 Dec 10613 Aug
*49
514 514 5114 61
53
500 Beech-Nut Packing Co__ __20 463 Nov 10 7018 Jan 28
50 2 5012 51
,
4
5312
54
.51
45 Nov 101
Jan
25
8 258
24 238 *212 23
4 *24 212
213 212 1.3130 Belding Hem'way Co__No par
212 212
218 Dec 31
61 Jan 17
8
412 Dec
172 Apr
4
*77 79
14
73
734 784 •783 80 •7812 82 1
78
78
,
78
400 Belgian Nat Rys part pref__
3
76, Dec 13 8512 Mar 19
4
75 Nov 847 Jan
4
•Bid and asked prices; no sales on this day,
y Ex-rights,
a Ex_dividends
$ per share $ per share,
*14
2
8
*14
3
8
10112 10214 100 1027
8
74 712
713 84
3
8
4
38
12
712
714
7
712
*613 7
*6
7
4
813 93
8
83
3 93
43
49
51
53
4373 4378 5214 5212
*40
54
1350
56
17538 1783 17312 17812
4
122 122 *12112 122
34
353
353
2
4 35
18
18
18
18
183 20
4
204 21
213 214
24 25
8
2014 2112 2012 2013
544 57
59 59
.62 6314 6314 6314
* 8 313 *212 34
23
$ per share
3
8
3
8
8
10114 1033
713 712
13
3
8
7 4 84
3
*614 612
9
9 12
53
53
52
52
1345
46
175 17912
124 124
37
36
1718 1814
2014 20 4
3
2
2
2112 22
58
601*
62
62 -I
318 312
New York Stock Record-Continued-Page 3
276
For sete. 6,2.4n0 the week nr stocka not recorded here. tee third page preceding.
CEN
HIGH A1.fls1,01Y 'SALE PRICES-PEI? SHARE, NOT PER Fr
Saturday
Jan. 3.
onday
Jan. 5.
Tuesday
Jan. 6.
Wednesday
Jan. 7.
Thursday
Jan. 8.
Jan. 9.
at
t es
i Su
for
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHAHS
Range for Year 1930.
On basis of 100
-share lots.
Highest.
Lowest.
Par $ Per share $ per share
per share $ per share $ per share $ per:share $ per share $ per share Shares Indus.& Miscell.(Con.)
14le Nov 10 5758 Apr 7
No par
2
4 183 2058 67.800 Bendiz Aviation
1812 1914 18
1918 20% 194 193
18% 1814 2014
No par 3058 Dee 17 581 Apr 25
& Co
8,700 Best
4
4 333 35
34
4 3312 35% 311 3518 3414 34% 333 343
343
100 473 Deo 29 11014 Apr 1
8
5312 525 5418 96,000 Bethlehem Steel Corp..
52
4
523 5334 5112 5312 513 5314 5214 54
4
100 11234 Deo 17 134 Mar 21
4
4
8
1145 11514 11412 1147 114% 1147 11512 11614 1163 1163 11818 11958 1,500 Preferred(7%)
8
8
No par 23 Oct 23 4112 Apr 24
2414 2452 24
25
2414 2414 214 2412 2412 254 2558 2613 5,500 Blaw-Knoz Co
8
1612 Dec 23 297 Apr 14
50 Bloomingdale Brothers_No par
8
*167 20
8
*167 20
8 20
*161 20
5161
1612 1613 *1613 20
100 95 Dec 18 104 Oct 10
10 Preferred
95
95
95
95 •90
*90
*90
*90 100
96
96
*90
Blumenthal & Co pref._ _100 74 Feb 7 90 Apr 7
85
*75
85
*75
85
*721 85
85 '75
•75
8713 575
2314 2358 8,800 Bohn Aluminum & Br--No Par 1558 Nov 12 69 Apr 7
2212 23
24
23
235
7
8 2212 2312 2213 23 3 23
No par 594 Oct 14 78 Apr 5
300 Bon Anal class A
6212
*59
60
551
3
63 4 60
•59% 6012 *60
60
6012 60
1 Oct 31
5 Mar 26
No par
1,900 Booth Fisheries
*112 2
*114 112
5112 2
*112 2
1% 138
112 1%
514 Deo 10 3314 Jan 8
100
100 lst preferred
7
7
10
•6
10
*6
554 10
10
*6
10
*7
3
25 801 Jan 8 90 8May 29
8
69% 70
3
4
683 69 4 6918 69% 6914 69% 6914 6912 6914 705 32,600 Borden Co Corp
10 15 Nov 10 aoli Mar 27
2212 2218 2314 32,500 Borg-Warner
2258 2313 2218 2314 218 2314 2214 2318 22
4
5 Mar 27
4
3 Deo 15
Botany Cons Mills elan A_ _50
.11, 3
3.112 9
*11 3
4.444
*113 3
*114 3
3Ju1y 23
x1714 1812 93,000 Briggs Manuracturing-No Par 1218 Oct 10 253
1812 19
1818 183
4 175 18% 173 1814 1813 19
8
8
No par 1514 Nov 10 8512 Apr 4
100 Briggs & Stratton
*1718 19
•1718 19
19
*171 19
19
*161 20
*1718 19
8
15 Deo 26 224May 19
Brockway Mot Truok No Par
4 2,200
4 33
33
3
2 4 2%
4
112 33
4
3
31 33
3 3
3
100 13 'Deo 15 85 Apr 24
Preferred 7%
*1514 30
•13
*14
23 *1512 30 •1514 30
28 •13
28
B
110 1125, 2,9308: rooklyn Union Gas_No par 9813 Dec 16 17514Ma r 1
110
105 107
109 10912 10812
106 108
10612 107
No par 3384Nov 11 41 Feb 18
Shoe Co
100 Brown
*3512 36
*3512 36
*35
*351 36
36
3513 3513 *3512 36
1,600,Bruns-Balke-Collendar-No par 10 Deo 15 3053Mar 31
1212 1212 1212 1212 *1212 13
12
1012 11% 11
1112 12
10 111 Dec 17 317 Mar 24
1
1518 1512 3.000 Buoyrua-Erie Co
15
1518 1512 15
4
151 1512 15
151 *143 15
10 21 Dec 17 43 Mar 25
26 14 2614 2,200 Preferred
26
8
263 2612 26
2512 2614 26
263 *2514 26
8
100 10758 Jan 3 117 Sept 11
20 Preferred (7)
112 112
1113 111% *111 115 *111 115 *111 114 •111 114
4
3 Dec 30 163 Apr 15
8
No par
1,700 Budd (E 0) Mfg
4
4 43
43
412 47
412 413
412 43
413 458
434 43
4
4
63 Oct 31 145 Feb 6
8
No par
914 914 2,800 Budd Wheal
918 918
9
9
91 91
914
9
94 91s
812 Dec 17 43 Mar 81
No par
4,200 Bulova Watch
8
125, 1213 123
121s 123 12 4 •12
4
8
1113 12% 1214 12% 1218
97 Deo 17 74 Apr 2
No par
1612 1758 8,800 Bullard Co
161
1414 17% 15
163
1758 16
8 16
1658 16
1,800 Burns Bros new ol A oom No par 2512 Dec 15 1101 Apr 2
50
48
4914 50
51
42
3
34 4 38
*3018 35
34
34
3 Dec 12 35 Apr 2
No par
10
4 10
1,400 New class B eom
91 93
818 10
7
7
612 612
6%
5
4
100 713 Deo 16 101) Feb 19
Preferred
82
*76
82
82 •76
*75
84
*75
*75 84
84
*75
8
8Mar 1
9,000 Burroughs Add Mach- No Par 183 Deo 17 517
8
2418 24% 23% 24% 233 2414 237 2412 x221 23% 234 237
No par 211 Dee 17 4812Mar 5
Terminal
8
8 233 2312 233 2414 1,300 Bush
8
237 24
2358 237
2418 2418 *24
25
100 97 Nov 11 110 Mar 15
170 Debenture
*10012 1043 10214 10214 10214 10214 101 10214 101 10214 *100 10214
4
100 108 Oct 21 118 Apr 7
50 Bush Term Bldge Prei
109 109 *10814 114 *109 114 *109 114 *109 114 *109 114
Ws Jan 6
8
7 Dec 24
10
900 Butte & Superior Mining
114
1 18
1
1
1
1
1
114
*1
114 112 .1
41 Feb 20
114 Dec 15
15
4 2,400 Butte Copper & Zino
4
4 13
13
158. 13
4
113 158
8
15
1% 13
•112 1%
3
100 10 Nov 14 29 2 Feb 24
16
•13
400 Butterfat Co
14
14
*1212 14
14
14
133 1412 •1312 14
4
NO Par 331 Deo 18 111% Apr 26
4114 4238 41
4438 438 457j 44
454 431 448 4314 4614 41,800 Byers & Co(AM)
100 108 Dec 9 114 Jan 25
Preferred
102 *--_- 10012 *---- 10012 •____ 10012 *---- 10012
10212
No par 4114 Deo 31 774Mar 5
454 4513 4518 463
44% 45
44 44
s 4612 4612 4612 47141 2,500 California Packing
58 Deo 20
21 Feb 3
3
8
.3
10
600 Callahan Zino-Lead
513
4
3
*52
4
3
5•3
4
8
"8
4
3
4
3
3
•5
k
8
374 1,900 Calumet & Arizona Mlning_20 285 Dec 16 897 Jan 9
37
33
37
3712 371
39
37
37
*3712 38
38
8313 Jan 7
25
814 83
7
8% 8
4 5,100 Calumet & Heels
812 8%
4
8'2 83
812 9
8 8%
87
734 De°29
2,200 Campbell W & C Fdry-No We 10 Nov 8 80 Mar 25
1338 13% 131 14
1212 1314 123 123
4
4 1314 1314 *1212 13
7,600 Canada Dry Ginger Ala No par 3012 Deo 17 75% Mar 10
3413 341
345, 3318 33% 33% 34
3
4
333 34 4 331 3318 33
No pox 161 Dec 30 $414 Mar 18
18
181
600 Cannon Mills
1812 20
20%
1812 *18
*18
18
18
12 181
*17
713 Deo 29 281k Apr 4
1212 1112 12% 6,000 Capital AdminIs el A No par
11
1114 113
11
8
107 10% 11
913 10
60 2912 Dec 26 42 Mar 19
311 3118 3012 3118 1,400 Preferred A
31
31
31% 32
*3012 32
*301 32
100 831 Dec 27 38254 Apr 23
9214 119,600 Case (J. .1. Co.)
8 904 93
4 88
9014 933
5
92 8 9412 895 93
8
8914 913
40 Preferred cert1lloates____100 113 Dec 30 132 Mar 25
113 113 113 •113 116
113 '111 113 *111 113
4
32
12,100 Caterpillar Tractor_ _ No par 22 Deo 17 791 Apr 28
8 31
325
31% 31
4 31
30
29
2014 3012 29% 313
7
313 *3
11 Dec 11 13 3 Jan 11
.3
100 Cavannagn -Dobbs Ino_No par
312
31
312 *2
21 218 *2
*218 312
100 24 Dec 9 75 Jan 18
2418
24
250 Prefemn
2418 24
24
24
24
24
1524
*24
25
25
91 Dec 17 1013 Oct 25
Celanese Ion, of Am__No par
4
133 *12
133
4
4
4
3
4
'113 13 8 *11% 13 4 *113 1414 *113 15 •12
5
3 Deo 16 60 Mar 10
No par
900 Celotex Corn
614 614 *6'4 612
7
6
7
*614 61
7
3
3
54 5 4
8 5,900 Central A Tuirre AseoNo par 18 Deo 17 8012May 31
2212 Z4% 23% 247
231
22
21%
3
2014 2014 2034 20 4 21
814 Mar 27
214 Dee 31
3
3
800 Century Yibbon MIlls_No par
3
*23
4 33
212 212 *2% 3
4
*258 2 4 *2% 3%
3
100 51 Feb 27 091July 16
40 Preferred
65
*59
59
59
62
62
59
*
69% *5612 69% 62
*513
8
par 21 Deo 15 85 8 Jan 6
8
231 2412 237 2412 13,300 Cerro de Paseo Copper_No
3
2414 2512 24 4 253
8
247 25% 2412 25
2 Deo 17 151 Feb 6
314 313
3% 4
4,600 Certain-Teed Products_No Par
312 3%
8
313 33
3 3 12
8 3
*23
3
No par 327 Deo 31 49 Feb 4
4
700 City Toe & Fuel
3613 363 *3612 37
361
*35
3512 36
4
3
*34 4 3512 *343 3513
4
100 79 Oct 23 981 Feb 11
490 Preferred
79
79
80
79
79
4 79
3
77 4 7914 78% 793
4
783 79
7
No par 144 Deo 17 67,2Mar 27
8 193 2018 9,300 Checker Cab
8
19% 2012 1953 197
4
183 20
8 1913 20
20 203
No par 3214 Deo 17 8212Mar 29
41% 4314 421e 4314 4212 4312 421 44% 9.800 Chesapeake Corp
43
4
413 4212 42
733 Nov 10 87 Mar 31
8
107 1114 1014 101 1038 1012 1012 124 1114 1214 11,800 Chicago Pneumat Tool_No par
1013 11
7
No par 2213 Nov 11 55 2 Mar 14
284 301 2,000 Preferred
4 2614 27
263
3
25 4 25 4 26
3
2434 24 4 27 27
3
No par 2013 Dee 22 82 Mar 20
60 Chicago Yellow Cab
23
23
*2218 23
*2218 23
22 22
22
22
22
22
10 101 Dec 29 3212 Apr 10
600 Chickasha Cotton 011
8
111 1114 *1114 1212 1112 115 •114 1214 *1112 1212 1114 1114
No par 227 Dec 29 6753June 6
2714 27% 2,000 Childs Co
275, 2712 28
2(33 27% 27
2613 27
4
27
27
No par 1418 Deo 18 43 Apr 11
4
s
4
163 1714 163 17% 139.200 Chrysler Corp
167 175
4 16% 17%
8
5
17 8 1818 167 173
Vs Dec 17 1314 Apr 25
No par
4 4,000 City Stores new
3% 33
313 4
312 313
314 312
12
314 3
3
3% 3 4
No par 1513 Dec 30 444 Apr 11
Clark Equipol,nt
4412 •1613 20
*21
8
*173 21
8
*175 25
*1712 25
25
•17
28
28
100 Cluett Peabody & Co .No Par 21 Deo 11 eo Apr 5
4
*243 28
52434 28
•25
27
*2514 28
8
•24 4 27
100 9114 Jan 2 105 Apr 8
*95 107
80 Preferred
*9412 105 .95 105
*9418 105
*94
9912 100 100
No par 13314 Jan 8 19183June 4
8
148 1494 1483 15212 151 154% 16,900 Coca Cola Co
147% 149
149 150% 147 150
No par 4812 Jan 8 63 Mar 21
1,000 Class A
4
4 503 51
5012 5013 50% 50% 5013 5012 504 503
*5013 51
sMay 1
49
49
600 Colgate-Palmolive-Peet No Par 44 Deo 17 647
•4813 49
49
4912 49
*49
4812 4812 49 49
100 97 Mar 13 104 Deo 11
8% preferred
•101 10414 *101 10414 *101 10214 *101 1024 *101 10214 *101 1024
No par 12 Oct 18 85% Feb 13
1313 14% 4,700 Collins & Altman
14
144 14341 14
4 1414 15
143
3
148 14
14
800 Preferred non-voting_ _ _100 73 Jan 8 92 May 24
7318 *-- -- 75 •---- 78
73
73
7313 73
73
75
4
83 Dec 15 20% Apr 28
2,600 Colonial Beacon Oil Co_No par
10
1014 10
10
10
10
3
9% 10
912 9 4
10
10
4
100 183 Deo 15 77 Apr 8
8 2353 2612 251 2612 9,100 Colorado Fuel & Iron
8
8 245 247
231 24% 2334 213
23 2314
8014 84
Carbon v to No par 6518 Dec 17 199 Mar 11
18,800 Columbian
4 81% 8212
83% 8112 843
81
8014 83
4
793 83
8
3534 36% 35% 374 53,400 Columbia Gas & Elea_ _No par 305 Deo 17 87 Apr 10
373
37% 3518 37% 36
3614 37% 36
100 99 Nov 11 110 Apr 11
104 104
2,200 Preferred
102 10314 10312 10312 *10312 104
101 10114 10112 102
71 Deo 13 37% Apr 18
81 01 63.200 Columbia Graphophone
4
812 83
4
814 83
814 8 4
3
8% 8%
812 81
1511 Deo 17 403 Apr 1
4
-No par
8
4 1913 198 3,100 Commercial Credit
4 195 193
3
19 4 193
19% 194 20
19
1934 20
3
35 18 1,800 Class A
50 3012 Dee 12 443 Apr 1
3518 35
3513 35
3513 *35
35
35
35
34% 35
25 2012 Dec 18 28 Apr 29
30 Preferred B
*2213 244 2414 2414 2414 244 *2112 2414 *2112 2414
*2212 25
1s1 preferred (634%)- -100 764 Jan 18 9512Sept 11
*8112 83
*8112 83
83
*81
83
*81
83
*82
83
81
5
271 5,925 Corn Invest Trust
No par 2134 Dec 17 55 Mar 6
4
4 263 2718 27
2614 274 2758 283
8 2614 27
2618 275
No par 80 June 18 87 Mar 28
Cony preferred
844
844 *80
844 *80
3
84 4 *80
3
84 4 *80
•82
4
843 *80
212 Dee 17
6 Oct 6
100 Warrants stamped
8
4 33
21
8 *23
27
*28 33
312 *3
*3
313 *231 3%
No par 14 Dec 17 38 Apr 11
4 155 1618 1581 1612 48,000 Comm Solvents
163
4 16
4
8 153 16% 15% 163
1618 165
713 Dec 17 2014 Apr 7
8 018 113,624 CommonwIth & Sou'rn No par
87
91
9
914 913
8% 918
8% 912
814 8%
4 3,900 $6 preferred series_ No par 8612 Dec 17 104143une 6
953
4 95
9412 953
945
9-1
93% 9334 9414 93% 945
92
No par 3112 Dec 30 67 Mar 27
3684
Conde Nast Publioa
4
363 *33
363 *33
*33
37
*33
37
*33
37
*33
4
8
53 Deo 30 193 Mar 24
4 811 8,400 Congoleum-Nairn Ina_ _No par
73
8
4
8
712 73
7% 77
81
4 8
73
7% 7%
t
No par 1814 Sei, 29 5614 Mar 11
2412 253
24
21 1,700 Congress Cigar
*22
7
23 2 241
24
2
243 *22
•23
2314 24
8
2934. 1,300 Consolidated Cigar--No Par 245 Dec 17 593 Mar 17
26
2612 26
2513 2713 27
2612 •25
*25
2612
.25
5
100 63 Dec 30 80 Mar 25
440 Prior preferred
69 1
59
59
56
5712 59
57
56
55
55
55
55
3
No par
78 Dec 27 171 Mar 11
12
12
6.300 Consol Film Indus
1214 1258 125, 11% 12
1214 12
4 12
1118 113
No par 1212 Deo 26 2814 Jan 10
4
174 16% 1712 173 1814 171217% 1752 1818 7,600 Preferred
4
163
17
16
Nopar 7814 Dec 17 136% Apr 26
4
851 864 853 8758 72.400 Consol Gas(N Y)
4
8
8512 861 83% 85% 843 861 853 867
No par 991 Jan 28 10512Sept 26
1031 1031 10314 104 104 1 3,000 Preferred
14 Dee If
102 10212 102% 10212 102% 10314 10312
1 Jan 27
12 5,600 Consolidated Textile_ No par
12
2
3
2
3
12
2
3
2
3
2
3
12
8
3
12
*38
518 Dec 17 221 Feb 24
.No par
1,500 Container Corp A vol.
8
812,
8
8
8
8
8
8
712 713
7% 8
2 Dec 16
812 Feb 20
No par
8' 1,100 Class 13 voting
8 27
27
8
4 27
23
3
2 2 2%
4 234
23
213 2%
8 278
•23
4
213 231 19,400 Continental Bak'g el A_No par 1634 Dec 29 521 Feb 17
22
3 21
2118 223
22
12 1912 204 20
1912 20
2 Deo 26
7 Feb 17
No par
3
3
314 12,500 Class B
3
3
3
4 318
23
4 278
23
k
212 23,
100 62 Deo 30 947 Feb 17
724 7314 3,500 Preferred
72
8 72
725
71
70
70
3
68 4 69
8
14
par 434Deo 17 715 Mar 31
87 69
4 501 5114 5012 5132 17,000 Continental Can Ine___No par
s 5012 513
4
93 Deo 16 8738 Apr 21
8 493 513
491 51
507
50
Conti Diamond Fibre_No
8 3,600
133
12
8 10% 114 114 1114 1112 1358
1012 107 *1014 107
10 3714 Dec 17 771 Mar 31
6,900 Continental Ins
47
4
453 4614 46
463
46
46
4478 4412
814 Feb 19
44
213Nov 5
4312 44
31 314 4,100 Continental Motors____No par
3 14
3
31 31
31 314
318 338
918 312
4
73 Dec 17 3012 Apr 24
No par
8
107 113 44,600 Continental 011
1012 11
11
3
81 Dec 27 401 Apr 1
10% 1114 1058 1114 104 10 4 1012
8
912 101
4 1012 115 31,200 Continental Shares__ _No par
938 103
5
98
9
3
918 9 4
4
91 104
4
4 783 8114 24,500 Corn Products Refining____25 65 Dec 17 111% Apr 33
803
80
4
8
8 787 80% 793 811
807
8
100 140 Feb 10 15114 Oct16
8014 807 z78
360 Preferred
147 147
146% 149% *14512 148 *14512 148
71 Deo 29 33 Feb 3
No par
*14812 150 x147 147
4 94 5,600 Coty Inc
93
91
*9
914 10
97
8 98
97
85
912 91
No par 251 Jan 6 3558 Mar 20
of Wheat
600 Cream
*2714 29
*2714 29
2714 28
29
*27
2834 29
29
•28
9 Jan 12 294 Mar 5
100
Crez Carpet
*1518 16
*1518 16
*1518 16
•1513 16
*1518 16
16
47
*15
47
6,200 Crosley Radio Corp_No par 314 Deo 29 22 Jan 1
4
41 43
434 5
8
51
6
413 47
43, 4%
800 Crown Cork & Seal__ __No par 31 Dec 16 59 Apr 7
4 3214 3318
4
323 32% *3212 333
43 Dec 17 181 Feb 19
•3112 34
34
No par
12 343 •32
*33
8 2,100 Crown Zellerbaoh
63
6
57g 54
512 558
538 53
518 518
518
5
Steel of Amerloa_100 501 Dec 13 9353Mar 25
578 6012 1,100 Crucible
5912 *5714 60
57
*
4
5912 5912 5714 5714 *573 60
100 10112 Dee 16 117 Mar 13
150 Preferred
105 10512 105 105
218 Deo 30 1912May 29
106 106 *10312 106 510318 106
4
No par
1053 106
41 4513 1.600 Cuba Co
41 58
*21 4
4
4
312
7 Mar 3
4 414 *3
•23
1 Oct 2
23, 6,500 Cuba Cane Products_No par
2
I% 2523
112 *114 2
14
118 14
114
9 Feb 4
118
1 Deo 27
6,300 Cuban-American Sugar____10
4%
8 414
414 514
34 31 .37
3
3
3
5
4 33
*23
100 20 Deo 31 65 s Feb 11
730 Preferred
4
243 3112 3112 35
24
24
24
•221 2413 2212 2212 24
50 3818June 25 48 Jan 2
3,000ICudahy Packing
43
43
43
4314 4312 43
4112 411 43
•4114 4112 z41
-dividend and ex-rignn.
Et
•Bid and asked prices; no sales on this day. z Ex-dividend, p
PER SHARE
Range for Prato=
Year 1929.
Lowest.
Highest,
per share
35 Nov
25 Nov
784 Nov
11652May
5 Per share
104% July
1234 Sept
4
1041 Aug
128 Sept
2242 Dec
100 Oct
701 Dec
87 Nov
70 Oct
8 Dec
18 Dec
53 Oct
26 Nov
12
2 Dec
813 Nov
1758 Dec
14 Nov
711 Deo
Apr
-014 Jan
111
Jan
118
4
1863 Mar
8911 Jan
114 Jan
3
68 4 Jan
10012 July
14358 May
11
15 Feb
631. Jan
431 July
s
787 Jan
145 Jan
99 NON
Oct
80
1614 Nov
Oct
181 Oct
2
10758 Dec
812 Dec
71 Dee
2114 Nov
25 Nov
88 Nov
2Juoe
213
88 Nov
29 Oct
3114 Nov
911 Nov
1054 Nov
4
1
/
4 Dec
2 Oct
1713 Dec
50 Nov
105 Apr
681 Oct
1 Oct
784 Nov
25 Oct
19 Dec
45 Oct
27 Dec
17 Nov
19 Nov
130 Nov
118 Nov
4
501 Dec
84 Dec
38 Dec
24813fAUg
5112 Sept
5514 Jan
n
504234 Jan
Feb
117 Apr
7
22 3 Oct
1212 Dee
84 Dee
1
54 5 July
Jan
117
89 Jan
10514 Jan
81958 Jan
8912 Feb
11012May
11812 Feb
1232 Jan
913 Jan
Jan
41
1911 Jan
12114 Jan
3
847 Aug
31 Oct
31 Oct
3 Oct
5014 Dec
524 Nov
7
10 8 Dec
3912 Dec
96 Sept
18 Oct
4212 Nov
217 Oct
47 Nov
2172 021
25 Dec
441 Nov
26 Nov
74 Oct
25 Nov
3413 Dec
9011 Dec
101 Nov
44% Oct
791 Feb
4858 Jan
2012 Jan
82 Jan
120 Mar
82 July
6258 Jan
10514 Jan
3
80 4 Sep
112 July
471 Sept
61 Sept
36 Jan
Jan
50
2
757 Bent
135 Jan
97 Feb
817s Oct
7258 Jan
119 Jan
1541 Aug
50 Feb
"DT
65
4 Jan
4
1368 Aug
3
617 Mar
41212 Aug
4
983 July
4858 Sept
854 Oct
894 Oat
467 Sept
1231 Dee
61 Dee
421 Feb
10512 Mar
Nov 724 Mar
Dec 1031 Feb
-174 Nov -filo iis
105 Nov 144 Oct
9955 Nov
164 Nov
18 Nov
28 Nov
2058 Nov
70 Oct
1812 Nov
jai"
alai
8858 Jan
815s Jan
1
/
514 Sept
28 Jtme
4
1053 Jan
Oct
79
"if
10
Oct
Oct
2458 Oot
35 Nov -ii" Jan
Oct 3582 Jan
11
63 Nov 92 Feb
53
40 Oct 9614 Jan
Jan
63 Nov 96
10 Oct 2558 Sept
151 Oct 80 4 Apr
1
801 Nov 18314 Sept
9214 Nov 10012 Dee
% Dec
61 Jan
11
12 May 23 Jan
24 Nov
111 Jan
251 Oct 90 July
4
3
4 2 Oct 154 July
79.3 Nov 192 Ju ve
,
00 sen
4042 Got
1014 Nov 331 Des
4814 Nov 11014 saps
61 Dec 2858 Jan
18 Nov 8714 Aug
26/2 Dec 457 Dec
70 Nov 12658 Oct
137 Nov 14414 __
18 Dec 8214 Jan
14 Nov
31 Nov
Apr
15 Dec 67
15 Dec 125 Feb
8713 Nov 79 Aug
17 Oct25 4 Jan
8
71 Nov 11158 Aug
103 Nov 1_174 _ .
. 73
6 Nov 2412 Jan
67 Dee
56 Dec
38 Nov
Jan
17
Jan
95
877k Jan
277
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here. see fourth page precedInC.
gig
-44
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jan. 3.
Monday
Jan. 5.
Tuesday
Jan. 6.
Wednesday
Jan. 7.
Thursday
Jan. 8.
Friday
Jan. 9.
STOCKS
NEW YORK STOCK
EXCHANGE.
Sales
for
the
Week
PER SHARE
Range for Year 1930.
-share tots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1929.
Lowest.
Highes4.
Per Aare
$ Per share $ per share
per share $ per share Shares Indus. & Mlscell.(Con.) Par $ Per share $ per share $ per share
per share
Per share
914 3,200 Curtis Publishing Co__ _No par 85 Dec 29 12818May 29 100 Nov 132 Oct
/
1
9012 9314 9214 923
911 917
/
4
3 90
4 9112 92
911/4 92
4
No par 112 Dec 17 12118Mar 19 1124 Nov 1213 MAY
114 114
114 114
/ 114 11412 11412 11412 *11414 11412 1,000 Preferred
1
4
114 114
63 Dec 3018 Aug
8
7
379418
3
31
/
4
14 Dec 17 14 8 Apr 7
/
1
82,000 Curtiss-Wright
No par
3
/ 4
1
4
358 4
314 3 4
0
/ 32
1
4
,
3
7
1814 Dec 37 8 Aug
3 Dec 17 1934 Apr 2
512 5
/ 9,300
1
4
512 57
8
5
512
100
438 5
Class A
4
/ 5
1
4
4% 514
•38
42
391 4018 3912 39% 1,600 Cutler-Hammer MfgNo par 35 Deo 17 9012Mar 81
/
4
39
3954 393
39
4 4014 41
al,-Ai
211* Oct 143 15
4
No par 10 Deo 17 4358Mar 31
1513 5,400 Davison Chemical
14
14
1312 14
1414 1412 1334 1334 14
9 Deo 29 30 Apr 14
/
1
4
8
20 Dec 467 Jan
52
*IC
Debenham Securities
16
•10
•10
16
16
*10
16
*10
*11
16
16
_20 20 June 18 2412May 24
2214 22
2114 2114 215 22
2,300 Deere & Co pref new
22
22
2114 2112 22
8
*22
51
3
•175 18214 *168 183 •
400 Detroit Edison
100 161 Dec 17 255 4 Apr 23 1-- Nov 385 Aug
178 180
172 183 *1175 183 *175 183
8
24 Nov 647 Feb
4Mar 4
13
3 1,400 Devoe & Reynolds A_ _No par 1112 Dec 28 423
1612 177
*14
16
*15
18
19
1712 *15
*14
18
Diamond Match ctfs. of dep-- 190 Nov 26 219 Nov 14 --- _•180 220 *180 220 *170 210 *170 210 *170 210 *180 210
6 Nov
8Sept 10
4
9
/ 93
1
4
4
63 Jan 8 103
No Par
918 912
914 9%
918
4 8,500 Dome Mines Ltd
9 4 93
3
94 9 8 *9
/
1
3
12 Oct 5414 July
5
12 Nov 19 30 8 Apr 5
•1414 15
900 Dominion Stores
No pa
15
1514 15
*15
153
15
15
15
15
4
15
69 Nov 12618 Feb
8Mar 10
64
65
No par 5758 Dec 13 873
6713 21.500 Drug Inc
654 6514 661 66
/
1
64
6412
65 4 6412 65
,
/
4
25 Oct 92 Jan
5 Deo 28 4311 Apr 7
200 Dunhill International_ _No pa
*534 6
6
6
6
6
*53
3 6
/ 614
1
4
*53
4 012 *5
7
10 Nov 28 s Jan
*
14
14% *14
1478 *14
No per 13 Oct 9 19 Sept 9
143
4
Duplan Silk
143 *14
143 *14
4
143 *14
4
4
7
4912 Jan 100 8 mos
8
11102 104
100 Jan 7 1063 Oct 17
200 Duquesne Light let Fret
102 102 *103 104
103 104
103 103 *103 104
100
19 Oct 3912 Sent
914 914 *812 10
/
1
4
614 Dec 30 25 Jan 31
2,000 Eastern Rolling Mill_ _ _No per
8
/ 818
1
4
8
81
/
4
712 814
8
/ 812
1
4
3
15118 15318 150 15318 152 1553 155 158
4
No Par 14218 Dec 16 25514 Apr 25 150 Nov 364 4 Oct
15312 1567 15612 16014 17,600 Eastman Kodak Co
3
3
129 129 *1283 130 *1287 130 *1287 130
220 6% cum pref
7
4
4
100 120 8 Feb 14 134 Nov 5 117 Nov 128 4 May
8
8
1283 1287 1283 129
4
3
76 Feb
18 Nov
15
153
8 9,900 Eaton Axle & 8911114---NO Par 1158 Dec 17 374 Feb 20
4 15
1514 153 157
8
1478 1514 15
/
4
1512 141 15
80 Oct 231 Sent
89 8 91
3
20 8012 Dec 16 14514 Apr 10
8818 9012 8812 9012 89
8018 903 58,300 El du Pont de Nem
90 4 8814 90
3
3
*11812 120
12 , 119 4 Aug
400 6% non-vol deb
120 120
/
1
4
100 11412 Feb 4 123 Sept 25 107 No
121 121 *12018 121 *12018 121 x1183 118
4
3
4 Dec 39 4 Jan
*312 412 *312 412
8
*33
312
218 Oct 2 107 Feb 6
500 ElUngon Sand
*312 4
312 312 *312 4
No Par
39 Dec 113 Jan
*35
400 Preferred 612%
3512 3512 36
*3512 3612
100 85 Nov 11 62 Feb 5
*35
36
3612 *35
3812 *35
5414 553
50 Oct 174 July
8Mar 29
4 5212 55
5558 46,800 Electric Antoine
No par 33 Oct 10 1147
523 54% 5212 5412 5212 538 53
4
4
*106 110 *106 110 *106 110
30 Preferred
4
100 10312 Oct 20 1103 Jan 7 1023 Nov 115 Apr
110 110 *10814 110 *10814 110
8
o
314 314
314 Oct 183 Max
218 Dec 16
9 4Mar 31
3
3.300 Electric Boat
334 37
312 312
312 312
3
3 18
314 3 8
3
4214 4312 4212 447
3
2918 Nov 86 8 Sent
8
8
x4314 445 146,300 Electric Power & Lt
43
No par 343 Dec 17 10312 Apr 23
No 1'
4
4518 433 45% 4312 45
1007 101
98 Nov 10914 Feb
99 Deo 17 112 Apr 26
2,4001 Preferred
3
102 103
No pa
101 101
1027 10314 10112 103
8
100 102
--- _2,400 Preferred (8)
86
4
86
No par 843 Deo 30 102 Sept 11
87
873
4 864 87
8912 887 8912 8912 90
/
1
/ 88
1
4
10 11 Oct
Nov64
564 2,800.Eleo Storage Battery_ _No pa
/
1
5212 538 537 5412 5412 5412 55
4712 Nov 11 7914 Feb 10
5514 5518 5518 55
*12 1
100 Elk Horn Coal Corp_ _ _No par
*12 1
34 June 1012 Oct
1
512Mar 24
1
4 Deo 19
*8
4 1
• 12 1
*4 1
3
4 112
*3
4 112
*3
200 Emerson-Brant al A_ No par
314 Oct 2212 Feb
*1
112
7 8 Jan 24
5
1
/ Deo 29
1
4
1
*3
4 112
*3
4 112
8
-Johnson Corp_ _ _ _50 367 Dec 30 595 Jan 22
*38
4914 Nov 8311s Jan
3912 398 1.300 Endicott
40
8
*2958 40
40
41
3814 3814 39
40
4
4'
1
1001 Preferred
*11012 11414 *11112 11414 *11112 1144 *11112 11112 ** 14 188814'
11112 1412 .11114 11418
100 10712 Jan 7 118 Nov 21 1084 Sept 12414 Feb
42
Oct 7938 Aug
42
300'Engineers Public Serv__No pa
44
44
31
367 Nov 8 6711 Apr 7
8
44
*42
44
*42
43% 43% 43% *42
14
85
2001 Preferred $5
8058 Deo 26 10718May 26
85
*82
81) Nov 123 Aug
No pa
85
*82
85
8312 84%
*8312 81 2 *
,
500 Preferred (514)
8918 Dec 2 1047 Apr 21
83
*
88
844 Oct 109 Oct
/
1
8
No pa
89 8 89
3
*
89
89
893
8 89
89
89
1,900 Equitable Office Bldg No pa
35
3114 Jan 41 May
3112 Dec 22 50 4June 4
33
3
33
*33
3412 3412 35
35
3312 3312 3312 *33
9
11
100 Eureka Vacuum Clean_No pa
*10
1112
6 Oct 9 43 8Mar 5
/
1
4
5
9
8611 Dec 54 Feb
*85 -,- •
8
9
*85 10
8
*812 11
3
414 414 *414 5
412 47
3
600 Evans Auto Loading
15 Nov 73 4 Mar
4 Oct 9 80 4 Feb 18
3
5
8 *412 5
414 414 *438 47
24
243
4 2,980 Exchange Buffet Corp-No Par 2158 Dec 16 2T2Sept 17
24
24
23
2214 Jan 271sJu1y
/ 24
1
4
244 25
23
/ 244 2414 25
1
4
212
200 Fairbanks Co
334 Nov
14July 31
/
1
'25
1
13 4 Dee
3
9% Jan 6
/
4
1
1
1
*1
212 *1
212 *114 21 *114
6
20 Preferred
Apr 85 Jai
34 Dee 12 39 4 Jan 20
6
100
512 54 *41 6
11
3
/
1
*41g 5
*418 6
*418 5
/
4
Fairbanks Morse
*
23
2934 Oct547 Sept
4
No 100 1912 Dec 29 5012May 17
p0r
4
26
4
*21
*223 233 *223 2312
2312 *2212 233 *2212 24
4
10 Preferred
102 Jan 7 11112May 16 10112 Dec 1107s Jan
10412 10412 *101 109% *104 10973 *104 109% *104 1098 *104 1097
212 Dec 29 2714 Feb 27
200 Fashion Park Assoc_ _ __No par
22 Dec 723 Mar
8
514
*312
*4
7
43
4 4
/ *4
1
4
4
*352 5
3
Federal Light & Tilt,'
15 43 4 Dec 17 9014 Mar 18
60 Nov 109 June
11
/
4
*40
*4312 55
*431 45
52
*40
*44
52
*4312 55
52
85 Dec 18 98 Apr 22
70, Preferred
s
90 Nov 104 Feb
/
1
4
90
*87
*88
90
90
88
*87
90
88
*87
87 87
714 71par
714
714
900 Federal Motor Truck_ _Nn par
6 Oct22 8 Feb
11
512 Nov 10 1214 Feb 26
714 714
714
71,
No
712 712
714 714
28 Nov 56 Sept
14
1712 Deo 17 43 Mar 19
2314 237
4
243 2514 5,300 Foil Water Serv A_ __ _No par
8 2312 23 3 237 25
25
2434 25% 24
7
9
25 Dec 83 Dec
11
5,400 Federated Dept Eitores_No par 1212 Dec 27 38 Apr 16
19
1612 1612 1512 16
4
17
1712 163 1812 19
17
17
4712 Nov 123 Sergi
4
48
8 4912 4934 2,900,Ftdel Phen Fire In N Y_ _ _ _10 4214 Dec 17 893 Mar 31
48
4
48
48
4912 483 495
491
4914 49
3
67 Dec 31 1012 Apr 4
8
6 Oct134 Mar
150 Fifth Ave Bus
N o lyNa,
No par
4 *67
8 8
8
8
73
4 73
*74 8
73
4 73
4
*714 8
12
16 Dec 22 4012 Jan 22
80 Dec 93 Feb
Filene's Sons
30
*16
30
*16
20
*16
*16
*16
20
20
*16
20
84 Dec 107 Jan
89 Dec 30 10014Sept 6
480 Preferred
119034 92
*903 92
89
4
*90
/ 92
1
4
91
*89
92
92
92
244 Dec 87 Deo
/
1
/
1
4
300 Firestone Tire & Rubber_ _10 15 Oct 8 3318 Jan 7
177 1778 z18
8
171 *17
1712
1712 *17
18
*17
171 *17
83 8 Dec 89 8 Dee
3
3
100 5334 Oct 18 874Mar 24
59
6112 6212 4,800 Preferred
6012 63
6014 60
594 61
60
/ 58% 601
1
4
8
441s Nov 90 Sept
8
5.800.First Nfeional Stores_ _No par 385 Dec 22 613 Jan 30
4212 43
4414 45
4
8
4214 4213 41% 421
425 4312 433 457
4
218 Dec 20a Jan
5 Apr 2
/
1
4
12 Dec 9
12
52
4
1
12
3
8
58
8
ti 14,2001Fisk Rubber
No par
12
3
8
58
3
4
114 Dee 19 21 Apr 2
8 Dec 72 Jan
11
212 27
750 1st preferred
100
238 2
/
1
4
2
/ 27
1
4
2
212
*214 3
8
2
214
18
/
1
114 Dec 16 214 Apr 11
8 Dec82 Jan
*24 4
11)) 1st 'ref convertible
100
3
3
*2
3
3
2
2
3
214 3
52% Mar 21
*3312 3612 *335 36
88 Nov54 Jan
800 Florsnelm Shoe clans A..No par 30 Dec 1
35
343 3512 *345 37
4
35
8
4
34
35
1
100 94 Dec 15 10012 Oct 8
*95
9011. Oct102 8 Jan
1001 Preferred 6%
99
99
*9612 100
*95
*95
99
97
99
*95
97
p: 12 Dec 23 507 Mar 25
8218 Nov 8234 Aug
8
p
*13
700 Follansbee Bros
15
1534 168
*1314 15
*1314 15
1418 1418 1414 15
3712 Dec 1 10412June 4
No
45
88 Nov 95 Sept
27.600 Foster-Wheeler
/ 4612 4312 4614 4314 45a 45
1
4
47
50
48
457
3 45
5
/ 512
1
4
312 Dec 1
283 Apr 14
4
123 Nov 69 8 Apr
4
N.., ..ar
3
8
8 12 5,100 Foundation Co
48 58
53
812 *738 8
58 61
26
4
4
2712 263 28
25
/ 2612 263 2712 9,100 Fourth Nat Invest ww_No par 1814 Deo 17 50 Apr 12
1
4
2714 2814 2612 28
57 Apr 25
/
1
4
1618 Jan
5
1918 Nov 105 8 Sept
275 2812 2614 28
3
8
8 2712 287 84,000 Fox Film class A
2718 2814 2714 287
8 2718 277
5512 Apr 11
/
1
8
23 4 Nov 547 Jan
3
No
3134 3214 11,200 Freeport Texas Co_ __ _ No par 244 Dec 1
303 3112 3058 3114 31
4
311 3112 3239 3112 317
/
4
,
82 2 Nov 10712 May
100 Fuller Co prior pref_ _ No par 75 Dec 23 9512 M ar 6
7518 7518
*75
80
•7518 80
75
75
*74
80
75
75
1
5 Oct 3.3 8 Feb
/
1
2 Nov 11 114 Apr 9
/
1
4
1,100 Gabriel Co (The) ol A _No Par
358 37
*314 3%
3
/ 4
1
4
312 37
*312 3 8
7
313 312
6518 Nov 8812 July
5512
52
320 Gamewell Co
No par 50 Oct 21 80 Mar 28
*5012 58
517 52
5012 52
517
5012 5012 51
3 Dec 25 Jan
7 Feb 18
/
1
4
1 Nov
114 1,300 Gardner Motor
114
6
/
4
11 11
/
4
*113 2
112 112
112 11
112 2
_
1812 Feb 18
5
514
318 Dec 1
514 2,400 Gen Amer Investors_No pa
434
8
5
478 47
5
5
434
5
5%
_
8112 8112
400 Preferred
100 74 Dec 17 105 Apr 25
83
*78
803 *78
4
3
80 4 *78
804 80 4 8112 •79
3
611 11,723 Gen Amer Tank Car_ _No pa
/
4
75 Nov 123', Oct
5318 Dec 29 11178 Apr 4
60
8
5918 61
5912 60 8 60
5
604 60
6034 597 60
3
424 Nov 94 4 Aug
7112 Apr 7
263 2814 4,900 General Asphalt
4
100 2238 Dee 1
2618 27
2412 2612 26
8
263
4 2539 263
8 255 27
712 74
3
/
1
4
24 Nov 69 4 June
518 Dec 30 3812 Feb 15
712 814 3,000 General Bronze
No pa
6% 712 *712 8
6
/ 734 *712 73
1
4
10
28 Nov 61 Feb
*8
700 General Cable
612 Dec 29 3412Mar 7
*8
10
No par
7
7
714 714
8
8
74 8
/
1
12
18
1314 Dec 29 741 Feb 5
1,400 Class A
634 Dec 120 Feb
/
4
1812 1812 18
*15
No pa
1512 3512 153 1612 17
20
22
4
54
54
12
51
/
1
4
50
250 7% cum 'ref
100 38 Dec 26 109 Apr 7 102 Nov 107 Jan
50
494 4912 4712 50
48 4 4814 *49
,
4
42 Oct 74 Feb
30 Deo 17 61 Mar 7
371 3718 373 38% 1,800 General Cigar Ins
/
4
34
No pa
35
34
3512 *3412 36
3618 37
1 4612 455 47
45
/ 4614 4514 46 205.800 General Electric
1
4
/
1
4
41 Dec 27 95 8 Apr 10 1881s Nov 403 Aug
/
1
4
4538 4618 4434 463
3
8
No pa
3 44
4
4 111 117
/
4
7,500 Special
113 Feb
4
Jan
111 11% 1134 117
/
4
11
10 1114 Oct 22 12 Aug 27
8 113 Ills 117 118 113 113
8
4
4912 50
/ 38.800 General Foods
1
4
4912 498 4939 50
49 8 50
5
443 Dec 17 8114May 1
8
493 5012 4914 50
4
85 Oct 77/s July
No pa
518 512
538 54 20,900 Geu'l Gas & Eleo A__ _No pa
/
1
5
514
5
5,
4
8
3% Dec 30 183 Apr 10
47
8 518
518 58
4 6412 673
4 2,300 C,onv pref set A
62
4
62 62
38 Dec 12 10812 Apr 16
683
4 673 673
5812 5812 5913 60
No pa
4
4
/ 3112
1
4
*31
3212 *3012 32
32
3114 3114 *303 313 830
100 Gen ltal Edison Elea Corp_ _
*31
283 Dec 27 4438 Feb 10
4
-4712 4814 48
483
4 8,100 General Mills
4612 4713 4614 4753 4714 48
47 47
8
50 Oct 8914 Jan
No par 4018June 25 593 Apr 12
400 Preferred
*9612 963
*9612 97
07
97
*9612 97
87 Dec 100 Jan
/
1
4
4 9612 9612 9612 9612
4
100 89 June 30 983 Dec 9
3712 214,800 General Motors Corp
3838 3714 36
367
3 3612
3714 373
4 3614 37
4
3112 Nov 10 544 Apr 10
1
/ 3618 37
1
4
834 Oct 913 mar
4
98
91% Dec 17 1007
9812 973 98% 9818 9812 6.900 $5 preferred
8
4 974 98
9612 9718 x973 973
8Sept 18
No pa
*26
27
*26
27
26
26
500 Gen Outdoor Adv A__ _No pa
24
24
*2212 23
22 8 23
5
80 Oct 52 Jan
20 8 Dec 17 414 Apr 14
3
87
8 914 38
1,700 Common
8% 87
8
8
81
/ 9
1
4
718 8
814 88
4
5 Sept 24 213 Apr 3
No pa
/
1
173
4 5,800 Gen Public Service_ No pa
17
17
17
17
93 Aug
1714 164 17
163 173
4
8 163 .17
4
123 Dec 17 524 Apr 7
4
7112 735
733
4 7,400 Gen Ry Signal
72
733
7312 72
6912 7123 71
73
1261s Aug
8 72
No pa
58 Oct 20 1067e refer 28
5% 6
/ 8,800 Gen Realty & Utilitlea_No pa
1
4
53
4 6
5% 6
/
1
4
312 Des 27 19 Apr 10
53
4 6
5% 61s
6
612
64
64
65
66
*61
64
800 $13 preferred
5712 58
60
60
*57
60
No par 49 Deo 27 100 Apr 14
4413 44
44% 45% 444 44% 43% 444 7,600 General Refractories_ No par 39 Dec 26 90 Mar 28
/
1
41
42
46
431
ails Aug
891 *70
8912 *70
89 2 *70
8912
891 *70
8912 *70
*70
,
Gen Steel Cast $8 pref _No par 80 Dec 22 101 Mar 12
618 7
63
63
4 714
4 74
7 4 713 21,200 GenTheatres Equip newNo par
3 7
,
67
,
63
4 714
5 Dec 30 10 Deo 11
/
1
4
223 2312 2313 253
4
2212 237
4
233
4 2412 283 58,000 Gillette Safety Razor_ _No par 18 Dec 27 10618 Jan 16
3 223 24
23
4
80 Nov 148 Gel
4% 5
4% 5
43
4 5
*434 5
43
4 5
4% 5
Jo, Nov 6818 Jan
2,900 Gimbel Bros
/
1
4
414 Deo 30 20 Apr 14
No Par
*4013 45
3912 4018 41
42
*3914 45
38
*43
45
38
58 Dec 94 Oct
600 Preferred
100 39 Deo 31 8212 Apr 25
84 87
834 87
9
914
913 10
8% 9%
2
834 914
26 Oct 6418 July
5,300 Glidden Co
7 Deo 17 38 Mar 20
No par
6912 6912 •70
70
73
70
70
743
70
95 Nov 10618 Apr
743 *70
4
4
70
290 Prior preferred
100 6312 Dee 19 10518 Mar 27
4
4%
4
412
4
41
414 43
43
4 43
4
4
/ 48 7,100 Gobel (Adolf)
1
4
9% Nov 66 Feb
4
19 Feb 7
3 Deo 17
No par
4
34
345
32
/ 3314 323 34
1
4
8 334 343
/
1
32% 331
3112 Oct 82 Jan
/
1
4 334 35
56,000 Gold Dust Corp v t 0 No par 29 Dec 17 4772 Apr 28
4
8 16
1618 167
8 1512 1612 15% 173
3814 Dec 1053 Jan
163
3 1614 173 32,400 Goodrich Co(B 1 )_ _ _No par 1514 Oct 10 5811Mar 25
163 187
8
8
'
1
*63
83
66
64 .
9512 Dec 1151 Feb
8
6512 64
65
64
64
64
6312 631
/
1
4
700 Preferred
100 62 Dec 30 104 Mar 28
4253 405 47
8
4218 4614 40
80 Oct 15412 mar
4314 447
4
3 44
/ 4612 102.900,000dy ear Tire & Rub_ _No par 3518 Oct 22 967 Mar 31
1
4
453 463
8
82
82
82
4 82
87 Nov 1047 Feb
8
*82% 86
4
83
823 823
*83
853
4
700 lst preferred
83
No par 784 Oct 22 10214 Apr 30
*53
8 614
512 7
4% 57
8 *514 7
14 Nov 60 Apr
e
512 512 1,700 Gotham Silk Hos
*4% 51
334 Deo 29 287 Mar 8
No par
*50
55
55
*50
88 Dec 10114 Jan
*50
55
55
*50
55
55
55
20 Preferred
*50
100 50 Nov 28 8211 Apr 4
414 414
3
4 Oct 14 May
413 413
*418 4
414 414 *414 4 4
/
1
4
2
4 Dec 16 153 Apr 23
43
4 43
700 Gould Coupler A
4
No par
438 4%
412 412
7 8 Oct 54 Jan
3
44 4
412 4%
/
1
4
3
414 4% 8.000,Graham-Paige Motors_No par
4
/ 48
1
4
3
3 Deo 16 13 8 Apr 1
7 Nov 49 Jan
4
414 *4
43
9
/
1
4
*4
418
43
3 *4
3
4
4
300 Certificates
312Nov 7 10 4 Apr 1
*4
48
3
No par
4614 Nov 1027 Max
163 1718 1612 1673 15% 1614 5,700 Granby Cons al Sm & Pr_100 12 Nov 12 597 Apr 2
4
8
17
8
16
4
165 167
8
8 153 167
7
82 2 Dec 44 k Dee
,
20
203
4 2034 21% 20% 207
3
3 2014 203 10.600 Grand Silver Stores_
4
1912 2012 1912 19
No par 16 Deo 16 52 Apr 2
/
4
918 Nov 32 8 Jan
12
1
12
/
1
4
12
1212 127
8 1,600 Grand Union Co
No par 10 June 17 20 Feb 13
1115 1214 *1112 12% *111 1214 12
*3712 391 *3812 39
8
387 38% *381 393
3
30 Oct 543 Jan
3912 3912
/
4
200 Preferred
*3712 40
No par 31 Dec 17 44 Aug 4
82 Nov 6838 Sept
2313 2312 23
23
3
23
23
22
No par 18 Deo 30 50 8 Apr 3
23
*203 241
4
900'GrEuzite City Steel
8
*213 22
3239 Dec 1443 Feb
8
287 2953 283 30
3
/
1
4
No par 264 Dec 29 43 Jan 9
273
8 2612 2912 2814 29
13,600'Grant(W T)
9
27
273 *27
19 Oct 391 Feb
8Mar 25
4
20
20
2014 20
/ 20
1
4
201 20
/
4
2012 7,300 Gt Nor Iron Ore Prop_No par 1712 Dec 17 253
201
20
20
20
28 Nov 44 Jan
7 Dec 29 3412 Jan 16
83
4 914
8
/ 91
1
4
918 11% 1012 11% 18,700 Great Western Sugar Nopar
838 87
813 812
92
92
91
93
951
89
5701 Preferred
100 85 Deo 24 120 Mar 14 105 Nov 1191s Feb
943 95
4
85% 8714 8714 871
141 Nov 70 Sept
4
412 43
334 43
8
313
212 Dec 30 28 June 2
4
4
41
4
4 14 29,300 Ortgsby-Grunow
No par
314 3
31/4
/
1
4
/
1
4
1 Nov
4 Feb 4
*24
/
1
4
*14
/
1
4
512 Jan
14 Deo 23
*
/
1
4
% 1
2,300 Guantanamo Sugar
No par
% 11
42 Nov 79 Mar
207
8 20
20% *19
23
24
27
2.000 Gulf States Steel
No par 15 Dec 29 80 Feb 19
*1812 203 *19
207 *19
8
99 4 Deo 109 Feb
3
85 •-..-- 85 •____ 85
85
Preferred
100 8314 Deo 15 109 Apr 80
•_-- 85 • 87----
I
•Bid and asked prices; no sales on this day. s Ex-dividend. S Ex-dividondj ex-rignts. •Ex-rights.
278
New York Stock Record-Continued-Page 5
P.,sews awing the week of stocks not recorded here. see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 3.
Monday
Jan. 5.
Tuesday
Jan. 6.
Wednesday
Jan. 7.
Thursday
Jan. 8.
Friday
Jan. 9.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER VT A RR
Range for Year 1930.
On basis of 100
-share tots.
Lowest.
per share $ per share $ per share $ per share $ per share $ per share Shares Indus.& Miacell.(Con.) Par $ Per share
25 26 Jan 4
28
Hackensack Water
4
.26
*2512 3012 *2512 28 , *26
*2513 28
28 .
2512 28
10 Preferred A
25 26 Jim 15
4
283
4 2818 2818 *28's 283
*2714 283 *2712 2834 *2818 283 *28
4
4
612 Deo 29
Ns par
73
4 818 2,900 Hahn Dept Storee
8 1
8
818
8
8
8 12 *3
73
4 8
812
100 4512 Dec 27
57
710 Preferred
*53
57 1 *54
60
53 .
50
60
5213 5212 *5313 57
700Hall Printing
10 16 Deo 11
/
4
1612 161 1612
4
*1614 1612 1612 1612 1612 1612 •I612 163 •16
20 Hamilton Watch pref
100 99 Jan 7
____ *103 ____
1,103
_ _ *103 104
103 103 *103 ____ •103
2,41 Hanna pref new
No par 85 Jan 16
90
8912 8912 *8912 90
*8912 90
90
*8912 90
*8914 90
41
5,3001 Harbison-Walk Retrae_No par 38 Dec 30
393
4 39
*39
3914 3914 39
39
393
4 3912 3912 39
214 Deo 27
4 54 1,3001Hartman Corp class B_No par
/
1
4 43
4
45
2 512 *43
412 412
412
412 43
*4
412
714 Dec 29
No par
8 *812 10 j *912 10
Class A
10
•8
*8
95
8 5
'814 2 13 *844 97
7
2% Nov 11
3.700 Hayes Body Corp
4
4 f
33
4 4
NO Par
4 4
4
414 • 33
353 414
7
4 3 8 *33
2.5 7718 Dee 24
200 Helme(0 W)
/
4
87
*8312 8512 8312 8312 *831 87
87
*8312 86
*8312 87
15
Hercules Motors
No par 1312 Dec 30
15 1 •14
*14
15
*14
*14
*14
15
15
*13
15
30 Hercules Powder 37 cum pf 100 11612 Nov 26
11612 11612
116 8 116 *11612 1173, *117 1173 117 117 *11612 117
5
8
/
1
4
9112 2,100 Hershey Chocolate
90
90
No Par 70 Jan 2
88
/ 8912 9012 91
1
4
9012 91
90
9112 89
No par 3312 Jan 2
95
800 Preferred
9712 *94
9712 .94
*95
95
94
94
95
95
95
100 10414 Feb 21
Prior preferred
4 • Dec 23
No par
400 Hoe (R.) & Co
6
7 1 *712 812
518 5
/
1
4
*5
*
5
6
No par 2612 Jan 14
2,50041olland Furnace
8
8
26
2712 273 2734 2734 277 *267 2814 *267 2814 27% 272
4
8
6 June 18
612 612
/
*634 8
*714 814 1,100 Hollander & Sons(A)__No par
6
*3
5 4 612
6
82
700 Homestake Mining
100 72 July 12
84% 82
82
82
81
*81
81
*
8012 81
*8012 81
4 Dee 17
512 512
514 512 *514 5%, 2,500 Houdialle-Hershey ol B No par
512
5
5% 512 *514 512
300 Household Finance part p1_50 49 Mar
61
*6014 6213
60
60
*6112 623 *6012 623
4 6012 6012 60
4
/
1
40% 433 15,400 Houston 01101 Tex tem Ate 100 294 Dec 17
4
4
4014 4214 3913 41
39
/ 373 397
1
4
8814 4012 38
No par 20 Nov 10
23
2312 4.300 Howe Sound
23
23
2434 .
2478 24
2412 243
4 2412 25
24
No par 18 N.' 10
8
5
3 2414 23 8 2434 2314 238 23% 253 20,400 Hudson Motor Car
2414 2512 23
2514 26
7 Dec 29
/
1
4
10
84 8%
83
4 95 19.300 Hupp Motor Car Corp
3
88 9
5
812 9
812 9
9% 10
53
Ills Nov 11
1Independent Oil& Gas _No par
_
2 Nov 5
No par
2% -318
3
/ 3le 5,400 Indtan Motooycle
1
4
27g
3
3
3- --5- 8
3's
315 -1
3 Dec 15
10
414 438
41 414
/
4
414 453 28.500 Indian Refining
41 412
/
4
418 414
4
418
No par 81 Oct 10
5512 56
52
53 i 1,700 Industrie Rayon
*5514 56
6512 56
57
5614 5714 *52
No par 14714 Nov 10
17913 17914 17914 1793
4 5,500 Ingersoll Rand
17812 180
1793 181
4
177 181
178 4 182
3
Ns par 58 Nov 11
6014 6014 60 6014 2,600 Inland Steel
60
61
65
65
*6012 65
65
*64
632 Dec 17
814 81
/
4
818 812 5,300 Inspiration Cons Copper_ _20
818 83
4
812 83
4
-814 8%
8 s 8%
3
5 Dec 16
714 712
7
73
4 4,400 Insuransharei Ctfa Ine_No par
714 714
7
7/
1
4
74 7
/
1
/
1
4
71/4 77
4 Deo 15
6
614
618 612 1,900 Insuranshares Corp__Ne par
6
6
5% 5%
614 612
614 61
/
4
11 Dec 4
/
4
212 212 *212 3
800 Intereont'l Rubber __ _ _No par
238 23,
23
8 3
212
*2
23
4 *2
1114 Dec 5
8 14
14
2,300 Interlake Iron
No par
*131 14
/
4
4
123 123
4
*1314 1412 •13I2 137
4 123 13
312 3
/
1
4
3,2 Dec 17
par
5
Na 1 w
312 312 *314 33
312 3%
312 3 3 3.300 Internet Agrioul
318 3 8
3
4
4214 Oct 10
52
*43
50 .45
Prior preferred
5212 *43
*50
5214 *43
48
50 .43
151 15212 *145 150
154 154
1537 154
8
1,800 Int Business Machines_No par 131 Oct 18
15014 155 *15112 151
8 8 Dec 17
7
10
1113 7,600 Internet Carriers Ltd__No par
10
10
1014 1018 1018 1012 1112 1012 11
10
/
1
4
533
4 5,900'International Cement_No par 49 Dec 22
51
5212 517 525
5314 5253 5312 523 5312 53
4
8
8 52
114 Dec 16
134
218
2
2 18
21 23
/
4
2 9.400 Inter Comb ED, Corp_No par
17
8
178
178
13
4 2
2
271 29 4 1,300 Preferred
/
4
3
100 13 Dee 16
*23
25
*2012 2718 25
27
*263 27
4
*22
28
507 525
8 505 513
8 51
5214 51
518 18,000 Internal Harvester____No par 4514 Dec 27
8
4 51
5214 513 523
4
100 133 Dee 31
900 Preferred
*13112 13514 *129 13514 133 133 *132 134
134 134 *133 134
25
/ 4,500 lot Hydro-Ft Eys el A_No par 1818 Deo 17
1
4
2318 2414 2312 2414 24
2412 2412 243
25
4
4 243 25
524 Deo 17
/
1
7,400 InternatIonal 82etch pref_38__
57
58
*57
5612 55
5614 553 58
4
58
56
5712 56
5.100 lot blercentileMsrineetfs_100 15 Nov 10
15 4 153
3
163
8 153 163
4
8 1553 1512 154 157
4 16
1612 16
4
1534 16
16
157 1614 155 1614 153* 1612 162,200 lot Nickel of Canada_No par 123 Dec 17
8
/
4
1553 161 1514
20 Internet Paper pref (7%)..100 26 Dee 30
, 3514 3514 *30
30
3812 *3514 367
3812
3812 *30
3812 *
612 Dec 17
75
8 812 3,400 Inter Pap & Pow Cl A__No par
84
/
1
7
712
712 8
*8
67
8 67
8
74 712
/
1
3% Deg 30
5
5
2.300. Class B
N par
Noo parar
*412 512
5
*5
518 *5 4 5 s
3
5
7
51 5'
/
4
2 Dec 9
3
8
314 3344 6,0001 Class C
3
3
31/1 33
314 3 8
3
313
314 314
3,600: Preferred
100 21 Deo 30
34
35
3418 3414 337 34
32
35
3112 35
33
35
*1312 1.5
15
15
12
12
*1212 15
*1212 15
800 lot Printing Ink Corp-No Par 10 Des 29
*1212 15
20 Preferred
100 55 Dec 26
66
*60
66
65
55 .56
66
*57
66
*57
66 .57
3812 3758 38
38
3312 3,900 International Salt new_
100 81 Oct 10
87% 3814 377 3812 3753 38% 38
8
900 International Shoe_ __-He Par 4712 Dec 24
48
4734 473
4
4
48
4 473 473 *4713 473 *473 48
*4712 43
4
4
40 .35
40
1,200 International Silver
100 26 Dee 29
*31
35
3312 34
34
35
40
*31
35
/
1
4
4
22
223
4 2112 2238 2118 2214 2112 2253 2112 2412 23
243 143,700 inter Telep & Teleg_ __No par 17 Dec 29
8
4
6,000 Interstate Dept Stores_No par 145 Dec 17
1612 163
8
4 16
173
4 163 175
4 161 163
/
4
4 1614 1614 163 163
Preferred ex-warranUi___100 58% Dec 19
63
*61
63
*
61
65
*61
65 .61
*
60
65
*61
65
200 Intertype Corp
*1612 17 I
No par 12 Deo 12
*15 4 17
3
*1614 17
*153 16
4
16
16
16
16
57
414 Dec 29
652 8
5,500 Investors Equity
No par
612
63
8 612
614 614
6
6
6 14
6
800,Island Creek Coal
1 25 Oct 22
30
30
30
27 4 273 *2712 29
3
4
2818 2818 2912 2913 30
*4042 42
500 Jewel Tea Ins
No par 37 Dec 17
*4112 42
40
/ 4012 4012 42
1
4
, 3914 3914 *3934 42
No par 48% Deo 17
60 4 6312 6112 644 68,400 Johns-Manville
3
64
81
634 6112 63
57
60 4 59
3
30 Preferred
100 117 Deo 26
8
'118 118 *11812 1233, *11812 12338 *119 1233, *120 1233 *120 123%
120 Jones & Laugh Steel pref _100 118 Deo 16
12012 1203 120 120 1 12012 12012
4
*11912 120
11912 11912 *11912 121
14 Oct 23
',
4
4 1,100 Jordan Motor Car
No par
5
8
%
5
8
*
12
52
5
8
53
%
4 Dec 26
/
1
4
6
/ 65
1
4
3,200 Karstadt (Rudolph)
618 Vs
63
8 658!
6
12 612
612 6%
64 7
15
*151 1612. x15
/
4
15
600 Kaufmann Dept Storee_212.50 14 Dec 30
*1412 1512 *1412 1512 1418 1512 15
1412 Dec 22
8 173 183* 4,800 Kayser (J) Co v t c__ _No par
4
1712 1753 1714 173
1712 1613 17
17
1712 17
_ 40 *- - 40
40 *__ _ 40 *
Keith-Albee-Orpheum_No Pew 21 Jan 8
40 *____ 40
96
,
*90 loo
iio loo I .45
Preferred 7%
100 85 Jas 7
*90 100
•90 100
*90 100
1 Deo 30
13
8 152'
11 13 11,300 Kelly-Springfleld Tire_ _No par
/
4.
4
113
138 2
13
8
113
112
112
138
9 Dec 17
419 8% preferred
100
10
1014 1012 1012 1012 1012 1012
912 9 8 10
3
1012 1012
50
3012 .30
MO 27 Deo 17
*30
41
030
6% preferred
50
*30
*291 50
/
4
50
22
213 23
4
7,900 Kelsey Hayes Wheel___No par 1912 Oct 22
22
2218 2218 22% 22
2214 22 8 2218 23
7
97 10
78 Nov 12
8
93
4 97
5
93 10
4
25.000 Kelvinator Corp
No par
9
978
934 1018
93 10
4
*25
27
2018 *2012 21
*25
27
100 Kendall Co pre/
No par 20 Deo 24
20
*21
27
*20
29
8, 235 243 70,400 Kennecott Copper
8
2312 247
/
4
2438 25
No par 201 Deo 17
8 233 25
2
24
2478 23 8 243
5
800 Kimberley-Clark
4013 *40
4012 4012 4012 4012 41
No par 38 Deo 23
*397 4012 *3812 4012 *40
200 Kinney Co
/
1
4
1918 1918 1918 *181 20'z 2012 2012
/
4
No par 17 Dec 30
*1514 1918 *1514 1918 .17
30 Preferred
547 , *51
100 Si Dec 18
*51
547 *51
54%
*51
55
51
52
548 *51
7
8
7
8
7
8
118
1
1 1
1
112 10,400 Koleter Radio Corp_ - _No par
1
1
1
1
3 Dee 29
4
s1 265 263* 6,600 Kresge(513) CO
8
2612 265
10 2612 Oct 21
8 263 267
8
263 273
4
263 273
4
3 263 267
4514
4514 *4218 43 4 4514 4514' *43
100 Kress Co
3
*4112 4514 *41
4514 *41
No par 39 Nov 10
8
20 8 Dec 17
,
2214 2253 217 2214 213 2218 2214 225 54,100 Kreuger & Toll
4
217 227
g
223 23
4
g
2052 16.700 Kroger Groo & Flak__ _Ns par 1718 Dec 29
19
204 20
/
1
20 4 1912 2012. 20
3
18 4 1912 1918 197
3
9,900 i ato ert 44 Transport_Ne par 2114 Jan 11
L bt: il c0
i
3
No par 70 4 Nov 11
8218 837 1 82
8,
837
--18
/
4
304
O - 3- -go1 3'3'4 riiTs - 3 2 -82f5 83
318 Nov 12
3 4 33
3
4 2,600 Lee Rubber & Tire__ __No par
3
/ 312
1
4
4
4
8
314 31
/
4
3
14 314 *314 33
17
18
18
1,600 Lehigh Portland Cement- _50 11 Dec 17
15
1514 1514 1618 1612 17
15
14
14
8
100 985 Dec 26
100 100
70 Preferred 7%_.
100 100
*9812 100
*99 100
9812 100
*9812 100
414 Dec 16
Ne par
8
714 712 15,200 Lehigh Valley Coal
612 64
613 67
65, 753
614 612
8
612 63
50 14% Dec 17
20
203
8
500 Preferred
*18
20
20
20
20
*17
*1614 20
18
*16
4
4
533 22.900 Lehman Corp (The)___No par 513 Deo 29
4
4 5614 58% 573 5914 5712 5812 58
4
2 563 573
5652 577
No par 21 Oct 10
261
26
263
8 1,700 Lebn & Fink
26
*2618 263
8 26
26
26
2618 *24
26
No par
104 Nov 11
/
1
1278 1278 123 123
4
4
123 1314 2,700 Libby Owens 0laas
4
117 12
8
113 12
4
12
12
8 1,100 Liggett & Myers Tobacco_ _25 7612 Deo 16
8912 897
89
87
87
8812 8812 89
89
*86
88
*
84
7
/
1
25 784 Dec 16
8612 8512 87% 874 8912 8812 8914 8712 8814 88% 905g 12.500 Series B
86
/
1
22,900 Lima Locomot Works_Ne par 184 Oat 20
3112 3014 33
2912 30
26
,
2514 26 8
26
2612 *25
25
No par 28 Dec 22
500 Link Belt Co
34
31
3112 •2912 3012
*31
31
31
*
29
31
*2912 31
39 Dec 17
4512 4,000 Liquid Carbonic
4512 4614 4514 4514' *45
447
4214 4513 44
43% 45
"
4
No pa
N ; 413 Dec 17
8
/
1
8 4814 5053 474 4812r 475 493 41,900 Loew's Incorporated
4814 501
503
48
4734 493
No par 85% Jan 17
91
9113
300 Preferred
91
9014 *86 - 9014 .89
9012 *85
*85
8912 *85
No par 7852May 5
800 Prefer warrants
883
4 8814 89
89 18 90
883
41
89
*85
89
*85
*8414 89
212 Deo 17
No par
2,900 Lott Incorporated
3
3
23* 3
3 1 3
3
3
3
3
27
2
7
3 Deo 20
300'Long Bell Lumber A.-Ns Par
/
1
*312 4
*34 4
4
4
4
4
5
5
*4
E *4
/
4
25 401 Dec 17
507 11,400 Loose-Wiles MAWS
2
*4912 50
50
4914 51
50
/
4
4712 4812 46 4 481 48
3
8% Dec 17
25
13
1312 134 32,300 Lorillard
4
I 113 1214 1112 1238 113 13 1 1218 131 12
4
3 Dec 17
/
1
4
Ns par
/
1
44 418
/
1
300 L01112111111111 011
418 44
41
4
412
, *4
412 *434 412 *5
100 60 Dec 16
Preferred
60
60
*55
60 4 *55
*55
*55
60
60
60
*55
0
55
:25 Dee 17
/
4
2912 3018 2912 301g 2918 3014 291 3053 5.000 Louisville 0 & El A_.No p
8
' 283 2913 2358 29
No par
/
4
91 Dec 11
4
4
137
8 133 143 19,600 Ludlum Steel
1212 12
1112 1113
11
117 12
I.' 11% 12
4
No par 343 Dec 22
200 Preferred
50
50 .41
*32
38
*3512 38 .1 3512 3512 *40
35
' 35
19
1914 1,100 MacAndrews & Forbea_No par 20 Dec 27
,
*18'8 21 1 2014 2014 1912 20
2014 21
*181 2014
/
4
,
No par 33 8 Deo 17
4012 19,800 Mack Truoks Ina
383
4 39
8
3712 3918 377
,
384 38 8 377
g 38% 384 37
81% Deo 29
913
4 7,400 Macy Co
90
8814 90
88
8912 8814 913
4 8714 9012 89
41 Dec 29
/
4
N- Par
4 512 1,200 Madison SQ Garden
/ *43
1
4
8 5
8 *45
538 53
5
512 *518 514
512 518
No par 1914 Dec 16
2,300 Magri's, Copper
22
224 22
22
23
2218 2212 *2238 2318 2212 2314 23
4
15 Dec 16
2 2.700 Manson(H 11) & Co No par
33
24
2 8 24
5
*23
8 3
25
27
8 *252 3
*
252 312
12 Deo 30
100
810 Menai/ Sugar
4
312 33
4
3
34
3
3
3
3
*1
3
*5
8 4
614 Deo 19
100
8 1012 12
127
7
1112
*4
/ 5
1
4
412 412 514300 Preferred
9 4 *8
3
5 Dee 30
No par
Mandel Bros
512 *5
WE
542 *5
542 *5
542 *5
512 *5
*5
75, 77
25
61 Dec 11
/
4
t 1,200 Manhattan Shirt
712 215
711 71
: 8712 g
g
g
7 4 734
3
13 Dec 16
4
Maracaibo 011 Explor_ _Ni par
314
3
/ *2
1
4
3
/ *2
1
4
3
/ *2
1
4
314 *2
314 *2
*2
4
10 173 Deo 17
2314 9,100 Marine Midland Corp
23
20
/ 2114 2138 2314 223 23
1
4
4
4
2318 2312 223 2314
No par 2114 Deo 31
4 2314 257
s 2,500
2412 2414 24
21
*23
2412 2414 241 233 233
/
4
4
4 Deo 29
/
1
4
No par
6, 753 7,200 Marmon Motor Oar
6 8 653
3
6
63
4
612 61
65
8 6%
/
4
6
6
•Bid and asked prices; no sale, on this day. z Ex-dividends
y Ex-dividend. ex-r169:214
Highest.
per share
28 July 29
30 Aug 27
2314 Apr 17
8612 Apr 17
am Mar 25
10513 Oct 9
98 Apr 14
72 Apr 21
/
1
4
20 Feb 6
2314May 34
1734 Apr 4
92% Feb 19
11 Apr 11
123%June 4
109 May 28
101113
4June 3
1053 Oct 18
4
2514 Feb 27
411 Mar 28
/
4
1253 Jan 29
83 Sept 26
29 Feb 5
68% Oct 16
1167 Apr 25
2
41% Feb 7
62% Jan 6
26% April
32 Apr 7
17 Mar 4
28 2Mar 22
3
124 Jan 10
239 Apr 24
118 Mar 11
307 Feb 7
8
1312July 31
2Mar 10
173
7 Apr 1
/
1
4
28% Apr 2
81 Apr 7
/
4
67 Apr 9
14
19718May 28
19 4Mar 29
3
7533 Apr 2
1412 Mar 26
78 Apr 1
115 4 Apr 16
3
1461sSept 25
54 April
92 Apr 24
113 Apr 17
44% Apr 4
86 Apr 29
8112Mar 22
223 Apr 14
4
18 Apr 14
86 Mar 26
58% Apr 5
101 Apr 12
45 aune 20
,
62 Jan 15
119 Feb 1
77% Apr 24
40 Feb 4
80 Aug 29
82 Apr 9
29 Feb 19
43 Mar 19
6612 Apr 30
148% Feb 5
1233 Nov 12
2
12312 April
5
/ Apr 9
1
4
UPI Jan 16
20
/
1
4M50 7
4112 Jan 2
45 Apr 23
150 Apr 24
612 Apr 10
42 Jan 24
66 Jan 25
39 April
/
1
4
26% Apr 25
89 Mar 21
620 Feb 7
4
59 Mar 81
4012June 4
97 Apr 17
(PI Apr 14
MN Jan 2
70 Jan 24
35% Apr 10
4812 Jan 23
2912July 17
113 Apr 1
11 Mar 25
42 Apr 1
10812May 24
1712Mar 17
8712 Mar 19
971 Apr 15
/
4
86 Apr 14
3112 Mar 29
118114 Apr 1
114/12 Apr 1
4914 Feb 15
45% Feb 21
817
sMar 28
95 4May 14
3
1123
8June 3
993 Oct 3
4
Ms Feb 19
15% Mar 22
704 Apr 2
/
1
2818Mar 8
12 Apr 28
90 Sept 4
5114 Apr 25
4472 Mar 12
9932Mar 18
39% Apr 3
881:Mar 27
15914 Feb 3
8J0ne 6
153
62 4 Jan 7
3
13 July 3
8 Jae 29
60 Jan 28
16 Jan 14
2433 Jan 10
10 8 Mar 18
3
3212 Aug 6
55 Feb 28
2
807 Apr 9
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ Per share $ Per Aare
2312 Nov 35 Aug
26
Jan 30 Aug
12 Oct 56% Jan
713 Dec 116 Jan
4
27 Dec 29% Dee
99 Nov 10553 Jan
54 Jan
13 Oct
15 8 Oct
7
5 NOY
/
1
4
84 Nov
2112 Dec
112 Dec
/
1
4
45 Nov
6058 Nov
Jan
104
123 Dec
4
21 Nov
1312 May
65 Nov
13 Nov
45 Aug
26 Oct
34% Nov
38 Nov
18 Nov
17 4 Oct
,
313 Oct
1318 Oct
6812 Nov
120 Jac
71 Dec
22 Oct
12
2
4
40
109
Dec
Nov
8l e Oct
7
41% Aug
31 Sept
68% May
11812 Jan
2312 Oct
121
Oct
14378 Oct
14314 Oct
106% Oct
33 Aug
51 Mar
2452 Aug
93 Aug
52i4 May
5214 Sept
109 Apr
8213 Mar
93% Mar
82 Jan
393 May
8
3212 Jan
63 Aug
135 Jan
22313 Oct
113 Aug
6612 Mar
16 Nov
14% Jan
Oct lTYg Jan
Nov 88 Jan
/
1
4
Nov 255 Oct
48 Nov
4 Dec
/
1
4
1812 Dec
65 Nov
137 Aug
23 Nov
47 Nov
1818 Nov
25 Nov
77 Nov
20 Nov
12 Nov
9 Nov
77 Nov
40 Nov
9172 Nov
102% Feb
10313 Feb
121 Feb
142 Aug
145 Jan
5913 Sept
102 Jan
/
1
4
39% Oat
72% Jan
9413 Jan
4414 OA
33 2 Oct
7
26 Oct
/
1
4
95 OA
68 2 Oot
9
106 Mar
64 Oct
95 Nov
53 Nov
2518 Oct
74 Dee
17 Nov
12 Nov
/
1
4
39 Oct
39 Nov
90 Nov
118 Nov
117 June
113 Oct
107 Nov
8
1714 Dec
80 Nov
15 Nov
13
70 Nov
3 Dec
16 Dec
28 Dec
1833 Nov
5 Oct
75 Nov
4932 Nov
4514 May
2112 Nov
80 Oct
312 Dec
28 Nov
5314 Nov
2218 Nov
884 Nov
/
1
1612 Nov
8018 Nov
5 Oct
20 Nov
100 Nov
10
Oct
31 Dec
7738 Sept
159 Aug
12
14914 Sept
93 Jan
12
97 May
38% July
Nov28
17
Oct
804 Nov
/
1
80 Nov
80 Nov
3752 Nov
40 Oct
32 Oct
80 Oct
80 4 Nov
,
812 Dec
12 Deo
89 Nov
/
1
4
1414 Oct
7 Oct
80 Nev
28 Oct
22 Nov
76 Nov
3014 Oct
5512 Nov
110 Nov
1112 Nov
35 Nov
6 Nov
$ Dec
1972 Dec
14 Oct
1912 Dec
51s Dec
---30 Oct
19 Nov
7211 Aug
69 Mar
162% Feb
242% Feb
123 May
126
Oct
1612 Jan
13% Nov
37% Feb
5813 July
46 Jan
138 Jan
23 2 Jan
7
2
247 Jan
100 Feb
59¼ May
1914 Feb
96 Feb
1047 Mar
2
57% Oct
4413 July
1095 Mar
4
78% Jan
57 Mar
13
114 Jan
463 Mat
8
12213 Jan
38% June
15714 Mar
25 Jan
66 Feb
110% Mr.3
1
32 Oct
44% July
- 681: Feb
43 Aug
106 031
10614 Oct
17% JUI7
61 Feb
11102 Jan
8411 Feb
110 4 Jan
5
95 Mar
1112 Apr
8212 Jan
8772 Baps
9112 May
18 Jan
10014 Feb
72% gent
10878 July
18 June
46 Jan
114% Feb
256% Sept
24 Feb
82% May
$U% Jan
26 Jan
6012 Jan
88 3 Mu
5
$5% Jan
1812 Am
807, May
106 May
New York Stock Record—Continued—Page 6
279
Fos wee during the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT
Saturday
Jan. 3.
Monday
Jan. 5.
Tuesday
Jan. 6.
Wednesday
Jan. 7.
Thursday 1
Jan. 8.
Friday
Jan. 9.
Sales
for
the
Ilreek
STOCKS
NEW YORK STOCK
EXCHANGE.
PER
Range for Year 1930.
On basis of 100-share into.
Lowest.
Highest.
PER SHARE
Range for Pretious
Year 1929.
Lowest.
Highest.
$ per share $ per share
$ Per share $ per share $ Per share $ per share! 3 per share Shares Indos & Misce11.(Con.) par 3 Per share $ per share
305
3' 308 3112 9,600 Marshall Field & Co__ No par 24 Dec 30 481s Apr 24
2814 2979 29
2934 30'8 29
30
8 318
214 Dec 29
3
3 1 .27
300 Martin-Parry Corp_ ...No par
Oct 11 -.
22
23
3
3
18 Jan
*23
4 3
2% Nov
2614 54,300 Mathleson Alkali WorksNo par 3018 Dec29 513 Mar 28
2
4
2714 29
Oet 218 Feb
29
27
277
8 2512 2712 253 268 25
2100115 Jan 24 138 Oct 7 120 Jan 125 Jan
10 Preferred
123 123 *12014 12912 *12014 12913 *12014 12912 *12014 1291
4
32 1 3,500 May Dept Stores
3018 30
25 273 Dec 17 613 Jan 31
8
*2912 30
3012 30
4512 Dec 108.2 Jan
2918 297
* 30
15% (let 294 Aug
58
4 6
*53
4 612
600 Maytag Co
5 Nov 10 23 Mar 26
No par
6
6
6
6
•3
54 6
1418 Nov 13 4012 Apr 7
1812 1812 174 1912 1,100 Preferred
No par
25
2814 Dec 4914 July
*16
____
17
1718 •19
68 68 I
No par (PS Dec17 8412 Mar 28
68
300 Prior preferred
68
*6714 68
67 67
68
*67
7512 Nov 964 Jan
par
300 McCall Corm
34
33 Dec17 50 Apr I
35141
*354 36
36
36
334
3914 Dee 108
*31
38
36 '
Oct
*3712 38 I
10 McCrory Stores Class A N parr
37 Dec 20 74 Jan 2
*3712 38
No
74 Dec 1133 Feb
37
37 37
*37
*37
38
38
4
10 Clues B
3814 Dec 18 70 Jan 16
383 *38
4
3934 *36
*36
383
4
70 Dec 1154 Feb
*36
38
383 .36
4
140
78 Oct 1 97 Mar 24
793
4
793 '
4 378
*78
Preferred
No 10r
pa
7812
0
*7814 7812 78
8612 Nov 120 Feb
*73
79
400 McGraw-Hill Publioa% No par 27 Dec 30 44 Apr 7
29 I
2818 2814 *28
29 1 *28
29
29
*28
80
*27
Oct 48 Feb
8
21
217
3
143 Jan 2 20 4 Dec 31
8 213 2314 21 12 2212 2214 2314, 9.600 McIntyre Porcupine Minns .5
217
4
8 21
124 Nov 13 1 Jan
,
7 7412 74
7518 7318 75 1 7434 7512 6.400 McKeesport Vn Plate_No Par 61 Jan 2 8912.1.1he 4
73
Jan
7234 74
54 Nov 82
214 Oct 59 Mar
4
1334 137
8 133 14 • 2.100 McKesson dr Robbins_No par
1414 148 14
1412 13% 14
1012 Nov 17 373 Apr 12
8
800 Preferred
'33
33
33
*3312 34
333 *3212 34 1
41
3334 33
50 254 Ore 28 4914 AK
40 Oct 63 July
700 McLellan Stores
712 814
*712 8 I
4
73
4 73
6 Dec17 2014 Jan 7
81s 818 *712 8
No par
1812 Dec 594 Aug
*27% 298 297 298 *2812 30
*28% 297 *287 297
8
8 5.500 Melville Shoe
Jan
2618 Dec 72
No par 25 Nov 29 42 Atr 16
612 612 '
400 Mengel Co(The)
4 63
63
8 65
4
81
63
714 714 *612 7
3612 7
5 Dec 30 234 Mar lb
par
9 Oct 34% Jan
12
1178 127
123
14
94 Oct 693 Jan
8 1218 1312 13
9i Nor 10 37 Apr 7
1314 14 1 1314 1479 60.000 Mexican Seaboard 011.-No Pa
8
N°
77
77
*8
814 81
812
8
814 8%
814
812
818 2.400 Warn! Copper
5
8
7 Dec 18 337 Feb 0
20 Oct 544 Mar
4314 4314 *1334 454 443 464 46% 46% 46
483
8, 46
4
4614 1,500 MiChigan Steel
8
3312 Dec17 77 May 13
44 Dec 1227 July
1512 16
1512 157
1512 158 155 1618 16
163 18.500 Mid-Cont Petrol
4
163
8
4 18
No par 11 Dec 17 33 Apr 7
897 Jan
8
2212 Nov
Middle
-states 011 Corp N - _ rr
Sei.t 22
211 Mar 17
cto
Ps July
_
64 Nov
21 - 2 -22- 22
221-22- 23 4 -222 2379 23
5,200 Midland Steel Prod___ _No par 1512 Nov 12 53 Feb 28
237
.1238 23
87
87
500 8% cum 1st pre(
8714 8714 873 8712 *80
87 I
87
*83
93
100 74 Nov 10 110 Feb 28
89
3
40
4114 *39
4, 1,400 Minn-Honeywell Regu_No par 37 Dec 26 784 Mar 19
421 '
339
4712 493
4312 4312 44
43
45
59 Nov iiiis SePt
47
47
314 Dec 15 2872 Mar 17
43
47
4 48
434
5 1 3,600 Minn-Moline Pow Imp! No Par
434 5
5
5
5 14
10
Oct 43% July
•____ 4312 4312 431
600 Preferred
4
43
43
43 *____ 423
43
43
43
No par 44 Deo 30 9214May 28
65 Nov 102 July
10 4 10 8 11
7
7
938 Dec 30 40 Jan 27
15
1712 4.600 Mohawk Carpet Mills_No par
16
16
11
12
11
13
11
35 Nov 8014 Mar
21
22
1.700 Monsanto Chem Wks_ _No par 18% Dec 17 631 Apr 21
2112 22
22
22
22
22
22
22
2212 22
4
47 Nov 8012 Oct
173 183
4 1712 183
8 1814 1918 127.0(10 Mont Ward Co Ill Coro No par 1518 Dec 29 49% Jan 2
4 1818 187
8 173 193
4
8 18% 193
42% Dec 1661, Jan
Moon Motor Car
112 Oct
3 Nov 17 1612 Apr 2
4
No par
5 Oct
53l2
53 2
-61 - WC -5112 92
5113 5313 ;5112
8
- 1- *5112 - - _ 400 Morrell (J) & Co
No par 487 Oct 9 72 Feb 6
Oct 81% 0131
42
3
2
ng
ts
*12
53
3
8 1.800 Mother Lode CoalitIon_No par
812 Mar
52
3
2
*12
3
2
2 Jan 2
3
2
13 Dec 13
12
112 Oct
318 4,400 MotoMeter Gauge&Ee No par
27
8
318
3
3
14 Oct 1 11% Apr 10
3
314
3
3
314
3
4
3
814 Oct 31% Aug
3212 3212 33 I 1.600 Motor Products Corp_ N, Par 25 Des 15 81 Apr 7
327 3414 *323 35
2
4
3412 32
3412 3412 33
No
38 Nov 206 Mat
1514 1512, 3.400 Motor Wheel
1518 1518 15
15
1518 1514 1514 1518 1518 15
1414 Dec 16 34 Mar 19
No par
21 Nov 5518 Aug
1018 101s
*9
10
500 3,Ie)lin5 Mfg Co
918 934 *83
9 4 10
3
No pa
10
614 Nov 10 203 Feb 14
4
4 *9
4 93
10 Oct 8178 Jan
160 Preferred
'39' 00
•____ 38
50
45
_ 38
41
No pa
3314 3814, *3914 41
3512 Dec 29 647 Jan 31
8
65 Dec 10314 Jan
•28
30
500 Munsingwear Ina
*28
30
34
30
31
2518 Dec 11 5312 Feb 10„ 88 Nov 613 Mae
29
30141 3014 3014 *30
No pa
4
123 13%
4
1214 1212 1214 1212 127 147
81
9 Nov 11 254 Apr 11
13
1379 13% 133 12,7001Murray Body
No pa
8
14% Nov 1004 June
40
40
800 Myers F & E Bros
se
*39
42 I
4214 4274 424 *41
41
34 Oct 24 4912 Mar 25
No pa
41
4214 *4014
Oct 674 Oct
3014 3073 287 3079 283 29% 29
304 324 88,100 Nash Motors Co
No pa
30
2114 Dec 16 5812 Jan 6
3018 29
4
40 Oct 118% Jan
77
7 4 73
3
4
713 7 4
4 2.100 National Acme stamped_ _1
8% 81,
3
73
4 8
54 Dec 29 2814 Feb 14
14% Nov 41% July
734 77
8
.3712 979 *8
300 Nat Air Transport
22
No pa
812 812 *8
6 Dec 24 89% Apr 14
912 *74 94
11
10 Dec 4814 May
37
3
13 3
34
414 412 4.100 Nat Bellas Flees
214 Dec 17 20 Apr 7
418 414
414
4
No pa
3% 4
91g Dec 71 Mar
37s
7913 80
7812 8012 80
68% Nov 12 93 May 29
1
81% 80% 8112 8012 8179 50.330 National Biscuit new
6514 Dec 73 Dec
81% 81
*1454 15114 *14514 148 *14512 148 *146 148
800 7% cum pref
14612 147
100 14212 Jan 23 152 Oct 8 140 Aug 148
Oct
146 147
303 3134 30
4
30 8 311
5
2738 Dec 30 8312 Feb 3
59 Nov 148% Mar
31
3214 31% 3112 3179 3312 27,8001 Nat Carib Register A w IN. Da
32
404 403
4 40
No Pa
35 Dec17 82 June 2
4
403
4 40
1
36 Oct 86, Aug
401* 4118 403 4214 35,700 Nat Dairy Prod
414 42
41
414 414
312 Dec 30 2412 Feb 27
000 Nat Department Stores No pa
472 44 *5
b'2
.3'2
*5
7
20 Dec 874 Mar
7
2
2114 2114 20
1818 Dec 16 3912 Feb 6
No par
15 Oct 59 June
2
20
193 2018 2014 203
4 2014 2012 203 21% 3.500 Nat Mail Prod etfs
4
•18
21
*1812 21
Nat Foam & Stamping__ 100 1714June 14 8312Mar 1
21
21
*19
•19
2512 Dec 824 Jam
•18
21
*1812 21
•120 1203 12012 12012 12014 12214 12412 1263 *12712 12912 128% 132
4
2,100 National Lead
100 114 Dec 17 18912 Feb 7 12914 Nov 210 Oct
4
•136 137
1365 139
100 135 Dec17 144 Sept 5 138 Nov 14112 Feb
140 Preferred A
8
137 138 1 138 138
1365 1363 •138 140
8
8
*118 119 *118 119 *118 119 *118 119
40 Preferred B
100 116 Jan 17 120 Nov 28 115 Oct 1234 Apr
119 110
118 118
3418 3514 333 351.
No par 30 Nov 10 583 Apr 24
8
4
4
23 Nov 714 Aug
333 354 34% 3514 333 354 3418 3512 48,300 National Pr & Lt
4
45
,8
4.12
7
8
1
13 Dec 15
*12 041
100 National Radiator__ ...No par
44 Jan 15
14
3
4
112 Dec 17 Jan
3
4
7
8
*5
8
*2
212 *21 : 212 *214 212
13 Dec 9 11 Jan 15
4
1
No par
200 Preferred
*11
2
212 Ds *1
2
Jan
112 Dec 41
45
45
45
No par 41 Nov 12 82 July 28
3,300 Nat Steel Corp
457
47
8 45
47
47
4814 4612 47
46
6112 633
4 615 81% 6113 0112 6112 6112 8112 6112 61 12 6112 1,000 National Supply
60 60 Dec 23 12414 Apr 7
Jan
9812 Nov 144
443 477
4
4714 493
50 35 Dec17 983
:Mar 22
4 48
9.000 National Surety
5312 55
5012 5114 53
51 12 53
704 Dec 155 Feb
16
1614 *153 1614 1512 154 15% 15% •1512 1579 •1512 1679
4
No oar 13 Dec 29 417 Feb 4
8
500 National Tea Co
2
3112 Nov 913 Mar
1114 1179
9 Dec17 823 Jan 7
1079 1112 10% 12
2
1114 1218 103 12
105 11% 34,300 Nevada Conool Copper_No par
4
234 Nov 62% Mar
15
15
15% 1514
113 Dec17 58 Apr 14
4
No pa
1534 16
2,700 Newton Steel
8 1618 173
164 163
85 Dec 113 July
4 1712 18
*2234 243
4 23
23
No par 2112 Dec 30 67 Feb 19
300 N Y Alr Brake
22212 2212 •2314 2472 •231a 247
3
8512 Oct 49 4 Mar
8 2312 23121
*22
28
•22
28
100 22 Dec 29 48 Apr 25
300 New York Dock
26
*22
*22
*24
s
28
33 Nov 583 Feb
26
2214 24
*78
85
•78
Preferred
100 7712 Dec17 884 Apr 24
80 '
77
376
84
.76
*76
78
824 July 90 Apr
80
•76
1112 1134 *11% 1 179
913 Dec 1
32 Apr 24
No pa
1114 1114 1114 115
11
113
8 1112 113* 1,700 NY Investors Inc
*98 101
140 NY Steam pref (8)_
1003 101 *10034 1013 100 1003 101 101 •10014 101341
4
98 Des 1 10612Sept 3
No pa
9312 Nov 103 Jan
8
4
11114 11114 1117 113 *III 11312 •111 11312 11312 114
8
4
110 1st preferred (7)
115 115
No Pa 1083 Dec 2 117 Aug 28 107 Nov 115 Aug
6612 6712 644 6714 6512 6714 6718 6818 6614 88
5714 Dec17 1327 Apr II
8
678 7014 102,813 North American Co_.No pa
6612 Nov 1884 Sept
534 532 1.700 Preferred
*53
54
53
51 Jan 13 57 June 4
54
53
5
48 Nov 5414 Jan
7
53% 5318 53 8 53% 537
44 Dec 17 147 Apr 10
17.400 North Amer Aviation_No par
4
5
512
512 6
6
_
5% 61
01
54 53
4
993 Dec 18 1054 Oct 4
10312 1034 •10314 10414 *1034 1034 104 104 •10112 105 •10112 104
4
200 No Amer Edison pref No Pa
4
98 Nov 1033 Jn
287 Dec 30 553
293 294 294 293
8
4
600 North German Lloyd
2 2812 281 *2814 2914
4June 11
4 2914 2914 *2912 297
4112 Dec 644 Jan
45
45
230 Northwestern Telegraph ___50 4112 Dee 16 5018 Mar 14
46
4418 4414
*4414 46
45
*44
40
45
46
4011 Dec 50 Mar
*12
•12
•12
3
4
7
7
7
3
4
.12
3
4
12
12
700 Norwalk Tire & Rubber_ ___10
4 Mar 26
12 Dec 17
Oct
64 Feb
8
1813 18% 1812 193
1912 15.600 Ohio 011 Co
19
8 183 4913 18% 193
3 18% 191
No Par 16 Dec17 32 Aug 21
Oil Well Supply
25
94 Jan 8 243
4Sept 9
7
7 s Dec 32 Jan
_
Preferred
100 86 Mar 10 110 Sept 12
883 Dec 0081; Jr113
4
-. 4
1
1
112 - l3 --112 - - 1%
1%
1E8 -14 -- 175
i
3- 3 .4135 Oliver Farm Equip_ __No par
6
1% Dec 3
347 Apr 17
8
8 Oct (1411 AD
,
518 579 2,300 Cony partialpating__No par
34 34
54 54
5% 512
4
37
5
4 34
218 Dec 29 464 Apr 17
17 Oct elclia Apr
*19
21
1879 19
1812 20
20
24
25
25
2518 2518 1.600 Preferred A
No par 12% Dec 20 90 4May 13
3
6412 Dec 991k May
35
*312 4
*312 4
4% 5
33
4 4%
4
4
43
4 4,300 Omnibus Corp
,
2% 01 181
No par
83 Mar 31
2
8
2 Oct 107 Feb
12
*55
65
*6014 65
65
*6014 65
85 •62
65
*62
65
10 Orpheum Circuit Inc prof_100 60 Dec 301 99% Apr 24
504 Oct 953 Jan
4
5612 6712 56
57
56
57% 573 581g 5634 574 564 583
4
8 7,900 Otte Elevator new
No par 484Nov 10 803
864ar 13
•12438
*12412
__ 1243 12434 •12912 -- 12634 1283 .12612
4
4
20 Preferred
100 11814 Jan 23 1283
4Sept 29 iiiis Oct 125 Jan
10 4 11
3
8
11 II% 113 1112 1112 1412 133 1512 14
15
4
7.900 Otte Steel
912 Dec 29 3878 Mar 31
No par
2214 Nov
55 Oct
_ _ 76
75 •_ _ _ 75 •70
75 *_ _ _ _
7434 •____ 743
4
1 Prior preferred
75 Dec 30 99 Apr 29
893 Nov 104 Feb
4
*3414 30
3312 3414 3312 3312 3414 38
3718 373
4 3514 3514 4,100 Owens-Illinois Glass Co____25 32 Dec 29 607 Feb 7
2
43 Nov 8912 Rept
4713 4812 4734 43
8
48
493
473 4812 493 50
4 4812 40
4
7.200 Pacific Gas & Electric
26 4012 Dec17 747 Mar 31
8
4
42 Nov 983 Sept
52% 5412 53
541
5279 537
5438 5314 54
54
534 541
7,000 Pacifies Ltg Corp
par 46 Dec 17 1077 Mar 28
8
584 Nov 14612 Sept
*1512 1634 *1512 161 *151, 1613 167 17
8
1,780 Pacific Mills
1718 1712 174 20
No 100 15 Dec17 30 Feb 8
°
1712 Nov 37 Apt
120 120
118 1181 11912 120
1203 12012 122 125
8
610 Pacific Telep & Teleg
124 125
100 11412 Dec 17 178 Feb 19 131 Nov 220 July
*120 131 *120 131 *120
•120 12712 •120 125 *120 125
Preferred
100 1164 Jan
145 Feb 21 1183 Jan 138 Oct
4
912 93
4
918 93
4
918 94
91s 9%
94 93
914 9
7 49,200 Packard Motor Car.__No par
s
74 Nov 11 233 Mar 18
13 Nov 3212 Sept
4014 Feb 69 Aug
11'&n-Amer Petr & Trans___50 42 Nov 12 84%May 14
32
32
33
33
*3312 353434 35
-58- iff- -36T2 - li _ 1,4001 Class 11
iii50 30 Dec 30 6712May 14
4012 Feb 694 Aug
614 63
8
614 612
614 614
579 579 •54 71
*53
4 6
2,083 Park & TlIford Ina__ __No par
8
5 Dec 24 353 Apr 7
24 Nov 577 Jan
4
31
*3% 312
33
8
312 312
31
1
312 37 :; 3
31
28 3
374 34 1,000,ParmeleeTransporta'n_No par
1
2% Dec 29 2614 Mar 10
154 Dec 21 Dec
212 318
*23
4 314
3
3
*212 3
'21
3
Panhandle Prod & ref __No par
1514 Jan
8 Nov
4May 14
14 Deo 8 123
55 *___ 55 *____ 55 *__ _ _ 55 •____ 55 •___ 55
Preferred
Jae
474 Feb 76
100 4712 Jan 14 80 May 14
39% 411.t 40
4238 4118 423
4 4218 43% 41
423
8 41
4234 92.300,Paramount Publix
343 Dee 17 7714 Mar 31
4
No pa
36 Oct 7512 Oct
4 114
,
112
112
112 112
112
112 112
1 12 113
112 112 8.500 Park Utah C M
3 Dec 13% Feb
4% Apr 7
1
118 Dec 26
17
8
14 178
179
Ps 13
4
13
4 I%
14 14
13
4 17
Dec 14% Jan
8 9,500 Pathe Exchange
112 Dec 30
No pa
9 Apr 25
37
4
4
4
4
4
38 4
37
4
4
412 Dee 20 Jan
4
3,0001 Class A
8
24 Dec 17 193 Apr 25
No pa
12
12
8 114 113
1112 113
4 1114 12
114 il7
s 11
94% Oct 474 Mar
1114 2.500;Pattho Mines & Enterpr____20
Slit Dec 15 3278 Feb 5
4
4
4
414 *31
4 18
4
418 *4
418 412 2,6001Peerlase Motor Car
44
54 Oct 2312 Jan
3 Nov 7 14 Feb 3
50
3934 3814 393
8 37% 39% 38% 39% 3834 394 39% 407 16.200iPenick & Ford
39
8
22 Nov 807 Sept
No pa
8
2618 Jan 7 Ma, Apr 10
203
4 29% 3014 2938 303
29
8 29% 3014 2912 30
294 29% 9,700IPenney (J C)
66 Nov 10514 Oct
27% Dec 22 80 Jan 3
No pa
02
92
*88
•86
90
*89
90
•89
904 91
90
91
1,800 Preferred
33 Oct 97 Dec
100 90 Dec 18 1014Sept 23
34 312 *33
4 37
8
418 4%
3% 418
33
4 3%
1,700 Penn-Dixie Cement__ _No pa
3% 4
all Nov
214 Dec 17 12 Mar 8
27 Jan
*21
*18
25
*2018 28
28
•1712 25
•23
28
223 223
4
100 Preferred
4
2012 Nov 94 Jan
100 18 Dec 22 5512 Mar 13
212 21714 21012 222
214 216
201 2053 205 208
4
220 223
5.600 People's(IL & C(Chlo)._100 18514 Dec 17 325 May 27 208 Jan 404 Aug
•17
20
•17
*17
20
017
20
20
•17
20
•17
20
Pet Milk
17 Dec 29 2212 Aug 11
No pa
1813 Dec 4512 Jan
8
8 14
814 81
713 84
73
4 818
818 8%
83
8 9% 25,000 Petroleum Corp of Am_No pa
57 Dec 30 2714June 10
2
4
23
2314 2314 *22
233
4 2334 233 *21
2114 22% 2112 2112
797k May
193 Dec 30 44% Apr 7
4
2
800 Phelps
31 Nov
-Dodge Corp
*100 200 •100 200 *125 200 •125 200 *130 200 *125 200
Philadelphia Co (Pittsb)
50 170 Oct 9 248 Apr 15 15712 Apr 385
Oct
53
5212 521 •52
*5212 533
8 5212 5212 53
53% *52
selept 29
53
4712 Nov 54 Mar
300 6% preferred
50 5018 Jae 15 573
913 10,
8
8% 94 8% 9%
814 9
9% 1018
93 1012 21,600 Phil,& Read C & I_ ___No Da
4
612 Dec 16 25721.1ay 23
3
913 Nov
34
Jan
912
*9
912 49
9
9
9
94
9
94 914 1,100 PhiLlip Morris & Co Ltd_ __ _10
814 Jan 8 1512Mar 11
6 4 Oct 2314 Feb
3
8
12% *11
125 *11
•11
117 •11
8
13
11
1218 •11
124
1014 Dec 15 2T% Feb 18
300 Phillips Jones Corp_ ___No Pc
194 Nov 78 Ms,
56
52
*50
52
*52
56
*50
56
•50
56
•50
10 Phillips Jones pref
56
100 52 Dec 15 75 Feb 11
65 Nov 98 May
8
4
15 8 1014 153 165
3
8 15% 1618 153 16% 14% 1514 143 1512 112,700 Phillips Petroleum__..No Pa
1112 Dec17 443 Apr 30
4
4
2414 Nov 47
Jag
*7
*7
9
*7
9
9
*8
9
9
•
7
•7
7 Dec17 2018 Apr 80
9
5
Phoenix Hosiery
103 Oct 37% Jan
8
21
.19
•19
21
21
*19
•19
21
•I9
21
16 Dee 10 83 Apr 3
20
20
300 Pieree-Arrow claw A___No Pa
18 Nov
87% Jan
3
4
8
4
3
4
4
3
4
3
4
3
4
3
4 2.800 Pleroe 011 Corp
34
12 Dec 16
3
4
%
21
3
4
:Mar 17
2
1
Oct
3 8 May
1
10
12
11
12
1112 12 2 •1112 12
•1018 124 12
,
712 Dec 19 52 May 1
1212 1,400 Preferred
100
30 Oct 5112 Mai
214 214
23
8
21
8 212
214
212 23
2
24 238
1% Dec 17
212 23
4 7,000 Pierce Petroleum
No Par
71s Apr 24
4 Oct
5% Jan
$ Per share
2818 28%
*214 212
2914 3112
*12014 123
2912 2912
53
4 534
*16
17
*67
68
*34
36
*37
38
383 3814
4
*75
78
2818 2814
2134 22%
7214 7314
15
15
32% 32%
8
814
29
29
•Bld and asked price.); no sales on this day. b Er
-dividend and ex-rights, s Es-alvidelld4 ft Er-flgbills
280
New
York Stock Record-Continued-Page 7
For sates during the week of stocks not recorded here, see seventh page preceding.
-PEE SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Jan. 3.
Monday
Jan. 5.
Tuesday
Jan. 6.
Wednesday
Jan. 7.
Thursday
Jan. 8.
Friday
Jan. 9.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
Per share Shares Indus.& Mucci!.(Con.) Par
$ per share $ per share $ per share $ per share $ per Share $2812 2812
900 Pillsbury Flour Mill.
-No say
28
28
28
28
28
8 28
2722 2738 27
12 277
300 Pirelli Co of Italy
8
4 3212 3212 .3312 347 .3312 347 *3314 34
8
338 333 '3214 323
100
2,000 Pittsburgh Coal of Pa
28
28
2312 2912 2012 2712 2712 *2414 26
25
24
23
100
500 Preferred
4
4
1
/ 707
70
70 *7012 85
70
*677 85
8
671s 6714 *677 85
*1412 1412 1,300 Pitteb Screw & Bolt___No par
14
1414 1414 14
1414
1418 *14
1414 14
*14
100
200 Pitts Steel 7% cum pref
86
86
86
85
85
85
85
85
85 85
85
85
No par
600 PIttaton Co
19
"18
19
*18
18
1814 18
1814 1814 18
*1814 19
No par
4
1
/ 1312 1,100 Poor & Co class 13
4 13
*1314 131
1218 13
12
12
12
1114 1114 12
188 3,100 PortoRloan-AmTob elANo par
17
16
1812 168 163
*16
4 1612 1612 1618 1614 16
4
No par
1
/
54 512 2.000 Class B
47
5
5
5
512
5
478 47
*5
5
4
3
29 4 3012 3312 333 3612 3812 3912 5,300 Postal Tel & Cable 7% 1/1-100
2812 28
27
26
26
25
8 8,300 Prairie 011 & Gas
1712 17% 1712 177
4
1
/
1714 1712 17
1812 16
16
8 17
187
25
18,200
Line
22
23
2212 2314 2018 2212 2118 2218 2118 2218 2118 2214 5.100 Prairie Pipe Car
No par
Pressed Steel
4
1
/ 58
5
458 6
412 412
418
418
418
4
414
*4
100
preferred
*3612 40
40
40 *34
*3112 40 "32
*3112 40
40
34
7
No par
4
643 6512 6.300 Procter Gamble
3
3
3
65 8 64 8 65 8 6412 65
7
63 8 6514 6412 6514 65
4 1,300 Producers& Refiners Corp_ _50
4 '312 33
4
1
/ 33
3
8 334
312 *33
312
8
37
8 *312
312 37
4
8 763 778 7712 8014 36,500 Pub Eler Corp of N J-No par
8
8 783 793
785
8
4 757 7712 76
7612 773
No par
1,700 85 preferred
97 9714 9718 9718 '9714 98
4
4 963 97
4
957 963
96
96
100
4
/
700 6% preferred
4
/
4
4
11114 11114 1123 1123 11112 11112 1111 1111
4
1093 110 "110 111
100
200 7% preferred
129 129
12814 12814 *127 132 "128 132 *12814 132 *12814 130
100
400 8% preferred
8
8
149 149 '148 1497 1497 150
148 148
149 *14412 148
*14412
s
8
1093 1093
500 Pub Serv Klee & GIS Pref-100
1
/
1094 110
,
*109 10924 10914 10914 *109 8 11018 '10914 110
No pox
6,000 Pullman Ino
58
4 56
573
56
57
56
,
4
1
/ 53 2 55
5212 53
5212 53
ao
4.300 Punta Alegre Sugar
112 2
8
17
32
1
*34
V
.12 11g
*34
13
*78
25
1122 19,200 Pure Off (The)
11
4
1
/ 11
10
3
5
8 10 8 10 4 107 11
117
1012 1112 11
100
780 8% preferred
4
1
/
4
1
/ 998 9912 10012 99 10078 100 1018 101 1018
98
7
96 4 97
No par
481* 12,300 Purity Bakeries
8
4418 427 4314 14
43
44
42ls 4312 4218 4334 42
No par
1
/
1414 1314 1438 138 1412 134 1414 138 1514 165,600 Radio Corp of Amea
1312 1378 13
50
200 Preferred
48 48 1
4
*471 49
48
48
49
*48
49
4914 *48
*48
No par
42 1 7.1841 Preferred B
4214 41
41
42
381 4012 42
4
/
3512 38
3514 37
1818 136,500 Radlo-Kelth-Orp el A No par
1712 17
8
173 1814 17
4
163 18
7
4
163 17
14 18
17
21
208 218 1.800 Raybestos Manhattan_No par
2018 2018 *20
21
2012 201 *20
21
20
10
600 Real Silk Hosiery
27
27
27
8 2612 2612 '25
8
265 265
25
25
26
26
100
10 Preferred
85
"83
85
85 '83
85 '83
85 '82
*83
82 82
No par
112 112 1,000 Reis (Robt) & CO
4
/
11
114
14 *1
4
/
11
*1
1
113
8
* 4 114
100
50 First preferred
20
12 '12
12
12
'11
11
11
*1018 11
*1018 11
No par
18,900 Remlngton-Rand
3 1612 17
8
4 165 1714 1618 167
163
1714 1638 1718 16
17
100
100, First preferred
88
88 '85
88 88 '85
88
1385
89
851s 1385
*84
100
20 Second preferred
__ _ - 98
-- _ _ 98
98 98 *_ _ _ _ 98
*98 100
*98 100
10
7.600 Reo Motor Car
93
7
912 9 2
91/4 97
52
/3 912
914 9
10
914
12 10
9
4
/
1
/
8 1514 184 171 1018 95,000 Republle Steel Corp___No par
5
8 14 s 157
147
8 13
8
7
13 8 1414 137 147
_100
4612 12,1001 Preferred cony 6%___
43
4
7
361s 38 8 373 45
36
35
36
3112 3412 35
500 Revere Copper Az Brass No par
4
4 83
83
10
"8
11
'8
3
74 9
4
123
1312
13
"12
No par
200 Class A_
33
*25
33
33 '25
1325
30
27
34
34 '29
'29
No par
8 4,500 Reynolds Metal Co
1
1414 1418 1512 14 4 1518 *1312 1418 137 147
14
8
137 14
No par
200 Reynolds Spring
4
4 *112 13
4 *112 13
4 13
13
4
*112 13
4
/
4 "11 174
13
*114
4
/
411 4238 34.100,Reynolds(R J) Tob elan B_10
4112 42
1
/
414 42
4
413 4214 418 4212 4012 42
10
3701 Class A
73
1
/
8 7312 7414 7314 734 *71
747
8
737 7412 74
75
75
5 14 61.800 Richfield 011 of Calif_ No par
5
4
1
/
4
/
51 5
4
4
1
/ 53
5
53
512 614
8 68
618 614
3
No par
8 8,000 Rio Grande 011
73
7
7
7
8
73
7
8
614 67
4 7
63
612 7
No par
1,700 Ritter Dental Mfg
27
27
27
27
27
27
28
27
28
*26
30
•26
10
8 5,400 Rust& Insurance Co
8
8 185 1914 1914 2012 2014 2012 2018 213
4
1
/ 185
4
173 1818 17
4012 9,000 Royal Dutch Co (N Y shares)
4018 4014 40
8
403 41
3
3
3812 39 4 39 8 3912 3938 40
10
2512 2614 6,300 St. Joseph Lead
8 2514 26
267
2714 26
8
2512 2612 257 2612 26
No par
7,600 Safeway Stores
8 4112 43
447
4
/
4
1
/ 411 4312 4358 4512 43
8
417 43
43
42
100
501 Preferred (6)
*8912 90
*8912 90
90 90
90
*84
90
*84
90
*84
100
80j Preferred (7)
100 100 *100 102 *100 102
*98 100
100 100
*99 100
1
/
144 2,200 Savage Arms Corp__ _No par
14
14
1412 14
"14
15
1512 1412 1512 14
15
2,100 Schulte Retail Btores_No par
1
/
*44 5
4 5
43
4
4 43
43
4
1
/
412 4
434
412
412 434
100
120 Preferred
60
*55
52
52
60
*52
60
*52
52
52
50
50
Seagrove Corp
No par
4 7
8 *53
4 67
*53
4 7
*53
4 7
614 *53
4 614 '6
*53
24712 504 36,000 Sears, Roebuck & Co No par
51
4
/ 50
8
4812 5014 4818 5012 485 508 5014 511
4 4
33
2
4 37
33
2,300 Second Nat Investoni_Ne par
4
4 33
33
4
312 33
312 312
4
1
/
4
1
/ 3
3
No par
4618 1,7001 Preferred
46
45
4612 45
4212 47
45
4
463 *45
4312 45
No par
8001Beneca Copper
114
114
112 112
114 114
112
114 114 *114
114 112
No par
47
4
53 29,900 Servel Inc
5
1
/
54
514
5
4
1
/
5
5
8 514
47
4
1
/
6
5
No par
10,300 Shattuck (F 13)
1
/
4
1
/ 2312 2438 2318 234 2314 24
4
2318 2312 2212 2314 223 23
400 Sharon Steel Hoop
No par
1278 13
13
13 '11
*11
1234 1234
13
*12
13
•12
No par
400 Sharp & Dohme
13
1312 *12
1312 1218 1218 "12
14 "12
7
1318 13 4 *11
No par
400 Preferred
4
*533 56
4
*533 56
4
*533 56
4
54 '533 56
54
4
*537 56
3301Shell Troup & Trod Co Ltd £2
7 *3012 36
1
/
304 3012 3312 3312 "3012 36
3
•30 8 37 •3518 37
No par
4
918 93 36,8601 Shell Union 011
914 912
4
1
/ 914
8
5
7 8 812
4
1
/
8
8
3
8 84
83
100
9001 Preferred
75
70 '70
6712 64
62 '64
62
62
61
8
617 62
1
/
1
/
54 54 4,300,Shubert Theatre Corp_No par
6
4
1
/ 512 *5
5
538
518
578
5
8 512
42
No par
8 1614 1714 30,100 Simmons Co
1518 173
8 1514 16
4 147 157
153
s
1638 15
153*
10
3,800 Simms Petroleum
10
9
8
8
812
8
72 712
712 8
14 712
7
8
147 1314 41,800 Sinclair Cons 011 Corp_No par
4
/
4
1
/ 111 12
8
4
/
1112 121 1112 1178 117 12
1114 117
16,600 Preferred100
95
95
95 '91 107
95 '91
96 '93
96 '92
1391
25
8
8
8 113 123 13,100 Skelly 011 Co
127
1218 12
12
s 1218 127
4
/
1
/
114 1112 111 12
No par
800 Snider Packing
212 212 *214 3
12
212 2
234 27
12
212 2
212 212
No par
100 Preferred
8
8
10
*8
10
*8
10
*8
12
*8
10
*8
92
92
700 Solvay Am Inv Trust pref_100
94
9412 '90
94
94
94 '90
12 9312 *93
93
1714 34,30018o Porto Rico Sug
1
/
174 16
No par
4
1
/ 15
15
1214 1212 1518 14
5
8
123 12 8 12
25
3,200 Southern Calif Edison
8 4838 4938 4812 49
485
"48
4738
14 47
8
451 47
14 47
46
4
1
/ 1,500 Southern Dairies olB__No par
418 4
4 414
418 418 *33
4
4
4
4
4
4
No par
300 Spalding Bros
36
36
38
38 "34
"34
36
3
35 4 36
7
35 4
*3512 38
Spalding Bros let pref____100
___ *111 116 *111 116
____ *111
*111 112 *111 112 *111
Soong Chalfant&Colne No par
gs *25 28 *23 28 *24 28 '24 28 *24 28
*25
*9212 93
Preferred
_100
*9212 93 *9212 93
*9212 95
*9212 95
*9212 05
No par
18.500 Sparks Withington
12
1018 10
4
1
/ 10
4
1
/ 10
10
1014 11
978 11
1018 1018
*
1134 117 1172
900 Spencer Kellogg & Sons No par
11
1012 mo2 11
1012 *10
*10
10
10
900 Spicer Mfg Co
No par
4 1114 1138
4 1112 113
4 1134 113
4
1112 1112 113 1134 *1112 113
300 Preferred A
No par
1
/
2812 284 2812,
2614 '2512 2612 2614 2614 *2612 2812 '27
•25
800 Spiegel-May-Stern Co_No par
'614 7 1
*512 7
612 7
8
68 67
4
/
8 61
63
3
4 54
53
No par
8
4
/
171 185 140,900 Standard Brands
8 1712 1814 1712 177
4
1
/ 1714 177
s 17111 17
1714 177
No par
I
119 119 "118 120 "118 119400 Preferred
118 118 "118 120
119 119
500 Stand Comm Tobacco_No par
4
1
/ 314
'2
3
3
4
/
31
3
3
3
3
4
1
/ 312 *238 3 8
*2
8
4
1
/ 6318 6418 6314 6514 6312 667 27.500 Standard Gas & El Co_No par
1
/
3
63 4 614 63
4
1
/ 62
4
1
/ 63
62
50
62 8 *604 6112 6114 6114 1,100 Preferred
1
/
5
3
4
1
/ 60 4 62
59
60
60
5
50 8 59
400 56 °um prior pref.__ _No par
93
93
94
9312 9312 9312 9312 9312 9312 9312 .90
*90
4 214 *212 234
23
4 1,400 Stand Investing Corp-No par
8
4
1
/ 33
2
212 212
212 32
*Vs 238
3,400 Standard 011 Export pref_100
4
1
/
10318 10318 103 104
103 103
4
1
/
102 104
8
•1013 104 "10214 104
5018 26,000 Standard 01102 Cal__No par
4 49
4
4 483 493
8
4
8 473 4812 485 493
4
1
/ 483
47
4714 48
25
s
177 1812 3,400,Stand 011 of Kansas
4
1
/ 1712 177
1712 17
*1712 18
1714 1812 1758 19
5114 94.8001Standard 011 of New Jersey_25
4
493 503
51
4
1
/ 50
8 50
4
1
/ 50
8 49
8 4912 505
505
49
4
/
4
/
4 241 251 58,600 Standard 011 of New york_25
2412 25
2412 243
4
1
/ 2418 2514 2414 247
25
2418
700 Starrett Co(The) L S__No par
22
22
4
22 223 *2112 28
22
*2112 2212 •21
22
22
414 6,100 Sterling Securities el A_No par
4
4
4 33
33
4 4
33
38 37
3
34 4
334 4
20
3001
Preferred
__
4
1
/ --_714 7
*Vs 812
8
*7
8
812 *7
*7
50
412 1.000 Convertible preferred
3
34 1 3414 -34
3312 3312 3338 34
34
34
*3318 34
10
10,3001 Stewart-Warn Sp Corp
1918
8 18
183
8 18
7
18 8 1812 187
7
18 8 18
18
19
1E02
No par
4
1
/ 19,000 Stone & Webster
47
1
/
3
8 45 8 464 46
467
4638 46
45
4434 457
46
44
1
/
244 28,200 studeb'r Corp(The) No par
4
1
/ 2318 23
4
223 2312 22
4
1
/ 2378 2258 2338
8 22
2314 243
100
201 Preferred
*116 120 '116 120 *116 120
116 116 •116 120 "116 120
No par
14 12,700 Submarine Boat
14
4
1
/
14
14
14
24
14
14
14
14
818
No par
1,500 Sun 011
43
41
41
3
3
4014 40 4 40 4 41
7
4078 40 8 *3958 4014 40
100
1601 Preferred
103 103
102 10212 103 103
101 101 "102 103
*98 101
3512 1,300 Superheater Co(The)__No par
4 34
4
/
341 353
35
35
36
*33
34
x34
4 4
333 3
No par
118 4,500 Superior 011
115
4
/ 118
11
11s
1
118
118
4
/
11
1
1
1
100
77
4
1
/ 1,700 Superior Steel
8% 9
9
712 81/4
3
6 4 714
4
1
/ 7
6
3
136 4 7
200 Sweets Cool America
50
4
*113 12
4
8
3
117 117 *113 12
4
s
4
*113 117 *113 12
12
12
100 Symington
No pat
*112 214
2
*1
2
2
212
"1
*114 212 "114 214
4
3001 Class A
No par
4 53
4 *43
'512 53
'412 512
5
5
512
5
512
*5
400 Telautograpb Coro-. No par
18
18
18
177 17% 18
"1714 18
18
*17
*1714 18
4
1
/ 914 2,000 Tenessee CorparatIon_No par
9
4
1
/
1
/
94 9
918 918
914
9
12
3
98 9
4 918
*83
25
3515 357 41,300 Texas Corporation
8
8 345 3512
8
8 347 357
347
3478 34
3
3418 34 4 34
4
1
/ 26,100 Texas Gulf Sulphur_ __No par
4
8 473 49
8 4814 498
8 4818 493
47Is 487
4712 4818 4718 49
10
9,200 Texas Paolfie Coal &011
47
4
1
/ 61
5
4
1
/
47
5
518
538
514
4
1
/
4 5
43
48 5
4
1
4 1312 148 41,400 Texas Pao Land Trust
8 141s 1518 1418 143
8
8 127 1312 127 145
8
1214 125
No par
700 Thatcher Mfg
14
14
14
14
14
14
4
1
/ 14
1314 1314 1312 1312 *13
3713
No par
7
500 Preferred
3712
37
377 *36
*36
38
*35
35
35
1
/
*354 39
•Bid and asked prices; no sales on this day. z Ex-div en . p Ex-rlgflts.
PER SHARE
Range for Year 1930.
-shore lot:.
f
On wits o 100
Highest.
Lowest.
5 per share
2518 Dec 29
3012 Dec 29
18 Dec 31
66 Dec 17
1312 Dec 20
8412 Dee 27
1814 Dec 29
1018 Dec 30
4
147 Dec 16
4 001 10
20 Dec 22
1114 Dec 16
8
167 Dec 17
14
3 Nov 8
26 Dec 17
6221 Jan 3
1 Dec 13
65 Dec 17
1
/
914June 18
4
1047 Dec 11
121 Jan 10
142 Dec 15
10714 Feb 6
47 Dec 30
12 Oct 30
8
77 Dec 17
9013 Dec 15
38 Dec 10
111* Dec 29
47 Dec 17
4
/
311 Dec 30
8
141 Dec 17
16% Dec 17
2211 Dee 30
83 Dec 22
3* Dee 26
8 Nov 17
1418 Nov 11
84 Nov 7
96 Jan 4
3
7 4 Dec 17
1012 Dec 27
28 Dec 29
4
1
/
5 Dec 16
34 Dec 12
10 Dec 30
1 Dec 27
40 Doc 27
70 June 3
418 Dec 17
5 Dec 17
8
253 Dee 31
1474 Dec 17
4
363 Dee 16
1914 Dec 17
4
387 Dec 30
84 Dec 31
95 Oct 31
4
1
/
12 Dec 17
4 Dee 9
85 Jan 2
4
1
/
5 Dec 31
1
/
434 Dee 26
214 Dec 30
35 Dec 16
1 Dee 13
318 Nov 7
201s Nov 10
9 Dec 17
1118 Dec 30
54. Jan 2
26 Dec 17
514 Dec 29
55 Dee 30
csNov 10
11 Nov 5
558 Dee 15
4
93 Dec 17
86 Dee 22
1018 Dec 23
112 Nov 11
8 Dec 19
9038 Dec 29
1
/
104 Dec 17
4018 Dec 17
4
1
/
3 Jan 4
32 Dec 16
108 Jan 13
1971 Jac 2
92 Jan 20
8 Dec 17
4
1
/
8 Dec 30
8
75 Dec 15
25 Dee 4
412 Dec 17
14% Nov 12
114 Nov 12
212 Dec 30
5318 Dee 17
55 Dee 15
4
928 Dec 30
112 Nov 12
98 Feb 8
4214 Dee 17
4
/
141 Dec 17
4312 Dec 17
4
193 Dec 17
19 Dec 15
4
1
/
2 Dee 27
5 Dec 15
1
/
804 Nov 11
PER SHARK
Range for Previous
Y-ar 1029
Lowest.
Highest.
$ Per share $ per share $ per Mare
i
1177 Apr 11
30 Oct 68 1 Jan
7
7
50 s Feb 27
14
43 Oct 68 Aug
71311 Jan 7
54 Nov 88 4 Jan
3
110 Jan 7
,
831 June 110 Oa
227s Feb 18
17 Dee 27 Aug
12
9214 Feb 110 Oct
103 Jan 7
7
22 s Apr 8
341s Mar 18
10 Nov Ws - -Aug
301,July 3
2714 Mar 10
8 Nov 607 - -4 Jan
93 Nov 105 Jan
103 Jan 21
7
4(111 Oct 65 s Jan
84 Apr 1
45 Oct 66 Anil
6011 Feb 7
7
61s Nov 25 s Mar
7
16 11 Feb 18
50 Dec 81 Mar
7612 Feb 14
48 Nov 98 Aug
7
78 sJune 2
s
4 Oct 257 Jan
117s Mar 17
1237 April
54 Nov 157 4 Bent
4
7
100 Oct 4 -------------98 Nov 1081s Feb
117 Sept 80
8
13514 Oct 6 105 Nov 1247 Jan
4
1
/
158 June 7 139 Nov 151 Sept
112 May 21 10412 Nov 109 Jan
4
1
/
0
73 Nov 99 Sept
14
89 Jan 3
812 Jan 17
6 Dec 211s My
27 Apr 7
14
20 Nov 304 MaY
11414 Apr 8 108 Nov 110 Feb
55 Oct 1487 Aug
s
s
887 Feb 15
25 Oct 11474 Snit
8
69 e Apr 24
50 Nov 57
Jan
67 Apr 21
12
85 Apr 2 62 Nov 82 Ape
12 Oct 467 Jan
s
60 Apr 24
28 Nov 6812 Sept
588 Apr 17
8614 Nov 8414 Mar
7
64 s Mar 26
8614 Dec 10210 Feb
100 Mar 29
57 Feb 8 8 5 Dee 16 Feb
4
1
/
8
40 Dec 10812 Feb
87 Jan 28
201s Nov 577 Oct
4
4612 Apr 14
81 Nov 961 Oct
7
,
100 8 Mar 28
104 July 15
93 Mar 101 Are
7
1
14 8Mar 24
4
1
/
10 Oct 317 Jan
16-7912 Apr
9518May 5 ___ ___ .-Dee 2111 -23 Nov
80 Jan 8
72 Jan 24
70 Dee 78 Nov
8474 Apr 14 __ ___ ____ ____
712 Jan 29
1214 Jan
33* Nov
Jan
89 Nov
5
58 sMar 11
80 Jan 2
70 Apr Mg Oat
_ __
4
93 Dec 4 ____
3
25 4 Apr 7
15 Oct 4211 Mar
3
59 4 Feb 5
40 Nov 70 June
4
1
/
48 Mar 8
28 Nov 96 May
4
1
/
58 Apr 7
4318 Oct 64 Sept
14
57 Feb 6
8812 Nov 94 Jan
8
1221 Jan 23
1
/
904 Nov 19514 Jan
7
99 8 Feb 7
85 Oct 101 Sept
sMar 25 100 Oct 109 Dee
12
1097
4
o
813 Apr 2
4
1
/
20 Nov 517 Jan
4
1
/
3 Dec
1312 Jan 23
Ws Jan
50 Dec 11811 Jag
75 Jan 21
10 Dee 224 Apn
1414Mar 11
5
100 8 Jan 31
80 Nov 181 Jay
9 Dec 15 Nor
12
23 Feb 17
4Mar 18
1
/
1
82
Afi Nov 63 4 Nov
812 Jan 29
2 Nov 1012 Mar
14
7 Nov 314 Aug
1318 Apr 25
1
/
52 Apr 21
254 Oct 194 Aug
4
327 Feb 13
20 Nov 53 4 July
7
4
1
/
27 Mar 10
1
/
164 Nov 22 Nov
1
63 4Mar 10
50 Nov On Aug
4
1
/
7
48 Apr 23
48 Jan 55 4 Jan
2512 Apr 7
Oct 3174 Apr
19
10614 Apr 21
11 Jan
35 Apr 25
Dec 74 8 5918 Nov 188 Sept
8
947 Jan 2
15 Nov 40 Aug
4
1
/
87 Mar 24
21 Nov 45 Jan
32 Apr 7
11214 Apr 24 103 Oct 111 Jan
28 Oct 461s May
42 Apr 9
4
1
/
8 Nov 1614 Feb
8 Jan 9
14 Nov 6412 July
4
367 Feb 24
85 Nov 111 Sept
12112 Apr 8
8
227 Dec 45 May
4
1
/
80 Jan 16
4
1
/
4
1
/
45 Nov 93 Sept
72 Apr 14
7
11
2 Nov 13 s Jan
9 Mar 3
80 Nov 681s Mar
45 Mar 17
115 Aug 27 107 Nov 117 Feb
66
15 Oct
4Juine 14
373
89 Mar
96 Jan 2
1318 Nov
4
1
/
30 Apr 10
20 Nov
25 Apr 15
2018 Dec
3612 Feb 4
88 Nov
4518 Mar 31
84 Dee
52 Feb 3
20 Oct
2914 Feb 8
12112Sept 23 1144 Nov
1
/
8 Dec
4
1
/
14
7 Feb 11
7318 Nov
12914 Apr 15
5812 Nov
67 May 26
104 Sept 12
1512Mar 27
Dec
4 8
1063 Oct 7
5114 Oct
75 Apr 25
49 Apr 21
84 Apr BO
Feb
48 4
1
/
s
408 Apr 28
4
613 Nov
4
/
801 Oct
4
473 Apr 23
814 Nov
12Mar 31
20
812 Nov
1
/
144Mar 31
48 Mar isl 81 Oct
1
/
144 Dec 17 47 Apr 6
3712 Dec 17 11338 Apr 8
4
1
/
1818 Nov 11 47 Feb 6
116 Jan 21 125 Mar 18
18 Dec 4
138Mar 31
39 Dec 17 70 Apr 7
4
973 Dec 19 10812Sept 30
30 Nov 8 4514July 29
3
9 8May 12
4
3 Deo 26
4
53 Dec 31 2938Mar 27
4
4
1
/
8 Jan 24 167 Mar 28
7 Apr 23
4
/
11 Dec 30
4 Dec 16 171 Apr 23
.
8
153 Jan 25 Mg Apr 7
3
7 4 Dee 16 17 Apr 10
1
/
284 Dec 17 6012May 1
1
/
404 Dec 17 67% Mar 24
4 Dee 23 1412Mar 18
8
10 Dec 17 323 Mar 22
4
1
/
1212 Dec 30 86 Apr 4
35 Dec 30 48 Mar 31
1
524 Jan
98 Oat
73 Aug
45 Aug
4
867 Mar
s
557 Mu
8
1177 Feb
404 Sept
1181 SePt
4
1
481 Jan
7
248 4 Sept
07 Fob
48 Sept
s
811 May
88 Sept
4810 Sept
4778 Oct
38 Sept
1
157 July
551s Bent
80 Oct 77 May
64 Nov 20112 Aug
4
1381 Nov 98 Jan
116 Nov 126 June
12
4 Mar
4
1
/ Oct
65 Dec Ws Oct
100 Jan 1054 Jan
1114 Nov
lb Nov
51s Nov
212 Dee
614 Nov
8
147 Dec
918 Nov
cot Nov
4212 Nov
4
1
/
9 Nov
814 Oct
1612 Mar
sa Mar
Aug
24 3
73 4 Apr
4
221 Apt
9 May
7
19 s Ma7
4
1
/
25 Mar
1
107 Apt
s
517 Sept
8514 Apr
7
33 e Mar
8
441 Jan
85 Sept
OM Sept
281
New York Stock Record-Concluded-Page 8
Fototalea during the week of stocks not recorded here. see eighth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Jan. 3.
Monday
Jan. 5.
Tuesday
Jan. 6.
Wednesday
Jan. 7.
Thursday1
Jan. 8.
Friday
Jan. 9.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1930.
On Pasta of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share 8 per share 5 per share $ per share
$ per share $ Per share $ per share S Per share $ per share 5 per share Shares Indus.& Miscell.(Con.) Par $
25 Dec 517 Jan
/
1
4
2
No par 2114 Dec17 32 Jan 18
500 The Fair
23
2214 2214 23
/ 23
1
4
2214 223 *22
4
*2214 23
*2112 23
100 102 Jan 21 110 Feb 18 102 Nov 11014 Oct
Preferred 7%
10612 *105 10612
*-- _ 105 *__ _ 105 *___ 105 *108 10612 *105
4
sMay ID
33 Dec 17 267
3
518
312
No par
538 53
8 3,400 Thermoid Co
43
E 538 L38 512
4
No par 1513 Dec 16 463 Apr 14
5,000 Third Nat Investors
23
24
2318 2212 23
22
2314 2238 2334 2212 2258 23
80 Oct 62 JI211
12Mar 12
25 23 Dec 27 47
1,100 Thompson (J R) Co
2712 2712 28
2612 2612 2612 27
2614 2712 *24
25
26
8
1314 5,100 Thompson Products InoNo par 10 Nov 10 393 Apr 10
13
8
4 117 13
13
13
1212 13
1212 1314 1212 123
3 Dec 15 187 Mar 28
/
1
4
,
8 1,300 Thompson-Starrett Co_No par
44 47
5
5
514
5
412
412
514 514
434 47
8
/
1
4
No par 23 Dec 19 4958Mar 25
29
23.50 cum pref
*26
29
*26
*2512 29
29
*25
*2614 29
*27
29
10 'Nov 3312 June
/
1
4
5 Dec 27 17 Apr 7
/
1
4
No par
21,500 Tidewater A9800 011
812 9
84 88
83
4 9
7 3 812
3
7
7
7
/
1
4
712
2
741s Nov 907 Aug
100 53 Dec 30 8934 Mar 25
900 Preferred
68
68
68
65
*6214 65
*553 6018 69
4
604 *6012 61
14 Nov 40 Jane
100 12 Dec 30 31 Apr 23
1,300 Tide Water Oil
13 *____ 13
1412 *11
13
1312 15
15
15 *____ 20
854 Nov 97 Jan
/
1
12
2
100 68 Dec 30 947 Apr 16
200 Preferred
7518 754 754
*68
72
72
7518
7518 *70
sy a
7ala *70
/
1
4
1111 Oct 84 Sept
8 Oct 10 2114 Apr 11
10
8 2.200 Timken Detroit Axle
/ 1012 105
1
4
/
4
103 *101 10
4
10
10
10
93 10
8
*9
97
58 Nov 150
Jan
/
1
4
4814 13,500 Tinken Roller Bearing _No par 4018 Dec17 8914 April
8 47
4812 4612 473
4818 47
8
8 46
4612 4712 457 475
1
Oct 2218 Mar
612 Jan 28
2 Dec 15
20
400 Tobacco Products Corp
*23
8 23
8
234 23
212 212
4
.214 23
4
212 25
8 *212 25
4
/
1
4
5 Nov 22 Mai
/
1
4
7 Jan 2 1314July 9
/
1
4
20
114 1114 4.300 Class A
105 11
8
*103 11
4
11
11
11
103 10 4 11
4
3
2
4SePt 8 --,,,
25 103 Dec 13 253
37,800 Transamerica Corp
135 14
8
135 1414 135 14
8
1312 14
1312 1414 31312 14
51 Nov 12 283 Jan 31
lb% Dec nag 8
Aifi
914 912 1,700 Transue & Williams St'l No pa
814 83
4
814 814
77
8 8
7
78 78
7
/
1
4
78 7
7
5 Dec 16 2014 Apr 10 ---- -- ---- -___
/
1
4
77
8 812 14,700 Tri-ContInental Corp_No pa
8
712 77
712 8
7
/ 818
1
4
3
7 4 814
7
12 8
100 8914 Apr 10 96128ept 13 _-_- --- .--- -923 9318 1,300 6% preferred
4
93
93
03
93
7
923 923
4
4 92 8 93
923 93
4
lbec 63 Jul;
80 /
4
4
3212 *313 3212 2,700 Trloo Products Corp___No par 2614 Oct 17 41151ar 1
323 *32
4
8
4 32
*303 313
8
8 313 323
30
/ 31
1
4
/
1
18 Dec 314 JAB
12
912 Dec17 22 Mar 18
No par
'Truax Triter Coal
1014 *8
1014
*8
*938 10
*9
10
10
1014 *8
*10
3
80 Nov 613 Jan
/
1
4
8Mar 25
4
10 203 Nov 10 375
100 Trusoon Steel
8
22
2214 *223 2314
22
22
*2112 22
x21
21
*2112 23
No par 1414 Dec17 24 Sept 5 ---_ -_- ---- ____
lUien & Co
*1412 17
*1412 17
*1412 17
*1112 17
*1412 17
*1412 17
/
1
82 Nov 1814 Oct
4 9,900 Under Elliott Fisher Co No par 49 Dec 17 138 Mar 21
55
5852 58
5112 58
8 5918 603
5912 5714 587
55
54
7 Nov 43 Jan
14Sept 12
83 Dec17 19
8
'Union Bag & Paper Corp__100
113 *10
4
113 *10
113 *10
4
113
4
113 *10
4
4
*914 113 *10
59 Nov 140 SeP1
8
51,400 Union Carbide & Carb_No par 5212 Dec17 1063 Mar 31
8
4 585 61
594 603
59
61
5818 60
,8
2
59
6014 5 3 60
42 Nov 67 Sept
/
1
4
26 2018 Dec 15 50 Apr 7
8
4 215 2514 2412 2512 11.400 Union Oil California
235 2458 2412 243
8
4
2314 2334 223 24
/
1
4
200 Union Tank Car
No par 23 Dec 16 38 Apr 10 --_- -__- ---- -2414 2114
*24
25
*21
25
*24
25
25
2518 2518 *24
31 Nov 161 May
/
1
2512 27 300,100 United Aircraft &Tran_No par 184 Dec 17 99 Apr 8
2518 27
233 253
2312 25
4
8 2512 263
2518 253
44 Nov loolimai
/
1
4
4
so 413 Dec17 7734 Apr 7
52 I 2.300 Preferred
51
51
51
50
511
49
50
477 48
8
*4612 48
27 Nov 7612 Sept
8
United Am Bosch Corp No par 1518 Dec 29 547 Feb14
*1512 2078 *15
207
8
207 *15
8,
207 *15
*15
20
20
*15
11312 Dec 80 Oa
4May 28
1,800 United Biscuit
37
No par 3212 Dec 30 581
3714 3714 37
37
373 *3714 371
4
3718 38
361
36
Oct
I Preferred
100 115 Oct 22 142 May 28 11412June 136
*110 118 *11112 118 *11112 118 *11112 118 *115 118 *115 118
/
1
4
4012 Nov 111 Sept
56,100 United Carbon
8
No par 143 Dec 17 gd Apr 24
4 2418 26
4
8 233 2618 2318 253
223 238 2112 2312 2212 263
8
434 43
4 1,700 United Cigar Eltores
1312Jurm 5 ___- --- --,- -,-314 Dec17
414 5
No par
438 438
434 43
45
8 45
8
4
*418 414
19 Dec 104 Jan
/
1
4
150 Preferred
65
100 26 Jan 2 88 June 5
*60
*65
67
*63
67
65 65
65
*63
*613 65
8
19 Nov 751sMaY
4
2
8
No par 137 Dec17 52 Apr 28
1852 1912 185 193 371.100 United Corp
4
8
4 183 20
1814 1914 1812 1912 185 193
s
figh Nov 497 July
/
1
4
4
4 4712 4814 8,100 Preferred
No par 431213m 16 53 Apr 23
4
2 473 473
4 473 477
46
465
8 464 473
47
455
8
/
1
414 43
412 3
8 3,300 United Electric Coal_ No par
414
6 Dec 814 Feb
8
214 Dec 20 197 Feb 19
4
358 4
3
/ 4
1
4
4
4
/ Jan
1
4
99 Oct158
6014 8.500 United Fruit
4 59
No par 4613 Dec 22 105 Jan 13
573 5854 5712 583
4
58
563 5814 57
4
58
56
22 Oct89 s Jul)
3
3
4
5 287 293
4
293
4 283 2914 2918 293 56,000 United Gas & Improve_No par 2414 Dec17491Ma7 I
8
8
4 287 295* 20
287 292
8
2
12
90 Oct 981 Dee
2,000 1 Preferred
102 102
101 18 10118 10112 10214 10214 10214 10112 102
No par 97 Jan 18 10412 Oct 7
101 101
313
7 Nov 26h• Jan
200 United Paperboard
*3
24 Dec 9 14 Mar 14
100
31
314
*23
4 5
*258 5
34 3
,
/
1
4
*23
4 5
1514 Nov 43 2 Aug
*2414 2434 2438 26
7
2314 24
/
1
4
3.300 United Piece Dye Wko_No par 2018 Dec17 82 Apr 7
2378 25
25
24
24
2314
818 Dec 14 Oet
2June 7
63
8 638 3,500 United Stores el A
638
6
612
1534 58
44 Jan 2 147
/
1
No par
55
8 54
53
4 614 *6
3
2
1414 Dec 407 Oct
1,100 Preferred clam A
3912 40
39
No par 1512 Jan 2 50114July 18
3812 3812 3812 3812 39
377 38
8
*3612 38
7
25 Nov 85 k May
/
1
4
30
30
8
300 Universal Leaf Tobacco No par 197 Am 13 39 Mar lb
*2912 30
29
*2912 30
29
*2912 30
*284 32
28 Dec 93 Jan
*30
36
36
*30
38 *30
!Universal Pictures let pfd_100 27 Dec 19 76 May 9
*30
38
830
38
30
*29
24 Dec 3314 Jan
/
1
9 Apr 10
2 Dec17
212 212
212 212
35* 3.700 Universal Pipe & Rad No par
234 3
25
8
2
/ 27
1
4
8
212 212
/
1
4
12 Oct. 55 Mar
18, Jan 2 8814 Apr 10
2
.
2
8
8
287 295
8
8 2914 30% 293 3018 2914 303 31,800 U.S. Pipe & Fdy
30
29
2914 29
15 Oct 19 Jan
/
1
4
'
/
1
No par 15 Jan 7 21 May 27
/
1
184 184 184 184 *18
/
1
/
1
*18
19
19
/
4
184 181 *18
/
1
184
/
1
9 Oct 28 Sept
8
7 Dec 15 203 Jan 17
par
4,000 U 8E018trib Corp
*712 9
*71 9
/
4
*712 9
*7
10
No
8
8
73
4 8
2 Jan 10 Apr
4 8 Apr 14
5
3 Dec 19
4
114
114
___
100
100 U S Express
1
1
/ __
1
4
/
1
4
8814 Nov 134 Sent
No par 1611 Dec 17 103 Apr 7
23
24
/ 1,400 U E3 Freight
1
4
23
233 *2012 4
8
617-15i4 16- •162 - 8 -227 ii- 22
1718 Nov 72 Aug
/
1
4
Dee 30 32 Mar 30
712 83
8
67
8
724 8
84 8
812 812
/
1
4
/ 4,000 U S dr Foreign Seeur_No par
1
4
8
/ 83
1
4
8
81
/
4
/
1
7
82 Nov 92 8 Aug
No par 73 Dec 15 101 Mar 21
500, Preferred
80
8018 8114 83
*761 82
/
4
*76
80
*76
79
*76
78
7
1712 Deo 49 s Jan
5
5 Dec17 80 * Mar 12
74 814 2,000 US Hoff Mach Corp_ _No par
/
1
/
1
4
7
/ 7
1
4
734 734
714 714
*6
/ 714
1
4
16
6
95 Nov 24858 Oct
/ 643
1
4
2 6312 637
8 3.700 U S Industrial Alcohol- ___100 5012 Dec 17 139311 Jan 2
64
/ 6514 62
1
4
64
845 6512 62
8
62
64
12
5 Nov 85 Jan
314 Dec 13 1512 Apr 21
812 5,900 U.S. Leather
5
8
412 53
458 434
No par
4
45
8 *418 412
4
4
/
1
14 Dec 614 Jan
/
1
4
514 Dec 18 28 Apr 21
712 712
73
8 712
No par
712 834
714 73
8
714
758
85
8 85
8 4,000 Clasa A
8114 Dec 107 Feb
100 6414 Dec17 94 June 23
200 Prior preferred
71
*71
75
*6612 6812 *6612 6912 *6612 6912 6912 6912 71
12
50 Nov 119 Feb
/
1
4
12Mar 25
5,100 US Realty & Impt____No par 25 Dec 16 75
2912 3112 3118 32
4
8 293 303
277 2812 2818 285
8
28
28
15 Oct65 Mar
10 11 Oct 10 35 Apr 10
125 133 22,300 United States Rubber
8
8
4
12
1318 113 1212 1178 1314 1218 13
1212 13
601 Nov 2312 Jan
2
7
100 1912 Dec17 88 8 Apr 4
1s6 nrefer1 211.
8
267 11,300
2158 2212 2114 2212 2138 2358 2352 2614 245 2512 25
s
50
1,800 U 8 Smelting Ref & Min
22
/
4
8 22
8 2112 2112 211 217
20 I 207
20
19
191 20
/
4
50
300 Preferred
45
45
45
4112 441 *44
*42 1 4238 4238 4238 *4238 45
/
1
/
1
/
1
14218 14312 14128 14314 14112 14334 14234 1444 14214 1444 1424 145 220,100 United States Steel Corp__100
100
Preferred
5,200
145 1463 14512 146
146 146
145 146
4
4 144
14314 143
/ 1433
1
4
No par
400 U S Tobacco
6212
8212 *60
6012 6015 6012 61
6212 *60
*60 1 601 *60
No par
4 24
3
2318 2412 2314 24 8 2312 243
217
8 2312 2414 248 2512 42.100 Utilities Pow & Lt A
*7
8 1
7
8
78
No par
138
114
138
118
138
1
118
158 9.800 Vadsco Sales
No par
4
4
8 523 553 278,600 Vanadium Corp
533 561s 5414 557
4
55
53
5518 53
5418 553
258 258 2,500 Virglnia-Caro Chem_No par
218
234
25
8 278
212 234
234 23
4
12 il 218
100
13
400 6% preferred
13
14
*1218 14
8 14
*1014 1112 1112 1112 *1112 127
100
*704 72
400 7% preferred
72
70
713 *70
4
*0712 70
67 6712 *6714 70
12
80 Virginia E1& Pow pf (8) No par
102 102
102 103
*100 101 *100 10112 *100 10112 10112 103
Virg Iron Coal & Coke Pf 100
60
*40
60
*40
*56
60 *_ ___ 60 *__ __ 60 *____ 60
100
4714 4512 4714 1,320 Vulcan DetInnIng
45
4712 4512 4712 46
46
4513 47
/ x45
1
4
100
90
Preferred
*85
90
*85
90
*85
90
*85
*85
90
L *85
90
No par
4 2314 2312 2314 2312 3.700 Waldorf System
238 233
8
4 2312 24
1 2314 2314 227 233
14
141 5,700 Walworth Co
/
4
No par
4
123 144 133 14
4
/
1
/ 13
1
4
/
4
, 1214 1212 1212 121 12
70 Ward Bakeries clam A-No par
161 163
/
4
*1418 19
19
8
8
4
1714 135 135 1516
" 1512 1512 *16
418 412 2,000 Class B
No par
414 44
418 14
,
14 4 2
114 43
8
1 *33
4 412
4
100
600 Preferred
4
493 *4512 493 *4512 493
4
493 *45
4
4512 4512 *45
45
45
1714 416,400 Warner Bros pletures_No par
163
4 16
16
1718 16
1412 1678 1612 1614 1514 17
*39
43
*40
43
39
39
No par
4012 4012
*2618 39
200 Preferred
*2618 39
54 6 I 3,700 Warner Quinlan
/
1
512 552
5
5
*43
8 5
5
5
43
4 514
No par
/ 3138 3018 31
1
4
30
2912 30
311 3118 3134 30
/
4
No par
6,600 Warren Bros. new
29141 30
*42
50
*42
50
*42
*434 60
/
1
50 *4314 50
*42 * 50
Com pref
No par
28
26
26
8
3
700 Warren Fdy dtP1pe
27
2812
*2512 30
257 257 *25
24 a 24
No par
25
800 Webster Eisenlohr
/ 37
1
4
8
3
/ 33
1
4
4 *3
33
4 3
/
1
4
3
/ 34
1
4
3
/
1
4
' 314 t 314 *312 3
900 Won0ii&SnowdriftNopar
8
8
*2012 2112 2112 211 .2118 2112 2112 2214 2218 224 227 227
55
55
*5412 55
*5412 55
*5412 5634 *5412 563
4 1,000 Preferred
*54
/ 55
1
4
No par
138 140
4
138 143
1373 138
145 149
8,600 Western Union Te1egraph_10
136 140' 13712 140
3318 3312 3312 34
34
333
34
345
34
33 3312 33
8 3,300 Westingh'se Air Brake_No par
9258 955
8 93
8 9212 943
953
4 913 9334 905 943 162,400 Westinghouse El & Mfg____50
8
8
4
9418 955
/
4
8
920 let preferred
8
8
4
8
1113 1127 1111 112's 112 11228 112 11218 1103 1113 1105 1117
4
50
4
8
4 225 2252 22
227 227 *2212 2234 2234 223 152214 223
3
8
233
4 1,700 Weston Elee Instruml_No par
*34
33
381 *3412 35
36
36
36
*34
36
*35
36
300 Class A
No par
*9714 103
*97 103
*97 105
*98 103
*90 103
300 West Penn Elea class A_No par
1017 1017
8
8
105 105 *105 108
105 105
106 106
*103 105
106 10614
190 Preferred
100
*94
*94
96
96'2 9612 9812 94
*9012 97
70 Preferred (6)
98
95
9518
100
114 Ill's 115 115
260 West Penn Power pref
115 115
118 116 x114 114
115 115
100
180 8% preferred
10512 10512 105 105
*10314 10914 310312 10512 *10114 109 *10414 109
100
*2512 271 *2512 2614 *2612 2712
*2514 28
22
28
,
28 '
,*22
West Dairy Prod el A_No par
614 65*
blz
57
8 614
814 61
Vs
57
8 612 5,200 Class B
s 514
No par
L 47
197 2018 1978 1978 2018 211
8
213 213
4
4 23
23
23
24
1.000 Westvaco Chlorine ProdNo par
2
2
2
2
• 2
/ 2
1
4
/ *112 212
1
4
15
8
13
4
13
4
11 1,820 Weamark Radio Stores_No par
/
4
25
25
4
2412 *213 25
254 2514 25
*24
25
2514 26
800 White Motor
No par
*3718 3812 *38
39
*38
39
39
39
*39
40
40
4001 White Rock M1112 Spring °RASO
40
3
/ 3
1
4
314 31
25* 314
/
1
4
312 3
212 312
/
1
4
3
/ 3 8 4,300'White Sewing Machine-No par
1
4
612 1612 *634 8 I *7
*614 61
6 1 6
*5 8 6
5
8
200 Preferred
No par
74 713 *713 711
/
1
*7 I 712 *7
612 7
'
71
/ 712 *714
1
4
1.200 Wilcox Oil & Gas
No par
*203 23
4
*203 23
4
*203 23 *22
4
4 23
23
*203
*22
23
Wilcox-Rich clam A___No par
167 *- 1, 1678 *__-- 167 *---- 161
e
•__ 1678*____ 167 *____
8
Class B
No par
/
4
514 51
/ 6
1
4
514 53
5
53
4
53
4
55
8 6
512 6
16,400 Willys-Overland (The)
5
*48
523 *4818 53
4
53
*49
53
*484 53
*4812 53
*50
Preferred
100
23
4 3
4
25
8 3
212 23
33
*23
4 3
*214 23
3
5.400 Wilson & Co. Inc
No par
7
/ 73
1
4
8
73
4 73
8
3
7
4
612
712 87
8 2.900 Class A
618 6's
No par
42
42
42
42 • 44
40
45
40
47
45
100
4812 1,700 Preferred
*38
4
5818 5914 58
563 5814 583 58
4
59
58
10
591 39,100 Woolworth (F W)Co
573 581
8
6 t14 6312 6612 624 643
647
8 62
62
/
1
100
4 6412 693 31,500 Worthing P & M
8
6312 647
*724 90
/
1
*723 90
8
90
*79
*724 90
/
1
100
Preferred A
*724 90
/
1
2
*723 90
75
*69
*69
75
75
70
*69
100
100 Preferred B
70
*702 75
8
74
*69
*12
15
411
*11
15
19
*1214 19
Wright Aeronautical___No par
*1513 19
*101z 19
4
4 6814 6812 684 681
673 673
8
6712 67'2 565 68
-No par
6812 6812 1.200 Wrigley(Wm)Jr (Del)
25
27
25
27
27
*27
25
*25
30
800 Yale & Towne
*29
30
28
26
/ 1012 1114 101 103
1
4
/
4
/
4
1014 111 1018 10
/
4
4
66,800 Yellow Truck & Coach el BAG
4 101 11
103 111
75
80
*75
75
75
*75
100
75
80
50 Preferred
*75
80
893
*75
233
4 2313 243
234 23
4 23
23
/ 241 2312 2412 3,800 Young spring & Wtre.._No par
1
4
/
4
22
/ 23
1
4
84 • 14 84
841* *71
8
847 .71
*72
71
*71
Youngstown Sheet & T_No par
84
•70
14 85
3 8, ;344
3
37
8 37
8
338 3.2
3
3
3 14
/
1
314 314 3.800 Zenith Radio Corp____No par
3's
1
-dividend. 3 Ea-rigida.
•Did and asked prices; no s51e3 011 this day. z Ex
1712July 10
40 Dec 23
8
1343 Dec17
140 Jae 16
594 Dec 27
191 Dec17
/
4
82 Oct 9
44 Nov 7
/
1
4
158 Dec 16
9 Dee 23
6712 Dec 26
100 Dec 24
38 Mar 1
3618 Dec 16
85 Jan 24
8
217 Dec 18
1012 Dec 30
1218 Dec 30
3 Dec 30
45 Dec2
9 Dec17
/
1
4
31 Dec17
414 Dec 30
264 Dec17
/
1
40'2 Nov 13
2212 Dec 16
Dec 16
195 Dec 30
8
5012 Jan 15
12218 Dec'19
8114 Dec 17
8818 Den 27
8Nov 5
1073
1712 Dec 16
33 June 23
95 Dec 30
102 Nov 14
9014 Dec 29
11312 Jan 3
10314 Dec 18
20 Oct 16
412Nov 8
18 Dec 20
7 Dec 30
8
2158 Dec 23
32 Dec 16
218 Dec 81
4 Dec 6
612 Dec 17
1912 Dec 24
8May 5
19,
3 4 Oct 22
3
/
1
4
45 Nov 12
11 Dec 19
/
4
43 Nov 8
4
35 Dec 16
511 Dec 17
/
4
47 Dee 18
88 Jan 17
63 Dec17
1012 Dec 27
85 Dec 15
25 Dec 30
812Nov 6
50 Dec 22
19 Oct 23
6912 Dee 16
2 Dec 23
7
29 2 Oct 72 Mar
8612 Jab 8
48 Nov 58 Jan
53 Jan 7
/
1
4
4
198 Apr 7 150 Nov 2611 Sept
/
1
4
15114Sept 29 137 Nov 14414 Mar
/
1
554 Nov 714 Nov
/
1
88 Feb 10
2412 Nov 58 Aug
45 4 Apr 10
3
/
1
4
/
4
3 Nov 1811 Jan
718Mar 12
/
1
4
11712 Nov 116 Feb
14314 Apr 28
3
818 Oct24 4 Jan
8 1 Apr 1
7
15 Oct6512 Jan
844 Apr 1
/
1
89 Nov 97 Feb
82 Apr 9
/
1
4
/
1
4
107 Oct 2
12
Jan
39 Dec 48 743 Nov 21
4
/
1
4
88 Nov 149 Aug
158 Mar 24
100 Mar 24
81 Nov 110 Apr
/
1
4
20 Nov 56 Oct
313 Apr 11
4
/
1
4
22 Nov 49 Oct
423 Apr 1
8
3
20 Dec 84 4 Jan
54 Mar 24
4
112 Oct211 Jai
153 Apr 1
8
11
50 Nov87 Jan
7718 Apr 8
80 Nov84 Aug
/
1
4
8014 Mar 28
/
1
4
14
25 Oct 59 Jan
7014Mar 28
/
1
4
15 Oct 42 Jan
27 Apr 12
6312 Apr 11
58 Sept 12
4312May 19
912 Mar 31
297
8Mar 27
59 Apr 7
/
1
4
219 Feb 19
/
1
4
52 Feb 27
20111 Apr 15
1973 Apr 15
4
48 Mar 81
/
1
4
38 Jan 28
110 Apr 18
112128ept 18
104 July 31
11812.1une 17
11112Sept 12
50 Mar 10
241 Apr 11
/
4
5912 Feb 17
21 Jan 7
43 Apr 4
7
54 sMar 20
1372 Mar 4
39 Apr 3
/
1
4
21 Apr 25
3414 Jan 29
2734Mar 31
11 Apr 9
85 Apr 8
7 4 Mar 27
3
13 Mar 27
541sMar 31
/
1
4
72 Jan 2
169 Apr 29
107 Apr 25
93 Mar 29
5912 Mar 5
80 July 28
77 Mar 1
32 4 Apr 33
8
105 Apr 2
47 Mar 7
152 Apr 7
16 4June 2
3
-- ---- ---- ---____ --- --- - Jan
15 Mar 8414 /
1
4
4 Oct 113 Feb
/
1
4
20 Oct 48 Mar
72 Mar
/
1
4
4418 Nov
180 Nov 27314 oat
/
1
4
38 Oct 67 AUS
/
1
4
/
1
4
100 Oct 292 Aug
103 Nov 284 Aug
3
195* Nov 64 2 Sent
/
1
4
83 Aug 3612 Apr
90 Noy 110 Feb
97 Nov 11112 Jan
88 Nov 102 Jan
/
1
4
110 Nov 117 MM
/
1
4
102 Sept 110 Ian
Ws Nov 60 saps
7 Nov 40 Sept
/
1
4
80 Oct94 May
19 Oct75 Sept
11
27 Nov 58 Mar
14
2
27 Nov 653 Beni
/
1
4
Oct48 Jan
1
2
27 Dec 577 Jan
4
1278 Nov 293 Feb
19
Oct81 May
/
1
4
12 Oct62 May
/
1
4
/
1
4
5 Oct35 Jan
65 Dee 103 Jan
/
1
4
8 Dec 13 Jan
Jan
eh Nov 27
853 Nov 79 Jan
4
5214 Nov 112 Sept
43 Mar 137114 Sept
75 Nov 10012 Sept
66 Apr 9012 Beat
80 Nov 299 Feb
85 Nov80 s Jan
7
613 Feb88 Aug
4
7 Nov6114 Apr
/
1
4
80 Mar 96 May
/
1
4
8212 Oct50114 Aug
91 Nov175 Sept
611 Dec 52 July
/
1
4
282
New York Stock Exchange—Bond Record, Friday, Weekly and harly
-except for income and defaulted bonds:
Jan. 1 1909:8, Szeheings method of rioting eon& was changed and prices are tune "and Interest"
i'n
4 cek's"
Price
Range
BONDS
Friday
Range or
for Year
N. Y. 8'1'' K EXCHANGE. t3
.g
Bt
Last Sale.
ea
1930.
Jan. 9.
Week Ended Jan. 9.
-.a.
--- Ask Low
Hill' No Low
1108
Bid
U. II Oovornseont.
First Liberty Loan
,
/
4
J D 1013044 Sale 10117 101"n 162 9811 102
84% of 1932-47
.,
.
J D ____ _-_- 1001,1 2Nov30 ____ 9814 101
Cony 4% of 1982-47
,,
33,10313n 157 1001311410311,1
3 D 1020 Sale 102:
Cony 434% of 1932-47
98 cony 434 % of 1932-47
J D ____ ____ 99342 Feb'30 ____ 98143,9911111
Fourth Liberty Loan
's, 859 10
0un 101"14
44% of 1933-38
A 0 103268, Sale 1031381032
100 100
J J--------100 Sept'30
Conversion 2- coupon
/
4
,
608 10131 Mon
Treasury 434e
1947-1952 A 0 11210,, Sale 112o,, 113
2049 05'',, 101',,
Treasury 4e
1944 1954 .1 D 108on Sale 10810.2 109
107
Treasury 334.
1946-1966 M 8 10623.1 Sale 10611n 1061ott 279 103
40 9911210233n
Treasury 334,
1943-1947 .1 D 10230,1 Sale 10223,1 103
,10212n 45 9833a1021312
/
4
840 June 15 1940-1943 J D 1021%,Sale 10211
Treasury
984 9812
19(0 QM --------9834 Sept'30
Panama (anal 3. __ ..
State and City Securities.
9114 92
N Y C 84% Corp et_ _Nov 1964 MN --------92 Nov'30 -332% Corporate at May 1954 M N --------8514 Aug'29
99 Feb'30
de regkitered1956 MN
___
974 9714
973 June'30 __-8
4% corporate stook
1957 M N 9912 102
434 corporate stock
1957 M N_--- 104 Mar'30 ____ 10214 104
8
10578 Dec'30 ____ 103 1057
44% corporate 9tock
1957 MM
/ ____ 100 Mar'30 ____ 1s2
1
4
4.%corporate stock
1958 M N 99
corporate stock
1959 M N 9912 ____ 9918 Nov'30 --__
193 A 0
100 July'30 _-__ 100 100
434% corporate stock
OA 10012
19611 M 5 10018 ---- 1001, Dec'30 ____
_--- ____
434% corporate stock
4
4
3
1964 M 8 --------102 4 Nov'30 ____ 1023 1023
113i9
--------9913 Oct'29
434% corporate stock._ 1972 A 0
-1;
197 1 D
4h% corporate stock
10814 Nov'30 ____ Kili4 10 ,
975 107 4
0
1
1983 M 8 1.064 -__ 10614 Dec'30 ____
514% corporate stock
-- 8
414% corporate stock_1965 J D 107 1105 10512 Dec'30 ____ 10512 106
_
414% corporate stock July 19073 1 10714 ____ 10718 Nov'30 ....._____ 10718 10811
10414 June'29
New York State 48 canal Mar'58 M 8
-- 161
99 -196 J .1
101 June'30 _
Canal Impt 41
19643 .1 --------109 June'30 ____ 100 109
444s.
Foreign Govt. a Municipal
493 80
4
ale 52
6018
8
55
1947 F A
Agile Mtge Bank •I 61
484 8012
6512 5012
4
5312
Sinking fund (Vs A_ _Apr 15 1948 A 0 63
ale 947
1.
1114
8
9512 11
r
3
Akersbue (Dept) ext 514_-_ -1963 MN 95
60
Antioquia (Dept) col 79 A_ A945 I J 60 Sale 68
59
48
52
8712
External e f 7. ser B
1945 J J 59 Sale 5114
583
4 21
54
8712
External 4 t 71 ger C
4
1945 1 3 583 Sale 54
55
7
52
88
External • 0Th aer D._ 1945 3 J 57
60
52
44
1
44
8712
External if 72 let set_ _ _ _1957 A 0 52
593 44
4
44
89
External see .1 72 2d ger_1957 A 0 5412 Sale 44
5412 42
413 88
4
Extertu,1, sec e 1 7e ad ten.1957 A 0 53) Sale 45
54
13
2
02 401011s
,
Antwerp ,City) external 55.19583 D 9812 Sale 97
61
99
88 100
Argentine Goat Pub Wks 66_1960 A 0 903 9114 9018
4
91
8
Argentine Nation (Govt of)
87 KM
Sink fund 66 of June 1925-1959 J D 91 Sale 9018
913
8 21
Extl • t 08 of Oct 1925_1959 A 0 9114 Sale 9018
9138 40
87
997
&
Sink fund 66 series A ....i967 M S 913 Sale 901,
4
914
3
External 61, merles B Dec 1958 J 0 91 Sale 9018
9112 /I
i
liele
il)( 81s
)
Ex l a I 6s of May 1926_ .1980 NI N 9114 Sale 9014
t
9114 9
87 6100
External a t 611 (State Ry)_1980 M $ 9114 Sale 9013
914 51
4
Eat)8.Sanitary Worke _1981 F A 903 Sale 9018
9118 19
87
99
4
.
8712 10038
4
913
8 13
Ext1136 pub wke(May'27)_1901 M N 9012 913 9038
19
78 ci 3
17
86
Public Works esti 5 Ha__ _1982 F A 8512 Sale 8512
84 Dec'30 --__
82
1945 M $ ____ 82
Argentine Treasury 55 £_
9414
70
158
76
Australia 30-yr 5e July 15 1955 .1 J 73 Sale 72
70
78
9414
4
75
External 6a01 1937 _Sept 1957 Al S 723 Sale 7214
6212 85 4
3
693
4 79
External g 434e of 1928_1956 MN (37 Sale 6514
1943 2 D 10512 Sale 10412 10512 112 10214 108
Austrian (Coat) s f 4
4
93
International s f 70
1957 J 11 923 Sale 91
125
87
954
78 Sale 78
Bavaria . Fry.' stare 6326_11145 F A
81
1941 F A 1077 Sale 10738 1077
8
8 37
11
.9
'3 1M;
4
Belgium 20-yr I f Se
46110 2
,
-year external 634s
1949 M S 10712 Sale 10712 108
115 1063
25
4
External s 1 6.
1955 J J 1023 Sale 10138 1031, 128 1008 106
8
External 30
-year .f 4_1955 J D 1103 Sale 11038 11112 62 109'4
Stabilization loan 71
1956 MM 108 Sale 1073
4 10812 7i
102r:
15
Bergen (Norway) 25-yr If 6* 1949 A 0 1008 10012 10038 100%
Oct 15 1949 A 0 953 Sale 9514
8
9414 97
Esti s I Es
96
8
94
1960 M S 9412 96
Eati a f 5s
95
96
12
974
Berlin (Germany).1 6346_1950 A 0 74 Sale 76
70 6994
2
75
External sink fund 68_ _1958 J D 70 Sale 67
70
7t it
V
:4
847 76
8
82
1
Bogota (City) extlet 8s_ __ _1945 A 0 82
Bolivia (Republic of) esti 89_1947 FA N 45 Sale 33
48
76 c85 100
30
854
19553 J 315 Sale 28
34
85
External securities 76
3214 77
297 84
8
1969 M E 29 Sale 2514
External s t 76
Bordeaux City of) 15-Yr 6P%1934 MM 104 Sale 10334 1044 23 10214 106%
83
124
57 10212
Brasil (II S ot)extemal 8r A941 1 D 83 Sale 7112
6712 157
4712 884
External 4 1 841s if 193£ 1957 A 0 6712 Sale 66
161
4712 C8812
1957 A 0 66 Sale 50
67
Exti at 834001 1927
9312
1052 J D 66 Sale 51
66
62
83
711 (Central Railway)
95 105,
4
4 100
5
8
744s (coffee seur) E (flat) 1952 A 0 993 1024 993
88 104
4
93
55
Bremen (State of) eta! 71_1935 M $ 923 Sale 90
00
1957 M 5 69
72 69
7212 51
82
Brisbane (City) af Es
1958 F A
6618 6812 613
69
13
69
88%
4
Molting fund gold 5s
19504 1) 83 Sale 72
83
19
79
93
20
-year' 06.
61
683
4 29
8512
Budapest(City )exti.1 8s 1962 1 D 6812 Sale 66
90 Dec'30 ____
8912 10012
89
Buenos Aires(City)634.2B 1955 I .1 62
7811 984
External s f Its ear C-2_ .._ _1960 A 0 ____ 85 85 Dec'30 --__
85
2
80 8 983
3
4
External 6 1138 ger C-3_...-1960 A 0 85 Sale 82
91
62
6812 32
Buenos Aire,(Prov) 060130_1961 M 8 674 Sale 63
6312 863
1981 F A 6812 Sale 65
70
16
4
Esti s f 13...6
8
84
68
853
4
Bulgaria (Kingdom) et 75_1967 J .1 68 Sale 66
75
6
67
9014
75 Sale 72
Stabirn it f 742s Nov 16 '68
66
9312
6412 28
Caldas Dept of(Colorubla)7148'46 J J 64 Sale 5912
993 1014
4
1931 A 0 1004 Sale 10038 10012 24
Canada (Dominion of) 69
1952 M N 10512 Sale 10438 10512 51 10214 1064
611
73 (73
4
1938 F A 101 Sale 1003
4 10118 98 1g2 410 174
.141a
19M J 3 106 Sale 106
10612
9
Carlsbad (City).1 13g_ ._
6
523 05
4
62
GO
Canes Val (Dept) Colom 741'46 A 0 6218 67
Central Agric Bank (Germany)
76
9812
45
84
Farm Loan ails Sept 15 1950 M 5 82 Sale 80
90 8
3
65
754 Sale 68
/
1
753 149
4
Farm Loan s f 6e July 15 1960 1 .1
90
65
7512 179
Farm Loan s 1 lls Oct 16 1960 A 0 7512 Sale 6938
75% 94
83
83
Farm Loan es ser A Apr 151930 A 0 8278 Sale 80
87 10314
904 26
/
1
3
Chile (Rep)-extl s t 71.-1942 M N 90 4 Sale 8818
9438
70
97
77
External eluting fund 69_1960 A 0 77 Sale 7212
774 168
70 o9412
1961 F A
7718 Bale 73
External a I 68
94
70
138
78
4
1961 J J 7712 sale 713
By ref eat!• t 6s
94
70
7712 36
1961 M 5 778 Sale 74
Ext1 sinking fund Os
69
941,
22
79
1962 AI 5 79 Sale 747
Bit] sinking fund 6e
914
/
1
70
72
78
1963 MN 78 Sale 7212
Extl sinking fund (le
99
78
12
79
77
1 D 7618 78
Chile Mtge Bk 614s June 30 1957
75 100%
81% 41
0 f 6341 of 1926....June 30 1961 J D 8112 Sale 78
94
85
7338 61
Apr 301981 A 0 7312 Sale 69
Qua:a ids
641s 91
7412 18
1962 al N 7412 Sale 72
(km+ e f 6.
70 c98
13
76
1980 M $ 754 Sale 72
Chilean Cons Mimic 71
21
34
14
28
Chlueee (Hukuang RY) 52- _1951 1 D 2712 Sale 2712
99% 1033
4
9
101
Christiania (Oslo) 80-yr s f 64 '64 NI 5 101 Sale 101
70 0983
4
74
21
Cologne(City)Germany 641s 1950 al 8 7338 Sale 7214
65 c83
6314 42
Sale 58
Colombia (Republic) 6e,,....1961 J 1 83
8
5514 817
112
63
External • f Os of 1928_ 1981 A 0 63 Sale 5612
8214
51
3
58
5214
4
Colombia Mtg Bank 8144 of 1947 A 0 523 61
55
87
41
80
Sinking fund 711 of 1926_ A946 MN 60 Sale 66
2
55% 86
59
63
68
59
Sinking fund 74 of 1927..1947 F A
95 100 2
/
1
4
,
98% 60
Sale 98
1952 J D 98
Copenhagen (City) 59
8811 9412
9412 33
1953 MN 9314 Sale 9314
26
-year g 441s
93
64
4 c45
64 Sale 5712
74_1957 F A
Cordoba (City) exti a 1
98%
50
64
1
64
80
External 6 f 76_ __Nov 15 1937 MN 69
70 100
14
77
Cordoba (Prov) Argentina 791942 J J 77 Sale 74
91
65
7412 12
73
Costs Rica (Repub) extl 79.1961 M N 724 7712
97 /108
1
9712
9812 97
Cuba (Republic) 59 of 1904_1944 M 5 97
9618 108
20
98
External Cs of 1914 ser A.1949 F A 97 10012 98
8814 99
88 Dec'30
External loan 410 sor 0_1949 F A ____ 87
07 10212
99141 36
8
Sinking fund 644s Jan 16 1953 1 J 987 Sale 98
70
0
4'
81 I 61
Sale 73
Public wks 614S Juno SO 1945 J D 81
sale. *On the bagia o1 56 to the 11 sterling. 8 Option NOM.
—e_Clagb
ioi___
a%
In
BONDS
N. Y STOCK EXCHANGE.
Week Ended Jan. 9.
4.17.
Price
Pride,
Jan. 9.
Rid
Cundhaamaroa (Dept)ColombiaExternal s f 6hs
Czechoslovakia (Rep of) 89_1991 A 0
9M14
195
Shaking fund 8a ger B
1952 A 0
Danish Cons Munich) 85 A-1946 F A
3 3
f 811 Seriee B9F 4
Denmark 20
-year extl 69_119442°
External g 541s
External g 4401__Apr 16 1962 F O
9° A A
°
DeuPsche Bk Am part cif 69_1932 M S
Dominican Rep Cunt Ad 534.'42 M S
1st ear 534. of 1926
2d Berke sinking fund 549 194° A 0
9
40
Dresden (City) external 78_1945 M N
Dutch East Indies ext1 66_1947 J J
40
-year external (Is
1982 M S
' -year external 532s
3
0
1953 M
au-year external 532s__1953 MN
El Sal-ador (Republic) 14-1948 .1 1
Estonia (Republic of) 79_1967 3 1
Finland (Republic) extl 65_ _1945 M S
External sinking fund 75_1950 M 8
External sink Mg fund 6413 1956 M S
External sinking fund 541s 1958 F A
Finnish Mun Loan 641s A 1954 A 0
External 641s series B
1954 A 0
Frankfort (City of)s 648_ _1953 If N
French Republic ext 7324- _1941 J D
External 7s of 1924
German Government Interna1942 j
tIonal-35 yr 548 of 1930-1985 J
German Republic ext1 75_1949 A 0
1984 MN
Graz (Munielpality) 89
rle A Ireld
Gt Batgistere(UK of) 549..1937 F A
F A
/4% fund loan £ opt 1960_1990 M N
65% War Loan E opt 1929.10472 D
Greater Prague (City) 749.1952 MN
Greek Government,? see 7s 1964 M
Sinking fund sec 66
1968 F A
1952 A 0
Haiti (Republic) a f 69
A 3 O
s
Hamburg (State) 138
HeidelbergiGermanylext1 744116
50
Heisingfors (City) ext 6 Ha _ _1960 V 0
Hungarian Mimic Loan 7348 1945 J
External s Tie
Sept 1 1948 J J
Hungarian Land M [not 748 '01 M N
Sinking fund 741s ser B .1961 M N
Hungary (Klrigd of) a f 71,4s 1944 F A
Irish Free State extls a f 58_1980
N
Italy (Kingdom of) esti 7s _1951 J
ItalIan('red Consortium 7.A1937 M 8
External see s f 70 ser B._1947 M 8
Italian Publlo Utility eat( is 1952 1 J
Japanese Govt loan 49......1931 J J
F A
30-yeurtf03l,
N
Eat'sinking f und 641s
1955
1964
Jugoslavia (State Mtge Bank)
Secured 0 f g 7s
Leipzig (Germany) st 7g
(7 (
1
1
it
)
Lower Auatria (Prov) 7141_1960 J 0
Lyons (City of) 16
-year 68_ _1934 M N
Marseille.(City of) 115-yr 6s 1934 51
Medellin (Colombia) 649_ _1954 3 0
Mexican Irrigat Asetng 4445 1943 -Mexico(US)ext1 as of 1899 1_ '45 Q J
Assenting Cat of 1899
1945
Assenting 5s large
Assenting 40 of 1904
Assenting is 00 1910 large-Assenting 49 00 1910 small____
'Cream 6s of'13 assent(large)'33 4 1
Small
Milan (City. Italy) extl 6341 '62 A 0
Minaa Gorses (State) Brash1958M
External, t 6341
Esti itec 8320 aeries A
1969 5 5
1
Montevideo ((ity of) 71_1953 2 D
External s t Os series A
1959 YI N
Netherlands es (fiat prices) _1972 Al
New Bo Wales(State) ext1150 1967 F A
External s I 5a
Norway 20
.1943 N )
68
-year extl 6..... _1943 A (
1 9 'A
20-year external 614
30
19 F I
1/11 A s
1985 Ni i
-year external 69
40
-year f 5448
External g t 56_ _ _Mar 15 1963
MunIcLAI Bank eat! 51 1967 J 0
Municipal Bank oat! 61 54 1070 J D
Nuremberg (City) extl 60 1952 F A
Oaio( ing f,0-3
sluk lty) ndysar a I 68_1955 N N
9m
C
rI
Panama (Rep) esti 5146_.-1 9 6
D
A
1943
5
Exti e f 59 ser A_ _May 151983 111 N
Pernambuco (State of) extl 7e '47 NI
Peru (Rep of) external 76_1959 M $
Nat Loan extra f flat totter 1960 J D
Nat Loan 020 e t 6s 2d eer 1981 A 0
Poland (Ran of) golds 69
1940 A 0
Stabilizatlon loan at 75....1947 A 0
External sink fund g 88_1950 5J
Porto Alegre (City of) 89_ 1961 Jr 0
Esti guar alnk fund 734,1980 I J
Prussia (Free State) extl Hs1951 A 0
Esti s f lis
Queensland (State) esti s f 791941 A O
52M S
19
26
-year external 611
1947 F A
Rio Grande do Sul extl.08. 1946 4 0
External sinking fund 66_1968
D
External e f 78 of 1926_1960 SI N
External 6 f 76 mimic loan 1967 1 D
Rio de Janeiro 25-year if 80_1940 A 0
External s I 614s
Rome (city) extl (180
19 3 F O
95 A A
62
Rotterdam (City) extl 6s
1964 N N
Roumania (Monopolies) 7s 1959 F A
Searbruenken (City) 6s
1953 J J
Sao Paulo (City) c088.Mar 1952 Al N
External tf 614s of 1927_1957 NI N
San Paulo (State) ext1 1055.1930
External sec S f 84
External f 7s Water L'n 195° j
956 'id
External s f 6a
1968
1
Secured s I 7e
19 0 A O
94 m s
42
Banta Fe (Prov Arg Rep) Tii
Saxon State Mtge last 711_1945 J 0
Sinking fund g 6(48. _Deo 1946 J 0
Seine. Dept of (France)extl 7s '42 J J
Serbs Croats A Slovenes 83 '42 PA AI
External see 75 ear B__1962
Sydney (City) III 54s
Miens (Prow of) eat) 7...-.. 9581
1 955 F
Sileglan Landowners Assn 6s 1947 F 4
Holston& (City of) ext1 641_1936 M N
Styria (Prov) external 4_1946 F 4
Sweden external loan 580..1954 MN
Swiss Conted'a 20-yr s t 89 _1940 J
Swtissrland Gotit erv ,4a 1040 A '8
Week's
Range or
Last Side.
Ask Low
53 Sale
110 Sale
1093 110
4
10738 Sale
10734 Sale
105 Sale
100% Bale
9434 Sale
97 Sale
4838
1093
4
10934
10738
10712
10434
10012
Range
for Veal
1930.
Mph No
Low
High
U34
88
8812 85
8812 84
8014 85
79
/
1
4
10134 Sale lOtlI
1013 Sale 10118
4
1003 101 1002
4
1003 1023 1007
4
8
9712 100 101
62 Sale 59
87 Sale 86
94 Sale 9312
8814 9014 88
7914 853 78
4
91 Sale 89
89
91
91
75 Sale 70
12514 Sale 12518
1204 Sale 120
53
21
42 84
110
47 109 1114
110
10 1084 1114
/
1
1073
4
6 1074 111
10734 25 10744112
10538 34 103120107
101
24
9911 1024
943 243
4
9012 95
231
96 1024
89
4
88
99
86
8
87
9612
37
87
8511 96
Dec'30
_ c753
4e104
29 10158 103
102
102
38 1014 10312
1 10118 104
100
/
1
4
1007
8
3 1011 104
/
4
102
5
98 1101s
21
62
41114 88
87
4
843 973
4
4.
94
10
9018 1014
897
8
4
8638 98
11
7918 21
7212 92
91
2
86
99
91
2
87
984
753
4 50
6814 95
12512 166 117380127
12014 243 112186122
7614 Sale 703
4
102 Sale 1003
4
9812 Sale 97
10512 Sale 105
104
6913 Sale 69138
8
6994
e9912
1043 Sale 104
4
10012 101
99
8512 Sale 83
944 Sale 943
8
82
8312 847
8
9013 94 94
83 Sale 8014
84 Sale 8314
75
753 73
4
8214 864 82
83 Sale 82
100 Sale 9912
1023
4__-- 10214
9514
93
961 Sale 9312
;
92 Sale 85
8312 Sale 79
923
2
10312 gale 10234
9278 Sale 92
7612 1162
10212 158
9812 26
10512 400
Apr'30 ____
913
8
4
100
12
1043
4 15
10012 17
8512 79
96
22
Dec'30 --Dec'30
83
8
84
5
76
28
Dec'30
83
14
10014 21
1023
4 25
9538 558
964
8
92
26
83 4 118
3
923
4
7
1034 300
93
145
88
911s
9934 1094
93 102
10212
104 104
e82
/ 92
1
4
e9714 101
101 10711
97 10314
80
883
4,
92 10014
80 c984
843 10412
4
944
80
7314 c9814
66
94
68118 100
81
9812
98 1043
e
98 4104
893 101
2
88
98'i8314 98¼77
98 4.
1
941 6987
4
11
10112 1057
s.
8912 9438-
Sale 763
4
Sale 773
4
Bale 983
8
Sale 1033
4
Sale 104
Sale 4012
812
26
-- -12
13
103 14
4
9
Sale
Sale 1014
Sale 8
/
1
4
123
4
9
1112
Sale 764
/
1
80
21
80
6
9914
4
1043
8 27
1043
4 36
21
51
Dec'30
Apr'30 ---Jall'31 ---Dec'30 ---93
2
7
1014
2
912
27
133
8 30
Dec'30 --_84
385
74
7618 1014
9214 100
1024 106381021,0107
36
54)
612 13
26
26
9
26
1312 24
8
174
812 2114+
8 13 3112
3
1114 274
1112 27
6812 95
sale
7838
80
9914
104
104
51
833
-1112
93
4
9
103
4
912
12
81
84
4712 Sale 47
50
49 Sale 45
49
84
81 Sale 74
7718 78
74
76
106 Sale 10532 106
6912
67 Sale 67
66 Sale 65
68,14
105 Sale 10434 10534
10518 Sale 105
10538
1023 Sale 1013
4
4 1023
4
10214 Sale 10212 1023
4
10114 Sale 10014 10114
100, Sale 10014
18
101
101
10014 101 10018
70
71
66
701
/
4
102 Sale 10014
102
100 Sale 9912 100
10012 10212 10012 10218
9014 Sale 88
9012
5012 5112 43
5012
5612 Sale 54
57
3912 Sale 34
4014
40
3912 Sale 3314
66
677 64
8
6612
80 Sale 7518
8012
8312 Sale 82
81
6712 Salo 597
8
674
63
6018 62 8 52
7
793 sale 7212 87934
4
73
73 Sale 69
93 Bale 9412
98
86
87
8214
8514
75
75 Sale 65
49 Sale 4112
4912
65 Sale 5014
65
53 Sale 4712
5314
7512
7512 Silo 65
5412
5412 Sale 40
8114
8312 Sale 784
10112 Sale 103
10512
4
7512
7514 Sale 733
8812 Sale 8612
8612
76
75
7814 71
61
51 Sale 4612
91
904 Sale 8612
77
76 Sale 70
66
8
66 Sale 581
50
50 Sale 394
81
81 Sale 72
821
82 Sale 80
79
7812 Sale 7814
77
77 Sale 7412
10714 Sale 10612 10714
92
92 Sale 9012
79
7814 Bale 77
78
7512 Sale 7214
68
68 Sale 61
67
67 ewe 60
104
10318 104 103
92
9112 Sale 9118
10538 Sale 1054 10584
1061, 10612 105 Dec'30
10612 Sale 105 4 107
3
58
17
8
6
9
63
92
44
99
63
69
92
32
6
29
24
6
26
57
17
69
200
60
18
207
93
15
23
34
156
71
10
5
17
33
16
33
134
198
7
19
1
8
33
28
51
24
53
111
21
6
3
107
33
96
10
17
22
22
7
16
106u,
se
4234 83
42
8212
70 103
7312 967
i 03 1073
4
597 90
2
6112 90
101 108
102 108
1007 104
1004 10314
968 1014.
4
940
40102
9738 10114
63
9212
963 104
4
9818 10312
10018 103
11
591, 90
k
397 90
5212c10112.
33
n4
3112 8414
58
81
68
884
6912 93
c64 100
69
944
7038 831
4
03
77
go 110
77 10414
5914 103
3472 804
4718 9314
46
8912,
65 10514
4212 85
70
941
4
102 4 106
3
71
88
ti0
/ 914
1
4
/
1
87 107
47
54
68 1024
eo lot
9412
tio
37
81
67
964
774 954
77 100
893 97
4
106 c109'8112 98
75
88
70
764
48
82
62
544
1011 107
/
4
934
86
1024 10711,
1043E1094
27 101.- 1064
New York Bond Record-Continued-Page Z
BONDS
N. Y. EITOrli EXCHANGE.
Week Ended Jan. 9.
zt
Price
Friday
Jan. 9.
Bid
Foreign Cleft. & Munk:041s.
Tokyo City 54 loan of 1912_1952 MI
External I I 644, guar.._1961 AO
Tolima (Dept of) exti 74._ _1947 MN
Trondhlern (City) let 5144A957 10
Miner Austria (Prov) Is _ _1945
D
External a t 614e_June 16 1957 3D
Maguey (Republic) e211 84_1946 FA
External I 84
1960 MN
Bet' a 16,
May 1 1964 MN
Venetian Pro, Mtge Bank 74 '52 AO
Vienna (City of) anti ci 88._1952 MN
Warsaw (City) external 74_1958 FA
ID
YOkOharna (City) ext1
Railroad
Ala Gt Boo let coos A 64____1943 J D
let cone
set B
19433
Allg& Buse tat guar 8 44_1946 A 0
Alleg & Wan let g gu 44
1993 A 0
Alleg Viii gen guar g 43
1942 M 8
Ann Arbor tat g 48._ _ _July 1995 Q J
litclit Top & Fe--Gen g 44_1995 A 0
A 0
Registered_
Adjuittment gold 4a__July 1995 Nov
Stamped
July 1995 M N
131 N
Registered
Cony gold 4e of 1909
1955 3 D
Cony le 01 1906
1955 1 D
Cony g 4s Issue of 1910-1960 1
Cone deb 414a
1948 1 ID
Rocky Mtn Div let 4.....1966 I
Trans
-Con Short L let 44.1958
Cal-Aria lat di ref 44s 4_1962 M 8
All Knox, A Nor let g fle .1946 J 11
AB& Cheri AL let 4 44 4_1944 J J
let 30
-year 5a aeries B
_1944 3 J
Atlantle City let cona 44_1951 3 J
All Coast Line lot eons 43 July'62 M
Reginered.
M 8
General dallied 444a.... _1%64 J D
L & N roll go.d 4e-__Oet 1952 M N
1.11 & Dan iot g 4s
19483 .11
2)14e
19483
All & Vint lat emir 45---- -1949 A 0
Auger & N W let gu g 64_1941 .1 1
Balt & Ohio lei a 41..___July 1948 A 0
Registered
July 1948 Q
-year cone 4 Me
1933 M 8
20
Regletered
M 8
Refund h gra th aeries A._1996 3 D
Registered
J I
13t gold 53
July 1948 A 0
Ref & gen de se:lea C. _ 1995 3 D
L
Va dyd rest 44_ _1941 M
Southw Dle let be
19103
Tol & Cln Div let ref 43 4_1959 J J
Ref & gen 64 series D__ _2000 IN
Cony 44a
1960 IF A
Salvor A Aroostook lot 54 _1943
.1
Con ref ts
1961 J J
Battle Cre h Slur Int gu 82_1989 . 0
1
Beach Creek let gu g
_1936
Sid guar s 54
19363 J
Beech (Irk ext 1st g 344
.-1951 A
Belvidere Del our., gu 11448_11/43 J
Big Randy let tio
__ ._1944 .1 D
Beaton & Maine lot be 13 C_1967 11 S
guarlet rn be eerie. 2
1956 SI N
Boston AN Y Air Line let 43 1955 F A
Bronx & Won 185 gu g 48 .1938 J
Soft Roch & Pll,ta gen it 54 _1937 M
C0=014149
1957 MN
BtirtC It & Nor 'It & 401154_1934 A 0
6.___1961
7614
903
4
523
4
975
8
9812
86
99
82
80
9314
837
8
624
963
4
Week's
Range or
Last Sate.
Ark tow
79
Sale
6134
Sale
99
887
8
Sale
Sale
Sale
95
Sale
Sale
Sale
5
3
High No
7513 Dec'30
8812
903
4 73
2
4912
50
975
8
9813 10
9812
3
9812
87
2
87
9912 32
98
7514
82
57
34
80
74
9338
953
4 18
111
85
84
5734
37
63
95
963 110
4
103 Nov'30
4
943 Oct'30
903
8
903
5
8
86
86
3
9734 Dec'30
794
793
4
1
98
983 279
4
974
9734
5
953
8
__ 95
9612
2
96 Sale 96
97
14
9118 Sept'30
93 Dec'30
9414
95
97
9414 Jan'31
9414 - -- 9212 Oct'30
118 Sale 11413 1183 167
4
94
95
94
94
3
9414 99
95
96
5
103 105 10214
104
3
9912
9712 Dec'30
_
98
9712
98
5
103 Salo 103
103
5
8614 94
9413 Oct'30 _ _
9612 9714 967
8
9714 42
_
9212 blay'30
99 10114 98 Dec'30
__
91 Sale 8912
91
65
5012 Sale 5012
5012
7
40
42
Oct'30
_
84
65 ..lan'31
65
10114 Sale 10114 10114
2
9718 Sale 9013
973 126
4
9213 Dec'30
1003 Sale 10014 1007 259
4
8
993 Dec'30 _
4
Sale 10212 104
103
10234 Aug'30
_
4 107
1071e lOSl2 1063
7
109 Sale 108
10912 84
97 Sale 964
97
43
105 Sale 103
10512 T..
837
845 87
8
8
80
14
1033 Sale 10212 104
8
34
963 Sale 9413
4
964 3810314 1031 103
10314
1'
87 Sale 8612
88
33
504..-- 623 Dec'30
8
9712
9713 98
9712
2
100
Jan'30
_
833 -- 87 Dec'30
4
89
96_ _ 96 Dec'30
_
loll, Sale 9934
1017
8 66
10014 Sale 997
8 1015 116
8
87
85 Dec'30
80
953
4
- 9612 Dec'30
1015 103 10158 1015
8
8
883 Sale 86
4
89
30
9918 103 102
102
14
10118 ____
933
4
89 MA
88
9618 69
80
83
0812 Sale
103i
Canada leou con, gu 6s A
1962 A 0 10712 10812 10712 10712
Canadian Nat 4 As_tlept 151964 M 5 9014 Sale 99
993
4 51
SO-year gold 4143
1057 J .1 9918 Sale 9878
994 Ile
0o19 4(4a.
19683 0 99 Sale 99
995
8 9
Guaranteed g 64____July 1969 3
105 Sale 10414
02
105
Guaranteed g
1969 A 0 10412 Sale 10459 10514 47
Guam, toed 64
1970P A 105 10514 10414
105
9
Guar gold 4 s___June 15 1955 J D 10214 Sale 10112 1024 54
Canadian Nona, eeb Cl 74..1940 .1 0 111 Sale 11018 11114 6
'45-geor e I deb 050
1165 118 11512 1163
194111
8
8 13
Regbstered
11314 Jan'30 _
10-yr gold 344,.Feb 16 1985 F A 10112 10214 10012 101
5
Lanadinn Par lty 4% deb etnek.J .1 885 Sale 88
8
8914 89
Col tr 4441
10014 10112 993
4 10112 21
1946 M
8 103
61 0.4160 ti tile
.1944 J J 10314 10414 1023
8
Coll tr 64 _____ _Dee 1 1964 J D 10312 Sale 103
1033
4 65
Collateral trust 4 44a
..
1980 J .1 9918 Sale 9918 100
127
Carbondale h Shaw big 43-1932 AA
95
984 Oct'30 _
Cam Cent tat rune g 44
1949 .1 J 60
(18
68
69
8
Caro Cilnch & 0 let 30-yr 53_1938 J D 10214 103 10212 Dec'30 _ _
let A cou g 6s tier A Dee 16 '52 J 0 1073 10912 10712 108
4
7
Cart & All let gu g
19813 D 89
9313 92 Nov'30
Cent Branch 17 P let g 44_ _1948 1 D 80
82 80 Dec'30 _ _
Central of Oa ist a 64_ _Noe 11145 F A 101
99 Dec'30 _
Consul gold be
1946 M N 993 101
4 - -12 9934 10014
11
Regletered
N
100 Feb 30
.
Ref & gen 614e series 13___1959 A 0 903 Sale 994
4
993
4
3
Ref & ger 65 series C
1959 A 0 91
04
90
90
1
Chatt Dle our money g 44_1951 .1 I)
91
8918 0 t'30
Mac & Nor Div let be_ _1916 3 J 95 10212 104 Sept'30
Mid Oa A All Div uur m Ls •47 1 J 9314 10112 10212 Sept'30 _ _ _ _
Mobile Div 1st g be
_
104
1946 3 .3 95
Oct'30
Cent Now Eng let go 48- -1961 J J 86 gale 85
8612
9
Cent lilt & Beg of Oa coil 64 1937 M N 94
97 Dec'30
97
Central of N J gen gold 54_ _ _1987 .1 J 1125 11518 1125
8 1123
8
8
Reglatered
1987 Q J 11412 Sale 110
11413
9
General 44
1987 J 1 9514 9712 9738 Dec'30
Cent Pat let ref HU g 44-.1949 le A 964 Sale 9614
9713 40
Registered
F A
95 Sept'30 _ _ _
Througb Short L lat Cu 44 1954 A 0 97
9714 954
963 10'8
Guaranteed g Sit.
1980 F A 104 Sale 104
1047
8 54
Charleston & elay'h let 74_ _193d 1 J 10818
_ 108 Dec'29
_
Choi Ar Ohio let 603 g 54
1939 M N 10518
.10418 Dec'30 _ _
_1939 M N 99 101 10312 Oct'30
Regletered
- _
General gold &Hs
1992 M 8 10412 1053 10412 1067
4
e 70
Registered
____ 10112 055.30 ____
M 8 92
1993 A 0 1005 Sale 101
Ref & Impt 4128
8
1017
8 54
B.__ _1995 J J 10058 Sale 101
Rat &'mut 4 ets ber
102
158
Craig Valley 1st 5e May 1940 3 .1 10012
10018 Dec'30
_
93
Potts Creel Branch 1st 41.19464
90 Nov'30 _
J
R& A Div let con g 44_1989
9418
983
4
1989 J
2r1 conaol gold 4o
9214
9412
3
10014 107 10118 Dec'30
92Warm Spring V let g 68. _1941 M
Cheep Corp cony be_ Mal 15 '47 MN 9838 Sale 9734
987 576
8
72
C16, A Alton RR ref g 34. _1949 A 0 70
3
693
4
721a 33
70 Sale 70
Cif den stpd 01 1930 lot
70
10
793 80
4
7934 Dec'30
iffailvey first Ilea 84.4t 1950
deposit__
793 Oct'30
Certificate,' of
4
__
913 Sale 91
8
Chic Burl & Q-111 Div 8141.1949
92
31
8114 91
J
91 Aug'30
Registered
_
1949 J J 98 Sale 98
1111nole Divielon 48
98
17
9712 Sale 9718
1968 141
General 44
982 40
/
1
8
1977 F A 1027 Sale 1027
8 10314 35
let & ref 4 Me ser B
1971 F A 10912 Sale 109
let & r 31 fie series A
110
14
102 D^e'lii
Clalcage & East III 141 84 . 11134 4 0
Cash salt, .018300 sate84
Range
for Year
1930,
Low
7475
874
44
9312
9234
814
86
70
71
88
82
48
9312
N. Y
BONDS
WM(' E Xi'RANGE
Week Ended Jan. 9.
Hine
8465
9311
87
100
99
9113
10914
c9102
9814
c98
c05
834
99 4
,
A E Ill fly (new co) con 54_1951 MN
N
ChM & Erie tat gold 54
1982
Chicago Great West let 44_1959 If S
J
Chic Ind A Loulev ref Os__ _1947
Refunding gold 55
1947 J
Refunding 43 series C
1947 3 1
1st A gen bo bertee A
1986 MN
1st & gen 64 eer B. __May 1968 3 3
Chia Ind & Sou 50-yr 48 __ .11)66 .1 .1
D
Chic t. 8 & East let 41441969
Ch Si & St P gon 44 4.5lay 1989
Q
Registered
Gen g 3(4. eer B____May 1989 J
Gen 4 tie series C____May 19811 j j
Gen 4 44 eerles E____MaY 1989 I
Gen 4/ serial F_ _ _May 1989 .1
1
24
Chic 5111w St P & Par be_ .A975 PA
Cony ad, 58
Jan 1 2000 A0
Chic A Ni, West gang 3444_1987 MN
Q F
Registered
General 48
1987 MN
Eitpd Is non-p Fed Inc tax '87 MN
Gen 44e stml Fed Inc tax_1987 MN
Gen 64 stud Fed Inc tax_1987 MN
MN
Regtstered
Sinking fund deb 58
1933 MN
MN
Registered
15
-year secured g et:v..1936 MB
D
lat ref g be
May 2037
lat & ref 444e
May 2037 3D
1st & ref 4 tie ger C_ _May 2037 Jo
Cony 444,series A
1949 MN
283
Price
Prtday
Jan. 9.
Week's
Range or
Last Sale
R41144
for l'ear
1930.
Rid
IIlgS ve Law
Ask bor,
klieg
116
49 Sale 404
50
26
84
1 10114 109
10418
10518 107 10418
60
694 240
68 Sale 5413
74 4
1
1 110 11514
110
110
_
1024 Nov'30 _ _ _ _ 1013 103
4
93
92
8914 - 14 93 Nov'30 _
93
4
88
937 877
8
90
8
894 105
_
Jan'30
98
9814 104
96 1094
9112 Dec'30.....
9158 94
89
9/23
4
93 4 10218
3
98 102 10114 Dec'30
8512 19
8512 Sale 8313
7
774 87 2
70___ 84
Oct'30 _
814 85
72
76
72 Dec'30 ---..
7312 79
89
974
94
1
973 04
4
95
943
4 29
9414 9412 9312
8718 9811
38
99
98
98 100
93 10111
349
76
75 Sale 71
8514 9614
35 1019
344 Sale 29
23
784
103
81
8012 Sale 76
7212 824
77 June'30
76
80
60
77
61
89
84
93
/
1
2
884 Sale 86
2
8612
8613
8818 92
85
93
/
1
2
100 10815
1011.4 10212 10314 Jan'31
10714 114 107
10712 13 103 11414
1015 108 1
10513 July'30
_
,
9912 10274
- 1
101 101 10012 10013 12
91,
99
1O2i 99 Feh'30
08
: 9
02 2 193 8 132 1041t 1103
1073 1094 19814
4
4
4
101
9712 109
101 Sale 101
96
44
8718 lel
06 Sale 93
82 499 4
3
954 Sale
917 263
8
80 1054
913 Sale 887
8
8
10014 10434
9434
92
83
/ 914
1
2
85
8812
9313 983
4
76
894
914 99 4
,
90
97
874 95
877 9614
4
8534 91.3
87
974
88
974
$91e 9214
10812 14113
88
9613
904 971,
97 10412
974 1043 Chia RI dr P Railway gen (11988 1 J 944 Sale 94
8
8
88
96 I
90
95 100
8513 91
1 J 873 5312 9012 Dec'30
8
10014 1044
1934 A0 987 Sale 9818
951s 9911
99 I 265
Refunding gold 44
8
87
9412
R
95
A 0
98
98 Nov'30
Registeredeglatered
88
973
4
9412 124
Secured 444 serlee A
834 99
1952 M I 94 Sale 92
924 9213
Cony g 4 44
4
9112 243
8114 1011
903 Sale 894
4
1034 Ch St L & N 0 5s_June
9412
99 10459
____ 99 Dec'30
15 19 9 411 D 101
95
51
N
8712 9414
102 102
D 102 Mar'30
Registered
45
7313
Gold g1 ea
3 red
%
81 July'29 _ _
June 15 1961 J 0 Ts_
52
62,2
Memphis 131v let g 4s
__
90 8 Dec'30
3
1951
13
8218 881 Ch St L & P 1st eons g 64_1932 1 0 1003 ____ 10112 Dec 30
.
9915 10111
8
A
99 10112
6 1003 100
A 0
4
4
833
8
s e_ 100,2 Aug'30
Registered
_a_
/
1
2
9112 98
Chlcogu5Ado East lat 54. _1960 J 0
in TH4
9
7
14
80 100
85,
90
96
941
65 Dixe3t)
4
80
74
69
Doc 1 1960 M
98 10112 Chic On Sta'n 1st gu
10412 18
97 1044
444a 4.1963 J . 104 Sale 10314
1
9
84 100,
4
1st ba merino li
4
2 101 2 100
,
1963 J J 105 106 10458 1053
953
4:10512
1047
8 14 1014 101321
Guaranteed g 64
1044 Sale 104
102 1023
4
let guar 610 S011138 C
8
116 I 25 1105 1164
19 3 3 0 116 Bale 115
964
4
1
10118 I094 Chic & West Ind eon 44
26
84
90
93
/
1
2
4
9013 873
1952 1 . 00
1
105 c111
let ref 5 48 serial A
8 20 10018 1054
8
Obese_1962 si N 1053 Sale 10312 1053
M S
91
9714
9114 1021,
Okla & Gulf cons 58_ 1952
98 105 102 Nov'30
Moly 10614 CM Il di D 20 gold 4 lia... _
9513 09
Oct'30
973 9934 98
4
1937
793 893 C 181 L A C let g 4a Aug 2 1936 1 J 98 Sale 08
4
,
1
9614 9813
98 I
Q l'
07 10614
Oct'30
94
Registered
et%
94
9.318 98
Aug
4 CM Leta A Nor let cougi4 44 1942
88 1043
88% 964
____ 9614
2 9 U N 131
39
M F
10112 105
CM Union Term let 4,yel.... 2020 1 J 10334 Sale 100 8 210418, 147_ 100 104%
.
24!_ 2
033
84
93
Ciearfleld & Slab let go 53 __1943 J
62
/ Cleve Cin Ch & St L gen 48_1993 J J 9412 sale 93 4
1
2
62
72
9412 6 -8- 7 9715
3
0
9513 994
20-year deb 4144
9914 1012
100 Dee'301 _ _
/
1
100 100
General 54 sermo B
106 11214
-14 10014 Nov'30
1993 .11 D 11014 1 931
3
78
Ref A Impt 8s ger C
87
4 103 10855
104
4
1 1
1911 .1 1 1033 104 104
Ref & !mut Se ear 13
20 100 10514
105
10114 ___ 105
1394 16'1
Ref & inapt 4 tas ser E
93
125103
19 3 J J 10014 Sale 101.114 10112 173
97
67
0212 104
92
Cairo Dl, 1st gold 44
92
96 Dec'30
2
5
981k
% 971_ 9,292,
92
9318 1034
Cin W & M Dtv let g 4e. _ 1939 3 -13
30
50
9514
1991 1
81
871
, St L Div hat colt tr it 4,...1990 MN
_
___ 924 Dec'30
844 934
927 98
8
Spr & Col Div 16t g te_ _1940 MS 9249314 9512 9514 Oct'30
93
954
9918 103 4
,
W W Val Inv 1st g 44
98
90
9518 Oct'30
9618
19411 1 1 93
SO
9014 C C C & I gen cons g 64._ _ _1934 1 i 10312 10518 10312 10312
1 103 .053
s
9913 102
Clev Lor A W con lot g 58..1933 A 0 1001.
,....10134 1013
4 13
99 8 102
3
/
1
2
Cleve A Mahon Val g 54_ _ 1938 1 J 101 10112 100 Dec'30
98 101
10213 110
Cl & Mar let gu g 4 143- -- -1
99 10114 98 Dec'30
98 100
935
9314 101
Cleve & P gen gu 4144 ser 13_1942 PA 6 9812
A 0
98 Dec'30 _
93
98
9214 10012
Berles II 13144
_
- 87 Mar'29
1942 A 0 8114
9214 111114
Series A 4)
-dc
6114 1614
31942 11 J 101 10212 10114 Nov'30
9014 1061a
Berle@ C 311s
85% 8818
,
1948 F N 86 4 ---- 8612 lune'30
M A
10114 11.6
1
Series D 344
10114 8818
8612 May'30 _
8614
1960
1034 1,16
Gen 444 ser A
1977F A 1034 Sale 10312 104
993 10271
4
97
9912 1014 Cleve Shot Ltne let gu
3
8 1023
A 0 10258 Sale 1023
8
97.4 1044
101412 11313 Cleve Onion Term let 4144_1901 A 0 1083 Sale 10834 1094 15 10514 111
4
6(4e.1972
113 1 1/43
4
lat a f 5s eerie, B
16 10212 10814
106 1063 10.512 106
4
11314 11314
1st 4 f guar 4 48 ear C
103 1033 1023
96 104
4 34
4
8 1033
1973 4
977 4
9818 1023 Coal River ay tot gu 44___ _1945 1 0 914 97
4
94 Nov'30
_
83
94
11
8312 9012 0110 A South ref A ext 4348_1935 M
97 1034
10112 114
4
N 1014 1013 10038
9638 102
Gent 10 4 ies ear A
973
4 99
92 1004
1980 M N 97 Sale 9614
10038 107
Cola II V Int ea g 413
_
89 Dec 30
914
8518 94
99 4 106
,
Col & Tol let ext ts
6
9312
85
9312 Sale 9312
95
14
953 100
4
Conn A PAW1113 Me let J948 A
897 ____ 90 Dec'30
8
8815 90
5 FA
3
984 Consol Ry non-couy 44._1954 1 711 68
81
2
9/
727 65 Dec'30
8
65
76
J
74
8512
Non-cony deb 4e
'3 683 Sale 68
8
70
682
/
1
78
1956
9912 103
NCO-conv deb 45.
A0 68
7412 7112 Oct'30
7112 7314
BM 11012
Nou-conv debenture 41._19 6 1
6912
68
70
70
6
68
1955
5
76
85 4 9214 Cuba Nor Ry lat 5144
3
43
26
D 43 Sale 4012
87
1942
75
80
87
Cuba RR 1st 50
-year 54 g
5812 56
50
84
1952 .1 .1 67 Sale 55
99 105
14t ref 744!erten A
72 Sale 70
73
17
1936 J
6411 9014
9614 10138
Set lien & ref 64 ser B
4
65
75
65
1936 3D 60
5312 94
Re, 100
9313 10534 Day A Mich let cons 414e_ _1931 33
99 10018
--I 99 Nov30
83 103
Del & nucleon 1s1 A ref 48..1943 MN 9618 Sale 953
4
964 128
914 c9814
8412 13014
30
-year cony 54
2 10112 18
1935 A0 101 10112101,
9614 107
100 104
t5-'year 544
10514 59 1007 10534
8
1937 MN 10458 10514 105
98 1034 D RR & Bridge let gu g 48..1936 FA 96
_ 396 100
Dec'30
98 306
100 10414 Den A R (I let cones 48___.1938
9513 Sale 95
96
J
49
9255 c99
814 89
Consol gold 444
14
99
99 Sale 9712
9414 102
1938
9512 102
Den & R 0 West gen 58.Ang 1955 PA 81 Bale 7712
77
82
67
994
1053
8c1184
Ref & Inapt Se eta B_Apr 1978 AO 853 Sale 82
83 4 26
3
4
6913 95
107 1134 Dee NI & Ft 13 1st gu Se__
2314 60
25 '244 Sept'30 _
_1935 J
8414 974
Certithates of deposit
15
31
1974 15 Dec'30
9114 984 Dee Plaluni Vel let gen 4144_1947 MS
99 Nov'30
96
99
90
95
Del A Mae tat lien p 45
43
43 Dec'30
7411
1956 JD
904 95
Gold 44
38
38 Dec'30....
50
_ 61
1996 3D
99 2 10638 Detroit River Tunnel 4 44_ _1901 SIN 104
,
104
102%
3
-1
953 105
4
Dui Missabe & Nor gou 5d,.194l
101 10414
10318 Dec'30
_
J 1035
102 1054 Dul & Iron Range let (A....1937 AO 10112 103 102
102
9 10014 103
8- 10112 104
Dul Sou Shore A All g 86... _1937 1
6018 Dec'30
58
84 4
3
6018 68
9714 106
East Ry Minn Nor Div let 44 '48 AG
Oct'30
9212 964
96 10212 East T Vs & Gs DI. let 54_ _1966 MN 10618108ei - 1061'44
100 110 2
96
4 -,
94 10212 Elgin Jollet A East let g 54._1941 MN 103 10414 10412
1 II 074 10414
10412
93 4 1024 El Paso & SW let be
3
____ 10112 Dec'30
10018 l034
1981 A0 102
965 102
8
27
e the iet cone g 44 prior
87
SO', 904
1998"3 8612 Sale 841
861 98
:
78
Registered
81 Nov'30
19941 J
8614 96,1
let t:01030/ gas lien g
7712 78
66 2 85
,
'3 7012 Sale_ 75
834 941
68 Dec'30'....
Registered
68
1996
834
97
i(11...
Penn coil trust gold 44_ 1951 F
iiro- gate 997
8
a
100
954 1014
93 102
50
77
-year cony 44 sertee A._1953 At) 7512 81
78.8
9
65
874
6514 74.3
Series B
7812 10
6714 8912
1953 A0 7012 7812 7612
634 74
Urn cony 44 series 0
7112 Dec'30
69
1963 AG 7012 76
87
69
793
,
Ref & impt 64
84
180
1987 MN 83 Sale 82
63 98
1
,
6113 793
4
Ref & Imps S. of 1930___ _1976 A0 817 Sale 8112
8
84
298 68
954
8514 111 14
Erie & Jersey 1s1 0 1 84.__1955
11012 112 10914 Dec'30
_ 108 11414
814 91
Genesee River 161 ,1 68..1957 .1 1 109 110 106.8
109
6 1011 114
,
9214 qig14 Erie A Pitts gu g 344s ear B.1940 3 1 913 9313 9212 N,ne30
8
86
/ 93
1
2
89
984
911 ____ 857 Oct'29
8
/
2
Series C 8(4s
1940 J
98 103 4 Pia Cent & Pen 1st cona g 54 '43'.3 80
3
87
84
85
2
86
9959
1.318 1119. Florida East Coast let atia 1959
77
6
D 804 8212 77
78
90
Inn ,1
4 ,t5.,.,'(*
1074 'S 30 Sale 2(14
31
125
1714 61
eau
New York Bond Record-Continued-Page 3
284
BONDS
Y STOCK EXCHANGE.
Week Ended Jan. 9.
Y.a.
FondaJenne & Gloy lit a tie 1952
Fort St U D Co let g 434s__1941
Ft W & Den C let g 51
4
/
8-1961
From Elk A Mo Val let 6s__1933
OH&SAM&P let 6e____1931
1931
2d eaten. 6e gnat
Gal, Hate & Rend 1st 68_1933
Oa & Ala By let cons 64 Oat 1945
Gs Caro & Nor let gm g Si '39
Extended at6% to July 1-1934
1946
Gilsegla Midland let Se
Gouv & Oswegatcble let 58_14142
Or R & I eat 1st
11 4148-1341
Grand Trunk of Can deb 72_1940
1938
-year sIt.
16
1947
Grays Feint Term lit 64
Great Northern gen 75 ear A_1938
Registered
let & ref 4148 series •-...-1961
General 514s aeries B_1962
1973
General Si eerie* 0
1976
Oeneral 414s series D
General 6348 series E_1977
Green Bay & West deb ens •-Debentures °Us B
Greenbrier By let gu 44-.1940
Gulf Mob & Nor 1st 5%8-.1950
1950
M be series C
Gulf & 8 Ilet ref & ter 58.Feb '62
99
Hocking Val let oe.teg 6341-19
1999
Registered
1937
4
1
/
HOusatonle Ry eons gi
1937
& T C let g 54 int guar
Houston Belt & Term let 58_1937
Houston E & W Tex let g 61.1933
Jet guar 58 redeemable_ _1933
Had & Manilas In Si ser A_1957
Adjustmentincome Si Feb 1957
Minot' Central let gold 45_1961
1951
let gold 33411
Registered
Extended let gold 8148__1951
1951
lit gold Its sterling
Collateral trust gold 44-1962
Registered
1956
let refunding 4.
1962
Purchased lines 3148
1863
Collateral trust gold 4i
Registered
1955
Refunding 5s
-year secured 634. g___1936
15
Aug 1 1986
-year 43.4s
10
1960
Cairo Bridge gold 44
Litchfield Div let gold Si 1951
Louisa Div & Term g 83.4.1953
Omaha Div let gold 3a. _1961
St Louis Div & Term g 3a-1961
1961
Gold 334.
Springfield Div let g 8/01951
Western Lines let g 48_1951
Registered
111 Cent and Cble St L & N 0
Joint lit ref tis aeries A___1983
1.t& ref 434.senes C____1963
Ind Bloom & Wen lst ext 4.1940
HMO
Ind Ill & Iowa let g 48
Ind & Louisville 1st gu 48..-1958
Ind Union RY gen Sleet A 1985
1965
Gen & ref 55 sales B
lot & art Nor 1.16i set A 1952
Adjustment 8s ear A _July 1952
1958
lit Si series B
1956
1st 68 eerier, C
Int Rye Cent Amer 1st 56_1973
1941
let coil tr 6% notee
1947
let lien & ref 614e
1938
Iowa Central let gold 64
Certificates of deposit
1951
Refunding gold 4s
lames Frank At Clear 1st 4...19159
1988
Kai A & R let go g 6i
1990
Kan & M let gu g 4a
K C Ft8 & M RY rag 41-1938
Kiln City Sou 1s1 gold 38...._1950
Apr 1950
'Eel & impt 51
Kansas City Term let U._ _1960
Kentucky Central gold 48_1987
Kentucky & Ind Term 43.48_1961
1961
Stamped
1981
Plain
Lake Erie & Wegt let g
1941
3d gold Se
Lake Sh & Web Bog 830-1997
1997
Registered
1981
-year gold 44
26
Registered
Leh Val Harbor Term gu 61_1954
Lab Val NY lot gag 4 SO- 1940
Lehigb Val (Pa) cons g 48-_9003
Registered
21303
General eons 410
4
4
/
Leb1 Val Rif gen re series_2003
Term Ry let gu g 5s 1941
Lab V
Lehigh & N Y 1st gu g 48._1945
Lax & East 1st 60-yr Si gn 1985
Little Miami gen as series A.1962
1935
Long Dock e011501 g 64
Long Lel let con g 154 July 1931
let maul gold 48---July 1931
1938
General gold 48
1932
Gold 48
1949
Unified gold 4e
1934
Si
Debenture gold
1937
-year p m deb Si
20
1949
Guar ref gold 41
Nor Sb B lit con gu Si Oct '82
1
4
1
Louisiana & Ark let /ear A 1969
Louis & Jeff Bilge Co gd g4.1945
1937
Unlearns & Nashville 6i
1940
Unified gold 45
Registered
Collateral trust gold 54...1931
let refund 6Jks urea A___2003
2003
let & ref fa series B
lst & ref 4%a series 0-2003
Paducah & Mem Div 44_1946
St Louis Div 3.1 gold 34-1980
Mob & Monti 1st g 4544 -1945
South Ry Joint Monon 41_19621
All Knoxy & Cin Div 41.. _1955
Louis, Cin & Lax Div g 4%8'31
Price
Frtdag
Jan. 9.
Werra
Range or
Last Sale.
Price
Pilau
Jan. 9.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 9.
MS
Wee.t's
Range or
Last sate.
55Q
Range
for Year
1930.
Mat No. Low
Bid
Ask Low
HOS
High
Mon No. Low
AM Low
___ 25
212 Dec'30
4
/
212 111
20
Max Internal lst 4s sesta-1977
36
1
2812
2812 2812
8 10014 1003 1003 Dec'30
8
8
100 101
944 9712 Much Cent Des & Bay City 541931
0618 Aug'30
QM
100 100
100
Jan'30
1
/
1044 107
Registered
105 Dec'30
101
9415 973
1
1940 J J 9612 ____ 9612 Dec'30
Mich Air Line 41
1 1024 105
4
4 1043
103-- 1043
8
843 ____ 79 May'29
1961 M
99 1014
Jack Lane & Sag 310
3
10012 ii;Ie 10012 10012
2
89
1952 MN 8618 _ 8512
81
,
85 2
8
let gold 3341
993 101
3
3
1004 Sale 1004 1003
4
98 1034
1
1979 J J 1023 10414 10114 Dec'30
4
948 1003
Ref & Inset 4%seer C
4
100 Dec'30
93 8 968
9414 94 Nov'30 _-_7
4
1940 A0
Mid of N J let en be
814 85
84 June'30
9614 9912
98 Dec'30
99
Mil& Nor 1st set 4148(1880)1934 J D 97
4
983 99
4
1
/
9912 9712 Jan'31 _-_80 10214
Cone ext 43.4, (1884)
1934 J D 97
Jan'31
85
91
90
91 Dec'30 _-_05
90
964
654 784 Mil Spar & N W let gu 48-1947 M
7012 -- 73 Dec'30
90 Apr'28 ____
ilw & State Line let 3145_ .1941 J
.24
4
9614 - - 983 Feb
iire
15 30
16
15 Dec'30
-2
96 1607- Minn as St Louie let cons 5e.1934 MN
9812 fof 100 Nov'30
13
21
3
414
1934 MN 21 Sale 21
CUs 01 deposit
6 10912 11252
111
11012 Sale 11018
16
3
5
7
16
7 Sale
1949 MS
let & refunding gold 4a
10614 23 104 c108
10512 Sale 10514
4
1
/
15
8
4
83 Dec'30
20
8
98
95
Ref & ext 60-yr Si ear A 1963 J F
96 Nov'30
81
16
10
10 Nov'30
15
1
/
Certelcates of deposit
4
11012 gale 10912 1103 272 1084 113
8378 92
4
1
/ M SIP &BS M con g 4s Int gu '38 J J 8312 Sale 8312
85
7
1 11012 110
109
109 Sale 109
851s 9811
4
/
90
94 101
86 Nov'30
1938 J J
let cone Lis
0618 sale 99
994 16
1
/
914 994
1938I, 9414 Sale 94
9414 13
let cons 68 go as to int
56 104 11214
109 11012 10814 111
86 109
99 Sale 984
1931 M
99 10814
9914 36
10
-year coll trust 6145
30
Sale 10312 106
105
733 100
9414 10118
83
7
19:6 ii 83 Sale 81
let & ref tis series A
52
100
4
993 Sale 9814
91
46
50
65
93 10118
50 Dec'30
1949 M
-year 534e
25
4
993 140
4
983 Sale 9612
9914
92
98
70
21
1978 J J 9712 Sale 97
8014
1st ref 53.4s ear 11
70 Dec'30
80
70
9582
91
12
_ 953 Dec'30
4
323
8
1941 MN 92
let Chicago Terms f 4s
47
18
22
15
18
8
4
4
1
/ 994
92
918 945 Mississippi Central let 55_1949• J 86814 683016 623 De806
880
9 ,4
'
c
6 30
- 944 Aug'30
9614
SO
50
1959 J J
RR 1s1 Se ear A
7
.
9712 Rh 9712 9712 3 95 8 10512
937 101
D
8512 92
10
Mo Kan & Tax let gold 4e 1990
94 Dec'30
4
1
/
974 104
103 1061s Mo-K-T RR pr ilen Si ear A_1962• J 10112 Sale 1003
4 1023
4 59
103 Nov'30
4
1
/
9614 10312
98
89
8412 93
18
1962 J J 8918 90
-year 45 serlee B
40
HIE; 104 10118 103 11 934 100
1
/
024 101
96
1978 J J 96 Sale 98
Prior lien 4145 ear D
5
Oct'30
100
86 108%
97 10014
Cum adjust & ear A Jan 1987 AO 93 Sale 894
9312 305
100 Sept'30
944
4
4
1
/
99 102
8 112 108
1965 FA 993 Sale 974 100
75
Mo Pao let arlref 66 ear A
100 11514 10114 Dec'30
82%
74
4
953 101
63
274
1975 MS 7212 Sale 7012
General 45
5
4
1003
4
10014 1003 10014
9912 10112
9812 Sale 98
81 103
1977 M
9912 282
1st & ref Se series F
- - 0912 June'30
100
4
1
/
99
8812 1024
82
1978 MN 99 sale 9734
8
99 4 102
1st & ref 1511 serG
5
10014
10014 gale 100
N 9912 Sale 9512
4
1
/
87 113
93 10214
1949
9912 57
Cony gold 5345
1004 87
1004 Sale 99
99
8914 103
97
1980 AO 9814 Sale 9712
(3E12 8512
let ref g 6s series H
7814 177
774 Sale 76
Ill
95
Mo Pao 3d 78 ext at 4% July 1938 MN 9378 ____ 94 Nov'30
:
100 100
91
00 M av 0
106 N0 r 330
9834 Mob & Bit prior lien g be
1945• J
3
95 8 96 Dec'30
95
J J
81
4
97
863
81
Small
8612 Dec'30
86
82
84 Dec'30
971e
4
1
/ 823
84
4
1945 .1
let M gold 48
8614 8234 June'30
84
894
82 Dec'30
12
87
87
80
83
J
Small
8912 8912 Dec'30
86
3
923 96
- -1 95 Oct'30
73
68
73 Mar'30
Mobile & Ohio gen gold 4s....1938 M
961a 104
10252 103 Dec'30
4
868 9412
91
Montgomery Div let g 5s.1947 FA
904 92 I 90
88 I 9412 Oct'30
9414 98
871 8712
.
1977 MS
Ref & impt 43,41
8712 Mar'30
9811
89
8414 95
1938 M S 89 Sale 89
904 35
92
Sec 5% notes
55
8
9112 917 9034
89
901 Aug'30 _-_864 904
81
:
1991 MS 8812 92
& Mallet gu gold 48
Mob
5
8033
8214 ----, 80
Jan'31 ____ 106 10812
8212 92
1937.1, 10612 10912 105
Mont C let gu 6s
89 I 86
,
88 2 28
87
10218 10112 10212 Nov'30
95 10212
874 9014
1937 .1
1s1 guar gold Si
1 90 Aug'30
8
4
883
85
77
4
993 1074 Morris & Ease: let gu 8348.2000 J D 815 sale 8458
78
10318 108 101 Dec'30
1968 MN 10612 10714 107
10712 15 102 109
2 107 112
Constr M 8e eer A
10714 110 10912 10912
4
8
96/1 1081
102
92 1021s
75
1955 MN 10114 Sale 10114
M 4148 ser B
Constr
9812 91
98 Sale 9614
884 94
91 Nov'30
8918 93
9712
8
9418
95
89
4
/
741 77
3
flee A.1978 F A 933 95
Nasb Chat% & St L
3
75 4 ---- 7514 Nov'30
101 104 1023 Nov'30
100 10812
4
88
82
N Fla & 13 let gu g 54
82 Dec'30
8
825 84
18 July'28
5 F
7411 80
19 7 J
Nat By of Me: pr Uen 410_1937.I
Oct'30
79
7312 78
123 July'28
4
7514 7812
July 1914 coupon on
5
77
77 Bale 77
1--2T2 -12 434
4
1
/
8
823 87
4
43
Anent cash war rot No.4 on
83 Dec'30
4
833 86
212 ---- 878 Aug'29
3
85 8 85
4
1
/
Our 70-year e f 48
3
8018 _--- 85 8 Oct'30
____
--11 10
6 Nov'30
89
5 on
9414
Anent cash war rot No.1977I
9014
9014 __-- 9014
July'28
3512
9212 9212 Nat RR Me: pr lien 4345 OcC26
9212 Apr'30
47 l68
7
7 Bale
7
Assent cash war rat No 4 on
22 Apr'28
9678 10718
102
lit control 4s
84
102 Bale 99
4
1
/ 4
3
4
88
4
4
87 100
414
Assent casts war ret No. don A-15
39
95
9478
96
95
8514 8912
8914 8914 Naugatuck RR let g 4s__1954
- 88 Aug'30
4
813
3
8
913
9114 ---- 9138
9814 101
974 New England RR cons 58_1945 J
98 105 101 Dec'30
90
9312 Nov'30
95
8814 94
9012 88
84 90
88
85
2
Cooed guar 4s
4 __4
843
843 Sale 8434
92
85
100 10414 NJ Juno RR guar let 48-1 9 6 1 A 8812 91
92 Nov'30 _
8
194 F 1
3
01
10314 ____ 10314 Dec'30
4
1
/ 97
92
100 10414 N OatNE let ref & Imp% 4.14, A'52 J J ____ 954 9534 Oct'30
1
/
_
10312 Dec'30
86
94
9
91 Sale
74 106
0
15
1983 J
New Orleans Term let 4s
43
87
78
8618 87
8
953 we
31
:
921 N 0 Tease & Mex n-fi In° 68 1935 A 0 98 100
98
98
1
244
56
55 Bale 40
9712
53
8 13, En lows
923
9212 Sale 9218
let 59 serlee
5
70
724 76 65
4
/
604 100
9112 96
96 1011
9278
93
20
aeries
1.1
65
65
9
80
71
96
89
831e 89 Dec'30
4
1
/ 81's
69
1956 F A 82
_
1st 4 lie eeriest D
70
70
5
8
695 72
944 A .1
956 J 0 10018 Sale 98
9412
4
1
/
96 10512
70
1004 13
1
let Me series
7112
7112 Sale 7112
4
973
9812 N C Bdge gen Al
96
71
96
1
9614 ---- 96
1
guar 414e_
724 7238
724
35
984 100
12
_ 100 Mar'30
5
8
1 9 A A
134 Dec'30
NYB&MBletcong 55_193 r O 100
1214 15
3412 NY Cent RR cony deb /
13
4
4
1063 149 105 1073
4
1
1 ._1936 MN 10614 Sale 10614
21
15
15 Bale 15
96' Sale 9612
2
4
23 10
9712 148
8818 974
5
75
5
5 Sale
Consol 45 len,. A
4
1
/ 97,
87
8 16
97 103 0
7
4 12
943
Ref & imp 4144 series A _ 2013 A 0 102 Sale 10134 1027
9412 9512 94
109
138 103 110
4
1
/
10014 Apr'28
& Impt 55 serf* C_._ 2018 A 0 10814 Sale 107
85 Sale 8434
834 --7
go 2 Fel
8612 24
s
78k, 864
-Eir 9114 90
Oct'30
8%41997
Cent Hod
9412 gm. Y Registered RIT Ai
8318 85
8214 Dec'30
86
76
964 Sale 953
4
8 18
963
744 c82
4 85
1003
97 100
4
1
/
1997 M I
1934 1 N 10012 Sale 10014
80
42
8012 78
Debenture gold 45
78
8
93 104
2
4
983
93
8 38
984
1942 .1 .1 9712 983 9834
-year debenture 48
30
10114 Sale 9912 1007
85
8312
884 074
15
1
/
754 84 4
7
1948
9412 21
Lake Shore coll gold 3348_1998 F A 8334 85
9412 Sale 9314
74
8658 961s
8514 7978
8212 13
751s 851
4
7
93
93 Sale 9134
Registered
8514 92
84
84
7
1
7612 85
19
92 Sept'30
8
86
Mich Cent coil gold 3%5 99 F A 83 8 86
88
3
95 4
84
80
84
80
3
Oct'30
78
804
4
953 94
Registered
80
89
89
9812 12
9912
94
N Y Chic & St L 1st 45
1937 A 0 9812 Sale 9712
92 __-- 89 Apr'30
9314 Mar'30
4
1
/ 93
93
4
1
/
1937 A 0
Registered
8
100 1023
103
6 52
10018
97 102
25
5
- 103
100
-year debenture 4s
1
93 m
1931 M N 10012 1- 6- - 10018
99 10314
10012 Nov'30
100 102
4
1
/
- 12
2d 64 series A B 0
100 101 100 Dec'30
79'4 8614
2
86
8 36
1932 A 0 10133 g;le- 1004 1013
99 10311s
86 Sale 85
4
1
/ 844
77
1
/
8312 Nov'30
32
107
8118 85
Refunding 514e series A 1974 A 0 107 Sale 10358
R6%lgnedidinege183
8
985 108
4
/
(01011
387
8 Ei
1003
106
10614 16 10512 1084
Refunding 514e series B 1978 J 9
975 m 1
10014 Sale 10014
994 10014
8
923 495
9112 Sale 9118
_ 10014 June'30
Ref 4)48 aeries C
8004 9914
10714
21 103
104
Y Connect lug.. 434, A 1953 F A 101 10314 102
4
10314 64' 9618 1031
8
1005 105 104
96 10314
1st guar 58 series B
4
1013
7 100 10511
1953 F A 104 105 10418
99 10012 964 Dec'30
804 94
8812 47
8
N Y & Erie let eat gold 45..1947 M N 917 ____ 9234 Dec'30
941s
89
88 Sale 8534
86
8918
134
8
100 June'30
- 86
1933 M S
100 100
3d ext gold 434e
954 104
14
99
99 Sale 9714
8
95%
96
104 106 10312 10312 16 102 1107 N & Greenw L gu 35s-1946 M N ____ 9712 9534 Dec'30
99 106
1
___ - 80 Dec'30
N Y & Harlem gold 3348_2000 MN 79
7
85 8
80
102 10412 99 Dec'30
864 943 N Y Lack & W let & ref gu 55'73 P.1 N 10114
4
9718 Oct'29
6
8
867
4
- 853
1003 1114
s
1st & ref gu 4%a ser B-__1973 M N 101 --- 102 Dec'30
4
1137
8818- - - 4
1094 1133 10038 Dec'30
8712 93
NY & Jersey let 581
1932 F A 101 Bale 10012 101
8
9911 1014
883 ---- 93 Nov'30
3
10412 10 103145109
NY & Long Branch gen 45_1941 M S 8614 ____ 8838 Aug'30
10418 ___- 104
884 88 8
3
9914 101
NY&NE Bost Term 48_1939 A 0 81,23 8
8
0
8 D ly:2
7
8514 Jum 3
8
1003 ___- 10058 Dec'30
8
985 983 NYNHas n-ti deb 4s_1947 M
8
-- 9838 Sept'30
10018
t
'Wai 90
8812 98
4
Non-cony debenture 33,40_1947 M 8 6418 8212 8218 Dec'30
903 Dec'30
9178 15
8314
77
99
99
_
Non-cony debenture 3%6.1964 A 0 75 Bale 73
99 Sept'30._
654 81
7
75 8 13
871s 94
Dec'30
Non-conv debenture 4s
8
1955 J j 8234 85
93-- 9114
83
797 8814
9018 127
83
3
9914 10118
Jan'31..__.
Non-conv debenture 48_ 194 1 N 187186312 Sale6 10 17 8
4
5
81 4 80
98 M J
184:2
733s 884
101 102 101
3
4
1
/
97 10212
Cony debenture 310
,
10012 Sale 9812 100 2 17
18
1956
8211 8114
J
973
87
4
9312
1
9312;
9312 95
Cony debenture 68
178623
18 4 69 110 185
3
WA 100 4
4
e_ 10
-- 993 Dec'30'_
;1.. 10434 Dec63
'
ec 0
l0 34
4
993
110 131
87
54
R e1e tni
Coilatraleed et 6i
iii
71
1940 1
70 Sale 61
A
101 10012 mese
10534
891i 96
Debenture 45
1
94
94
98
1967 se N 7412 Sale 72
2
4
831
66
94
7412
4
101 1043
let & ref 43.4i ger of 1927.19871
4
937 Sale 923
851s 974
8
4
1033 __-- 1043 Oct'30
9414 135
4
9414 99
70
99
Harlem R & Pt Chem let 451954 MN 89
92
10
9212 8914
2
4
873 93
973 Bale 9734
924 9412 NYO&W ref g 48__June 1992
6514
__- 9412 Nov'30
36
4612 83
S
D 4612 Sale 4012
4
993 1011s
General
16012 __ 101 Dec'30
1955
54
35
28
3812 3118
3514 15
4
1
/
ideeenee & Boston 4s 1942 A 0 95_ 92
N
5 103 108
12
Oct'30
0012 93
10512 Sale 10412 10512
9912 10612 N y & potnem tetcongu4e 1933 A 0 9212 -- -12 9218
2
7
108
8512 96
93
8
92,
104 106 106
95 103
NY Suel dc West let ref 58.1937 .I A 69
69
5
8 51
1023
8618
1 93 F J
70
70
7
70
8
1017 10214 101
911s 95
2d gold 414e
8
76
76
75 nac 3
3
8
8914 8812 M er:30
9318 _ -- 95 Dec'30
70
55
65
General gold be
79
55 Dec'30
58
1940 F A 55
6312 1812 65 Dec'30
4
1
/
97 1023
8
941* 1004
Terminal let gold be
1943 M N
8
9814 1013 100 Dec'30
8712 98
4
1
/ 92 4
77
N Y W'ohes & B let ger I 4145 '46 J
.
1
8
8618 55
87
86 Sale 82
8812 86
8712
89 10212 1074
106
904 98
Nord Ry ext'l sink f und 61 1950 A 0 10512 Sale 10514
12
96
45
/
96
96
94
17
4
45
3014 79
9838 1003 Norfolk South 1st & ref A 58_1961 F A 43 Sale 36
100 _--- 100 Dec'30
80
99
Norfolk & South let gold 54_1941 M N 74
80 Dec'30
85
8
4
1
/ Norfolk & West RR gen 68-1931 M N 1004 Sale 1007
1007
1
4
1
/
100 4 10212
99 102
8
8
1027 Dec'30
1003
4
4
1
/
103 104
4
1
/
724 7714
Improvement & eat 6i,,.-1934 F A 10234 ____ 10414 Aug'30
8
774
Sale 734
7714
10214 10211
.10214 June'30
60
71
New River let gold 61__..l932 A 0 10114
3
67
67 Bale 67
064 40
: N & W By lit eons 11 U-1996 A 0 91.s‘
9012 9814
0612
9714 1001
)
9 12 t1I a
4
993 9812 Jan'31 ---97
on
87
nag,
90 9584
1
,
1 ga
864 ____ 8814 on'fln
Bid
27
1934
Mahon Ceal Bit lit Si
Manila RR (South Lines) 44_1939
1919
latex% 45
IlanIte ea ill W Oolenisali Si 1914
%fan GB&NW 1st 3 tia. _1941
e Cash sales S Due Februarys a Optloa 8/11036
Range
for Year
1930.
1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 9.
.14
New York Bond Record- -Continued-Page 4
tl
3
Price
Friday
Jars. 9.
Weer*
Range or
tarn Sale.
.
g
ea
Bid
Ask Low
High No.
Dot
-folk & West(Conelsiln)D141 lit lien & gen g 44-1944 .1 .1 9614 99 99
Jan'31
Poach C & C joint 45
1941 J D 9612 9712 9634
963
4
1
North Cent gen & ref 51 A-1974 M S 10312 ---- 107 Nov'30 --Gen ref 441 ser A
1974 ril S 1004
- 104 Sept'30 -North Ohio llt guar g 54
1945 A 0 90 -94 90
90
1
North Pacific prior lien 4s...1997 Q J 95 4 Sale 9534
3
97
141
Q J 9312
Registered
-- 934
95
5
Gen lien ry & IS g 3.4-14D 2041 Q F 6818 69
6814
6914 23
Registered
Jan 2047 Q F 67 Sale 67
67
10
Ref & impt 434i series A2047 J
993 Sale 9818 101
4
75
Ref & impt 64 series B2047 J J 11212 Sale 11114 11212 39
Ref &'mot 54 series C___.2047 ▪ J 1043 Sale 103
4
104 4 13
8
Ref & Imps 50 series D-2047 J J 10312 105 10214 104
92
Nor Pao Term Co let g 61-1933 J J 104 1094 10314 Dec'30 ---Nor Ry of Calif guar g 5a-1938 A 0 102
__ 10418 Oct'30
Oa & L Chem let gu g 4a-1948
____ -7
9
78 Dec'30 ____
Ohio Connecting By let 44-1943 M 5 9414
9414 Dec'30
Ohio River RR lit g be
_
1938 J D
_ 10212 Dec'30 ____
General gold 15/
1937 A o jai
10118 Dec'30 ....-Oregon RR & Nay con g 44_1948 J D 9414 98
95
95
5
Ore Short Line lit conic 64_1948 J J 10812 109 108 Dec'30 ---Outer stpd cons fa.--..1948 J J 10812 1083 108 Dec'30 --__
4
Otegon-Wash 1,1 & ref 44-1961 J
948 Sale 93
4
955 185
3
Pantie Coast Co let g 5. 1946 J D _
54
50
53
2
Pao RR of Mo let art 4-.1938 F A 15714
9614
9014 19
2d extended gold 54
1938 J J
100 Dec'30
Paducah & liii let if g 4 Ms 1955 J
9518 ____ 10018 Dec'30 ____
Parls-Lyons-Med RR exU 8.1968 F A 1044 Sale 104
1067
57
Sinking fund external 71-1958 M S 107 Sale 1065
1071
93
Pane-Orleans RR ext 544_1968
S 10254 Sale 102
10238 14
7
Pauline By let & ref.I 74_1942 M
89
95
90 Dec'30 --__
Pennsylvania RR cone g 44_1943 M N 978
__ 97 Dec'30
Conaol gold 46
N 98 1812 98 Dec'30 ____
1948
44 sterl atpd dollar_May 1 1948
N 9712 987 9812
4
9878 10
Registered
98 Dec'30 -__
Consol sink fund 411s__1960 F A 105 107 10514
10714 53
General 494a series A__1965 J
10318 Bale 1023 c104
4
80
General as series B
1968 J D 11014 Sale 109
111
38
15
-year secured 634'
1936 F A 10912 Sale 109
10912 46
Registered
F A --------10811 Oct'30 ___
40
-year secured gold 64-1984 M N 10412 Bale 104
105
98
Deb g 411s
1970 A 0 9714 Sale 9714
9814 331
Pa Co gu 3Mt eon tor A reg-1937 M
9014 ---- 95 Sept'30 --Guar 834.coil trust gee B-1941 F A 867 ____ 8912 Dec'30 -__
8
Guar 811. trust ens 0-1942 J D 8812 ___ 874 Dec'30
Guar 311e trust one D...-191.4 J D 88 92 894 Nov'30
Guar 15 -year golds 44-1931 A 0 10014 1008 10018 1004
-25
4
1
Guar 44 ser Z trust ans.-1952 M N 92
94
924 21
92
Secured gold 4341
1983 MN 102 Sale 10012 102
113
Pa Ohio & Det lit & ref 4MaA'77 A 0 10012 Sale 10012 10212
16
Peoria & Eastern let eons 44_1940 A 0 80 Sale 80
82 4
3
8
Income la
April 1900 Apr. ___ 25
20 Dec'30 -__
Peoria & Pekin Un lit 544_1974 F A 10114 10112 100
100
9
Pere Marquette In ser A 54-19150 I J 10412 Sale 10438 105
17
lit 44 series B
1958 J J 940 Sale 9414
943
4 38
let g 4 Ma merles 0
1980 M S 100 Sale 100
53
10114 72
Pallet Bait & Waeh lot g 44_1943 M N 983 sate 983
4
4
983
4
1
General 64 seeks B
1974 F A 1091/
10912 Nov'30
--
-_
Range
for Year
1930.
Low
High
914 99
9284 97
100 107
98 104
92
991a
884 97
863 93
1
%
83 4 70
7
53
82
6918
954 102
109 1151s
10013 107
101 1063
4
10314 10512
101 10414
77
83
924 964
100 10212
99 10314
91
96
104 109
103 a 109
7
8812 96
60
624
9214 1004
974 101
98 10112
102 105
12
10314c1074
993 1054
4
• 90 103
9204
92% 984
923* 994
924 99
9212 9312
98 4 106 4
8
,
974 10412
105 8 1125,
3
10718 1114
10814 109
9914 105 4
3
913
01013
8
90
95
87
9112
87 4 90
8
84% 89 4
8
987 1003
4
4
894 954
1
95 103
94 1 102
1
/
1
4
75
9014
7
20
37
101 1044
101 106
90
964
9514 103
93 98
11
1101.
1068
4
BONDS
N. Y STOCK EXCHANGE
Week Ended Jan. 9.
285
priaair
Jan.9.
Pri"
Wiles
Range or
Lass Sale.
irsa
Ask Low
litoh No
A 0 45
Seaboard Ale Line letg
60
45
48
2
Gold 44 stamped
1950 A 0 4412 48
Adjustment 53
425
5
6
2
Clot 1949 FA
17
7
Refunding 4s
20
1959 A 0 19 gale 18
76
lit & eons Si series A
19
214
1945 M S 19 Sale 175,
M s 56 sale 4712 Jan'31 _2;04
Atl & Birm 30-yr 1e590_0983
_
Seaboard All Fla let go es A-1935 F A 100 11
4
834
12
24
series B
1985 F A 12 Sale 12
Seaboard & Roan lat Si extd 1931 J .1 90
98
90 Nov'30
& N Ala cons gu g 511
107 Dec'30 ---8
1936 F A 1003
Gen coos guar 50-yrfo1963 A 0 1093 ___- 08's Dec'30
4
So Pao coil 4e (Cent Pee eoll) t'49 J D 9313 Bale 92
94
61
let 434e(Oregon Lines) A.1977 M 13 101 sale 0053 1017 269
4
D 10214 Salo 102
20-year cony 54
10214
1934
4
Gold 4144
984 67
1988 IN S 9812 Sale 98
N 995 Sale 9712
Gold 411e with war
997 372
1989
San Fran Term lit M..---1950 A 0 9512 9614 9412
98
37
A 0
Registered
--- 87 Dec'30 ____
So Pat of Cal lit con gu g 54-1937 M N
103 Dec'30
So Pao Coast let go g 4IL-1937 .7 J 6 3
9 r8
8
98 June'30
So Pao RR let ref 4s
4
97'z 215
1955 J I 963 Sale 9612
J95 Sept'30 ---j j
Registered
9212 May'30
Stamped (Federal tax)-1955
Southern By let oons g 44-1994 J J 110 Sale 10912 110
40
J .1
10814 Oct'30
Registered
Dere)& gen Di eerie, A__1956 A 0 873 Sale 87
g
884 84
Devel & gen 04
113
28
1956 A 0 113 118 112
Develop & gen 6741
11712 70
1958 A 0 117 Sale 118
Mein Div let g Si
1996 J J 101 106 100 Dec'30 - - - St Louis Div let g 44-1951
J 89
894 8912 Dec'30 _-_East Tenn reorg lien g M-1938 M S 99
-- 101 Nov'30
Mob & Ohio coil Sr 44.....-1938 NI 5 _-__ 14
94
94
5
Spokane Internat lat g 54-1955
J 4412 50
4412
4412
2
Staten Island By ln 444-.1943• D
87
Oct'30 ____
Sunbury & Lewiston let 44_1936 J
---95 Apr'28
Tenn Cent lit 6s A or B___.1947 AG 99
J-- 92
90
91
22
Term Assn of St List g 410-1939 A 0 101 1013 994 100
4
4
ist eons gold 5.
1944 F A 1034 105 10312 Dec'30
Gen refund e I g 4a
9314
5
1953 .1 J 914 9314 9314
Texarkana & Ft 13 1.5 694,A 1950 F A 104 Sale 10214 104
36
993
4
Tex & N 0 corn gold 5s_Aug 1943
-- 101 JU1Y.
30 Texas & Pao lit gold 5....._..2000J D 11014 1124 1094 11212 19
9d hic5e(Mar'28ep on)Dec2000 M137 - 95 Mar'29
__
Oen & ref be Donee B
gife 9918 100
1977 A 0
so
Gen & ref as series C
4
92
1979 A 0 983 Sale 984 100
La Div B L 1st g be
__- 993 Dec'30
4
1981 J J
Tex Pie-Mo Pao Ter 510-1964 M S 10212 Sale 10074 10212 23
Tol & Ohio Cent let BM 56-1935 J 1 101
____ 101
101
3
Western Div 1st g Bs
12
1935 A 0--100 Nov'30 ---Gen golds.
10212 1007 Oct'30
8
1985• D
Tol St L &
10-yr g 44„....1950 A 0 90 Sale 90
90
1
Tol W V &0gu 43.16 A
100
1
1931 J J 100 __-- 100
let guar 4 94e series B
1933 J J 9812 ____ 10013 Oct'30
let guar 4s series C
1942
Toronto Ham & Buff let g 46 1946 MS 91 - -1- 914 °cV131°
J D 95
13 2 95
9 1
903* 903*
Ulster & Del lit cons g 54---1 2 J D 87
9053
5
98
75
7912 7514
76
12
fitort as to Deo
& ins•aotat
1111 13011.9 5.OM of Sep
75 18
50
86 507 June'30 --_5
4
51
75
_
lit refunding g 44
1952
POW/pine By let 80-yr if as'87 J J 2318 Bale 23
23% 11
2284 $2
99 Sale 98
Union Pao let RR & Id gr 44-1947 .7
9912 75
Pins Creek rag let tis
1932 J D 1024
- 10212 Dec'30
-----94 3 Dec'30
5
102 10313
• J
Registered
_
Pllt.& W Va let 411s ser A-I958 J D 924 --.- 91 Dec'30
___
903 97
4
38 Bale 963
M
4
98
let lien &
95
1st M 411s series B
1959 A 0 924
-- 94
9414 15 92 9675 Gold 431eref 4s____June 2008 I 17 101 Sale 1004 1014 87
.3
1s1 M 4314 series C
1967
1960 A 0 9434 96 93 3
5
95 4 50
3
92 c9812
*
let lien & ref 54----June 2008 M S 1105 11214 1103
4 1123
4 13
C 0& St L gu 4 Ma A
1940 A 0 1014 _ 1014 10112
4
9714 102 3
40
-year gold 45
,
94
93
1968 ▪ D 9334 Sale 9314
Banes B 4114 guar
1942 A 0 101 1023- 993 Dec'30 ____
4
4
964 10212 1J N J RR & Can gen 44.--1944 111 8 97 ---- 98
98
2
Series C 434. guar
1942 M N 9812 _
9712 Dec'29
Utah & Nor let ext 4a
1933 I J --------100 Sept'30 ___
Series D 4e guar
1945 MN 9534 ___- 9814 Sept'30
5414 984 Vandal% cons g 41 socks A-1955 F A 95 4 ---- 97 Nov'30
8
Series E 334. guar gold 1949 F A 8712 ---- 95 June'30 ____
93 95
4
1
8
Cons I 4s series B
1957 MN 95 4 ---- 824 May'28
Series F 44 gua.r gold-- 1953 J 1)
967 Dec'30
8
454 64 4 Dec'30
981 984 Vera Crus & P assent 410_1934
4
Series Ci 44 guar
1957 M N 96
97 Aug'30
__ 10013 Dec'30
VlrglnlaMldbaeeriesF
96 4 97
8
1981 W.
030 "
Series H cone guar 44---1960 F A
97
N 100- 1023 Dec'30
94 8 98 4
1014 10212
5
General 54
8
4
Series I eons guar 444_1983 F A 102 ---- 1004 Nov'30
.1 97 10012 9712 Dec'30 ---97 105
Vs & Southw'n lat go 54- 2003
Series J cons guar 6119-1964 MN 10312 __- 102 Nov'30 ____
Dec'30 _
994 10313
80
77
lat cone 50
77
-year 54
1958 A 0 _
2
General M 5. aeries A
1970 J D 11018 sale 11018 11018
3 104 4 113
3
12 Virginia By let 64 feria A_1982 m N i071-4 Sale 10614 1084 53
Registered
J D --------1072
10714 10714
1st M 414e eerie(' B
a
1962 M N 1005 10112 10012 101
28
Gen mtge gun fis ger B-1976 A 0 11014 113 109 g Mar'30
110
23 1053 112
4
Wabaah RR
8 103
1939 M N 103 10412 1023
6
Gen 411e aeries 0
1977• J
sale 1003 102 488 9612 10138 2d gold ba lit gold 5e
4
1939 F A 102 Sale 10112 102
12
PhD McK & 1st gu 84-1932 J .1 102
__- 103 Dec'30 --__ 1014 103
Ref & gen f 5 Me eer A-1975 M 8 100 Sale 974 10014 45
9d guar 64
1934 .1 J 10318 ____ 102138 Oct'30
j
1023 1044
8
Deb es series B registered-1939
984 May'29
Pitts Sh & L E 1st g 14-1940 A 0 10112 ---_ 101
101
1 100 4 103
5
let lien 50-Yr g term 44-1954
J 854 894 9412
9412
4
lit comet gold 55
1943 J J 101
____ 100 4 Aug'29
3
Det & Chic ext lgt ta
10012 Oct'30 ---1941 g J
Pitt. Va & Char let 44
1943 MN 928 ____ 923 Mar'30
3
4
-5
.
24 --.1.._ 90 Dec'30
Dee Moines Div let g 44-1989
94
2
Pitts Y & Ash Jet 4s set A 1948 J D 9314 __ 9213
0253
8
9111 98
Omaha Div let g 348-A941 A 0 86 88
8714
874
let gen 64 series B
4
1982 F A 102
- 105 June'30
1024 105
Tol de Chic Div g 421
927 9214 Dec'30 --_1941 m 8 91
In gen 54 series C
1974 J D 102
Wabash By ref & gen 64 B-1976 F A 94% Sale 943*
as
95% 66
Providence Secur deb 41_ _1957 MN 66
754 754 Nov'30 ---75
8214
Ref & gen 4748 series C..-1973 A 0 88 Sale 86
89
1 1
103
Providence Term let 4.. 1966 115 5 77
9212 70 Nov'30 ____
70
Ref & gen 58 series D
8614
96
1980 A 0 96 Sale 94
Reading Co jersey Cen coil le'81 A 0 97
198
98
90
98
12
90 91 4 Warren let ref go g 341-2000 F A --3
904 Dec'30 ____
Gen & ref 4
eeries A
1997 J
1024 Sale 102
1023
4 45
96 1034 Wash Cent 1st gold 41
--- 81 Nov'30
9174
Gen & ref 414s aeries 11- 1997J J 10174 Sale 10173 10258 61
1948 Q M
97 10314 Wash Term let go 8314-1945 F A 914 92% 9
Rensselaer 6: Saratoga e1......1941 M N 10914
91
014
23
- 103
Oct'30
10913 113
lit 40
-year guar 41
3
1945 F A 95 4 -- -- 88 Dec'30 ---Rich & Men lst g 44
7212 7912 Sept'30
1948 M N
7912 7974 West'n Maryland tat
A 0 83 Sale 7912
Riohm Term By let go 5s-1952 J J
83
129
____ 103 Sept'30 ____ 101 103
let A ref 5113 series 5_1977 J J 957 Sale 94
Rio Grande June let gu 54-1939 J I) 91 100 100 Dec'30
9012 211
---94 10218 West N Y A Pa lit g 6a
Rio Grande Sou let gold 44_1949 J J
1937 J .1 10218 ___ 10018 Dec'30 ---7 May'28
Gen gold 44
Guar 44 (Jan 1922 coupon)'40
9212 12
1943 A 0 9212 Sale 92%
J
7
712 Apr'28
Western Pao let 55 sea A....1948 NI 13 9614 Sale 9512
Rio Grande Wen let gold 4.J939• J 92
97
127
9414 92
93
6
lifts
Registered
--------97 Feb'30 ____
let con & coil cruet 4a A 1949 A 0 84 Sale 83
84
8
79
91
West Shore 1.5 4$ guar
le 92
R I Ark & Louis let 4114_1934 91 El 100 Sale 9918
2361 J J
93%
7
100
22
95 4 1014
8
Registered
Hut
-Canada lat go•44
2361 J J 8012 915* 90
90
2
1949 j.378 Sept'30 --__
75
78
Wheel & L E ref 470sec A-1966 86 5 88
90
Rutland lit con•1145
9114 Dec'30 _-__
1941 J J -8Y ---- 92
2 90
Oct'30
$36
94
Refunding 54. series 13.--1986 M S
10114 Nov'30
RR let consol 44
M S
9012 89 Dec'30
et Jog & Grand III let 44_1947 J J 873 -___ 8812
4
884 10
85
8914 Wilk & East let gu g 64_1 8 J D 4312 48
427g Jan'31 ____
It Law? & Adir lst g 56
942
99
4
3
1996 J J 9343
_ 96 Nov'30 ____
98 98
J D 993 ____ 10212 Sept'30 ____
4
2d gold es
1998 A 0 100 103 10412 Nov'30 ___. 101 10412 Will & 8 F let gold 54
- _Winston-Salem SB let 44_1960 7 J 8812 --- 90 Nov'30 --__
Si LA Calrc guar st 44
1931 J
1004 10012 998 Dec'30
10014 WI.Cent 50
-pr lit gen 44-.1949 .7 .1 5912 Sale 513
sit Ir Mt & can con 56_1931 A 0 10034 Sale 10014
4
594 26
10012 60
993 102
4
Sup& Dul Sly & term let 4.4'36 M N 75
Stamped guar 54
79
75
75
7
1931 A 0 1004 1027 1018 Deo'29
3
4
Woe & Conn Zan lat 4111-1948 J J
Riv & Div lst g
904 Sept'30
1938 911 N
----9812
99
133 -Ws 11171
et L-San Fran pr lien as A-1950 I J
8912 180
S le 88
a3
78
92
7
INDUSTRIALS.
Con M 411eseries A
1978 NI 8 8212 Sale 8212
85
502
71
9514 Abitibi Pow & Pap let 54----1958 J D 78 Sale 70
When issued
78
79
91
Oct'30 ____
89
94
Abraham & Straus/deb 544-1943
Prior lien be serial B
1950 J J 102 Sale 101
102
115
92 c1044
With warranta
A 0 95 4 Sale 954
3
97
11
at Louie & San Fr By gen 01-1981 J J 10113 Sale 1003
4 10118
9 1004 102
Adriatic Elea Co esti 7s.._-..1952 A 0 9012 Sale 87
9212 23
General gold 5a
1981 J J 10012 Sale 10012 10012 14 100
1011 Adams Express coil tr g 4a _ _1948 M S 843* Sale 845,
,
84 2
8
1
St L Peor & N W 1st gn 64-1948 J j 104 106 104
104
15 101 1051 Max Rubber let 15-yr s
5
12
12
5
12
f 84-1988 J P
1
St Louie Sou lit gu g 44-1931 M 5 ---993 Dec'30 ____
4
9414 SA Alaska Gold M deb es A___-1925 M S
534 12
8 Oct'30
W lit g Is bond env-1989 MN 86
LB85
87 8512
86
18
847 918
8
4
Cony dabs,aeries B
514 9
514 Jan'31
1938 ▪ s
2d g as Inc bond etfs Nov 1989 J J ---- 7912 8214 Oct'30 ---76 s 847 Albany Pefor Wrap Pap
7
s
A 0 ---- 8812 93 Dec'30 ---Coneol gold 44
1932 J D 993 Sale 9912 100
38
974 1004 Allegheny Corp ool tr 5s64_1948 F A 84 Sale 8134
843 363
1944
4
lit terminal unifying 64-1982 .8 .1 96 Sale 93
96
10
81 103
Coll & cony 58
319
84
1949 J D 8234 Sale 81
$t Paul&K Sh L lat 446_1941 F A 97 Sale 96
9714 13
93 997
a
Coll & cony 5e
83
196
1950 A 0 8212 Sale 80
1981 F A
St Paul & Duluth 1st in
___ 1004 Aug'30
1004 1007 Allis-Chalmers Mfg deb 58_1937
3
N 10112 Sale 10012 102
49
lst °ousel gold 44
1088 J D 10089
96
89
89
1
9119 954 Alpine-Montan Steel let 74 1955 itt 37 84
90
86
88
10
in Paul E Or Trk 1e5434 1941 J J
9718 Aug'30
9918 994 Am Agri° Chem lit ref i171041 F A 10312 sate 10314
104
23
.1 981
-__ 9812
2t Paul Minn & Man eon 41_1933
9812
1
96 10034 Amer Beet
47
6
1034 105 10414 Dec'30 ____ 103 10584 American Bug cony deb 84_1935 FA 47 Sale 42
21933 1
let canon g Se
Chain deb if 8a...A933 A 0 983 Salo 9814
4
984 14
1003 102 1003
4
Si reduced to gold 444-1983
4 100 4 15
3
975 104
3
Am Cot 011 debenture 5._
1931 Pd N 10012 ____ 10078 Jan'31 --_J_ 98 Feb'30
Registered
98
Am Cynamid deb be
98
953 92 Dec'30 ____
4
1942 A 0 93
1987 J D -57- "/ 97
7 .
Montext let gold 4s
9 10
97
1
92
9914 Am & Foreign Pow deb 54_2030
S 8312 Sale 7812
8312 380
Pacifies:I guar 44 (sterling)'40• j 95 _ __ 93 Dec'30 __
8934 97
Amer Ices I deb 54
1963 J D 830 85 5312 Jan'31
St Paul lJn Den lit & ref 54_1972 J J 10912 110 10918 110
9 1043* 11013 Amer 10 Chem cony 51611
10114 234
- 49 ▪ N 10012 Sale 99
19
4
Peas lat
fi A &
95
30
48---1989 J J 943 Bale 94
.▪ 3 93
90 067 Am Internal Corp 0011V 544_1949
53
a
9512 90
94
52
Santa Fe Pres & Phen lit $4_1942 M 5 10312 ___ 103 Dec'30 ____
991 1034 Am Mach & Fdy a f es
,
1939 A 0 10414 Sale 10414
10414
1
say Fla & wears in ise
1934 A 0 10312 ____ 106 Dec'30 ___ 103 106
Amer Metal54% notes_1934 A 0 93 Sale 91
9318 206
10012
1934 A 0 1004
10012
1st gold 54
1
99 1034 Am Nat Gas634.(with war)1942 A 0 44 Sale 36
14
44
65
97
94 Dec'30 ___
gelato V&NE 1st gu I4B-1989 MN 94 884 974 Am am & R let 30-yr 54 ser A'47 A 0 1023 Sale .10218
4
1023
4 56
Cash sale. a Due May. 2 Due August, 1 Due June. a Option sales.
Range
for Year
1930.
asaZ
--
--
Low
High
40
704
394 71
4
805*
13
804
1014 79
477
5
% 88
73
n
85
984
100 4 102 s
8
7
1044 1104
Nus 954
4
945, 10274
100 10212
9112 1003
8
93 e1018
4
89
96
87
87
100 104
96
96
91
974
91
95 4
8
92 100
11
103 el128
4
10511 10814
80 4 22
3
10814 120
112 12811
100 108
9718 92 5
7
95 101
901s 96 4
8
44
rg
824 87
_
-87- - 1119 4
97 10214
e99% 108
874 95
1001, 107
13
615114 101
105 1128
4
"iiia 10411
94 1044
9914 1018
4
104 108
98 103
98 101
0
9'44 131
14
984 100
981s 1004
88
9212 95
93
4
904
79
6714 374
7 4 5114
4
0
70
9314 995*
914 97%
557. 107%
9
6
22
10612 113
874 94
9318 9918
984 100
93
97
Ifs;
9114 1014
100 10274
95 1011s
g34 924
101 1091,
96 10214
997 105 1
3
8
06 105
9112 1061
4
-fa- - -11i13 s
100 1034
90
934
814 87 4
3
884 934
84 10214
77
954
84 1024
724 824
834 90
82
924
834 93 1
1
3
74
8811
89 102%
98 10
313
8818 957
8
861, 9944
97 97
55
84
1 94
4
871. 97
983 1014
4
8712 93
40
71
102 10212
884 94
473* 834
65
915
6
90 4 90 4
8
8
68
88 s
5
89 1024
894 1004
80
92
12
al)
114 12
fila 9
85
85 4
1
63 104
14
61 1044
62
9918
99% 103
82% 100
102 1054
35
1775*
97 103
99 101
92 1004
7418 904
797 90
8
95 1084
87 1014
1088 10614
4
85
99 4
1
28
925*
9918 104
New York Bond Record-Continued-Page 5
286
N. Y
BONDS
OrK F3(CHANGE.
Week Ended Jan. 9.
Jan. 9.
Week's
;
&moo or
E
2
,
Lan ba1..
Range
for Year
1930.
a
disIL.. glob
wi ,, , 8:x 8
i4NON
r I
Week Ended Jan. 9.
at
Pries
Jrwas
Jan. 9.
Weal'.
Range or
Lan oak
Range
/or Year
1930,
MO N6 Low
AU Lou
BM
11194
ling.
AIL Low
Hum No. Low
BM
8
784
72
7818 Sale 7712
1
97 7
istP 6C
5
4
1
/ 36 101% 105 s Clec eor m8rpo (German)6148W 3111
104
Amer Sugar Ref S-yr 04----1927 ii 104 Sale 104
3
60 4 944
77 Sale 7514
77
5
5
945 1011e
4
1.00
Am I elep & raker cony 44_1936 MS 97 10012 100
4
795 Dec'30
98
79
4
1 1A
35
Elk Born Cosi 1st & ref 6Ile 1 63 J
991e 105
4
1
/
100 Bale 10012 101
1933 M
cony 4148
-year
$0
6012 Oct'30
57
6012 76
Deb 7% notes (with warr) 19313 D
7
1918 3D 106 Bale 10514 10614 91 103 106 4
110-year coil tr 6s
994 1011
,
BOOR Gas Light let coo 58._1932 61 8 10114 ____ l0bl4 Dec'30
103 105
105 Sept'30
J o
Reginered
190 1001e 1074 Erneeto Breda Co let m 7e1989
107
'.1 lO6s Sale 1057a
1980
81-yr. IT deb 51
F A
84
18
65
65
65 Bale 59
With nit puroh warrants
120 104 4 10912
7
109
Sale 1073
4
1943 MN 10814
80-year • 514s
8
92
94 1004
92 Sale 9178
241 116 1931s Federal Light & Tr let 50_1942 al
8
19811 3.9 129, Sale 12212 130
Con, deb 49fis
11
93
92 1004
92 Bale 92
4
1
/
let lien e 1 etamped _ -1942 NI
458 1001s 108
4
1965 PA 1063 Sale 10534 107
76-yr deb 84
101
6
92 106
1942 Al B 101 Sale 100
let lien 64 stamped
6 103 107
10418
1940 AO 102 104 104
12
99
4
1
/
924 1004
96Ig Bale 9612
610 771 Found deb 6a
1954 J
3u-year deb (Sa eedee B
67
4
1
/
99 103
104
941:
3
93 109
ant Wat Wks& El ool tr 50_ _1984 A0 10214 Sale 10134 104
1939 J D 9412 Bale 9312
1
4
1
/
99 10812 Federated Metals't 75
1976 MN 104 Sale 104
•
17
Dab,6s series
7412 107
85
83 Bale 83
1948
Flat deb 74 (with warn
14
6214 84
62
- 59
1947'.9 63
37
Am Writ Pay let g 8s
83
a
744 945
7914 8312 80
Without stock parch warrant'.
9812
66
671a 41
MN 66 Bale 65Ig
26
6
31
89
31 Bale 3012
Anglo-Chilean a f deb 7a____1945
9
Flak Rubber 1st a f 8a
66
14
18
16
opg 20
Assails (Comp Astio) 7548-1939 J 2 104
4
/
4141 4
1
Ind Dev 20-yr 71 42 J.1 105 Bale 10411 10553 36 103 109
9814 1054 Framerican
10114 1037g Dec'30
:
721 97
Ark & Morn Bridge &Ter 68_1964 M
691g 7212 Dec'30
61
41._1942 MN
4
1
83
92
8411 c9414 Francisco Sugar lat a f 7/
4 Bale 89
Armour & Co (111) 11149____1939 3D 918 Sale 73
103 Nov'30 - _- 1021, 1041g
4
861 French Nat Mall 88 Linn 711949.9 D
71
801g 128
7
92 s
80
16
82
Armour & Co of Del 810___19411 3, 7812 104 10214
1943 F A 82 Bale 81
7 1015 1044 Gannett Co deb fia
4
10212
,
7
99 1034
Associated 0116% gold notes 1936 MS 10211
4
4
1015 1034 Gae&ElolBargC0000a,551949J D 1023 ____ 103 Dec'30 1947• D 101 ---- 1034 June'30
29
92
NA
82
Atlanta Gas L lat 6.
9114 Sale 9018
1939
Gelsenkirchen Mining 6e
Is
1 Nov'30
Atlantic Fruit 78 ens dip---1934• 0
8014 92
8614 33
_ 1258 May'28
Gaol Amer Inveators deb 60_1962 F A 8614 Bale 84
14
D
Stamped etts or deposit
95% 99%
98 4 39
3
1940 A 0 9812 Bale 9853
"
4
1
25
68
80' Ger. Baking deb if /
67 Sale 65
9234 23
93 108%
All Gulf & W 188 L col tr 6,1969 ii 10214 Sale 102
if 691e A-1947 J J 90 Sale 90
4
1
/ 15 100 1034 Gen Cable let
102
J
1937
Atlantic Refit deb 5a
96
95 Nov'30
96
95
F A
94
10612 1071g 10612 10612
108 1074 Oen Electric deb g 3148_1942 j
9
94
Baldw Loco Worn let fts_ _1940 MN 47 Bale 30
J 94 Bale 91
89% 106
47
Gen Elec (Germany) e Jan 15'45
91
44
1937 J
5
4
/
__-- 91 Dec'30
(Corny As) 71
91 124
Baragua
142
1
95
4
1
4
1
/
8 t deb 6/ with warr_1941j J
5
95 4
92
1942 ii 9434 Sale 93
7
91
4
Batavia° Pete guar deb 4148
841e 101
19
90
89 Sale 88
Without warr'ta attaeb41-1940 J D 903 Bale 901a
90%
67
42
86
86
Belding-Hemingway 641. _.1938
80
14
97
8 109I8 34 102 c10813
4
-year f deb 701
1073 Sale 1073
20
103 4 108 100 106%
6,
Bell Telep of Pa 58 series 11 _ _1948
37
9 117 A
11214 29 1084017 Gen Mot Accept deb 80_1 48 AN 10314 "Bale
112 Sale 112
4
1
/
1960
4
102% 15
102% 1023 102
1
7
lat & ref 611 series C
99 4 102 4
57
75
72% Sale 7012
Goal Petrol 1st s f 641
68 e971
4
31
95
89 103
Berlin City Elea Co deb 6Ha 1961 J O 74 Bale 70
11
194 F A
4
/
75
0....-194 JJ 93 Bale 93
661, 96
Gen Pub Seri deb 81
1969 F A
25
Deb sink fund 61411
89 1061
4
34
69
70 673
4
7
634 83 4 Oen'l 8teel Can 5)41 with war'49 J 1 65 Eite 5
1955 * 0 68
3
9
6312 365
7
6
Deb 6.
50 1001
4
14
74
deb 68-1940 & 0 9 12 ie 99
75
7014
4
727
Gen Theatres Equip
96
67
10
85
8514 92 82
4
1
/
81 t 03
Berlin ElecElA lIndg 6Ms _1958 A 0 104 Bale 0212 105
18 100 c107
Good Hope Steel & 1 see 70_1948 A 0 1014 Sale 100
A '42 MN
1
/
10211 42
1
/
954 1074
Bath Steel let & rat 58 guar
8 10212 23
10212 Bale 013
Goodrich(B V)Coln 090-1947 3
104
9712
ii
327
76
757g Sale 69
110-yr p m & Imp f
79
68
16
80
83
78
Oanv deb Be
92
83
254
1950 MS 80
90
Bing & Bing deb 6945
8212 98
7
967 le N 89 Sale 8714
3353
1
/
Goodyear Tire & Rub bit 641944 i D
47
83
4
_ _1934 *0 334 Sale 33
76
76
Botany Cons Mills 6
974
75
41
97
9812 10014 97
Silk Hosiery deb 60_1988 J D 7614 75
Gotbam
97 108
1934 M
1
6812 72
68,g
6853
Bowman-Bllt Hotels 7s
4
1
/ 84%
86
_
51a Dec'30
8
5
4
1
/ Gould Coupler lets f 81._1940 F A
14 44
3
12
4
95
3
95 8 9712 933
fir way & 7th Av let eons 04-1941 3D
91 1014
414
6 Dec'30
414 6 Gt Cons El Power (Japan) 741944 F A 86 Bale 86
6
8912
Certificates of depoalt
98
83
1
ie
.
19503
85 6 i
"
4
/
88
lat & gen e f 61
78
7
90
Brooklyn City RR let6e194l .1
2
89 1001
6 1034 1085 Gulf States Steel deb 6348_1948 J D 89 Bale 89
1064
8
1063 Sale 106
8
1
90
90
Bklyn Edison Inc gin lbs A-1949 .1
4
/
911
85
371
4 100
4
993 Sale 981
4
/
1011 Hackensack Water let 40._ .19521
.▪ 1
94
1968
IkklYn-Man B T sec 6.
70 66 Dec'30
64
64 e80
IlarPen Mining 60 with ilk pureb
82
70
10
Qu Co & Sub con aid 61'41 MN 06
Bklyn
94
77
73 82 Oct'30
war for corn stock or Am she'49 1 .1
c8I c82
777
1941 3'
3
777g Sale 7 1c
40 r 70
let be ,tamped
12
9212 June'28 Hansa 88 Linea(is with warr_1939 A 17 49
2
51
51
51
Brooklyn R Tr let cow g 40_2002.9'
841a
50
11614 Nov'29 Havana Eine consot it 60-- -1962 F A
.1
1921
notes
24 Bale 2312
24
6
i-irr 7% secured
2118 6613
41
86
88 Bale 85
Deb 634s seek* of 1926-1951 M
94
A
82
1950 F
65
Bklyn CD El 1st g 4-6e
90
65
A-1984 A 0 65 Sale 65
3
- 83 4 May'30
83 4 8911 Hoe(R)& Co 1st6)40aer
8
1960 FA
a
60 Sale 5934
60
Stamped guar 4-6a
584 92%
2 103 1081s Holland-Amer Line 80(1 0-1947
15
N 10753 104 1071: 10712
9114 Bale 90
9214 13
Bklyn Un Gas lit cons g 58_1945
89% 9714
0_
118 Dec'30
117
1
/
114 11814 Houston 011 sink fund 64 -1940 M
4 48
& ref tia series A 1947 M
583
1st
487 73
8
L 53 Bale 52
1 232 306
218
Hudson Coal Ist f Bs iser 6_1962
1938 I, 218 Bale 218
13 1014 107
10612 105
106
ft 6148
Cons deb
4
10414 50 1004 10514 Hudson Co Gas 1st g 6e- _1919 MN 10414
1
/
1950 3D 1043 Sale 103
UM 10214 l017e
102
38 101 103
Cony deb fis
_ 98 Jan'30
94
Humble Oil& [tanning 6/111-1932
96
98
4
ao
klutz a Susq Iron 1st a I 68..1932 JD 83 Sale 83
994 103
1937 A 0 1013 Bale' 10138 102
4
83
Deb gold Be
8714 9312
1952 *0
4
4 34 103 1085
1063 awe 10514
1083
Busb Terminal let 40
4
16
99
4
1
/
lUllnole Bell Velocities, 61-1950
94 102
1958 3.3 99 bale 98
10" Bale 102
10312 34
Coneol 60
97 1024
10214 ale 101
10214 28
411
/
4
99 1047 Illinois Steel dab 41
76', 78
Bulb Terra Bldg.5s VI tax-ex '60 *0 102 Bale 100
92
a4 /1
67
22 1004 10612 Under Steel Cory mtge 65-1940 6 14
1
/ 102
1946 MN
Th Bale
50 "e 474
51% 77
By-Prod Coke lit 6141 A
45
854
Indiana Limestone 111 .1 61.1941 IN It 100
___- 100 Dec'30
100 1014
__ 1034 1034
it
10314
3
lid Nat Gas & Oil fie
MN
1s
100 106
9614 89
96 Bale 9212
99
91
Cal(3& E Corp unit& ref 68_1937 J
76
99
99 Sale 971
4
Inland Steel let 43.4i
1
93 4 9912
3
99
1940
' 99 Sale 99
1N
(
994 1014
Calif Pack eon, deb 5a
31
98
0
4
/
98 Bale 9714
94 1004 Inspiration Con Copper 61 ir9n3311
912 Dec'30
foe ot,
912 20
4
1
/
Cal Petroleum cony deb if 3 1939 FA 1003 Sale 100
1956 A I.
0
1
/
3
4
100 4 14
981, 103 Interboro Metrop 44
MN
0707s 52
69
1938
70
69
61
14
76
Cony deb a f g 634s
10
45 Sale 40
45
Interboro Ray Iran let 6e 1968 J
60
33
112
70
6912 Bale 69
g 7s.--1942 AG 55 4 dale 554
7514
01
.1
Camaguey Bug In
3
5714 10
Stamped
97
58
8
733
6014 78%
Canada 88 L let & ion 68_1941 AC 10510-- 105 Dec'30
Registered
1021a 1064
16
55
54 Bale 54
4
1
/
7
44 a 68
Cent Dist Tel 1st 80-yr / 1443 J o
80
.
7912 Nov'30
-year6.
10
794 86
95
93
Bale 90
1
95 1
84
Cent Foundry Ist f 65May 1931 P A 10488 100 104 Dec'30
5
9C
-1
10
-year eon, 711, notes 9 A M 0 9114 99 984 Dec'30
1004 106
9812
9711g4100
Cent Bud GA E 5e. _Jan 1957 M
114 114 Dec'30
lot Aerie Corp let 20-yr 60-1982 61 N
126
11012
3
75
75
77
75
7214 79%
Central Steel let get 80___ _1941 MN kis Sale 3112
87
extended to 1043_ Mb
Stamped
353a
81
25
9814 Sale 97
: 92
981
N
91 108%
Certain-teed Prod 634, A-1948 MS ---- 59 597 Dec'30
s
784 Int Cement con, deb 5a_194ait
60
92
92
92 Sale 89
76 104
A
Cespedea Sugar Co lit sf734.'89 MB 98
8
9812 63 4 Mar'30
5814 534 Internet Hydro El deb 65-1944 to ea
99 dale 973
4
9912 169
94 102
ChM City & Conn Rya 58 Jan1927 A0 10314 ---- 102 Dec'30
a...3.947
100 10512 Internal Match f deb
9
97 Sale 917s
92
e.1937.9,
92 102%
Cb0L&Coke1,tgug5
Inter Mermen Marble.f 8e-194I A 0
8
Sale
72
J
92%
Chicago Rys let fis stpd rot 15%
6414 24
•
69
6334
Intenzatl Paper tia ger & B_1947
88
64
A 65
8
731
7 8 k
651'2 Sale 611
8 12 32
8
74
594 94
principal and Aug 1930 int___ _
a
807 Bale mg
Bet at 61 aeries A
807a 12
7612 92
81% 185
8112 Sale 721s
1943 0 93 Sale 91
674 94
1952.1
Childs Co deb ba
3
93 4 51
14
Int Telep & Teleg deb g 4;019666.1
87
9814
911: 349
4
7714 129 4
4
.9
As
1931)
1938-1 ) 903 Bale 8312
Chile Copper Co Codeb 5a 1947
9314 340
4
923 Sale 92%
Cony deb 4978
8814 9318
8614 208
85'4 Bale 80
1988
73
1
997
Oln 0& E les m de A
1- 77 Dec'30 751
Dab 55.
77
63
8 108 100141
10454 105 10412 10512
1940
Clearfield Bit Coal lit 4a
16
195
58
aile 53
58
Kansas City Pow & LS 60-194
8914
41
8
1938
02Ig 10314 45
1027
:
951 103
Oil cony deb 60
Colon
98% 21
let gold 4845 aeries B. ___1987
96 1001s
A 9812 Bale 96
8
953 176
9514 Bale 941g
1943
,
9(1 4 97%
Ono F & I Co gen f fis
94
914
91
845 98 Saone Gas & &noun 41,8_1980 J N 6718 Sale 6134
8
A 92
45
68
1934
7
564 83 e
M
Col Indus let & ooll be fril
10012 Bale 10012 10112 208
8
1
981 103 4 Haretailit (Rudoluh) 6e-1948 ge s 513 6
'3
5 0
9 75
0 45 Dec0i8
91
74
GA E deb 6a May 1952
e 75 4 7
()Mumble
1
:warr11994: m
Cor
is x4 relit
1
1
98 4 103 8
0 10012 10114 10114 10114 - _
5
921
30
4
Debentures 68----Ain 16 1952
95 Dec'30
8
953 96
d
Kendall
le tb Co
95 1011s
88 85 Oct'30
75
9211
75
Columbus Gm let gold 6e_ -1932
967
8 '20
9614 Bale 9512
/Keystone Telep Co lit 50_1935 3 J
98
90
180031144
10014 10414
5
0cumbus By P & L lit 43411957
_ _1937 A 0
99
99 Sale 98
14
93 1004 King" County El& P g
_1931
7 125 188
13612
Commercial Credit it
3
1997 A 0 13514 -- - 134
95
4
8
933 963 95
Purchase money 6e
85 UM
1935
84% 80 Dec'30
,
751 88
Col iiI 1 6341 notes
1047g 60
,
4
Kings County Met tat g 40_1949 F A 80
It 1043 Sale 10484
86 106
1948
May'30
754 84
Comml Instal Tr deb 6•
J
F
9512 60
94s Sale 9412
Stamped guar 4e
98
83
1949
8
1043 ___ 103 Dec'30
1004 108
Cony deb 5945
8 10653
9964
1061s -- -- 1063
1014 1064 Kliegs County Lighting 50..149
11734 ____ 117 Dec'30
GOmputIng-Tab-8.O If 6a...1941
114% 119%
99 Dec'30
"
4
/
9912
Mit & ref d1
9512 10014
95 85 Dec'30
85 107%
Conn By & L 1st & ref g 414a 1951
64i i 87
19
_ 9918 1
004 17
9312 1004 Kinney (GRI & Co 714%notes16 J D 102 Bale 102
3 9912
1951
17 101% 103
102
Stamped guar 4348
55
73
73 Sale 6712
Kresge Found'n coll tr 61...1935J D
11511 90
4
1
6/
1- 1958
9214 Sale 9014
93 383
89% 100%
Censol Agricul Loan
Bremen A roll 8. wale war_ _1969
4 21 100 104
10214 Bale
1023
Coneolldated Flydro-Eleo Works
5
83
80 c96es Lackawanna Steel 1,1 6.6_1960 61 k 10312 Sale 102Ig
.• 1 83 Bale 82
4 1031z 21
1013
1
99 108 1
7
25
Of Upper Wuertornberg 78_1968 J O 7514 28
25
Ladt Gas of St I. ret&ext 80_1984 A 0
63
22
39 100 10614
103
Cons Coal of MO llitatret Se 1968) A 106 Sale 103
10712 241 106 108
Col & ref 5%a series C....1958 F A 103 Sale 101
e-1945
4
/
8
102 1027 10112 10211 17 100 4 105
3
Consol Gas(NY) deb 81
F
4
1
Coil & re/ 6/ set D.._1960
6
2
10278 10312 9512
9512
9812 10314
Consumers Gm or Chic gu Se 1936 J
2 10214 106
8
10438 Sale 1047, 1047
Lunar° Nitrate Co eon, 80_1964
97
5512 Bale 45
57
8711
88
Consumers Power let 68_-1962 At
.1
9112 84 Dec'30 -Without warrant"
85
7
83 8 95 4
3
lose J
4
9914 16
Container Corp let 65
94% 10011
16
6
1
/
64
Lehigh C & Nay a f 44 6_1954 J J 993 Sale 9812
6312 Sale 60
a
597 87
9
1014 1014
9914 102
15-yr deb Is with wart__ _1943 3D 9712 973 98
/alley Coal lit g 56_1933 J
Lehigh 1
9914 33
4
4
915 :011
A
9611 97 1
9713 man°
1
Copenbager Teiey 5e Fob 16 1959
let 40-yr gu lot red to 4%A933 J 1 9714
103
9711 1035s
MN 10212 10412 103
8
993
9912 Dec'30
811s 100
1984 F A
Corn 1-rod Beta In 25-yr f 64'39 J
99
99 9812
98
let & ref i iSe
4
/
94 1041
781g Dec'30
81
78
76% 08
1949 F A
9634 14
& ref s f 60
Croat Cork A Seal f 6s_ _ _1997 3.3 961a Sale 9512
941e 103
74
1964 F A ---- 5912 66 Au3'30
60
66
Crow,- Willamette Pap 68_1961 IN It 85 Sale 75
85
1st & ref s I 6a
98
73
g
4
761
70
1964 F A ---- 617 70 May'30
lst&refel6.
41 Mar'30 ---Crown Zelierbach deb Sc ww 1940 J 1
30
8612 411a
60 Mar'30
76
60
1974 I A
Cane Sugar ixinv 7e1930
____ 28 ant Dec'30
1st & rat I 64
Cuba
4
1
/ 4312
27
.1
121 12134 21
122
13 117% 125
8
95 -150
Cone' deben stamped 8%.J930 M
95 Sale 897
12
92 10014 Liggett & Myer!,Tobacco 70.1944 A 0 105 Sale 0414
105
11
71e
42
993.10614
10
6.
4
1
/
9 Bale
Cuban Am Sugar let coil 80_1931 '.9
4
1
/
38
10312 38 100 130
98 A A
Loew lac deb 6a wfth warr1941 F O 103 Sale 011a
16 Dec'30 - _
15
Cuban Cone Prod deb 68-1960 MN 13
47
15
1044
23
4
98
4
911 10181
30
Without stocks parch warrants A 0 98 Sale 963
1612 Sale 14
Cuban Dorn Sug let 7139
14
404
attached_
68
4
1
/
9914
8
70
22 1004 108
Lombard Elea 1M 78 with war'523 D 86 Sale 76
Stud will. porch war
▪ 3 10314 104 103 . 104
1
4 22
821
711s 99
D 82 4 Sale 76
10 1024 106
Without warrants
Cumb T & T lei A ten 6.-1937 * 0 103 104 10212 103
10812 70 101 111%
l9443 0 1074 Sale 104
Lorillard (P) Co 70
_
76 Dec'29
Cuyaruei Fruit let ifSi A-1940 * 0
4
89
22
774 911
19513* 89 Sale 834
es
10112 11 'airs gal;
Denver Cone IraloW 1s1611933 MN 10053 10284 loo
'61
97%
98
94
84
0
4
/
1937 J J 94 Sale 8712
Deb 81
1
10014
Den Gas & EL let & ref at 5a
9812 104
MN 10014 Sale 10014
1051, 31 100 106%
4
1
/
Louleville Gas & El(By) 50_1962 M N 104 Bale 104
Oct'29
61
Stamped as HI Pa. tax_ -1981 MS
_I942
Lower Austria Hydro El Pow6 12 3 Dec'30
47
6
.
3
Deny(DO)Corp litt If 75_
6
80
7618 Sale 76
7214 91
lats I 6148
4
10318 ___ 1025 . 10312 11 1001
20 78 sty] Sept 1980 coupon _ _
4c100
954 12 • 933 10011
4
F.dleon let coil tr 6e.1933 M
8'41 J A
5
fletrott
1057 Sale 104 4 1
s
054 28 101 1054 McCrory Stores Corp deb 5141944 F 1:1 9453 9512 95
1940
8412 114
98
70
4 10618 38 1014 1064 MeKelson & Robbins deb 89010 MN 8411 Sale 79
10514 Bale 1043
let & ref 54 scrlee A_July
AO
6
38
331, 845
83 105 1081s maned Sugar lin•f 714a-1942 A 0 38 Sale 26Ig
Geo & ref be aerial A......1949• S 10514 Sale 10514 108
8
5712 44
50
44
5712 553
8 102 10714 msahat I17(N Y)own'141-19111 A 0 55
8
let & ref de series B.-July 1940 3D 108 1063 106
106
Dec'30
1968
5318 47
47
64
42
8 1024 1074
2d4.
Sale 1063a 10714
Gen eit ref 68 series B
98 Dec'30
1962 FA 10714 99 9714 Dec'30
1
99 4
90
Elea Ry & Lt
M. "18 rt
ref 6.series C
.1983
Manila
Gen &
98 101
ii 9714
4 95
913
98% MIrs Tr Co Mfg of pant, In
Det Dotted throng 4140 _ _1932 MN 891g Sale 85
78
92 100
19411
8
A I Ramie A Boa 11t 60_1943 J D 9214 9414 92 Dec'30 13
65
75
63
Dodge Bros deb 68
65
47
MN 85 Sale 101
46
‘
881
48
Magian Shears Shovel If 61.1847* 0
Apr'30
12
100 101
Dold (Jacob) Pack lit 60_1942 M
__
90
202
96
4
971
88
8
943 Sale 93I:
4
93
4
1
/
92 01044 Market St Ry 7s on A _ADM 19441 Q
Domlnion Iron & Steel 60_1939 -I 5 9288101
90
10
90
19
9012
4
1942
Steel lot rat 7s
10314 40 10112 10114 Mead Corp Os with warr_ _1945 A 0 893 Bale 88
Donner
17
91
MN 103 Bale 102
94% 102
e
91 Bale 847
Duke-Price Pow 1.16.ear A _1984
4 10478 121
98144104Is Meridional* 31** 151 7" A..1987 A 0
12 101 105%
1041s 105
0 104 Bale 1033
36 80
117
40
Duqueatie Debt let 444" A _ _1987 A
MeUE411t&rel5e.eIO,1$533 J 104Ig 105 g 101
40 Sale 30
41
102
9714e10214
0
4
1
11168 54 8 10138 1017
lat g 4/ ger D
4
1
/
East Cuba Sue 15-yr sf,t 717a'37 MS 981 9914 9812
6
We 99
994
4
10
77
66% 8514
Bale 7112
Ed El III Bkin let coo a 48._ _ 1939 ii 11514 Sale 11514 11514 10 109 115 3 Meer West Side R (Chic) 48 1938 F A 77
1
2
65
78 97
Miag Mill Mask 7s wIth was.196.3 J D 6412 771s 65
Ed Elea(N )1st cone g 5e_1996 .1 1
3
651i
67 00
J D 65Ig Bale 65
Igiltb Rockefeller MeCormick.
11111tsuit wastes's
1
10112 Sale m04 1014 55 100 1024
Trait coil tr 8% note._ _19E4 .1
s Optiou sale%
C CI1813 sale.
go
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan.9.
287
r •
.4,a.
Price
"Mae
Jan. 9.
WenVe
Range or
Last safe.
1
Range
for Year
1930.
BONDS
N. Y STOCK EXCHANGE I 3
t
Week Ended Jan. 9.
.5a.
Price
Friday
Jan. 9.
Years
Range or
Lan Sale.
Ranpe
for Yeas
1930,
f3f4
At/ Low
High
Huh No. Loa
Bid
Ask Low
iliac No. Low
11105
10211 Sale 1003
99 4 108
1
4 10212 54
Rldne-Ruhr Wat Set Os__ _1953
.• 1 65
69
63
67
15
5614 89
102 102
/ 993 Dec'30
1
4
4
97Is 101
Rich& d 011 of Calif 6. _. 1944 MN 58 Bale 58
66
59
61
981s
10414 10411 10514 Oet'30
99 1053 Rime Steel let f
/
1
4
5
. 1955 FA 86
87
85
86
6
79
97 4
1
10012 Sale 100
10214 126
961 104
4
Roene-iter Gm & El Ts ear 8.1946 M
106 108 10711 10712
1 105 110 4
1
Sale 1031s 10412 40 100 1041
10414
s
Gen mtge iSqs seriee C .1948 MS 105% 10612 105
/ 105 5
1
4
1 10414 108
1
10014 10112 10014 10138 28
95 10444
Gen mtge 43de series 1:3 .1977 MS 97 4 9912 1004 Nov'30
3
/
1
97 10144
Hoch & Pitts C&Ipm ne .1946 MN
85 Dec'30
85
85
9212 Sale 9112
93
89 l0812 Royal Dutch 45 with ware. 1945 * 0 911s Sale 87I2
31
9118 838
861 92
4
9214 93 4 92
3
933
873 102
4 18
4
99 Sale 9812
21
99
95 101
St Jul Ry Lt H & Pr let 591937 MN 9834 Sale 9712
98 4
3
8
94
9944
4
913 943 903
4
4
911 96 s St L Rook Mt & P Se stmpd_1955.9, 40
903
4
4
1
50
47
47
1
45
64
sp 96 4 Bt Paul City Cable eons 5e 1937 33 87 4 Sale 873
s
4
913 ---- 963 Sept'30
4
3
3
4
92
8
80 cOS
82
903 8412 Dec'30
4
84
12 991
4
92
3
Guaranteed its
92
_1987 J J 88 8 94
7
86
92
913 _ _ _- 9114 Dec'30
4
9114 95
14 San Antonio Pub Say let i34..1952 3
1061s Sale 10512 10618 13 102 to0
12
813 Sale 7912
4
82
26
85 Salon Pub Wks(Germany) 71'45 PA 8012 Bale 751
14
79
/
4
8012 53
7514 1004
70
90
73 June'30
72
73
14
Gen ref MU'6344
4
1951 MN 747 Bale 7214
747
4 77
661 c99
s
97
98 97
97
9812 100
Sehuloo Co guar 654'
.93 60
65 65 Dec'30 _
45
80
-1946
953 957 9234
4
4
95
89 100
6
Guar f 6341 series B. -1946 A0 60
933 9114 Jan'31
4
_
45 495
10514 __ 1057
4
1057
Vra 106
s 10
Sharon Steel Hoop e f 53443._1948 P A 90 Sale 8974
90
11
85 100
1033
10314 Nov'30
8
14 Shell Pipe Line If deb 5e
9811s 103
MN 9212 Sale 8714
92Is 85
1952
808 ars
1
Shell Union Oils t deb 5...__1947 MN 87 Sale 8(1
89
119
71
994
1
Nemm (A I)& Son_See Mine Tr
Deb 5e with MUT- - _1949 *0 90 Sale 8012
90
193
72as 1024
Nassau Elee guar gold 4......1951 33 51 Sale 49
/
1
4
51
443e 59 s Shinyetau El Pow let 6 41-1952 J o 82 Sale 773
21
3
4
82
13
68
96
1st Acme 1st s f 65
1942 J D 88
9712 95 Dec'30 - _ _
02
9000 % Shubert Theatre 653144e 16 1942 3D 2212 Sale 1712
1
95 1 1
23
51
1612 419%
Nat Dairy Prod deb 53(s_1948 P A 100324 Sale 9914 40112 _ 395
Siemens 1 Relate s 1 79 _1985 3.9 6714 Sale 9612
971*
9712 104
9
Net Radiator deb 6)0
1414 16
1947 P A
1414
15 4 10
3
14
40
Deb f flits
1951 MS 90 Bale 89
90
75
87 1011
Newark Consoi Gee eons 5e1948
D 104 10612 104
104
1
11 102 1076 Sierra & San Fran Power 51_1949 P A 10312 Bale 102
103
/ 22
1
4
96 2 103 2
3
1
Newberry (33) Co 544% notee'40 At) 91 Sale 87
91
81
63
99
aliens Elm Corp If 6 qt-1945 FA 69 Bale 67
69
6
62
Ms
New Engl Tel & Tel M A__ _1952 3D 109 110 1083
4 1093
4 35 10311 110
643
4
Silealan-Am Corp eon tr 75 1941 P A 6412 Bale 6412
2
6514 c97
letg434sseriesli
1961 MN 10412 105 10414
105
12
981s 10514 Sinclair Cons 011 13-yr 76-1937 MS 100 Sale 987
8 100
85
91 108
New Ori Pub Berv let 5e A 1932 AO 8813 Sale 85
8811
8
81
95 s
1
let Hen 814s series B
981
2 18
1938 3D 98 Sale 97
9012 1041e
First & ret 68 series B1955 3D 8914 Sale 85
90
33
33 95 Sinclair Crude 011554.ear A.1938'.9 1013 Bale 10012 1011
4
4 74
947 103114
1
Y Dock 50
-year let g 4s 1951 A 83 Sale 81
83
18
Sineleh.Plpe Line s 5s __ _1942 AO 100 Bale 99
100
/ 38
1
4
9412 1024
1
Serial 5% notes
1938 *0 80 Sale 80
817
4 26 ( 11i 11534 Skelly 011 deb 53411
8
770
8
6
5
79 4
3
84 , 13
1989 MB 84 Sal
75
97
NY Edison let & ref a 45 A
24
- 1941 * 0 11414 Sale 11414 115
4
Snete(A 0)Corp let 630-1938 MN 1023 104 1023
4 103
16 10111c108
lot lien & ref 5e series B1944 * 0 1053 106 1051
4
4 106
3
5 102 4 106
97 Sale 953
Solvay Am Invest 64
8
97
11 28
1942 M
93 4 10014
7
N Y Gm E11411 & Pr g 5.1948
0 10812 Sale 10812 1083
4 18 106184110
12 South Porto Rloo Sugar 74-1941 J O 105 10518 105 Nov'30
103 107
Purchase moues gold 4s_1949 P A 97% 99
98 Jan'31
92 4 98 4 South Bell Tel & Tel let ii 54'41 J
3
1
105 Sale 105
10514 54 1014 105 4
1
NY LE& W Coal& RR 510'42 SIN
_ 1001 102 Sept'30
99 102 frweirt Bell Tel 1st& ref 541954 FA 106 Sale 105
_
10614 21 102 1061
s
NYLE&W Dock & Imp 59'48 33 10012 --- 96 Dec'30
96
99 4 Southern Colo Power 64 A-I947• s 10214 103 102
1
i
103
20
99 e107
Y Rye let it E & ref 4s1942
40
4314 Oet'30
54
4111s 41114 Stand Oil of NJ deb 59 Dec 16'46 A 1043 Sale 104
4
10512 86 10034 10434
Certificates of deposit
40 --- 40 Dec'30
_
40
43 41 Stand Oil of NY deb 430-1951 J
3
100 Sale 9914
100
120
95 100 4
1
30
-year adj Inc 41. Jan 1942
212 Dec'30
I
41
2 1 4/ Stevens Hotel lertIleser A-1945 3, 64
1
1
4
68
61
64
113
Si
90
CertUicates of deposit
/ -- - - 1 July'29 __ _
1
4
Sugar Estates (Oriente) 7I-1942 MS 30 Sale 20
30 I
6
12
44
Y Rye Corp Inc 6. -Jan 1965 Apr
3
413 312
2
9 Syracuse Lighting Istil 511-1951 3D 10714 ---- 10714 Dec'30
311
1
10314 107 4
Prior lien 65 serlee A
1
46 1
45
4812 45
2
73
1965 J J 45
/
1
4
Y & /Rehm Ges 1st Os A_1951 ▪ N 10512 10611 105 Dec'30
1
1031 10814 Tenn Coal Iron & RR gen 51.1951 3
:
10514 Bale 104
1051
4 15 101 105
Y State Rye let cons 430-1962 M N
7
7
3 es5
9
7 Sale
Tenn Cop & Chem deb Os B-1944 MS 95
98
94
8912 102 4
1
Reglatered
N _
_- 6 Dec'30
5
17
Tenn Elec Power 1st 63.-1947 3D 10612 Bale 10512 10614 ae 103 s 108
1
Certificates ot deposit
7
83
4 5 Dec'30
5
30
Texas Corp cony deb 5e- _1944 * 0 102 Seie 1003
4 102
269
96 106
/
1
4
50-yr let cons 6%s series B1962 M
7
3 9241 Third Ave Ry 1st ref 4e
714 3 Dec'30
4
48
1960 .1 .1 48 Sale 46
78
4213 55 5
N Y Steam let 35-yr 05 ger A 1947 MN 1073 Bale 10712 1073
1
4
4
2 105 109
/
1
4
Ad1 Me 5e tax-ex N Y Jan 1960 * 0 31 Sale 28 4
3
31
79
22
let mtge 59
85 4
9
99 104
/
1
4
1951 MN 102 Sale 10112 102 I 14
TbIrd Ave RR lit g 56
93
95
1937 3, 9418 95
35
N Y Telco let & gen e 410_1939
92 100
N 103 Sale 10112 103
98 103 Tobo Elm Power 1st 75.
/
1
4
36
1s
MS 9312 Sale 9112
9344 22
195
9214 100 14
30
-year deben•f 64....Feb 1949 P A 112 Sale 11112 11214 12 1101s 112
1
6% geld notes
1982 3, 9814 Sale
98
1a 35
95 100
1s
30
12
-year ref gold (Is
4
4 107
1941 * 0 1063 Sale 1063
107 10514 1081s Tokyo Elm Light Co. LtdT Trap Rook let Os
1946 JO 9614 Sale 95
9614 32
94 104
8612 Sale 8314
lst 6s dollar series_
86 4 88
195 3D
3
81
922
1
Niagara Falls Power lit 58_1932
101 10214 101
1023
4 33 100 4 104
1
12 Franaoort0116)43 with war_1938.9,
1093 Deo'80
4
_
96 110 4
7
Ref & gen 611
Jan 1932 * 0 10214 103 10214 103
12 100 10411
12
Without warrants
10014 Deo`30,-- _
4714 101 4
Slag Lock &O Pr let 564_1985 * 0 10814 Sale 10314
1
105
17 101 105Is Trenton 0& El lst g 58-1949 MS
-- 10412
102 1041
Niagara Share deb 534e_ _ _1950 MN 97 Sale 9412
*
97
12
87 104
75
Truaz-Traer Coal cony 054s1943 MN 72
7412
72
Norddeu Mobs Lloyd 20-yrsf64147 MN 8512 Sale 84
94 4
1
8512 25
8112 93 Trumbull Steel 1st 5 f
12
MN 9414 941 8834
94
22
gg 10444
Nor Amer Cem dob13342 4_1940 MS 4314 Bale 43
4313 11
44
70
Twenty-third St Ry ref 54_1962
' 2612 Sale 2612
3
2612
5
No Am Edison deb 5s ger 4_1957 M
38
41914
10214 Bale 101
1035
16
99 104
14 Tyrol Hydro-Elee Pow 754.1955 AN 96% Sale 9512
964
2
92 102
Deb 61444er BAug 151903 A 10312 Bale 103
10312 18
9912 104
14
Gum see s f 71
8812
1952 P A 8714 8812 8714
Deb As *erica 4.).-Nov 151969 MN 1003 Sale 987
9
82
1e 95
4
4 10114 2
9412 102
88
12
Nor Ohio Trao & Light 6s_1947 M
104 Sale 103
104
21
98 108
99 Sale 9834
Ungawa Eleo Pow e t 75_1945 M
99
/ 26
1
4
Nor States Pew 25-yr 5e A _ _1941 * 0 10412 Sale 10314
07 1015*
1004 45
99 4 10414 Union Elea Lt & Pr(Mo)5s-1932 MS 1011
3
1014
/
1
- -- 10114
4 100 103
let & ref 5-yr 65 tesr D.__ _19411 * 0 1053 Sale 1053
4
4 106
13 102
12410
14
Ref 1 ext be
10112 101
10114 12 100 103
1938 MN 101 4North WT lut fd g 410 gtd_1934 33 1001s
10014 10014
4
98 10014 Un E L1 P (111) Mt fiqs A 1954
' 104 Sale 103
3
104
24 100 105
Norweg Hydro-El Nit 5541.1957 MN ow,* Sale 98
12
ngss 9814 Union Eley Ry (Chic)56
9912 113
1945 A0 70 Sale 70
70
5
68
8114
Union Oil ist liee 9 t 5s
1013 Oet'30
2
1931 J J
Ohio Public Service 7qn A__1946 A 0 1103 112 110
9914 1014
4
110121
110 1121
7
80-yr lie series A
May 1942 P A ioi" Sale 106
108
11 1051e 110
1st & ref 7e series D
111 Bale 111
1947 F A
111
110
1st lien f 59 ger C-Feb 1935 A0 9959 Sale 991
4 100 4
1
9
Ohio River Edison 1st 65_1945 J .1 10414 _-- 10712 Dec'30 - 4 105 115
963 103
4
- _nos)
Deb Si with wan_ _ _Apr 1945 J D 9014 Bale 9 4
9612 57
0
Old Ben Coal 1st 69
9034 1013
2
1944 P A 5014 Sale 50
504
481 80 s United Biscuit of Am deb 61-1942 MN 10214 104 1023
4
3
1
10234 16
Ontario Power N F let 56_1943 F A 105 Sale 10314
99 10442
105 I 12
99 4 105
1
United Drug 25-yr 51
99 4 Bale 97
3
M
14
99 4 109
1
1963
Ontario Transmission let 58_1945 N N 100 10312 100
90 101
11
100
4
98 103 4 United Rye St List g 4s
1
62
34
1934• .1 6112 Sale 00
eo
76
Oriental Devel guar 65
1953 N 8 9614 Bale 95
9614 27
92 100
United SS Cc 15-yr
4
4
8
1937 MN 1013 1013 1013 Nov'30
6
961s 1011
Rata deb 514e
$
1958
N 8912 Sale 881a
893
4 75
851 934 Un Steel Worlus Corp66
1
76
6145 A-1951 J D 74 Sale 7312
69
681s 93
Ono Gas & El WM extl 5e-1963 Al 8 9614 Bale 9512
96
/ 48
1
4
90
98 s
1
See 9 f 5144 serlee C
,
26
: 75
1951 J D 731s Sale 731
68
/ 93
1
4
Otis Steel lst M 65 ear A
1941 M
98 Bale 95
98 I
94 1011
5
St deb 63tsser A
4
' 733 Sale 71
3
741
73
1947
66
/ 911
1
4
4
United Steel Wk9 of BurbachPacific Gas & El gen 1 ref ils 1942 J J 10312 Sale 103
1033
41 49 1001/s 1043
2
Ensh-Dudelange s 7..
10518 1061s
1951 *0 10514
Pacific 'rel & Tel let fie... 1937 3 3 10414
3 103 1074
104
10412. 25 100 106
U8Rubber let & ref Bs sir A 1947
72% Bale 7134
'
Ref nage Co series A
71
3
73
es
$5
14
4
1952 VI N 1063 108 106
107
44 1013. 107
1
Pan-Amer P & T cony f 65-1934
N 10218 Sale 1013
4 10212 40 10114 1
Univemal Pipe &
50
60
Pen-Am Pet Co(ofCal)oonvfla '40 3 D 78 Sale 74
60 63
78
70
9
98 4 Unterelbe Pow A Bad deb NI 1936 J O 7412 Bale 61 Nov'30 -__
/
1
4
Lt 6e
69
7412 14
1953 *0
Paramount-B'way let 3541._1931 8 J 1023 Sale 102
67
8
91
10212 16
99 103141 Utah Lt &
Trae 151 St
957 Sale
4
Paramount-Fam'o-Laety 684947
39
96
9114 99
I> 96 Side 94
96
14
53
89 103
/ Utah Power & Lt 13i ref 5s1944 * 0 101 Sale 95
1
4
Paramount Public Corp 61451950
88% Sale 84
97 102 1
/
1
4
7
88
284
7611 947 Utica Eire L & P let 55.-1944 PA 10214 10612 10014 1021z 65
e
Pert-Lea let leasehold 0346_1958 J J 80
if I g 53 1950
'
10714 Oct'30 -__
3
65
99 lore
5912
60
4
60
881.1 Utica Gm& Eleo
10814 1093 108
Parmelee Trans deb 6s
ref &ext fu 1957 J
4
108
2 10214 110
1944 A 0 38
4014 36 Dec'30
35
9114 URI Power &
Light IS 445--1947 J D 83 Sale 76
Pet & Female(.11 El cons Bs 1949 M
8312 80
10512 ___- 10512 10512
71
25
1 101 107
Deb Is with warrants_1959 F A. 76 Sale 70
70
/ 155
1
4
Path,Exob deb is with werr 1937 M N 58 Sale 51
62
92
593
4 50
36
80
Without warrants
Penn-Ditle Cement 65 A_1941 M S 70 Sale ! 6612
,F A _--- 70
70
22
55 85
11
Vententee Sugar Mt ref 74-1942 J D 45 Bale 40
Peer Use & C let cone g 61.1943 A 0 11212 115 .11212 11212
2
45
84
62
3 1101s 115
14 Victor Fuel ist
24
t 15•
20 Nov'30
1953J J 20
4
Refunding gold Si
1947 M S 1053 Sale 10514 3105
30
10 101 c1051 Ve Iron
Coal& Coke 1st g 59 1949
7114 78
Registered
80 Dec'30 ---M S 101
____ 102 Dec'30 -- -- 100 s 103
70
511
1
va Ry & Pow let & ref 58.._1934 M
?Min Co sec 55 ser A
4 10212 10
1967J 0 1003 Sale 100
4
J 10218 10212 1013
991 103
4
10112 172
95H 103
14
Kalil Kiev Co 14 4341
1967 M N 1023 Sale 10234 104
4
97 103 4 Walworth
43
3
deb 1130 With war 1935 AO 70
Fliila & Rum-bus c &I ref 64_1973 s y 82 Sale 8112
943 70 Dec'30
4
70 1091s
83% 35
75111 88
/
1
4
Without warrants
_Cony deb As
90
85 Nov'30
82 Sale 7414
1949 111
85
Vas
82
194
68 110
let sink fund O• series A
Phillips Petr(.1 deb 54s
A0 7412 77
4
9 018 93
79
7312
14
4
1989 J D 9214 Sale 863
9214 63
821 97
4
12 Werner Bros Plot deb 08. _1945 M
Pierce Oil deb of 8i...Des 15 1931 .1 D 10312 10812 10312 Dec'30 68 4
3
S
_1939
7414 370
60 112
103 107
Warner Co lit es with warr_1944 * 0 9 '2 B1124 96
Pillsbury PI 1111I2 30-yr 64_1943 A 0 10412 Sale 104
73
6
93
96
2
6
105
14 Mils 10614
Without warrants
98 Dec'30
A0
Pirelli Co (Italy) cons h1.-1932 N N 95 Sale 95
89
95
1
93 113 4 Warner Sugar Redo
/
1
4
1
let 79_1941 30 10312 Sale 10013 104% 70
Pecan Coo Collierice lets t 5s '57 J
98 197
91
93 Nov'30
_
98
95
Warner Sugar Corp 1s1 74__1939 .1
15
15
Port Arthur Can & Dk 6s A-1953 F A iaig 105 lin
1974 12
7
1014 561s
101
8
98 106
Stamped Jan 1 1930 coup on 19
15
197 15
15
let M tle seriee B
6
4
10
Ills
1963 F A loo
____ 102 102
1 10111 105
Warntr-Quintan deb
Portland Ry L & P 1st ref 51_1943 F A 105_ 105
5212 18
45
98
105
4
96 10611 Waen Water Power 68_1939 MS 52 Sale 4712
e f 54_1939 3, 10314 105 1031s 10314
let lien & ref 7545 ear A 1946 MN
4 10012 106
1151 10714 Dec'30
-/
104 109
/
1
4
/ Westchester Ltg 53 stpd
1
4
10714 Bale 1057
Portland Gen Eleo let 544_1985 J 1 10112 Sale 10112 102
10718 14 103%4109
98 4 103
1
50
/ Weal Penn Power sec A g10-1950 J O 10414 10512 104 s 10414
1
4
Porto Wean Am Tob cony Cs 1942 3 3 6412 Sale 60
7 1011 1067
M.-1946 MS
4
4
6412 10
80 98
let 541 settee F.
10612 --- 10514 Jan'31
Foetal Tenn & Cable cell 59_1953 J J 6812 Bale 60
1968 M
102 1067
s
6912 234
50
961
:
1st 534* serlee
4 los loela
3
Premed Steel Car roily g 541933 J J 79 Bale 74
1953 A0 1054_ 10614 10514
79
74
8
94
19t aso /34 aeries G
4 lova 1°64
Pub gerv Corp N J deb 4 As_ 1948 7' A
1950 3D 10438 6;.le 104% 105
Jan'30
181 194
Western Electric deb tis
1944 AO los sale 10412 1061z 55 lope 10_51,1
Pub Serv Ei & Gas leg & re/ 54'553 1> /0.12 Sale 10474 10512
5
1.9°
6 1021$ 106
Western Union cell trust 54.1938
103 8
1
8 10014 10ft
19373 D 103 Bale 103
' 10312 Sale 103
3
lot & ref 4548
103 4 81
7
95
119103 4
2
Fund 1 real eat g 4445-1950 MN 101 Sale 1003
4 1011z 12
1970 F A 103 Sale 1023
let A ref 414e
95 1024
1
4 10334 139
95 1034
14
15-year 61414
24 1058* 11 14
1936 P A 109 Sale 10712 109
Punta Alegre Huger deb 75-1937 J J
1212 Sale 1212
0
1212
8
1s 55
1
25-year gold te
104 Bale 10214 10412 63 100 1051
1951 J
6
Certnhattes of deposit_.....
4
___1012
1112 10
Pe 55
80
-year fa
10313 Bale 103
182 100 107
104
1960 M
96 Sale 92
wure 011s t 5)4% DOW
96
9
1987
8514 10012 Weetpbells Un El Pow 644_1953
711 48
/
4
7114 Bale 6612
1940M
J
93 Bale 88
91
62
8(554% note.
98
105
8613 100
Wheeling Steel Corp 1st 510 1948 J J 102 Bale 99% 10212 21
98 10434
Portly Bakeries s f deb Se-1945 J J 94 Sale 92
9412 17
85
12 9744
1st & ref CO sales B.__ _1958 * 0 91 Sale 8714
92
ss 8534 93 s
1
White Emtle0111 Ref deb 540'87
Remingtot Arms lit.16s__.1937 N N 9534 Sale 9218
9534 23
98 100
14
With stook puroh warrants-- MS 1023 103 102
4
1021
s 44 100 10866
Rem Rand deb 3114 with war '47 M N 90 Sale 893
4
91
49
8214 101
White flew Moab Os with warr'26• J 2914 36
29
Jan'31 --29
90
Repub I& El 10-30-yr fis s L. _1940 A 0 97 Bale 9612
97
12 -934 1034
/
1
1
Without warrants
2914 36
.1
32
36
8
27
89
90
Ref & gen 5 qs series A__ 1952 J J 89 Sale 8912
14
79 104
/ /
1
4
1
4
Pertle s 1 deb as
31
21 Dec'30 ---1940 MN 30
21
804
Revere Cop & Br 65_Jui1 1945 M 8 101 Sale 100
101
9
98 1051 Wickwire Span BY1 1st 74_1985
4
81s 10
8 Dec'30
'
3
8
co
Eheinelbe Union 7s with erer1946 J J 8734 Sale 8612
873
4 26
76 107
14
CU deli Chas. Nat Bant8
18
63 Jan'31
4
714 39 4
3
4
145
Without elk puroh wen_ .11 3 3 8713 873 85
881
70
76
le(NOV 1937 soup on)Jen 1935 MN
99
8
26
911
913
5
41
Rhine-Mein-Danube 74 A 1984 M S 92 Bale 9112
92
20
87 10314
Ott des Man Nat Bank71
; 812 63 Dec'30
4
614 2134
96
Rhino-Weetpballa RI Pow 75100 M N 92
91
921
81 104
8
Willys-Overiand s f g Hs_ -1983
9512 Sale 95
9512
3i 91 (106
1952 111 N 8212 Bale 75
Direct mtge de
821
35
74
951s Pinion 100 Lit 35-yr 4504_1941 AO 99114 Sale 9914 1001
2 251 96 4010Th
1
s
Cone M (1,01'38 with war-1953 Y A 7614 Sale 757
79
29
7312 9 3 WInebeeser Repeat Arms 7340'61 *0 83 Sale 82 3
41
7
83
100 106
77 Sale 81 Dein°
V A
Without warrants
94
79
Youngstown Sheet & Tube 5s'78• J 10314 Sale /0214 1
0314 991 89181041s
4
Con m 64 of 1930 with was 1966 A 0 783 Sale 76
79
37
70 93 s
1
4- cad' gale a Option sales
Midvale St &0 cell tr et 5s 1936 MB
ealiw Et By & It ref1 ext 441531 33
General & ret 5.series A.1951 J O
15t & ref re series B
1961 3D
Montane Power 1st 54 4_....1.943 ▪ J
Deb 5a series A
D
1962
montecatini Min & Aerie
Deb is with warrants--1987• .1
Without warrants
'3
montreel Train let as ref 55_1941 33
Gen & reset 5 series A
,
1955 AO
Gen & ref s t 58 eer B
1955 AO
Gen & ref et 4 qs ser 0-1955 * 0
Gen & ref f 54 ser D
1955 * 0
Morris & Co let s t 4145_1939 33
Mortgage-Bond Co 4s ow 21966 AG
10-25 year 5e series $
1932 33
Murray Body let 814s
1934 3D
Mutual Fuel Gas let gu it 58_1947 MN
Mut Un Tel gid 6sext at5% 1941 ▪ N
0
.3 10 ,
a
[VOL. 132.
FINANCIAL CHRONICLE
288
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Jan. 3 to Jan. 9, both inelusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Railroads-100
Barton & Albany
100
Boston Elevated
100
Preferred
First preferred__ .. .101.1
2d preferred
Boum, ktr .lathe100
Pr pad etpd
ChM A pret . __ ..1 is
Class C stamped_ _100
Boston & Providence__100
Chic Jet & U S Y pref__100
Conn &Pass River pref _100
End kla.,e St Ry CoCommon
100
Preferred 13
100
let Preferred
Adjustment
100
Maine Central
N Y N El & Hartford_ inn
Norwich & Worceeter_ _100
100
Old Colony
**ennevivenet it R . ..P
Provid & Worcester-100
100
Vermont ,k Mass
Range for Year 1930.
Low.
High.
174
181
714 71
8256
9834
88
88
181
7234
83
100
90
226 17354 Dec 19434
Dec 844
360 66
June 94
50 81
Dec 110
170 90
Oct 9954
505 88
10254 100
63
63
88
175
100
105
1024
10234
65
88
180
105
10234
211 98
230 56
10 88
37 169
51 100
10 101
151
651
8
2
60
60
8034
130
125
5831
607-4
175
180
118
14
64
856
251
6054
8634
130
138
62
180
1224
200
165
220
205
300
128
17
69
2,294
122
110
50e
5
7
151
6051
6734
129
125
53
171
108
Dec
Dee
Nov
Dec
Oct
Jan
Dec
Oct
Dec
Dec
Dec
Dec
July
Jan
Dec
Jan
Dec
111L,
7951
97
183
11134
106
10
47
48
2856
86
12751
135
144
/57%
17854
125
Aug
Mar
Apr
Feb
Mar
Apr
Sent
May
Oct
May
Oct
Feb
Apr
Jan
Mar
Jan
Apr
Apr
Sept
Apr
Apr
Aug
alisceBaneous451
5
556
American Founders Corp_.
954 1034
Amer & Conti Corp
2
234
Amer Pneumatic Service7
Preferred
734
4254
4234 39
First preferred
1011 18754 17656 188
Amer Tel & lei
7
851
Amoekeag Mfg Co
934
254 4
Aviation See of NE
31
24
Bigelow Sanford Carpet-'
8354 85
Preferred
Batton reamed Prop Trust
1934 1934
55
5554
Brown Co prat
__ _ _ __
Columbia Graehophone
8% 87-4
Continental Bee. Corp- -- - 1834 1834 1856
751 73-4
Crown Cork Internet Corp
Dec 3234
3
1,901
385
834 Doc 3154
9
Oct
2
35
250
Dec 2434
7
189 3754 Dec 52
3,515 17031 Dec 27434
634 Oct 1854
1,405
151 Dec 12
275
120 2334 Dec 80
Oct 103
105 80
305 1634 Dec 28
85
Dec
85 50
731 Dec 3754
185
Dec 63
60 15
64 Nov 1234
310
Jan
Apr
Jan
Jan
Mar
Apr
Feb
Apr
Jan
Mar
Apr
Jan
Apr
Mar
Mar
19
Emit Om & Fuel Aeon ____
1756 19
80
100 80
77
434% Preferred
100 92
89
92
a% preferred
.25 20
1956 2056
Eastern SS Lam be.
100
94
94
First preferred
lot. 254% 248 259
Edison Flee Ilium
Empl Group Astute T C-19
1756 19
5
3
Galveston Houston Eleo Pt
(The) Georgian Inc-956 954
Preferred Claw A
34
30
34
General Capital Corp
Gillette Safety Razor
223-4 2574
Greenfield Tap & Die
6
6
Hathaway Bakeries el B
15
______
153-4
21
19
Ilegrade Lamp Co
754 754
Int. Buttonhole Mach__10
254 3
251
Jenkins Television
954 94
Loew N E Theatres
951
384 15
432 78
173 83
2,243 174
70 92
716 225
400 16
105
334
Dec 41
Jan 854
Dec 99
Oct 36
Oct 100
Nov 276
Dec 273-4
Dec 24
Apr
Sept
May
Apr
Apr
Mar
Apr
Jan
8
2554
1754
6
14
16
74
1%
754
Mar
Oct 11
AD
Dec 60
Dec 10554 Jan
1936 Mar
Dec
Dec 2351 May
Apr
Dec 34
Dec 153.4 Apr
Dec
934 Apr
Mar
12
Jan
374 454
451
Maas Utilities Astro° v t 0-87
85
Mergenthaler Linotype- - - 87
354 351
354
Nat Service Co (tom shs___
23
23
New England Equity
20
17
New England Pub Serv_
1303-4 13654
New Eugl Tel & Tel___100 136
5% 63.4
North American Avia
10t; 2051 1534 2051
Patine Mills
63-4 656
Public 17111 Holding corn_
40
40
Railway Light
1434 15
Reece Buttonhole Mach Co 15
1351 153-4
Shawmut Assn T C
1534
25
25
South New Eng Ice Co4354 4656
Stone & Webster
3054
29
• 29
Swift & Co, new
354
4,071
105 85
3
620
5 234
135 15
803 127
454
130
2,221
1434
5
95
25 34
90 14
2,643 12
20 25
1,650 3734
508 27
Mar
Dec 12
Dec 10856 Feb
June
8
Oct
Nov 3734 Jan
Jan
Dec 92
Dec 155034 Apr
Dec 1534 Apr
Feb
Dec 30
Dec 2754 Apr
Dec 9056 Apr
Nov
1634 Apr
Dec 214 Mar
Mar 65
Apr
Dec 11354 Apr
Dec 3434 Jan
10
1,530
1,096
15
170
125
10
1,335
15
Nov 67
3
Jan
Dec 203.4
Nov 51
Nov
163.4
Dee 4434
Jan 32
Dec 6854
Apr 4234
Dec 23
Dee 9134
654
Dec
Dec 7834
Jan 3154
Dec 85
Nov 189
Dec 2754
Jan
Mar
Apr
Jan
Jan
mar
Mar
May
Nov
Jan
Apr
May
Jan
Apr
Feb
Apr
Jan
74
634
900
27
434
1434
1
151
10
6
6
50
1
20c
Jan
Dec
Dec
Aug
Nov
Nov
Dec
Sept
Dec
Jan
Oct
Dec
Dec
July
Oct
151
324
1654
134
43
1254
52
554
1034
20
444
28
25c
34
95o
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Aug
Apr
Jan
July
Mar
Mar
72 560,000 71
9354 6,000 86
5,000 20
30
6.000 33
35
10034 25,000 98
10074 5,000 9934
1,000 100
10234
20.000 9954
101
Oct
Jan
Dec
Dec
Jan
Jan
Oct
Feb
84
102%
48
55
10034
1023-4
10256
10134
Feb
July
Mar
Mar
Sept
Sees
Apr
July
• 45
Torrington Co
90c
Tower Mfg Co
Trl-Continental Corp
21
Union Twist Drill
United Carr Fastener Corp
956
United Founders Corp corn
US Shoe Mach Corp pf_25 31
United Shoe Mach Cor1t.25 57
USA British Inter pref_
554
IJ ti Elea Power Corp __ ...
Utilities Equities Corp pro 70
Venezeela Holding Corp.__ ______
Venezuela Meg MCorp 10
Waldorf System Inc
Waltham Watch pref
Warren Bros Co new
Westfield Mfg Co
44
406
631
25
431
756
31
5434
41
47-4
64
50e
2
2354
40
2934
21
453-4
90c
7%
25
5
10
31
5731
41
554
70
750
2
2356
50
2956
2156
425
2,825
135
30
120
3,729
347
1,030
100
510
415
500
60
20
115
431
100
40
45c
8
18
4
6
30
5034
3934
334
64
25e
154
2334
3951
27
20
Mining5
Arizona Commercial
25
Calumet & Heels
25
Copper Range
Mut Butte Copped' Mine._
Island Creek
Isle Royal Copper
25
Mohawk
254
North Butte
25
Old Dominion Co
P C Pocahontae Co
25
Quincy
St Mary's Mineral Land-26
Shannon
5
Utah Apex Mining
1.
Utah Metal & Tunnel
134
83-4
656
154
30
451
1531
134
3
1454
8
7
Sc
134
28e
13-4
93,4
63-4
13,6
30
5
17
1%
3
15
856
8
5e
154
35c
270
602
2,200
400
70
205
425
3,680
170
155
1,638
485
300
445
400
151
856
654
154
30
17
154
15
84
134
33c
BondsAmoskeatt Mfg 6s____1948 72
ChieJet Ry di U S Yd 4s'40
E M/188 St Ry see A ehe'48 30
1948
Series B 58
Mass Gas Co 434s___1931
New Engl Tel & Tel 5a.82 101
1944
Swift & Co Si
1932 101
Western T & TI5e
72
0334
30
3231
100
10074
10234
101
131
•No par value. s lex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Jan.3 to Jan. 9, both inclusive,
neerrtvsnarl ft.'s'', e.Mn;o1 cmlno Hafa•
stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Prim. Low. High. Shares.
Abbott Laboratories com •
28
Acme Steel Co
•
Adams Mfg
Adams Royalty Co eom •
-Amer Molt Corp"A"5
All
Allied Motor Ind, Inc coin•
•
Allied Prod Corp A
Altorter Bros Co cony pf__•
Amer Equities Co Com__ _•
Amer Pub Serv Co pf _140
Amer Radio & Tel Corp_ _•
*
Amer-Yvette Co com_
Appalachian Gas Cor com.•
Art Metal Wks Inc com__•
•
Assoc Investment Co
•
ASSOC Tel & Tel Cl A
Assoc Tel 11811 Co oorn...•
Automat Washer cony pf_•
Backstay Well Co com_ •
lsaneoke Co iThe) corn_ lb
Baxter Laundries Inc A__•
Benda Aviation com____•
•
Dinka Mfg cony pf A_
Borg-Warner Coro corn_10
100
7% preferred
Brach & Sons (F: J) corn_ •
Bright Star Elea Co A___5
•
Class B
Brown Fence & Wire_______•
Class B _ .
•
Co
Bruce(E L).
13iirnha,n Trad Corp corn •
Preferred
20
Butler Brothers
Canal Coast cony pref___*
10
Castle & Co(AM)
CeCo Mfg Inc Coln men _ _•
Cent Illinois Sec Co eta__
•
Central Ill PS pref
Cent Ind Pow pref_ __100
•
Cent Pub Sere class A._.
•
Cent Yi W Util earn new_.,
•
Preferred
Cent States Pow & Lt pfd_•
Cent States Utli $7 pref _.•
Cherry-Burrell Corp cont.*
Chic City & CODS HY•
Part share common_
•
Partic Preferred
Chicago Flex Shaft com_ _5
,
(MR investor! Corp corn
Chic NSA MinyPrior lien preferred...100
Cities Service Co core _ ..•
•
Club Aluminum Uten Co..
CommonwealthEdlson_100
Rights
Comm'ty Pow & It $6 pfd•
Community Tel Co
Cumulative particlp_ •
Constr Mat'l Corp corn...*
•
334 preferred
Consumers Co
Common
5
100
6% prior pref A
Preferred
100
5
Warrants
Coot Chicago Corp
•
Common
Preferred
5
Cord Corp
Corp Sec of Chic allot Of _•
•
Common
25
Crane Co corn
100
Preferred
Curtis Light Inc corn.___5
5
'Curtis Mfg Co corn
Drives Indus class A_ _100
Decker(Alf)&Cohn Inc__ _•
Dexter Co (The) corn_ __5
Duquesne Gas Corp corn_*
39
20
6
92
51
456
6734
23
156
1956
22
556
13.4
654
6
30
35-4
24
92
8034
18
1954
9056
2756
456
254
Rangefor Year 1930.
364
39
22
456
1
351
20
32
6
93
1
1
6
5
5756
6751
4
235
54
250
450
310
800
400
1,400
250
80
600
280
250
100
50
2,700
100
60
4,950
140
3334
31
18
2
4
1
11
28
331
93
54
14
5
251
55
98
1854
151
Dec 4651
Oct 99
Dec 37
Dec 16
434
Oct
Dee 1951
Oct 4934
Dec 45
Dec 22
Dec 100
334
Dee
551
Dec
Dec 1454
Dec 2754
June 6234
70
Jan
Dec 2954
Dec 15
Mar
Jan
May
Apr
Apr
Feb
Mar
Mar
Mar
Apr
June
June
May
Feb
Mar
Sept
Feb
Jan
12
56
134
1734
951
2156
9054
12
14
51
200
12
51 10,300
130
2
2056 47,250
10
951
233-4 30,350
100
91
250
123-4
110
154
150
54
13
54
154
1454
034
15
8831
10
51
51
Dec 3234
21
Nov
Dec 12
Nov 574
Dec 3031
Nov 50 st.
Dec 101
15
Get
4
Feb
Aug
134
Jan
Mat
Jan
APP
Mar
Mat
Apr
Jan
Apr
Apr
534
22
13-4
7
551
554
30
251
23
91
79
1554
18
9054
86
8454
26
100
556
50
22
1,250
151
1,350
8
3,500
7
60
6
300
3351
850
454
850
24
530
93
150
8051
1854 16,000
193-4 7,980
580
91
350
86
10
8434
110
2756
5
20
154
434
454
334
2134
154
21
904
78
1154
1334
8954
80
8051
24
Dee 31
Oct 5934
Dec 174
Dec 3634
Dec 1754
Oct 1151
Nov 71
Dee 2054
Dec 33
o 97
De
Dec 95
Dec 423.4
Dee 31
Dec 100
Dec 96
Oct 96
Dec 40
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Feb
3,630
400
100
4,100
51
4
14
134
Dec
Dec
Feb
Dec
51
56
43-4
4
13
12
234 3
50 584
5851 5831 5831
1756 1654 1834 36,700 1351
256
250
251 3
231
3,225 220
235
22134 237
134 27,600 1051
12
1334
10 86
84
84
84
1034
30
351
1
High.
Low.
35
3654
20
4
1
2
20
28
454
92
51
1
6
4
57
6634
2251
5
2% June
Mar
20
Jan
16
1034 AR
Jan
API
Apr
Are
Dee
Apr
30
24
49
Apr
Apr
Apr
51
8
64
66
354
Feb
Aug
Jan
Feb
5
46,050
10,200 35
351
19,350
1,600 44
13,400 14
247 3934
120 113
5
.50
10 14
51
100
551
210
954
30
356
50
Dec 23
Dec 4934
Dec 1734
Dec 7254
Dec 3354
Nov ssm
June 118
Nov 22
Dec 28
Oct
336
Dec 16
Dec 16
Dec 1654
Abe
Oct
Mar
Apr
Aug
Aug
Feb
Mar
Jan
Mar
Jan
May
50
50
100
2154 Oct 2734
Dec 8634
64
Dec 9731
75
Dec 106
85
Ape
May
Apr
Apr
400
55
Dec
71
1,680
2,850
89
19
2
30
Dec
Dec
Dec
6434 Mar
Apr
22
6451 Feb
Dec
Dec
Dec
50
850
1,150
11
7
22
251 4
45
45
42
42
54 1
550
50
250
1,800
234 Dm
Dec
45
Nov
40
Oct
754
6
3554 3956
651 654
55
50
1554 19
1834
40
40
115 116
116
654 654
654
18
18
18
51
51
656 7
7
10
10
251 24
Jan
Alw
Mat
Mar
Mar
Jan
Jan
Dec 98
Dec 644
7
Dee
Dec 338
Dec 123.4
Aug 92
1254 1451
851 1051
30
26
74
3851
656
Nis,
6,300
mat
El Household UM Corp_10 264
Empire Cl & P6% pref 100
100
7% preferred
100 92
8% preferred
Federal Elec•
56 corn prior pref
Fitz Simmons & Connell
• 2856
D & D corn
434
5
Foote Bros 0 & M Co
Gardner-Denver Co com *
Gen Theatre Equip
7
•
Common new
General Wat Wks class A_•
53.6
Gleaner Corn flare cote_...•
Godchaux Sugar Inc B_ •
156
Great Lakes Aircraft A__•
• 25
Great Lakes D & D
•
Greyhound Corp com_
354
Origeby-Grunow Co com_•
.
Hall Printing Co corn __10 1856
Harnischfeger Corp Oom_ •
Hart-Carter Co. cony pref. 1256
Hart Schaffner & kfaxx_100
•
Hormel' & Co A
lIoudallie-Hershey Corp A•
•
Class 13
2431
65
75
92
2654
65
75
02
55
60
7
13
534
754
154
2456
614
34
16
1351
11
88
2634
1156
5
600
774
250
1434
2,450
6
20
754
950
2
2534 4,050
50
634
454 21.100
1,100
17
50
1351
750
1254
100
90
150
267-4
12
700
750
556
6
12
431
5
1
19
4
254
16
7
854
88
24
834
334
Dec
874
Dec 3334
Dec 8634
Dec 30
Dec
834
Dee 3134
Nov
13
Dec 2774
Dec 3134
Dec 3054
Dec 2734
Nov 140
Dec 363.4
Dec 31
Deo 2834
Dee
June
Apt
Apr
Feb
July
Feb
June
Mar
API
Fell
Jan
Jan
Feb
AIN
144
144
37
23-6
3054
79
75
844
6
17
17
300
1431
130
38
354 1,500
3554 92,150
100
80
950
8451
700
8454
100
6
960
1854
1,250
23
II%
38
1
2754
74
72
84
554
1454
1334
Oct
Dec
Dec
Dec
Dec
Dec
Deo
Dec
Dec
Dec
27
56
3434
4
701
90
9954
92
5651
29
1634
Jae
May
AP11
Fell
Oct
Mal
Jan
June
Juni
Are
1651
2954
351
50
3
1034
80
49%
17
34
47-4
50
456
1034
80
50
150
760
2,150
20
3,450
350
30
330
1554
2334
3
43
254
10
75
49
Nov
Dec
Dec
Dec
Dec
June
Dec
Deo
4254
843.4
834
53
1534
22
85
52
Feb
Ain
Api
July
Api
Jar
Api
150
%
1356 31,090
400
2134
100
8
6% 1,800
41
40%
450
17
54
9
1754
514
434
35
1034
Dec
Dec
Oct
Jan
Dec
Nov
Dec
6
2754
204
1431
2954
52
3134
Jar
A111
25
Illinois Brick Co
Indep Pneurnat Tool v t c_•
Inland 11(11 100 class A__•
Insull Mil Invest Ino___.•
•
Prior preferred
•
2d preferred
Interstate Power $7 pref_*
•
Inv Co of Amer com_
Iron Fireman Ifg Co v t o•
Jefferson Eleo Co com____•
1
Katz Drug Co
Kalamazoo Stove com.....•
Kellogg Switettb'd com__10
100
Preferred
Ken Rad Tube & Lt A___•
Keystone Steel & W cam •
100
Preferred
50
Hy ITtll Jr cum Pfd
Lsne Drug SW tr ctfe--__
,
Common vot
Libby MoNelll & Libby-10
f.lnooln Printing oom.......•
Lindsay Light Co com---10
•
11 Ref Co
LoTrion Packing oom-Co
"
Lynch Corp common_ •
3
3434
8431
1854
22
34
4
454
50
1134
214
8
654
29
22
351 416
35
35
%
1051
21
8
554
37
1534
Oct
Jul,
smi
Api
AM
API
Api
JAN. 10 1931.]
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares
•
McGraw Electric com
•
McQuay-Norris Mfg
MaRatio Ronson Util oom•
Manhattan-Dearborn corn*
Marks Bros Theat cony Pf•
Marshall Field dr Co cons.'
Material Serv Corp com 10
•
Meadows Mfg Co
Merit Mfrs Sec Co Acorn.•
Mickelberry's Food Prod
1
Common
Mid-Cont Laundries Inc A•
Middle West Utilities new•
•
36 onm Preferred
Warrants A
Warrants 11
Midland Nat pas Part A•
Midland United Co oom--•
Preferred
Warrants
Midland UM
100
7% prior lien
100
6% prior lien
Miller & Hart Inc vonv pf _•
Mika Val Rai
Prior lien preferred_ __ _•
•
7% preferred
Ms-Kan Pipe Line corn _ _5
•
Medina Mig aOtn
Monaghan Mfg Corp A_ _•
Monroe Chemical Prof •
Morgan Lithograph cam •
Mosser Leather Corp corn •
Muncie Gear Co A
Muskegon Mot Spec con A*
National Battery Co pref_'
Nat Eleo Power A part •
100
7% preferred
Nat'l Family Stores corn.*
National Leather eorn _10
Nat Rep Bw Tr allot ctt•
Nat Scour Invest Co nom_•
•
Certificates
•
Nat'l Standard corn
NobUtt-Bparks Ind com_'
North Amadora'Car oom_•
No Amer Gas & Elea A_ _•
No Am LI & Pr Co coat_
N & Am Coro A oom_..•
Northwest Banoorp corn _50
Northwest Rug Co corn_ •
Northwert Utli100
Prior lien pref
7% preferred
100
•
Ontario Mfg Co corn
Pat Pub Serv cony A_ ___•
Parker Pen(The) Co com lb
Peoples Gas Lt & Coke 100
Rights
Plnes Wintertront cam_ _8
Polymet Mfg Corp corn •
Pon&
•onl
•
Process Corp com
•
Pub Herv uf Nor Iii corn...
Common
100
Rights
6% preferred
100
7% preferred
100
Quaker Oats Co
Common
Preferred
100
Railroad Shares Corp corn
Rath Packing Co com_ _10
RaytheonMfgeo v t•
sem.
Reliance internal Corp A •
Reliance Mfg Co corn_ _10
Roilirui ilos MILI8 cone of •
Ross Gear & Tool Co _.
•
Ryerson & Son Ins corn_ •
Bally Frocks Inc coin
•
&Aboard Bill Bharat Corp.
Signode Steel com
•
Preferred
30
Seaboard PS Co $6 pref..*
$334 cony prof w w_
•
SouColo Pow Rice A com25
Boutb'n Union Orts corn..'
Southwest Li & Pr pref_•
Standard Dredge cora ._ •
Convertible pref
•
Steinite Radio eo
•
Studebaker Mall Order
Common_ _
•
•
Stutz Motor Car com
Super Maid OWL,OOM
Swift InternatIonal.
_15
Swift & Co etfs
2E
Tel Bond & Share 1st p1100
Thompson (.1 10 'sm,
Time-O-Stat Conti. pf A..5
Transformer Corp of A tn100
Twin States Nat Om os A •
Union-Carbide & Carbon _•
United Amer OBI Inc cam •
Class A
•
United Corp of Amer pf. •
United Ptrs & Pubs
Common
•
Convertible preferred_ _•
20
El 5 Gypsum
Preferred
100
•
11 S Linea Ins prof
S Radio & Telev oom_ •
•
Utah Radio Prod own
Util & Ind Cory corn _ _ _•
c,onvertthie unsferrsrl •
Utilities Power & Lt Corp
Class A
Common non-voting---•
Viking Pump Co
•
Proferred
Vortex Cue Co.....
Cbso
,
.•
Warchel Corp corn
Convertible prof
Wayne PUnin Co
Convertible preferred--•
•
Waukesha Motor Co cons.
Western Grocer Co com _25
Western Pow Lt & Tel cl A.
.
Wextark Sadao Stores COM
Wieboldt Stores Lao oom_•
Williams 011-0-Mat com _•
Wit-Low Cafeterias corn*
Wisconsin Bank Rhs corn 10
Yates-Amer Mach Part Pt'
Yellow Cab Co Inc(Chic)-•
Zenith Radio end, anal •
3111
1%
18
13%
2
2034
131
2234
40%
134
96
Range for Year 1930.
Low.
High.
16%
200
38
20
714 46,750
18
700
9%
410
3134 2,200
18
50
116
200
1,900
18
14
30
494
15
4
24
15%
1
1594
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Oct
Dec
13
1414 1,700
2
4%
200
1831 21% 112,600
97 100
950
1% 131
600
450
134 214
550
20
23
1,800
39% 414 1,600
1
1% 1,300
11
1
14%
9334
1
1%
1%
1444
8594
%
Dec 1591 Sept
Dec 12
Jan
Dec 88% ACT
Deo 10814 Mar
Nov
534 Apr
Dec
Feb
8
Dec 18% May
Dec 29% Feb
Dec 4934 Aug
Nov
6
MAY
95
79
22
9234 Dec 113
79% Dec 102
18
Dec 40
15%
38
5%
16
7
2856
18
1%
1794
97
83
23%
55
50
350
27%
5034
74
4031
16%
53%
25
4%
86
Feb
Jan
Apr
Mar
Feb
Feb
Feb
Feb
May
Bonds
-
Chicago City Rys 58_ _1927
Certificates of deposit_ _ _ -----Chic City & Conn 59..1927
Chic Railway
5s series A
1927
1st mtge 5$ Mrs of dep '27
55 series B
1927 22
Commonw Edison
let mtge 5s A
1953
1st mtge 55
1943
Insult Util Inv 88
1940 89
Northwestern Elev 5s 1941
Pub Sere Corp 1st ref 58'56
5s series C
1966
•No par value. s Ex-dividend.
Mat
Apr
Mar
10
90
5%
1
3014
5
66
2834
30
12
8
36%
89%
88
9314
9236
5%
36
19
22
5
8
1%
10
94
100
96
150
1034 10,880
600
3814
19
40
22%
60
534,
550
8
10
1%
100
10%
400
91
93
444
32%
10
1594
311
6
1
10
Feb
Dec
Dec
Dec
Jan
Dee
Dee
Jan
Nov
Oct
24%
23
90
3%
%
30
494
65
25%
38
27
1131
63%
8
33
14%
25
23%
90
5%
1
31
5%
68%
28%
40%
3014
13
63%
834
37
1534
450
200
40
3,575
1,050
200
2,550
750
5,950
650
550
650
100
550
2,800
150
18
19%
90
2%
%
32%
4%
65
21%
81%
22
11
60
7
30%
12
Jan
Dec 31
Dec 38% Feb
Nov 97
May
Apr
Dec 20
Dec
2% Apr
Dec 52
Jan
Dec 2634 Mar
Dec 10196 Mar
Nov 44
APT
Mar
Oct 69
Dec 6534 Apr
Dec 2836 Apr
Nov 8431 AP,
Dec 2534 Apr
Dec 55% Jan
Dec 31
Mar
89% 92%
87
8995
9
9
110
80
100
21
20
21
2114
300
20
202 216
250
1234 1034 1234 16,300
18
2,200
16% 18
200
350
6
6%
5
4
5
550
202 220
222
3,875
202 223
222
900
20% 18,650
20% 17
12534 12434 126
50
130 r12934 130
110
2114
160
155 160
113 115
331 4%
19% 1931
636
5
6%
3
3
7
796
32
32
22
20% 22
2534 26
8
8634
1531
5
37
2916
Jan
May
June
Apr
July
Feb
Apr
Jan
Apr
Apr
92% Dec 101
Mar
Dec 9896 Feb
85
7
Dec 36
Feb
20
15
186
8%
12
1%
Dec
Dec
Dec
Dec
Dec
Dec
Oct
3% Nov
18634 Dec
186% Dec
13
Dec
115
Jan
120
Jan
Feb
Mar
Dec
Dec
Jan
183.4 Apr
20% Mar
Jan
15
836
Ma
33234 Apr
1794 Dec
Dee
142
148
Nov
38%
45%
201
10%
45
100 150
150 110
1,150
334
330 1896
750
2%
100
2
15
6
5
27%
25
19
15
22
Dec 293
Feb 122
934
Nov
Dec 26
Dec 36
16%
Nov
Oct 19%
Dec 4514
Sept 37%
Dec 3614
Feb
May
Jan
Mar
4%
5%
20
4
85
47%
20
8%
8991
8
1534
34
150
100
10
3,200
135
280
50
1,350
20
350
1,650
100
334
3
5
1734
65
45
20
754
82
4
1034
34
Dec
Dec
Dec
Oct
Dec
Dec
Dec
Dec
Jan
Dec
Dec
Oct
1794
10
15%
25
8634
4736
26%
25%
05
3234
3336
394
May
ADZ
Apr
Mar
Apr
Sept
Apr
July
Oct
Mar
Mar
Apr
1
1
18% 19
5
5%
36% 37%
29
3014
300
200
400
2,250
8,000
%
1734
2
29
27
Dec
Dec
Dec
June
Dec
8
17%
b4
38%
3334
Mar
Dec
Mat
May
Fat
416
4
96
98%
3834
7214
24
35
22
10
8%
2414
4
594
20
316
68%
4434
20
794
89
7
1336
34
Apr
Apr
Apr
Mar
Feb
Jan
100
25
16%
2
1%
60
8%
5%
1434 1234
8
103
28
18
3%
2
603,
8%
1534
9
150 10034 Nov 103
1,050 2334 Dec 47%
450 1434 Dec 3214
550
2
Dec 26%
1,700
1
Dec 18%
50 54
Dec 79
2,100
494 Dec 20
1,150
814 No
22%
693
534 Oct 23%
Nov
Mar
Apr
June
May
Jan
Apt
Apr
Apr
8
15
39
117
6%
16% 15
3
216
7%
691
17
18%
9%
16%
41%
117
6%
17%
334
8
18%
300
6
150 13
4,500 313.4
50 11494
50
5
4,600
8
2,450
2
3,950
4%
2,850 14%
Oct 16
Dec 24
Dec 58
Mar 125
Dec 20%
Jan
3134
Dec 1034
Dec 2314
Dec 29
May
May
Ape
Aug
Mar
Sept
May
Pet
Pet
600
1,100
20
8
Dec
Dec
45% Apr
28
mar
2934
29%
34
10%
25%
27%
18
3%
1%
39
24%
1034
24% 24%
9% 11
27
20
2591
27
20
25%
2
10
27
20
25%
2
10
160
100
400
50
10
25
1694
2234
1
10
Jan
Nov
Nov
Dec
Dec
2316
48
12%
22%
134
13%
6
5
594
416
2114
2%
24
110
(13
370
1291
14
23
3
3
12,65
13%
10
6
100
100
5
634 7,500
1,600
614
2,950
2214
4
23,905
19
40
11%
20
%
12
431
10
594
214
20
2
Dec 35
May
Apr
Dec 140
June
Jan 17
Dec 31
Aug
Dec 24
Jan
Nov 34 June
Oct
834 Apr
Apr
Ma
13
Dec 114 Jan
Dec 1731 Feb
Mar
Dec 31
.iOn•
Dee 1e,
24
63
1%
13%
6%
6
2234
3
Apr
Apr
Apr
Jan
Apr
6216 62%
61% 62
2714 2714
Range for Year 1930.
Low.
High.
2,000
9,000
1,000
6234 Dec
6994 Feb
43
Nov
85
July
84% July
64
Apr
64% 64% 1,000
62% 65
7,000
22
22
10,000
3734 Dec
68
Dec
18
Dec
66
83
60
July
July
May
105%
106%
1125(
899(
104
10191
Dec
Oct
Mar
Sept
Sept.
June
10491 105% 7.000 102
105% 10554 3,000 101%
84% 9014 47,000 7834
73% 73% 1,000 7294
10214 103
3,000 98%
102% 10214 3,000 101%
r Ex-rights
Mar
Feb
Dec
Dec
Feb
June
Toronto Stock Exchange.
-Record of transactions at
Toronto Stock Exchange Jan. 3 to Jan. 9, both inclusive,
compiled from official sales lists:
Stocks-
8%
36
19
22
289
Friday
Soles
Last Week's Range for
of Prices.
Sale
Week.
,
Price. Lou. High.
Friday
Sales
Last Week's Ranee for
Sole
of Prices.
Week.
Par. Price. Low. High .Shares
Range Since Jan. 1.
High.
Abitibi Pr & Pap corn ___ _*
834
210
83-1 1234
831
6% Preferred
100
44
270 44
45
Alberta Pat Grain A
•
5
5
5
6
25
Associated Canners
836 10
25
814
Atlantic Sugar corn
* 13
13
17
255 13
Preferred
100
82
82
50 82
Beatty Bros com
•
193-4 1934
10 193-4
Preferred
100
80
80
25 SO
Bell Telephone
100 14234 141
14234
432 141
Blue Ribbon Corp com_ __•
12
12
35 12
614% preferred
50
31
31
40 31
Brantford Cordage let p125
1934 1955
2 1914
Brazilian T L & Pr com__* 2131 2134 243-4 10,043 2094
B C Packers pref
100
18
18
10 18
B C Power A
•
35
3534
400 35
B
•
1174 1134
25 1131
British Emp Steel com_100
20 111
134
134
20 preferred
100
3
3
3
80
Building Products A
23
2214 233-4
195 2214
Burt, F N Co com
40
25
42
107 40
Canada Bread com
•
7
7
405
7
734
1st preferred
100
100 100
10 100
Canada Cement corn
•
1234 13
66 1234
Preferred
100
45 9134
915-4 9234
Can Steamship Lines com *
434 434
434
15
434
Preferred
100
18
110 18
18
Canada Wire & Cable A..*
6591 66
15 6591
29
35 29
29
30
Canadian Bakeries A....*
10
5 10
10
Canadian Canners com _ _• 13
12
13
90 12
Cony pref
• 1334 1316 14
193 1314
1st preferred
100
92
91
54 91
Canadian Car & Fdy corn.*
10 1834
1836 1874
Can'd'n Dred'g dr Dk corn * 26
895 2536
26
3111
Canadian Gen Elec com_50
250 255
17 250
Preferred
50
75 60
6034
Canadian Indus Alto A_ _ _•
25
331 334
334
25
296
234 254
•
Canadian Oil com
18
• 18
2336
271 18
Canadian Pacific fly...100 40
40
4234 1,732 3934
City Dairy corn
58
17 57
60
Cockshutt Plow corn
•
400
914 10
914
995
Conduits Co pref
100
92
92
3 92
Consolidated Bakeries_ __*
374
814
836 9
834
2
2
Cons.Food Products corn.
760
2
234
35
A
50
5
5
534
536
14894 150
Cons. Min.& Smelting_ _25
37 14834
Consumers Gas
114 180%
100 181
18034 184
6
8
Cosmos Imp. Mills corn_ •
193
6
92
100
92
Preferred
5 92
925
DomelViine,s Ltd
920 980
3,970 920
14
1534
Dominion Stores com___ _• 14
324 14
11
• 11
Fanny Farmer com
30 11
1134
28
•
69 28
30
Preferred
Ford Co.of Canada A _ -* 22
1,807 21
213-4 25
General Steel Warm corn.'
30
7
7
794
Goodyr Tr & Rub pref_100
103 104
29 103
Great Wet Saddlery corn-.
34
94
20
34
Gypsum Lime & Alab_
1034 12
• 103-4
923 1054
Hamilton Cottons pref_ _30
15
16
25 15
Hayes Wheels & For corn.*
4
5
100
4
Hollinger Cons Gd Mines _5
630 715
4,580 630
Hunts Ltd A
19
19
10 19
Internatl Mill let pref. _100
101 101
15 101
Internatl Nickel corn
1534 1534 1694 13.854 1434
Internatl Utilities A
3334 35
15 3334
LakeShore Mines
1 2390 2390 2450
840 2390
Laura Secord Candy corn.*
41
41
35 41
Loblaw Groceteries A.. * 11
11
1134
374 11
10
11
10
401 10
Loew's Thea Marc corn 100
32
37
7 32
Preferred
71
100
71
5 71
Maple Leaf M ill comm _•
7
8
30
7
1034
Massey-Harris com
415
996
93-4 1034
McIntyre Porcupine Mine 5 2125 2120 2300
1.5052060
Moore Corp corn
332 1636
1634 1734
A
100
10834 10834
45 10834
100
122 126
17 122
Muirheads Cafeterias corn *
2
271
258
2
Ont Equit Life 10% pd 100
20
21
8 20
Page-Hersey Tubes corn_
82
82
85
341 82
Photo Engravers & El....' 18
21
215 18
18
Pressed Metals com
•
1031 13
362 1031
Riverside Silk Mills A__ * 1234
1234 1236
30 124
St Lawr'ce Pap Mills pf 100
3014 3034
25 304
SimPson's Ltd B
40 333-4
3334 3334
Preferred
100 90
275 89
89
90
Standard Chem corn
•
15
10 15
15
Stand Steel Cons com_
•
734
315
734
73-4
Steel Co of Canada corn..'
392 3934
3934 41
Sterling Coal corn
494
434
25
434
100
Traymore Ltd pref
1134 1134
25 1194
20
Twin City R T corn
6
934
_100
934 934
Walkers-Good'h'm Worts•
7
634 814 23,460
694
West Can Flour Mills com•
10 173-4
1734 1714
Preferred
49 90
90
100
95
Weston Ltd, Geo. corn.,* 30
145 30
3114
30
Winnipeg Electric cona___. 1536 15
5 16
1536
Preferred
10
83-4
834 895
100
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100 228
100
100
100
100
100
100 217
Loan and Trust
Canada Perm M tge_ _ _ _100 206
Cent Can Loan & Says_ 100
National Trust
100
Toronto General Trusts 100
• No par value.
225 230
21914 220
217 22031
279 285
318 320
273 280
217 225
206
290
350
235
209
290
360
235
104
20
19
59
45
146
148
12
2
2
1111
Jan 1236 Jan
Jan 45
Jan
Jan
Jan
6
Jan
Jan 12
Jan
Jan 17
Jan
Jan 82
Jan 19% Jan
Jan
Jan 80
Jan
Jan 143
an
Jan 12
Jan
Jan 31
Jan 19% Jan
Jan 2434 Jan
Jan
Jan 18
Jan 35% Jan
Jan 11% Jan
Jan
111 Jan
Jan
Jan
3
Jan 2311 Jan
Jan 42
Jan
Jan
7% Jan
Jan
Jan 100
Jan
Jan 13
Jan 92% Jan
Jan
43-4 Jan
Jan 18
Jan
Jan 66
Jan
Jan 30
Jan
Jan 10
Jan
Jan
Jan 13
Jan
Jan 14
Jan
Jan 92
Jan 18% Jan
Jan 3134 Jan
Jan 255
Jan
Jan 6034 Jan
Jan
3% Jan
2% Jan
Jan
Jan 23% Jan
Jan 4236 Jan
Jan 60
Jan
Jan 10
Jan
Jan 92
Jan
9
Jan
Jan
Jan
236 Jan
Jan
534 Van
Jan 150 I Jan
Jan 184
Jan
Jan
8
Jan
Jan 92
Jan
Jan 980
Jan
Jan 1514 Jan
Jan 11% Jan
Jan 30
Jan
Jan
Jan 25
Jo
7% Jan
Jan 104
Jan
Jan
94 Jan
Jan
Jan 12
Jan
Jan 16
5
Jan
Jan
Jan 715
Jan
Jan 19
Jan
Jan 101
Jan
Jan 16% Jan
Jan 35
Jan
Jan 2450
Jan
Jan 41
Jan
Jan 11% Jan
Jan 11
Jan
Jan 37
Jan
Jan 71
Jan
Jan
8
Jan
Jan 1034 Jan
Jan 2300
Jan
Jan 1734 Jan
Jan 10836 Jan
Jan
Jan 126
2% Jan
Jan
Jan
Jan 21
Jan
Jan 85
Jan
Jan 21
Jan
Jan 13
Jan 1234 Jan
Jar
, 3034 Jan
Jan 33% Jan
Jan
Jan 90
Jan
Jan 15
•734 Jan
Jan
Jan
Jan 41
Jan
434 Jan
Jan 1134 Jan
Jan
914 Jan
814 Jan
Jan
Jan 17% Jan
Jan 95
Jan
Jan 31% Jan
Jan 15
Jan
834 Jan
Jan
225
21914
217
279
318
272
217
Jan
Jan
Jan
Jan
Jan
Jan
Jan
230
220
220%
285
320
280
225
Jan
Jan
Jan
Jan
Jan
Jan
Jan
206
290
350
235
Jan
Jan
Jan
Jan
209
290
360
235
Jan
Jan
Jan
Jan
290
Toronto Curb.
-Record of transactions at Toronto Curb
Jan. 3 to Jan. 9, both inclusive, compiled from official
sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Can Bud Breweries coin_ *
Canada Malting Co
•
Can Paving ds Supply corn*
Canada Power & Paper •
Canada Vinegars corn_
*
Canadian Wineries
*
Can Wire Bound Boxes A •
Carling Breweries
*
Cods Sand dr Gravel pf 100
8%
13
2%
434
19
3%
1.6%
3
80
9
1335
2%
4%
20
4
16
3
80
00
00.00.000,
tOt..P....M01 40 N
....... .4,4
DeForeet Crosley Radio_*
Distillers Corp Seagrams *
Dominion Bridge
*
Dorn Tar & Chem pref_100
Dufferin Paving dr Crushed
Stone common
*
Durant Motors of Canada
10
Common
10%
10
52
88
10%
10%
52
88
.0‘00O
0.0C4,
,
CI
•-•
734
734
10
3
56
Montreal L 11 & P Cons.*
National Steel Car Corp.._* 35% gg
Service Stations corn A.' 32% 32%
100 90
90
Preferred
Shawinigan Water & Pow *
50%
14%
Stand Pay dr Mater com_*
Tamblyns Ltd 0 Pref--100
101
•
Thayers Ltd pref
18
Toronto Elevators corn_ *
934
United Fuel Invest pref 100
65
5634
3534
32%
90%
52
15
101
25
10
65
00
.0(0,000,4VD 0000000Co,
Nb.MMwt
,..0 ,4MWN0a ,
•-•
..
,.
M
31
90
934
linInn Nntnral flan On
•
1 nI,4
IR
• No par value.
poyel,lopo0.00C
Na.C.0MOMNOV
02,.M41,4,4M., ,
. .
.0 .00
C4
Oils
British American 011_ _ _ ..* 1534 14% 16
Crown Dominion 011 Co--*
4% 5
* 17%
Imperial Oil Ltd
17
18%
International Petroleum_ _• 14% 1414 15%
McColl Frontenac Olicom• 17% 17
18
North Star 011 pre(
5
490 490
Bupertest Petroleum ord.' 29
2814 3214
Common
*
2814 31
Preferred A
100 101
100 105
,
434
80
33
92%
17%
56
18
9%
4
Range Since Jan. 1.
High.
Low.
sx
13
234
434
19
315
15%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
13%
2%
4%
20
4
16
Jan
Jan
Jan
Jan
Jan
Jan
Jan
80
Jan
80
Jan
10%
Jan
Jan
Jan
Jan
lox Jan
10% Jan
10
52
88
714
80
31
90
18%
55
18
931
Edmonton City Dairy pf100
English Elec of Canada A *
Goodyear Tire & Rub corn*
Hamilton Bridge corn.
*
•
Honey Dew pref
Humberstone Shoe corn..'
ImPerial Tobacco ord.__ _5
Jan
52
88
7%
Jan
Jan
Jan
4
Jan
4%
Jan
80
30
90
16%
55
18
9%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
80
33
92%
17%
58
18
934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
68
35
32
90
50%
14%
101
18
915
65
Jan
56%
Jan 3534
Jan 32%
Jan 90%
Jan 52
Jan 15
Jan 101
Jan 25
Jan 10
Jan 65
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
14%
4%
1734
14%
17
490
28%
28%
100
Jan 16%
5
Jan
Jan 18%
Jan 15%
Jan 18
Jan 490
Jan 33
Jan 31
Jan 105
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Inn
.'Inn
in*4
IR
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Jan. 3 to Jan. 9, both
inclusive, compiled from official sales lists:
Stocks-
[VOL. 132.
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week"
of Prices.
Sale
Par. Price. Low. High. Shares.
Almar Stores
%
15
%
''
Amer Foreign Secur
3234 32%
American Stores
38
731 37
* 3
Bankers Secur oom pref_50
16% 21
Bell Tel Co of Pa pref- -100 116% 115% 116%
Bornot Inc
7
7
Budd (E 0) Mfg Co
434 5
414
•
51
Preferred
51
Budd Wheel Co
9
9%
934
Cambria Iron
50
Camden Fire Insurance-Central Airport
Consol Traction of N J..100
Electric Storage Battery100
Empire Corporation
10
Fire Association
Horn & Hard(N I)com _ *
160
Preferred
Low.
High.
4%
3.1' Dec
2.285
50 32% Jan 99%
2.300 36% Dec 49
600 12% Dec 49
600 113% Jan 118
10
6
Aug
200
4,100
334 Dec 16%
Jan 70
100 51
2,100
734 Nov 14%
Feb
Feb
Apr
Apr
Aug
Jan
Apr
Feb
Feb
41%
17%
234
41
52%
134
2
17
1915
34%
36
102
41%
18%
234
43
5534
2
19%
36
102
10
3,200
200
110
500
1,350
1,500
900
10
38%
16
2
41
48%
14
12
22%
9734
Jan 42
Dec 28%
7
Nov
Jan 52%
Nov 78%
Dec 14
Dec 4314
Oct 46%
Feb 105
Aug
Apr
Apr
Apr
Feb
Feb
Mar
Feb
Apr
51
734
24
24%
12%
13%
55
7%
26%
25
13
13%
1,900
4,000
4,700
450
1,300
2.095
4534
6
20%
22
12%
13%
Dec
Nov
Dec
Nov
Jan
Dec
85%
15%
4934
42
20
20
Nov
Feb
Nov
Apr
Jan
Jan
Dec 16%
Dec 85%
Jan 95
Aug 3334
Dec 62
Nov 40%
Dec 44
Jan 129
Dec 25%
Oct 4434
Nov
934
June 18
Feb
Nov
June
May
May
Apr
Jan
July
May
Apr
Apr
Jan
18%
255
41
Inaurance Co of N A_ _ _ _10
Lake Superior Corp---100
Lehigh Cosi & Nav new w 1
Manufact Can Ins
Mitten Bank See Corp_ _
Preferred
55
7%
25%
25
12%
1335
Pennroad CorP
Pennsylvania RR
50
Phila Dairy Prod pref. _25
Phlla Klee PoW pref
25
Phil Insulated Wire
Phila Rapid Transit_ _50
7% preferred
60
Plilla Germ de Norris RR 50
Phil dr Rd Coal & Iron_
Philadelphia Traction_ _50
Railroad Shares Corp
Reliance Insurance
10
7
58%
90
3234 32%
4534
20%
23%
25
129
g%
33
4
3%
6
6
7%
5
7% 16,100
61% 7,100 53
33 86%
90
32% 3,700 30
30 42
4534
1,000 20
20%
1,330 20
25
10 125
129
7
400
10%
200 32
33
334
700
4
4%
850
6
1,000
334
Seaboard Utilities Corp...
334 4
20
43
43
Scott Paper
200
2
2
Shreve El Dorado Pipe L 25
85
44%
44
Tacony-Palmyra Bridge..'
1,000
22% 23
Union Traction
50
100
22% 22%
Ctfs of deposit
United Gas Impt com new• 29% 28% 29% 20,600
1,500
* 101% 101 102%
Preferred new
805
10
10
US Dairy Prod com cl B._. 10
1,200
434 6
6
Victory Ins Co
600
* 31% 29% 3131
Warner Co
107
60
60
W Jersey dr Seashore RR 50
BondsConsol Trae N J 1st 56 1932
El & Peoples tr etts 41%1945
Ctfsof deposit,
Lehigh Nay Cons 4346 1954
Lehigh Pr Sec Cor 66_2026
Lehigh Vali ann 66
Phil Elec(Pa) lets 14s 1966
1st 4%8series
1967
1st lien & ref 6a
1350
151St
1966
1st lien & ref 534s..1947
Phil El Pr Co 548_ __ 1972
Strawbridge& Cloth 561948
Warner Co 1st 66 with warr
York Rallwaya ist 5s 1937
Range for Year 1930.
82
82
30
3334
31% 311.4
98% 9934
102% 103
128 129
96
98
103 103
104% 104%
107% 108%
197 107
106 10631
9334 959
96
90
98% 9834
55,000
8,800
1,000
17,000
15,000
5.000
4,000
4,000
6,000
27,400
500
21,000
6.000
10,000
4.000
234
42
134
34
21%
21
24%
96%
734
3
29
55%
81%
30%
31%
9434
100
126%
87%
96%
102%
103%
104
104%
93%
91
91
Dec
935 Apr
A or
June 59
Dec 15% Nov
Jan 5334 Mar
Dec 31% Apr
Dec 30% Apr
Nov 4934 Apr
Jan 104% Oct
Dec 26% Apr
Dee 17% Apr
Dec 42
Aug
Jan
May 61
Dec
Dec
Jan
Oct
Dec
Dec
Apr
Nov
Feb
Jan
Feb
Feb
Jan
Jan
Jan
90%
44
4334
99
103%
129%
9834
103
105%
108%
108%
106%
100
100
100
June
Mar
Apr
July
Feb
Oct
Nov
Aug
Dec
Aug
Nov
May
Oct
Aug
Oct
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Jan. 3 to Jan. 9, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Appalachian Corp
750 75e
75e
Arundel Corporation
* 41
38
4134
Atlantic Coast L(Conn)_50
106 106
Baltimore Trust Co
30
30
10 30
Black & Decker corn
*
12% 13%
Cheer & Po Tel of Balt pf100 116% 116 116%
Commercial Credit
*
19
19
Commercial Credit N 0Pf24
24
83
91
Como!Gas,E L & Pow_ --* 85
6% preferred ser D.-100 110
110 11034
534% Pref w leer E_ _100
108 109
100
5% preferred
103 104
Eastern Roiling Mill
*
7% 8
Equitable Trust Co
25
4434 45
Fidelity & Guar F Corp_10 25
2434 25
Fidelity & Deposit
50 13734 133% 13714
First Nat Bank W I
4231
4234 41
Houston Oil pref v t ctfs 100 68
68
6914
Preferred new
17
17
1735
Maryld Cas Co new w I_ _ _ _
3034 2734 31
Maryland Tr Co new wt..* 31
3034 3134
Mercantile Trust
50
400 400
Merch & Miners Tramp_ *
3234 3334
70
1,200
5
1,300
736
8
10
30
501
26
90
230
150
60
174
136
217
30
150
1.375
211
25
107
Nonon W Penn P S pref_25
Mort Bond &Title w 1
Mt Ver-Woodb Mills v t100
Preferred
100
Nat Sash Weight pref
New Amsterdam Cas Ins.Northern Central
Penna Water dr Power----*
Silica Gel common
Un Porto Rican Sug corn.*
Preferred
*
Union Trust Co
50
United Rys & Electric_ _ _ 50
U S Fidelity & Guar new_10
West Md Dairy Inc pt. __*
Prior preferred
50
25
6
534
60
32%
34%
8534
6114
7
1334
22
54
4
31
9434
55
306
310
6
22
100
681
31
425
100
130
100
33
600
2,316
228
44
Bonds
Baltimore City Bonds
4s Sewer Loan
1981
9934 9934
1961
99% 100%
48 Water loan
1958
10034 100%
10014 10014
48 Annex impt
1954
45 Annex 'rapt
10014 100%
1951
48 Paving loan
1951
100% 100%
3145
1980
8734 8714
Atlantic Coast L(Conn)5%
10094 10034
Benesch I & Sons Inc W1'39
75
75
Como' Gas gen 414s--1954 10134 10134 10134
Consol G E L &P 4346 1935 10034 10034 100%
95
95
Kingsport Press 614-1939
Lake Roland Its 5s. _1942
75
75
95
95
Md Elee Ry let 58
_1931
88
North Ave Market 6s_1940
88
93
93
Olustee Timber Co 66_1935
79
Sandura Co Inc 1st 6s_1940 79
79
United Ry & E 1st 4s_ _1949 4334 4234 4314
Income 46
2034 22
1949 22
38
Funding 56
37
1936 37
1st 6s
50
52
1949
25
Wash Bait & Anap 58_1941 25
22
$100
3,400
5,100
500
3,500
1,000
400
1.000
1,000
1,000
1,000
2,000
1,000
2,000
1,000
3,000
3,000
22,000
14,000
6,000
14,000
16,000
2434
34
61
1334
4
3014
9434
24%
6
5%
60
3234
3234
8534
61
7
11
22
52
4
28%
94
5434
Range for Year 1930.
Low.
High.
1
3534
9914
2934
10
113%
1734
21%
80
109
105%
9934
6
4434
21
12534
38
68
Oct
Dec
Dec
Dec
Dec
Jan
Dec
July
Dec
Mar
Jan
Feb
Dec
Dec
Dec
Dec
Dec
Dec
2234
30
409
33
Dec 46 May
Dec 3214 Sept
Nov 465 June
Jan
Dec 47
Oct
Dec
Dec
Dec
Nov
Dec
55, Feb
4
57
Dec
4
Dec
1334 Dec
Sept
25
Dec
50
334 Dec
Dec
23
Oct
85
Jan
48
1214
5
5
60
31
30
5
4734
175
4434
56
119%
3834
24%
136
111%
109%
105
25%
52
49
190
5134
93
26
20
17
86
51
43
8934
9534
33%
40
43
7934
1334
49
96
55
Jan
Mar
Mar
Apr
Mar
Aug
Apr
Aug
May
Oct
Sept
Oct
Jan
Dec
Feb
Apr
May
Apr
Feb
Mar
Mar
Mar
Jan
Apr
Sept
Mar
Mar
Feb
Jan
Jan
Feb
Apr
Dec
Nov
10134 Sept
Oct
101
Nov
101
100% Oct
10134 Sept
Oct
101
Oct
90
9534
98
9534
97
96%
98
88
Feb
May
Feb
Jan
Feb
Apr
Dec
75
9734
97
90
80
94
84
9214
7955
40
19
3234
50
2234
Jan
Jan 85
Jan 101% Oct
Jan 101% Oct
Apr
Dec 99
Dec 86 June
Jan 0934 Oct
Oct
Mar 93
Mar 9474 Nov
Feb
Dec 87
Sept
Dec 88
Dec 4934 Feb
Apr
Sept 65
Jan
Dec 84
Apr
Dec 68
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange, Jan. 3 to Jan. 9, both inclusive, compiled from official sales lists:
Stocks-
Bates
Friday
Last Week's Range for
Week.
of Prices.
. Sale
Par. Price. Low. High. Shares.
Allegheny Steel
•
Aluminum Goods Mfg....*
•
American Austin Car_
Amer Fruit Growers
*
Arkansas Nat Gas Corp..'
Preferred
10
*
Armstrong Cork Co
Auto Finance Co
*
25
Preferred
Bank of Pittsburgh
50
Blaw-Know Co
*
Carnegie Metals Co
10
Clark(D L) Candy
*
Crandall McK & Hood...'
Devonian 011
10
Harbison Walker Ref ___•
.
Range for Year 1930.
Low.
High.
72
24
754
95
161
4
8
62
Apr
Jan
Jan
May
Mar
Feb
Jan
Feb 175
Jan 4134
Dec
8
Dec 1914
June 22
Dec 1434
Dec 8134
Jan
Apr
Mar
Apr
Dec
Nov
Dec
Jan
Dec
Dec
Dec
45
14%
134
10
5%
7
834
23
25
10
20
120
2814 24
2
10
10
6
4034 39
45
15
It,
10
674
7
30
10
20
120
2634
314
1094
15
654
4034
30 39
480 1334
1
350
150 k60
4%
1,375
173
634
1,852 20
15
200
5 160
2,817 21%
1
300
539 1034
550 20
335
60
710 3934
Independent Brewing- _50
234
Koppers Gas& Coke pf.100 10034 10034
Liberty Dairy Prod
•
134
Lone Star Gas
• 26
2434
Mesta Machine
5 26
2531
Nat Fireproofing pref. _50
3234
Peoples Say & Trust__ _20
130
Pittsburgh Brewing
5%
50
Preferred
10
50
Pittsburgh Forging
* 1134
9
Pittsburgh Plate Glass. _25 40
36
Pgh Screw & Bolt Corp_ *
14
Pittsburgh fite Fdry____• :17% z1734
Plymouth 011Co
5 17
17
Reymers Bros Inc
•
1794
Ruud Manufacturing....'
23
Shamrock Oil & Gas
•
8%
714
Standard Steel SPrings---• 25
25
United Engine & Fdry_ •
34
Westinghouse Air Brake_ _•
3334
2%
10014
134
26%
26
33
130
53.4
10
1194
40
1434
18
1734
1734
2394
8%
25
36
34
414
295
1
Jan
185 9794 Dec 104
1,500
1
Oct 3294
5,673 1974 Nov 581-1
210 22334 Nov 3234
65 35
Jan 45
Sept 170
10 140
5
15
234 Jan
20
5% Jan
1434
1,840
814 Dec 25
470 3234 Dec 5934
735 14
Dec 23
200 18
Dec 32
350 1894 Dec 2734
100 17
June 19
75 29
June 38
295 k7
Oct 274
440 2034 Dec 58
405 3134 Nov 4934
295 3134 Dec sot-
45
1434
Unlisted
Lone Star Gas pref _ __ _100 105
10334 105
Mayflower Drug Stores..'
1
1
Western Pub Ser v t e_ ___• 1234 1155 1234
Bonds
Shamrock 011 & Gas lia 1030 _ _
on
an
95 1044 Jan 110
5
Dec
350
1
3,816
914 Nov 33
el rvIn
OKle
Tan
inn
may
Apr
Apr
Feb
Oct
Apr
Apr
Apr
Feb
mar
Apr
Dec
Mar
Jan
Jan
mar
Feb
July
Mar
Apr
Apr
mg
Feb
Apr
Apr
. Apr
An?
* No-par value. k Ineludet also record for period when in Unlisted Dept. x Ex
dividend.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Jan.3 to Jan. 9, both inclusive,
compiled from official sales lists:
Stocks-
Sales
vriday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High .Shares
Batik and Trust
Boatmen's Nat'l Bank_100 180
First National Bank__ - _20 68
Mer-Com Bk & Tr Co_100 197%
Mississippi Val Tr Co.
.100 210
St Louis Union Tr Co--100
180
68
191
210
465
180
6934
197%
210
486
Range Since Jan. 1.
2 180
181 68
141 191
3 210
73 465
High.
Jan
Jan
Jan
Jan
Jan
180
69%
197%
210
466
Jan
Jan
Jan
Jan
Jan
JAN. 10 19S1.]
FINANCIAL CHRONICLE
lericuty
Sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continual) Par. Price. Low. High Shares.
Miscellaneous—
y
American Inv B
Bentley Chain Stores corn•
Brown Shoe corn
100
Preferred
100
Burkart Mfg pref
•
Century Electric Co_ _100
Coca-Cola Bottling Co.-_1
Como Mills Co
•
Curtis Mfg corn
5
Dr Pepper corn
'
3
Ely & Walker DG com_25
-Democrat pref__100
Globe
Hamilton-Brown Shoe__25
9
134
9
134
35
118
9
85
40
3834
22
22
1734 17
29
18
18
115
4
International Shoe corn...* 4831
Preferred
100 107
Johnson-S-S Shoe
* 37
Laclede Steel Co
20
Landis Machine corn_ _25
MeQuay-Norris
* 38
Moloney Electric A
•
Mo Portland Cement_ __25 2615
National Candy cony_
•
let preferred
100
RIce-Stix Dry Goods corn •
791
let preferred
100
2nd preferred
100 80
Securities Inv corn
• 2734
Southw Bell Tel pref _ _100 119
Stitt, Baer & Fuller corn_ _• 15
St Louis Pub Serv com_ •
Wagner Electric com_100 1715
Preferred
15
Street Railway Bonds
East St L & Sub Co 5s 1932
United Railways 48._ _1934
4734
107
37
32
2
631
38
55
25
21
107
715
92
80
26
11734
1435
134
17
10534
9
115
36
118
9
85
43
2231
1731
29
18
115
434
49
108
37
32
27
3835
55
2615
22
10735
811
9215
80
2731
119
15
231
18
10534
Range Iftwe Jail. 1.
Low.
10
9
134
120
96 35
10 118
9
30
5 85
746 38
125 22
105 17
215 29
120 18
10 115
35
4
1,053
47
25
60
15
125
75
97
33
30
300
20
225
255
257
237
650
632
8
9634 9634 $3,000
6134 6234 18,000
4734
107
37
32
2614
38
55
2434
21
107
734
92
80
26
11735
1491
194
17
10545
High.
Jan
9
134
Jan
Jan 36
Jan 118
Jan
9
Jan 85
Jan 43
Jan 2234
Jan 1714
Jan 29
Jan 18
Jan 115
Jan
431
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
49
108
37
33
27
3834
55
2614
22
10714
834
9235
80
2731
119
15
215
18
10515
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9634 Jan
6151 Jan
9634 Jan
6214 Jan
* No par value.
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Jan.3 to Jan. 9 both inclusive,
compiled from official sales lists:
Stocks—
Sales
Friday
for
Last Week's Range
Week.
Sale
of Prices.
Par, Price. Low, High. Shares.
Range Since Jan. 1.
High(
Low.
Dow Drug corn
•
Preferred
100
Eagle-Picher Lead com_ _20
Early & Daniel com
•
Formica Insulatton
•
Fyr Fyter A
•
Gerrard El A
•
Gibson Art corn
•
Gruen Watch corn
*
Preferred
100
Hobart Mfg
•
Int. Print Ink
•
Julian & Kokenge
•
Kahn let pref
100
Kahn participating
40
Kroger corn
•
Lincoln National
100
Lunkenheimer
*
9%
95
5
24
2731
18
731
3434
32
109
3594
12
8
8931
28
19
400
32
1031
100
534
24
28
18
8
37
33
109
41
12
10
8931
2835
2011
400
32
97%
259
37 95
612
5
100 24
90 2715
50 18
734
100
501 3434
252 32
58 109
533 3514
100 12
8
40
10 8931
30 28
322 1831
75 400
126 32
Jan 1031
Jan 100
Jan
531
Jan 24
Jan 28
Jan IS
8
Jan
Jan 35
Jan 33
Jan 109
Jan 41
Jan 12
Jan 10
Jan 8931
Jan 2831
Jan 2031
Jan 400
Jan 32
Jan
Jan
ran
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
•
Manischewitz com
*
McLaren Cons A
Newman Mfg Co
•
Paragon Refining v t c_ *
Proctor & Gamble cm new*
8% preferred
100
5% preferred
100
Pure 0116% pref
100
100
8% preferred
Rapid Electrotype
•
Richardson corn
•
U 0 Playing Card
10
II 53 Print & Lith com new •
Whitaker Paper pref. _ _100
* No par value.
3431
19
25
1231
64
170
10531
7534
100
44
1531
46
12
10631
3434
20
25
1231
66
170
10831
85
100
44
16
48
12
10631
10
10
10
4
104
10
373
216
50
10
375
514
29
2
34%
19
25
1231
6331
170
10535
75
100
44
1535
46
12
10631
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3474
20
25
1215
66
170
10831
85
100
44
16
48
12
10631
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Jan. 3 to Jan. 9, both in'elusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
•
Allen Industries corn
•
Apex Electrical Mfg
Bulkley Building pref _100
20
Central United Nat
• Chase Br &Cop pf ser A 100
•
City Ice & Fuel
100
Preferred
10
Clark Fred (3 con)
Cleve Autom Mach com.50
Cleve-Cliffs Iron pref__ •
Cleve Elea 1116% pf_ _ _100
Cleve Railway etfs dep.100
*
Cleve Securities P I. pf
100
Cleveland Trust
Columbus Auto Pts pf__ •
Commercial Bookbinding.*
•
Dow Chemical corn
'Eaton Axle dr Spring COM.*
Elec Contr & Mfg corn..-•
•
Enamel Prod
*
Faultless Rubber com
Federal Knitt Mills corn—*
Foote-Burt common
Foetorla Pie St1
6
6
10
10
42% 42%
573.4 58
.102% 102%
3515 36%
79
79%
2
2
5
5
94
94
113 113
68% 7031
211
2%
322 325
123% 14
12
12
49%
15%
58%
531
36%
27
14
1131
5014
1515
58%
531
3631
30
14
11%
Range for Year 1930.
Low.
High.
25
5
20 10
5 4215
343 57
15 101
149 3311
153 80
100
234
60
514
100 91%
36 110
110 (1655
67
2
109 315
25 1131
549 12
Feb 14% May
Dec 16% July
Dec 63% Mar
Dec 86
Jan
Mar 104% Nov
Dec 47
Anr
Oct 83
NOV
Dec 11
Jan
Dec 28
Feb
Mar 96
July
Jan 114
Dec
Dec 93% Feb
Nov
3% Feb
Dec 501
Jan
Oct 25
Feb
Mar 20
May
335
100
131
293
15
115
20
50
Oct 100
Dec 31%
Dec 83
Dec 11
Oct 27
June 38
Dec 3334
Dec 14%
48
14
55
534
32%
25
141
4
1334
Apr
June
Feb
Jan
Feb
Mar
Apr
Nov
Dec 163
Dec 91
Dec 33
Oct 9031
June 113
Nov 43
Dec 43231
Oct 25
Jan 2531
Dec 87
Nov 293.4
July
1631
Aug 32
Dec 293-4
May 99
Mar
Jan
Jan
Apr
May
Feb
Feb
Mar
Apr
Mar
Feb
Oct
Jan
Feb
Jan
McKee Arthur G&Co cl B •
Medusa Cement
•
Miller Wholes Drug com..•
Mohawk Rubber com_
•
Myers FE AL Bros
*
National Acme coin_ _ _10
National Carbon pref...100
National City Bank. _100
National Refining com25
Preferred
100
National Tile corn
*
National Tool corn
50
Ohio Brass B
*
Ohio Seamless Tube com •
45
65
18
531
4134
791
135
325
2034
133
634
3
6431
1991
4631
70
18
534
4231
8
135
327
2031
133
734
3
70
20
276 44
160 64
110 18
4%
15
260 3635
160
6
50 129
25 324
24 1734
1 130
5
73
10 10
725 60
40 19
Mar
Dec
Dec
Dec
Sept
Dec
July
Dec
Dec
Jan
Dee
Apr
Nov
Dec
59
105
3934
16%
49
2631
138
350
34
134
29
10
7631
45
Mar
Mar
Apr
June
Mar
Feb
Nov
Feb
Jan
Nov
Feb
Apr
Apr
Jan
Packard Electric corn_
•
Patterson Sargent
*
Peerless Motor corn_ __IQ
Reliance Manfg corn
•
Richman Brothers corn_ *
Robbins&Myers v t c ser 1*
Voting trust ctts pref.25
Selberling Rubber cora_ •
Preferred
iel()
Selby Shoe corn
•
Sherwin-Williams corn _ _25
A preferred
100
Smallwood Stone corn_
*
Stand'd Textile Prod corn *
Trumbull-Cliffs Furn p1100
Union Trust
25
Van Dorn Iron Wks corn.*
Vichek Tool
•
White Motor Secur pf_ _100
Youngstown S & T pf —100
1034 1115
27
25
4
4
2
034 2034
62
56
234 3
7
7
511
5
40
40
12
1331
6015 6231
106 106
3
3
135 134
10034 100%
72
75
5
5
9
9
103 103
9934 100
320
9%
565 21
3
100
100 17
1,039 50
2
46
120
63.4
4
225
15 30
310 103.4
617 57
6 105
25
23.4
155
1
21 10031
623 6735
30
3
100
731
20 101
100 9715
Dec 25
Nov 29
Dec
8%
Nov 50
Dec 99
Dec
731
Nov1491
Oct 1831
Oct78
May 20
Dec 85
Jan 109
Dec 1554
Aug
331
Sept 106
Nov 95
Oct 11
Dec 2034
Jan 10634
July 10331
Apr
Mar
May
Apr
Feb
Feb
Feb
Feb
Feb
Jae
Jan
Apt
Apt
Jam
Apr
Jac
Apr
Jar
Juin
Fet
Bonds—
Cleveland Railway 58_1931
993
99t1 52.000
98
Jan 10034 Mat
* No par value.
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, Jan. 3 to Jan. 9,
both inclusive, compiled from official sales lists:
•
Stocks—
Friday
Sales
Last Week's. Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
25
Barnsdall Oil A
10
13oLsa Cities 011 A
Broadway Dept St pf_ _100
Preferred ex-warr_ _100
*
Byron Jackson
25
California Bank
Central Investment Co_100
20
Citizens Nat Bank
Claude Neon Elec Prod._'
•
Douglas Aircraft Inc
•
Emsco Derrick&EQulp Co
Goodyear T & Rubb pf 100
Goodyear Textile pref...100
Range for Year 1930.
Low.
High.
Dec
June
Sept
Aug
Dec
Dec
Jan
Dec
Dec
Dec
Dec
Dec
Dec
5
25
5
100
5
Dec
Hal Roach 8% pref
25
715 Dec
200
815 834
Hancock 011 com A
260 20
20
20
Sept
Home Service 8% pref _ _25 20
400 32
3214 3235
Oct
Internat.Re-insur Corp _ _10
75
75
Nov
50 80
Los Angeles Biltmore pf 100
22 10034 Dec
Los Angeles G & El pf _100 10531 103 10515
Dec
Pacific Finance Corp com10 1215 1215 1334 2,900 12
Pacific Gas & Elec com.25 4815 4815 4935 1,600 4031 Dec
25
114 2535 Dec
1st preferred
263-4 2714
Dec
300 49
•
Pacific Lighting com
5334 543-4
Oct
500 50
55
5815
Pacific Mutual Life Ins.10 55
25
134 111
1.00 Oct
200
Pacific Nationale°
100 1734 Dec
20
20
Pacific Public Serv A corn • 20
Dec
735 85-4 1,400
6
8%
Pacific Western 011 Co---*
1.35 1.35
10
200
lg Dec
Pickwick Corp corn
2
2
2.05 15,40
PCG rights
134
Republic Petroleum Co_10
200
13,4
1.15 Dec
5
Richfield Olt Co corn— _25
431 Dec
4% 834 36,200
25
7
6% 734 6,500
Preferred
6
Dec
635 7
63-4
Rio Grande 011 com_ - - _25
2,600
415 Dec
10
1591
1491
12%
10
70
6934
5%
80
9134
81
1514
1215
63.5
66
8331
13
300
2015 30,800
70
20
16
6915
300
615
50
80
10
9134
1,050
85
1,400
16
1435
400
635
200
12
66
5
8331
115 115
San Joaci L&P 7% pr pf 100
5% prior Prof
100 10134 10115 10134
See First Nat Bk of L A..25 88
81
89
834 934
Shell Union Oil Co com_25
954
So Calif Edison com_ _25 4834 46% 48%
25
Orig pref
58
58
25
2934 29%
7% Preferred
25 2615 2614 2694
6% preferred
25 2534 2491 2534
53.470 preferred
.
So Calif Gas 6% pref _ _25
2551 2534
So Counties Gas 6% pf _25
9915 993.4
Standard 011 of Calif__ _ • 4835 4735 48%
Superior Oil corn
1534 1531
is
Taylor Milling Corp
•
20
20
Title Ins dc Trust Co..__ _25
85
85
Trans
-America Corp__ _25 1391 1334 14%
Union 011 Associates_ _ _25 2334 224 2434
.
Union Oil of Calif
25 2451
2354 2534
Union Bank & Trust Co 100
325 325
•No par value.
1031
6
70
65
434
78
90
80
1151
1151
5
75
70
25 11134 Mar
Jan
10 100
2,000 7734 Dec
1,100
634 Dec
9,400 4094 Dec
Dec
• 115 53
600 2751 Jan
1,500 2451 Jan
3,500 2251 San
48 2431 Feb
40 9034 Feb
13.400 4234 Dec
8 1215 Sept
Dec
200 19
Nov
10 85
Dec
31,400 10
12,400 1951 Dec
14,900 20% Dec
July
2 320
-attwataamitsmtag
t5t3ggiragtval .0mtgag...a.vag imi v2.4.4.42mkqgow.00
,
02.42.4.
, c).4
2alz, 2-44-4-.2.4 2.42
40,
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
60 99
25 76
151
731
150 3734
10 100
220 21
27 324
30 15
140
831
259 59
50 14
6
8
85 25
350 12
2 973.4
.1.01Walt.pocommm.i.MmOrt.WON
NO.Nt-t.MNNNOC-NMOVW,
M
. ..
...
,
_
._ _ _ .. .... ...... -
Jan 1331
Jan 45
Jan 35
Jan
831
Jan 4931
7
Jan
Jan
5
Jan 1431
Jan 20
Jan 290
Jan 10231
Jan 40
Jan 9731
Jan 24
Jan 37
Jan 32
Jan 1535
Jan 108
Jan 11
514
Jan
95
95
85
85
8
831
4334 4391
10331 10331
21
2131
324 324
18
18
13
10
59
60
14
14
13
13
2531 26
1231 1231
95
95
Mtel,,,
NNN
108 1234
402 4211
629 2434
5
935
253 49
20
7
25
5
245 13
5 20
15 290
1,054 10014
1,085 3734
1,427 9631
136 23
40 36
25 32
100 1535
6 108
8 11
287
414
High.
Low.
General T & Rubb com.25
6% pref ser A
100
Godrnan Shoe corn
•
Goodyear T & Rubb corn.•
Great Lakes Towing pf.100
Greif Bros Cooperage cl A •
Guardian Trust Co_ __100
Harbauer corn
India Tire & Rubb corn_ *
Interlake Steamship corn..
•
Jaeger Machine corn
•
Jordan Motor pref
100
Kaynee common
10
Lamson Sessions
*
Loewe Ohio Theatres pf 100
0.,M.I.MV.MMMM..1,WOOM
..N‘r0..d.t-N00 m.
. .
1231 1331
4231 45
38
32
935 9%
49%
49
7
7
is
5
13
1431
20
20
290 290
10094 10231
40
38
9631 9734
24
23
3631 37
32
32
1531 1535
108 108
11
11
431 534
Range for Year 1930.
MMNOMOMNMNMMW
MNI .MNNO.VNNOO
,
.
.
Aluminum Industries Inc*
Am Laundry Mach com_20
Amer Roll Mill com
_25
Amer Thermos Bottle A...*
Preferred
50
Baldwin corn
20
Biltmore Mfg
*
Churngold Corp
*
CM Ball Crank pref
•
C NO & T. P
100
CM Gas & Elec pref
100
Cin Street Ry
50
CM & Sub Tel
50
CM Union Stock Yards...*
City Ice & Fuel
•
Coca Cola A
•
Cohen (Dan) Co
•
Col Ry Pr Blpref
100
Cooper Corp. pref
100
Crosley Radio A
*
291
Friday
dales
Last Week's Range for
Sale
Week.
of Prem.
Stocks (Concluded) Par. Price. Low. High. Shares.
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, Jan. 3 to Jan. 9,
both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Anglo & London P Nat Bit _
Armour & Co A
Assoc Insurance Fund Inc_
Atlas Imp Diesel Eng A.- Bond & Share Co Ltd
Byron Jackson Co
Calamba Sugar corn
7% preferred
6%
631
14%
14%
17931 179%
4
434
351 4%
6% 7
8
8
6
6%
14
1434
14 34 14%
Range for Year 1930.
Low.
High.
10 1713-4 Dec 233% Jan
4
Jan
200
731 May
809
234 Dec
7% Apr
4
Dec 34
698
Feb
140
631 Dec 15% Apr
4,303
4
Dec 23% Feb
535 13% Oct 19
Jan
75 13
Oct 1634 Mar
292
FINANCIAL CHRONICLE
Friday
Sates
Lass Week's Range for
Sale
of Prices.
Week.
Stocks(Concluded) Par. Price. Low. High. Shares.
Range for Year 1930.
Low.
Calif Cotton Mills corn....
5%
5
535
3%
375
Calif Ore Power 7% pref--- 110
110 110
120 106
Calif Packing Corp
4631 4431 4734 3,294 41
Calif Water Service pref.__
85
89
35 81
Caterpillar Tractor
--3034 2934 3235 18,596 2135
Clorox Chemical Co A.
------ 18
2031
458 1235
G & E6% 1st pref
9934 9935
20 98
Cons. Chem Indus A
2035 19% 2135 1,680 17%
Crown Zeller Corp pref A.. 5131 45
5131
353 50
Preferred B
51
52%
43
907 40
Voting trust otts
5
635 3,208
431
6%
Fageol Motors corn
135 1%
Flremans Fund Insurance. 87
84% 87
FoodMach Corp corn.....
2334 26
Foster & Kleiser corn
6
635
635
First National Corp
25
26
Golden State Milk Prod._ _ 1455 12% 14%
Gt Wait Power6% pref._ _
102% 104%
7% preferred
-105-- 102;4 105
Haiku Pine Co Ltd corn--6
6
Hawaiian C dr S Ltd
42
44
Hawaiian Pineapple
4131 41%
Home F & M Ins Co
3431 34%
Honolulu 011 Corp Ltd_
2631 2835
Honolulu Plantation
52
52
Jantzen Knitting Mills1731 1731 1735
Kolster Radio Corn corn.
Langendorf United Bak B.
Leslie Calif Salt Co
L A Gas dr Elec Corp pref.
Magnavox Co The
I Magn'in dr Co corn
6% preferred
Mere Amer Realty 6% pref
North Amer Inv 535% pref
North Amer Oil Cons.
PacificGas & Elec rights wi
6% 1st preferred
Pacific Gas dr Elec corn_ _ _
Pacific Gas dr Elec 515% Pf
Pacific Lite Corp corn
6% preferred
Pacific Public Service A
Pacific Tel dr Tel corn.....
6% preferred
Paraffine common
Pign Whistle pref
1
100
285 7934
953 2334
3%
391
150 24%
1,746
9%
161 99
750 101
15
5
200 41
264 3634
100 28%
1,440 2235
20 so
300 1731
High.
Dec 42
Jan 113
Dec 77
Dec 98%
Dec 79
Dec 38%
Feb 102
Dec 3335
Dec 85
Dec 8455
Dec 18%
Feb
Oct
Mar
Oct
Apr
Feb
Sept
Feb
Mar
Apr
Feb
Nov
4%
Dec 116
Dec 44%
Dec 10
Dec 30
Dec 31%
Jan 106
Dec 107%
June
9
Dec 51
Dec 63
Nov 44
Dec 40%
Sept 63
Jan 1734
Feb
Apr
Feb
Mar
Sept
Jan
Oct
Sept
Apr
Jan
Feb
Apr
Apr
Mar
Jan
134
135 135
7% Apr
Dec
100
7
7
Dec 2534 Jan
100
10
Nov 23% May
1015
620
9
10331 105
10 10034 Dec 11135 Sept
1% 135 13.247
136
211 Oct
1% Sept
13
Dec 24% Apr
15
13
68
8936 90
60 89% Jan 99% May
82
82
10 70
Jan 9935 Apr
78% 78%
12 78% Jan 92% Apr
11
10
Dec 19% Mar
1134 1.880
8
2
135 234 21,919
2
2734 27
28
2,63
2535
48
4735 50
12,81
40%
25% 25% 25%
2331
65
54% 53
55
4,140 46
102% 101 102%
225 100
20
19% 20% 9,71
15%
124
11935 125
11 115
120% 121
50 119
42% 48
1,12
32%
8
9
406
8
735
Jan
Dec
Dec
Dec
Dec
Jan
Dec
Dec
Dec
Dec
Dec
2%
2934
73%
26%
106%
106
39
180
144
78
1436
Jan
Sept
Mar
Sent
Apr
Sent
Feb
Feb
Feb
Jan
Mar
[vox.. 132.
New York Produce Exchange Securities Market.
-
Following is the record of transactions at the New York
Produce Exchange Securities Market, Jan. 3 to Jan. 9, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High Shares.
Aero Klemm
5
Am Corn
Andes
•
Appalachian Gas warr....
Assoc'd G & E 81.60 Ws_
Aviation sub warr 1934....
Bagdad Copper
1
Banca Commerciale 500 lire
Bank of U S units
B & G Sandwich
•
Bird Air
•
British Can
Chase Bank
20
Chemical Research
Claude Neon Lights
1
Comm'l Credit condi warr_
Consolidated Indemnity _..
Continental Bank
10
Continental Casualty _ _ _10
Corp Tr Shares
•
.05 .06
4
431
.15 .15
1% 1%
18
18
2
2
.50 1.00
7131 73
1% 1%
2
2
135 131
6
7
89% 10035
3
3;5
5% 7
35 •
35
454 455
2131 22
32% 33
6
635
3,500
1,400
2,500
400
100
100
3,000
150
300
100
100
200
1,150
900
6,100
200
200
400
200
1,500
Detroit de Canada Tunnel *
3%
335 3%
Diversified Tr Shares C_
6
631
Fidelity ds Dep Co(Md)_50 140
13934 140
Fuel Oil
10
3
5
Hamilton Gas
1
Hamilton Gas vot Er ctfs_ _1
235 331
H Rubenstein pref
*
12
12
Ind Brewing
50
331 3%
Internat Rustless Iron_ _.1
9-16
34
Irving Trust
10 3734 35
3734
Jenkins Television
235
•
231 3
Klldun Mining
1
7
735
836
Kinner Air new
*
131 131
Lautaro Nitrate
1% 235
235
Mactadden preferred51
51
*
Manhattan (Bank)
20 90
8935 9036
Manufacturers Trust..-25 4635 4136 47
Metal Textile
4
435
4%
Nat Aviation E warr
55
35
Nat Liberty Ins
8
5
9%
N Y Rio warr
%
34
North Amer Finance A. *
2335 2315
North Amer Tr Shares....
6%
6
654
4,200
400
40
500
200
300
200
100
6,300
1,000
800
1,200
100
800
100
490
500
200
200
700
200
600
800
431
1%
.90
71%
1%
9935
631
15
5
Rangefor Year 1930.
Low.
High.
.05
3
.01
1
20
1
.40
6235
Dec 2.00 Feb
Dec
911 July
Dec .83 May
Dec
736 Apr
Dec 20% Dee
Dee
3% Oct
Dec 3.00
Jan
May 72 .Sept
3%
35
6
77%
231
2%
35
12
1431
June 1035 Apr
Nov
231 Sept
Dec 1435 Sept
Dec 17935 Mar
Dec
Jan
9
Dec 19% Feb
Dec
2
Aug
Jan 13% May
Dec 43% Apr
5% Dec
9% June
3
Dec
531 Dec
831 Apr
8% Sept
1%
2
236
931
2%
.32
29
2
4
Dec 15
Dec
731
Dec
5%
Nov 24%
Dec
434
Dec 3.00
Dec 7235
Dec
935
Nov
435
May
June
Sept
Mar
Nov
Feb
Mar
Apr
Nov
131
40%
64
24
Dec 10%
July 5335
Dec 153
Dec 154
Apr
Dee
Mar
Mar
54
535
35
2235
6%
Nov
Dec
Dec
Nov
Dec
2
1836
331
2335
10%
Sept
Apr
June
Dec
Apr
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1335
835
3
46
5
1331
2031
135
Jan
Ault
Dee
Sent
Mar
Feb
Apr
Apr
Railway Equip & Real pref
15
15
225 12% Dec 12% Dec
Class A
5
5
20
Dec PacificGas & El rights w L
Dec
5
6
2
235
235 3,300
• ` !Jul preferred
20
20
22
3
Dec Petroleum Conversion_ --*
Dec 22
635 5,300
6
635
5%
sit preferred
20
22
19
Dec 22% Dec Photocolor
16
1
•
135
135
500
135
Rainier Pulp & Paper Co.. ------ 1031 11
10
39
Dec 29% Jan Pow dr Lt Sec Tr opt warr.. -----2
2
100
3
Rich.leld Oil corn
5'
434 635 14,63
Oct Pub UM Hold N pref W I.
4% Dec 10
29
600 28
28% 29
7% preferred
6% 7% 2,84
Dec 2234 Jan Radio Sec A
6
1
1
5
100
131
Roos Bros common
1615 1736
39.
16
Nov 27% Jan Rhodesian
500
5 al _
431 431
3
431
Preferred
83
Mar Seaboard Fire Insur. .10
77
77
Jan 94
200
734 935
8
S.11.“5: Power 651, pref. _ _ ------ 101% 104
3
9934 Dec 108% sent Seaboard UM warrants...
200
94
fi
11
7% prior preferred
115% 117
3 110% Mar 125 Sept Shepard Stores
-- - .25 .50 1,200
Schlesinger & Sons B F pref 35
35
35
1
Jan Sherritt Gordon
Oct 70
34
1
1,000 .75
.85 .95
Shell Union Oil corn
8
931
934 9,88
531 Dec 2535 Apr Southern Surety
500
2 50
3
335
335
Sherman Clay prior pref ------ 45
2
45
Apr Splitdorf Bethlehem
3834 July 65
1,100
134 2
2
•
134
Sierra Pacific Elec 6% pref
92
92
2
8816 Dec 9534 Sept Super Corp A
735
734 731 1,000
So Pacific Golden Gate A.. 1331 1331 13%
200 10
Dec 17% Feb Trustee Standard Oil A _
200
6
6% 631
12
15
12
Dec 16 June Trustee Stand OH B
831
300
7
731
6%
Spring Valley Water Co
10
10
600
931 Oct 11% Sept Trent Process
35
35
31 1,000
31
Standard Oil of Calif
48% 4736 50
15,42
4234 Dec 7435 Apr Twin City scrip
100 50
50
50
Standard 011 of NY
25
21% Dec 40
Apr U 8 El Lt Pow tr aft B.
25
300
100
7
631
7
Util Hydro W W
•
400
4% 4%
4%
436
Thomas Alice Corp A____ -----634 634
62
5% Dee 18% Jan Util Hydro warrants
200
55
35
31,
Tide Water Assd Oil corn._ -----7
835 1,73
6
Dec 17% May Wing Aero
10
100
715 734
6
6% preferred
60
68
68
29
55% Dec 90
Mar Zenda Gold
1
2,500 .11
.16 .20
Transamerica Corp
1331 1316 144 51,804 10
Dec 4735 Feb
Traung Lable & Litho Co A 1531 1531 1531
15
15
Jan 2034 May
Bonds
Union Oil Associates
22% 24% 2,42
24
1936 Dec 4834 Apr Ill Pow & Light 6s_ _1953
1,000 10035
103 103
Union Oil of Calif
2431 23% 2535 5,95
2031 Dec 50
Apr Pac G & E1435s W I__1960 9835 9535 0835 10,000
Union Sugar Co corn
3%
334
2% Nov
300
8% Jan
Western Pipe & Steel Co
•No par value.
19
18% 19%
1716 Dec 29
80
Feb
Dec
334 Jan
Dec
5%
Nov 1035
Dec
935
Dec 11
Dee
331
Dec 65
Dec 1235
Nov 11%
2
Dec
Sept 1235
Dec 1.75
Mar
May
July
June
Feb
Dec
June
May
Apr
June
Feb•
•
Dec 10035 Dec
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Jan. 3) and ending the present Friday (Jan. 9). It is compiled entirely from
the
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in which any
dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Jan. 9.
Stocks-
Indus. & Miscellaneous.
Acetol Prod cony cl A _ •
Aeronautical Indus ware... --- _
Aero SuPPlY Mfg el B----*
4
Acme Steel coin
25 38
•
Mm Underwriters
234
• 14
Affiliated Prod ine
Agfa Ansco Corn pref--100
Air Investors, corn vs 0.-•
•
Alexander Industries
All Amer Gen'l Corp- 20
Allied Aviation Industries
with stock purch warr_ •
•
5
Allied Mills Inc
Allied Motors Indus (sore.*
Aluminum 00 onus_ .. • 155
8% preferred
100
Aluminum Goods Mfg...'
Aluminum Ltd corn
• 62
e% cum pref
100 91
Series A warrants w I---- 30
Series B warrants w L.__ 32
Series C warrants w i...._ 33
Series D warrants w I.__ 35
•
Amer Arch Co com
Amer Amain rar rom_. •
135
American Book Co_ _100
Amer Brit & Con: corn
- ..•
Am Brown So•eri FJ Corn
•
4
Founders shares
Amer Capital Corp corn A •
*
5
Common class B
Amer Cigar Co oom_ _100
Amer Cyamunid corn B..*
931
Amer Dept Stores Corp..'
2
American &Junior corn ,•
531
Am Fork &Hoe new corn.' 2235
Amer Founders Corp•
5
Am Hard Rubber com_100
Amer Investors! el B cam_•
535
Warrant..',
2
Amer Maize Products come
531 574
35
36
4
435
38
38
634 834
12
14
68
68
1
131
35
31
935 935
%
34
436 535
454
3
155 16435
10631 107
14
1434
62
60
91
91
2836 42
32
32
33
33
35
35
25
25
13.4
1
87
87
134 2
4
5
5
6731
835
• 135
431
2234
431
3034
431
131
30
OR
200
100
600
50
900
3,000
200
2,000
100
200
Range for Year 1930.
Low.
34
800
1,300
Ah
700
%
2,200 140
200 x104
400 13
300 5734
300 85
1,615
50
50
50
100 18
3.600
h
10 82
200
1
300
4
5
100
5
800
50
6731
935 18,200
1,000
2
534 3,400
100
223.4
511 8,400
100
31
535 11,800
800
2
100
30
9R
300
•
13
336
1334
7034
2334
204
8535
934
431
2351
Apr
Mar
Apr
Apr
Mar
Sept
May
Apr
Apr
May
Dec
3
Dee 1536
Dec 1834
Dec 366
Dec 11134
Oct 2431
Dec 232
Dec 9954
Apr
Feb
Feb
Ain
Sept
Apr
Apr
Sent
Dec 4834
Dec
731
Feb 100
Nov
854
Apr
aim
Mar
Mar
Oct
Nov
Dec
Dec
Nov
Dec
Nov
yi Dec
34 Oct
954 Dec
834
35
2
32
6
934
68
334
10
5
60
654
135
354
20
3
30
334
131
2515
22If
High.
Dec 13
Aim
Dec 26
July
Oct 1335 Apr
Aug 9094 Mar
Dec 37
Mar
Dee
Feb
6
Mar
Dec 22
Oct 2734 July
Dee
635 Nov
Dec 81
Apr
De0 1634 AIN
Nov
714 Mar
Nov 4035 Apr
flea 6604 Mar
Pr day
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
American Meter
• 42
4054 42
125
American Thread pref_._ _5
354
331 334
800
km OW &(1en if r so
..•
435
334 4% 14,200
American Yvette Co cora.*
1
1
500
Ano tor Post term coin._•
4
335 454 1,000
Anglo chi' Nitrate roe° • 1031
9
1134 1,000
Anglo-Norweg Holdings- *
235 235
500
Arcturur Radio Tube....'
436 6
6
900
Armstrong Cork oom
•
2535 2534
50
Arundel Corp
•
39
4131
350
Assoc Elea Industries
Alper deo /WA ord ens.El
5
5
53.4 3,300
Assoc Laundries com_ •
1
1
200
Associated Rayon com___•
13.6
% 154
400
6% cum cony pref_ _100 4015 34
4331 1,000
Atlantic Coast Fish com_ •
434 434
100
Atlantic Fruit & Sugar...*
31
35
36 1,700
Atlantic Secur Corp corn *
615
636 636
100
Atlas Plywood Corp
*
855 10
600
Atlas Militias Corn cam _•
431
431 434
900
Automatic Vot Mach oom •
200
374 335
Cony prior panic stock-*
835
834 10
3,100
Axton-Fisher Tob corn A.10 3634 3635 3635
100
Aviation Corp of the Amer* 25
1731 25
Aviation Securities Corp.* 103.4 1035 1034 2,500
200
Babcock & Wllcox Co--100
104 104
25
Bards Oorpoom
•
300
134 2
Cumulative preferred_25
131 131
100
Bickford's Inc common _..•
17
17
100
Bigelow-Sanford Carpet_ •
25
25
25
,
inie Ridge Cons corn_ ..._•
435
331 434 12,800
0016% oona pref......50 3151 3035
3254 4,700
Borg-Warner Corp PL-l00 9331 92
100
9351
Bouriols Inc
•
100
694 654
Bridgeport Machine corn.'
131 2
400
•
Brill Oorp &Ass•
3
3
335
200
Drill° Mfg common
•
200
535 6
British-American Tobacco
Am dep rcts ordbearer 31
2431
24
800
British Celanese Ltd
Am dep Ms ord reg._ __
135 131 1,400
Bulova Watch $334 pref.'
23
23
100
Range for Year 1930.
Low.
45
3
334
1
334
734
254
3
z20
3635
434
al
35
3131
4
he
434
834
354
134
634
3531
1634
73i
Nov
June
Doe
Dec
Dec
Doe
Oct
Deli
Dee
Dec
High.
773-4
334
1634
734
1494
433.4
4
2334
8036
37
Apr
Feb
An*
Jan
Feb
May
Mar
Mar
Feb
Dec
Dec
8
API
Jan
Feb
2
Dec
634 Mar
Dec 6034 Apr
Dee 2835 Feb
Dec 11-16 Apr
Deo 26
aPr
Dec 26
mar
Deo 1454 May
Nov
834 Feb
Nov 1736 Feb
Dec 4931 mer
Apr
Dec 56
ape
Jan 19
Dec 141
Nov
734
Dec
734
Jan 21
Dec 73
Dec 1531
Nov 4434
Mar
July
July
Mar
Mar
Mar
Ape
Oct
Dec
Dec
Nov
834
611
143.
1635
Apr
July
Feb
Apr
Dec
2854 Jan
154 Sent
Nov
20
535 Apr
46
Mar
100
134
136
1435
23
254
30
335
235
234
5
23
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Confirmed) Par. Price. LOW. High. Shares.
Range for Year 1930.
Low.
High.
Sumo Inc corn
Dec 1031
4
100
4
4
6% cony pt with warr.30
100 34% Dec 41
343.1 34%
Warrants
54 Dec e4
300
55
%
%
Burma Corp km dep rte. _
2
134 Dec
500
2%
354
2
20
Butler Bros
414 Dec 17%
6
6%
634 1,000
Cable Radio & Tube v t e_*
34 Oct
934
% 13.4
131
1,000
Carnation Co corn
24
•
24
100 22% Nov 33
Castle (A 51) & CO
10
32
Apr 70%
100 68
32
•
Celluloid Corp cora
3% Dec 30
8
10
500
Centrifugal Pipe Corp' 6
514 6
4% Jan
9%
2,600
Chain Stores Devel cons- •
15,10 134 3,533
1
814
Nov
Chain Store Stocks Inc....'
5% Dee
1,000
17
7
8E%
834
Charts Corp corn
20% 20%
200 20
•
Dec 32%
Chatham & Phenix AWed • 1434 14
14% 3,000 :1314 Der 23
Chicago Nipple Mfg el A50
1
5-16 June
900
1
114
108 108
Childs Co pref
100
10 106
Dec 114
Cities Service common_ _.• 173.1 1634 18% 141,800 x13% Dec 44%
Preferred
900 78% Dec 93%
• 82% 79% 82%
Apr
Jan
Jan
Jan
Jae
Mar
May
Apr
Feb
Aug
Mar
Mar
Mar
Apr
June
May
Apr
AP
Cleve Tractor corn
10%
Cohn & Rosenberger corn _*
Colombia Syndicate
7-16
Columbia Pictures com
•
Common vet trust etts_• 1855
Conaol Aircraft coca
•
Consol Automatic
Merchandising corn t
34
Control Dairy Prod cora_ •
ConaolLaundries corn_ _
12%
Consol Retail Stores com •
Continental Shares pt B 100
Convertible pref__ _100 54%
Coop-Bessemer Corp cons•
Copeland Products
Class A without warr_ •
Cord Corp
6 634
Corporation See of Chle • 18%
Corroon & Reynolds corn.,'
$8 preferred class A__ _ _• 46
Courtaulds Ltd
Amer dep rcts ord reg Ll
Crocker Wheeler com__*
955
Crosse dr Blackwell
33.50 pref with warr_ *
Crown Cork Internet cl A.'
Cuban Cane Prod warr__ _
34
Cuneo Press Inc com_
•
Curtis Airports Corp v t o•
Curtis Flying Sent corn__•
Curtiss-Wright Corp warr-
8
8
8% 11
300
1,800
24% 2434
751 7%
Si
31
30
30
155 1%
2
2%
%
Si
200
700
1,100
100
200
200
4,900
Dayton Airplane Eng corns
Deere & Co eom
•
De Forest Radio nom
Delsel-Wemmer-Gilbert •
Detroit Aircraft Oorp----•
Diamond Match new corn •
Doehier Die-Casting corn.'
Douglas Aircraft Inc
•
Dow Chemical corn
•
Dreeeer(8 R)Mfg Co el A •
Class 13
•
Driver-Harris co corn__
7% preferred
100
Dubiller Condenser Corp_•
Durant Motor,. Inc__ •
Durham Boa Mills corn B 5
Duval Texas Sulphur __--•
1%
40
234
234
1%
39%
1%
12
1%
1355
534
12%
48
30
21
23
80
334
1%
54
2%
ENS Mil Invest corn A__•
-Educational Pictures
8% pref with warr_ _100
•
Meier Electric oom
Elea Power Associates eom•
Class A
•
Else Shareholdings oom..•
$6 cum pref with warr •
Empire Corporation eom_•
Empire Steel Corp corn.. •
European Else Corp el A10
Option warrants
43-1
3
5
2,400
534
1634
1434
11
74
2
335
735
18%
4
1334
12
934
72
1%
334
735
135
2631
6
16%
15%
11
75
2%
315
735
2
300
3,600
2,800
8,600
3,100
500
2,400
000
400
3,100
12
4
11
1055
755
67
34
214
6%
134
July 30
Dec 23
Dec 3914
Dec 37
Dec 3334
Dec 108
834
Dec
Dee 1334
Dec 23
9
Dec
Mar
Mat
Apr
Apr
Mar
Apr
July
Jan
Mar
Mar
34
31.
1% 1%
34
42
3,500
400
42
400
100
400
50
10
40
800
600
1,00
600
14
31
20
%
2%
8
2
33
10%
14
6
7
11(
Dec
Dec
Dec
Nov
Dec
Dec
Nov
Nov
Dec
Dec
Dec
Dec
Dec
914
11
68%
214
9
15
1114
59%
2234
42
49.
2734
9%
Mal
Apr
Mar
Apr
Apr
Jan
June
Apr
Ale
Apr
Feb
Jan
Apr
15
1634 16,20
22% 25
6,000
27
30
27
7% 834 1,00
334 4,475
1
114 4
4,500
434 4%
300
1034
1814
21
631
14
115
3
Jan
Oct
Dec
Jan
Dec
Dec
Oct
2314
8814
58
1234
10%
18
2411
Aug
Apr
Jan
May
Mar
Jan
Jan
34
Febrice Finishing eom
•
Fairchild Aviation corn- •
Fajanio silaar
10u
Fandango Corp corn
•
Federal Bake Shops corn- •
Federal Mogul Corp
•
Federated Capital corn.
..5
Ferro Enameling class A- •
Mat Army der, ret.‘
Fire Assn of Philos
10
Fischman (I) & Sons cl A.*
FlIntkote Co eon A _ __•
Foltis-Fisher toe com____•
Ford Motor Co Ltd
Amer dep rota ord reg..Z.
-Ford Motor of Can el A _•
Class B
•
Ford of Frame Am dep tete
Foremost Dairy Prod eom •
Convireferred
3
Foremost Fabrics eom
•
Foundation Co
Foreign shares class A _ _•
Fox Theatres class A eculk.•
Franklin(H H) Mfg corn.,'
293
FINANCIAL CHRONICLE
JAN. 10 1931.]
2
634
14%
48
34
21
23
355
155
34
40
734 10% 1,800
654 6%
100
3-16
35 40,500
16% 1834
800
17% 1834
310
9% 934
100
5%
5%
14
15%
14
6%
Dec
Nov
Sept
Dec
Deo
Dec
35%
14%
34
5514
54%
27%
Apr
Apr
Apr
Apr
Apr
Apr
3-16
414
10%
311
43
4331
20
34
2%
10
3%
35
37%
17%
Dec
Dec
Jan
Dec
Dec
Dec
Dec
114
19
16
13
80
89
57
Mar
Jan
Ma
Feb
July
July
May
20
914
134
15%
23
27
735
1
3
435
311
414
1,70
500
5,800
100
27
1,52
300
3%
600
33-4
434
3%
6% 635 11,000
2,000 c14
16% 19
3%
4% 411 1,200
300 40
46
49
34
3
11
4%
13%
3%
49
54%
2034
2%
8
3
3411
10%
17
514
8
114
214
431
534
834 Dec
Dec
6
12%
173t
2734
20%
92
May
AP
May
Apt
Apt
13% Feb
34
API
3934
12%
1
5134
634
1134
414
Jan
Nino
Apr
Juno
Apr
Apr
Ape
114 Dec
834
2% 15,400
3,600 x2911 Dec 16354
42
11,300
51 Dee
3
500 10
Dec 9254
12
1% Dec
9
2% 9,600
600 11% Nov 2434
14%
900
6
Dec 23
655
600 11% Dec 23%
15
800 49
51
Oct 100
3454 2,000 2814 Dec 5634
1,600 18% Dec 443.4
25
600 14
28
Dec 1118%
10 82
Dec 1033.4
80
4% 1,300
3 Sem
1334
131 7,000
7
114 Dec
1
200
54
June
514
600
2%
2
Oct 2034
Feb
Apt
Ap,
May
Juno
Sept
Apr
Apr
Apr
Apr
June
Apr
May
Jae
Jae
June
Apr
11
2%
8
3
3434
1115
20
6
934
115
33.4
534
534
1,400
7,800
200
10
6%
14
16
14
2
54
Oct
Nov
Dec
Eiel)
Dec
Dec
Dec
1% Dec
1% Dec
255 Jan
4
Dec
-Garlock Packing coin_
16
300 14%
16
•
General Alloys Co
5
5
100
•
4
General Aviation Corp...,.'
634 74 5,700
434
714
Gen Baking Corp com___•
% 134 142,400
14
34
Preferred
15,800 2314
• 32% 27% 35
Gen Elea Cool(ii Britany
American deposit rats_ 11 10% 10% 11
3,700
954
General Empire Corp...,.' 14% 14% 1455
700 14
Gen Laundry Mach'y eon)•
14
55 10,800
%
General Theatre Equip pf• 24% 23% 24% 2,900 22%
-Gilbert(A C) Co com
33% 33%
100
8
•
Gleaner Comb Ilerveater_•
600
5% 5%
515
5
Glen Alden Coal
60
58
1,300 50
•
Globe OndervrrIt Each . •
7
7
1,600
7
634
Golden State Milk Prod__' 15% 15
400
15%
814 86,200
6
Goldraan-Elaths'I'rading__•
634
434
Gold Beal Electrical 0o---•
1,200
3(
31 1
Gorham Int
22
22
100 18
Preferred with warr_ •
Gorham Mfg corn vi c... •
19
19
100 17
300
Gotham Knitbac Mach- •
5i
34
%
24 28
700 2014
Oraymur
_ _ ____• 28
63% 6431
200 65
Gray Telep Pay Station...'
Corp_01 All & Pao Tea
175 18634
310 133
Non vol corn stock _-..--• 185
1184 118%
30 114%
7% first preferred
100
24% 2534
400 20%
Gt Lakes Dredge & Dock_•
6
400 12%
7
Greyhound Corp nom_
•
4
4
800
Grier (S M) Stores corn- •
3%
336 3%
,
800
Grocery Storm Prod v t
2
200
Guardian Investors
%
•
34
34
7
7
100
Hall(C M) Lamp
•
6
JIandley-Page Ltd
100
214 214
Am dep rcts for pref.
23.4
Dec
Dec
Dec
Dec
Dec
1834 Apr
734 Jan
1734 Apt
24
Jan
33%
14%
13%
4%
5414
Apt
May
Oct
Jan
Jan
Oct 14
Dec 29%
Dec 10%
Dec 37%
Dec 21
Dee se
Dec 121%
Nov 16%
Ate
Mar
Jan
Oct
Jan
Apr
Jan
Feb
Nov
Dec
Dec
Dec
Dec
Deo
Dec
4654
6
AP
Apr
Dec 393.4
Dec e43
355
Ott
Dec 44
Nov 90
May
Mar
Feb
Mar
Jan
Nov 260
Jan 122
Nov 3114
Mar 13
July
6
Dec 144
Dec
511
Nov
16
Mar
Jan
July
Air
June
Fel
Apr
Jan
Dec
355 Apr
Sales
Frkiai
Last Week's Range for
Week
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Happiness Candy Stores- •
Hartman Tobacco com__10
Ra•eitine
Selena Rubinstein Ine_-_•
Horn & Hardart corn
•
•
Hydre-Elee See corn
Hygrade Food Prod corn.,'
India Tire & Rubber com_•
Indus Finance corn v e-10
7% eum wet
100
Weill tritium Income
•
$6 pref 2d ser with warr •
in= Coot North Amer-10
warren°. Securities.- -10
Intercoast Trading corn_ •
Intern Cigar M achy nom.*
Interstate Equities oom. •
Convertible preferred..-'
•
"Ting Air c'ente nom _
•
Jefferson Electric Co
Johnson Publishing
Klein (H L)& Co pref-20
•
Knott Corp common
Koleter-Brandes, Ltd
American Quarts.
_21
Kress(S H)& Co pref._ _10
Ackawanna Securities_ •
Lakey Fdry & Mach
•
Lake Superior Corp
Lefeourt Realty corn
•
Preferred
•
Allah Coal hr Nay
•
Lerner Stores Corp corn_ •
Libby McNeil IAL Libby_10
Liberty Dairy Prod
•
Lily-Tulip Cup oommon_ •
Loewe Boston Theatres_25
&Akira', Inc stock ourchwarr
Louisiana Land & Explor_•
1
14%
13.4
3511
24%
2%
54
1%
1435
131
3511
24%
3%
100
600
900
1,000
100
100
700
811
5%
54
3555 31
82%
55% 52
614
7%
7
46
234
2655 26%
7%
23%
23
23
slO
11
611
55
35%
8234
5534
7%
714
46
314
29
9
2334
23
11
150
200
25
2,300
50
1,200
4.500
200
100
2.000
1,200
400
300
200
200
34
13.4
1435
134
3%
83.4
1034 11%
Range for Year 1930.
Low.
Dec
Doc
0.1
Nov
Nov
Dec
Best
e11(
15
35
754
46
55
15
Jan
Jan
May
Mat
Mar
Apr
May
5
55
27%
71
4514
5%
6
46
2
26
6
1834
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Nov
Dec
Deo
Dec
Oct
2954
7034
71
98%
8534
23
23%
60
16%
46
3534
56
Apr
Apr
Feb
Mar
Mar
Mar
Apr
Oct
Mar
Apr
Apr
Apr
3
Dec
203( Mar
400 , 12
Dec
30% Mar
34
2
37
3
714
10
z2134
23%
30
1015
151
18%
834
2
1%
34
2
37
3
731
1015
x21%
2615
32
1214
11(
1811
94
234
2
52 Sept
100
9
May
100
Dec
100 33
1)4 Dec
100
614 Nov
100
514 Dec
300
200 15% Dec
4,300 21% Dec
400 12914 Dec
914 Dee
2,800
134 Dec
200
300 1634 Nov
8
Dec
400
I% Dec
2,900
51 Nov
3,800
Manful* Stores Inc
•
Mousse! Stores Corp isoca_•
4
64% pref with warr_100 30
Mapes Consol Mfg
•
Marlon Steam Shovel corn'
2
Maryland Casualty
10
Massey-Harris Co nom_ •
Mavis Bottling Co of Ara.*
74
Mayflower Associates Inc..
Mead fohnson & Co com.• 79%
Mesabi Iron Co
Metal & Mining She corn.*
34
Metal Textile Corp pref..* 34
Metropol Chain Stores.,.,.,'
2
Midland Royalty pref.._.,..' 14%
Midland United Co corn_ •
Cony pref ser A
•
Midvale Co
Miller (I) & Sone ryom
•
Male River Fuel warr____
9
Montecatini Min & Agri
Stock warrants
Moodys Investors part pf..•
MUrphy(G C) Co com____ ______
8%
4
30
3231
2
27%
9
54
42
78
1
3‘
34
13.4
1414
2011
3835
60
14%
8
9
4
30
3254
2%
28
9
%
42
7915
1
34
34
2
14%
2051
3831
60
700
200
100
100
1,100
200
100
6,600
100
1,300
200
1,500
200
300
300
100
200
100
400
500
Hal American Co Ine-___•
411
•
5
Nat Aviation Corp
Nat Bankservice Corp •
Nat Bond & Share Corp.,.,' 31
Nat Family Store,oorn___•
414
3
Nat Food cl A with ware.*
Class B
1
•
Sao investors nom
534
•
Nat Mfrs & Stores Corp.,..'
534
Nat Rubber Machy
•
4
Nat Short Term Sec A • 15%
National Sugar Reis_..-• 31
Nat Union Radio corn._.
111
veld Corporation
• 12
Neptune Meter class A_ • 2035
Newberry (J J) Co com- •
New Haven Clock Co_
•
New Mexico & Aria Ld --1
Y Auction com
•
N Y & Foreign Invest met 70
N Y Hamburg Corp_
New York Merchandise_ •
Niagara Share of Ma- 10
8
Nilee-Bem3-Poul oom___• 21%
Noma Elee Corp corn....•
5
Nordon Corp Ltd
5
Tie
No Amer Aviation ware A
1
No & So Amer Corp A_ •
Vnrthw$41 Engineering •
Novadel Agene Corp corn.' 39%
334 4%
451 6%
234 215
28
31
334 4%
2634
1114
134
2%
111
163,
955
34
11
2734 2735
35% 3511
1
5
534
4
1514
30
13-4
11%
20
2315
9
234
335
70
26%
10
7%
19%
43-4
34
31
8
15
3934
1
635
555
415
15%
3135
131
12
2015
2314
10
2%
334
70
2635
10
8%
2215
5
154
9
15
40%
High.
1(
14
13%
114
30%
20%
2%
8%
234
25
32
1%
25
1014
14
35
6546
34
14
33%
1%
13%
1614
39%
503-4
14%
514
Dec
Dec
Deo
Dec
Dec
Dec
Dec
Nov
Dec
ff•n
Dec
Dec
Nov
Dec
Jan
Dec
Nov
Feb
Dec
Dec
1.1 Dec
300
100 243( Dec
100 e4414 Dec
2,200
2,700
10
2,300
1,900
200
200
5,300
300
1,200
3,100
800
500
300
400
100
200
400
100
200
200
200
4,400
2,200
600
1,500
8,400
300
200
300
3%
334
2
26
234
1%
34
334
5
x134
12
253(
134
10%
17
22%
6
134
331
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Sep
May
Dec
Dec
Dec
Feb
Nov
Dec
Dec
Dec
Jan
Dec
Dec
Nov
Dec
*35 Dec
34 Dec
Dec
1251 Dec
22% Jan
154
934
534
17%
414
Apr
Nov
Feb
Feb
Mar
10
4314
11
14%
25%
3734
50%
56
27
3214
3034
8
2014
5
Apr
Apr
Apr
May
Dec
May
Jan
2414
15%
77%
49%
17%
40%
45
8%
7114
90
234
16%
41%
30
2434
2934
46
62
3314
273(
Jan
Jan
Feb
June
Apr
May
Jan
May
May
Aug
Jan
MAY
Jan
Jan
May
Feb
Aug
Sept
Mar
Mar
mar
Jan
mar
2% Feb
4434 June
75
Feb
12%
mg
33%
5111
30
20
414
30
15%
27%
163(
35
1034
25
22%
49
2214
7%
934
Jan
Apr
Jan
Apr
Mrs
Jan
Jan
Feb
Feb
Apr
Bent
Ma
,
ADS
AIR
Apr
Mar
Feb
Feb
Jan
37 May
2414 Jan
214 AR
4514 Mat
21% Mar
134 Sept
6
Apt
24
MAY
3111- Apr
42
Dec
oiletocks Ltd Mars A._-.•
411 431
2
Dec 11% Apr
100
Oliver Farm Equipmt. •
100
5% 5%
4 Dec 6 Dec
yusbnard MosCorp corn B•
355
Oct 13
2% 334
Mal
500
Cony pref class A
554
•
5
800
534
4% Nov 18% Mar
Paramount Cab Mfg corn.'
3%
3% 434 1,700
2% Nov 13% Jan
•
Parke Davis & Co_
4214 Jan
30
30
100 2814 Nov
Patterson-Sargent Co _ -• 26
26
26
100 1934 Nov 29% Apr
Pender(D) Grocery el B.. *
411 Dec 35% Feb
10
6% 6%
kinukroid Corp 0"" • 5,•
Dec 16% Feb
31,800
7
8
755
Pennsylvania Salt mrg__66
may
Dec 98
80
400 85
80
-lolly Moro,eon, eons. •
g
Air
% int I
III
54
31 1,30
Philippe (Louis) corn B_...• 1354 13
Dec 21% May
10
20
1315
Pie Bakeries of Amer el A _•
2035 Jan 35% Jan
20
27
28
•
Pierer, Governor Co
3% Nov 1314 Mat
4% 414
10
Pilot Radio & Tube el A..'
3% 3% 1,10
354
234 Dec 15% AR
Pitney Bowes Postage
Meter Co
3
Dec 2014 Are
•
5gi 651 1,40
6%
Pitts & L E RR com____50 107
Apr
300 98% Dec 130
10215 1033.4
Pittsburgh Plate Glass.-25
Dec 6934 Apr
33
35
38%
36
Poymet kfte
% Apr
114 Dec
20
134 1%
•
Pratt & Lambert Co
Dec 5714 Jan
500 x35
36% 37
•
Prentice Hall partic stock_•
19% Nov 30
Feb
10
25
25
Prince &Whitely Trad come
14 Oct 16% Are
34 1% 4,500
1
$3 cony prat A
Oct 44
Are
• 1411 1434 1455 1,000 12
Prudential Investors oom_•
7% Dec 33
3,300
8% 10
Mai
915
Public Utility Holding can,
Corn with warrants
4% Dec 2714 Apt
•
634 6% 8,200
636
Corn without warrants.,.
Dec 10% Oct
4
300
534
515 5%
Warrants
54 Dec
9% Apr
3-11
7,500
1
Radio Prod Corp com____•
Railroad Shares Corp
•
Rainbow Lum Prod A___•
Common class B
•
Reliance Internet conk A.
•
•
Common B
Reliance Management__ •
10
Reybarn Co
Reynolds Investing corn-•
•
Richman Bros
Rike-Kumier Co corn.,.,..'
•
Roosevelt Field, Inc
•
Row% International
•
Ruberold Co
2
351
4
234
111
24
2
3
35%
2%
2
311 334
2% 4
115 2
2% 3%
31
11
314 4%
255 3
1
1%
5931 59%
24
22
2
2
3
311
35% 35%
300
1,000
1,700
1,800
1,000
100
2,100
6,600
9,400
50
500
200
3,300
20
1%
z334
2
1%
1%
31
234
1
14
65
20
134
2%
33
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
27
934
1434
73-4
la
334
26.5
6%
655
93
3034
5%
1114
64%
Mar
Apr
Sept
Feb
Apr
May
Apr
Aug
may
Feb
Feb
Mar
Apr
Apr
294
Sates
Friday
Last Weeks. Range J01
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range for Year 1930.
High.
Low.
100
23
23
225
81
89
1435 1535 14,700
6% 84 2,900
600
I
400
334 5
100
3% 344
5,700
1
300
234 3
50
334 33%
23
854
10%
6
31
3%
335
35
2
40
Dec 36
Dec 147
Dec 34
Dec 17%
Dec 12%
Dec 25
Deo 14%
4%
Dec
Dec 25
Dec 65
Apr
Apr
Apt
Sept
Jan
Jan
Mar
Apr
Apr
Apr
Seaboard Util Shares_ •
1,800
345 4
200
Securities Corp General_ •
2135
20
100
Seeman Bros corn
•
3435 344
600
431
4
Segal Lock & Hardware--•
4
200
Selberling Rubber Co corn*
54 535
4
Selected Industries corn...'
24 435 22,900
3,200
$514 prior gook
4535 56
• 55
Allot oils let & and paid 58
2,800
45% 57
Sefridge Provincial Stores
235 1,200
2
235
Am dep rots ord shs__EI
2,200
1%
141 2
Sentry Safety Control.....'
200
Scion Leather common...'
831
8%
44
Shenandoah Corp oora •
33.4 435 3,700
80 30% x3045 31% 3,100
6% oonv prof
150
604 624
Sherwin-Wms Co Can corn' 62
3
14%
32
345
4
2
42%
44%
Dec
Dec
Dec
Dec
Oct
Dec
Dec
Dec
10%
75%
4345
It
17%
12%
71%
8434
Apr
Apr
Aug
May
Feb
AM
Apr
Mat
135
4(
5
245
30
58
Nov
Dec
Dec
Dec
Nov
Dec
235
9%
21
50
4Q4
85
Jan
Mar
Apr
&Pr
Apr
Ain
Dec 34%
Dec 560
Dec 25%
No
234
834
De
Sept
335
5
Dec
Dec 13
Mar
Apr
Mar
Jail
Feb
June
Oct
Mar
Ryerson (Jos T)& Son_ •
Safety Car Heat & Lt--100 88%
BS Regis Paper Co oom--10 1435
Baxet Co corn
•
1
Bchletter & Zander v t c •
Cum cony preferred_ •
Schulte Real Estate Co •
Bohnite-United (Seto $1 St•
34
7% cony pref
100
Scoville Mfg
25
6
8
8
Silica Gel Corp corn v t
Singer Mfg
100 338
338 338
9
114
Sisto Financial Corp
•
1% 135
20011re
Snla Viscose
234 335
•
Southern Corp corn
1
1
Southern Stores A
135 234
South Amer Air Lines corn*
2
234
Southwest Dairy Prod corn'
Spanish & Gen Corp Ltd
35
34
Am dep rcts reg
35
13
1435
Spiegel
-May-Stern 01_100
884 89
Staley (A E) Mfg pref__100 89
Stand Motor Conetr---100
Siam% Corp corn
•
6% cum preferred._ -.50
Stein Cosmetirs corn
•
Strauss-Roth Stores cont.*
Stromberg Carlson Telkil•
Stroock (F) & Co Ina. •
Stutz Motor Car new
Sun Investing con)
•
$a cony pref
Swift & Co
25
Iii
Swift International
Syracuse Wash Mach cl B •
Taggart Corp corn
•
Technicolor Inc corn
•
Thatcher Securities
Timkin Del Axle pref__100
Tobacco Prod Exports •
Todd Shipyard Corp- •
Transcont Air Transp--....*
Trans-Lux Pict Screen
.
•
Class A common
Tri-Continental Corp warr
•
Tri Utilities Corp cont.Triplex Safety Glue
Am dep rcts ord reg.-81
Truns Pork Stores
•
Tubize Chatilion Corp.
Common fi v t ____ •
Tung Sol Lamp Wks corn.'
34
124
2335
4
1834
431
2934
37
4
14
144
7% 8%
235 234
102 102
44
31
46% 464
4
434
434
4
•
S Foil class B
20
U S GYPsum com
U S & Internet Sec com •
First pref with warrants'
•
OS Lines Pref
B & Oversaw with wan.
Certificates of deposit._
II 8 Playing Card corn__10
Universal Insurance_ --25
•
Universal Pictures
Utah Radio Products com•
Utility Squills, Corp---•
Priority stock
Utility &Ind Corp corn...'
Preferred•
7
40
18%
834
935
14
1%
400
125
100
54 Dec
1235 Dec
54 Jan
700
1,900
7
Dec
1,900 17% Dec
3% Dec
200
3,800
5
Oct
200 15% Dec
735 Dec
100
2,900 164 Dec
1,400
334 Dec
200 32
Dce
3,000 27
Dec
1,700 5283( JnI
335 Dec
,
400
400 10
3,300
535
800
2
100 102
200
300 453134
3,900
335
-45 Apr
8234 Feb
$54
8714
4814
23%
2214
30
2535
19
23
51
3414
3814
10
Apr
Mar
Mar
Apr
May
Apr
Apr
Dec
Apr
Apt
Jan
May
Oct
Dec 29%
Dec 864
534
Oct
Nov 110
Nov
2%
63
Dec 10%
Apr
Mar
Apr
Apr
Apr
June
Apr
735 734
234 335
25
29%
3,200
3.600
900
4)5 Dec
z2
Dec
22
Dec
13% API
9
4r•
5814 Mar
200
900
535 Apr
12% Dec
11
28
2,800
300
3
Dec
5% Dec
4
735
415
834
21% 234 1,900
100
3.4
%
200
535 535
900
18
184
5,300
835 9
235 2
500
734 935 72,800
2
2
100
135 14
600
100
14 131
100
54 54
100
50
50
13
34
4
14
6
145
6
14
1%
Oct
Sent
Oct
Dec
Dec
Deo
Dec
May
Dec
535 Dec
Nov
58
1,100 x3
200 31
1
400
1,200 28
535
1,200
1,100 10%
700 :10
325 45
100 20
5
100
235
900
3%
4,700
550 68
434
1,300
1,100 1334
Dec
Dec
Noy
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
6
70
735
1835
54
40
135
3234
6
12
1134
46
20
5
2
534
68
7%
16
7
404
134
41
6%
12%
114
47
20
5
2%
64
70
8
1834
3
3%
5
3%
434
635
400
400
3,700
131 Dec
135 Dec
444 Dec
13
13
18
1934
34 5
100
1,400
1,000
114 Dec
14
Dec
231 Der
634
134
535
2234
1435
1735
60
35
433(
3
12%
2235
1
8
7,200
700
500
200
900
100
40
100
1,700
2,400
500
100
1,300
3,500
41
•
Want& Bond CIA
• 18%
Walgreen Co 006111106---Warrants
Walker(Hiram) Goollerbam
8
•
& Wortscommon
Watson (J Warren) CO. •
•
5%
Wayne Pump Co
Convertible preferred...* 224
Western Air Exprese -10
Western Auto Sup corn A.•
Western Md Ry lot pref100 85
•
West Ye Coal& Coke--- -----Wheatsworth Inc corn-3%
Wil-low Cafeterias corn-.
• 14
Preference
•
Wilson-Jones Co
Winter (Ben)) Inc atin •
8
Zonite Products Corp nom•
Rights
Associated 0& El deb rts.
Stock rights
Commonwealth Edison
Flat
Loew's Inc deb rights
Pacific Gas & Elec W I.
.
Pub Serv Corp of No
234
234
13%
35
931
2
20
Public Utilities
Alabama Power $6 pref- -*
Allegheny 0,4 Corp cosh •
Amer Cities P, 9tolA •
Class B
Am Oonfw*Ith P corn A. •
Common class B
•
Am Dist Tel N J 7% p1_100
amer & Foreign Pow wars.
2%
35%
73.1
1235
3%
500
10 336
935
500
100
1
144
900
1
100
900 1'135
1
200
834 835
13
13%
734
3
2814
214
34
•
25
10
3.41
104 124
2434
21
4
4
34 6
1634 1834
9
9
1834 19
4
434
36
36
2834 3034
38
37
4
44
8%
234
Ungerleiller Finan Corn.-•
.•
Union Tobacco
United Carr Fastener com •
United Chemicals pref....'
United Corp warrants
United Dry Docks atm- •
United Founders corn. •
United Profit Shaeg corn.*
United Stores Corp corn.'
U B Finan Hold W W
•
U S Finishing corn
100
Preferred
Van Camp Pack oom
7% preferred
Vick Financial Ootar
For,. 1.32.
FINANCIAL CHRONICLE
1%
135
1235
4
94
2
1734
831
1%
6
2234
1635
1734
85
%
4635
3%
14
2235
14
9
234 7,300
235 1,100
1335 14,800
34 3,800
600
12
200
2
20% 2,200
1
4
17
9%
15
55
34
28%
2)4
104
20
4
74
1
34
1044
14
10
2234 Apr
28% Mar
38%
1
16%
44
3014
814
44
24
635
Feb
Jan
Jan
Feb
Apt
Jan
Mar
Jan
Jan
Apr
30
9535 June
2645
58
8
75
20%
23
16
84
70
2311
74
22
731i
23%
29%
May
Apr
Apr
Mar
Mar
May
Oct
May
Apr
May
Apr
Apr
Dec
Feb
Feb
18 May
16 May
934 Jan
21
61
35
Mar
Jan
Jan
Oct 13% Apr
6
Mar
Dec
Dec 19 June
Dec 35 May
Dec 46)4 Apr
Oct 3935 Feb
Mar
Nov 125
214 June
Dec
Nov 34% Aug
Dec 13J-4 May
Oct 35 May
Jan
Dec 55
64 Feb
Dec
Apt
Dec 3i
Dec
Dec
Dec
On
Dec
13% Dec
125 100
1004 101%
1%
24 235 1,300
900 27
3331 36
4%
6
735 8,700
11% 13% 9,100 10
200 204
2435 2534
50 110
1104 11035
32,300 1134
1754 1635 19
May
Jan
11%
435
14%
34
6415
Mar
Sept
Oct
Feb
May
21
Nov
June 1044 Mar
9% Mar
Nov
Mar
Nov 49
Dec 2845 Apr
,
Dec 254 M.
Dec 50% June
July 1124 Apr
Dec rat, P..
Friday
Sales
Lag Week's Range for
Week.
Public Utilities
Sale
of Prices.
(Continued)
Par Price. Low. High. Shares
Range for Year 1930.
Low.
9344 9735 3,000 74%
Amer Gas & E160 OPM. •
Common new
744 7914 11,100
76
200 104
•
106 10615
Preferred
900 40
Amer L & Tr com
25 4534 4335 454
2
34 445 4,000
Amer Nat Gas corn vi a •
9
1035 1111 128,200
Am Superpower Corp oom• 11
• 87
8135 914 3,100 80
First preferred
• 9014 82% 9035 1,300 7534
$6 cum pref
5
5
634 25,400
Appalachian Gas cont....*
5%
2,100 113.4
21
&saoeOa.&Eloorn
17
• 20
1935 21% 25,000 1334
21
Clue A
25 preferred
10 86
89
89
600 65
73
85
28 lot bear allot ale
-200
Allotment Ws
2034 2035 20%
Warrants
35
35 4,800
34
100 1835
224 224
Assoe Telep Utilltles
•
--
High.
Nov 157
Apr
July 10934 Mar
Nov 8994 Apr
Dec 1934 Apr
Dec 3935 Apr
Dec 10234 Sept
Dec 974 June
Dec 144 May
Dec 5134 Mar
Dec 4834 Jan
Dec 9515 Oct
Dec 47% Apr
Dec
28)4 Mar
225 14014 Dec 15714 Feb
1394 143
Bell Telep of Can
100
Mar
Feb 116
Bell Tel of Pa pf
100 115
50 115
115 115
13,900 19% Dec 5354 Apr
Braglillan Tr IA& Pow ord* 2434 2135 25
British Columbia Pow A..'
25
3431 34%
2,900 2434 Jan WM Sept
SUB Niag & Baas Pr P1--35
25% 26
Cables & Wireless Ltd
Am dep rots A ord abs 81
Am dep rats B ord ahs SI
Cent Hud 0&Eyt o
Cent Ill Pub Serv $6 pf_ •
Cent Public Serv cotn____•
•
Class A
Cent & Souwest ULU cont.*
•
$7 prior lien pref
Cent Staten Eleo corn
100
Cony pref new
Cleveland Elec III corn..'
17
184
1935
1034
55
50
74
34
17%
91
17
15%
18%
9434
9%
50
48
200
%
400
34
200
17%
10
91
200
17
18% .10,300
400
19%
100
9434
1135 18,400
7
55
1.500
50
34
34
14
9034
17
1135
14%
9535
7%
44%
45
844
Aug
2
Dec
Dec 38%
July 93%
Dec 404
Dec 4335
Dec 3115
Jan 103
Dec 39%
Dec 105
Nov 93
Jan
Jan
Apr
Dec
May
Apr
Feb
Apr
Apr
Apr
Apr
390 21734 Dec 3354 Apr
Com'w'ith Edison Co 100 23835 22235 23834
Comm'wealth & Son Corp
64 Am
154 Nov
134 134 68,100
134
Warrens/
7% Dec 19% Apr
8
834 4,600
834
Community Water Bet,..'
Compania Hiapano Am El
Dec 7931 Dec
56
2
60
60
60
de Elec S A (Chad)
Deo 136% MaY
2,900 78
88
Conon0ICI & P Bals eons • 83% 82
4
Dec 303 Mar
400 13
15
1614
Consol Gas Util class A_ •
44 Oct 14% Mar
100
n8
n8
ClassB vto
•
50 9634 Dec 10834 June
9734 08%
Cont G & E7% pr pref_100
Dec 209
Dec 17
Dec 42
Dec 44
Dec 1714
Dec 275
Am
May
Apt
Apr
Mar
June
37% Dec 11714
4534 280,200
433-' 43
Cleo Bond & Sh Co
• 103% 102% 104% 2,100 100% Dec 10914
Preferred
Dec 98
1,100 88
9135 92
U cum pref w I
600 88
Dec 107
Elec P & L 26 pref el A_-_• 0654 9134 9634
1,800 1635 Dec 7835
25
23
Warrants
25
Dec 104
600 87
Empire Gas & Fuel8% pf86
8934
44 Dee 25
800
Empire Pub Serv ol A_ •
7
735
Jan 105
600 100
100 100
Fla Pow & Lt $7 oral....' 100
Apt
May
Sept
Mar
Aug
Apr
Feb
Apr
127 130%
Duke Power Co
100
2% 4%
33.4
Duquesne Gas oommon..•
1854
Mass Gas & F Associates.' 18% 17
14% 16%
But State.Pow B corn...' 15
8
834
Eastern Mil Assoc cony..'
256 258
Edison Elec (Boston).-100 256
150 111
2%
9,800
300 14%
1,900 1034
6
400
10 240
Gen Gas at Mee hi of 13„. 6734
Gen Water Who & El com• 1431
Georgia Power $6 prof__ •
56% 70
13% 1435
96% 9834
2,650
500
800
8735 Dec 97% Ator
1435 Dec 30% June
94% Dec 10335 May
Illinois P & L $6 pref__ *
6% Preferred
100 91%
Intercont Pow corn A....'
lilt Hydro El 23.50 pf__ •
inliernat Superpower
• 234
internat Util class A
• 36
Class B
•
635
Partic preferred
•
Warr for class B stock_
Italian Super Power et A- •
Warrants
8635
904
735
45
2134
3434
6
974
2
235
135
90
91
73.4
45
2334
36
7
98
2
3%
1%
500
200
200
ao
1,200
900
7,200
150
100
2,600
1,200
85
8915
12
4534
20
30
4
7934
1%
134
)5
Dec 9234
Nov 94
Dec 25%
Dec 52
Dec 4635
Dec 504
Dec 104
Jan 101
Dec 10
Dec 18
031
Dec
Nov
Nov
Apr
Oct
Mat
APT
Apr
Sept
May
APIr
Feb
APT
Dec se
200 SO
30
3034
Long Island Lts corn_ •
90 103% Dec 11334 Sept
7% preferred
100 104)4 10634 110
Sept
Nov 107
150 100
100% 104
6% pref series B....100
Mamoru Internet MarineFeb
735 Oct III
400
9
935
Commun Am deo mtg.
135 Dec
9)5 APT
35,000
235 3
Maroon! Wirel T of Can
2%
Marconi Wireless Tel Ltd
3% Dec 12% Jan
200
935 931
Am dep rots ord bear abs
931
3% Dec 104 Apr
44 1,000
Mass Utilities corn vtc ___•
Aug 37 Sept
100 35
33
33
5% cony partic pref.-50
9
714 Dec 224 Alit
10% 4,900
Memphis Nas(Sal
• 10%
MP
Middle West nth oorn____• 2034 1831 2135 22,500 14% Dec 38
9335 Dec 109% Apr
9735 9735
$8 cony pref ser A
•
1
Dec 16% July
Midland Nat Gas A
100
234 244
•
Mid-Weed Staten MR el A •
Dec 2914 July
2035 2234 1,200 18
Feb.
Mtn States Pow 7% p1100
Nov 100
10 95
9354 93%
Municipal Service
34 Dec 1634 Apr
300
334 435
•
Nat Pow & Lt $6 pref.._ •
Nat Pub Service class A..'
Common class B
7% Preferred
100
Nevada Calif El $7 pref.-•
N Engl Pr Assn 6% p1_100 854
N Y Pow & Lt $6 prof
•
N V Steam Corp corn...-• 483-4
N Y Telep 634% met -100
Nlag & Bud Pr (new WM
Common
10 10%
Class A opt warranta....
234
Class II not warrants
-----Class C warrants
Nor Amer Mil Sea corn. •
N Ind Pub Serv 6% p1.100 99
Nor States P Corp oom_100 130
(1% cum preferred _100
98
9835
174 1731
34% 35
8345 84
103 103
8134 8.594
10235 10234
4835 4835
11334 11535
200 9335
100 1635
200 30
125 82
25 104
390 76%
50 9335
200 41
300 112
10
35,000
11
83(
14 235 5,800
1%
300
54 545
414
134 244 1,700
114
2% 235
100
2%
97 100%
400 9414
1254 13(3
500 120
98
10 9534
98
Dec
Dec
Nov
Dec
Apr
Dec
Dec
Dec
Nov
104% Oct
2635 Mar
Mar
51
984 Sept
121 • May
9354 Sept
104% Oct
54% Oft
1174 Jilo•
Dec 2434
614
Nov
Nov 15%
Dec
7%
Dec 10%
Nov 103
Nov 18834
Mar 102%
Ain
may
Apr
July
Apr
Sept
Feb
sea
Nov 111
Jan 109
Dec 115
Dec 74
Dec 43
Oct
Oct
Apr
Oct
Sept
Ohio Power 6% prof- _100
10434 104%
Ohio P S 7% let Of A--100
104 104
Oklahoma0& E7% p1100 1074 106% 1074
Okla Nat Gas pref----100 45
45
45
Philadelphia Co new cow__ ------ 30
30
20 103
10 10035
200 106
50 4935
100 29
Pulite Gas& El lit pref_Fs 28
27
28
511% 1st pref
25
26
26
wacille Pub Serv el A corn_• 2034 2035 21
Pa Pow & Lt $7 pref
*
10831 10834
Pri Water dr Power
•
60
63
Peoples Lt & Pow elan A * 23% 20
2335
Public Serv Corp of No Ill
Common
• 223
20134 223
Corn $100 par stook_100 223
20135 223
Puget Sd Pr & Lt
0110 9831 9835 984
Rockland Light & Pow lip
164 1745
700 2535
100
500 1934
100 107
700 57
3,000 10
Pr
Dec 3914
May
Nov 111
Dec 954 Mar
Mar
Dec 48
475 195
275 196%
180 98
2,300 15
Dec 25334 Sept
Nov
Dec 240
Dec 1014 Apr
Dec 2934 AM
Shawinigan Wet &
5014 5134
South Calif Edison pf A_25 30
294 3014
Preferred B
25
2,535 26%
534% pref class C....21 2535 2534 2534
5% cum panic pref
51
51
51
11835 120
Souwest BellTel 7% pf 100 120
94
Souwest G & E 7% pref 100
94
4
434
Southwest Gas Mil com__•
434
600 45
500 2815
900 2444
1,800 22%
100 x52
350 11734
25 94
3%
3,500
Dec 7935
Jan 3034
July 2845
Jan 2644
Oct :53
Jan 122
Dec 96
Dec 2035
Dec
2934 OKA
Jan
Sept
Sept
Mar
Oct
Oct
Nov
Apr
JAN. 10 1931.]
FINANCIAL CHRONICLE
Friday
ESalea
Last Week's Range for
Public Utilities
Week.
Sale
of Prices.
(Canciretod)
Par. Price. Low. High. Shares
Range for Year 1930.
Low.
Standard P & L com B__
Swiss Amer Elea prof
Tampa MOROI Co.
•
Toledo Edison 6% pref-100
Union Nat Gas ui tan. _
United El Sere Am She
Purchase warrants
United Gas new corn__•
Pre/ non-voting
Warrants
44
9%
91
34i
United Lt & Pow men A-.
•
Common class B
6% 00D3 let Orel...-. . •
U S Mee Pow with warr.-•
Stock purchase warr---Utah Pow & Lt $7 Pref. *
UM Pow & Lt own
•
•
ClassBvto
Virginia P S 7% pref__ _100
West Mass Cos corn
•
Western Power pref._ _100
19%
24
25% 25,70
100 56
69% 6945
04% 9544 1,100 87
14,300
334
1% 1%
400
14
105 105
50 103
934 11
10,100
104
74
24
2654
800 13%
98
2
98
5334 56
56
500 49
98% 9844
50 954
15%
High.
Dec 80
Apr
100 33
39
39
Dec 98)4 May
100 80
81
81
400 4044 Dec op
••
48
50
Mar 104% July
10 101
10844 10844
51.•
15
1734 2,500 13% Dec 35
941 10%
844 Dec 17,4 Feb
700
he Oct
1
900
Feb
%
44
844 Dec 28% :situ
8% 10% 124,750
9145 1,400 8134 Dec 994 Sept
87
3
234 Dec 1134 Mar
10,300
4
24%
95
546
1%
Former Standard Oil
Subsidiaries
Borne Scrymser Co
25
12%
Buckeye Pipe Line
40
50
Chesebrough Mfg Conso125
110
Cumberland Pipe Line--50
23
Eureka Pipe Line
100 25
28
Humble Oil& Rflofing..26
59%
Imperial011(Can) Corp...
• 1734 1744
Indiana Pipe Line
10
16
National Transit._ _1.2.50 14
13%
New York Transit
10
14
Ohio0116% cum pref.-100 10254 10234
12%
40
110
23
28
65
1844
16
14
14
10245
May
Dec 56
Dec 9934 mar
Dec 119% •Ie
Dec 22% Feb
Dec
634 June
July
Dec 110
Dec le
Mar
Dec 6854 Apr
Apr
Dec 68
Dec 10734 May
200 11% Oct 25
300 88
Dec 89
100 10034 Nov 184%
100 20% Dec 65%
100 26
Dec 544
3,700 5734 Dec 111
5,800 15
Dec SO
100 1431 Dec 41
400 1134 Dec 2244
100 1034 June 21%
300 100% Dec 108
Feb
Jan
AM
Apr
Jan
OP
AM
Jan
hut
May
May
Penn Mex Fuel
Apr
25 14
14
Dec 32
600 12
14
Southern Pipe Line
10
84 Nov
10
2014 May
10
100
South Penn Oil
_25 2244 2044 2241 1,900 16% Dec abIa Mee
Southwest Pa Pipe Lines.50
Jan
33
Dec 84
100 32
33
Standard 011(Indiana)
Dec 5(1/4 API
--25 3734 8734 3845 32,000 30
Standard 011(Ky)
2144 2334 15,100 18% Dec 404 AM
10 22
Standard 011 (Neb.)_.. 25
Dec 48% Mar
100 34
3834 3634
Standard 011(0)(tom-26 50 I 59
200 4334 Dec 1084 Mar
8234
Preferred
Mar
100
10 11534 June 122
11534 1154
5% cumul pref
Deo 10334 Oct
100 102
100 1034 10334 10334
Swan Finch Oil Corp_ _25
4
Oct 10
100
Feb
334 3%
Vacuum 011
26 61
55% 62% 17,000 45% Dec 074 apt
Other 011 Stock/
AMOK Maracaibo Co
5
Atka= Nat Gas Corp(tom •
•
Ohm A
Preferred
10
British Amer 011 Ltd
Coupon Stock (Bearer)•
Carib Syndicate emu
Colon 011 Corp, eoto
•
Oolum Oil& Ottaol
0 •
Canso' Royalty 011
1
Cloarlen 011 common...... •
Preferred
100
Creole Syndicate
•
Crown Cent Petrol new.
com
Darby Petroleum corn___•
Derby Oil& Refcorn
•
Gun 011CM,of Penna-.25
Indian Ter 111 OS 01 A..
Class 13
•
intercontinental Petrol...1u
Internat Petroleum
•
Kirby Petroleum
•
Leonard 011 Develtm_..36
Lion Oil Refining
•
Lone Star GenCorp
•
Margay 011 Corp
•
Magdalena Syndicate.--1
Mexico-Ohio 011 Co
•
Middle States Pet cl A vie.
Claes Fl v t
•
Mo Kansas Pipe Line.
..6
cut vat trust etre ....1
,
Mountain & Gulf 0110o-1
Mountaln Prod Oorp....10
1
634
6%
36
144
54
234
15
334
34
434
344
7334
%
15
36
64
26
34
441
134
834
45
5%
41
3.600
1
64 4,100
12,200
641
8.100
7
1,200
15
16
100
1544 15%
34
46 12,000
14% 15% 19,400
1
200
1
36
% 1,700
5% 6%
800
244 26% 1,600
3% 3%
100
300
44
St
2% 2%
100
2% 4% 3,100
1,300
1
134
19,500
6
11
44
44 4,300
400
44
4.5
5
544 2,500
12% Dec
12% Dec
Oct
1134 Dec
34 Dec
4 Dec
434 Dec
19% Dec
Dec
3
Its Dec
144 Nov
211 Nov
44 Dec
5
Dec
44 Dec
34 May
3% Dec
4734 4fir
5344 AM
14 Aar
24
Are
3
Mar
4% 51
9
4pr
29
114 10.
Apr
16
44 Apr
734 Apr
IIO Apr
Ii
Apr
as', June
e
54 war
124 AN
500
1,200
1,100
2,700
19% De
14 Dec
4
Oct
54 Dec
234 Dec
534 Dee
34 stun
34 Dee
1634 Dec
34 Dec
81% Nov
54 Dec
614 Dec
2
Dec
414 May
'iv
16% Jan
May
1134 Apr
1914 Ala
2'.' Mar
5% Apr
4734 Feb
Sent
99 June
5% tor
234 Jan
8% May
Bait Creek Produoer._ 10
Southland Royalty
Sunray Oil
6
Texan Oil& Land Co.... •
Union OS Associates.... 25
Universal Consol 011 -.10
Venesuela Petroleum....D
Woodley Petroleum
1
835
7%
244
94(
23%
11
34
2
154
Mining Stocks
Bunker Hill tk Bull
10
B'wana li'kubwa Cop Min
American shares
1%
Carnegie Metals
10
344
Control Copper Mines-.6
Copper Range Co
25
834
Cresson Cons GM & M__1
Cusi Mexicana Mining_ _1
Engineers Gold Mines...5
34
Evans Wallower Lead oom•
Golden Centre Mine...--5
1%
Goldfield Cf)rim Mines__._1 3.16
Reels Mining Co
286
734
Hollinger Cons Gold
7
5
436
Hull Bay Min & Smell •
400
2,700
700
900
500
140
1,100
2,700
100
734 2,900
7% 1,200
3% 5,700
1044 2.100
24%
700
11
100
1% 13,800
2
100
43% 45
144
144
2% 2%
3
3%
61( 8%
5-16 5-18
34
31
34
14
1 14
1,
4
17,4
34
3-16 3-16
734 734
634 7
434 5
34
Iron Cap Copper
10
11-16
Kirkland Lake Gold Min.1
1%
2
Mining Corp of Canada...5
50
47
Newmont Mining Corp_10
25 5034 4641
New Jersey Zino
1%
NiplasIng Mines
134
144
Noranda Mines Lid
• 15
44
34
1
01110 Cooper
)4
Premier Gold Mining
-1
Roan Antelope Copper... ..... 144
ItS
ill
StAnthony Gold Minee-.1
34
3
Shattuck Deno Mining .•
15-18
Ian. Amer noir A" POO
,
.
Apr
aCc
Feb
Are
Jan
Jan
Apr
inn/
Nov
‘187
All
ain
13%
54
14
34
2
14
1034
3
34
2%
2
584
23
24%
134 144
7
834
1
41
1
244
8
8%
% 5-16
1
1%
17
17%
3
4%
79
83%
146
7
7%
234 244
7%
74
334
1036
2434
434 may
18 4 API
,
1644 4re
844 Apr
100
1541 15%
44
44 6,300
I% I% 3,800
5,100
5
6
600
2% 2%
2,600
244 3
15
200
15
344 344 2,900
20
44
44
444 4%
700
336 2,400
6744 7544 11,600
Nat Fuel Gag
•
New Bradford 011 Co
N Y Petrol Royalty
•
North Eumnean Oil.
1
Nor Central Texas 011...•
Peen)Western Oil
•
•
'linden Oil Corp
Petrol Corp of Amer warr__
1%
Plymouth 01100
Produrers Royalty Co. •
334
Pure 011 Co 6% pref.--100 834
Reiter Falter Oil Corp
•
Richfield 011 Co pref____25
741
Ryan Consol Petrol
•
5
34 Dec
454 Dec
4% Nov
6% Dec
225
1,700
100
3,900
100
500
1,900
900
500
3,600
1,000
600
1,000
5,000
Dec 21
Jan
1%
84
Dec
Dec 21
Dec
5%
Dec 74,g
Dec 70
7%
Dee
Dec
1
Dec 413-4
Dec 11
Dec 1064
Nov
Dec
Dec
Dec
Dec
July
54 Dec
34 Dec
54
6
2
8
19
8%
48
Dec
134 Dec
114 Dec
2
Sep
545 De
July
3-4 Dec
44 Oct
% Nov
% Oct
3 16 Nov
614 Dec
Jol,
6
34 Nov
1114(
17
10
194
474
12
4%
5
4cir
Apr
Sept
Apr
Dec
%far
June
9514
Jan
5% Jan
834 Apr
54 web
164 Jan
44 Jan
Feb
Pelt
A
Star
7
Feb
34 July
14
Feb
7
Apr
14% Feb
100
41 Dec
34
Jan
3
11-16
SOO
44 Jan
1
Mar
2
600
Oct34
334 Feb
54% 6,500 37% Dec 14141 1P'
500 45
5044
Dec 9134 Mar
1%
400 15-16 Oct
Mar
164 12,900 11% Dec 044 Mar
4 IhN
54 3.100
100
ff Nov
51
1% Jan
1434
1,800 114 Dec 33
Jan
1.700
34 Feb
he May
445 1,600
P., Jan
1,4 Oct
.
1
9., reh
hoh
141
J00
295
Friday
Sales
Last Week's Range for
Minis* Stocks
Week.
Sale
of Prices.
(Concluded)
Par Price. Low. High.
$
reek Hughes
1
T7nIted Verde Exsenalon 50c
Utah Apex Mining
5
Walker Mining
1
Wright Hargreaves Mines..
6)4
934
14
8% 8%
8
1034
1
134
134 134
2
2
Bonds
Alabama Power 440-.1907 98% 97% 994
1968 103% 103 104
1st & ref 5s
102 10331
1958
Aluminum (30 51 deb '52 104% 10334 1044
Aluminum Ltd 61
1948 99% 97% 9944
Amer Aggregates 68.-1943
With stock purch warr__ 77
73% 77
Amer ComIth Pr 8e
83
1940 80
79
4mer & Eldeb 58-2028 9834
Amer Gas & Power 614_1939
American Power & Liable.. without ware-3016 105
Amer Radiator deb 444a '47 101%
Amer Roll Mil deb 51.1968 95%
444% notes_Noy 1933 98
Amer Seating Corp 68_1936 5641
Amer Solvents & Chem 8s
With warrants
1936
Appalachian El Pr f4.1956 1004(
Appalachian Gas 6e....1945 73%
Cony deb Ca B
1946 60
Appalachian Pr deb 6.2024
Arkansas Pr & LS 86_1956
Armstrong Cork fa
1940
Assoc Dyeing & Printing
13s with warrants_ _ _1938
Associated Eleo 434e _ _1953
associated Gaa & Electric
_ _1949
444a /Aries C! _
Deb 434s with warr_1948
55
544.
134.
1958
1938
1977
Ammo T & T deb 544e A '55
&roe Telett 0111 541_1946
ALI Fruit & Sugar 83.-1949
Bell Tel of Canada 56-1957
let M 5s aeries A_1955
5. aeriea C May 1 190)
Birmingham(U558.-1959
Roston & Maine RR Si
Blyn Borough Gas 55_1987
Burmeister&Wain (Copen)
15
-year Os
1940
984
8973-1 99
8731 90
103
1004
93
98
55
10534
10134
98%
98
5834
3,000
8,500
600
200
100
Range for Year 1930.
;5
15,000 z72
48,000 68
Dee
Dee
June
Mir
Mar
Jan
AMP
88
May
8V34 hiss
Jan 101% Sept
Dec 964 Jan
212,000
8,000
989346
155,000
35,000
23,000
47.000
19,000
9834 Dec 109
tut)
90% Dec 101
Dec 100
D
ee
96
81
54
1,000
54
1004 102:4 130,000
66 • 7334 43,000
60 187,000
50
51
9444
6534
48)4
Dec
Dec
Dec
Dec
100%
11)2 34
la%
101
Mar
Sent
Mar
Nov
Feb
Mar
Sept
May
MO7
Oct
10134 102 34 2,000 100)4 Dee 108
Dee 101% Sept
9734 9934 182,000 93
Dec 9834 Aug
9134 93
22,000 90
20
May
7934 Dee
Oct
22
934 Sept
20
8834
20
85
2034 20,000
90 109,000
684
754
75%
7734
7834
98%
6534
72
6934
7234
674
9234
70% 237.000 533.4 Dee 57
7534 14,000 6934 Dec 124
7714 271,000 s6334 Dec 85
Dec 883-4
78 453,000 63
Dec 87
76;4 84,000 59
96% 43,000 8046 Dec 103
Mar
Jan
Sept
Sept
Mar
Mar
32,000
90
83 176,000
136 13,000
Beg*
8934 84
87% s83
131
1
10434
1044
104
9774
100%
104%
1034 10434
10334 10434
10334 104
9634 9714
10034 1014
10434 1044
48,000
43,000
23,000
39,000
10,000
3,000
101
10.000
101
Cent Mates P & it 544e '57 86
rildo Dist OK Gen 441'70 91%
,
Deb 54s ,,....Oct 1 1935 100%
ChM Rys 55 etre dep....1927 68
Cigar Stores Realtr534s series A
1949
Cincinnati St Ry 534s A'52 9034
ea series B
1955 9534
78
86
914 93
094 100%
62
68
(Mite Service 55.- . _1968
Cony deb 59._
Me.
Service Gas 53-4. 1942
OltleeSery Gas Pipe L 54'43
Cities Fiery P & L 546195Z
72
7414
80
8634
77%
74%
78%
83
88
8234
45,000
78,000
56.000
40,000
72
74
12,000
8634 9034 11,000
95
95)4 18,000
38,000
76
774 2617000
83
76,000
36,000
88
8234 187,000
82
67
1
Dee e94%
Dec LOA
Dec
6
793.4 81
73,000
rob
Apr
Feb 1011% Sept
WO
Jan 105% Oct
100
June 10544 Oct
102
944 Dc 10034 Serel
11.334 Aug
100
10534 Aug
103
93
74
8434
9834
624
nt 101%
Dec 110
Oct
Bela
Deo 94)4 Apr
Jan 85
Nov
Jan 104
Oct
Dee 10534 May
Dec
Dec
Dec
99
Sept
84
Mar
89% Mar
Dee 92% Beta
Dec 06% Oct
Dec 1014 Sept
July
Dec 54
624 Jan 89
Mar
85
Jan
Dec 97
92
Nov .99)4 Are
8454
84%
78%
86
75
Dee
Dee
Dee
Dee
Dee
8844 Mar
92% Oct
07% 00
9444 Mar
10634 10571 10634 4,000 10536 Dee 108
41
43
41
20,000 41
Dee 69%
78
Dee
91
Jan
Jan
MOP
1014 1004 10234 35,000 931( Feb 10234
10044 100 10034 98,000 9844 Dec 1014
11734 117.34
1,000 117 June 118
Oft
rine
Oct
109
105%
10331
101
Brat
Dec
Sept
Oct
May
Sept
10731 107% 10734 2,000 106
105% 1054 3,000 1013-4
10334 10334 104
8,000 9934
98
12,000 9634
99
98
101% 1014 10234 468,000 913(
000'10& Elft
1958 834 8234 8434
Continental 011 5414.-1937 94
9144 94
Cont Roll & 811 Fdy 68 '40 96
96
96
Crane Co 10-yr 56._._1940 102
102 102
Crucible Steel 5.
1940 99% 98
99)4
Cuban Teleph 748_1941
103 10334
Cuban Tobacco 5s. _1944
45
45
Cudahy Pacx deb 834511181 9754 95% 98
be
1948
100% 10145
Delaware El Pow 53.4e 1959 90
90
91
Deny & Salt L 89 A___1950 100
100 100
Income 6s series A 1960
67
62
Del City Osa ea ear A_1947
105% 10644
1st 56 ser B
1950
100 101%
Detroit Int Bdge 641_1952 26
25
30
26-yrefdeb7.
1852
3
3%
131xle Gulf Gaa 6341.1937
With warrants.....
88
88
88
Duquesne Gas let 66._1945 59
50
59
63.4% notes
1935 4734 41
4744
Eszt Utilities Inv Oa
With warrant.
1954 6836 5734 71
Edison El(Boston)54_1033 102
10134 10234
4% notes
Nov 1 '32
100 100
Klee Power & Light5e.2030 8734 8434 8751
Empire Oil& Rata 514.'42 80
80
77
Ercole Marelll El Mfg
645s with warrants. 1953 64.% s8334 85
European Elec 6%a 1985
WItbout warrants
68% 8534 70
Eur Mtgr & int 7s 0_1067
744s series A
1950
Fairbanks Morse Co 551942
Federal Water Serv 5348'54
Vinland Residential Mtge
Bank Be
1981
Firestone Cot Mills 55_1948
Fisk Rubber 534s
1931
Mat Bohemian Glass Wks
7s without warrants 1957
714
164
8%
4%
234
84,000 93
Oat
Feb 100
33,000 99
Jac 104% Oct
10,000 100
Jan 104
Aug
39,000 100,4 Dec 10414 Sept
22,000 96,4 Dec 102
Sept
Canada Nat Ity 76.-1935
108% 107% 12,000 106
Capital Adm deb 5a A_I9',s
With warrants
6,000 80%
82t6 83
Without warrants. _
8234 8234 14,000 74
Carolina Pr & Lt 5e.-11156 102% 101% 10334 100,000 9844
• ateroillar Tractor 5e 1935 9934 9644 99% 77,000 92
Central German Power
es partic etts
1934 93
93
93
5,000 89
Cent States ale. 6a...1148 83
,58
68 151,000 55
Deb 5445--13e6s. 15 1954 68% 6334 72 178,000 58
Clev Elea 111 deb 70-1941
Commander Larabee 13. '41
00mmers mad Private
Bank 530
1937
Com•wealth Edisonlet m 434. ear D___1957
44s aertes E wben las tel
Coma Lt de Power 7s.-1951
Coneol 0 E L & P (Bait,
545s series E
1952,
56 series F
1965
43is series H
1970
Conaol Publishers 844e '38
coasumar5 Power 44sa.'6r
High.
Low.
4,4 Jul.
64 Om
Dec
1% Dec
July
643,000
18,000
10,000
11,000
45,000
2
8.000
44,000
37,000
24,000
Mac
Dec 04
Mar
Dee 98
Nov 9834 Oct
Deo 1024 saw
Aug
Dee 102
Mar
Oct 109
MOP
94% Dec SKI
9844 J
la1 1024 OOP
7,000 87
2,000 9844
10,000 48
8,000 104
12,000
33,000 17!
1
15,000
97
102
85
tin 44
1044
89
rDe
e 75
:D e
Do
Novi
Do
1 )
Sent
Jan
Feb
July Oct
Mar
Mar
5,000
77,000
9.000
go% June
68
593' Dee 109)4 May
Dec mg% May
40
322,000
51,000
5,000
510,000
72,000
Mar
Dee 87
49
9914 Jan 10214 Sept
9934 Den 10034 Nov
Dee 4414 Mar
78
Serie
75)4 Dee. cot
18.000
62
Dec
87
32,000
04
Dee
8o54 Sept
83
8234
9934
97%
767.4
8234 5 090
.
9934 2,000
9,000
98
45,000
85
78
85
18
75
82
18
78
86
18
42,000
38,000
1,000
77
77
1.000
8234
7834
90
964
9014
9844
101%
Jan
Feb
Jul
Fe
Feb
Apr
)30% AIm 91
Salt
May 102
98
Feb
.wo 9944 ...PI
93
74
Dec 97
Apr
72% Dec
734 Nov
12
Dec
88
Mar
96
Apr
124 FA
78
84
Oct
Jan
Bonds (Continued)
Sates
Frtaay
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High.
molt%Power &TA 58_1954
Garlock Packing 68-1939
Gatineau Power 52 1956
1941
&series B
1941
Deb gold tis
Oen Broils Corp cony 66'40
Gen Rayon Ss
1948
(len Vending Corp
68 with witr Aug 15 1937
Georgia & Florida RR
68 sec A eels of dep_1946
87
90
94
91
92
58
51
834
90
s9134
90%
90
58
51
11
11
10
10
Range for Year 1930.
60%
7814
87
8734
80
98%
60%
78%
84
86
874
77
50
80
92
91
88
90
57
51
Nov OS
Dec 110
Feb 99
Dec 994
Dec 101
Dee 99%
Dee 80
14
7,000
11
Deo
84
Feb
11)
1,000
10
Dec
25
Mar
81% 10,000
5,000
99
19,000
62
80% 6,000
7,000
87
86% 7,000
87% 1,000
77% 2,000
44,000
52
Ill Pow & Li 5345 ear 0 '54 100% 98% 101% 37,000
Sinking fund5
M a 07
..
9214 31.000
92% 89
Indep Oil & Gas deb 6s '39 9711 95
17,000
98
Ind'polis P & L & ear A '57 1014 1004 101% 167,00(
Instill Utility investment
84% 90 274.000
fis Der B without warr '46 90
Intereontinente Pow 6111948
With warrects_
_
22,00(
50
54
52
90% 944 29,000
US POW See 78 ear E1957
84,00C
Internal Securities & 1947 734 68% 74
Interstate Nat Gas Os '36
10214 10214 5,000
without warrants
83,000
79% 85
Interstate Power to__ _1957 85
21,000
72% 78
1952 78
Deb 68
Inter-State PS 4146.-1958
Invest Co of Am 58 A_1941
With warrants
Without warrants
Iowa-Neb L & P 65_1951
Iowa Pow & 14 448 A 1998
Marco Hydro Elea 78-1952
1580115 Fraschint 78.-1942
With warrants
Without warrants
Italian Superpower of Del
Dells Os without wart '63
UM 8831
5.000
824
76
914
90
65
824 1,000
1,000
76
48,000
94
22,000
94
30,000
70
65
58
60
65
65
60
56% 61% 91,000
76
94
r
Apr
Oen
Sept
Mar
Mils
Mar
129,000
12,000
169,000
19,000
26,000
10,000
15,000
88%
90
94%
91
9234
58
53
11,000
99% 100
Green Mt Pow let 58...1948 100
254 12.000
Ground Gripper Shoe 60'44 25% 25
3014- 30% 1,000
Guantanamo & W Ry Is'58
1937
1014 10214 74,000
Gulf Oil of Pa 58
Sinking fund deb 5..1947 10334 102 103% 59,000
45,000
1951. 9914 974 100
Gulf States Ctil Os.
Hamburg El & Cod 514s'38
Hanna(M A)deb 6s 1934
Hood Rubber 548-. 3
19 5
1936
7s
Houston Gulf Gas6s_ _1943
1943
Deb gold 6148
Hud Bay Min &Brno& '35
HungarItal Bank 7491963
Hygrade Food 65 A._.. 1949
High.
Low.
Georgia Power ref 55-1967 10034 100 1014 182,000 9431
Gesfuel deb 6s
1953
71% 74% 7,000 69%
With warrants
42,000 69
80
Without warrants
78
78
90% 44,000 z8I
Gillette Safety Razor 58'40 8934 87
81,000 89%
93
Glidden Co 5148
88
1935 93
Goodyear T & R 5148_1931 9934 99)1 9934 11,000 99%
Grand (F & W) Properties
12,000 70
72
68
Cony deb 6s_Deo 15 '48 72
41.000 105
105% 107
Grano Trunk Ry 61i5_1936
3.000
15,000
Jersey CPA L534. A _1945 10231 10134 102% 35,000
1947 1.0011 99% 1004 26,000
11t & ref fa B
4,000
s9414 95
Kansas Power & A-1947 95
Kelvinator Co 68
1936
904 90% 3,000
Without warrants
13,000
97
98
Kentucky Util 181 5s_ _1969 98
98
98% 4,000
1961
181 60
9934 100% 24.000
11.01717ere G &0deb 5e.1947 100
1050 10311 102% 1034 28,000
534e
Kresge($9)Co let 58_1945 9914 9834 99% 13,000
09
99
Laclede Gas 5144
1935 99
98
99%
Leh Coal & Nay 41419C '54
Lehigh Pow Seem.flu_ 2026 104% 101% 104%
Leonhard 'Metz 748_1946
84
89
89
Without warrants
Libby. MeN & Libby 58 '112 914 90% 924
984 98%
Lone Star Gas deb 5s--1942
11,000
81,000
91.000
6,000
36,000
6,000
Long Island Leg 6s-1945 1054 102% 1054 21,000
1024 1024 5,000
Los Angeles0& E 58_1961
Louisiana Pow & Li 58 1957 98% 9731 99% 96,000
Man Power 514s A_ _ _1951 94% 94% 954 18,000
Mansfield Min & Smelt 75
12,000
78
78
78
Without warrants
21,000
Mass Gas Cos 554s....1946 1034 102 105
Se
1955 99% 984 100% 143.000
'Mass Util Assoc 58 A_1949 94% 944 94% 1,000
8,000
51
50
McCord Rad & Mfg 68243 50
1,000
100 100
Melbourne El Sup7148A'46
101% 101% 5,000
Memphis Pr & Lt 58 A_'48
98% 994
Middle West fill Is.A932
Cony 44% notes 1931_ 10011 100 100%
94
99
Cony 5% notes
1933 99 934 974
Cony 5% note/L....1934 96
924 97
Cony 5% notes. _1935 96
44
50
Mid-States Petrol 6481945
101% 1014
Miler Gas Light 4149-1967
6,00
35,00
12,000
35,000
61,00
11,00
3,00
Minn Gas Light 4%8_1950 9134 914 924 84,00
- Minn Pow & Lt 4834-1978 94% 92% 04% 52,000
99,000
9411 97
Miss Power & Lt to_ _ _1957 96
Mlle River Fuel 6.5Ang15'44
98 102% 130,000
With warrants
9014 91% 4,000
Without enema&
Montreal L II & 1'coils'51 ------ 102 102% 5,000
Bonds (Continued)
Bales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. Shares.
High.
Low.
11,000 100% Feb 104% Oct
10114 102
Dec 1024 Oct
994 994 1,000 98
9.000 10311 Dec 1054 Oct
104 105
No Sio Pow 634% =sea 33
'
1940
53.4% notes
1st lien 6s series A._1948
Nor Texas Utilities 75.1935
With warrants
Northwest Pow 6s A..1960
Ohio Edison 1st 58.......1960
Ohio Power 55 B
1952
1956
4348 series D
01da (leak Flee 58 _1950
Oswego Rio Power 6s_1931
Range for Year 1930:
8105 10514 12,000
10,000
9311 95
100%
103
97%
100%
10031
100% 101
103 103
97
98
1004 101%
100 10031
234,000
15,000
159,000
127,000
30,000
97
94
Nov
Feb 116
Dec 10334 Sept
9514
98%
91
97
99
Dec
Jan
Jan
Dee
Jan
1024
104
99
102%
101%
Sent
Sept
Oct
Aug
Nov
Jan 10234 Sept
97% 9874 103,000 9334 Feb 984 Sept
Pao Gail & El let 4349.1957 98
1941
103% 1104 6,000 1074 Dec 110% Oct
Ist es ser B
Dec 1054 Nov
1952 105
104% 105% 38,000 104
let & ref 530 C
Dec 9914 Sept
lst & ref 4345 F__ _ _1960 984 3974 98% 175,000 95
Oct 854 Am
Pacifies Invest deb 5s 1948 7511 75% 754 9,000 75
Without warrants
7514 754 3,000
Sept
Pao Pow & Light 58_1955 9834 964 9811 190,000 9034 Dec 101
Aug
Dec 92 May Pacific Western 011 64e'43 84% 754 84% 42,000 73% Dec 97
Dec 96% Oct
Penn Cent LAP 41e. 1977 0431 92% 94% 72,000 89
SeP1
Am 109
Penn-Ohlo Edison fle_ _19150
1004 10334 26,000 984 Dec 10534 Ate
Without warrants
103
Dec 10214 Sept
99
Jan 1004 July
1959 9834 97% 9811 64,000 90
Apr
5344 20% Dec 70
Dec 9834 Mar
7,000 82
APT Penn Dock & W Se w w '49 814 8114 83
30
July 52
Nov
50,000 102% Dec 104
JAI) 103
Ant Penn-Ohio PA L 530 A '54 1034 1024 104
9934
Sent
10214 102% 1,000 9934 Feb 104
Aug Penn Pr & Lt lst ref 58 B'52
Dec 104
99
9,000 0914 Feb 10414 Sept
102 102
181 & ref & ger D_ _ _1953
Oct
924 Jai. 102
Nov 93% Mar
49,000 65
Peoples Lt & Pow 59_ _1979 67
55
68
M."' Rine El- Pow, tpa .1971 10631 106 10634 35,000 044 Feb 106% Mar
Dec 90
76
Jan 100% June Phila & Sub Counties
97
Oct
10,000 96% Mar 102
10131 102
0 E tot & ref 4140 1957
APT
5834 Nov 91
Mar Piedmont Hydro-El Co
Nov 98
71
Dee 92 May
19,000 69
78
71
1960 78
614s class A
98% Sept
6714 Jan
Nov
Dee 92
3,000 86
88% 89
Jan 100 June Piedmont & Nor 58-1954
64
Dec 102;4 Mar
99)4 7,000 96
1949 99% 98
8334 Nov 108 June Pitts Coal deb 65
Nov 104 May
4,000 100
100% 102
Mat Pittsburgh Steel 6s...1948
Jan 92
76
Oct 1103( Feb
944 3,000 89
Dec 7114 Aix Poor & Co cony 6s___ _1939 944 93
45
Dee 9311 Sept
85% 8934 348,000 80
Portland Gen El 434e1960 89
Oct
fis__ _1056 100% 100 10134 23,000 04% .Jan 103
Dec 104% Sept Potomac Edison
97
Dec
Dec 102
104% 104% 1,000 102
1949
5148 series D
Dee 97% Ott
85
Dec 78% Apr
1947 504 50% 5014 1,000 45
110% Apr Portreto Sugar 75
Dec
93
100% 10114 12,000 954 Feb 01% Sept
9634 Jai 101% Sept Procter & Gamble 4348 '47
Oct
Dec 98
Pub Sc, of N Ill 4148_1980 95% 95% 9614 40,000 91
Dec 10114 Aug
1931 10011 100% 100% 1,000 99
Deb 58
Dec 112% Ma'
78
Dec 9434 Dec
12,000 93
414s aeries D
1978 05% 9514 97
9634 9834 13,000 9614 Nov s9911 Nov
Dec 896 May Pub Serv of Okla 55_ A957
45
Dee 10434 Sept
10034 101% 60,000 99
86% Dee 101% June Pugettilound PAL 5444'49 101
Dec 10134 Sept
151 & ref 58 C..
195e 98% 964 98% 91,000 94
68% Dec 8834 Jet
Queens Borough G &E
10131 10114 1,000 1004 Jan 10414 Oct
1952
548series A
Aug
10014 Jan 104
Dec 9314 Mar
79
Dee 9234 Mat Reliance Management
70
Mar
58 with warrant, _1954 854 82% 8314 38,000 70 June 95
Mar
Dec 84
49
854 Dec 943' Oct Roobeeter Cent Pow 54_ '53 67.31 6054 68% 118,00
July
60
Nov 83
674 12,00
65
Ruhr Chemical Ss A__1948
6934 'Dee 8934 Mar
74.00
78
82
Dec 103)4 Apr Ruhr Clea 1111.
1953 76% 74
Dec 8411 Aug
6,000 65
70
68
Mar Ruhr Howil Corp 614.'58 68
Dec 82
65
88
Dec 98% Or! Ryerson (Jos T)& Sons Inc
Oct
Jan 98
7,000 92
95
96
15-year deb &
Sept
98
Au
1943 95
92
64% Dec 944 Mar
Mar
46% 504 3,1,000 38% Dec 83
St L Gas & Coke 66_1947 50
Jan 10134 Oct
87,000 91
98
Dec 923.4 May San Antonio Pub Servifer158 97% 95
63
Aug
10211 10314 18,000 994 Mar 103
Apr Sande Falls let 5s____1955 103
89
De
65
Dec 98
July
60,000 87
Saxon Pub Wks 54 _ _1932 02
904 92
Dec 100
Jule
20,000 75
804 82
Mat Sextet Co lst cony as A '45 82
8494 Dee mi
4Chliite Real Estate 65 1935
Jan 87 Sept
11,000 51
With warrants
Sept
664 63
99% No 104
29,000 53 June 8514 Sept
Without warrants
59% 68
May 1014 Sept
60
98
86% 12,000 784 Dec 93% Aug
85
Sarin&(E W1 5148_13145 85
Feb 7234 Sept
12,000 64
72
63
1948 71
Dec 99 Sept Serve]Inc Is
94
Shawinigan W & P434.'67 95
9334 9514 141,000 90% Feb 98% Sept
Feb 984 Sept
431s eerie. B
1968 95% 9311 9514 80,000 90
6931 Jan 9314 Sept
Sept
Feb 105
131 55 ser C
1970 10234 101341033-1 69,000 98
Dec 99% Nov
95
1st 4 348 ser D
Nov
Nov 97
1970 944 9334 95 128,000 903( Dee 97% Oet
97
10,000 9634 Jan 101% July
1004 101
ffiscreheen Mills 74 _ _1931
9511 Jan 1014 Sept ,
18,000 9734 Feb 104 Sept
1004 101
Sheffield Steel 548_1948
99% Ian 103% July
Apr
354 35% 45.000 314 Dec 76
1932
98% Dec 100% Nov Solder Psalm tts_
Southeast P & L 6s___202b
Dec 108%
10434 1014 1044 116,000 96
Without warrants
971i Dee 10314 Mar
Sept
B
43,000 99% Jan 106
97% Nov 100% Oct 9ou 3.:ailf Edison 511___1951 104% 1034 105
35,000 994 Feb 10434 Sept
104% 105
Refunding Si
1952 105
Dec 1074 Mat
98
Oct
Feb 104
Oen & ref 58
1944 1034 103 10331 10,000 100
Sept
Dec 96
934 56,000 89
91
Nov 105
84
Aug 400081 0.8 54 Corp _1937
Dec 97
90
Aug Southern Gas 6155 1935
Nov
No 100
,
10,000 98
974 98
without warrants
964 Mar 100
Oct
Southern Natural Oat 6844
Apr
Dec 105
67,000 863
With privilege
1024 Dec 106% Sept
73% 78
78
Dec 8634 Sept
27,000 64
97 May 104
76
Nov
63
Without privilege
76
Jan
Dec 91
17,000 41
58
63
Jan 10134 Sept So'went Dairy Prod 634.'38 63
92
Dee 994 Sept
Southwest 0& E 58 A 1957 9534 93
9834 21,000 89
Dec 99% Oct
93% 14,000 90
Dec 101% Oct Southweet Lt & Pr 58 A '57
94
92
Dec 99 June
24,000 49
So'went Nat Gas 61_1945 64
50
65
Dec 10934 Sept
Oct 95 May so'west Pow & Lt 6..1_2022 104
16,000 100
73
10111 104
Nov 99% Ace
4,000 97
All? Stales Mfg Co let Os...1942 9714 974 98
10011 Dec 105
,
Dec 103% Aug
Dec 101% Oct Stand Gas & Elec 6s...193o 101
95
96,000 98
99% 102
Debenture &
9614 Nov 96% Nov
9811 100 134,000 954 Dec 103% Sept
1951 100
Dec 10314 Sept
Debenture Be Dec 1 14916 100
Nov 8714 Mar
50
29,000 95
984 100%
July Standard Invest 58_1937
100 Sept 101
Sept
Dec 01
Without warrants
100% Oct 104
Nov
754 7514 7,000 75
Dec 102% Sept
Stand Pow & Lt Se
94,000 93
s95
98
1957 98
984 Dec 1014 "Oct 'Wanes(Hugo)CorpDec 9034 June
Te Oct 1 '36 without ware 67
7,000 59
9931 Dec 102
Nov
64
67
7$ without warr_ __ _1946 66
Dec 1032644
27,000 58
92% Dec 100
6114 66
Sept
JulyMa?
35,000 994 Dec
Dec 10034 July sun 011 5344
92
1939 10134 100% 102
37,000 9814 Dec 1004 Oct
Dec 994 sepi Sun Pipe Line Co 58_1940 100
99 100
83
Aug
July 103
40
Dec 76% May Swift & Co 1st m f 5s 1944 10334 103 103% 7,000 102
58 when issued
Sept
1940 1004 99% 10014 103,000 974 Aug 1014 Sell
95
Jan 104
Dec 9414
Dec 92%
Dec 87%
Dec 100%
Jan 101%
8414 Dec
Dec
88
88% Dec
May
June
Dec
July
Oct
95% Oct
97% Oct
99% Sept
Mar
Dec 122
95
Dec 101% Oct
88
9854 Jan 104% Sept
2,200 97
102 103
Narragansett Else & A '57 102
2,000 50
50
s50
Nat Food Products 66_1944
Nat Pow A LI tis A. _2026 104% 101 104% 39,000 97
& serlei 33
2030 903.1 88% 90% 209,000 8034
7334 109,000 65%
Nat Public Service 58_1973 724 68
96% 984 17.000 95
National Tea Co 5s 1935 93
3,000 80
79
80
Neisner Broscony 6s 1948 70
933-4 43,000 89
Nevada Calif Ed 58__ -1956 934 91
53,000 80
84% 88
N E Gas& El Ann 5s-1947 88
_ _1968 0134 88% 9334 15,000 834
54
1950 87% 84% 87% 219,000 80
N Y & Foreign raven
6,000 75
/7614 77
5118 A with ware_ _1948
N'IP &LCorp let 4348'67 96% 95% 9631 365,000 9034
1054 10614 14,000 105
Niagara Falls Pow 80_1950
5,000 82
84
84
Nippon Eleo Pow 6%.1953
8,000 72
75
71
Nor Cont Util 534a -194
8
ggx 102% 30,000 0711
North Ind Pub dery Se 1966 10114
83,000 96%
994 103
Seseriee D
1969
9234 286,000 88%
let & ref 4148 see E_I970 924 91
34,000 96
Nor Ohio Pr & Lt 514s 1951 101% 899% 102
Nor Ohio Tr & Lt Ss_ _1956 95% 9414 96% 13,000 90
(VoL. 132.
FINANCIAL CHRONICLE
296
Jan 10214 Oct
Feb
Nov 88
Dec 1084 Sept
Sept
Dee 95
Deo 8631 Met
Dec 994 Oct
Mar
Dec 95
Dec 934 Dec
Dec
Dec
Dec
98
May
94% May
91% Oct
Dec
Dec
Jan
Nov
Aug
Jai
Dec
Dec
Dec
Dec
AIM
90
9831 Oct
107 JUDO
04
Mar
86
Oct
Aug
106
Aug
105
92% Nov
103% Oct
1004 Oct
Deo
0
0
7
1886% taArig
983( Oct
Tenn Eleo Pow 5e____1056
'Penn Public Service 5.1970 9514
Cern! Hydro-Hee 6148 '53 7514
Texas Cities Gag 58-1948 68%
Texas Elec Service 58_1966 97
Texas Gas Util
73
rens Power & Lt 58-1956 100
en Utilities Coro deb as'79 63
984 9834 1,000
94% 96% 74,000
51,000
73
77
65
6831 13,000
96% 98% 200,000
56
92,000
75
99% 100% 159,000
55% 64 117,000
97%
9034
72%
65
92%
55
93
49
Dec
Deo
Dec
Dec
Dec
Dec
Dec
Dec
Olen Co 68
_ ..___1944 74
Union Amer Inv 138. _1948
Union El L P & B -'67
Union Gulf Corp Is Jul 1•60 102
United Mee Service 70
With warrants
Without warrants_ _195e
United Indus Corp 611e '41 77
United Lt & Pow 6.__1975 9334
Deb 614s
1974
5148
1959 964
United Lt & Rys 5148-1952 87
1st & ref 58-June 1 1932 10014
serlea A
1952
fin Itys of(Hay)7348_1936 80
rI S Rubber
-year e% notes--1933 88
3
Serial 64% notes 1931 100
734 7511 10,000
s79
7,000
81
104 1044 2,000
101 1024 64,000
73%
7814
993-4
90
Dec 9431 Mat
Apr
Dec 08
Jan 1044 oos
June 1024 Aug
Valspar Corp as
1940
Valvoline 011 78
1937
Van Camp Packing 651948
96
52
804 8314
80
83
74
77
03
95
984 9954
92
96%
8314 87
1004 100%
99 101
80
80
100% Anil
1107/A API
02
Oct
100
Mar
16,000 8774 Dec 103% Apr
12,000 7714 Dec 9754 Apr
Dec 92% Apr
18,000 68
Dec 9714 Oct
87,000 90
16,000 954 Dec 10034 Oct
Deo
Dec 96
3,000 85
Dec 9414 Sept
75
135,00
Dec
9931 Dec 101
15,00
9431 Dec 1044 5001
8,00
Dec 107 June
1,000 80
85
100
88
100
11,000
20,000
7714 Oct 100
9634 Jan 101
May
Mar
78
96
45
78
96
52
1,000
4,000
10,000
AP1'
794 Dec 100
Dec 103% Ma,
97
Feb
44
Nov 81
JAN.
10 1931.]
FINANCIAL CHRONICLE
Bates
Friday
Last Week's Range for
Week.
of Prices.
Bale
Price. Low, High. $
Bonds (Concluded)
Van Swertagen Corp Os.'38 8334
Va El & Pr 58 A
1955 10334
Va Public Sera 5 Ms A-1946 9534
6s
1946 90
Waldorf-Astoria Corp
let 75 with warr
1954 73
Ward Baking 66
1937 10034
Wash Wat Pow Its wi_1960 10334
Webster Mills 0 te-. 19:13 97
,
Weet Penn Elec deb 58 2030 8634
West Texas Utll 56 A.1057 89
5$ sec A w I new_ _1957 89%
Western Newspaper -Union
Cony deb de
1944 57
Westvaco Chlorine 534537
Foreign Government
and MunicipalitiesAgrle Mtge Bk 7s A.10'46
Extl at 78
J&J 1947
Baden(Germany)78-1951
- Uelaue mres(Prov, 71-48'47
78
1952
Canada 80-yr 4s..0et 1 1960
Cauca Valley(Dept)Rep of
Colombia extl a I 78 '48
Cant BID of German State et
Prov Banks Os B....1951
1st 66 series A
1962
Newfoundland 5s
1952
Parana (State) Brasil 75 '58
Rio de Janeiro 610_1959
RUMM0 (k,1.eminent
634e eertftleates
1919
Saar Basin (counties) 78'35
Santa Fe (City) Argentine
External 78
1945
73
9,000
72
9934 10034 28,000
Low.
64
9734
93
8834
8,000
12,000
41,000
29,000
61,000
50
101
57
101
10,000 47
1,000 101
80
63
74
63
80
65
83
78
8514
8134
93
83
9,000
8834 17,000
8234 21,000
933.4 140,000
8234
28,000
15,000
52
4714 52
69
6834
65
69
50.000
6734 6814 33,000
9934 100
963.4 9634
6934
7634
6834
8534
77
75
83
74
87
82
93
93
23,000
6,000
1,000
4,000
29,000
123,000
3,000
12,000
High.
Dec 1001-8 API
Jan 10434 Oct
Dec 9914 Oct
Dec 9136 Dec
7134 Oct 1031-4 Jail
9934 Dee 10134 Nov
10334 104
963( 97
87
86
8634 8934
87% 8934
Danish Cons Munic5146'55 100
58
1953
Danzig Port & Waterway
External s 1 634s___1952
German Vona Muni° 7s '47 8234
Os
1947 74
Hanover (City)7s
1939
Hanover(Prov)63s_ _1941) 82
Indus Mtge of Finland
15t mtge cell a f 76_1944 93
Maranhao (State) 7s__1958
Medellin (Colombia) Ts '51
Mendoza (Prov) Argentine
External 7 Ms s f g..1951
Mortgage Bank (Hogota)78 issue of'27(M&N)'47
78 issue of 1927 new 1947
Mtge Bank of Chile 66_193i
Mtge Bk of Denmark 55'72
85 329,000
s80
102M 103,4 31,000
9534 15,000
94
3,000
8834 90
Range for Year 1930.
9834
8814
8134
84
86
Jan 105
Jan 9736
Dec 9334
Dec 97
Dec 8934
Sent
Al)!
Mai
Beet
Dec
Dec 9234 Mar
Feb 10334 June
13034 Dec
Dec
60
9514 Jul'
89.34 Apt
78
80
78
9134
Nov 9834
Dec 102
Dec 10034
Dec 9514
51
Dec
62
Dec
6334 Dec
89
June
Apr
API
Ots
Apt
8634 Mal
8634 Ma!
9734 Jan 10114 Ant
OM
9034 Jan 100
65
74
66
8434
75
Dec
Dec
Dec
Dec
Dec
8534
9850
91
9814
9b
Mn
M.
Mb
Mn
aln
6,000 z93
Dec 10111 Sen.
6534
43
43
623.4 6534
1,000
7,000
44
65
Dec
Dec
85
Alz
9234 Mai
5634
5634 57
3.000
6334 Dec
9434 Mn
6114
97
55
5634
9534
9834
9934
41
4934
9934 9934 5,000
47,000
41
35
39,000
3914 50
2
92
553.4 10,000
6134 4,000
20,000
97
9934 15,000
234 10,000
4,000
94
7134 77
9,000
Ma)
Juh
Alt
00
50
5434
95
111534
Dec 83
Dec 84
Dec 101
Jan 10034
97
34
51
Mar 10134 Sep
Dec 8234. Ms
Oct85
AP
1
Dec
7
9234 Dec 101
Ja
Ap
Dec
Ma
71
94
•No par value. 1 Correction. at Listed on the Stook Exehange this week, where
additional transactions will be found. a Sold under the rule. c Sold for cash
s Option sales. I Ex-rights and bonus. w When issued. s Hz-dly. y Ex-rights
f Ex-first dividend paid In liquidation. I Ex-dividend of % share Beatrice
Creamery stock.
•
"Under the rule" sales as follows:
Amer. Commonwealth Ile. 1949, Jan. 22. 53,000 at 10601107
Associated Telep. & Temp.. deb. 5345, 1955. Oct. 28, $26.000 at 93
Blaw-Knox Co., Jan 2. 58 shares at 31.
Burco Co., Jan. 26, 50 warrants at 64
Cincinnati St. fly. 6s B, 1955, June 6, 219,000 at 100.
Coon(W.B.) Co.. Oct. V. 100 at 74.
Donner Steel Feb. 27. 50 shares oommon at 83.
General Was. Wks Gas & Elec. def. 1944. Jan. 29. )1.0)0 as 963.6
Gerrard (8. A.) Co.. Jan. 2. 105 'bares 00M. at 24
Gorluun Mfg corn v so, April 23, I at glig.
Happiness Candy BLOM. 00M., Feb. 3, 100 at 1 It
Houston Gulf Gas. Mar. 3. 2 shares at 19.
Jersey Central Power & Light 7% preferred. Sept II 50 at 10934
Kopper Gas & Coke pref.. May 6, 25 at 10234
Mohawk & Hudson Power, Feb. 6. 75 shares 2tt pref. at 11..,
Nave Drug Stores, May 16, 20 ehares at 2
Hessian Govt.51$5. 1921 otts.1 Feb.71 $6,000 al 7.
Singer Mfg.: Ltd., Feb. 18, 100 shares at .
a "Optional" sale as follows:
Air Investors cony. pref. Dec. 18,200 at Mi.
American Capital Corp. $3 pref. Dec. 18. 100 at 25.
American Aggregates deb. 66. 1943, Oct. 11. $1.000 as 70
Associated Gas & Elec. 58, 1950 Dee. 18. $6,000 at 63-6334.
Associated Laundries, Feb 17. 100 at It.
Atlas Plywood deb. 5345. 1943. Nov. 12. 81.000 at 55.
Cuban Telephone 7148, 1941. Oct. 15, $1.000 at 10114.
Gillette Safety Razor 58, 1904 Dec. 17, $10,000 at 8034.
Industrial Mtge. Bank of Finland 78, 1944, Dec. 20, $1,000 at 9234.
1ntercontinents Power deb. 08. 1948, with war., July IL 15.000 at 97
Italian Superpower 6s, 1963, without warrant, Dec. 22, $10,000 at 49.
Leonard nets 7345 1946 with warrants, May 12. 23,000 at 115.
Montreal Lt., HI. & Pow. Cons., Feb. 10. 100 shares at 138
Morris & Co. 7146, 1930, June 30. 52.000 at 10134
Public Serv. of Okla. 56, 1957. per. D. Nov. 11, $10,000 at 10034,
Railroad Shares Corp., corn. Dec. 30. 500 at 33.4.
Southern Natural Gas Os, 1944, Dec. 18. 32.000 at 51.
Swift & Co. 56. Oct. 15 1932, Jan. 16, 35,000 at 9934,
Swift International. corn., July 10. 100 at 2834.
Tri-Continental Corp., warrants. Dec. 29, 100 at 134,
United Elec. Service Is, 1956, with warrants. Dec. 23, 35,000 at 77.
CURRENT NOTICES,
-Entrance of Men & Co.into the Southern California investment banking
field was recently announced with the formation of the Ulen Securities Co.
Ltd., of California, which has acquired Hames & Co., Ltd., Southern California investment banking firm. Fred T. Holt, Vice-President of Uien &
Co., will be President of the Ulen Securities Co. and Myron Rodds, formerly Vice-President of Barnes & Co., Ltd., has become a Vice-President.
297
-John J. Henderson, John Sailer Henderson, Walter Goldman and
Joseph M. Rothschild, have formed the co-partnership of John T. Henderson & Co., members New York Stock Exchange, for the transaction of a
general brokerage business. The main office of the firm is located at 1604
Walnut Street, Philadelphia and their New York office at 111 Broadway
which is under the management of Joseph M. Rothschild.
-Two accounting firms have announced a consolidation as of Jan. 1
1031. Pace, Gore & McLaren, of 225 Broadway, New York, with offices
n the principal cities of this country, and Stagg, Mather & Hough, with
offices in Newark, Havana, San Juan, Porto Rico, and Paris. There will
be no change in management personnel. The consolidated practice will be
carried on from 225 Broadway.
-At the annual meeting of The Unlisted Securities Dealers Association of
New York, Frank Y. Cannon, of.!. K. Rice, Jr., & Co., was elected President, Ralph Bristol, of Bristol & Willett, First Vice-President, Charles E.
Doyle,of Charles E. Doyle & Co., Second Vice-President, Harry D.McMillan, of L. A. Norton & Co., Treasurer, and J. Roy Prosser, of J. Roy
Prosser & Co., Secretary.
-Francis A. Lackner announces that he has opened an office, Room2826 Banker's Building, Chicago, for the sale of investment securities,
specializing in the shares of the fixed investment trusts, and in the stocks
and bonds of Public Utilities. Associated with bins in an executive capacity
are H. F. Peterson and 0.0. Hoffman, Jr.
-The Guardian Trust Co., of Denver, Colo., have associated themselves
with 20th Century Fixed Trust shares and have been appointed wholesale
distributors for Colorado, New Mexico, Wyoming and Western Nebraska,
according to Roberts, Roach & Co., Inc., of New York, sponsors for the
trust.
-Joseph A. Riechart and George J. Springer, formerly President and
Vice-President respectively of Clarence Hodson & Co., Inc., have formed
Reichart, Springer & Co.. Inc., with offices at 11 Broadway,to do a general
investment business, specializing in fixed trust securities.
The partnership of Stephenson, Hoffman & Co., of Philadelphia, wag
dissolved as of Dec. 27 1930, and the business of said Partnership will be
continued by Albert G. Stephenson under the name of Stephenson & Co.,
with offices in the Packard Building, Philadelphia.
Administrative and Research Corp., sponsors of Corporate Trust
Shares, has prepared a new income tax service, in tabular form, showing
shareholders the taxable and non-taxable portions of distributions made to
them during 1930 on these shares.
-Lawrence A. Downs, President of the Illinois Central Railroad Co.,
and Stanley Field, of Marshall Field & Co., were last week (Wednesday,
Dec. 31) elected trustees of The Mutual Life Insurance Co. of New York,.
to fill vacancies in the board.
Theodore Prince & Co. announce that Harry 8. Graham, member
New York Stock Exchange, has become a general partner and that Sigsbee
Graham and Mrs. Clara Prince have become special partners of their firm
as of Jan. 7 1931.
Craig, Cryder & Co., Inc., have opened offices at 165 Broadway,
N. Y., for the purpose of conducting an investment business, specializing
in public utility securities. The company is an affiliate of Craig &
Co..
Philadelphia.
-Harry J. Koch,formerly with W.F. Kies & Co.,Inc., H.Wilton Tobin,
formerly with Redmond & Co., and Harold M.Welch,formerly with Colvin
& Co. have become associated with Stein Bros. & Boyce in their New York
office.
-The Investors Syndicate Title & Guaranty Co.,a subsidiary of Investors
Syndicate of Minneapolis, Minn., announces the removal of Its executive
offices for the New York City territory to 535 Fifth Avenue.
Griffith-Wagenseller & Co., investment dealers of Los Angeles, announce that Willis H. Durst, formerly Vice-President of Banks-II watley &
Co., has been elected Vice-President and director and that the firm name
had been changed to Griffith-Wagenseller & Durst.
Thompson Ross & Co.. Inc., have opened a New York office at 40
Wall St. Their institutional bond department will be directed by Francis
S. Wyman,formerly with J. G. White & Co.
-R.H. Gibson Sz Co., Cincinnati, announce that W.Stuart Bernard has
been admitted as a general partner and will represent them on the floor
of the New York Stock Exchan-se.
-J. S. Bache & Co. have opened a completely equipped branch office on
the second floor of the Chrysler Building under the management of Louis
Ranger and Kenneth I. Walton.
- M.
G.
-P. Murphy & Co. announce that their Continental Representative F. Seaton Pemberton has established his headquarters at 37 Rue
D'AnJou (8e) Paris, France.
-Eugene L. Hofmann, formerly of Stephenson, Hofmann & Co.. has
become associated with C. H. Geist Securities Corp., Packard Building,
Philadelphia.
-First Bancshares Corporation, distributors of First Bank Trust Shares,
a fixed trust in bank stocks, have moved to their new offices at 120 Broadway.
Samuel Ungerleider & Co. announce the opening of a second branch
office in Philadelphia, located in the Mercantile Club, North Broad Street.
-The Chase National Bank of the City of New York has been appointed
transfer agent for the preferred and common stocks of the R. G.Dun Corp.
Harry T. Gallaher, formerly of Gilbert Ellott & Co., has become
associated with Grannis, Doty & Co., 15 Williams St., New York.
-Bristol & Wlllett, 115 Broadway, N. Y., have prepared for distribution a list of unlisted industrial and miscellaneous bonds.
-Goodwin-Beach & Co. have installed a direct private line from their
New York office to Frederick A. Henry, Philadelphia, Pa.
- A. Willard & Co. announce that Lee W. Carroll has become associF.
ated with them as manager of their stock department.
Trumbull, Wardell & Co., Chicago are pleased to announce that
Charles S. Packer Is now associated with them.
James Talcott, Inc., New York, has been appointed Factor for th
Forrest Knitting Mills of Philadelphia. Pa.
Winthrop: Mitchell & Co. announce the installation of a new Cleveia
wire to the offices of Witt, Kraus & Co.
-Redmond & Co. have issued a folder analyzing
American I.
Chemica Corporation.
298
[VoL. 132.
FINANCIAL CHRONICLE
Quotations for Unlisted Securities
Par
Bid
Par
Ask
Bid
Par
Ask
Bid
Ask
Par
Bid
Ask
NY,Bank Stocks (Coact.)
Industrial Stocks ((2ond.)
Aeronautical Stocks
Public Utility Stocks
Queensboro National_ __lel)
55
170
Franklin fly Supply $4__* 50
_ _ 50
Alabama Power 57 pref_-100 11312 115
Alexander Indus 8% pret_ -41.
2
6
Seward Nat Bk 8, Tr.._100 80
90
Fuel 011 Motors Corp corn..
1
An,Pub Utll Co com _ _ _100 95
American Airports Corp_
Sterling Nat Bk & Tr. _ _25 21
99
26
212 812 Gaines-veil Co $6 corn pref_• 95
•Arizona Power 7% pref_ _100 81
Aviation Sec of New Eng-86
Strauss Nat Bank & Tr..100 125 140
Gen Fireproofing $7 p1_100 103 113
41
5
.Ark Pow & Lt 87 Pref----• 104 ____ Central Airport
Textile Bank
5
50
55
•
212 Groton & Knight corn_
1
Cessna Aircraft corn
Assoc Gas & El °rig pref....* 44
46
Trade Bank
100 150 160
50
2
$7 preferred
100
1
Curtiss Reid Aircraft corn_
87
$6.50 Preferred
• 82
Union Bank of Bronx Co.50 ____ 85
37
Great Northern Paper $3_25 35
2
$7 preferred
Consolidated Instrument _•
96
• 91
Washington Nat Bank _100 - --- 65
In 2
Gen Wat Treatm't Corp corn
Federal Aviation
Atlantic City Elec $6 pref... 10212 105
5
World Exchange
100
75
100
17
1812 Hale & Kilburn pref
General Aviation tat Pref.
Bangor Hydro-El
p1_100 117 119
Yorkville(Nat Bank of). 100 ____ 90
111 1
13 Herring-Hall-Mary Safe 100 48C; - 75
4
Kinner Airplane 6, Mot new.
Binghamton I„ Ff & P $6 Pf• - _ _ 93
.
6
9
Trust Companies.
Howe Scale
41
3
Lockheed Aircraft
Birmingham Elec 7% pref_• 105 107
29
American Express
100 105 200
100 26
8
Preferred
Maddox Air Lines
Broad River Pow 7% pf.
_100 85
1
3
Banco Comm Itallana Tr 100 258 268
Hudson River Nay corn_ _
10
Buff (sling 8, E pr pref.._ _ _25 253 2618 New Standard Aircraft corn 43
4
Bank of Sicily Trust
20 28
32
50 60
Preferred
5
7
Sky Specialties
Carolina Pow & Lt $7 pref.* 108 110
5
Bank of Europe Trust_ -.25 64
84
Industrial Accept corn____*
45
10
Southern Air Transport_ _ _
Cent Ark fly & Lt 7% pref._ 91
98
Bank of New York & Tr_10 535 555
4100 -48- 52
dl
$7 preferred
Cent Maine Pow 8% pref100 94Swallow Airplane
23
Bankers
10 11214 11514
100 20
Internal Textbook
112 3
100 103 106 - Warner Aircraft Engine_
.
7% preferred
1
3
Broadway Plaza Trust
33
30
Jessup & Moore Paper
WIsittelsey Manufacturing _ _
Cent Pow & Lt 7% pref_ 100 97 102
2
20 42
4
Bronx County
48
1st preferred
90
Cent Pub Serv pref
• 85
8
100 505 520
Brooklyn
Karl-Keen Mfg Co
Store Stocks.
Cleve El Illum 6% pref__100 108Chain
433
38
20 255 260
Central Hanover
King Royalty Co com
Bohack (LI C) Inc.
Col Ry,P & L 6% let p1.100 105 io§
90
Chelsea Bank & Trust_
25
812 1012
100 485
102 105
57 preferred
7% tot preferred
6.4% preferred B._ _ _100 106 109
.10 483 503
Chemical Bank & Trust.
4
Lanston 'genotype 1.8 56 100 101 105
2
4
Butler (James) common....
45
Consol Traction N J.... _100 41
55
Clinton Trust
100 83
93
Lawrence Port! Cern 54 100 50
100 4..25
Preferred
Consumers Pow 6% pref 100 103 10112
3
Continental Bk & Trust_10 21
24
•
204
Liberty Baking corn
9
Diamond Shoe pref with war
105
100 10312
6.60% preferred
32
Corn Each Bic & Trust__20 126 130
_ _100
erred
Preferred
6
12
Edison Bros Stores corn_ _ _ _
Dallas Pow & Lt 7% pref 100 109 __
2.5
25 32
County
35
Locomotive Firebox Co__ •
d57 67
Preferred
Dayton Pow & 146% P1-100 109
18
20 57
Empire
60
Macfadden PublIctaas corn 5 14
31
Fan Farmer Candy Sh pt• 27
Derby Gas & Elec 37 pref.... 75 85
52
Fulton
100 400 450
$6 preferred
• 43
M)Stores com_
314 318 Fishman
Detroit Canada Tunnel__
77
Guaranty
100 482 487
Merck Corp $8 pref. _100 72
103
Preferred
East Tex Elec 7% pf A_100
80 95
Hibernia Trust
100 95 105
National Casket $4
5
Gt All & Pao Tea prof..100 11512 118
2
•
Erie Railways
107 109
International Madison_ _ _25 15 20
• 12 18•
57 preferred
Kobacker Stores corn
55
100 45
7% preferred
26
25 18
International Trust
24
93 1012 National Licorice corn. _100 420
4
Kress(S Hi 6% pref
Gas
100 157
Essex-Hudson
50
Irving Trust
10 36
38
National Paper & Type Co_ 430
95
Lerner Stores 65a% pref w w
90
Foreign Lt & Pow $11 pref _ _
50
Kings County
100 2550 2750
New Jersey Worsted prof
100 4175 275
Lord & Taylor
Gas & Elec of Bergen_ --100 101 __ _
Lawyers Title & Guar 100 225 235
Northwe tern Yeait _ _ _ _100 100 105
96
First preferred 6%. _ _100 491
etre
9
Gen Gas & El part
7
Manufacturers
25 46
48
Nye Incinerator corn
Hudson County Gas-___100 157Second preferred 8% _ _100 494 104
25
Mil:tweed
100 75
85
Units
80
109 110 - Macalarr Stores 7% pt w w
Idaho Power 7% prof
Mutual Trust of W__ _100 350 400
82
100 78
Okonite Co $7 pref
Melville Shoe Corp—
91
Illinois Pow & Lt 6% pf _100 89
18
New York
25 155 160
15
Parker Wylie Mfg Co corn _ _
1st pref6% with warr.100 85 89
84
Inland Pow & 1.17% p1_100 _
812 1112
85
Times Square
26
•
• 15
18
Miller (I) & Sons corn
57 preferred
87
Interstate Power 87 pret__• 84
6
7
Title Guarantee & Tr
20 132 137
Petroleum Conversion
511 Murphy (0 C) Co com
• 35
50
Jamaica Water Sum) pf_-50 50
2
5
Trust Cool N A
100
200
100 480 10)) Petroleum Derivatives
8% CUM pre(
Jersey Cent P & L7% p1_100 105 107
1
Underwriters Trust
25 22
26
Photomaton Inc class B
• 46
10
11 Nat Shirt Shops corn
Kansas City Pub Service_ _•
United States
100 3025 3225
Pick (Albert) pref with wall 4....45
SO
Preferred 8%
100 d75
•
10
Preferred
6
Westchester
100 925 1025
12 212 Poole Eng & Mach close A_
•
Kansas Gas & El 7% pf_100 105 ____ Nedickai Inc corn
4
Westchester Title & Tr....20 100 110
Neisner Bros Inc pref 7%100 70
76
Class B
_
Kentucky Sec Corp corn.100 325
Chicago Bank Stocks.
96
Publication Corp $3.20 corn* 58 62
Newberry (J) Co.7% p1100 493
93
100
6% preferred
Central Trust Co of 111.100 259 263
100 98 102
_• 10
11
$7 1st preferred
N Y Merchandise corn
Kings County Ltg 7% p1100 100
Continental III Bk & Tr_100 400 405
Reming'n Arms $7 1st p1100 80 85
• d5
10
Piggly-Wiggly Corp
Long Island Lt pref A_100 10712 __
First National
100 512 516
7,,p
Los Ang Gas & E10, t_ 100 10412 10812 Reeves(Daniel)preferred 100 97Robinson(UP) let $7 p1100 80 88
100 419 422
Rockwood di Co 54 corn.... 30 -- Forman National
Rogers Peet Co torn.....100 480 i66
Metro Edison $7 pre! B_--• 103 107
Harris Trust & Savings_ _100 560 580
Schiff Co corn
99
• 16 18100 62
58 preferred
• 96
$6 preferred C
4
Nat Bank of the Republic 20 73
75
Rolls-Royce of America_
73
Miss River Power Pref-100 108 _ _ _ _ Silver (Isaac) & Bros p1_100 65
4
6
Northern Trust Co
100 487 492
100
Preferred
Southern Stores 6 units__ _ _ _ _ 25
94
Mo Public Sera ice 7% pf 100 91
1812 1912 Peoples Tr & Say Bank_100 365 375
3
Boxy Theatres unit
1
U Fint rea ern 7%
S Stopref ed
15
Mountain States Power.--• 10
13
4 2
Strauss Nat Bank & Tr_100 220 235
Common
40
35
100 95 100
7% preferred
18
19
Union Bank of ChIcago_100 160 165
Preferred A
102 104
Nassau & Suffolk pret
4 -_ _ _
Rubel Coal & Ice Co corn...
Sugar Stocks.
Nat Pub Serv 7% pf A_1.00 83 85
Realty. Surety and
24 _. __
Preferred
Fajardo Sugar
100 3940
Nebraska Power 7% prof 100 109 111
Mortgage Companies.
100 33 33
1
3
Ruberold Co $4
Haytian Corp Amer
Newark Consol Gas_ _ _100 101
Bond & Mortgage Guar_ _20 01
94
90
5
10
Safety Car Heat & Ltg..100 85
New Niquero Sugar----100
97
New Jersey Pow & Lt $6 Pf * 92
..25 33 3512 Empire Title & Guar_..l00 90 100
Scovill Manufacturing.
Savannah Sugar corn
96
• 62 67
New Orleans PS 7% P1-100 91
Franklin Surety
14
Singer Manufacturing_ _100 332 342
81
7% preferred
100 76
.
NY & Queens E L & P p1100 9012
Guaranty Title .1, Mortgage 200 225
4
8
Smith (A 0) Corp N D $2 • 140 150
Sugar Estate) Oriente p1100
Nor N Y Utility pref__-_ leo 102 105
17
Home Title Insurance- —25 45
50
14
Smith-Corona Typewr $1 • 14
United Porto Rican corn.... 12
97 100
Nor States Pow(W is) pref._
International Germanic Ltd_
77
a 9
6
25
Solid Carbonic Ltd
23
Preferred
Nor States Pow (Del) corn A 127 130
20 4114 -,C8
;
1
3 Lawyers Mortgage
4
12
Southern States 011
20
Vertientee Sugar pref...100 15
103 107
Preferred
112 214 Lawyers We,Mtge & TI.100 190 220
Spiltdort Beth Elec
5
Nor Texas Elec corn......100 _
95
55
National Title Guaranty 12
Standard Screw Co
100 85
Tobacco Stocks.
10
100
Preferred
2
State TitTe Mtge
85
Standard Textile Prod 100 ___
85
American Cigar6% Pret100 65
Ohio Pub Say 7% pret_100 103 105
35
Suffolk Title & Mortgage__
72
62
100
87 class A
Union Cigar
414
Okla Gas & El 7% pref_100 106
15
Investment Trusts.
100
$5 cla-ss B
Union Tobacco Co class A..
Pac Gas & El $1.50 pref_ _25 26 4 27
,
(See also following page)
Stetson(J B)Co 56.25 com_• 40 50
Young(J 5) Co 10% corn 100 98
Pao Northwest Pub Serv--• SO
90
32
Amer Brit & Cent $6 pf...• 46
52
25 30
100 101103
$2 preferred
7% preferred
Pac Pow di Lt 7% pref_ _100 96
98
23
Amer Composite Tr Shares_
5
712 7 8
Taylor MIII Corp 52.50com • 19
Pa-Ohio Pow & Lt 6% pref. 100 102
6
8
Amer Founders Corp corn—
Taylor Wharton Ir8,Strom'
Industrial Stocks.
7% preferred
108
32
Convertible preferred_ __ - -- _77
100
Preferred
Pa Pow dr Lt 7% pref
108 2 110
,
6% preferred
3812 4313
98
Tenn Products Corp $4 pt 50 40 - _ - _
Adams Millis $7 Pf w w--5
45
Piedmont Northern Ry_100 35
4312
7
13
7% preferred
5s
Trent Process Corp
100 30
35
75
Aeolian Co $7 pref
Port Eiec Pow 6% pref- -100
50
12
I-40ths
9
1
5
Tubize Chatillon $7 lat B 100 440
Aeolian Weber P&P corn 100
Pub Serv Co of Cal 7%Pf 100 90
9e
6
8
1-70ths
ilc
Unexcelled Mfg Co 70c__10
100
4
8
Preferred
Rochester(3 & E 7% pf B 100 102 io.is
Warrants
75
United Business Pub 57p(100
97
Alpha Portl Cement p1.100 116 120
106 95
6% preferred 0
di
3
United Publishers $7 P1-100 86 _--_ Amer & General Sec 6% pref 41
Amalgamated Laund corn__
Sioux City G & 817% 0.100 97 100
60
Class A
1314
95
U S Finishing 57 pref...100
American Book $7
100 87
Somerset tin Md Lt.._ _ _106 75
73 - - -.
8
Class B
13
4
Walker Dishwasher com__-•
3
1
South Calif El $1.50 preL2f 2614 2712 Amer Canadian Properties.*
55
Amer In.suranstocks Corp..•
6
30
Welch Grape Juice com___• 50
Amer Hard Rubber $4-100 25
2
, 29
$1.75 preferred
30
100 99 ____ Amer Util & Gen Corp A 20 10
57 preferred
25 49 52
So Colo Pow corn A
25 19
2212 American Hardware
7
10
• 20
Preferred
30
Westland 011 Corp
100 25
Amer Mfg 4% com
100 100
7% Preferred
11
36
9
Amer & Continental Corp _•
lar Va Pulp & Paper $2 corn • 33
5% preferred
100 50 65
Southwest LI & Pow pref..* 88
91
Assoc Standard Oil Shares__
714 7 4
3
97
American Meter new
• 40 45100 9712 100
Tenn Elec Pow 6% pret_100 94
56 preferred
19
Atl & Pac Intern Corp units 16
• 107 110
Wheatsworth $8 prat
Babcock & Wilcox 7%..100 106 110
7% preferred
100 105 108
2
33
Comoro with warrants—
.
)
1
Wheeling Steel $4 corn _100 30
Baker (J T)Chemical com_a 10
Texas Pow & Lt 7% pre 100 111 113
14
Preferred with warrants.- 1412 1712
58 preferred A
100 105 115
13
Toledo Edison prat A_ _ _100 109 ____ Bancroft(J)&Sons$2.50com•
8
3712
Atlantic Securities Corp pf * 34
$10 preferred II
100 105 115
7% preferred
100 80 85
United 0 & E (Conn) p1100 911: ___
Warrants
14 1
United 0 & E (N J) pf 100 71 ____ Bliss (E W) $4 let pref__50 58 _ __ White Rock Mln Spring—
All Arnerl"a Investors A __
87
8 912
100 101 105
$7 1st preferred
2d preferred B
10
United Public Service units.
_
47
100 190 -. _ _ Bankers Nat Investaf Corp * 15
520 24 preferred
Utah Pow & Lt $7 pref.— -• 105 - 10612 Bohn Refrigerator 8% p1100 85 90
50
Bansicilla Corp
612 812
35
Willcox & Gibbs $5 corn.... 41
•
Utica Gas & El 7% pref.100 102 10312 Bon And Co 11 corn
35
Basic Industry Shares
•
63
8 71s
100 25
12 112 Woodward Iron $4
Bowman-Biltmore Hotels..
ULU Pow & Lt 7% pret_ _100 92
94
92
,
British Type Invest
•
611 7 4
100 87
20
Worcester Salt $5
let preferred
100 16
Virginian Ry corn
100 110 120
Chain Store Shareown Inc. 13 2 1414
5
,
2
2d preferred
100
Washington Ry & El com100 425 525
Chain & Gong Equities Inc•
New Fork Bank Stocks.
86
99
1,
2 3
Brunsw-Balke-Col $7 eref_• 82
5% preferred
100 96
52
604% preferred
447
45
Bunker Hill & Sull $3 corn 10 42
Western Power 7% prof.100 98 101
63
25 GO
3
America
Chain More Inv Corp.....• dl
440
Burden iron pref
Western States Gas & El _
39 __
Preferred
100 50 65
100 45
10
1214 American Union
.
93 102 - Canadian Celanese corn_
7% preferred
114 314 Chartered Investors tom... 13
Bank of United States units
65
Preferred
100 61
_ 140
Preferred
Bank of Yorktown
100
27
Carnation Co $1.513 corn..•
78
75
Teleph. & Telegr. Stocks
Brooklyn National
Chelsea Exchange Corp A.
50 60 65
22
100 10412
14
85
$7 preferred
Ain Diet Tel of N J S4
• 477
30
Class B
Bryant Park
4
20 20
Chestnut Smith cons
1
100 110 112
7% preferred
4
Chase
4
75
20 963 993 Corporate Trust Shares
69
Preferred
61s
Bell Tel(Can)8% prat_ _100 140 143
Chatham-Ph Nat Bk &Tr 20 76
79
Crum & Foster Ins Sh100 106 109
Bell Tel of Pa 6 % pref 100 115 11612 Childs Co 87 pref
512 City (National)
Common B
97
20 94
98
Clinch field Coal Corp__ _100
10 34
37
Cia & Sub Bell Telep--__50 95
Columbus Bank
Preferred
100 467
100 9812 100
100 165 195
4113
$7 Preferred
Cuban Telephone 8%
12 3
Comma Nat Bk & Tr 100 295 310
Color Pictures Inc
Crum Sr Foster Inc corn B-- 40
42
90
485
7% preferred
3
Fifth Avenue
Columbia Baking cons _ _ __• dl
8% preferred
100 2200 2400
66
105
Empire & Bay State Tel_ 100 d60
752 8
First National of N Y-100 3950 4150 Cumulative Trust Shares_ _ _
•
9
Ist preferred
5
44
Franklin Teleg $2.50.--100 440
1
3
Flatbush National
2d preferred
Deposited Bank 8, Tr Shares
100 120 135
07
Int Ocean Teleg 6%---100 d92
1814 201, Globe Bank & Trust C0_100 105 120
Colts Mfg Co 52
Series N Y
4120
7 4 812
3
Lincoln Tel & Tel8%
Grace National Bank_ l00 800
Congoleum-Nairn $7 p1100 99
Series B-1
139 142
78 8
3
Mtn States Tel & Tel
4
Harbor State Bank
Crosse & Blackwell corn....
65
Diversified Trustee Shares A
25
173
4
17
New England Tel St Tel.100 133 136
Harriman Nat Bk & Tr.100 1515 1615
79
Crowell Pub Co $3 corn new 74
B
25
153 1612
8
100 20
N Y Mutual Tel
Industrial Bank
103 110
100 150 170
C
61s 65
$7 Preferred
8
Northw Bell Tel pf 63.100 10712 10912
Kingsboro Nat Bank.. 100 120 140
Deep Rh 0118,Ref $7 p1100 50
Equity Investors Coro corn_
60
20
Ohlo Bell Tel pref 7%..l00
1
3
Lafayette National
28
Units
25 24
58
531% _ _25 (Ili - -16 - De Forest Phonefilm Corp..
Pao & At Teleg
Dictaphone Corp corn__ _ ..• 22Lebanon
75
Federated Capital Corp p125 4151-I
100
22
Peninsular Teleph 31.40..° 419
59
100 too iiriE" Liberty Nat Bk & Tr _100 49
First American Corp
s
*
77
s 83
$8 preferred
100 99 103
7% preferred A
130 140
Manhattan Company__ _20 8812 8912 Fixed Trust Shares A
Dixon (Jos) Crucible 58.100
• 153
4
d85
Porto Rico Telep
35
Melrose National
• 133
4
100 105 120
B
Doehler Die Cast 7% Ifd 50
/loch Telep 56.50 1st pf_100 107 110
7
Merchants
,
65
Pundame tal tr Shares A_
100 90 100
•
712
57 preferred
20
25 dI5
So & All Teleg 51.25
Midtown Bank
60
9
14
712 8
20
Shares B
Douglas Shoe $7 prof...100 55
100 160 165
8%
& N E Geier)
Nat Exchange Bk & Tr 25 24
60
100 55
29
General Equity class A-10
22 4
,
Draper Corp $4
pref. _100 117 120
W Bell Tel 7%
Nat Safety Elk & Tr--_-100 25 40
Granger Trading Core- — -• 10
88
Driver Harris $7 pref. 100 80
Tr -States Tel & Tel $6_ _.• 148
Gude-Winmill Trad CorP-• 30
Penn Exchange
30
45
100 72
40
82
11
Dry-Ice Holding Corp
10 10
8.60 preferred
Peoples National
Incorporated Investors_ _ _ _• 353 38
12
100 350 450
4
s
Eisemann Magneto com_ __ _
Wleconsin Telep 7% p1.100 4111
10
8
13
Port Morrie
5
Incorp Investors Equities_
95
100 85
8
57 preferred
Public Nat Bank dc Trust 25 6412 6712 Independence Trust Shares _
434 514
n50
•No par value,
0 Last reported market.
.
I New stock.
x Ex-dIvidend.
v Ex-rights.
JAN. 10 1931.]
299
FINANCIAL CHRONICLE
Quotations for Unlisted Securities-Concluded-Page 2
Par
Investment Trusts (Conc.)
lot Sec Corp of Am corn A__
Common B
634% Preferred
6% preferred
Invest Trust Associates
Investment Trust of N Y.
InvestorsTrustee Shares
Jackson &CurtisI nv Tr Assn.
Jackson& CurtisSCorp pf100
Leaders of Industry A
Bid
Par
Ask
Investment Trusts (Conc.)
US dr Brit Internet class B.
Class A
Preferred
US Eiec Lt & Pow Shares A
183
4
2
89
84
9
7
3
101
385
95
81
61
81
311
44
51
4
83 Universal Trust Shares
1214
4152
Insurance Companies.
100
Aetna Casualty & Surety.10
10
Aetna Fire
65 Aetna Life
8
10
Major Shares Corp
25
Agricultural
Mass Investors Trust
•
33 4 American Alliance
,
10
Mohawk Investment com_.
453 American Constitution
4
Mutual Inv Trust class A
6 2 American Equitable
,
5
Mutual Management com_•
23 American Home
4
Nation Wide Securities Co_.
63
714 American of Newark
5
Nat Industries Shares A.__
67 American Re-Insurance- _ - _
8
63
s
No Amer Trust Shares
612 American Reserve
6
10
Northern Securities
100 118
American Surety
25
N Y Bank Trust Shares
7
83
s 8 8 Automobile
10
North A South Amer B corn
2
Baltimore Amer Insurance.5
Old Colony Trust Assoc Sh • 30
33
Bankers & Shippers
25
Old Colony Invest Trust corn
8
9
Boston
100
Oil Shares Inc units
23
27
Bronx Fire
25
Brooklyn Fire Insurance-5
Petrol & Trad'g Corp el A 25 10
15
Camden Fire
5
Power & Light Securities 'Pr
Carolina
10
Power & Rail Trustee Shares
iC; s Central Fire
310
Public Service Trust Shares
6 8 73 Chicago Fire &
5
s
Marine-10
Research Investors corn ' 22
100
City of New York
Units
60
10
Colonial States Fire
Second Internet See Corp._
19
Columbia National Life_100
CommonB
13
4
Connesticut General Llfe_10
6% preferred
41 _
CODSOIldated Indemnity-Securities Corp Gen pref.
80
85
10
Constitution
Selected American Shares
53
s 5 8 Continental Casualty _ -10
7
Shawmut Bank Inv Trust.•
6
8
10
Cosmopolitan Ins
Spencer Trask Fund
253 27
4
Eagle
5
Standard Amer Trust Shares
71s 712 Excess Insurance
5
State Street Inv Corp
10
65 67
Federal Insurance
Super Corp of Am Tr She A
7
73 Fidelity & Deposit of Md_50
8
20
63
4 71s Firemen's
Selected Income Shares......
25
67
s 7313 Firemen's Fund
StandardCollet Trust Shs
5
9 s 107 Franklin Fire
7
8
Trust Shares of America....
61s 65 General Alliance
8
Trustee Standard 011 Sits A
10
_ Germanic Insurance
63
8
10
71s 75 Glens Falls Fire
8
20th Century Fixed Tr SM.
10
63
4 714 Globe Insurance
Trusteed Amer Bank Shares
7 8 85 Globe & Rutgers Fire___100
7
8
Trustee Stand Investment C
10
418 432 Great American
412 438 Great American Indem'y_10
Two-Year Trust Shares_ . 2152 227 Halifax Insurance
8
10
United Fixed Shares series Y
50
65
8 71s Hamilton Fire
Unit Founders Corp 1-70ths
12c 15.; Hanover
10
United NY Bank Shs ser C3 123 1418 Harmonia
10
4
United N Y Ina Slur series F 103 1112 Hanford Fire
8
10
United N Y 011 Bits series H
63
4 73 Hartt Steam Boll Ins&Ins 10
8
Bid
Ask
2
1312
4012
29
31
7 4 73
,
4
57
s 63
s
84
79
52
50
59
61
87 100
211. 25
1912 2412
12
9
1912 2412
17
18
45
50
3012 34
85
90
31
35
10
11
100 115
505 555
83
70
12
15
16
20
23
25
38
8 11
230 250
9
12
310 360
112 117
41
6
5 10
301 3212
7
3
1214 1314
314 514
54
60
136 139
29
28
86
81
24
26
24
20
11
8
471 50
14
17
635 685
251 2612
201 2412
20
18
200 300
33
31
231 2512
601 6212
60
55
Par
Bid
Bid
Ask
Insurance Cos,(Con.)
36
10 35
Home
40
Home Fire & Marine_ _ _ _10 35
Home Fire Security
73
4 83
4
18
10 16
Homestead
12 4
,
10
Hudson Casualty
27
10 22
Hudson Insurance
39
Importers & Exp of N Y-25 29
7
10
5
Independence
6
9
Independence Indeinnity_10
15
10
Industrial of Akron
100 800 900
Kansas City Life
22
5 18
Knickerbocker corn
28
10 23
Lincoln Fire
4
8
10
Lloyds Casualty
4
8
10
Voting trust certifs
4
7
10
Majestic Fire
25 2912 3312
Maryland Casualty
85
25 75
Mass Bonding & Ins
54
Merchants Fire Amur corn 10 49
13
Merch & Mfrs Fire Newark 5 10
10 23 28
Missouri State Life
Morris Plan Ins
100 120
18
10 16
National Casualty
National Fire
57
10 54
National Liberty
8
9
5
National Union Fire
6 166 176
New Amsterdam Casualty10 33 35
New Brunswick
10 23 25
New England Fire
37
10 30
New Hampshire Fire... _10 43
48
New Jersey
20 4212 50
New York Fire corn
812 12
6
North River
40
10 36
Northern
25 79
85
Northwestern National. _ 93 103
Occidental
._ 10 20
25
Pacific Fire _____
____25 110 120
Peoples National Fire
5
5
6
Phoenix _______
,__10 67' 70
Preferred Accident
20 4512 5014
Providence-Washington. 10 44
47
Public Fire
6
5
8
Reliance Casualty N J
4
8
Republic Dallas
10 1212 20
Republic (Pitts)
10 14
18
Rhode Island
10 20
25
Rochester American
48
25 42
St Paul Fire & Marine__ _25 160 170
Seaboard Fire & Marine____
9
7
10 30
Security New Haven
35
Springfield Fire A Marine 25 95 105
Standard Accident
50 125 175
25 35 2 40 2
,
,
StuYvesent
Sun Life Assurance
100 1440 1500
10
Sylvania Insurance
Transportation Indemn'y 10
7
9
Transportation Insurance 10
4
83 103
4
100 1000 1050
Travelers Fire
Ask
Insurance Co..(Corsa.)
57
25 52
U S Casualty
U S Fidelity & Guar'y Co 10 2912 3212
48
IT S Fire
10 44
U S Merch & Shippers- _100 270 300
4
8
Victory
10
Virginia Fire & Marine_ 25 80 90
46
Westchester Fire
10 41
Industrial &Railroad Bds.
Adams Express 4s, 1947J&D 80 83
Amer Meter 6s, 1946
Amer Tobacco 4s, 1951 FAA d19112
89
Am Type Fdrs 6s, 1937 MAN 10212 _ _ _ _
Debenture 6.s. 1939_MAN 10212 _ _ _ _
Am Veire Fabrics 1st'42 M&S d95
Bear Mtn-Hudson River
34 m s
Bridge 7s, 1953 . Aar 95
98 162Biltmore Comm 75
Bee & Alb RR 56 Oct'63 J&J d107
Boa de Me RR 6s 1933.J&J d100 11186
Chicago Stk Yds 58, 19111._ 84
_
Clyde Steamship 56,'31 FAA 99 _
75
Consol Coal 454s. 1934 MAN
54
Con.sol Mach Tool 7s, 1942 d50
Consol Tobacco 4s, 1951 _ -- d85
4
11
Continental Sugar 7s, 1938.
88
85
Equl Office Bldg 58, 1952
Fisk Tire Fabric fiSis, 1935 ---- 78
F & W Grand Prop
75
J&D 15 71
6s, 1948
Hoboken Ferry 56,'46 MAN 90 94
Internet Salt 5s, 1951_A&O 75 80
93
Journal of Comm 634a, 1937 d89
42
Kansas City Pub item 634a. 39
Little (A E) 7s, 1942__A&O d50 60
Loew's New Brd Prop
9412
JAD 92
6s, 1945
Mallory Sterunship 5.s.'32.1&J 99 _ _
Merchants Rettig 6s, 1937_ 97 __ N 0 Gr No RR 5s,'55 F&A 60 63
NY & Hob Ferry 5s,'46J&D 86 -_
NY Shipbidg Its. 1946 MAN 89 - - Piedmont dr No Ry 58.'54 J&J 89 92
Pierce, Butler & P 65411,'42 40 50
R
Realty Assoc Sec 65.'37 J&J
4
Securities Co of N Y 4s____V 95
94 61 Broadway 54s.'50 A&O 92
So Indiana Ry 45, 1951 FAA 66
70
Stand Text Pr 6 yis,'42 M&S 50
55
Struthers Wells. Titus94
ville. 614e, 1943
TM Term RR 4Sft,'57 MAN 93 96
U S Steel 58, 1951
114
Utah Fuel 5s, 1931____M&S 99 jail;
Ward Baking 6s.'37 J&D 15 991:
Witherbee Sherman 6s. 1944 85
40
Woodward Iron 58,'52_ _J&J
89
Quotations for Other Over-the-Counter Securities
Bid
Ask
Bid
Bid
Ask
Short Term Secur's(Conc.)
Short Term Securities.
Railroad Eguip'nt (Conti.)
Mass Gas Cos 53ft Jan 1946 104 105
Illinois Central 43.4s & 5s...._
Proc & Gamb 45ft July 1947 10012
Allis Chat Mfg Is May 1937 101 10112 Sloss-Sheff S & I 43-4a.1931
Equipment fis
9812
Alum Co of Amer Is May '52 104 10412 Union 011 5s 1935_F&A moo 1003
Equipment 78 & 634a
4
Amer Metal 51ft 1934 A&O 92
93
United Drug Is 1932-A&O 99 2 10012 Kanawha & Michigan 68
,
Amer Rod deb 434. May '47 10014 102
Debenture Is 1933__A&O 9912 10012 Kansas City Southern 5545.
Am Roll Mill deb 5s_Jan '48 93
Louisville & Nashville 6s94
Amer Wat Wks 58 1934 A&O 1013 10214
Equipment 6345
4
Bell Tel of Can 5s A Mar '55 1031 1043
Michigan Central 58
8
Railroad Eouipments.
Baldwin Loco 53is '33 M&S 1001 101,
Equipment 6s
4
Cud Pkg deb 530 Oct 1937 95
5.00 4.50 Minn St P & SS M 4146 & 5s
Atlantic Coast Line 68
, 96
Edison Elec Ill Boston
4.50 4.25
Equipment 133 de 7s---Equipment 634s
-ft
5.00 4.50 Missouri Pacific 1350
334% note Novl '31 MAN 1001 1003 Baltimore & Ohio 68
8
4% notes Nov 1 '32 MAN 100 10018
Equipment 430 & 5s.._. 4.60 4.35
Equipment Os
5% notes Jan 15 '33...J&J 10152 102
BuffRoch 44 Pitts equip 65. 4.50 4.25 Mobile & Ohio 55
General Motors Accept
Canadian Pacific 434s & (is_ 4.7.5 4.50 New York Central 430 & fe
5% ser notes.. Mar 1931 10018
5.00 4.50
Central RR of NJ 65
Equipment as
5% ser notes_ __Mar 1932 10014
Chesapeake & Ohio Os
5.00 4.50
Equipment 78
5% ser notes___Mar 1932 100 4
Equipment 133
4.60 4.30 Norfolk & Western 445..___
-ft
,
5% ser notes___Mar 1934 100
Equipment 5s
4.50 4.25 Northern Pacific 75
5% ser notes___Mar 1935 100
Chicago & North West Os... 5.00 4.50 Pacific Fruit Express 78
5% ser notes___Mar 1936 99 100
Equipment 63is
4.85 4.40 Pennsylvania RR equip 58.._
Gulf 011 Corp of Pa
Chic RI & Pac 43-4s &
4.60 4.25 Pittsburgh & Lake Erie ftft
Debenture 56___Deo 1937 101 102
Equipment Os
5.00 4.60 Reading Co 4Sis & 5s
Debenture Is..
1947 102 10212 Colorado & Southern
5.00 4.60 St Louis & San Francisco 58
Koppers Gas & Coke
Delaware & Hudson 6s
5.00 4.60 Seaboard Air Line 53-iis & fle
Debenture Is. June 1947 991 100
Erie 430 & 58
5.00 4.70 Southern Pantie Co 4345___
Mag Pet 434s Feb 15 '30-'35 100
Equipment 6s
5.20 4.75
Equipment 7s
Marland 011
Great Northern 136
5.00 4.50 Southern Ry 43is & 58
Serial 5% notes June15'32 1001
Equipment 58
4.50 4.25
Equipment 6s
Hocking Valley Is
4.6 4.25 Toledo & Ohio Central 65.-Equipment Os
5.00 4.60 Union Pacific 78
• No par value. d Last reported market. z Ex-dividend, I/ Ex-rights.
CURRENT NOTICES,
-Mortgages totaling $103,470,000, representing an increase of 26%
over 1929 business, were accepted during 1930 by Lawyers Mortgage Co.,
It was announced Inn statement authorized by Richard M. Hurd,I'resident.
The company's mortgage loans are restricted to the five boroughs of New
York City and adjacent sections of Nassau and Westchester counties.
More than half of Lawyers Mortgage Co.'s activities during the year were
In the boroughs of Manhattan and the Bronx where loans aggregating
$54,717,500, or 43% over 1929, were accepted. The total included building
loans on new apartment houses and dwellings in the amount of $29,552.000.
In Brooklyn, the loans accepted by the company together with permanent
loans totaled $20,797,000. representing one-fifth of the total business of the
year. This included loans on new construction amounting to $4,512.000.
Substantial increases in mortgages accepted in Long Island communities
and Westchester contributes to the record total. In Queens and Nassau,
all loans totaled $20,692.000 whichl s 19% over the previous year, and included building loans of $6,045,000, or 27% over 1929. Loans in Westchester totaled $7,256,000.
-The newly organized Stock Exchange firm of Burton, Cluett & Co.,
have opened offices in the Equitable Building at 120 Broadway, N. Y.
The partners of the firm are Benjamin T. Burton, formerly city sales manager of Tucker, Anthony & Co., and more recently eastern sales manager
for Otis & Co.; Robert Cluett 3rd, a member of the New York Stock Exchange since 1923; William D. Dana, a decendant of the well known editor
Charles A. Dana, was formerly associated with Spencer, Trask & Co., and
Harris, Forbes & Co. and Frank L. Sundstrom formerly connected with Otis
& Co. and Tucker, Anthony & Co.
Ask
4.50
5.00
4.60
5.00
5.00
5.00
4.60
4.25
4.50
5.00
5.00
5.00
5.00
4.65
4.50
5.00
4.50
4.50
4.65
4.50
4.40
4.70
4.40
4.60
6.00
4.30
4.50
4.60
5.00
5.00
4.50
4.25
4.50
4.25
4.70
4.50
4.50
4.40
3.75
4.00
4.60
4.60
4.65
4.50
4.40
4.25
4.50
4.25
4.25
4.35
4.25
4.20
4.40
4.20
4.30
5.25
4.20
4.25
4.30
4.50
4.50
4.25
Par
Bid
Ask
Investment Trust
Stocks and Bonds.
(See also preceding page) Per
All America Investors A____
83
4 9s
3
American & Continental____
812 1012
Amer Invest Trust Shares..
5 5 5s
3
7
CentralNational Corp A... 22
28
ClassB
3
8
Colonial Investor Shares__
19
20
212
__
Continental Metropol Corp_
Continental Secur Corp.-..
60
Preferred
36
34
Devonshire Investing corn__
24
Inter Germanic Trust
18
Invest Fund of N J
73
s 8
5a
Leaders of Industry ser C_.
_
North American Trust Shs_
x6 --Biz
Old Colony Inv Tr 43-4% bds 80 _
Shawmut Association corn__
13 8 143
7
8
Shawmut Bank Inv Trust__
7
8
4;ft
1942 78 82
Is
1952 80
84
Os
1952 110 _
73
8 812
Standard Corporations
Standard 011 Trust Shares A
_
7
Class B
6
7
William R. Compton Co., Inc., announces that Alexis C. Foster has
become actively associated with them as Vice-President and will make his
headquarters in New York. Mr. Foster has been engaged in the investment
banking business since 1912, having served as Vice-President of James H.
Caw3ey & Co. in charge of their New York office since 1926. Before coming
to New York, Mr. Foster resided in Denver where he was a partner in
Sweet, Causey, Foster & Co. In 1916 he was Vice-President of The Investment Bankers Association and a member of the board of Governors of
that organization from 1912 to 1917.
Joseph Walker & Sons, 61 Broadway, N. Y., are offering $1,000,000
of guaranteed railroad stocks of various companies whose dividends are
fixed obligations of the following trunk line systems: Delaware, Lackawanna
& Western RR. Co., New York Central RR. Co.. Atlantic Coast Line
and Louisville & Nashville RR. Companies, Pennsylvania RR. Co., Dela_
ware & Hudson Co., New York, New Haven & Hartford RR. Co., and
Chicago. Rock Island & Pacific By.Co. The stocks are priced at the market
to yield from 4.50% to 5%.
Announcement was rnade to-day of the formation of the new firm of
Thornton & Curtis, which will transact a general business in unlisted securities. The firm will have offices in New York, Boston, Providence and Hartford. The partners of the firm will be Charles J. Thornton, formerly of
Gunn & Thornton and Paul Curtis. They will have associated with them
James E. Moynihan and James B. Maguire also formerly with Gunn
&
Thornton.
-Watson & White have removed their Portland, Me., office to larger
quarters at 180 Middle St. The office will be in charge of Alexander
Gordon, resident partner. William H. Porter and Charles S. Erswell
have become associated with the firm in the investment department.
ii
Current earnino
onthip,
uarterip anb JO&
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
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 inclex, however,is not confined to the returns which have come to hand the present week.
It includes also the returns published by us in our issues of Jan. 3, Dec. 27, and Dec. 20 and some of those given
in the issue of Dec. 13. 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 Earnnigs Record" was absolutely complete up to the date of issue, Dec. 12,
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 December number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter
Is complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week,this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle"index in conjunction with the"Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week-an absolutely unique service. A further valuable
feature is that at the end of every return, both in the chronicle" and the "Monthly Earnings Record," there
Is a reference line showing by date and page number the issue of the "Chronicle" where the latest complete
annual report of the company was published.
Issue of Chronicle
When Published Pape
Name of CompanyAddressodraph International Corp_Dec. 27_4200
Dec. 27_4206
Alabama Power Co
Jan. 3_ 115
Alabama Water Service Co
Jan. 10._ 301
Alaska Juneau Gold Mining Co
Amer. Commonwealths Power Corp Dec. 27..4206
Dec. 27_4206
American Ice Co
Dec. 27_4206
American Multigraph Co_
Jan. 3__ 115
American Pneumatic Service Co
American States Public Service CoJan. 10._ 301
Amer. Water Wks. & Elec. Co., Inc_ _Jan. 10.. 301
Dec. 27_4210
Ann Arbor
Jan. 3_ 115
Archer-Daniels-Midland Co
Jan. 10_ 300
Arkansas Power & Light Co
Dec. 20..4043
Arundel Corp
Jan. 3_ 115
Associated Gas & Electric Co
Atch. Topeka & Santa Fe RR. Sys_Jan.r, 3__ 121
'
Jan.4 3_ 116
AtIantic Gulf & W.I. SS. Lines
Dec. 20_4043
Atlas Stores Co
Dec. 20_4046
Baltimore & Ohio RR
Jan. 3_ 120
Bangor & Aroostook RR. Co
Jan. 10_ 300
Bangor Hydro-Electric Co
Dec. 13-3865
Bankers Nat. Invest. Corp
Barcelona Trac., Lt. & Pr. Co., Ltd Jan. 3__ 116
Jan. 3_ 116
Blackstone Valley Gas & El. Co
Jan. 10_ 301
Blaw-Knox Co
Dec. 27..4207
Boston Elevated Ry
Dec. 27..4210
Boston & Maine
Brazilian Trim, Lt. & Pr. Co., Ltd_ _Jan. 3__ 116
Bklyn. & Manhat. Transit System_Dec. 27..4207
Dec. 27..4207
Bklyn. & Queens Transit Corp
Bunker Hill & Sullivan Mining &
Jan. 10._ 301
Concentrating Co
Dec. 20..4043
California-Oregon Power Co
Jan. 3__ 116
California Water Service Co
Jan. 10._ 333
Canadian National Ry
Jan. 3__ 121
Canadian Pacific Ry
Jan. 3__ 116
Cape Breton Elec. Co., Ltd
Dec. 27..4207
Central Illinois Light Co
Dec. 13-.3865
Central Maine Power Co
301
Jan. 10
Central States Edison Co
Dec. 20_4043
Central States Utilities Co
Dec. 20_4047
Central Vermont Ry
Jan. 3_ 116
Chester Water Service Co
Chicago Rock Island & Pacific Ry Dec. 27..4210
Dec. 20..4043
Chicago Surface Lines
Dec. 20_4043
Cities Service Co
Jan. 3_ 116
Citizens Water Service Co
Dec. 27..4207
Commonwealth & Southern Corp
Dec. 20_4043
Community Power & Light Co
Dec. 27..4207
Connecticut Electric Service Co
- Dec. 13-3865
Consolidated Coppermines Corp.
Consolidated Film industries, Inc. Jan. 10.. 301
Consol. Gas,El. Lt.& Pr. Co.of Balt.Jan. 3__ 116
Dec. 27 4207
Consumers Power Co
Dec. 20..4043
Crown Cork & Seal Co
Cumberland County Pr. & Lt. Co Dec. 13-3866
Dec. 27..4207
Dallas Power & Light
Denver & Rio Grande Western Ry Dec. 27..4210
Dec. 20..4044
Derby Gas & Electric
Dec. 20.A044
Detroit Street Rys
Jan. 3__ 116
Duplan Silk Corn
Jan. 3_ 116
Eastern Mass. Street Ry
Dec. 20..4043
Eastern Minnesota Power Co
Dec. 20_4044
New Jersey Power Co
Eastern
Jan. 10_ 301
Eastern Steamship Lines. Inc
Jan. 3__ 116
Eastern Utilities Associates
Dec. 20..4044
Empire Western Corp
Jan. 3__ 116
Engineers Public Service Co
Jan. 10._ 301
Office Building Corp
Equitable
Dec. 27...4210
Erie RR. Co
Jan. 3__ 116
Fall River Gas Works Co
Dec. 20..4044
Federal Mining & Smelting Co
Jan. 3_ 116
Federal Water Service Corp
Dec. 20_4044
& Rubber Co
Firestone Tire
Jan. 10_ 301
Florida Power & Light Co
3__ 121
Fonda Johns. & Gloversville RR -___Jan. 3
116
Jan.
Foster & Kleiser
Issue of Chronicle
Name of CompanyWhen Published Pape
Galveston Electric Co
Jan. 3_ 116
Galveston-Houston Elec. Co
Jan. 3_ 117
Galveston-Houston El. Ry. Co
Jan. 3__ 116
Gamewell Co
Dec. 20..4044
Gardner Denver Co
Dec. 27_4207
General Gas & Electric Corp
Jan. 3__ 117
General Theatres Equipment, Inc Jan. 3__ 117
Georgia & Florida RR
Jan. 3__ 121
Georgia Power Co
Dec. 27..4207
Graham Paige Motors
Jan. 3__ 117
1P. & W.) Grand Silver Stores, Inc_Dec, 27_4207
Greater London & Counties Trust Dec. 20_4044
Gulf Coast Lines
Jan. 10__ 303
Gulf Power Co
Dec. 27._4207
Hathaway Bakeries,Inc
Dec. 20_4044
Haverhill Gas Light Co
Jan. 3... 117
Honey Dew. Ltd
Dec. 20..4044
Honolulu Rapid Transit Co., Ltd
Dec. 27_4207
Houdaille Hershey Corp
Jan. 10.. 301
Houston Electric Co
Jan. 3_ 117
Hudson & Manhattan RR. Co
Dec. 20..4044
Illinois Power Co
Dec. 27_4207
Illinois Power & Light Co
Jan. 3__ 117
Illinois Water Service Co
Jan. 3_ 117
Incorporated Investors
Dec. 20..4044
Indianapolis Power & Light Co_ _Dec. 20_4044
Dec. 27_4208
Interborough Rapid Transit Co
Internat. Business Machines Corp Dec. 27_4238
Dec. 20_4047
International Great Northern
Internat. Rye. of Central America_ _Jan. 10__ 303
Dec. 13-3866
International Tel.& Tel. Corp
Jan. 3_ 121
Interoceanic Ry. of Mexico
Dec. 20_4044
Interstate Power Co
Dec. 20_4044
Iowa Public Service
Dec. 20_4044
Jackson & Curtis Securities
Jacksonville Traction Co
Jan. 3_ 117
Jamaica Public Service, Ltd
Dec. 20..4044
Kansas City Southern Ry
Dec. 20..4046
Kansas Gas & Electric Co
Jan. 10_ 331
Kansas Power & Light Co
Dec. 27__4208
(Spencer) Kellogg & Sons
Dec. 27__4208
Knott Corp
Jan. 10_ 301
Lefcourt Realty Co
Jan. 3_ 117
Lehman Corp
Jon. 10_ 301
Lexington (Ky.) Water Co
Jan. 3_ 117
Lincoln Mutual Investment
Jan. 3__ 117
Loft, Incorp
Jan. 3.. 117
Los Angeles Gas & Elec. Co
Jan. 3_ 117
Louisville Gas & Electric Co
Dec. 20..4045
Mack Trucks, Inc
Dec. 20..4045
Madison Square Garden Corp
Jun. 3__ 117
Central RR
Maine
Dec. 27__4310
Market Street Ry
Dec. 20..4045
Memphis Power & Light Co
Dec. 20..4045
Meteor Motor Car Co
Jan. 3_ 117
Metropolitan Stores, Ltd
Dec. 27..4208
Middle States Petroleum Corp
Jan. 10._ 301
Minnesota Power & Light Co
Jan. 10_ 301
Mississippi Power Co
Dec. 27..4208
Missouri Kansas 8c Texas
Dec. 27..4210
Missouri Pacific RR
Dec. 20..4047
Mountain States Power
Dec. 20..4045
Muskegon Motor Specialties Co
Jan, 10
301
National Rys. of Mexico
Jan. 3__ 121
Nebraska Power Co
Jan. 10_ 302
Nevada California Electric Corp_ _Dec. 27..4208
New Orleans Public Service Inc
-Dec. 13_3866
Newport Electric Corp
Dec. 20_4045
N. Y. N. H. & Hartford
Dec. 27...4210
Dec. 27..4210
N. Y. Ontario & Western Ry
New York Telephone
Dec. 27..4208
Jan. 3__ 117
New York Water Service Corp
Norfolk & Western Ry. Co
Jan. 3__ 121
Dec. 20..4045
Northern States Power
Jan. 3__ 117
Northern Texas Electric
Dec. 27_4208
Ohio Edison Co
Jan, 3__ 117
Ohio Water Service Co
Bangor Hydro-Electric Co.
Arkansas Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of October- -12 Mos.End. Oct. 311929.
1930.
1929.
1930.
$804,338 $8,835,091 $8,327,412
$736,516
Gross earns, from oper__
4,251,433
4,737.985
410,064
402,923
exps, and taxes_ _ ..
Oper.
$394,274 $4,097,106 $4,075,979
$333,593
Net earns. from °per_
244,882
483,864
32,250
51.067
Other income
$426,524 $4.580,970 84,320,861
8384.660
Total income
1,311,887
1,485.210
109,184
134,184
Interest on bonds
199,261
267,442
33,748
16,390
Other int. & deductionsBalance
$234,086
Dividends on preferred stock
Balance
$283,592
Issue of Chronicle
Name of CompanyWhen Published Pape
Oklahoma Gas & Electric
Dec. 20..4045
Orange & Rockland Electric
Dec. 20_4045
Oregon Wash. Water Service Co
Jan. 3__ 117
Pacific Power & Light Co
Dec. 20_4045
Pacific Public Service Co
Dec. 27..4208
Packer Corp
Dec. 13_3868
Pathe Exchange, Inc
Jan, 10_ 301
Pawtucket Gas Co
Jan. 3__ 117
Pennsylvania Gas & Electric Co
Dec. 27_4208
Pennsylvania Power & Light Co
Dec. 20..4045
Pennsylvania RR. Regional System_Jan. 3__ 121
Pere Marquette Ry. Co
Jan.
_ 121
Perfect Circle Co
Dec. 20_4045
Petroleum Rectifying Corp
Dec. 20..4045
Philadelphia Company
Dec. 20_4045
Pitts. & Sub. Water Service Co
Jan. 3_ 117
Pitts. & West Virginia Ry
Jan. 3_ 121
Portland Gas & Coke
Jan. 10__ 302
Public Service Co. of New Hamp
Dec. 13_3868
Public Service Corp. of N. J
Dec. 20..4045
Jan. 10_ 302
Pullman Co
Railway Express Agency, Inc
Jan. 10._ 302
Railway & Light Securities Co
Dec. 13_3868
Dec. 20...4045
Reliance International Corp
Dec. 20_4045
Reliance Management Corp
Jan. 10._ 302
Reynolds Spring Co
Roanoke Water Works Co
Dec. 20...4045
Roch. 8c Lake Ont. Water Serv. Co Jan. 3__ 118
St. Louis San Francisco Ry
Dec. 27..4210
St. Louis Southwestern Ry. Llnes_jan. 3__ 121
Schuico Company
Jan. 3__ 118
Scranton Spring Brook Water Service Co
Jan. 3_ 118
Shawmut Bank Investment Trust...Dec. 27..4208
Sierra Pacific Electric Co
Jan. 3__ 118
Sioux City Gas & Electric Co
Dec. 20_4045
Soo Line System
Dec. 27..4210
Southern Calif. Edison Co., Ltd
Jan. 3_ 118
South Carolina Power Co
Dec. 27..4208
Southern Bell Tel. & Tel. Co
Jan. 10._ 302
Southern Canada Power Co
Dec. 20_4046
Dec. 20_4046
Southern Colorado Power Co
Sou. P.c. Golden Ferries, Ltd
Dec. 20..4046
Southern Indiana Gas & Elec. Co Dec. 27_4209
Southern Pacific Lines
Dec. 27_4211
Southeastern Express Co
Dec. 27..4209
Standard Gas & Electric Corp
Dec. 20__4046
Standard Public Service Co
Jan. 3__ 118
Standard Public Service Co
Jan. 10.. 302
Sweets Co. of America
Dec. 20..4046
Tampa Electric Co
Jan. 3__ 118
Teiautograph Coro
Dec. 20_4046
Tennessee Electric Power Co
Dec. 27..4209
Texas Electric Ry
Jan. 3.. 118
Texas & Pacific
Dec. 27_4211
Texas Power & Light Co
Jan. 10._ 302
Third Ave. fly. System
Jan. 3._ 118
Truax-Traer Coal Co
Dec. 20_4046
Twin State Gas & Elec. Co
Dec. 13-.3868
Union Pacific System
Dec. 27...4211
Union Water Service Co
Jan. 3_ 118
United Electric Coal Cos
Dec. 27_4209
United Light & Poster Co
118
Jan. 3
U. S. Smelting. Refining & Min. Co_Dec. 27..4209
Utilities Power & Light Corp
Dec. 20__4046
Virginian Ry
Jan. 3_ 131
Wabash Ry
Dec. 27..4211
Wesson Oil & Snowdrift Co
Dec. 27__4209
Western Maryiand Dairy Corp
Dec. 13-.3868
Western Maryland 1113'. Co
Jan. 3
121
Western New York Water Service Co Jan. 10.. 302
West Virginia Water Service Co
Jan. 3__ 118
Wil Low Cafeterias. Inc
Dec. 20..4046
Wisconsin Public Service
Dec. 20_4046
Wisconsin Valley Electric Co
Dec. 20..4046
Zenith Radio Corp
Dec. 27..4209
$2,L1g:gg
$2,ralig
$2,005,248
$2,094,365
Gross earnings
Oper. exps. & taxes
Gross income
Interest. &c
Net Income _____
Preferred stock dividend
Depreciation
Balance
Common stock dividend
-Month of November- -12 Mos.End, Nov. 301930.
1930.
1929.
1929.
$180,996 $2,226,243 $2,064,964
$195,705
1,008,765
77,551
927,875
86,403
$109,302
19,376
$103,445
17,848
$1,217,478
229,300
$1,137,089
214,831
$89,926
$85,597
$988,178
282,658
133,331
$922,258
269,317
123,945
$572,189
424,762
$528,996
369,342
$147,427
Balance
$159,654
larLast complete annual report in Financial Chronicle Apr.12'30, p.2576
FINANCIAL CHRONICLE
JAN. 10 1031.]
Alaska Juneau Gold Mining Co.
301
Houdaille-Hershey Corp.
Period End. Dec. 31- 1930--Month--1929.
(And Subsidiaries)
1930---12 Mos.--1929.
Gross earnings
$323,000
$254,500 $3,399,500 $3,456,500
[Exclusive of Billex Products Co.1
Net profit after int. and
Dianne Account Nine Months Ended Sept. 30 1930.
developement charges
Gross profit
$2.008,012
but before Federal
taxes and depreciation x149.100
747.055
70,400
1.159.050 Selling expenses
1,127,900
Administrative expenses433,955
x Before interest.
t 387,943
Depreciation
10'Last complete annual report in Financial Chronicle Mar. 22'30, p. 2032 Interest paid
'40,412
Other deductions (net)
II 4,30,971
American States Public Service Co.
Provision for United States and Canadian income taxes
'48,425
(And Subsidiary Companies)
Net profit
$319.249
-Month ofNovember- -12 Mos.End Nov.301930.
1929.
1930.
1929.
OrLast complete annual report in Financial Chronicle_Mey_10 '30, p. 3364
Gross revenues
$145.704
$143,290 $1,770,076 $1,716,624
Operating expenses
67,355
844,321
70,404
835,174
$78,349
23,561
Other income
•
$72,886
$934,901
23,561
$872,302
Earns, avail, for int.
chgs., res. & Burp-- $101.910
$72,886
$958,462
$872,302
rLast complete annual report in Financial Chronicle Mar. 22'30, p. 2022
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of November- -12 Mos.End. Nov. 30-1930.
1929.
1930.
1929.
Gross earnings
$4,433,397 $4,669,796
Oper.exps., maint.& tax 2,271,075 2,215,798 $54,417,827 $53,859,203
27,668,176 27,022,129
Gross income
$2.162,322 $2,453,998 $26,749,650
Less-Int.and amort.ofdiscount ofsubsidiaries__ $8,679,885 $26,837.073
$8,234,684
Preferred dividends of subsidiaries
5,629,811
5,237.870
Minority interests
9,833
23.375
$14,319,529 $13395,930
Balance
Interest and amort. of discount of Amer. Water
Works & Electric Co., Inc
$12,430,121 $13,341,143
Kansas Gas & Electric Co.
(American Power & Light Co. Subsidiary)
-Month of November- --12 Mos. End. Nov.30-1930.
1929.
1930.
1929.
$557,774 $5,984,631 $5,825,669
Gross earn,from oper-_ $516,850
Operating exp. and taxes
251,131
277,330 3,132.517 3.052.795
Net earn. from 'oper__
Other income
$265,719
7.622
$280,444 $2,852,114 $2,772,874
12,864
121.386
274,508
$273.341
75,000
8,672
$293,308 $2,973,500 $3,647,382
85,000
965.333 1,020,000
74.763
66,487
5,443
Balance
$189,669
Dividends on preferred stock
$202,865 $1,993,404 $1,960,895
457.521
462.827
Total income
Interest on bonds
Other int. and deduct_ _ _
Balance
$1,475,883 51,498.068
Knott Corporation.
Earnings for 11 Months Ended Nov. 30 1930.
Net income after depreciation, Federal taxes, &c
Earnings per share on common stock
$448 914
1,293.782 1.387,548
3i.68
Balance
Reserved for renewals, retirements and depletion $14 18 :83 8 $14 993;39
6 3
7 9 1,255 5 0
6
4
1,13 0
Lehman Corporation.
Net income
$6,948,531 $7.658,233
6 Mos. End. Sept. 24 to
Preferred dividends
PeriodDec. 31 '30. Dec. 31 '29.
1,200,000
1,200.000
Interest earned on call loans and bank balances._
$27,614
6723.382
Balance for common stock
$5,748,531 $6,458,233 Int. earned on bonds,treas. notes,loans & advs_ __
634,533
872,614
Shares of common stock outstanding
1,740,948
a1,028,374 1.408,254
1,654.978 Cash dividends
Commissions
U"Last complete annual report in Financial Chronicle Mar 15 '30, p. 1821
153,475
614,858
Totalincome
$1,843,997 $3,619,108
Blaw-Knox Co.
Expenses
268,895
403,488
Provision for taxes
Earnings for 11 Months Ended Nov. 30 1930.
30,000
120,000
Gross sales
$16.605,470
Balance
$1,545,102 $3,095,620
Gross profit on sales
5,303,156 Net loss onof income
sales of securities
Net profit after charges and Federal taxes
2,911,659 1,275,672
2,410,476
Earnings per share on 1,322,395 shs. cap. stock outstanding- _
$1.82
Balance
loss $1,366,556sur$1819,948
Last complete annual report in Financial Chronicle Apr. 26'30, p.2968 Dividend payable
tar
1,409,400
750,000
Bunker Hill & Sullivan Mining & Concentrating Co.
Balance
def.$2,775,956sur$1069,948
Earn, per sh.on 1,000,000 shs. cap.stk.(no par)..
Nil
$1.82
Period Ended Nov. 30 1930Month.
11 Months.
Note.
-The unrealized depreciation of the corporation's securities, based
Net profit after ordinary taxes, develop. charges.
on market quotations, has increased since June 30 1930 by $12,381.000.
&c., but before depreciation and depletion
$195,603 33,285,357
rErLast complete annual report in Financial Chronicle Mar. 29'30, p.2213
Middle States Petroleum Corp.
Central States Edison Co.
12 Months Ended Nov. 30Gross earnings
Consolidated net earnings
1930.
$570,391
269,932
1929.
$562,826
247,700
Earnings for 9 Months Ended Sept. 30 1930.
Est. consol. net inc. before deplet., deprec., int. & taxes, but after
deduction of all drilling costs and minority interest in earnings-6484,565
Consolidated Film Industries Inc.
Minnesota Power & Light Co.
Period End.Dec.31- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Net earns, after allowance for taxes
x$555,464
$489,722 42,306,543 $2,389.373
x Approximate.
larLast complete annual report in Financial Chronicle Mar. 22'30, p. 2034
(American Power & Light Co. Subsidiary)
-Month of November- -12 Mos. End.Nov.301930.
1929.
1930.
1929.
Gross earns,from oper-- $545,642
$556.075 $6,476.364 $6,215,659
Oper. expenses & taxes-191.608
213,365 2,508,355 2.269,595
Eastern Steamship Lines, Inc.
Net earns, from oper- $354,034
.
Other income
11.429
-Month of November- -11 Mos. End.Nov.30Total income
$365,463
1930.
1929.
1930.
1929.
142.801
$667.468
$817,845 $11,928,002 $13,082,996 Interest on bonds
Other int. & deductions.
5,437
701,349
800,440 9.558,307 10.38.5,293
Balance
$217,225
Operating income_
$33,881
$17,405 $2,369,695 52.697,703
Other income
8,773
11,054
90,911
101,061 Dividends on preferred stock
Other expenses
63,054
55,784
667,283
582,357
Balance
Net income
-388.162 -27.325 $1,793,323 $2,216,407
'Last complete annual report in Financial Chronicle May 10 '30, p. 3362
Operating revenue
Operating expenses
Equitable Office Building Corp.
8 Months Ended Dec. 31Total revenue
Operating profit
Depreciation
1930.
1929.
1928.
$4,260,676 $4,213,327 $3,844,003
3,498,116 3.446.206 3,098,666
183,854
183,854
183,854
Balance
$3,314,262 $3,262,352 $2.914,812
Other income
50,571
72,322
46.774
Total income
$33,364,833 $3,334,674 $2,961,586
Interest, real estate tax, &c
1,435,729
1,440.049
1,456,068
Federal taxes
229,000
222,000
184,000
Reserve for additional depreciation
62,335
50,814
40.139
Net profit
$1,617.769 $1.621,811 $1,281,379
She. corn,stock outstanding (no par).
895,464
893.576
893.576
Earnings per share
$1.80
$1.81
$1.43
Month of December
1930.
1929.
Net profit after charges and taxes
$199,111
$195314
ri'Last complete annual report in Financial Chronicle May 24 '30, p.
3720
Florida Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month of November- -12 MOS.End. Nov.
301930.
1929.
1930.
1929.
Gross earns,from oper__ $891.931
$849,836 $11,579,522 $11,194.728
Oper. exps., incl. taxes_
509,201
492.671
5,999.498 5,924,086
Net earns, from oper_ $382,750
$357,165 $5,580,024 $5,270,642
83,527
Other income
96,909 1,094,570
1,209.037
$466,277
Total income
$4454,074 $6,674,594 $6,479,679
216,667
Int. on mortgage bonds216,667 2,600,000 2.600,000
Int. on deb. (all owned
110.000
by Am.Pr.& Lt. Co.)
110,000
1,320,000 1,320.000
9.543
Other int.and deduct-8.198
118.549
81.852
$130,067
Balance
$119,209 $2,636,045 $2,477,827
Dividends on preferred stock
1.141,386 1,130.973
Balance
$1,494.659 $1,346,854
tarLast complete annual report in Financial Chronicle Mar. 29'30, p. 2205
$342,710 $3,968,009 $3,946,064
8.540
110.700
129,692
$3351,250 $4,078,709 64,075,756
128,233
1,642,297 1,542,110
5.084
77,603
57,923
$217,933 52.358,809 $2,475,723
999,893
953,738
61,358,916 $1,521,985
Muskegon Motor Specialties Co.
(And Subsidiary)
Income Account Nine Months Ended Sept. 30 1930.
Gross profit
Selling expenses
Administrative expenses
Other deductions (net)
Provision for Federal taxes
6580.818
68.090
85.183
156,813
32,606
Net profit
Dividends paid 1930
Dividends accrued on A stock
Adjustment of permanent assets
$237,924
279,607
10,225
5,433
Deficit for period
$57.340
tZPLast complete annual report in Financial Chronicle May 10 '30, p.8888
Pathe Exchange, Inc.
-12 Weeks Ended- -40 Weeks Ended
-Period EndedOct. 4 1930. Oct. 5 1929. Oct. 4 1930. Oct. 5 1929.
Gross sales and rentals.. $2,983,079 53,783,516 511,236,401 $13,896,572
Cost of sales and rentals
& sell. & admin. exp__ 3.365,985 3,818,692 12.037,555 14,247.463
Amts. transferred from
special reserve. &c_
Cr.129.397
Cr.964.313
Operating income__ _ _loss$380,906
394.221 def$801.154
$613,421
Other income
97,246
35,232
224,179
288,368
Totalincome
loss$283.650
$129.453 deft576,975
$901,790
Settlement of litigation_
127.500
Int, on funded debt and
amortization discount
102,577
99.559
338,792
347,559
Net profit
def$386.236
$29.894df$1,043.267
6554.231
Note.
-In previous year's reports depreciation on home office and branch
equipment was treated as an income charge. Beginning
figures it is included in selling and administrative expenses.with the 1930
The amount
of this depreciation for the 12 weeks period was $13,962, as
for 1929; for the 40 weeks period it stood at $45,389 as against $15,475
against $53.345
for 1929.
tarLast complete annual report in Financial Chronicle May 31
'30, p. 3893
[VoL. 132.
FINANCIAL CHRONICLE
302
Nebraska Power Co.
(American Power & Light Co. Subsidiary)
-Month of November- -12 Mos. End.Nov.301929.
1930.
1929.
1930.
$552,412 $6,550,173 $5,950,389
Gross earns,from oper__ $593,079
261,005 3,211,670 3.023.789
275,110
Oper. expenses &Itaxes..
Texas Power & Light Co.
(Southwestern Power & Light Co. Subsidiary)
-Month of November- -12 Mos. End.Nov.301929.
1930.
1929.
1930.
$891,834 $9,962,292 $9,831,406
$887,525
400.610 4.823,351 4.977,661
393,715
Gross earns,from oper_Oper. expenses & taxes__
Net earns, from oper_
Other income
$493,810
20,562
$491,224 $5,138,941 $4,853,745
8.438
145,239
229.919
$340,519
67,250
25,116
$291,407 $3,338,503 $2,926,600
201,360
206,563
26,993
$318,400 $3,545,066 $3,127,960
807,000
807,000
67.250
223,072
278,366
20,534
Total income
Interest on bonds
Other int. & deductions_
8514.372
174,187
20,322
$499,662 55.368,860 $4,998,984
2,004.138 2,890,250
157,521
141,563
190.064
14,285
$248,153
Balance
Dividends on preferred stock
$230,616 $2,459.700 $2,097,888
364,000
424.000
Balance
6319,863
Dividends on preferred stock
$327,856 $3,174,658 $2,967,171
591,743
722,740
Net earns, from oper_
Other income
$317,969
22,550
Total income
Interest on bonds
Other int. & deductions-
$2,035,700 $1,733,888
Balance
32.451,918 62,375.428
Balance
Western New York Water Co.
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
-Month of November- -12 Mos. End.Nov.301929.
1930.
1929.
1930.
$347,673 $4,475,317 $4,563,917
Gross earns,from oper__ $353,663
253,629 2,848,297 2,966,316
253,608
Oper. exps. and taxes_ _
$94,044 $1,627,020 $1,597,601
Net earns, from oper_ $100.055
59,098
24,635
2,094
2,046
Other income
Gross income
1930.
$817,889
395,088
1929.
$763,959
391,844
$422.801
12 Months Ended Nov.30-Gross revenues
Operating expenses, maint.& taxes other than Fed.
$372,115
New York City Street Railways.
(As filed with Transit Commission)
Net Corp.
Gross
Gross
Deductions
Income.
Income.
from Inc.
Revenue.
$
Companies
218,692
$50,594 $1,090,195 $1,113,687 Brooklyn & Queens
136.054
354,747
$52,930
Sept '30 1,808,285
Balance
381,564
380,591
239,552
126,073
365.625
'29 1.890,060
Dividends on preferred stock
496.477
410,387
906,865
3 months ended Sept '30 5,338,251
$732,123
$709,604
504.248
380.426
884,674
'29 5.663.723
Balance
-2,713
6,841
4,127
83,311
Eighth & Ninth Ayes Sept '30
8.063
2,469
-5,593
83,263
'29
Pullman Company.
23.866
20,712
--3,154
241,482
3 months ended Sept '30
-Month of November- -Jan.110 Nov.3014,440
9,329
23,771
247,501
'29
1929.
1930.
1929.
1930.
Sleeping Car Operations
130.278
666
130,944
536,686
Sept '30
$4,404,932 85,103.864 $64,236,883 $71,504,728 Fifth Avenue Coach
revenue
Berth
612
131,926
132,538
556,690
'29
7,978,807 8,962,930
749.185
630,655
Seat revenue
303,809
2,030
305.839
144,382 1,818,176 2.317,041
3 months ended Sept '30 1,539,350
132,638
Charter of cars
330,717
1,837
332,555
'29 1,674.773
162,133
41,350
14,153
1,992
Miscellaneous revenue
1,046,761 Interborough Rapid Transit
116,262 1,858,371
237,631
Car mileage revenue_ --421,310
1,172,589
1,593,899
406,272 5,117.065 8,117,226
103,125
Sept '30 4,128,306
Subway Division
Contract revenue-Dr-472,928
1,617,563 1,144,635
'29 4,058,461
491,086
$5,304.724 $5,721,575 $70,816,523 $75,876,369
3 months ended Sept'30 11,748,442 3,971.445 3,480,359
Total revenues
1.004,639
'29 11,737,215 4,463,162 3.458,523
469,780 -320.709
149,070
Maintenance of cars _ --- $2,223.697 $2,344,717 $27,433,661 $27,246,701
Sept '30 1,548,394
Elevated Division
489,706
511,706
50,262
40,848
388.057 -117,521
270,536
All other maintenance-'29 1,575,640
2,662,996 2,948,616 32,642,346 33,113,339
1,408,349 -1,211.808
196,541
Conducting car oper--3 months ended Sept '30 4,481,243
255,791 3,062,420 2,819,341
265,941
619,646
1,385,660 -766.014
General expenses
'29 4,669.832
132,332
335,258
467,588
679,471
'30
85,193,484 $5,599,387 $63.650,134 $63,669,089 Hudson & Manhattan Sept '29
Total expenses
162,731
497,413
334,681
705.144
348,058
1,354,009 1,005,953
3 months ended Sept '30 1,978,000
$122,187 $7,166,389 $12,207,279
$111,239
revenue
Net
435,575
1,441,651
1.006,076
'29 2,0117.612
Auxiliary Operations
412
10,457
10,869
44,247
$107.402 $1,336,850 $1,353,541 Manhattan & Queens Sept '30
$94.712
Total revenues
10,212
4,566
5,646
41,603
'29
108,470 1,198,577 1,214,228
98.651
Total expenses
5,565
31,225
25,658
128,885
Sept '30
3 months ended
-11.613
30.696
19,063
125,791
'29
$139,313
$138,273
-$1,067
-$3.939
Net revenue (or
62.412
44,018
106,430
65,112
Sept '30
New York & Harlem
26,036
17,157
-43.193
73,243
'29
$121,120 67,304,662 12,346,592
net rev.(oradot.)Tl def.) $107,300
158,936
161,577
301,247
179,674
3 months ended Sept '30
2,348,239 3,620,957
145,729
154,039
Taxes accrued
78,629 -141,175
62.544
209,522
'29
-16,506
7,229
23,735
75,993
Sept '30
Oper.income (or loss)- -$46,739 -$24,609 $4,956,423 88.725,635 N Y & Queens
23,206
-15.735
7.471
75,450
'29
-Deficit.
71.973
--56,747
15,226
218,957
3 months ended Sept '30
69,420
-52,746
16.674
225,094
'29
Railway Expresa Agency, Inc.
84.421
153,481
-69,059
489,649
Sept '30
N Y Rye Corp
,--Month of October- -10 Mos.End. Oct.31175,632
-82,872
92,760
535,117
'29
1929.
1930.
1929.
1930.
462.108 --250,242
211,866
3 months ended Sept '30 1.416,536
$
$
$
528,314 --261.433
266,880
Revenues
'29 1,619,797
20,794,527 25,808,832 200,132,280 236,605.684
Express
444,399
575.442
1,019,842
Sept '30 2,946.751
N Y Rapid Transit
9,127
17,722
960
1,952
MLscellaneous
404,255
988.842
584.586
'29 2,978,017
1,227,444
3 months ended Sept '30 8,943,594 2,947,215 1,719,770
25,809,792 200,150,002 236,614.812
Charges for trans-- 20,796,479
1,095,514
1,747,677
'29 9,077,397 2,843,191
Express privileges-Dr.. 10,494,534 14.335,038 95.118,578 122,156,284 South Bklyn fly Co
6,486
12,606
19,093
85.381
Sept '30
-10,059
33,903
23,843
'29
95,810
Rev,from transport-- 10,301,945 11,474.754 105,031,423 114.458,528
55,225
37.932
93,157
312,737
2,977,163
3 months ended Sept '30
308,392 2,772,861
308,140
other than transOper.
69,851
41,387
111,238
330.350
'29
5,411
--8,525
--1,113
62,002
Sept '30
Total oper. revenues- 10,610,085 11,783,146 107,804,284 117,435,691 Steinway RYS
-32,683
5.316
-27.367
64,905
'29
Expenses
-29,456
14.858
-14,596
178,142
763.212 6,755.853 7.224,002
3 months ended Sept '30
697,131
Maintenance
--38,928
16,214
-22,716
191.380
'29
269,787
361,455
40.413
38,548
Traffic
92,519,277 101,794,097 Surface Transporta'n Sept '30
2,827
15,244
9,082,050 10,465,798
18,072
172,687
Transportation
311,780 5.936,208 5,911,924
-15,394
13,944
567.204
-1,449
165,231
'29
General
--6,563
45,882
39,318
525,296
3 months ended Sept '30
-53,820
39,563
-14,256
496,720
'29
Operating expenses-- 10.384.934 11,581,203 105,572,794 115,199,810
45,636
221,258
286,894
Sept '30 1,213,084
201,943 2,231,489 2,235,880 Third Ave System
225,150
25,650
233,605
207,955
'29 1,279,548
Net oper.revenue-16,491
11,971
3.551
1,127
1,163
664,124
665.287
Uncollec. rev. fr. trans..
3 months ended Sept '30 3,548,822
1,179,787 1,449,068
124,361
111,003
705.879 -123,071
Express taxes
'29 3,816,335
582,807
Total income
Interest on bonds
Other int. & deductions-
$102,101
40,604
8,567
$96,138 $1,651,655 61,656,699
487.250
487,250
40.604
55,762
74,210
4,940
770,321
74.030
1,039.730
113,019
Operating Income-rarLast complete annual report in Financial Chronicle Apr. 26 '30, p.298$
Reynolds Spring CO.
(And Subsidiary Companies)
-Deficit or loss.
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
9 Mos. End. reports:
Current
Previous Inc. 1+)or
---3 Months Ended
Year
Year
Sept.30'30. June 30'30. Mat.31 '30. Sept.30'30.
Period
Period Ended
$877,931 $1,314,756 $1,249.527 $3,442,216
NameCovered.
Sales
1,057,582 3,164,317 Canadian National
916,352 1,190,382
3d wk of Dec
3,712,981
4,653,313
Cost ofsales
4th wk of Dee
5,076,000 4.550,000
$277,898 Canadian Pacific
$191,946
$124.374
Gross profit on sales- def$38.422
78,640 Georgia & Florida
4th wk of Dec
28,935
26,625
37,298
26,196
12.407
Other income
Minneapolis &St Louis3d wk of Dec
226,798
269.483
8356,538
$220.881
def$26,013 8161.672
Income
4th wk of Dec
227,194
Gross
315,720
463,976 Mobile & Ohio
162,041
167,559
134,376
Sell., adm. & gen. exp..4th wk of Dec
3,746,507 4,142,105
184,561 Southern
61,317
61,632
61,612
Depreciation
38,188 St Louis Southwestern __-.4th wk of Dec
13,539
12,510
12,139
411,000
579,663
Int. on bonds (net)
4th wk of Dec
western Maryland
484.311
447.000
$330,188
$16,017
$80.029
period-- $234,141
Net loss for
Financial Chronicle May 17 '30, p. 3659
We also give the following comparisons of the
la"Last complete annual report in
Dec.(-).
+940,332
+526,00
+429
-48,685
-88,526
-395,598
-168,663
-36,347
monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
-Month of November- -11 Mos.End.Nov.3°- They include all the Class I roads in
the country.
1929.
1930.
1929.
1930.
$56,942,800 $56,184,532
Southern Bell Telephone & Telegraph Co.
Telep. oper. revenue.... $5,092,018 85,184,546
37,422,623
Telep. oper. expenses-__ 3,256,570 3,396,257 37,340,342
oper. rev-- 81,835.448 31,788.289 519,602,458 518,761.909
Net telep.
450,000
455,000
45,000
50,000
Uncollec. oper. rev
5,320,750
465.250 5.606,650
493,750
Taxes assignable to op
$12,991,159
Operating income.-- $1,291,698 51,278,039 813,540,808
Standard Public Service Co.
-Month of November1929.
1930.
Gross
revenues (incl.
other income)
°per. exp., maint.& tax.
$172,085
94,427
Gross corp.income--
$77,658
-12 Mos.End. Nov.301929.
1930.
$176,883 $2,136,411 $2,114,777
1,237,932
97,837 1,251,372
879,046
$885,038
$876,845
1930.
January
February
March
April
May
June
July
August
September
October
Length of Road.
Gross Earnings.
Month.
450,526,039
427,231,381
452,024,463
450.537,217
462.444,002
444,171,625
458.369.950
465,700,789
466,826,791
482.712.524
(+) Or
1929.
Dec.(-).
-38.102,247
486,628,286 -48,034,122
475,265,483 -69,595,796
516,620.359 513,733,181 --63,195,964
-75,131.912
537,575.914 531.620,472 --87,518.847
-101.152,857
557,522,607 -120,696,915
586.397,704 -99.634.540
566,461,331 -125.589.031
608,281,555 -
1930.
1929.
Miles.
242,3.50
242,348
242.325
242.375
242,156
242,320
235,049
241,546
242,341
242.578
Miles.
242,175
242,113
241,964
242,181
241,758
241,349
242,979
242,444
242,322
241,655
JAN. 10 1031.]
Net Earnings.
Month.
(+) Or Dee.(-).
Inc.
1930.
1929.
Amount.
$
94,759,394
97448,899
101,494,027
107,123,770
111,387,758
110,244,607
125,495,422
139,134,203
147,231,000
157.115,953
January
February
March
April
May
June
July
August
September
October
303
FINANCIAL CHRONICLE
$
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
$
-23,005,176
-28,128,967
-38,202,084
-34,815,878
-35,711,276
-39,954,902
-43,753.737
-52,063,396
-36,255,079
-47,300.393
Per Cent.
-19.55
-22.40
-27.46
-24.54
-24.22
-26.58
-25.85
-27.21
-19.75
-23.13
American European Securities Co.
-Year Ended Dec. 31 1930.)
(Annual Report
An aggregate depreciation of $1,664,612.85 in its security
holdings is revealed by the company in its annual report
for 1930, made public by Ernest B. Tracy, President. The
market value of its investments at the end of the year was
placed at $19,503,865, compared with a cost of $21,168,478.
In 1930 the gross income of the company from interest and cash dividends
received was $959,007, compared with $773,166 received during the year
1929, an increase of approximately 24%. After all charges and taxes
and a net loss of $298,119 from securities sold, a balance of $386,505 was
transferred to surplus, which stood at $1,392,588 at the end of the year,
compared with $1.306,083 on Dec. 31 1929.
of Dec. 31 1930. the appraised net
Based on market
Net Earnings Monthly to Latest Dates.
-The table able for the commonvaluesof the company,after giving effect toassets availthe exercise
stock
following shows the gross earnings, net earnings and net of option warrants entitling the holders to purchase 20,500 shares of comthe company
after taxes for STEAM railroads reported this week to the mon stock and allowing for all known liabilities ofamounted to and the
910,724,preferred stock outstanding at its liquidating value,
Inter-State Commerce Commission:
351, or $28.60 per share on 375.000 shares, which would be the amount of
-Grossfrom Railway- -Net from Railway
Net after Taxes
- shares outstanding when warrants are exercised. Tnls compares with
1930.
1929.
1930.
1930.
1929.
1929.
net assets available for the common stock on Dec. 31 1929, of $17,344,077.
$
or $46.25 per share.
Canadian Pacific Lines In Maine
The company's investment portfolio shows holdings, carried at cost,
November _ 173,056
123,875 -13,144 -35,141 -17,144 -50,011 of $15,285,309 in common stocks and option warrants, $5,203,379 in preFrom Jan 1_ 2,260,323 2,523,168
40.526
102,704 -98,474 -57,596 ferred stocks and $679.789 in bonds.
Canadian Pacific Lines in Vermont
A statement of income and analysis of surplus for the year
November
128,217
143,594
-4,088
3,353
-8,208
-854
From Jan 1_ 1,679,604 1,953,630
55.856
181.677
11,436
137,123 ended Dec. 31 1930, a condensed balance sheet and a list
St Louis-Ban Francisco
of the securities owned as of that date, showing book and
From Jan 1_ 5,240,029 6,962,966 1,500,624 1,901,028 1,140,737 1,585,853
advertising pages of this
From Jan L68,301,693 78,973,829 19,453.063 23.883,207 15,480,324 19,133,203 market valuation, are given in the
issue.
Toledo Terminal
November _
97,554
116,918
31,806
25,021
21,451
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
8,350
From Jan 1_ 1,075,372 1,493,699
200,758
57,905
311,249
489,416
1928.
1927.
Western Maryland
$439,647
$289,281
5
Gross income: Cash diva. $ 12..891
$9 9,5 6
162
9
193
9
9,580
November _ 1,385,611 1,661,122
44,9540.2 9
8.08
17.678
369.983
505,283
Interest on bonds____
7 61
449,983
605,871
From Jan L16,419,884 17,440,378 5,713.510 5,806,260 4,743,510 4,844,672
Other
14,603
3,203
Oth income
2,162
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respects from the reports to the Commission.
Canadian National Ry.
Gross revenues
Operating expenses
-Month of November- 11 Mos. End. Nov. 311929.
1930.
1929.
1930.
$17,169,986 $20,863,259$206,444,104$240,891,733
15,095,570 17,758,582 180,750.738 197,764,269
Net revenue
$2,074.415 $3,104,676 $25,693,365 $43,127.463
r'"Last complete annual report in Financial Chronicle Apr. 19 10 p. 2757
Gulf Coast Lines.
Operating revenues
Railway oper. income
11 Mos End. Nov. 30-Month of November1929.
1930.
1929.
1930.
$917,382 $1,135,488 $14,331,880 $13,981,458
208,547
60,133
3,146,800
2,862,727
International Railways of Central America.
Gross earnings
Operating expenses
-Month of November- -11 Mos. End. Nov. 301930.
1929.
1930.
1929.
$615,686
$743,261 $6,794,322 $8,057,384
342,571
431,286
3,977,965 4,759,716
Int appl.to fixed chgs. $273,115
.
$311,975 $2,816,357 $3,297,668
larLast complete annual report in Financial Chronicle May 10 '30 p. 3343
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Jan.3. The next will appear in that of Feb. 7.
The Lehman Corporation.
(Report as of Dec. 31 1930.)
Arthur Lehman, President, says in part:
Total gross income.._ _
$959,007
Int on funded debt_ _-.
200.000
Int. on notes payable_
Int. on accounts payable
9.902
Miscell. interest (net)
Expenses37,118
Taxes paid and accrued_
27.361
$773,847
200,000
$471.929
165.555
18,376
$302,065
Oper. profit for year
$684,625
Net profit on sales of securities
1oss298,119
$466,836
$68,387
240,186
1,647.006
60,893
Net income
Divs, on pref. stock.. _ _ _
Reserve account
Extinguishment of disc,
on funded debt
Transfer to capital acc't
to adjust. pref. stock
sold to its value in liq_
9386,506
300,000
$707,022 $1.715,393
295.333
180,000
240,000
360,000
$289,474
180,000
Surplus for year
Previous surplus
$86,506
1,306,083
46,653
38,675
59.631
8,704
36,891
182,718
206
26,624
8228,581
140.000
80.000
$91.689 $1.035,393
$109,474
1,214.394
179,000 ' 69.526
Total surplus
$1,392,589 $1,306,083 $1,214,393
Shs corn.stock outstand.
ing (no par)
354.500
354.500
130,000
$0.24
$1.17
Earnings per share
$11.81
COMPARATIVE BALANCE SHEET DEC. 31.
1929.
1930.
1930.
LiabilUies-$
$
Assets$
317,818 Preferred stock_ -.y5,000,000
63,982
Cash
Common stock__x10,139.510
aInvest. securities.
20,488,689 20,064,858 Option warrants__
Stocks
z515
761,100 Funded debt
679,789
Bonds
4,000,000
lnt.on fund.debt_
Furniture and fix66,687
676 Accrued dividends
706
50,000
tures
22,264 General reserve_ - _ 600,000
19,833
Accr'd Int. on bds_
Accrued taxes__
3,620
Surplus
1.392,589
8179,000
100,000
$1.09
1929.
$
5,000,000
10,139,510
615
4,000,000
66,667
50,000
600,000
3,842
1,306,083
Total
21,253,001 21.166,717
21,253,001 21.166.717
Total
a Market value of securities Dec. 31 1930. $19,503.866.
x Represented by 354,500 shares of no par value. y Represented by
50.000 shares of no par $6 cum, stock. z There are issued and outstanding option warrants entitling the holders to purchase at any time, without
limit, 20,500 abs. of common stock at a price of $12.50 per share.
-V. 131.
p. 2382.
General American Investors Co., Inc.
(Annual Report-Year Ended Dec. 31 1930.)
President Frank Altschul Jan. 6 wrote in part:
Results.
-The statement of profit and loss indicates a realized net loss
for the period of $3,395,353. This figure, however, must be interpreted
in the light of the fact that company showed in a note on its balance sheet
as of Dec.31 1929,that the aggregate market value of securities then owned
was less than their book value by $5,232,369, while the balance sheet as of
The balance sheet as of Dec. 31 1930, discloses that of the corporation's Dec. 31 1930 shows in a note that the aggregate market value of securities
resources, $18,160,339 is represented by cash, U. S. Government and owned was less than their book value by $9,428,151,indicating for the period
municipal bonds. Valuing securities at not in excess of market quotations, under review an increase in unrealized depreciation of $4,195.782.
the net asset value of the capital stock of the corporation as of Dec. 31
The realized net loss of $3,395,353 and the increase in unrealized deprecia1930, was approximately $73.81 per share.
tion of $4,195,782, together aggregating $7,591,135, represents the net loss
that would be shown for the period if the books of your company were kept
The report contains a list of the corporation's holdings on the basis of market value instead of cost. It should be noted that the net
as of Dec. 311930.
loss thus arrived at is after provision for taxes and payment of interest on
The income statement for the six months ended Dec. 31 debentures, but before dividend payments on the preferred stock amounting
9579,000.
1930 is given under "Earnings Department" on a preceding to Current income received by the company during the period under review
from dividends on stocks, syndicate commissions, interest on bonds and inpage.
terest on deposits more than covered,after the payment of all expenses, the
Comparative Balance Sheet.
interest on debentures and the dividends on the preferred stock.
1930.
1929.
1930.
1929.
-However, in the opinion of
Nominal Value of Common Reduced to $1.
$
Assets$
Liabilities
$
$
Counsel there might be a question as to the right to continue dividend payCash in banks__ 1,532,824 1,337,379 Payable for securs.
ments on the preferred stock, even though such dividends were covered by
Municipal bonds(at
Duch.. current_
45.243
27,735 current income, should the unreallzed depreciation on the company's incost)
1,399,650
Payable for secure.
vestments exceed the amount of the Company's surplus. To guard against
Funds l'ned on call
13,300,000
perch., 1931-'32 486.188
854,000 such a contingency, directors deemed it advisable that the nominal capital
bonds(at cost)15,227.86518,878,625 Res. for Federal &
U.S.
of the no par com. stock of company be reduced from $5 to Si per share.
State taxes
Secs. owned (cost):
108,100
and the amount of $5,200,880 be thereby added to capital surplus. The
4.084,919 4,557,237 Dividend payable_ 750,000
Bonds
shares of stock owned by directors and firms of which they are members
Preferred stocks 4,550,398 4,388,213 Res. for accr. caps.
10,000
10,000 constitute more than a majority of the stock of the company and accordingly
Common stocks61,576,515 52,915,737 Capital stock (1,
such reduction has been effected by the consent ofsuch majority without the
000,000 ohs., no
Invest In corn 's
necessity of calling a special stockholders' meeting.
par value)
50,000,000 50,000,000
own stk.(at cos0x5.578,920
-During the past year your company
Retires $1,500,000 of Securities.
Paid In surplus__ _50,000,000 50.000,000
.Adv. on short-term
has taken advantage of the existing market conditions to purchase $500.000
Profit & loss acc't
bldg. loans and
5% debentures and 31,000,000 preferred stock at average prices substantially
2.839,256 1,463,320
Deficit
1,706,008
mortgages
505,082 below the face or par value of these issues. The debentures and shares so
Other loans & adv. 2,227,357 2,966,454
purchased have been retired and cancelled, and the difference between the
Divs, rec, and int.
face or par value and their cost, less the unamortized discount on the bonds
649,394
579,688
accrued
surplus.
Tot.(each side)_99,693,523 100386,653 so retired, has been credited to capital
26,426
Rec.for see.sold
-For some time directors have had under
To Change Accounting Form.
desirability of changing the form in which the accounts of
shares.
consideration the
z 77,700
-(1) The corporation has loan and purchase commitments tinder company are presented in order that the results ofoperations might be pineed
Notes.
stockholders. It is felt that the presentation of the
which during the ensuing two years it may make investments which will more clearly before thewould be clarified if profits and losses resulting from
not exceed $2,200,000. (2) The corporation's securities at Dec. 31 1930 affairs of the company to be eliminated from the statement of
profit and
excess of market quotations were less than cost by approxi- sales of securities were
taken at not in
debited directly to a special account under
mately $24,467.000. The corporation's interest in various accounts with loss and were to be credited and
account, as formerly constituted, would then
others taken at not in excess of market quotations as of that date was less surplus. The profit and loss
income account in which would appear only items of curthan its share of the cost to such accounts by approximately $13,000. The be replaced by an
rent income, expenses and fixed charges.
total of these two figures Is $24,480,000.-V. 131, p.2546, 1724.
304
FINANCIAL CHRONICLE
Having in the past credited profits realized on sales of securities directly
to the statement of profit and loss, it was felt,in order that results should be
clearly comparable, that losses incurred this year should be treated in a similar manner. It is proposed, however, to adopt the new method from
Jan. 1 1931,and to set up the surplus account as if the new method had been
followed since the company's inception. Accordingly, in order that future
results may be readily capable of comparison with the past,there is appended
to the report a balance sheet of the company as of Dec. 31 1930, an income
account for 1930 and a statement ofsurplus as of Dec.31 1930 as they would
have appeared had the change in the form of presenting the accounts
been made effective for this year.
Taking securities owned at market value, the net resources of cornapny
as of Dec. 31 1930, before deducting the outstanding debentures, were
$23,186,872. This is equivalent to $3,312.41 per debenture, or, after
providing for the debentures, to $179.85 per share of outstanding preferred
stock.
On the same basis, the net asset value per share of common stodk as of
Dec. 31 1930. without giving effect to the possible exercise in the future of
$5.53.ng warrants and options set forth on the enclosed balance
the outstandi
sheet, was
The annual report contains a detailed list of the holdings as
of Dec. 31 1930.
EARNINGS YEARS ENDED DEC. 31.
x1929.
1930.
$89,601
$235.802
Interest on bonds
973.207
982,103
Dividends on stocks
525,860
28.616
Interest on deposits
287,871
8,901
Other income (incl. syndicate comm.)
1928.
$37,721
392,112
80,729
65.400
$1,255,423 $1,876,540
Total income
449,276
366,613
Interest
9,000
9,000
of discount on deb_ _- _
Amortization
127,214
118,656
Other expenses
1,125,310
78,057
Provision for taxes
$575,962
375,000
9.000
33.015
340.000
Operating income
Net loss realized on sale of securities_ _
Net loss
Preferred dividends
$165,739 df$181.053
$683,095
4,078,449prof6707,746 prof2201.028
$3,395,354 pf$6,873,485pf$2,019,975
90,000
637,000
579,000
[VOL. 132.
Armour & Co. (Ill.).
(Annual Report-Year Ended Nov. 1 1930.)
F. Edson White in his remarks to stockholders says:
Although the earnings are disappointing, the balance sheet shows are
mproved current financial position, in.spite of world-wide depression whichr
existed during the entire year. The company had to operate on a constantly declining market, not only in meat packing and produce, but also.
In many important subsidiary companies whose figures are consolidated
in our balance sheet. Wool and leather showed substantial losses and
there was a heavy decline in South American exchange.
We did a total business approximating $900,000,000 and closed the year.
with the lightest inventory since taking over the Morris assets in 1923.
Income before depreciation and interest amounted to $21,388,104, and
deducting $7,314,958. for depreciation and $9,332,113 for interest, left
net earnings of $4,741,027.
The financial structure has continued the improvement of the last seven
years. There are no bank loans, and acceptances and accounts payable are
some two million dollars under the figures for the previous year, while the
present ratio of current assets to current liabilities is 7 to 1. During the
year the company retired $10,134,900 of funded debt and $3,132,800 of
guaranteed preferred stock of subsidiary companies, all without additional
financing. These reductions in capital liabilities will increase by approximately $1,000,000 that portion of income available to stockholders in
succeeding years. Our working capital at the end of the year amounted to
$151,450,000.
We have materially reduced expenses incident to the conduct of the
business. The controllable items are well in hand and the economies which
have already been effected and the additional ones toward which we are
constantly striving indicate that we will be able to operate at lower cost
in the future than has ever been true in the past.
Keeping abreast of the times, company introduced various new products
to the market during the year. Outstanding among these are "Fixed
Flavor Star Ham" and "Fixed Flavor Star Bacon," both of which met
with noteworthy approval by the consuming public.
There were numerous manifestations during the year of a growing
understanding and good-will between livestock producers and Armour &
Co. A notable instance is the way in which the producers fought shoulder
to shoulder with company in an effort to have the consent decree modified
by the Supreme Court of the District of Columbia. There is also abundant
evidence of a new friendliness on the part of the consuming public and our
relations with employees continue to be wholly satisfactory.
df$3,974,354 56.236.485 31,929.975
Balance
CONSOLIDATED INCOME AND SURPLUS STATEMENT.
x Representing profit and loss (a) of the original General American Investors Co., Inc. from Jan. 1 1929 to Sept. 5 1929, the date of the merger, (Including Armour & Ce. of Illinois, Armour & Co. of Delaware, North
General American Investors Co., In . from the date of
American Provision Co., and their subsidiaries).
(b) of Second
organization (Oct. 15 1928) to Sept. 5 1929 and (c) of thr present company
Year Ended Year Ended Year Ended Year Ended
the merger from Sept. 5 1929 to Dec. 31 1929.
after
Nov. 1 '30. Nov. 2 '29. Oct.27 '28. Oct.29'27.
$
STATEMENT OF SURPLUS FOR YEAR ENDED DEC. 31 1930.
900,000,000 900,000.000 900,000,000 900,000,000
(approx.)
Net sales
$4,779,292 Income
-Balance, Dec. 31 1929
Capital surplus
21,388,104 29,383,210 30,592,731 20,373.663
Amount ($5 per share) credited to surplus in respect of 220
Deprec. (bidgs., mach'y,
8,554,749
8,535,823
8,639,617
7,314,958
shares of com,stock without par value subscribed to at $10
equip, and cars)
1,100 Interest charges
9,332,119 10,933,075 10,730.481 11,280,740
per share
Credit arising from reduction of cap,in respect of 1,300,220 shs. of
5.200,880
538,175
9,810,518 11,326,425
com. stock from $5 to $10 per share
Income before diva--- 4,741,027
9.168,514
9,080,105
8,991,696
8,946,287
Credit arising from repurchase of preferred stock and deben232.970 Pref, stock dividends..
tures at a discount: 'pref.stk.$169.975; debentures $62,995
2,246,320 def8,630,339
818,822
Balance, surplus----def4,205,260
$10,214,242
Total capital surplus, per balance sheet
144,684 Dr468.269 Dr1,882,642
(net)_ _ _
9,252,016 Special charges
-Balance Dec. 31 1929
47,138,668 46,788.115 46,424,438 55,054,777
Earned surplus
3.395,354 Previous surplus
1930
Net loss for year ended Dec. 31
Total surplus-------- 43,078,092 47,138,668 46,788,115 46,424,438
$5.856,663 Earns, per sh. on 2,000.579,000
$1.12
Nil$0.40
Dividends on preferred stock
000 shs. cl. A(par $25)
$5,277,663
CONDENSED BALANCE SHEET (ILLINOIS COMPANY).
Total earned surplus, per balance sheet
(Including Armour & Co. of Illinois, Armour & Co. of Delaware, North.
BALANCE SHEET DEC. 31.
American Provision Co., and their subsidiaries.'
1929.
1930.
1929.
1930.
1 1930 Nov. 2 1929
Nov.
1 1930 Nov. 2 1929
Liabilities
Assets
$
Assets-6% pref.stock--- 9.000,000 10,000,000
c Secs,owned at cost.
7% pref. stock,
Land, buildings,
131,300.220 6,500,000
7.796,581 3,248.068 Corn, stock
Delaware Co. 60,972,100 61,620,800.
Bonds
machinery and
7,000.000 7,500.000
Pref.stocks.- 3,005.697 3,770,055 25-yr.5% debs_
fixture equip_198,100,133 199,170,771 6% pref. stock.
156,250
145,833
N.A.Prov.Co 6,115,900 8,600,000
Com.stocks.---21,363.622 31,307,548 Int. accr.on debs_
Refrigerator cars
97,515 Pay,for sec. purch 201,763
97,515
7% pref. stock.
Syndicate partiesdelivery equip52,000 1,047,898
Reserve for taxes_
Illinois Co--- 59,298,400 59,298,400
Pardo,in time loan
ment,tools,dre 15,167,345 15,987,052
150,000
Pref. dive. payable 137,259
500,000
Corn. stk., cl. A 50,000.000 50.000,000
(sec)
al5,491,905 14,031,308 Franchises and
181,903 x537,303 Surplus
50,000,000 50,000,000Class B
Cash
leaseholds-2.170,052 1,959,748
12,246,600.
Divs. rec. & int.
11,902,727 10,742,163 Notes payableCash
226,217
206,552
accrued
10,685,955 10,189.419 Accept's payable 8,615,743 10,309,369
Total(ea.side)._33,328,971 39,385,456 Notes receivable
198,750
177,100
Deferred charges
Accts.receivable 41,150,584 54,840,566 Accts. payable_ 15,883,780 16,504,731
_x112,214,954 127,976,679 Morris & Co.
x Includes call loans.
b Represented Inventories_ _
9,667,900
715% notes_
a Capital surplus $10,214,242; earned surplus, $277.663. as of Dec. 31 Invest'ts.stocks.
50,000.000 50,000,000'
The aggregate market value
bonds & adv_ 19,691,114 19,877.660 lit M.414s,'39_ 60,000,000 60,000.000
by 1.300,220 no par shares. eless than the above value by $9,428,152.
securities owned was
10,307,783 11,569,695 do Del.Co.515e
Deferred charges
1930 of
do Morris 4Ks_ 13.515,000 13,982,000
-There are warrants and options outstanding providing for subNote.
179,780 shares
1,000,000.
Res,for conting. 2,000,000
scription to 679,780 shares of common stock as follows: to subscribe at
Minor. stkhold.
attached to pref. stock entitling holders
against warrants
$15 per share during 1932, 1933 and 1934;
equity in sub.
$12.50 per share during 1931. or at
20,000 shares are held in the
1,945.287
companies_ __ 1,911,610
(in addition, similar warrants to subscribe to
the preferred stock Tot.(each side).421.390.625 452,313.755 Surplus
43.078,092 47,138,668
treasury; these warrants have been detached from
to
repurchased and cancelled); 500,000 shares against options IssuedperLazard
x After deducting $4,424,497 drafts drawn against foreign consignments.
share,
shares at $10
Freres and Lehman Bros., as follows; 100,000 at $15 per share, 100,000
100,000 shares at $12.50 per share, 100,000 shares
CONSOLIDATED BALANCE SHEET (DELAWARE COMPANY).
per share.
shares at $17.50 per share, and 100,000 shares at $20
'Including North American Provision Co. and subsidiaries.)
Nov. 1 1930 Nov.2 1929'
STATEMENT OF INCOME YEAR ENDED DEC. 31 1930.
Nov. 1 1930 Nov. 2 1929
$
$
LiabilitiesAssets-.
$
(Presented in the form in which the statement of income will appear in the
7% pref. stock,
future.)
Land, buildings,
Delaware Co- 60,972,100 61,620,800.
demachinery and
Divs. on stocks, $982,103; int, on bonds, $235,802; int. on
equipment...123,099,002 123,974,541 6% Pref. stock,
$1,255,423
posits. &c., $28,616; syndicate commissions, $8,901
N.A.Prov.Co 6,115.900 8,600,000
Refrig. cars, &c. 4,976,336 5,069,580
Int. on debs., $366,613; amortization of disc, on debs., 59.000;
Common stock.y60.000,000 60,000,000.
572,326 Franchises and
taxes paid and accrued,$78,057;other expenses,$118.656---1,956,200 Morris & Co.
leaseholds...-. 2,166,933
9,667,900
7K % notes_
4,130,576 4,200,583
$683,096 Cash
Netincome for year carried to undistributed current Inc. sect_
Notes receivablex13,433,389 16,219,045 Bela. Co. 5)5s- 60,000,000 60,000,000
-(a) Net loss realized from sale of securities during the
Notes
Accts. receivable 22,886.923 31,797,490 Mor.& Co.4)4s 13,515,000 13,982,000
against a special acct. under
year. which has been charged
x62,132,708 65,695,354 Res. for conting. 1,000,000
$44,078.449 Inventories
surplus, amounts to
Accpt's. payable 7,762,615 10.222,457
Investm't stocks,
unrealized depreciation in market value of secur.
(b) Aggregate
bonds & adv._ 17,300,764 17,800,005 Accts. payable- 8,770,842 8,399,306
9,428,152
as compared with cost: as of Dec.31. 1930
5,232.370 Deferred charges 8,564,622 9,508.088 Minor. st'khold,
31 1929
equity in sub.
as of Dec.
companies_ __ 1,911.610 1,945,287
$4,195,782
Increase in this item during 1930
38.643,187 41,783,143
Tot.(each side)_258,691,254 276,220.894 Surplus
OF SURPLUS FOR YEAR ENDED DEC. 31 1930.
STATEMENT
x Packing house products at market
of surplus will appear in expenses, other products and supplies at values, less allowance for selling
(Presented in the form in which the statement
cost or market, whichever is lower
deducting $2,021,190 drafts drawn against foreign consignments).
the future.)
$4,779,292 (after owned by Armour &
31 1929
Co. (Ill.). z Including $3,315,406 due from
y All
Capital surplus-Balance, Dec. surplus in respect of220shares
per share)credited to
Armour & Co. (Ill.). V. 131. p. 4219.
Amount($5
1,100
value subscribed to at $10 per share
ofcorn stock without par
sha.
of cap. in respect of 1,300,220
Credit arising from reduction per share
Swift & Company.
5,200,880
of corn.stock from $5 to $1
of pref. stock and debs, at a
(Financial Statem.ent-Year Ended Nov. 1 1930.)
Credit arising from repurchase debs., $62,995
232,970
discount: pref. stock. $169,975;
Excerpts from address by Louis F. Swift, Pres., at the
$10,214,242
Total capital surplus
46th annual meeting of shareholders, Jan. 8, follow:
profits on securities sold: amt. transferred from earned $8,831,406
Realized
There are not many businesses that will look back upon 1930 as a satissurplus as of Jan. 1 1930
4.078,449 factory year. The depression which set in last spring has been severe in
sold during year
Deduct net loss realized from securities
most lines, causing general liquidation and falling prices. Since July
$4,752,957 1929 wholesale commodity prices have fallen 20% and are now less than 20%
Total realized profits on securities sold
above pre-war. A change in prices as drastic as this necessarily creates
as of
Undistributed current income: Balance of earned surplus
9,252,016 difficult problems. Getting readjusted to the new level of prices is one
Dec 31 1929 representing realized profits on securities sold
of the principal problems which now confront all business.
Less
-amount
Company has always been able to meet problems of this kind by getting
to separate acct.
(less taxes thereon) to that date transferred
8.831.406 Its expenses down. During the past year we did splendid work in making
above
basis of our
$420,610 new savings in expenses-and we shall keep at it. The real these wastes
683.096 profits lies in our ability to eliminate wastes and to convert
income for the year ended Dec.31 1930
into savings.
Net
11,103.706
During the year we paid out for live animals $449.627,309. We handled
579.000 the largest number of sheep and lambs in our history, but owing to the fall
--Dividends on preferred stock
Less
$524,706 In the prices of meat and such by-products as wool and hides we were
Total undistributed current income
unable to pay as much to producers as in 1929.
-V. 130, p. 3550.
Our total sales of meat, butter, eggs, cheese, poultry,and all by-products,
amounted to more than $900,000,000. This represents a decline of 10%
from the sales volume of 1929, due almost entirely to the general decline
in prices. Our tonnage volume was only slightly less than in the previous
year.
As a result of the year's decline in the prices of our working stocks of
meats, by-products, and raw materials, we were obliged to take a loss on
inventories. It is inevitable that losses of this kind will be incurred when
prices are falling, in spite of the rapid turnover of our inventories. Considering the general industrial situation and the fall in meat and by-product
prices, I think we did fairly well.
The liquidation that has been going on for more than a year has now
corrected a number of flaws in the general situation. It has reduced to a
minimum the stocks of manufactured goods in the hands of producers
and distributors. In our business, pork stocks are the lowest in years,
and stocks of other products are considerably lower than they were a year
ago.
I think the year 1931 is bound to bring about a general recovery in
business
-if only to replace the stocks of goods that are being used up.
Consumption cannot run ahead of production indefinitely.
CONSOLIDATED INCOME STATEMENT.
Fiscal Years End.- Nov. 1 '30. Nov. 2 '29.
Nov. 3'28. Nov. 5 '27.
Business done
900,000,000 1,000,000,000 970.000,000 925,000.000
Net earnings_ a
12,491,189
13,076,815 14,813,182 12,202,493
Cash dividends (8%)- 12,000,000
12,000,000 12,000,000 12.000,000
202,493
Balance, surplus..- 2,813,182
491,189
1,076,815
Profit & loss.surplus_ - 77,707,888
77,216,699 76,139.884 73,326,702
„Earnings per share_ _
$2.03
$2.08
$2.62
$2.18
a After interest, depreciation and Federal income taxes.
Assets-
305
FINANCIAL CHRONICLE
JAN. 10 1031.]
COMPARATIVE BALANCE SHEET.
Nov. 1 '30. Nov. 2 '29. Nov. 3 '28. Nor. 5 '27.
Beal estate improve'ts,
including branches_ __109,107,344
Stocks and bonds
33,546,888
-Cash
18,639,884
Accounts
57,701,784
Disc. & exp. on 10 yr.
receivable..gold notes
979,803
Live cattle, speep. hogs.
dressed beer, &c
101,764,921
108,437,098 106,567,964 108,150,791
30,613,213 27,926.909 27,578,922
10,449,477 12,902.407 19,421,946
74.191,511 75,963.248 66,817,159
127,561,146 124,236.196 115,239.516
Total assets
321,740,625 351,252,446
Liabilities
Capital stock
150,000,000 150.000,000
1st mtge.5% bonds_
_ 22,916,000 23,583,500
10-yr. 5% gold notes_ _ _ 30,000.000
31.500,000
-590 gold notes,1932_
Notes payable
9,105,766 30,377,000
Accounts payable
19,424,144 25,685,526
General reserves
12,586,827 12,889,721
Surplus
77,707,888 77,216,699
347,596.724 337.208,334
150,000.000 150,000,000
23,918,500 24,918,500
37,000,000
23.421,750
24.436,166
12,680,424
76,139,884
47,500,000
11.716,920
17,257.280
12,488,931
73.326.702
Total liabilities
321.740,625 351,252,446 347.596,724 337,208,334
-V. 131, p. 3383, 1579.
Wilson & Co., Inc.(& Subs.), Chicago.
(Annual Report
-Year Ended Nov. 1 1930.)
President Thomas E. Wilson, Chicago, Jan. 11, wrote in
brief:
The result ofoperations, without inventory adjustments,shows an operat
in&loss for the period of $193,916.
During the year there has been a great decline in the price of most commodities used in the manufacture of tires and mechanical rubber goods,
especially in rubber and cotton fabrics, which make up a large part of the
material cost of tires znd mechanical rubber goods. Prime smoked sheet
rubber, the grade princlaplly used in the manufacture of our goods, has
declined from 19.5 cents per pound in Oct. 1929. the last month of our previous fiscal year. to a low average in Sept., 1930, of 8 cents per pound.
and closed on Oct. 31 1930 at 8% cents per pound.
We have figured the replacement cost of all of our manufactured goods
and goods in the process of manufacture on the basis of 864 cents per pound
for the rubber contained therein and on the current cost of cotton fabrics
and ducks used in the tire and mechanical departments. The future rubber
contracts are also reflected in this statement at prices as low as said contracts
could be purchased for their respective delivery dates at the present time.
The net loss for the year consisting of the operating loss, the adjustment
of inventories of raw materials, manufactured goods, goods in process.
and the reserves set up on future contract, make a total net loss for the year
of $799,111, leaving us, however, a substantial surplus as shown by the
statement.
The great falling off during the year in the number of new automobiles
sold resulted in a decrease in the demand for tires for original equipment
business, and this caused a large over production of tires. The industry
reports of unit sales of tires for renewal purposes show a falling off of 18.7%.
Our unit sales showed a decrease of 15.8%.
With the great decrease in the demand for tires there came the most
severe competition in the sale of tires of any period in tne industry. Some
companies, because of financial conditions, having been forced to move
their inventories, quoted prices far below the cost of replacement and it
became necessary for our company in some instances to meet this competition and to make sales which yielded no profits.
Early in the spring season it became apparent that there would be a great
falling off in business and that there would be keen competition, and your
management adopted a plan of budgeting of the company's affairs so as to
keep the company in the strongest financial condition possible. This
necessitated operating on a low production basis and endeavoring to reduce
inventories wherever possible.
The result of this policy has been that at the close of our fiscal year we
have reduced our current liability as compared with the previous year
by over $700.000. The bank debt has been reduced by $550,000. The
ratio of current assets to current liabilities, after allowing for the drastic
mark downs for inventories, both raw materials and manufactured goods,
Is still better than 33.4 to one.
CONSOLIDATED INCOME STATEMENT.
1928.
1929.
Years Ended Oct. 311930.
a Net sales
$8,654,847 $10,586.785 $11,032,914
10,060,774 10,845,805
Cost of goods & gen. exp. and deprec_ 8,857,172
Operating income
Other income
Total income
Deduct-Interest paid
Loss of adj of inventories
Net profit
Previous surplus
Adjustments
loss$202,325
115,581
$526,011
75,536
$187.109
111.250
1°331686.744
107.171
605,196
$601,548
115,619
$298,359
132,594
loss$799,111
az/11.921,808
deb6,425
$485,930
1,448,916
deb14,044
$165.765
1.317.084
deb33,933
$1,116,272 $1.920.802 81.448.916
Surplus
Earns. per sh. on 300,000 shs. no par
$0.55
$1.61
Nil
capital stock
a After all discounts and allowances.
The result is a profit of $2,542,656. which is an increase of 10.7 over
Consolidated Balance Sheet Oct. 31.
that of the previous year. This may be considered a satisfactory showing
1929.
1930.
1929.
1930.
in view of the general business conditions that have prevailed throughout
5
$
Dtabillties$
Assetsthe world during this year.
x1,500,000 1,500,000
Capital stock
In periods of depression, as at all other times, the packing industry Plants, real estate
& equipment... _ 7,104,377 7,028,341 Notes payable- 950.000 1,500,000
comes to market; there is little change in
slaughters all live stock that
11,023 Bankers aceept's
2,756
the total tonnage of product purchased and distributed throughout the Pats. & tr. marks_
against letters of
822.554
788,714
country; the industry gives employment to practically the same number Cash
45,920
79,770
credit
439,409
296,267
Notes receivable
of people, but its results are adversely affected by the natural decline in
1,690
2,164,779
commodity prices and the consequent inventory losses on product that Accts. rec.(less res) 1,782,929 2,601,323 Mtge payable.... 169,151
348,723
Accts. payable.
1,712,953
Inventories
must be carried in this business.
138,787
32,5.59 Miscell. accruals_ _ 100,169
13,709
Every effort has been put forth to conserve the company's assets during Mdse. in transit._
1,499
332,425 Trustee of cash fds
191,708
these trying times. How successfully this has been done is reflected on Consigned mdse
72,843,125 2,798.745
Reserves
the consolidated balance sheet in the strong financial condition of the com- Notes me,due after
Capital surplus_ _ _ 5.355,384 5,355,384
35,332
Nov. 1 '31
pany. Current assets are over nine times current liabilities. Self-liquidat1,116,272 1,920,802
Surplus
ing drafts payable are only $91991 as against $2,106,954 last year, and Real est, not used
19,770
39,927
for mfg. purposes
there is no bank indebtedness. In the year just closed the company called
and paid $2,500,000 gold notes which were to become due on March 1 1931. Loans & exps. adv.
22,475
14,998
to employees_
In the last five years it has paid $6,750,000 on its long-term obligations,
1,499
Trustee of cash fds
reducing them 25%.
31,184
33,967
The plants and delivery equipment are being kept in good physical Investments
99.734
Total(each s1de)12,115,561 13,609,861
increased by expenditures Deferred charges... 100,704
.condition. The property investment has been
x Represented by 300.000 shares of no par value. y Including reserve
for major rebuilding and replacement work. These expenditures will give
us a good return on the investment by increased efficiency and lower oper- for depreciation of plant and equipment, $2,696.291. V. 131, p. 4253.
ating costs.
Manati Sugar Company.
CONSOLIDATED INCOME ACCOUNT FOR STATED PERIODS.
Nov.1 1930. Nov.2 1929. Oct. 27 '28. Oct. 29 '27.
(Annual Report-Fiscal Year Ended Oct. 31 1930.)
12 Months Ended$'
Sales (approximate)_ _ _ _270,000,000 310,000,000 295,000,000 285,000,000
STATISTICS FOR YEARS ENDED OCT.31.
Gross earnings
5,951,741
5.839,367
5,838,273
3,707,669
1927-28.
1926-27.
1929-30.
Depreciation
1,707,466
1,567,546
1,717,011
1928-29.
1,550,535
xInterest, &c
1,701,619
1,967,229
1,913,385
2,009.737 Output of raw sugar (in
95.102
96,116
tons,2,240 lbs.)
89,431
108,596
Net profit
2,542,656
1.765 cts. 2.182 cts. 2.641 cts. 3.043 cts.
2,304,592
2,207,877
147,397 Receipts per pound
Preferred dividends.... 2,000,212
2,000,054
Cost of produc. (per lb.) 1.446 cts. 1.675 cts. 2.080 cts. 2.256 cts.
Surplus
Previous surplus
Burp. prov. in organiza_
,
542,444
4,830,131
9,756.588
304,538
4,525,593
9.756,588
2,207,877
2,317,717
9,756,588
147,397
2,170,320
9,756,588
INCOME ACCOUNT FOR THE YEARSENDED OCT.31.
1926-27.
1927-28.
1929-30.
1928-29.
655.475
Production (bags)
662,462
616,384
746,234
Sugar sales (f.o.b. basis) $3,252,577 $4,926,386 $5,437,538 $6,229,368
276.452
Molassessales _____ _ _ _
265.866
276,483
390,024
31,638
29,795
Miscellaneous income...
22,655
25,089
Total surplus
15,129.163 14,586.719 14,282,182 12,074,304
Earns. per sla.on pf. stk_
$8.88
$8.06
$7.71
$0.52
Earns. per sh. on class A
$1.52
$0.85
Nil
$0.54
Totalincome
x Includes minority shareholders' portion of earnings, $93,665 in 1930,
$3,551.715 85,341,501 $5,733.201 86.537.458
4,847,621
Oper.exp.,f.o.b. basis.- 2,910,739
4,098,893 4,514,307
$112,757 in 1929, $138,036 in 1927 and $140,380 In 1927.
CONSOLIDATED COMPARATIVEBALANCE SHEET.
Profit from operations $640.976 $1,242,608 $1,218,893 81.689,836
43,242
Nov. 1 '30. Nov. 2 '29.
43,072
Nov. 1 '30. Nov. 2'29. Acct. previous fiscal yrs
Assets$
201,797
194,991
$
LiabilitiesS
Tunas RR. profit
219,228
$
237,965
Preferred stock. _28,602,600 28,602,600 Interest earned
Plant and equip.
138.305
86,833
75,533
(less reserves)_ _51,761,093 50,838,144 Class A stock _ _..a17,876.650 17,876,650
280,129 Common stock_b2,739,055 2,739,055
Other Investments 297,256
Totalincome
$954,474 $1,548,669 81,602.067 81.928,070
455,410 5-yr. 6% notesDeferred Charges... 485,045
2,500,000
Deductions
.. 4,294,493 4,229,309 lot M.6% bonds_20,140,000 20,727,000 Interest, other income &
Cash
Bds. of sub. cos__ 1,597,000 1,859,000
Accounts & notes
$694,027
$570,160
charges(net)
$646,344
8622.348
12,631,557 14,854,426 Minority stock int.
receivable
20,000
Inc. domes. & for,taxes
22,820,726 27,391,319
not contrac. for.. 291,292
64,251
Inventories
294,153 Liget. & exp.on
69,463
28.436
34,333
Agreem'ts for min.
Adjust, of mat'ls & supp
3,926
17,410
bonds_.
stock interest__ 585,400
644,000 Accts.rec. uncollectible_
1,031
Drafts payable...
91,992 2,106,954 Loss on dismantled prop
5,076
Accounts payable. 3,901,790 4,737,415 Depreciation reserve_ _ _ _
480,000
473,599
458,408
437,132
Accrued Interest- 142,409
179,579 Other reserves
504.686
401,924
Obliga. due Within
Loss on surr. of cap.stk.
.
192,820
one year
195,613
& notes of Cane HarConting. reserve 1,000,000 1,000,000
vestor Corp
17,713
15,129,163 14.582.719 Adjust. in val. of prop.
TotaReach side)92,290,171 98.048.738 Surplus
retired In work cap.
Liabilities.-Seltaquidating drafts on customers, of $246.123.
Contingent
assets
53,619
47,458
a Represented by 357,533 shares no par value. b Represented by
534,983 shares of no par value, including 100,000 shares provided pursuant
Surplus for year
$343,116 def$143.498
def$186,798
$369,112
-V.131, p.4068. Earns. per sh.on 100,000
to reorganization plan for issue as directors shall approve.
abs. (par $100) com.
3891.
stock outstanding_ _ _ _
Nil
$0.98
$0.72
$.3.30
Lee Rubber & Tire Corporation.
Consolidated Surplus Account.
-Balance Nov. 1 1929, $725,096; add:
Additional income prior years $51,575 excess of par value over purchase
Annual Report-Fiscal Year Ended Oct. 31 1930.)
(15th
price of first mtge. bonds repurchased and retired $64,331: total
President John J. Watson in his remarks to stockholders deduct: net loss for year ended Oct. 31 1930. $186,797: Colonoe$841,002;
account
s
written off $9,223; balance surplus Oct. 31 1930, 044.982.
says in part:
306
FINANCIAL CHRONICLE
[VOL. 132.
CONSOLIDATED BALANCE SHEET OCT.31.
ALGOMA CENTRAL TERMINALS,LTD., BAL. SHEET JUNE 30.
1930.
1929.
1930.
1929.
AssetsLiabilities1930.
1929
1930.
1929.
Assets
Property, invest.in
Capital stock
$100,000 $100,000
Property & plant_ _16,759,732 17,145,366 7% pref.stock
3,600,000 3,500,000
affil. cos., bond
1st M.5% 50
-year
Investments
46,470
discounts,&c.. _34,561,987 $4,228,807
80,916 Common stock
10,000,000 10,000,000
gold bonds
4,992,713 4,992,713
Balance pending on
First mtge. bonds_ 5,501,000 5,754,500 Invest, at cost____ 632,131 1,122,754 Accrued int, on let
sugar contracts_ 330,597
84,836 Purchase money
Accr. rent of prop_ 1,764,092 1,714,165
M. bonds
1,764,092 1,714,165
Notes receivable
99,176
93,562
mtgs. on Cuban
D'tors & debt. bal.
79,076
80,570 Creditors' & credit
Materials & supp- 489,407
319,187 Cash int.& cilvssec
590,642 lands
305,938
40,298
27,937
balances
220.780
366,854
Cos.colones,grow1,400,000 1,400,000
Notes payable_
ing cane,&c____ 283,541
Total
345,894 Drafts outst'd'g._
17,959
77,954
$7,077,585 $7,173,732
Total_
$7,077,585 $7,173,732
Adv. to Colonos-- 2,672,007 2,412,306 Accts. payable &
Note.
-The interest on the 1st mtge. bonds is payable as set forth in the
Accts.receivable.,
421,277 scheme of arrangement.
72,058
98,582
accrued charges_ 458,366
-V. 132, p. 122.
Sugar on hand_ ___ 1,833,111 1,382,654 Unpresented coup.
Molasses unliquid _
21,808
28,621
26,084 on 1st M. bonds
3,006
International Shoe Co.
678,871
55
389,010 Common div. scrip
55
Depos.for bond int
(Annual Report--Year Ended Nov. 30 1930.)
3,006
21,808 Accrued int. on
Sinking fund
40
35,700
247
mtge.bonds__ _ 240,669
W. H. Moulton, President,and Frank C. Rand, Chairman
Special deposit_ _ _
623
928 Adv.ag'st molasses
25,427
Deferred charges
482,741 Advances against
427,206
of the Board,state in part:
900,000
1.627,124
sugars
The company's net sales to customers for the fiscal year ended Nov. 30
Tot.(each side)_23,724,526 23,155,579 Surplus
725,096 1930, were $102,393,618, a decrease in volume of 22.5% from last year.
644,982
-V.132, p. 140.
Our factories produced 44,186,522 pairs of shoes, a decrease of 19.3% from
last year. Subsidiary plants (textile mill, tanneries of sole leather and upper
leather, factories making all leather counters, heels and soles, rubber heels
and soles, welting, box toes, cartons and
cement,&c.)
Algoma Central & Hudson Bay Ry.-Algoma Central produced during 1930 shoe materials containers, chemicals,
and shoe supplies amounting to
$57,087,396. which, combined with our sales, made an aggregate of $159,Terminals, Ltd.
481,014 business transacted.
The year 1930 has been one in which there have been a good many in(Reportfor Fiscal Year Ended June 30 1930.)
dustrial cross-currents-advancing and declining commodity prices, tariff
legislation, drouth, unemployment and other things to disturb the orderly
processes of business. A decrease in volume of sales tends to reduce earnings
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
in much greater percentage; for it is the last 20%, to 25% of volume from
[Including Algoma Cent. & Hud. Bay Ry. and Algoma Cent. Terminals, Ltd.] which earnings usually come in largest degree. It is gratifying, therefore,
to note that the company's rate of earnings to volume was approximately
1930.
1929.
1928.
1927.
Railway receipts
,
$1,767,896 $1.861,775 $1,764,094 $1,762,560 maintained-sales decrease being 22.5%, net, income decrease 24.4%.
Steamship receipts
269,207
383,832
366,113
459,249 This, we believe, is only another evidence of the soundness of the principles
controlling the company's operations.
During the year we purchased the block of ground located in St. Louis on
Gross revenue
$2,037,103 $2,245,607 $2,130,207 $2,221,809
Railway working exps
1,618,937
1,715,924
1.705,860
1,619,404 Morgan St. (immediately north of the Roberts, Johnson & Rand building).
has been erected. a
Steamship working exp_
239.938
297,066
319.075
372,716 between 15th and 16th Streets. On this ground there block, with a floor
-story warehouse covering about two-thirds of the
General management__ _
111,702
87,573
83,269
80,413 10
space of 620,000 square feet. Within a few months this neweyullding will
Taxes
42,154
43,975
36,610
35,879
be used as a central warehouse and shipping department for the three St.
Net profit
$24,372
$101,069 loss$14,605
$113,397 Louis branches. The Roberts, Johnson & Rand building will be converted
into gales rooms and executive offices of the International Shoe Co. By
Other incomeInt. A. E. T. bonds.._ _
45,000
45,000
45,000
45.000 these changes, it is felt that substantial economies will be effected and
Int. on inv.& dep_ _ _ _
59,542
74,698
64,203
63,562 shipments to our customers will be made more quickly and easily.
Amt, written back being
On Dec. 13 the International Shoe Co. made a general reduction in its
shoe prices, ranging downward from 5 to 35 cents per pair. We are deterin excess of tax and
mined that we shall begin next season with the best values and prices that
bond requirements__ _
1,206
1,087
1,020
1,036
to-day's market will warrant. In this way, we intend to displace uncertainty
Premium on bonds sold_
9,582
Miscellaneous
12
20
13
267 with assurance.
Our cash reserve, low inventory values and liquid condition place the
Gross income
$130,132
$221,874
$105,214
$223,263 company in the strongest financial position it has ever known. With flexible
responsive production and well balanced merchandise stocks, the great
Miscellaneous expenses12,862
3,682
2,653
2,613
strength of the International Shoe Co. will be concentrated on distribution
Joint net
$117.270
$218,192
$102,561
$220,650 and service to its customers.
We are approaching next year with confidence in our ability to render
Int. on A. O. & H. B.
Ry. bonds (5%)
504,000
504,000
504,000
504,000 helpful service to our customers and with determination to do business in
Rent A. C. T•wminal
249,635
249,635
249,636
249,636 increasing volume. Such a position is not predicated on idle optimism, but
rests on a careful analysis of our organiztion as to men, equipment and
-it is an expression of confidence and an biding faith
Net deficit
$636,365
$535,443
$651,075
$532,984 merchandise values
In the principles that have, year after year, been proven to be sound in the
ALGOMA CENT. & HUD. BAY BY. CO. BALANCE SHEET JUNE 30. experience of our company.
The income account for 1930 was given in V. 132, p. 138.
1930.
1929.
1929.
1930.
Liabilities
Assets-3
BALANCE SHEET NOV. 30.
Prop., Invest. in
Preferred stock__ 5,000,000 5,000,000
1929.
1930.
1930.
1929.
MM. cos., bond
Common stock__ 5,000,000 5,000,000
Assets
discounts, &c_ _23,822,330 23,575,743 1st M.5% bonds_10,080,000 10,080,000 Physical prop- _z28,270,706
27,692,221 Preferred cumuInvestments
380,004
31,898 2a M.6% bonds__ 318,800
318,800 Inv. in stocks &
lative stock_ 10,000,000 al0,000,000
Mans & suppliee_ 332,207
385,132 Equip. °U. obilg-- 320,000
bds.of oth.cos.
417,359
300,126 Con. stk.equIty 75,200,000 a75,200,000
Debtors' and debit
Creditors & credit
Cash
21,839,719 18,963,673 Accounts pay_
1,496,611 2,927,806
balances
440,177
616,066
balances
1,626,614 1,630,060 Co.'s own corm
Officers'and em278,475
Cash
293,758 Accr. rent Algoma
stock
5,590,385
ployees' Wee
Demand loan
200,000
357,173
Cent. Ter. Ltd_ 1,764,092 1,714,164 Accts. rec.&adv. 15,884,486 20,928,284
259,641
473,085
depree.,
Profit & loss debit
Acv.int.Ist M.bds 7,803,600 7,299.600 Empl. notes rec. 5,240,692 5,601,886 Reserve for&c
taxes 1,700,000 2,175,000
10,978.727 10.342,361 Govt. grants in aid
balance
Inventories
26,259,296 28,984,526 Pfd. stk.div. res.
50,000
50,000
of construction_
Broker's call in. 6,500,000 8,500,000 Insurance res._
417,189
389,914
Cash grant
1,659,722 1,659,722 Def. digs., &c
472,032
402,218 Surplus
21,151,235 20,157,131
Land grant (after expenses). 1,391.087 1,405,794
Total
110,274,676 111,372,936
Total
110,274,878 111,372,938
Total(each sine) 36,481,921 35,602,131 Depreciation
1,518,007 1,493,991
a Represented by 3,760,000 shares no par value. x Physical properties
of Algoma Central Terminals, Ltd., and the interest at tanneries, shoe factories, supply departments and sales branches after
Note.
-The rental
on the 1st mtge. bonds are payable as set forth in the scheme ofarrangement. depreciation of 515,327,854.-V. 132, p. 138,
twat Corporate anb 3nbe5tinent jaetufS.
STEAM RAILROADS.
Southern Lines Get Port Haul Rate Cut.
-Railroads serving South America
and Gulf ports and their connecting lines were authorized by the I.
-S. C.
Commission Jan. 7 to establish lower rates on import and export shipments
between trunk line districts than on similar shipments between intermediate origin and destination points. N. Y."Times," Jan. 7, p. 48.
Eastern Railroads May Reduce Fares to Meet Bus Lines.
-G. J. McGuire,
Secretary of the Western Passenger Association said Jan.3 Eastern railroads
,probably would follow trans-Mississippi lines if their experiment with day
coach rates of 2 cents a mile is successful. N.Y."Evening.Post." Jan. 3.
Surplus Freight Cars -Class I railroads on Dec. 23 had 649,314 surplus
freight cars in good repair and immediately available for service, the car
service division of tne American Railway Association announced. This
was an increase of 32,383 cars compared with Dec. 15 at which time there
were 616,931 surplus freight cars. Surplus coal cars on Dec. 23 totaled
231,144, an increase of 11,253 within a week, while surplus box cars totaled
347,780. an increase of 18,277 cars for the same period. Reports also
29,597 surplus stock cars, an increase of 1,021 cars above the number
reported on Dec. 15. while surplus refrigerator cars totaled 14,598, an
increase of 1,150 for the same period.
-Class I railroads of this country on Dec.
Locomotives in Need of Repairs.
15 1930 had 5,335 locomotives in need of classified repairs, or 9.6% of the
number on line, according to reports just filed by the carriers with the car
service division of the American Railway Association. This was an increase
of 233 locomotives above the number in need of such repair on Dec. 1,
at which thne there were 5,102, or 9.2%. Class I railroads on Dec. 15
had 8,704 serviceable locomotives in storage compared with 8,462 on Dec. 1.
Freight Cars in Need of Repairs.
-Class I railroads on Dec. 15 had 151,830
freight cars in need of repairs ,or 6.8% of the number on line, according to
the car service division of the American Railway Association. This was a
decrease of 4.053 cars below the number in need of repair on Dec. 1, at
which time there were 155,883, or 7%. Freight cars in need of heavy
repairs on Dec. 15 totaled 112,737, or 5.1%, a decrease of 307 compared
with the number on Dec. 1, while freight cars in need of light repairs
totaled 39,093,or 1.7%, a decrease of 3,746 compared witn Dec. 1.
Matters Covered in the "Chronicle" of Jan. 3.-(a) Plans announced for
four system railroad merger-President Hoover makes public statement
following conference ofrailway executives
-New England lines not included.
P• 67. (b) Senator Couzens criticizes President Hoover's action-Call
action unethical, p. 24. (c) Senator Foss replies to Senator CouzensUpholds President Hoover's stand, p. 25.
el) Senator McKellar also
Criticizes President Hoover's action, p. 25. e) Growth of pipe lines
possible demand of 15,000.000 or more tons of steel pipe for transmission
of oil in next five years, p. 25. (f) "Railway Age" criticizes Secretary
Hurley on subsidies to railways and waterways,13. 66. (it) Slason Thompson
draws attention to action of railroad employees in protesting against Federal
and State Governments subsidizing unreeuiated transportation agencies
paying little taxes set up in competition with railroads, p. 66. (h) Cut in
railway fare in Texas meets motor bus competition, p. 67. (I) Tobacco
prices reduced in Tennessee, p. 74.
Alaska Government Roads.
-Government Asks Higher
Rates.
A committee of the Senate has recommended increased transportation
rates for the Government
-owned Alaskan RR., in a report to the Senate
submitted by the Chairman. Senator Howell.
It is pointed out that on the White Pass RR., which is privately owned,
freight rates are about 420% higher than in the Pacific Mountain states,
while on another private line. the Copper River RR.rates are 251%
Higher rates are allowed by I.-S. C. Commission because of specialhigher.
conditions. On the Government line they are only about 30% above the rate
in the Pacific Mountain states.
The committee recommends raising the charges for freight handling to
bring them to a level about 95% above the states, or about enough to
bring in 50% additional freight revenue.
Cost of the railroad to the Government in 1930 was $1,213,000 in excess
of income and $8,100,000 for the last seven years. This does not include
depreciation or interest on investment around 570,000,000.-V. 127, P.405..
Atchison Topeka & Santa Fe Ry.-1931 Budget.
-
The directors have declared the regular quarterly dividend of $2.50 per
share on the common stock, payable March 2 to holders of record Jan. 30.
The directors also approved a capital improvement budget for 1931 of
$13,800,000. In addition the road had a carryover of about $21,500,000 at
the close of 1930, comparing with a carryover of $23,850,000 at the end of
1929. The principal expenditures will be for
of rail and
track material, $1,400,000; bridges, trestlesincreased weight$1,000,000;
and culverts,
elimination of grade crossings, $730,000; additional yard tracks, $2,100,000;
signals and interlocking plant, $1,200,000; station and office buildings,
$925,000; and water station and equipment, $800,000. In addition, the
company has already ordered $6,000,000 of equipment for 1931. The total
cost in connection with the capital work just approved is estimated at $21,000,000, the difference between this amount and the capital budget being
chargeable to operating expense.
For the year 1930 the directors had approved a capital improvement
budget totaling approximately $61,000,000. Of this amount. $17.500,000
was for construction of new lines, $18,700,000 for new equipment and $25,000,000 for capital additions and betterments -V. 131, p. 3525.
Chicago & Alton RR.
-Sale Confirmed.-
Sale of the road at
ile auction to the Baltimore & Ohio for 523.000,000.
and assumption of obligations, bringing the total cost to about $75,000,000,
was confirmed Jan. 8 y Federal Judge George A. Carpenter, who denied
to protesting stockholders the right to enter an intervening petition.
New Alton Railroad Organized.
-
The Alton RR. Co. was organized Jan. 7 under the laws of Illinois
by agents of the B.& 0. with an authorized capital of $25,000,00.--250,000.'
JAN. 10
1931.]
FINANCIAL CHRONICLE
shares of $100 par stock. Douglas M. Moffatt and Colin C. Ives, agents
for the B. & 0., will deed their bid on the Chicago & Alton RR. Co. to
the Alton RR. Co.
Officers of the Alton RR. Co. are: Harry A. Wheeler, Chairman of
the Board, Chicago; John P. Olsen,President, Chicago; Charles R. Holden,
Chicago, and Robertson Griswold, Baltimore, and Douglas M. Moffatt,
New York, Vice-Presidents; H. H. Hall, Secretary, Chicago, and James
Williams, Treasurer, Chicago.
Exchange Drops Bond Certificates.
The certificates of deposit for 33i% first lien gold bonds, due in 1950.
have been stricken from the list of the New York Stock Exchange.—
V. 131, P. 3872, 3706.
307
Indianapolis Union Ry.—Proposed Sale of $1,000,000 of
43/2% Refunding and Impt. Mtge. Gold Bonds.—
The company requests bids for the purchase by the bidder of $1,000.000.
% ref. and improv. mtge. gold bonds, of series A, to be dated July 1
1930, to be due July 1 1980, to be issued under proposed ref. and improve.
mtge. to be dated July 1 1930, which bonds are to be jointly and severally
unconditionally guaranteed by indorsement, as to payment of principal
and interest thereof, by the Pennsylvania RR. and the New York Central
Railroad.
Bids must be submitted at the office of the treasurer, 202 Union Station,
Indianapolis, Ind., on or before noon on Jan. 22.—V. 131, p. 3526.
Lehigh Valley RR.—New Directors.—
Chicago & Burlington & Quincy RR.—Northern
Pacific—Great Northern Unification to Be Withdrawn.—See
;
Northern Pacific Ry.—V. 131, p. 4049
Chicago Great Western RR.—Note Application.—
Thos. H. McInnerney, President of the National Dairy Products Co.,
has been elected a director to succeed the late S. Brickerhoff Thorne.
A. C. Dorrance, President of the Campbell Soup Co., has been elected a
director in place of E. B. Coxe. deceased.—V. 131. p. 3872.
-S. C. Commission for authority to issue
The company has asked the I.
four 5 % short term notes aggregating $3,681,603, incident to consolidation of unmatured rental payments for equipment. The notes will be
payable to Pullman Car & Manufacturing Corp. and mature quarterly
beginning Feb. 15 1931, and ending Feb. 15 1941.—V. 131, P. 3201.
The company on Jan. 7 announced that it had placed orders for 50,750
tons of steel rails and 10,000 tons of rail accessories with the Tennessee
Coal, Iron & RR. Co., a subsidiary of the United States Steel Corp.—
V. 131, p. 1889.
• Chicago Milwaukee St. Paul & Pacific RR.—Passenger
Rate Cut on Branch Lines.—
The company will spend approximately $10,000,000 for additions, improvements and new equipment.
Twenty-eight hundred shopmen of Roanoke. Va., and vicinity, who
were laid off on Dec. 18. returned to work on Jan. 5. A number of maintenance of way employees will return to their jobs on Jan. 12.—V. 131,
P. 3526.
A plan to initiate on certain branch lines passenger fare rates of 2c. a
mile has been announced by H. E. Pierpont, Vice-President in charge of
traffic. The new rate will apply on four divisions of the road in Wisconsin.
Minnesota and Iowa, and will be extended to the main lines if the measure
is deemed successful, Mr. Pierpont said.
The rate became effective on me divisions Jan. 1.—V. 131. p. 4212.
Louisville & Nashville RR.—Orders Rails.—
Norfolk & Western Ry.—Expenditures Authorized.—
Northern Pacific Ry.—To Withdraw Unification Plan
of Northern Pacific-Great Northern Roads.—The following
Chicago Milwaukee& St.Paul Ry.—Commerce Commis- statement is made public by Charles Donnelly, Pres. of
sion Denied Control Over Funds in Railroad Reorganization.— the Northern Pacific Ry. and Ralph Budd, Pres. of the
Through a decision of the U. S. Supreme Court. Jan. 5,$3,500,000 of the
$9,500,000 raised for reorganization of the old St. Paul railroad was removed Great Northern Ry., in connectiion with circular letter
from control of the I. C.Commission and is available to the reorganization dated Jan. 9, of the deposit committee addressed to the
-S.
managers for their own and other fees. The Court upheld a decision of the
stock of
Federal District Court at Chicago in favor of the railroad against the Com- holders of stock and certificates of deposit for
mission.
Northern Pacific Ry. and Great Northern Ry., announcing
The Chicago Milwaukee Rs St. Paul went into the hands of receivers in
the application for unification
1925, and was reorganized as the Chicago Milwaukee St. Paul & Pacific. the intention to withdraw
In approving the plans for reorganization, the Commission attached a of Northern Pacific Ry. and Great Northern Ry., which has
condition January 1928, requiring impounding "in a separate fund the been pending before the I.-S- C. Commission since JulyL5
money received from the payment,by holders of preferred and common stock
In an amount equal to $4 a share, the $9,500.000 total to cover reorganiza- 1927.
'
tion expenditures under direction of the Federal Court or the Commission.
On the $4 a share, $1.50 a share was set aside in the reorganization
to meet the expenses of the managers, Kuhn, Loeb & Co., and the National
City Co. In the action, the District Court held that this portion of the
money was not properly subject to the order of the Commission.
Associate Justice Sutherland wrote the Supreme Court opinion. Associate Justice Stone, dissenting, asserted the right of the Commission to
established conditions for the entire fund. Associate Justices Holmes
and Brandies joined in the dissent.
Under the decision, Kuhn, Loeb & Co. and the National City Co. are
to divide $1,000,000 between them as their fees in the reorganization. The
remainder of the assessment was distributed for counsel fees and other
expenses. Had the Supreme Court upheld the Commission, the railroad
would have had to reissue securities issued after completion of the organization—V. 127, p. 1386.
Cleveland Cincinnati Chicago & St. Louis Ry.—
Bonds Sold.—J. P. Morgan & Co., First National Bank,
the National City Co. and Guaranty Co.of New York have
sold at 100 and mt. (from Jan. 1) an additional issue of
$5,000,000 ref. & impt. mtge. 43% gold bonds, series E.
Dated July 1 1927; due July 1 1977.
Data from Letter of Albert H. Harris. Chairman of Exec. Committee.
Properly.—Company's lines consist of 2,697 miles of railroad, of which
1,697 are owned, 874 are held under lease or contract and 126 miles are
trackage rights over other railroads. Company's line from Cleveland to
St. Louis is the main line of the New York Central System between those
cities. Other lines give access to large traffic centers of the Middle West
and comprise an important part of the New York Central System.
Lease.—As one of the steps towards the unification of its system, the
New York Central RR., which owns over 98% of the common stock and
over 85% of the 5% preferred stock, has leased the company's properties
for a term of 99 years from Feb. 1 1930.
Under the provisions of the lease, the New York Central is obligated to
the company to pay the pnincipal and interest of the company's obligations (including bonds of this issue), maturing within the term of the
lease, and is also obligated to pay dividends at the rate of 5% on the company's preferred stock and 10% on the company's common stock not
owned by the New York Central. This lease and the assumption thereunder by the New York Central RR. of liability in respect of the company's obligations now outstanding and these series E bonds have been
authorized by the I.-S. C. Commission.
Legal Investments.—An opinion, dated April 24 1930, of the then Attorney General of the State of New York, states that the bonds of The Cleveland Cincinnati Chicago and St. Louis Ry. are ,by virtue of the obligation
of the New York Central under the terms of the lease, legal investments
for savings banks in the State of New York. This opinion was based on
information furnished by the company to the effect that the financial
record of the New York Central satisfied, as It now satisfies, the requirements of law regulating such investment.
Security.—Bonds are secured under the company's refunding and improvement mortgage. The mortgage covers as a direct lien 1,697 miles of
railroad owned and the company's interest in 328 miles of railroad held
under lease or contract, a total of 2,025 miles of railroad, exclusive of
trackage rights. After giving effect to the issuance of these series E
bonds, there will be outstanding in the hands of the public, 865,052,600
refunding and improvement mortgage bonds and not exceeding Fes. 5,661,000 of the company:s 20
-year European loan of 1010 bonds equally secured
under the mortgage.
Debt secured by prior liens upon the mileage owned in fee is outstanding in hands of the public to an aggregate amount of less than $69,500,000.
Upon the issuance of these series E bonds, the total debt secured by mortgage upon the owned mileage and outstanding in the hands of the public
will be equivalent to less than $79,300 per mile of road. *
In each of the five fiscal years prior to the above-mentioned lease, the
company's income applicable to fixed 'charges amounted to more than
twice its fixed charges.
Purpose of Issue.—Bonds are to be issued to the New York Central
RR. in accordance with the terms of the above-mentioned lease, and are
to be sold by it to reimburse it for the payment of $5,000,000 of com0
pany's 20-year 4%.7' gold debentures of 1911, which matured on Jan. 1
1931.—V. 131, p. 3872.
Connecting Railway.—Bonds Authorized.—
-S. C. Commission Dec. 30 authorized the company to issue
The I.
$2,032,000 of first mortgage 4i% gold bonds, to be delivered, at par, to
the Pennsylvania RR. in satisfaction of a like amount of indebtedness to
that company for advances for capital purposes.—V. 119, p. 2874.
Detroit, Toledo & Ironton RR.—Abandonment of Part
of Branch Dine.—
Coramission Dec. 22 issued a certificate authorizing the
The L-S. C.
company to abandon that part of its branch line of railroad extending from
Port William westerly to Kingman, approximately 9.43 miles, all in
•
Clinton County, Ohio.—V. 131, p. 781.
Great Northern Ry.—Unification Plan to Be Withdrawn.
—See Northern Pacific Ry. below.—V. 131, p. 3872.
Gulf Colorado 8c Santa Fe Ry.—To Increase Stock.— of
stockholders will be held Feb. 23, for the purpose
A meeting of the
increasing the authorized capital stock from $10,000,000 to $20,000,000
.—V. 129, p. 627.
(par $100)
The Commission in its final consolidation plan Dec. 9 1929, placed the
Northern Pacific and the Great Northern in the same system and made
the Burlington the nucleus of a separate system. At that time there was
pending an application for the unification of Great Northern and Northern
Pacific, and on Feb. 11 1930, the Commission decided that such unification would be in the public interest and authorized it, but only on the carrying out of certain conditions. One of these was that the northern lines
should relinquish their control of the Burlington. The Commission indicated that the question of allowing the unified northern lines access from
Twin Cities to Chicago (presumably via.the Burlington) would, if such access were applied for, be considered in connection with the plan to be submitted for the segregation of the Burlington system.
The applicants spent much time and study on possible ways of making
an effective and acceptable segregation of the Burlington, with full protection of the stockholders of the northern lines, and of vesting in the unified
northern lines control and operation of the Burlington between Twin Cities
and Chicago. Until recently we had hoped that a satisfactory plan of doing
this could be worked out; but it has become apparent that under present
conditions a segregation of the Burlington could not be carried out so &sit°
promote the welfare of the carriers involved or appeal to their stockholders
as being in their interest or in the public interest. A motion therefore will.
be made to dismiss the applications.
• The rail situation in the northwest needs relief. The rail carriers have
already made virtually all progress practicable in the direction of increased
economy and efficiency. The only way to obtain still further substantial
economy and efficiency is through railroad combinations which would not
Interfere with the preservation of ample rail competition. There is much
greater intensity of transcontinental rail competition in the northern tier
of States between the Great Lakes and the Pacific Coast than there is either
in the central or the southern zone of the Western States. The unification
of the two northern lines would still leave ample rail competition—more,in
fact, than exists in either the central or southwestern zone.
That the public interest would not be impaired by such elimination of
Incidental competition as would arise from this unification is strongly emphasized by the rapid development of additional forms of competition, by
automobiles,auto buse •,auto trucks,and pipe lines for natural gas and even
for gasoline, which,on the one hand give the public the benefit of controlling
forms of competition not known until recently and, on the other hand,
operate to reduce railroad traffic very largely and hence accentuate the
urgent need for further reduction in railroad transportation costs.
The plan pr ,
I by us met fully the condition of preserving ample comt)
petition; the plan as modified by the Commission also met it; and were it
not impracticable at this time to carry through the plan of assuring an independent Burlington system, we should have submitted to the Commission
reasons more convincing than ever why the unification of the northern lines
should be authorized. We should have submitted also convincing evidence
that, in general, our present employees would not have suffered substantial
loss from this unification. The difficulty to which we have already re[erred, of effecting the segregation of the Burlington under present conditions,seems t3 us, however, to be insurmountable.
We have been reluctant to withdraw our application because it cannot be
too strongly emphasized that the problem is one of deep concern not merely
to the transportation industry, but to all business and agricultural interests
as well of the Northwest.—V. 130, p. 3706.
Northern Pacific Terminal Co.—Tenders.—
The City Bank Farmers Trust Co., as trustee, has issued a notice to
holders of the 1st mtge. 6% gold bonds, due Jan. 1 1933, requesting offers
for the sale to the sinking fund of bonds to the extent of $125,067, at a price
not exceeding 110. Offers of bonds musi be presented before Jan. 19 1931.
—V.131,p.782.
Paterson & Hudson River RR.—Extra Dividend.—
The company recently announced its semi-ann. distribution of $1.75 a
share on the $50 par value shares with an extra of 25c., both payable Jan.2
to holders of record Dec. 26.
Pennsylvania RR.—Places Large Rail Order.—
Orders for 200,000 tons of steel rail for use on the Pennsylvania RR. this
year were announced on Jan. 7 by President W. W. Atterbury. This-
large contract was divided among four of the large American steel manufacturers on the following basis: United States Steel Corp. 100.000 tons,
divided between Carnegie Steel 60,000 tons, and Illinois Steel Co. 40.000:
Bethlehem Steel Co. 88,000 tons. and Inland Steel Co. 12,000 tons.
At current prices for steel rail, the order for the rails themselves will
total $8,500,000, while additional expenditures for attachments including
frogs and switches, tie plates, joint bars, bolts and spikes will raise the
total cost of rail and rail laying material, exclusive of ties, to more than
$15.000 000
"The'Pennsylvania's rail laying program for,
1931 will insure the maintenance of our track in the very best condition, said General Atterbury in
making the rail order announcement. "Our track and road-bed are now in
excellent shape. The rail order which we have just placed will insure a
continuance of that condition. We are making some experiments with
certain modification in the design of our present rail which we expect to
result in still greater safety and speed under heavy loads. Our rail improvement program will go forward vigorously, with rail renewals over the entire
system and heavier rail replacing present rail in our main tracks.'
Approximately 15% of the 200,000 ton rail order is for immediate
delivery, the remainder to be available for use as needed during the year.
New Vice-President, &c.
J. F. Deasy, Assistant Vice-President of operation, Philadelphia, was
promoted by the board of directors on Jan. 7 to Vice-President of the
railroad's Central Region, with headquarters at Pittsburgh. He succeeds
308
FINANCIAL CHRONICLE
E. W. Smith, who was recently confirmed as one of the receivers of the
Seaboard Air Line.
12. F. W. Hankins, chief of motive power. Philadelphia, was promoted
to the position a Assistant Vice-President of operation, and will also
continue as chief of motive power. Both appointments are effective as
of Jan. 1.
le In transferring Mr. Deasy to Pittsburgh. Walter S. Franklin, was
appointed to the newly created position of Assistant to Vice-President of
operation, with headquarters at Philadelphia, effective Jan. 16. Mr.
Franklin is now President of the Detroit Toledo & Ironton RR., with
offices at Detroit.
S. T. Stackpole, now traffic manager for the Pennsylvania at Chicago,
becomes Assistant Vice-President at Detroit, succeeding W. M. Wardrop,
-V. 132. p. 123.
who becomes Assistant to the Vice-President at Chicago.
Slight Interruption to Freight Train Service as Result of Fire
in Greenville, N. J.
-
George Le Boutlllier, Vice-President in charge of the New York zone,
announced that there has been comparatively little interruption to its
freight train service as the result of the fire on Jan. 1 which rendered inoperative five steel bridges in the company's freight yard in Greenville, N.J.
As a matter of fact, traffic is now moving normally. Arrangements were
made promptly to handle freight bound for the Greenville yard through the
company's float bridges at Harsimus Cove,in Jersey City, while the balance
of the car movements are being handled by the Lehigh Valley RR.
Tha damage to the float bridges is not as large as was originally believed.
It is less than $250,000. The work of reparing the damaged bridges is
-V.132, p. 123.
being carried on with the greatest possible speed.
Railroad Receiverships and Foreclosure Sales in 1930.
The "Railway Age" in its issue of Jan. 3 states that the year 1930 bade
fair to close with 3,737 miles of railroad in the hands of receivers (this
assuming that the Chicago & Alton is out of the hands of the courts which,
technically, it is not yet), or the lowest total since 1905. However,on Dec.
23 receivers were named for the Seaboard Air Line with its 4,490 miles of
line, increasing the total mileage in receivership to 8,227, or more than
twice what it otherwise would have been.
The sale of the Chicago & Alton under foreclosure to the Baltimore &
Ohio on Dec. 11 was the outstanding event in this department of railway
activity during the year, while the acquisition of the Savannah & Atlanta by
a new company also reduced the mileage in the hands of the courts. The
largest company to be placed in receivership during the year, excepting the
Seaboard Air Line. was the Waco Beaumont Trinity & Sabine.
Receiverships Established in 1930.
Mileage.
Road87
Chicago Springfield & St. Louis
*60
Jacksonville & Havana
4,490
Seaboard Air Line
us
Waco Beaumont Trinity Sc Sabine
4,752
Total four companies
*This company has the right to operate over the line of the Chicago Burlington & Quincy between Jacksonville and Waverly, a distance of 17.95
miles.
Foreclosure Sales in 1930.
Name of RoadMileage.
Chicago & Alton
1.029
19
White River
1,048
Two companies
Railroads in the Hands of Receivers on Dec. 311930.
Mileage
Mileage
Date of
Operated. Owned.
Receivership.
Road3i
32
June 23 1924
Alabama Florida & Gulf
21
21
Oct
1 1927
Bridgeton & Saco River
15
15
Feb 19 1925
California Sc Oregon Coast
15
Apr 14 1914
104
Cape Girardeau Northern
17
17
July 23 1919
Caro Northern
Jan 24 1930
87
79
Chicago, Springfield & St. Louis
Gainesville & Northwestern
37
72
Dec 8 1923
Gainesville Midland
74
35
Feb 15 1921
469
425
Oct 19 1929
Georgia & Florida
(a) 60
42
Feb 1 1930
Jacksonville & Havana
15
19
Apr 17 1923
Kansas & Oklahoma
July 28 1923
Minneapolis Sc St. Louis
1,628
1,514
May 5 1927
Missouri & North Arkansas
365
335
Apr 2 1925
41
Nevada Copper Belt
41
Aug 1 1924
41
41
North & South
Dec 2 1925
40
(b)38
Ohio & Kentucky
July 1 1929
19
19
Oklahoma Union
Aug 1 1905
199
178
Pittsburgh Shavrmut & Northern
174
Dec 16 1929
174
Rio Grande Southern
July 8 1923
97
Sandy River Sc Rangeley Lakes
3,448
Dec 23 1930
4,490
Seaboard Air Line
57
June 24 1923
57
Tallulah Falls Railway
8
May 3 1926
8
Virginia Southern
115
Feb. 8 1930
115
Waco Beaumont Trinity & Sabine--100
Nov 10 1922
100
Wichita Northwestern
11
Mar 15 1927
11
Winifrede Railroad
(a) This comslany has the right to operate over the line of the Chicago
Ilkley between Jacksonville and Waverly, a distance of
Burlington Se
-V.130, p. 134.
17.95 miles. (12 Includes lamed line also.
St. Louis Southwestern Ry.-Bonds Authorized.
The stockholders on Jan. 8 authorized the directors to issue up to $100.000,000 in new bonds as part of a program for readjusting the company's
finances. President Daniel Upthegrove said the new bonds would enable
the company to "modernize its mortgages."
It was not contemplated to issue the full amount at once, Mr. Upthegrove said, but the action of the stockholders would enable the directors
to retire bonds of the railroad and its subsidiaries as they matured and to
have a surplus for financing new improvements when they were undertaken. The new bonds, he said would be used in part to retire about $21.000,000 of old issues which would mature in 1932. Par value of the outstanding bonds of the Cotton Belt and its subsidiaries is $56,291.250.V. 131, p. 3527.
[Vol,. 132.
National Bank; the National City Co.; Chase Securities
Corp., and Bankers Co. of New York are offering at 983'
and interest, to yield over 5.05%, $13,000,000 gen. and ref.
mtge. 5% gold bonds, series D.
Dated Dec. 1 1930: due Dec. 1 1980. Interest payable J. & D. in New
York City. Not redeemable prior to Dec. 1 1940. Red. as a whole, but not
in part on Dec. 1 1940, and thereafter on any hit, date, upon 60 days'
notice, at following prices and hit.: From Dec. 1 1940 to June 1 1974, both
dates incl. at 105%, and thereafter at 100%.
Coupon bonds
denom. of $1,000, registerable as to principal. Registered bonds in denom. of $1,000, $5,000, $10,000 and $100,000. Coupon
and registered bonds and the several denominations of registered bonds
interchangeable. Chemical Bank & Trust Co., New York, trustee.
Legal investment for savings banks in the State of New York.
Issue and sale subject to authorization by the I.
-S. C. Commission.
Data from Letter of J. L. Lancaster, Pres. of the Company.
Property.
-Company operates 1,955 miles of railroad, the main line
extending from El Paso eastward across the State of Texas via Fort Worth
and Dallas to Shreveport, La., and thence to New Orleans on the Gulf of
Mexico. Of the operated mileage, 1,848 miles are owned in fee, 94 miles
between El Paso and Sierra Blanca, Texas, are owned jointly with the
Southern Pacific Co., and 13 miles represent trackage rights over other
railways. Company also owns all of the outstanding capital stocks and
mortgage bonds of subsidiary railroad companies operating 379 additional
miles of railroad, of which 354 miles are owned, connecting with the company's lines in the State of Texas.
Company is controlled through ownership of over 74% of its capital stock
by the Missouri Pacific RR. Company makes heavy interchange of traffic
at vzrious terminal points in Texas and Louisiana with the Missouri Pacific
and its controlled companies, the New Orleans Texas Sc Mexico Ry.(Gulf
Coast lines) and the International-Great Northern RR.
Use of Proceeds.
-Proceeds will be used to provide for the acquisition by
the trustee of the gen. Sc ref. mtge. of $4.970,000 of Louisiana Division
branch lines 1st mtge. 5% bonds, which matured Jan. 1 1931, for the payment of certain short term indebtedness, and for additions and betterments
to the company's property and other corporate purposes.
-Company's gross operating revenues, income available for
Earnings.
fixed charges, total fixed charges and net income have been as follows for the
five years ended Dec. 31 1930:
Net
Gross Oper. Inc.Avail. for Total Fixed
Charges,
Fixed Ches.
Revenues.
Income.
Cal, Years$3,927,340
$35,449,650 $6,609.333
$2.681,993
1926
7.063,675
2.949,695
4,113,980
38,949,539
1927
10,979,601
2,985,645
50,795,832
1928
7,993,956
8,891,990
3,761,916
6,130,074
45,696,434
1929
7.400,000
4,100,000
1930(Dec.eat.).... - 37,380,000
3,300,000
Income available for fixed charges averaged 2 times such charges in the
Period covered by the above table, and in 1930 (December estimated) was
over 1.8 times the amount required in that year.
Security.
-Upon the completion of this financing the company's total
mortgage debt outstanding in the hands of the public and secured on owned
mileage will amount to $74,227,000 principal amount, or less than $39,500
per mile of road owned (including the 94 miles of jointly owned line as 47
miles owned in fee). The 649,000,000 general and refunding mtge. bonds
to be outstanding will be secured by a direct lien on the entire 1,895 miles
of railroad owned in fee (including the jointly owned mileage as above),
subject to the prior liens, insofar as they attach, of $25,227,000 principal
amount of underlying bonds outstanding in the hands of the public and
maturing in the year 2000, consisting of $24,989,000 secured by the 1st
mtge. and $238,000 secured by the 2d mtge. (both of which mortgages are
closed by the general and refunding mortgage). They are also secured by a
direct lien, subject to the liens of the 1st and 2d mtgs., on valuable terminal
properties in El Paso, Fort Worth and Dallas, Texas, and Shreveport, La.
Evilife• Giving effect to this financing, the company's outstanding
funded debt and equipment trust obligations as of Dec. 31 1930 amounted
to $86,862,000, compared with not less than $177,800,000 of net investment
in road and equipment, after deducting reserves for depreciation of equipment.
The company has outstanding $23,703000 5% non-cum. pref. stock, all
of which is owned by the Missouri Pacific RR., and $38,755110 common
stock,of which the majority it; owned by the Missouri Pacific Eli. Dividends
-V.131, p. 4213,
of 5% per annum are currently being paid on both issues.
3873.
Western Pacific RR.
-To Receive Bids for Bonds & Debs.
The company requests bids for the purchase in single blocks of $1,000.000
let mtge. 5% gold bonds.and $5,000,000 5% debentures.
Bids for the issues must be submitted to the company at its offices, 37
Wall St., New York, before 12 o'clock noon Jan. 23.
The issuance of the bonds and their sale at not less than 97% and int.
-S. C.
and of the debentures at 100 and int. have been authorized by the I.
-V. 131, p. 3527, 2892, 2535.
Commission.
PUBLIC UTILITIES.
Electric Railways Report Good Year.-Knational survey of the electric
railways and,affiliated bus lines of the United States shows that discharges
due to business conditions amount to only 2% and passenger traffic is off
only 735% from 1929. N.Y. "Times," Jan. 4, Sec. 11, p. 17.
,
Matters Covered in the "Chronicle" of Jan. 3.-(a) November 1930 production of electric power in the United States approximately 7% below
that for corresponding month in 1929, p. 34. (b) A. E. Peirce of Central
Public Service Corp. regards outlook for public utility industry in 1931 as
promising. p.64. (e) R. II. Aishton of American Railway Association says
policy adopted by railroads constitutes outstanding development as to
carriers in 1930
-Respite from rate reductions and legislation adversely
affecting rates among requests, p. 65. (d) State supervision of utility
issues in Pennsylvania-Chairman of Public Service Commission advocates
complete control over security flotations, p. 65.
Alabama Power Co.
-Correction.
In our issue of Jan. 3 it was stated that the company had just issued
$1,000,000 2-year 5% gold notes due Dec. 1 1932. This is erroneous, the
note issue in question relates to Alabama Water Service Co. (which see).
-V.132, p. 123.
Seaboard Air Line Ry.-New Individual Trustee.Alabama Water Service Co.
Merrel P. Callaway has been appointed individual trustee of the first and
-Note Issue.
consolidated mortgage, dated Sept,. 1 1915, succeeding William C. Cox,
The company recently issued $1,000,000 2
-year 5% gold notes due
-V.131, p. 4212.
resigned.
Dec. 1 1932.
Consolidated Balance Sheet as of Sept. 30 1930.
-Sale.
Sharpsville Railroad.
[Reflecting issuance of $1,000,000 2-year 5% gold notes.]
Jan. 10 at the
The equipment and property of the company will be sold in
AssetsLiabilities and Capital
road has been
bankruptcy
Mercer County (Pa.) Court House. The
Plant, property, equip., &c.$7.354.361 1st mtge.5% bonds
64,081,000
for many years and recently was ordered abandoned by the I.-S. C. Com- Investments in other cos
67,564 Misc, municipal bds assumed79,000
-V. 131, p. 2891.
mission.
Miscellaneous special dePosits 5 2
68 -year 5% gold notes
1,000,000
43,755 *Convertible debentures (no
-New Line Will Be 113 Miles Long Cash
Southern Pacific Co.
Notes Sc warrants receivable_ _
9.912 fixed maturity)
500,000
Accounts receivable
in Texas and Cost Approximately $5,552,700.
84,439 Deferred liabilities and unadConstruction of 113 miles of new railroad by the company, to obtain Materials Sc supplies
8,709
102,042
justed credits
direct connection between San Antonio and San Angelo, will be started Due from affiliated companies_ 111,891 Notes payable
4,000
early in the coming year, It is announced in a press dispatch from Austin, Def. charges dx prepd. acets__
73,134 Accounts payable
17,284
Tex. The cost of the new line, it is said, will be approximately $5,552,700.
140,172
Accrued Items
construction of two connecting links, one running from
It will consist of the
393,543
Reserves
Fredericksburg to Brady, where intersection will be made with a branch
676,000
Preferred stock
Total (each side)
87,729,337 Common stock and surplus_ _ a756,316
line of the Atchison that will afford trackage to Eden. The other link
from Eden to San Angelo, 30 miles.
to be constructed will run
a Represented by 1,000 shares, no par value.
It is proposed to operate through trains between Corpus Christi and
* Non-negotiable, non-interest bearing issued to Federal Water Service
San Angelo, approximately 375 miles. Surveys for the new line have Corp. in accordance with Alabama Public Service Commission order, dated
obtained, it is said.
been made and much of the right-of-way
May 4 1927.-V. 131, p. 1563.
New Treasurer, &c.-
•
American Gas & Electric Co.
-To Increase Stock.
James A. Simpson has been appointed Treasurer, effective Jan. 16 1931,
The stockholders will
common
succeeding George M. Thornton, voluntarily retired on pension after more shares to 8,000,000 fromvote Feb. 17 on increasing the authorized
present authorized
4,000,000, all
than 37 years' continuous railroad service with this company and other amount was practically exhausted by of no-par. The -V.131. p. 3707.
last stock dividend.
related Southern Pacific Lines.
E. J. Goodwin has been appointed Assistant Treasurer of this company,
American Power & Light Co.
-Larger Dividend on $5
effective Jan. 16 1931 to succeed Mr. Simpson.
Mr.Goodwin will continue as transfer agent of the company at New York. Preferred Stock, Series A.
-V.131. p. 4213.
The directors have declared a quarterly dividend of $1 per share
the $5 pref.
1931, to holders
A,
-J. P. Morgan & on record Marchstock, seriesThisfor payment April 1the quarterly rate
Texas & Pacific Ry.-Bonds Offered.
14 1931.
of
is an increase in
Co.; Kuhn, Loeb & Co.; Guaranty Co. of New York; First from 87X cents per share paid Jan. 2 1931, and is in accordance with the
JAN. 10 1931.]
FINANCIAL CHRONICLE
terms under which the stock was issued. The $5 pref. stock, series A, was
Issued in May 1928, and carried dividends cumulative from April 1 1928, at
the rate of $2.50 per share per annum for the remainder of the year 1928,
$3 for the year 1929,$3.50 for the year 1930.34 for the year 1931 and at the
rate of $5 per annum thereafter. Beginning with the payment of $1.25
a share on April 1 1932,the stock from then on will be on the regular annual
dividend basis of$5 per share per annum.
A banking group acquired from some of the holders a block of this $5
pref. stock, series A, and deposited, as to the shares so acquired, with the
National City Bank of New York the difference between the amount required
for payment at the rate of $5 per share per annum through the year 1931 and
the varying amounts of the dividends payable by the company through the
year 1931. The certificates representing these shares are stamped with the
agreement of the National City Bank of New York to pay this difference,
the payments to be made to the registered holders quarterly in the amounts
of the differences for the respective quarters. The American Power & Light
Co.is not a party to this agreement and pays on these stamped shares only
the stipulated rate that it pays to holders of ants$5 pref.stock,series A,but
the National City Bank of New York acts as the company's dividend paying agent for all of the $5 pref. stock, series A, so that the dividends as
declared by the company, as well as the amounts payable by the bank
itself on the stamped shares, are covered by checks from the bank.
Beginning with the payment on April 1 1932 all shares of stock whether
or not stamped will be entitled to receive quarterly dividends at the rate of
-V. 131, p. 3707.
$1.25 a share.
American Water Works & Electric Co., Inc.
-Forms
Voting Trust.
Stockholders owning a majority of the common stock have entered into
a voting trust agreement under which H. Hobart Porter, President of
the company, Chester Dale of W. C. Langley & Co. and Wilbur L. Cummings of Sullivan & Cromwell will act as voting trustees. The Chemical
Bank & Trust Co. has been named as depositary for the stock to be deposited
under the voting trust agreement. The right to deposit stock Is to be
extended to all holders of common stock. The agreement is to continue
for five years. Application has been made to list the voting trust dertificates on the New York Stock Exchange.
It was stated that the purpose of the voting trust was to insure the
continuance of the present management of the company.
The powers of the voting trustees are practically limited to the election
of a board of directors. All other powers normally vested in stockholders
will continue a ith the depositors and as to all such matters the trustees will
be governed by the majority vote of the deposited stock.
-V. 131, lj•
4051, 3873.
Associated Gas 8,t Electric Co.
-Output Increases.
-
Electric energy produced by the Associated System continued to show
a gain over 1929 in the week ended Dec. 27, when 53,759,316 kwh. were
produced, an increase of 1,002,103 kwh., or 1.9% over the same week of
laSt year. Increases in output were shown by the properties serving in
South Carolina, Manila., P. I. Kentucky, Tennessee and the majority
of the New England States, while slight decreases were shown by the
properties in Pennsylvania, New York and New Hampshire.
There were 393,004,700 cubic feet of gas produced by the Associated
System in this week, which was )4 of 1% more than was produced in the
corresponding week last year. This holds up because of the greater use
of gas for house-heating.
Water gallonage was 89,695,587 gallons, an increase of 933,775 gallons,
or 1%.
Closes Successful Appliance Sales Campaign.
The associated System has just released the results of a highly satisfactory campaign for increased sales of electric and gas appliances which was
conducted by its employees from Nov. 15 to Dec.24 1930.
During this period there were sold the following as compared with sales
In the same period a year ago:
Six Weeks1930
1929
% Inc.
Electric ranges
1 046
400
161.5
Electric water heaters
203
24
745.8
Gas ranges
1,399
1,023
36.7
Gas water heaters
429
198
116.6
Total appliances
3,077
1,645
It is expected that the appliances sold in the 1930 period will increase the
annual consumption of electricity and gas respectively by 2,381,000 kwh.
and 41,742,000 cubic feet.
-V. 132, p. 123.
Associated Telephone Utilities Co.
-Expansion.
-
Entrance of the Associated Telephone Utilities System into the Southeastern territory is indicated by the announcement of the addition to the
system of Central Carolina Telephone Co., with headquarters at Slier
City, N. C. The latter company, according to the announcement, serves
in the States of North and South Carolina. It operates 29 exchanges
serving 3,650 telephones., Included among the communities served are
the popular resort towns of Pinehurst and Southern Pines, N. C., Siler
City, N. O., and Chesterfield, S. 0. The company operates an important
toll centre for the Southeastern territory. During 1929 its exchanges
originated an average of 421,460 messages monthly.
With the addition of this company, the Associated Telephone Utilities
System serves 454,000 telephones in 1,629 communities located in 22 States.
Group of Pennsylania Telephone Cos. to Be Consolidated.
-
See Pennsylvania Telephone Corp. below.
-V. 131, p. 4052.
Atlanta Gas Light Co.
-Note Issue.
The company has applied to the Georgia P. S. Commission for authority
to issue $4,000,000 notes, of which 32,000,000 would bear an interest rate
of 4)4% and $2,000,000 a 5% rate. Funds from the sale of the notes
would be used for the extension and improvement of the company's plant
and for other purposes.
-V. 126. p. 863.
Belt Line Ry. Corp.
-Mortgage Foreclosure Step Part of
Reorganization Plan for Third Ave. Ry.-
The Central Hanover Bank & Trust Co., as trustee, has filed suit to
foreclose the mortgage of the 81,750,000 5% 1st mtge. bonds.
The action by the trustee, in filing suit
foreclose the mortgage, is
the initial move in a reorganization withinto
the Third Avenue System.
Companies in the Third Avenue System own all the bonds and the entire
Issue of$734,000 of capital stock of the Belt Line By. The move is designed
to eliminate the Belt Line By.
At the foreclosure sale, Third Avenue will buy in the Belt Line property.
The property now is pledged under the Third Avenue 4% and 5% adjustment income bonds and, when bought at foreclosure, will also come in
under these mortgages.
-V. 120. P. 2813.
British Columbia Telephone Co.
-Deb. Stock Called.
Notice has
been given that on Nov. 1
(being a half-yearly interest
date), the company will redeem its 434%1931
stock at 105
1st
and accrued int. Holders of debenture stock mtge. debenture
registered in England should
present their stock certificates for payment at the office of Brown Shipley &
Co., Founders' Court, E.C. 2, London, and holders registered in Canada
should present their stock certificates at the principal office of the Bank of
Montreal, St. James St., Montreal. Holders may, however, present their
stock certificates at either of the said places before Nov. 1 1931, at a date
to be advised later, probably early in January 1931, and upon such presentation and surrender of their certificates such holders will be entitled to
receive 105% and interest accrued to the date of presentation and surrender.
To provide funds for the redemption of the above-mentioned stock and
generally to provide for the expansion of its business, the company is issuing
in Canada and the United States of America $7,500,000 5% 1st mtge. gold
bonds,series A. See V.131. p.4215.
309
Company's properties are for the most part located in some of the best
agricultural and coal producing lands of the middle west, being In the corn
belt or coal mining districts of central and southern Illinois. Company also
has a number of power contracts with large drainage districts. Through
the development of the mining and drainage business, the company is able
to utilize its investment during hours of off-peak, thus serving a total connected load far in excess of its aggregate available capacity.
The company and subsidiary companies serve an estimated combined
population of 5130,000 in 456 communities in central and southern Illinois
with electrical energy for lighting and power purposes,20 communities with
gas, 13 with water, three with heating, three with street railway and four
with bus service. Company's generating station of 50,000 kw. initial
capacity located on the Mississippi River near Grand Tower, ill., combines
the desirable features of readily accessible coal and abundant condensing
water. Company also operates two other central generating stations, and
In addition has contracts for the purchase of power from 10 central stations,
including the great hydro-electric station at Keokuk, Ia. Company's
main generating stations are located practically at the mouth of some of the
largest and best equipped coal mines in central and southern Illinois. From
its own stations, including the capacity of the Grand Tower station, and
through its contracts for the purchase of power, including that with the
Super-Power Co. of Illinois in which company Central Illinois Public
Service Co. owns a substantial interest, the company has a total available
capacity of 142,425 kw. The total connected load on the company's
system is now approximately 305,000 kw. Company owns 3,209 miles of
high tension transmission lines, all of which are of modern and recent construction, and also owns and operates 28 ice plants with a combined daily
capacity of approximately 1,420 tons.
Outstanding
with Public.
Capitalization
276,782 shs.
Preferred stock $6 cumulative
260,343 sits.
Common stock
First Mortgage gold bonds: (a)
$8,297,000
5% series E,due May 1 1956
29,000,000
434% series F,due Dec. 1 1967
14,500.000
5% series G,due Nov. 1 1968 (incl. this issue)
a Issuance of additional bonds limited by the restrictions of the mortgage.
Purpose.
-Proceeds will be used to partially reimburse the company'
treasury for the cost of extensions and additions to its property.
Security.
-Secured by a first mortgage on all of the fixed properties.
rights and franchises of the company, now owned,and on all such property
hereafter acquired against which any bonds may be Issued under the
mortgage. The value of the fixed property of the company as determined by
independent examining engineers plus subsequent additions is largely in
excess of the first mortgage bonds to be outstanding upon completion of the
present financing.
Income Account 12 Months Ended Nov. 30.
1930.
1929.
814.410,113 $15,049,365
Gross earnings
8,090.423 8,200,310
Operating expenses, maintenance and taxes
$6.319,690 $6.849,055
Net earnings before depreciation
Annual interest on first mortgage bonds, including this issue,
$2,444,850
to be presently outstanding,requires
Management.
-This corporation is a part of the Middle West Utilities
System.
-V. 131. p. 3205, 3042.
-Extends Natural Gas
Central Public Service Corp.
Service.
Alabama
Work is now in progress on the extension of natural gas service to
City and Attalla, Ala. the corporation announced on Jan. 7. Distribution of gas in these coMmunities will be handled from the Gadsden. Ala..
property of the company. It is also announced that a franchise has been
secured by its subsidiary, Bluefield Gas & Power Co.,for the furnishing of
gas service to Princeton, W. Va.-V. 131, P. 4215.
-Earnings.-Central States Edison Co.
For income statement for 12 months ended Nov. 30 see "Earnings
-V. 131, p. 3874.
Department" on a preceding page.
-More Time in
Chicago Local Transportation Co.
Traction Plan Is Requested-Would Extend to May 22 Period
for Settlement Acceptance.
An extension to May 22 of the time in which the Chicago Local Transordinance would be
portation Co. can accept the traction settlement
granted under an ordinance introduced in the Chicago City Council Jan. 2.
A second ordinance, also introduced, would grant a day-to-day extension of the Surface Lines ordinance to cover the reorganization period. is
The extension of time for acceptance of the settlement ordinance
-V. 131.
being urged by Halsey, Stuart & Co., reorganization managers.
lj• 4215, 4053.
-Status of First Mortgages
Chicago Surface Lines.
Under Protective Committees.
bearing on the
Wm.Hughes Clarke of Chicago has published a statement,
tentative approval by committees of the latest plan from the local trans-V.131, p. 4216, 4053.
portation company for the merger.
•
-Tenders.
Citizens Gas Co.(of Indianapolis).
The Bankers Trust Co., primary trustee, 16 Wall St., N. Y. City,
will until Feb. 6 receive bids for the sale to it of let & ref. mtge. sinking
fund gold bonds to an amount sufficient to exhaust $45,963, at a price
not exceeding 108 and interest -V. 131, p. 1564.
-New Director.
Columbia Gas & Electric Corp.
B. C. Cobb. Chairman of the board of the Commonwealth & Southern
Corp., has been elected a director.
Subsidiary Buys United Carbon Co. Natural Gas Output.
The natural gas output from lands and leases held by the United Carbon
Co. in eastern Tennessee will be purchased by the Warfield Natural Gas
Co., a subsidiary of the Columbia Gas & Electric Corp., according to a
long-term contract signed by.the companies. The gas reserves of this
property are estimated at 403,000,000,000 cubic feet included in an area
of 83,629 acres. Delivery of a stated minimum of gas is to begin in November this year with an Increased minimum in the year beginning in
November 1932.
Marketing of the gas will begin at once with a connection with Columbia'spresent system, and later will be increased with the completion of the
Columbia's line to Washington and other eastern potnts.-V. 131, p. 3366.
-Stock Offered Customers.
Commonwealth Edison Co.
See Peoples Gas Light & Coke Co. below.
-V.131. 1:.• 3875.
-334,984,000 Bonds to be Offered.
DetroitEdison Co.
A syndicate composed of Coffin & Burr, Inc., Spencer Trask
& Co., Harris, Forbes & Co., First Detroit Co., Inc., Bankers
Company of New York and Otis & Co. have purchased
-V.131, p. 3708.
$34,984,000 gen. & ref. mtge. 432% bonds.
Dominion Power & Transmission Co., Ltd.--Sale.Negotiations are under way for the sale of the assets taken over by the
Ontario Hydro-Electric Commission from the above company, to various
municipalities served by the system.
-V. 131, p. 3042.
-Receiverships in 1929.
-The
Electric Railway Lines.
"Electric Railway Journal" reports in part:
Eight companies solved their financial difficulties and terminated receiverships during 1930. Almost exactly twice as great a total of track and of
securities were cleared for the eight companies in 1930 as for the 10 companies that came out of receivership in 1929. More than 1,000 miles of
track and $80,000,000 of securities were taken out. Most of the receiverships were terminated through foreclosure sales, leaving the way clear in
each instance for a new financial set-up with a capital structure better
of
day than the one that preceded it.
Data from Letter of Pres. Marshall E. Sampsell, Chicago, Jan. 3. fitted to meet the needsto thereorganized was the former Union
be
The largest property
Traction
Business.
-Company supplies directly with one, or more classes of public Co.of Indiana, which was sold to the Insull interests and reorganized as the
utility service 465 communities in the State of Illinois without competition Indiana RR. The Key System Transit Co. was sold and divided into
of like service and wholesales electrical energy to 5 other public utility several separate companies. This change should result in a better operating
companies, which in turn serve 54 communities.
organization and bring financial stability.
Central Illinois Public Service Co.
-Bonds Offered.
An issue of $3,000,000 1st mtge. 5% gold bonds, series G,
dated Nov. 1 1928 and due Nov. 1 1968 is being offered by
Halsey, Stuart & Co., Ittc. Price at market (about 97M
and interest).
310
FINANCIAL CHRONICLE
[VOL. 132.
Alter being in receivership since 1909. the Second Ave. RR., of N. Y. billion cubic feet for the month, due to the increased cold weather heating
-V. 131. p. 3529.
City, finally was reorganized. The holders of receiver's certificates agreed load.
to take stock in the new company pro rata in settlement of their claims.
-New Station for Subsidiary.
Midland Utilities Co.
There are no bonds outstanding.
Erection of the turbine in the Northern Indiana Public Service Co.'s
Electric Railway Receiverships
-1930.
new electric generating station on the shore of Lake Michigan at Michigan
Miles of Track. City is nearing completion.
Miles of Track.
Key System Transit Co
246.80 Massachusetts Northeastern St.
Construction of two of the three boilers has been finished and the two
68.00 'are being used alternately to heat the building. General construction work
Ry.
128.32
Calumet & South Chicago Ry
Kansas City, Clay County & St.
a
Chicago City & Connecting Rye
on the main building and the coal breaker house is completed and the out74.06
Chicago City Ry
Joseph Ry
339.23
for use in connection with the main building.
yards
83.61 door switching which are ready
Southern St. Ry
Auburn & Syracuse Elec. RR_-_
x
operation during the coming spring
will be
The station
116.68 will have an initial capacity ofplaced in
168.33 Schenectady Ry
Indianapolis St. Ry
64,000 kw., with an auxiliary unit of4,000 kw.
Terre Haute Indianapolls&EastToledo, Fostoria & Findlay Ry... 64.00
ern Traction Co
164.53
New Freight Terminal Ready at South Bend.
1 431.34
Total for 1930
Worcester Consolidated St. RyY
The new freight terminal being developed by the Chicago South Shore
x Included in other Chicago companies. y Information not available.
& South Bend RR.in South Bend was ready for use early this month. The
project, involving an expenditure of more than $350,000, enables South
Receiverships Terminated and Foreclosure Sales During 1930.
Shore Line shippers to enjoy the most modern of facilities and also furnishes
Receivers Discharged with or without Foreclosure Sales or Following several desirable industrial sites, which by reason of their location and
Abandonment.
advantageous switching facilities, can be made available for Industrial
Miles of Track. tenants.
Miles of Track.
.17.54 The terminal is located on the site of the old chilled plow plant in South
Key System Transit Co
246.60 St. Paul Southern Elec. Ry
8.50 Bend. It is in the heart of a rapidly developing industrial district and is
Hannibal Ry. dr Elec. Co
Chicago South Bead & Northern
63.61 about a mile from the main business district.
Indiana Ry
125.00 Auburn & Syracuse Elec. RR-12.72
The South Shore Line's main track is about one block north of the new
36.50 Ithaca Traction Corn
Southern Michigan Rys
23.96 terminal. Approximately one-mile of track was laid for the freight terminal.
Union Traction Co.of Indiana__ 451.67 Second Avenue RR
28.68 Double and triple trackage serves inbound and outbound freight houses and
103.39 Staten Island Midland Ry
Des Moines City Ry
34.00 Provides team track of 40
-car capacity.
Schuykill Ry
Detroit & Port Huron Shore Line
57.10
-acre tract formerly occupied by the
Parts of three buildings on the 16
125.00 Puget Sound Elec, Ry
Ry
158.71
plow company are used for the inbound and outbound freight terminals and
Michigan RR
Total receiverships terminated
for freight and traffic department offices. Unused portions of these build& Cuyuna
Minneapolis Anoka
1,518.23 ings and five other buildings will provide the room for expansion of the
29.25 (15 companies)
Range Ry
freight department and quarters for industrial tenants.
-V. 130. P. 2 6
8.
The South Shore Line's old freight house on La Salle Street in South
-V. 131. p. 270.
Bend will be abandoned.
-Acquisition.
Empire District Electric Co.
holdings of the Ozark
The company has purchased the light and power
-Special Dividend.
Municipal Service Co.
Utilities Co.in several towns and communities northwest of Springfield, Mo.
The directors have declared a special dividend of 50c. a share on the com-V.131,p. 2377.
mon stock, payable Jan. 15 1931, to holders of record Dec. 31 1930.
- This dividend, voted at a meeting of the board on Dec. 30, is in addition
-Agent Appointed.
General Telephone & Electric Co.
of $1.52 per share, which were paid
The Chase National Bank of the City of New York has been appointed to the regular dividends for the yeartotal of $2.02 per share for the year.
-V. 132, p. 2377. quarterly during the year, making a
agent to issue voting trust certificates for common stock.
-V. 131, p. 3206.
-Extra Dividend.
Hawaiian Electric, Ltd.
The directors have declared a monthly dividend of 15c. a share and an
extra of 20c. a share on the common stock, both payable Jan. 20 to holders
of record Jan. 15.
-Extra Dividend.
Holyoke (Mass.) Water Power Co.
-Merger.
Mutual Telephone Co., Erie, Pa.
-V. 130, p. 798.
See Pennsylvania Telephone Corp. below.
-1931 Expenditures.
National Electric Power Co.
Operating subsidiaries of this company and of the National Public Service
Corp. will spend $24,445,000 for additions and improvements to their
properties in 1931. it was announced by President Harry Reid.
Construction plans for 1931 call for completion of the 100,000 h.p.
Central Maine Power Co. at Bingham. Me..
hydro-electric project
-Defers the first unit of whichof the into service last week, and the 40,000 h. p.
Indiana Consumers Gas & By-Products Co.
went
steam generating station of the Virginia Public Service Co. at Bremo
Preferred Dividend.
will also be devoted to the construction
The directors have voted to defer the quarterly dividend of $1.50 per Bluff, Va. A large part of the budgettransmission lines.
share due Jan. 1 on the $6 cumul. div. cony. series A pref. stock, no-par of new substations and high-voltage
"Present business conditions have caused no curtailment in the conrate was paid from Jan. 2 1930 to and incl. Oct. 1 1930.
value. This
struction program of the National Group," Mr. Reid stated. "Electric
-V. 129, p. 3962.
sales increased about 7% in 1930, and further gains are expected in 1931.
Construction plans will be pushed forward rapidly in order to obtain the
Indianapolis Street Ry.-Franchise Refused.
by large central stations, and interAn indeterminate franchise, service at cost, a guarantee of an 8% return operating economies made possible
other proposals of the Instill interests for a merger of the Indianapolis connecting transmission lines."
and
.
Street Railway, bus and taxicab facilities have been rejected by the city,
Electric Output in 1930 Higher Than in 1929.
It was disclosed Jan. 2.
Twelve-month figures for subsidiaries fo the National Electric Power
Mayor Reginald Sullivan and a special investigating committee, which Co. show that electric output in 1930 was 6.6% higher than in 1929, it
studied the twelve provisions of "franchise fundamentals" offered by the was announced by President harry Reid. Total electric output for the
Midland United Co.,notified that company that the plan was unacceptable. year was 1,687,000,000 kw.,a gain of 104,000,000 kw. over 1929.
The Indianapolis Street Railway which operates electric street cars
Reports for December showed a continuation in the upturn first noted in
and motor buses lain receivership. The Isnull interests offered a reorgani- November. The month's output was 10% ahead of December 1929, as
zation plan to consolidate and improve the Indianapolis local transporta- compared with a gain of 4.1% in November, and only 1.6% in October,
tion systems.
the low mark of the year.
"Many provisions of the franchise," said the committee in rejecting the
"Throughout the year," Mr. Reid stated, "statistics on electric output
plan, "were explained in language so involved and ambiguous they are have furnished an accurate guide to business fluctuations in the territory
wholly unacceptable, but even if the language were clarified the stipula- served by the companies in the National group.
'
tions would be unacceptable.
"It is interesting to note that output figures were at their highest in
"The uncertainty now evident as to the future methods and cost
January and February, reflecting the carryover of business activity from
transportation in cities, coupled with existing economic and financial con- 1929. In March the output began to drop, and continued downward until
ditions, makes the present an inopportune time for the City of Indianapolis October. The steady rise in output since that time, coupled with other
to enter into any franchise agreement of this character.
reports from the properties, would seem to indicate a gradual strengthening
"It would be unwise to bind and fetter future administrations, perhaps of business conditions in the 15 Eastern States served by the National
perpetually, from securing for our citizens the benefits of improved trans- group."
portation facilities which cannot now be foreseen, and which might not
A statement of monthly gains in electric output over the corresponding
be willingly adopted by a company such as this one, whose monopoly months in 1929 is given below:
5.1
was secure and unlimited in durationV.."- 131. p. 2378, 2222.
7.3% September
12.4%1May
January
1.6
7.1% October
12.0'7 June
- February
4.1 o
-Temporary Receivership Vacated.
4 37 November
Inland Utilities, Inc.
July
9.6
March
10.0%
1.8'g December
6.0 0 August
A temporary receivership and restraining order, issued Dec. 26 against April
the company was vacated Jan. 2 in a decision by Federal Judge Albert W. -V. 131. p. 4054, 3876
Johnson of the Middle District of Pennsylvania, at Lewisburg, Pa. The
receivership, it was contended, was an attempt by a few stockholders to
-1931 Budget.
National Public Service Corp.
-V. 132, p. 124.
prevent the expenditure of company funds.
-V. 132, p. 125.
See National Electric Power Co. above.
The regular quarterly dividend of $3 per share and an extra dividend of
$1 on the capital stock were pied on Tan. 3 to holders of record Dec. 29
-V. 131, p. 2222, 2893.
Like amounts were also paid on Oct. 2 I930.
-Merger.
Johnstown (Pa.) Telephone Co.
-V.130, p.620.
See Pennsylvania Telephone Corp. below.
-Expansion.
Keystone Telephone Co. of Philadelphia.
The company substantially enlarged its field of operations during 1930
and contemplates further expansion in 1931, President F. Clark Duraut Jr.,
stated. This increase in service in 1930 was in two forms; addition of new
lines to the company's own system, and service agreements with other
telephone companies making the lines of these companies available for use
by Keystone subscribers.
Altogether a total of 200,000 lines were added to the company's system
.during the year bringing the total to over 500,000. As a result the company's lines and connecting lines now reach 2,500 cities and towns in Eastern
Pennsylvania, Southern New Jersey and Delaware.
The company has continued its•policy of centering interest in developing
of telephone facilities primarily for business use and has devised and installed
a large number of additional automatic private branch exchanges during
for
the year providing Inter-department and inter-office connectionssubbusiness houses and manufacturing plants, some providing what is
stantially a private broadcasting system which permits corporation executive offices to speak simultaneously with any number of subordinates
V. 131, p. 3710.
W
.-Pays $1 Dividend
Lehigh Power Securities Corp.
The company on Dec. 31 1930 paid a dividend of $1 a share on the
paid.
common stock. At this time last year a dividend of 60c. a share was W:tie.
The National Power & Light Co. owns approximately 98% of the
-V. 128, p. 113.
-Sales Increased.
New England Power Association.
Sales of domestic appliances by the 12 retail units of this Association,
a subsidiary of the International Paper & Power Co., were well over the
two million dollar mark in 1930, an increase of about 20% over sales in 1929.
This preliminary estimate is based on the final figures for the 11 months
ended Nov. 30, in which the total sales were $1,972,115. December is
always the best month in the year with retail stores well-stocked with
Christmas merchandise, and reports of brisk buying during that month
have reached general headquarters of New England Power Association in
Boston.
Aggressive campaigns for the installation of electric ranges and refrigerators contributed materially to last year's favorable showing During the
first 11 months the companies in the New England Power Association group
sold 2,395 electric refrigerators as compared with 1,415 in the first 11
months of 1929. The sales of electric ranges increased more than 100%
from 726 to 1,506. The companies also increased the distribution of such
articles of merchandise as flatirons, toasters, cookers, vaccuum cleaners,
curling irons and heating pads, but there was a decrease in sales of percolators, washing machines, waffle irons and electric fans.
The association estimates that appliances sold in the first 11 months of
last year added 8,418,673 kwh. to the annual consumption, an increase of
33% over the consumption added by appliance sales in the corresponding
period of 1929.-V. 131, p. 4054.
New Jersey Power & Light Co.
-Bonds Called.
The company has called for redemption as of Merch 1 next $1.969.400 of
1st mtge. 5% gold bonds, series due 1956. at 105 and int. Payment will be
made at the Guaranty Trust Co.. trustee, 140 Broadway, N. Y. City.
The holders of any of the 5% bonds due 1956, including those called for
-Tenders.
Lehigh Telephone Co.
redemption, may deposit said bonds on or before Feb. 25 1931, at the office
The Markle Banking & Trust Co., trustee, 8 West Broad St.. Hazleton, of the trust company for exchange for 1st mtge. gold bonds, 4 % series.
Pa. will until Feb. 1 receive bids for the sale to it of 1st & ref. mtge. bonds due 1960, on the basis of 105 for the 5% bonds and 101.60 for the 4}4%
dated July 1 1924. to an amount sufficient to exhaust $37,500, at a price bonds(with adjustmentfor fractions and accrued interest)
.-V.131. p.3711.
-V. 130. p. 3710.
not exceeding 105 and interest.
-Smaller Dividend.Lincoln Telephone Securities Co.
share on
a quarterly dividend
The
, directors recently declared value, payable Jan. 10of 25c. per of record
to holders
New York Edison Co.
-1931 Construction Budget.
Matthew S. Sloan, President of the electric companies in the New York
Edison System, announced on Jan. 4 that a construction budget of $48.167,300 had been adopted for 1931. That sum is apportioned by companies
the class B common stock, no-par
Dec. 31. Previously, quarterly distributions of 50c. per share were made as follows:
on this issue.
-V. 127, p. 3705.
The New York Edison Co _________________________________ $5.520,100
20,435,000
-Receiver. The United Electric
Massachusetts Northeastern Street Ry. Co. F. Wood Brooklyn Edison Co Light__ _________
6,329,200
Henry
p Federal Judge Brewster at Boston recently appointed
15,111,000
New York & Queens Electric Light & Power Co
co-receiver
.-V. 131, p. 4216.
772,000
The Yonkers Electric Light & Power Co
The budget contains items for generating stations $11,409.200; 81113
-Sales Higher.
Memphis Natural Gas Co.
transmission and disThis company, 48% of the common stock of which is owned by Appa- stations, $652,600; buildings and yards, $142,000: the expenditures for
ended Nov. 30 1930 of tribution, $35,148,200; miscellaneous ,$815,300. Of
lachian Gas Corp.. reports sales for the 11 months
and equipment at the
8,047,711,900 cubic feet, compared with 5,410,087,373 cubic feet for the generating stations, $426,000 will be for structures
$1,833,200 for equipment
corresponding period of 1929, an increase of over 48%. It is expected East River station of the New York Edison Co.; Light & Power Co.; and
exceed a at the Hell Gate station of the United Electric
that when sales figures for December are compiled, they will
JAN. 10 1931.]
FINANCIAL CHRONICLE
311
38.711,000 for the Hudson Avenue station of the Brooklyn Edison Co. of
which sum 58.290,000 is for two 160,000 kw. turbo-generators to go into
service this year (1931) and next.
The largest item in the budget
-will be expended for
-$35,148,200
Improving the distribution systems of the companies and particularly for
removing overhead pole lines in Brooklyn and Queens. It will be apportioned among the Boroughs as follows: Manhattan and the Bronx, $8,453,800: Brooklyn, $11,688,000: Queens, $14,625,000, and Yonkers.
1381,400.
For Brooklyn 57,394,000 has been appropriated for conversion of overhead lines to underground in the Greenpoint, Evergreen, Bushwick, Ocean
Parkway, East New York and Park Slope sections. Removal of overhead
tines from 171 miles of streets is provided for. In the Brooklyn budget is
also an item of 52.000.000 for general improvements to the distribution
system.
For Queens 57,793,000 has been appropriated for the removal of overhead
lines: $1,045,000 for extensions of service and mains, and $4,812,000 for
building subways for mains, and general improvement of distribution
system. The areas in Queens scheduled for changeover from overhead
distribution to underground are Jackson Heights and Woodhaven. Distribution lines on 47 miles of streets will be put underground in those
sections.
The budget contains for street lighting improvements and equipment
Items of $414,500 for Manhattan and the Browns: 1293,000 for Brooklyn:
$275,000 for Queens,and $18,500 for Yonkers.
"Our construction budget for 1931 is smaller than that for 1930 by
approximately $28,000,000," said Mr. Sloan. "That is because we are
now built well ahead on generating plant capacity, especially since the
demand for current during 1930 did not increase at its normal rate. Our
Chief activity this year will be enlarging the capacity of our distribution
system and generally improving it. We have provided for an extensive
program of changing overhead lines to underground, which will yield a
more reliable service and vastly improve the appearance of the streets and
benefit property in those sections where the lines are placed underground."
-V.131,p. 1257.
received in 1930 amounted to $8,000,000 in annual gross revenues, he added.
The company plans to spend $1,300,000 on advertising and sales promotion and will add 318,500 horsepower to its electric load. The 1931 pay
roll will amount to 529,800,000, an increase of 54.040.000 from 1930.V. 132, p. 125.
Announcement of a $30,000,000 construction program for improving
service facilities in New York State during 1931 was made on Jan. 1 by
this corporation in its regular Thursday evening network broadcast. This
new appropriation is in addition to the $45,000,000 spent for construction
during 1930, and company officials pointed out in their statement that it
demonstrates convincingly the company's faith in the future development
of the State.
Last year the Niagara Hudson System carried out an extensive program
of expansion and improvement. Major projects included the adding of
57,000 lip, to the capacity of Spier Falls hydro-electric station on the
upper Hudson and 207,000 h.p. to tno capacity of Huntley steam-electric
station at Buffalo. Many substations and switching stations were built,
and the State-wide transmission network was more completely tied together.
Companies of the system were particularly active in building rural lines.
During 1930, 859 miles of rural lines were built, adding 3,769 new farm
customers.
In northern New York 5.000,000 trees were planted in the reforestation
work carried on regularly by the system, bringing the total planted since
1914 to 26.500,000. More than 25,000 acres of barren land have been
planted in this activity.
While the 1930 construction program was definitely expanded to provide
employment for idle men, company officials contend that all the work
done, and more, will be necessary to provide power for New cork State
in the future. They declare that the present period of business readjustment has caused many people to lose sight of the future, a feeling that is
not stall justified by facts.
The budget provides appropriations totaling $21.300,000 for the building of transmission and distribution lines and substations. Hydro-electric
plant construction is allotted $4.165.000 and steam-electric plant construction 12.700,000.-V. 131. p. 3206.
Dated Dec. 1 1930 due Dec. 1 1960. Denom.$1,000, $500 and $100 c*.
Interest payable J.
-D. in Erie and New York without deduction of Federal
income taxes, not in excess of 2%, or of the Penn. 4 mills tax. Red. at
any time at the option of the corporation, in whole or in part on 45 daYs'
notice; on or after Dec. 1 1935, up to and including Dec. 1 1937 at 105
and interest, and thereafter at descending prices to 1004 and interest
during the period from Dec. 1 1956 to Nov. so 1960. Corporation agrees
to reimburse, if requested within 60 days after the payment. the Conn.
and Calif.4 mills taxes,the Maryland 434 mills tax,the District of Columbia
5 mills tax, and the Mass, income tax up to 6%. Erie Trust Co., Erie,
Pa., trustee.
Data from Letter of J. F. O'Connell, President, Erie, Pa., Jan. 'I.
Property and Territory.
-Corporation (formerly Mutual Telephone Co.)
was organized in Pemisylvania in 1897. This corporation is a part of the
Associated Telephone Utilities system, and in connection with the present
financing, has acquired the other operating companies of that system
located in the State of Pennsylvania. These acquisitions have been made
with the consent of, and at prices approved by. the Pennsylvania Public
Service Commission These properties provide, without competition (except in Johnstown*), local and long distance telephone service to 151
communities in western Pennsylvania. Through inter-connection with
the lines of the Bell Telephone Companies, the long distance lines ofthe Bell
system are available to ail subscribers. The physical properties include 48 exchanges with 63.536 stations, of which over 37% are automatic. The
properties are all in excellent operating condition. The territory served has
a total population estimated to be in excess of 500.000 and extends through
two areas in the western half of Pennsylvania, and one in the northeastern
part; it embraces some of the most valuable oil producing districts of the
State. Among the communities served are the thriving industrial cities of
Erie, Johnstown, Oil City, Franklin and Titusville.
•In Johnstown, this Corporation operates in excess of 12.500 stations.
The Bell Telephone Co. of Pennsylvania has approximately 1.600 stations
In that area, most of these being pay stations.
Authorised. Outstanding.
CapitalizationFirst mortgage 56, series Ax
51.200.000 $1,200.000
468,000
Series B x
.500.000
Series C (this issue)
3
6% cum.preferred stock, par value $100 per sh_ _ 25.000 abs. 17,500 shs.
150,000 she. 49,983S sbs.
Common stock, par value $50 per share
x Issued under the former name of the company, Mutual Telephone Co.
y Subject to the limitations described in the indenture.
-Earnings (including the earnings of properties recently acEarnings.
quired) for the years ended Dec. 311928. and 1929 and Oct. 31 1930 after
giving effect to present financing, were as follows:
Dec. 31 '28. Dec. 31 '29. Oct. 31 '30
Years Ended52,462.196 52,542,530 52,609.371
Gross earnings
1.187.709
1,166.044
Oper. expenses, maint, and taxes_ ..-_ _ 1.129,895
Pacific Public Service Co.
--.Regular Class A Dividend.-
The directors have declared the regular quarterly dividend of 32% cents
per share on the class A stock, payable Feb. 2 to holders of record Jan. 10.
In the absence of instructions to the contrary, the company will apply this
dividend to the purchase of additional class A stock at the rate of $13 a
share.
A similar quarterly distribution was made on this issue on Nov.1 last.V. 132, p. 125.
-Further Expansion.Pennsylvania Power & Light Co.
The following is taken from the New York "Times":
What is said will be the greatest merger in the kistory of Schuylkill
County (Pa.) electric companies is about to take place with the absorption
of electric companies in the western part of the county by the Pennsylvania Power & Light Co., it was learned on Jan. 4.
Several deeds with this end in view were filed at the court house at Pottsville, Pa., on Jan. 3 and it was said that additional documents would be
filed. Among the companies to be absorbed are the Hubley Electric Co.
and the Citizens Electric Co.
Within the last two years the Pennsylvania Power & Light Co. has
absorbed 30 other concerns in Schuylkill County, and the pending acquisitions will give it almost a control of electric services in the county. It
recently acquired all the power business of the Philadelphia & Reading
Coal & Iron Co.
-V. 131, p. 4217.
-Pub-Bonds Offered.
Pennsylvania Telephone Corp.
lic offering of $3,500,000 1st mtge.5% gold bonds, series C,
is made at 95 and int., to yield about 5.33%, by a syndicate
Niagara Hudson Power Corp.
- comprising Bonbright & Co., Inc., and Paine, Webber & Co.
-Construction Program.
-Class A Div.
North American Gas & Electric Co.
The directors have declared the regular quarterly dividend of 40 cents
Per share in cash or 1-40th of a share of class A stock on the class A stock,
Payable Feb. 1 to holders of record Jan. 15.-V. 130, p.2391.
Northern Indiana Public Service Co.
-Bonds Called.
-year 4% gold bonds, dated Aug. 1 1908 and maHolders of 1st mtge., 50
turing Aug. 1 1958 of the Indiana Lighting Co. are notified that the bonds
are called for redemption and payment on Feb. 1 1931 at the office of the
Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City. Upon surrender of these bonds with all interest coupons maturing subsequent to Feb.
1 1931 the principal will be paid with a premium of 2%, together with all
accrued interest to Feb. 1 1931, after which date they will cease to bear
interest.
-V. 131, p. 3530.
Oklahoma Natural Gas Corp.
-Tenders.
The Chase National Bank of New York, as successor trustee, will receive
as many 1st mtge. 6% gold bonds, series A, due July 1 1946, at prices not
exceeding 105 and int. as will exhaust the sum of 5267,420. Tenders
should be delivered to the trustee at 11 Broad St., N. Y. City, before noon
Jan. 19 1931.-V. 131, p. 3531.
-Sale.
Ozark Utilities Co.
-V. 122, p. 2330.
See Empire District Electric Co. above.
Pacific Gas & Electric Co.
-$25,000,000 Bonds to Be
Offered.
-The company has filed with the California State
Railroad Commission its application for the issuance and
sale to the National City Co. of $25,000,000 1st & ref. mtge.
series F 432% bonds, maturing June 1 1960.
Net earnings before depreciation_ $1,332.300 $1,376.486 51,421,661
258.400
Annual int. requirements on funded ilebt (incl. this issue)-- -51,163.261
Balance available for reserves. Fed. taxes & dividends
136
36
re
1
Net earnings as above set forth, for the year ended Oct. 31 1930.
depreciation
more than 5.5 times the annual interest requirements before
and, after deducting provision for depreciation for the year amounting to
$331,049.86, net earnings were more than 4.2 times the annual interest
requirements on the funded debt outstanding, including this issue.
-Proceeds from the sale of these bonds have been applied to the
Purpose.
payment for properties the corporation has acquired, to retire bonds of
predecessor companies, and for other lawful corporate purposes.
Security.
-These bonds, together with 51,668.000 of series A and II, are
secured by a first mortgage on all the fixed properties, rights and franchises
of the corporation now owned, subject only to liens on portions of the
Property securing Indebtedness of an aggregate principal amount of$300.000
cash for the payment of which has been deposited with the trustee of the
mortgage securing these bonds. The appraised value of the fixed property
of the corporation is larsely in excess of the first mortgage bonds.
The proceeds from the sale of these bonds will be utilized to the extent
approximately $20,000,000 in refunding certain bond issues of the
Great Western Power Co. of Calif. and of other subsidiary companies.
bearing higher interest rates. The result will be a substantial saving in
annual carrying charges and a corresponding increase in the surplus available for dividends.
Acquisitions Annonncecl.
The remaining proceeds from the sale of the new bond issue will be
This corporation, a subsidiary of the Associated Telephone Utilities Sysused for additions and betterments to the company's properties, as will tem, plans to finance the acquisition of a group of Pennsylvania companies:
arising from the proposed offering of approximately $14,also the funds
The companies
Telephone Co., Mutual
185,000 of additional common stock to common stockholders at its par Telephone Co. of acquired are the Petroleum Co. of Sayre, Johnstown
Erie, Chemung Telephone
value of $25 per share which was announced yesterday.
Telephone Co.Western Pennsylvania Telephone Co. of Windber, Peoples
The company's construction budget during the current year involves Mutual
Telephisne Co. of Riceville, Crawford & Venango Telephone Co. of
the expenditure of approximately 540,000,000 assuring the continued Diamond and
the Sugarcreek Telephone Co. of Cooperstown.
employment of several thousand men and women in northern and central
California throughout tile year.
-Stock Offered Customers
Light 8c Coke Co.
•or
Rights to Be Given to Stockholders.
-
Peoples Gas
on Partial Payment Plan.
-
The company has filed with the California RR. Commission an applicaFor the first time in recent years stock of this company is being offered
tion for authority to offer to its common stockholders the right to purchase to customers on easy payments. Up to 50 shares may be purchased at
at par value of $25 per share additional common stock in the proportion of current market price and paid for in 10 instalments, 1-10th down and the
one new share for each ten shares held as of the record date.
balance in nine monthly payments. Instalment payments will draw
The now offering involves the issuance of approximately $14,185,000 interest at 5% until the stock is issued.
par value of additional common stock. The record date and further deStocks of the Commonwealth Edison Co. and of the Public Service Co.
tails regarding the offering will be announced upon receipt of the Commis- of Northern Illinois are also being offered to customers on the same terms.
sion's approval of the issuance of the stock covered by the comnany's appliThe
above mentioned, which are operated by Samuel
offering, which will be known as par offering No. 6. servie three companies u1nish Chicago and vicinity with gas and electric
cation. The proposed
Insullea
13ciates, 7 r
ol, p 3f1
is made in conformity with the policy announced by the company slightly
.-V,
more than five years ago of obtaining a portion of its new capital requirements from the sale at par of common stock at approximately annual inter-Merger.
Petroleum Telephone Co., Oil City, Pa.
vals through the issuance of rights to its common stockholders. That this
-V. 130. p. 974.
See Pennsylvania Telephone Corp. above.
program has been consistently carried out is Indicated by the following
record of past offerings:
-Larger Dividend.
Portland (Me.) Gas Light Co.
% of Offering
Record
Par Offering
The directors recently declared a quarterly dividend of$2 per share on the
Date.
Subscribed.
Number
payable Dec. 31 1930 to holders of record Dec. 23
common stock, par $50,
Feb. 1926
98.32
1
1930. On Oct 1 last, a quarterly distribution of $1.50 per share was made.
Jan. 1927
98.72
2
-V. 130, p. 4239.
Feb. 1928
99.52
3
Feb. 1929
-1931 Budget
99.70
Public Service Corp. of New Jersey.
4
Sept. 1929
99.70
5
Totals $26,407,971.
this corporation and its subsidiary companies have apfor New Business.
The directors of
Contracts
The company will arrange contracts for new gas and electric business in proved construction budgets for 1931 totaling 526.407.971.81. This sum
1931 totaling $8 900 000 annually in gross revenues, Vice-President R. E. is available for expansion of and additions and improvements to the electric
Fisher announced on Jan. 7. This, he said, would be exclusive of new ! gas and transportation branches of Public Service throughout the New Jer-V. 132. D. 126.
business signed by the San Joaquin Light & Power Corp. New business sey territory served by the operating companies.
312
[Vol.. 132.
FINANCIAL CHRONICLE
Public Service Co. of New Hampshire.
-Bonds Offered.
-A banking group comprised of Tucker, Anthony & Co.,
the First National Old Colony Corp., and Hill, Joiner &
Co. Inc., is making public offering of an additional issue of
$1,000,000 1st & ref. mtge. 43
series "B," gold bonds
at 96 and int. to yield over 4.76%. Bonds are dated Oct. 1
1927 and mature Oct. 1 1957.
These bonds are a legal investment for savings banks in Massachusetts,
New York, New Hampshire, Maine, Rhode Island and Vermont.
Company.
-Company is the largest public utility company in the State
of New Hampshire. It serves with electric light and power the thickly
populated manufacturing district along the Merrimac River, including the
cities of Manchester and Nashua, the two largest cities in the State, as
well as Laconia, Milford, Keene, Conway, Colebrook, Franklin, Tilton,
Bethlehem, Lisbon and several surrounding towns. The cities of Nashua,
Keene, Laconia and Franklin are also served with gas. It also operates,
through subsidiaries, the street railway system of Manchester and an interurban lino to Nashua. The total population served by the company is
estimated at over 218,000 or approximately 50% of the population of the
State.
Physical property of t e company includes 24 hydro-electric stations of
,
,
36,674 kw. capacity am, two stew- and three Diesel engine stations of
23,810 kw.capacity, all of modern construction, together with an extensive
transmission and distribution system.
During the five years ended Oct. 31 1930 about 72% of the total kwh.
output was hydro-generated. Company also owns valuable water rights
available for future developments.
-Proceeds will be used to reimburse the company for purchase
Purpose.
of property of Bethlehem Electric Co. and the Lisbon Light & Power Co.,
for extensions to plant and equipment already completed, and for other
corporate purposes.
Outstanding.
Authorized.
Capitalizationopen
$4,650,000
1st & refunding mtge.5% bonds,series A__
1st & ref. mtge.ei% bonds,series B (incl.
open
10,379,000
this issue)
62,852 shs.
69,336 shs.
Preferred stock $6 cumulative (no par)---*9,282 shs.
11,219 shs.
Preferred stock $5 cumulative (no par)- -120,000 shs.
120,000 shs.
Common stock (no par)
* Exclusive of 1,010 shares in reacquired account.
-These bonds are secured by a direct first mortgage on all the
Security.
company's physical property, the book value of which is $25,291,937.
The total amount of bonds outstanding including this issue is thus less
than 60% of this valuation.
-Earnings of the combined properties for the 12 months
Earnings.
ended Oct. 31 1930 were as follows:
earnings
$4,948,429
Gross
2,481,401
Operating expenses,including maintenance and all taxes
Net earnings
Annual interest requirements on outstanding bonds
$2,467,028
699,555
Balance for reserves, surplus and dividends
$1,767,473
For the past three calendar years, net earnings have averaged 3.12 times
the interest requirements on all funded debt including this Issue. Of the
net earnings for the 12 months ended Oct. 31 1930. 87% were derived
from the sale of electricity, 11% from the sale of gas and from miscellaneous
sources, and 2% from street railway operations.
-Common stock all owned by the New England Public Service
Control.
-V. 131.
Co. Corporation is a part of the Middle West Utilities system.
p. 3877, 3531.
-Stock Offered CusPublic Service Co. of No. Illinois.
-See Peoples Gas Light &
tomers on Partial Payment Plan.
-V.131, p.4055.
Coke Co. above.
-Hydro-Electric DevelSafe Harbor Water Power Corp.
opment on Susquehanna River Ahead of Schedule.
The New Year finds the new $30.000,000 Aldred hydro-electric development on the Susquehanna River ahead of construction schedule, according to an official report from safe Harbor, Pa. The mile-long dam and
power house, stretching from Lancaster, Pa., to the York County bank
of the river, will ultimately develop half a million horsepower. The initial
installation will be 255,000 h.p. Operation of the plant is expected to
begin in 1932. Construction at Safe Harbor has required a labor force
which reached a peak of 2,000 men in December.
When placed in service Safe Harbor will be interconnected with the
Aldred hydro-electric and steam development at Holt wood, Pa., eight
miles down stream from Safe Harbor. While using the water twice, the
plants will be operated as a single development, constituting one of the
most important hydro-electric projects on the continent.
The Safe Harbor development is owned by the Safe Harbor Water Power
Corp., recently formed by the Aldred interests. The development at
Holtwood is owned by the Pennsylvania Water & Power Co., of which
-V. 131, p.2224, 1566.
Mr. Aldred is Chairman of the Board.
Co.
-Expenditures
Southern California Telephone
Authorized.
-
The company will spend $8,430,000 for telephone construction and improvements in Los Angeles, Calif., during 1931. In making this announcement, M. L. Stannard, division manager, pointed out that this figure is
more than half ofthe Bellsystem's appropriation of$14,000,000 for southern
California.
With this amount the company in Los Angeles will carry on its program
of subscriber and central office equipment installations, the placing of new
and local and long-distance telephone lines and other miscellaneous improvements.
-V.130, p. 3353.
-Sale of Certain Pipe Lines
Southern Natural Gas Corp.
to United Pipe Line Corp.
-
Computing the income of the corporation at the rates in cash now being
paid upon the securities owned, the earnings applicable to the 12,360,531
shares of common stock of the corporation now outstanding are at the
-V. 131, p. 1160.
rate of over 85 cents per share per year.
-Subsidiary Acquires Pipe Lines.
United Gas Corp.
The United Pipe Line Corp., a subsidiary, has completed the purchase
from the Southern Natural Gas Corp. of the natural gas pipe lines extending
from the main line of the Southern Natural Gas Corp. at a point north of
Jackson, Miss., to Mobile, Ala., including branch lines to Bogalusa, La.,
Canton, Laurel, Hattiesburg, Gulfport and Biloxi, Miss. The purchase
also includes the extension from Mobile, Ala., to Pensacola, Fla., title to
which will be transferred shortly.
The source of supply for these lines will be the Jackson, Miss., gas field
in which the United Gas Corp. has recently acquired substantial holdings.
A long-term contract has been entered into whereby gas from the Monroe,
Richland and East Carroll, La., fields will be transported by the Southern
Natural Gas Corp. for these lines if and when it is necessary to supplement
gas from the Jackson field. The Southen Natural Gas Corp. benefits
through a contract with the United Pipe Line Corp. which provides addi'
tional sources of supply to Southern Natural Gas Corp. for its system.
-V.131, p. 3531.
United States Electric Power Corp. (Md.).-Voting
-See latter comControl Acquired by United Founders Corp.
-V. 130, p. 3702.
pany under "Industrials" below.
-Tenders.
Waiertown Light & Power Co.
The Empire Trust Co., as trustee, will receive sealed proposals for the
sale of so many of 1st mtge. 5% 50-year gold bonds, dated Jan. 1 1909 at
a price not exceeding 105 and int. as will exhaust the sum of $16,654
Offers of bonds should be sent to the trustee, 120 Broadway, N. Y. City,
on or before Feb. 5 1931.-V. 120, p.213.
-Earnings.
Western New York Water Co.
For income statement for 12 months ended Nov. 30 see "Earnings
-V. 131, P. 2697.
Department" on a preceding page.
West Penn Rys.-To Guaranty Wheeling Traction Co.
Bonds if Extended to 1941.
-V.129, p. 2683.
See Wheeling Traction Co. below.
-Plan of Readjustment.
Wheeling Traction Co.
The holders of 5% first consolidated mortgage bonds are advised by the
bondholders' committee as follows:
Company has announced that it will be unable to pay the principal and
Interest of its 5% first consolidated mortgage gold bonds on Jan. 1 1931.
In common with other traction companies of the country, the company's
earnings have been adversely affected in recent years by bus and automobile
competition with its lines. The severe financial depression this year has
further adversely affected earnings. We understand that for the first
time in its history, the company has failed to earn the interest on its bonds.
A plan of readjustment has been formulated to extend to Jan. 1 1941 the
principal of the debt represented by the bonds. The debt is to continue to
have the benefit of the same security as it now has and is to continue to
bear interest at the rate of 5% per annum payable semi-annually. Payment
of interest for five years to and inclusive of the semi-annual interest payment
due Jan. 1 1936 will be guaranteed by West Penn Railways
The plan will be consummated if possible by stamping the present bonds
with a notation of the extension of the guaranty of interest as above mentioned by West Penn Railways. To consummate the plan, however, in
the foregoing manner will require unanimous consent of the bondholders.
If not possible to obtain such consent, a receivership for Wheeling Traction
Co. and foreclosure of the mortgage securing the bonds will become inevitable. In such case the committee will have discretion to carry out the
plan through such foreclosure and the issuance to bondholders who participate in the plan of new bonds in the same amount secured by a new first
mortgage on the same properties such new bonds to be dated Jan. 1 1931
and to mature Jan. 1 1941, and to bear interest at the rate of 5% per annum
payable semi-annually, the payment of such interest to and inclusive of
the semi-annual interest payment due Jan. 1 1936 to be guaranteed by
West Penn Railways. Such new bonds, in the discretion of the committee,
may be issued by Wheeling Traction Co. or by some other corporation
which may acquire the properties,
Only bondholders who become parties to the plan will secure the benefit
of the guaranty of interest by West Penn Railway.
West Penn Railways furthermore has agreed to pay bondholders who
become parties to the plan the interest due Jan. 1 1931 on their present
bonds, and the depositaries will be instructed to forward checks for this
interest upon receipt of deposits.
The time within which deposits may be made will expire March 2 1931.
Bondholders desiring to become parties to the plan may do so by becoming parties to the agreement through deposit of their bonds with Jan. 1
1931 coupons attached, with either of the depositaries, receiving in exchange therefor transferable certificates of deposit issued by the depositary
with which such bonds are deposited. Depositaries are the Union Trust
Co. of Pittsburgh, Pittsburgh, Pa. and Dollar Savings & Trust Co., Wheeling, W. Va.
Committee.
-Robert Hazlett, William W. Holloway, H. C. Odgen, with
Ralph G. Glaser, Sec., Dollar Savings & Trust Co., Wheeling, W. Va.V. 132, p. 130.
-Earnings.
Williamsport Water Co.
Years Ended Nov. 30Gross revenue
Operating expense, maintenance and
taxes (excluding Fed,income taxes)
Annual interest requirements on company's 1st mtge. 5% gold bonds
1930.
$401,217
1929.
$392,573
103,356
106,642
102,999
134,324
128,937
124,999
Balance
-V. 130. H. 975.
$163,537
$156,993
$148,454
1928.
$376,453
Worcester Consolidated Street Railway.
-Receivership.
Federal Judge Lowell at Boston, Dec. 31, appointed Clark V. Wood.
President of the company, and Daniel W. Lincoln, as receivers in equity.
Texas Gas Utilities Co.
-New Well.
The receivership results from the inability of the company to meet bond
Coming in on New Year's Day with an open flow of approximately 7.000,- maturities of $4,805,000 which came due Aug. 1 last. These bonds include
000 cubic feet of natural gas daily this company, wholly-owned subsidiary $1,489,000 Worcester Consolidated 1st and ref. mtge. 4 s, also $2,116,000
of the Appalachian Gas Corp., has added a second large well to its holdings 1st and ref. 4)is with 2% additional coupon attached, and $1,200,000
within a two-month period. The new well, known as Pryor No. 2 is lo- debenture 5s,originally due Nov.1 1927, but extended for three years at6%.
The New England Investment & Security Co., owns the entire 33,827
cated on the company's Zavalla County properties.
At the end of October the Texas Gas Utilities Co. brought in Chittim common shares of Worcester Consolidated and 11,558 shares of the 45,000
Well No. 5 with an initial open flow of 7,000,000 cubic feet daily. This shares of $5 cumulative preferred (par $80 a share). The New Haven railwell is located on the company's Rycade field holdings,close to Chittim Well road owns 71.21% of the outstanding stock, preferred and common of the
No.3 which has an open flow of over 11,000,000 cubic feet daily. Chittim New England Investment & Security Co. It also owns directly $1,054,000
principal amount of the funded debt and notes of the Worcester ConsoliWells No.6 and No.7 are now in course of drilling.
From its Rycade and Zavalla field wells, the Texas Gas Utilities Co.sup- dated. In addition to the stock of the Worcester Consolidated, New
plies entire fuel requirements of the Devil's River electric generating plant England Investment & Security Co. owns $442,000 of its funded debt and
of the Central Power & Light Co., as well as domestic distribution systems notes.
-V.131, p. 2381.
It is understood there were protracted negotiations on the part of the
in cities and towns in the Winter Garden district of Texas.
New Haven to get the holders of the Worcester Consolidated bonds to
extend for 10 years at 6%%,but this prpoosition mot with poor response.
-Power Output.
Toledo Edison Co.
The New Haven declined to put further money into the enterprise, having
1930-12 Mos.-1929.
-Month-1929.
Period End. Dec. 31- 1930
Power output (kwh.)__- 41,500,000 42,134,735 468,711,758 512,578,036 made a considerable additional investment in the Worcester property some
three years ago in connection with its rehabilitation, purchase of new
-V.131, p.3712.
equipment, &c.
-V. 131, p. 3208.
See United Gas Corp. below.
-V. 131, p. 3531.
-Earnings.
United Corporation.
York (Pa.) Rys. Co.
-Extra
Total
Interest paid
Current expenses
Reserve for income tax
Dividend.
Year Ended Jan. 7 to
The directors have declared the regular quarterly dividend of 62) c. a
(
,
Dec. 31 '30. Dec. 31 '29. share on the $50 par preferred, the regular quarterly of $1.50 a share on the
$15,731,330 $7,764,640 $50 Par common and an extra of $3 a share on the common stock. The
1,272,418 dividend on the preferred is payable Jan.
1,038,380
31 to holders of record Jan. 20,
while the common dividends are payable Jan. 15 to holders of record Jan. 5.
$16,769,710 $9,037,058 -V. 131, p. 3370.
162,644
222,429
354,899
467,537
60,000
163,000
MISCELLANEOUS.
Balance applicable to dividends
Dividends paid on $3 cum. pref. stock
Dividends paid on common stock
$16,079,527 $8,296,729
6.402,456
4,741,053
6,180,171
PeriodDividends and interest
Profit on sales, commissions, &c
Balance carried to surplus
INDUSTRIAL AND
$3,496,901
$3,555,676
Refined Sugar Advanced.
-American, Revere and Savannah Sugar Refining Companies have announced a 15
-point advance in the price of refined
sugar to become effective Jan. 7, while Pennsylvania and National Sugar
Refining Companies increase becomes effective Jan. 8.
,.
-"Wall Street
Journal, Jan. 7, p. 12.
FINANCIAL CHRONICLE
JAN. 10 1931.]
-Copper was sold at 10 cents a pound by custom
Copper Reduced 3.1 Cent.
smelters or 31 of a cent lower than Jan.7 price. The official price remained
-New York "Times." Jan. 9, p. 42.
at 103 cents a pound.
-American Smelting & Refining Co. has reduced
Price of Lead Reduced.
-Boston "News Bureau,'
the price of lead 10 points to 5 cents a pound.
Jan. 6, p. 13.
-The Masons and Bricklayers Union
Workers Forego Wage Increase.
(NO. 16), Schenectady, N. Y. began the new year by renouncing its right
to an 80
-cent increase in daily wages to have become effective:in1931.
The increase had been agreed upon by the city's contractors last spring.
"Wall Street Journal," Jan. 2, p. 16.
Matters Covered in the "Chronicle" of Jan. 3.-(a) Pipe line companies
responsible for loss of revenue to railroads in transportation of crude oil,
according to Republic Shares Corporation, p. 26. (b) Mergers among
independent units in automobile industry during 1931 probable according
to L. F. Rothschild & Co., p. 38. (c) Factory of Goodyear Tire & Rubber
Co. at Akron, Ohio, to revert to 8
-hour day Jan. 5. p. 39. (d) Increased
-Eastern Firestone plants add 500, cut
activity at Fall River, Mass.
working hours-Border City Mfg. Co. adds looms, p. 39. (e) Brockton
Shoe Manufacturers Association ask unions to accept wage cut, p. 41.
-hour basis, p. 41. (g) Syracuse
if) Durham Hosiery Mills work on 24
building trades go on five-day week-Workers accept contract with daily
rise, p. 41. (h) 5.000 steel men to return to work in Youngstown district
Mills will start operations in two weeks, P. 44. (i) 2,000 steel men at
Cincinnati mills to have full time, p. 44. (j) Western Electric plant at
Kearny, N. J. although curtailing production, retains employees, p. 45.
(k) U S. Investments in Guatemala advance 150% over pre-war figures,
according to Max Winkler, p. 53. (I) National City grants Mexico 15
million loan-Stabilization of currency and regulation of foreign exchange
Planned, P. 54. (m) Plans for formation of private wheat corporation in
-Dominion not to peg price,
Canada announced by Premier Bennett
P. 55. (n) Senator Robinson hints five-day week may be necessary
sees machinery displacing so many that palliative measures avail little,
P. 58.
(0) Three-Day work week proposed in St. Louis, p. 59. (p) Ford Workers get $2,000,000 in 10% return on deposits. p. 59. (q) taxable motor
fuel used,in New York State during October exceeded by 7,000,000 gallons
amount used in same month last year, P. 64. (r) Bankers Corporation,
City Financial Corporation and two other affiliates file petition in bankruptcy following termination of equity receivership, p. 69.
-Shipments.
-Millis Corp.
Adams
Year Ended Dec. 31Shipments
-V. 131 p. 3878, 3209.
1930.
1929.
$7,580,719 $6 860 667
Increase.
8720 052
-Defers Dividends.
Advance Bag & Paper Co., Inc.
The directors have decided to defer the usual semi-annual dividends due
Jan. 1 of 4% on the 8% cumul. prior lien pref. stock and of83 per share on
-V. 132, p. 130.
the $6 preferred stock.
-New Distributors Appointed
pit Affiliated Dealers, Inc.
for Short Term Trust Shares.-
polVilk, Clarke & Co., Chicago investment bankers, with offices in Toledo,
Cincinnati and Columbus, have been appointed Mid-Western distributors
-Term Trust Shares, a five-year fixed investment trust of the semi
for Short
-V.131. p. 2067.
accumulative type,it was announced.
-Earnings.
Alaska Juneau Gold Mining Co.
For income statement for month and 12 months ended Dec. 31, see
-V. 131, p. 3878.
'Earnings Department" on a preceding page.
-Omits Common Dividend.
Alliance Investment Corp.
The directors recently decided to omit the quarterly dividend which
ordainarlly would be payable on the common stock on Jan. 2 1931. The
-quarterly cash dividend of 20 cents per share was paid on Oct. 1 1930.V. 130 p. 1278.
-Unfilled Orders.
Allis-Chalmers Mfg. Co.
Dec. 31 '30. Nov. 30'30. Dec. 31'29.
As of$13,012.000 $14,233,000 $12,872,000
Unfilled orders
billings for 1930 are estimated at $42,000,000, as against $48,Total
000.000 in 1929.
eesThe company is building 15 sugar cane harvester machines to be used
by the Southern Sugar Co. in harvesting the present crop in Florida, and
expects to complete delivery of them during January. The Dahlberg
Corp. of America is the holder of patent rights to the harvester and has
licensed Allis-Chalmers to manufacture the machines for the American
market. The Allis-Chalmers company expects to build a total of 20 at
the present time. The machines to be used by the Southern Sugar are
being leased from the Dahlberg Corp. on a basis of one half the saving
derived from using machine methods as compared with hand labor methods
heretofore employed. The machines are being manufactured on a costaccording ta
plus basis and will cost in the neighborhood of $15,000 each,131,
P. 3712.
-V.
Bror G. Dahlberg. President of the Southern Sugar Co.
-Tenders.
Aluminum Co. of America.
The Union Trust CO. of Pittsburgh, trustee, will until noon on Jan. 23
receive bids for the sale to it of 5% sinking fund debenture gold bonds,
dated March 1 1927 to an amount sufficient to exhaust $1,000,058 at
-V. 131. p. 2539.
prices not exceeding 105 and interest.
313
The holders of 243.086 shares of preferred stock and of 246,905 shares of
common stock (constituting over 85% and 74%, respectively, of the outstanding number of shares of the preferred stock and common stock of the
Connecticut company) have deposited their stock under the deposit agreement dated Sept. 18 1930 for exchange for shares of the capital stock of the
Delaware corporation at the rate of one share for each share of preferred
stock of the Connecticut company and one share for each 10 shares of common stock of the Connecticut company. 160,154 of the shares of preferred
stock depoeited have been surrendered to and cancelled by the Connecticut
company. All of the 82,932 shares of preferred stock of the Connecticut
company and all of the 246,905 shares of its common stock acquired and now
held by the Delaware company will be either retained by the Delaware
company or surrendered to the Connecticut company in connection with
future exchanges of stock. The stock of the Connecticut company covered
by this application is the preferred stock and common stock which has not
been deposited under the deposit agreement.
Pro Forma Balance Sheet as of June 30 1930 (Connecticut Company).
After giving effect to the plan ofreadjustment consummated to Jan.5 1931.1
Assets
Investment in American Agricultural Chemical Co. (of Del.)
$9.591,506
137,033 shares of Its capital stock*
Liabilities
Preferred stock (no par) 124,398 shares(diva, paid to Apr111921)-$3,109.950
333,221
Common stock (no par) 333,221 shares
6,148,334
Paid-in surplus
$9.591,505
Total
* Valued at the value shown on the books of the Delaware company and
calculated to represent the Interest of the non-depositing stockholders In
the business and property now owned by the Delaware company, with due
-V. 132. p. 130.
allowance for Inter-company holdings of stock.
-Listing
American Agricultural Chemical Co. (Del.).
of Capital Stock.
The New York Stock Exchange has authorized the listing of 50.098
shares of capital stock (no par value) now outstanding, with authority to
add 267,777 shares of such stock, on official notice of issuance in exchange
for shares of preferred stock and common stock of the American Agricultural
Chemical Co.(Conn.), making the total amount applied for 317,875 shares
of capital stock.
The Delaware company was organized Dec. 8 1913, with an authorized
capital stock of 250 Shares (par $100). Since the date of organization all
of its issued capital stock (exceps directors' qualifying shares and treasury
stock) has been owned by the Connecticut company. Pursuant to an
amendment to the certificate of incorporation filed on June 23 1930, the
authorized capital stock of the Delaware company is now 2,000,000 shares
without par value, all of one class, and having equal voting rights. As a
preliminary step to a plan of capital readjustment of the Connecticut company, a substantial part of its properties were transferred to the Delaware
company on June 30 1930 in exchange for additional shares of the capital
stock of the Delaware company and the assumption by it of certain liabilities of the Connecticut company including those connected with such
properties and the outstanding balance of the first refunding mortgage
-year sinking fund gold bonds, series A, of the Connecticut com% 20
pany. On Dec. 31 1930 the remainder of the properties of the Connecticut
company, except stock of the Delaware company, were transferred to the
Delaware company in exchange for further additional shares of its capital
stock and the assumption by it of the remaining liabilities of the Connecticut company.
The above mentioned plan of capital readjustment of the Connecticut
company was declared operative on Jan. 2 1931. Pursuant to this plan the
board of directors of the Delaware company by resolution adopted Jan. 2
1931 authorized the issuance of shares of the capital stock of the Delaware
company in exchange for shares of the preferred stock and common stock
of the Connecticut company deposited under this plan, either surrendered to
the Connecticut company or acquired and to be retained by the Delaware
company, at the rate of one share for each share of preferred stock of the
Connecticut company and one share for each 10 shares of common stock
of the Connecticut company. (See also American Agricultural Chemical
Co. (Corm.) above.
The Chase National Bank of the City of New York has been appointed
-V. 132, p. 130.
transfer agent for the capital no par stock.
-Extra Dividend.
. American Chicle Co.
The directors have declared an extra dividend of 25c. a share and the
regular quarterly dividend of 50c. a share on the common stock, both
payable April 1 to holders of record March 12. An extra dividend of the
-V. 131.
same amount was paid In each of the five quarters of this year.
P. 3209.
-Sales Decrease.
American Department Stores Corp.
Sales for Month and 11 Months Ended Dec. 31.
-1929.
Decreased
-Dec.
1930-11 Mos.-1929. Decrease.
1930
1500.708
$1 435,671 $1,533,967
198,296119,580,331 110,081.039
'
7
-‘. 131, p. 3879,3209.
American Depositor Corp.
-More Than 12,000,000 Corporate Trust Shares Sold in the Year 1930.
On Dec. 31 1930 there were outstanding 12,892,000 Corporate Trust
Shares, of which 12,006,000 shares were sold in the 12 months ended
Dec. 31 1930. This represents new shares issued by the trustee, and does
not include duplications resulting from resales.
Eight hundred and fifty-three dealers in the United States, and a number
-Sale of Plants.
Amalgamated Silk Corp.
Olyphant. Pa., brought $80,000 at auction on Dec. 16, and of dealers in European countries contributed to this record.
The plant at
Coupons for the Dec. 31 distribution are now being cashed in London,
real estate owned at Binghamton, N. Y., brought $5,700. On subsequent Paris, Amsterdam, Stockholm,
Geneva, and Zurich, and in principal
dates the plant at East Mauch Chunk, Pa., brought $9,000 for the real cities from coast to coast
in the United States.
for the personal property. Machinery in the Northestate, and $10,000
Corporate Trust Shares are internationally quoted and sold. Holders
ampton. Pa., mill brought $23,000, but there was no bid on the real estate. may
cash coupons at the office of the trustee in New York and at 47 banks
Plant D,a finishing factory at Allentown, Pa., brought $55,000. Plant E, which
act as authorized paying agents in the United States and abroad, or
at Allentown, $2.500 for entire property.
Julius ICayser & Co., through its subsidiary. the Sterling Silk Glove may present coupons for collection at any bank. Ready marketability is
-V.132, p. 130.
purchased the Amalgamated property at Fourth and international for Corporate Trust Shares.
Co. of Bangor. Pa.,
Whitehall Streets, Allentown, for $32,000. The sum or $5,300 was bid for
American Investment Co. (Wis.).-Omits Dividends.
Plant 0 on North Fulton St. Allentown, but the trustee in bankruptcy
Plant at Marietta, Pa., brought $7,600 for
The directors recently voted to omit the semi-ann. dividends of $1.50 per
would not confirm this sale. '
real estate, and $6,862 for machinery. Plant at Norfolk, Va., brought share on the 6% prior pref. stock, par $50, and 30c. per share on the 6%
$20.000. Plant A, at York. Pa., brought $20,000 for the real estate and cony. pref. B stock, par $10.
The Singer-Thompson Co., Milwaukee. Wis., is transfer agent of these
$35,000 for the machinery. Plant D, York, $12,000 for the real estate.
issues.
-v. 131, p. 4218, 3713.
weital
-Plan
American Agricultural Chemical Co. (Conn.)
Effective.
-Directors.
American Machine & Metals, Inc.
At a special meeting, the following were elected directors: Edward
Harris, of Rochester, N. Y.• George L. LeBlanc, Jeremiah D. Maguire,
The reorganization committee, Jan. 5 1931, stated:
The plan of capital readjustment announced in the circular letter of the P. G. Mumford, H. R. Swartz and William D. Ticknor, all of New York
-V. 131. p. 4218.
ad
reorganization committee dated Sept. 18 1930 has now been carried into City.
effect, approximately 80% of the stock of the company having been de-Initial Dividend.
American Phenix Corp.
posited in pursuance of the plan. Certificates for stock of the Delaware
company are now ready for delivery at the office of either the Chase National
The directors have declared an initial semi-annual dividend of 50 cents
Bank of the City of New York, 11 Broad St., N. Y. City, or Lee Higginson per share on the new no par value general stock, payable Jan. 10 to holders
Trust Co., 50 Federal St., Boston, Mass., to whom certificates of deposit of record Dec. 31 There had been paid on the old general stock of $50
par value dividends totaling $5.25 per share. The new no par value stock
should be surrendered.
Preferred and common stock of the Connecticut company, which has was issued in exchange for the old stock on a share for share basis. See
been deposited, may be exchanged for stock of the Delaware company also V. 131, p. 33711 1
not
est
on the same basis as heretofore, that is, one share of stock of the Delaware,
.
company for one share of preferred stock of the Connecticut company ft g American Surety Co. of N. Y.-Bal. Sheet Dec. 31.of stock of the Delaware company for each 10 shares of comand one share
1930.
1929,
1928.
1930.
mon stock of the Connecticut company. Stock certificates for nonI
Assets$
deposited stock of the Connecticut company should be deposited with the Real estate
7,500,000 7,500.000
8,300,000 8,406,069 Capital stock
of the City of New York, cffl with Lee Higginson Trust Bonds
5,844,716 5,752,560 Sur.& undiv. prof. 5,667,026 8,329,931
Chase National Bank
8,981,627 11,289,880 Res. unearn. prem. 7,022,075 7,047.470
Co. This offer will remain open only until Feb. 1 1931. and accordingly Stocks
1,408,727 2,551,902 Res.conting.claim 5,148.054 4,210,704
Cash
stock should be deposited without delay.
Exp. & tax reserve 1,025,026 1,111,997
Premium In course
-Par Preferred and Common Stocks.
Listing of No
of collection_ _ _ 2,321.112 2,154,424 Volunt'y spec res
1,500.000
New York Stock Exchange has authorized the listing of 41.466 Accr. Int, ds rents_
FThe
88,559 Res. outst. prem
91,244
450,000
400,000
stock (no par value), and 86.316 shares of common
shares of $6 preferred
236,041
Accts. Pay, aroReinsur. & other
245.313
stock e(no par value) on official notice of issuance in exchange for out102.020
receivable 100,796
accts.
certificates for shares of preferred stock and common stock,
standing
Tot.(each side)_27,048,224 30 345 415
respectively,'of the par value of $100 each.
eaTheAConnecticut company was organized on June 30 1893. On Jan. 2 -V.131. p. 2699.
1931, a3plan of capital readjustment of the Connecticut company was
American Title & Guaranty Co.
-Initial Dividend.
deciaredloperative. As part of this plan the properties of the Connecticut
The directors recently declared an initial quarterly dividend of 15 cents
have been transferred to
company, except stock of the Delaware company,its capital stock and the per share on the new capital stock, payable Jan. 1 to
exchange for shares of
in
holders of record
the Delaware companythe liabilities of the Connecticut company.
Dec. 20.-V. 128. p. 404.
assumption by it of all
314
FINANCIAL CHRONICLE
American Tobacco Co.
-Obituary.
William D. Stocks, a director and General Manager of the company's
Reidsville, N. 0., plant, died on Jan .7 at Reldsville.-V. 131. p. 2898.
American Trustee Share Corp.
-New Secretary,
Donald K. Walker, formerly of W. A. Harriman & Co., Inc., has been
elected Secretary,succeeding John F. Fowler Jr., resigned. Announcement
Is also made of the election of Ralph T. Crane,of the firm of Brown Brothers
Harriman & Co., to the board of directors, and the appointment of Henry
T. Vance, formerly syndicate manager of W. A. Harriman & Co., Inc.,
as assistant sales manager.
This corporation, distributors of Diversified Trustee Shares, announces
the transfer of its offices: to 59 Wall St., N. Y. City, effective Jan. 3.V. 131, p. 4219.
Animal Trap Co. of America.
-Dividend Decreased.
The directors recently declared a quarterly dividend of 25 cents per
share on the common stock, no par value, payable Jan. 2 1931, to holders
of record Dec. 27 1930. Previously, the company paid quarterly dividends
of 50 cents per share on this issue,
-V. 128. P. 2466.
Arlington Hotel Co., Hot Springs National Park,
Ark.
-Bonds Offered.
-Mercantile-Commerce Co., St. Louis
is offering at prices to yield from 53i% to 04%, according
to maturity, $1,250,000 1st mtge. 53,% real estate bonds.
Dated Feb. 1 1931; due serially Feb. and Aug. 1 1931-1941. Denom.
.
$500 and $1,000c5 Principal and int. (F. & A.) payable at MercantileCommerce Bank & Trust Co., St. Louis, Mo., trustee.
These notes are the direct obligation of the Arlington Hotel Co. and are
secured by a first deed of trust on the New Arlington Hotel. The hotel
building erected in 1924 at a cost of more than $2,300,000 is a modern
structure of reinforced concrete construction; there has been recently completed a new addition containing 60 guest rooms. The hotel now has
available 561 guest rooms, 50 of which have Hot Springs mineral water
private baths.
The value of the building and land have been conservatively placed at
$2,764,596 or more than twice the amount of the loan. The appraisement
does not include furnishings and equipment installed in the hotel valued
at $525,000 (after charging off depreciation).
The net annual income averaged over a period of five years, after depreciation and other charges, has been $165,586, or nearly 2) times the
maximum interest charge on this loan and should be substantially Increased
from the earnings of the new addition.
-Packers' Decree Partially Modified
(MO.
Armour & Co.
Court Lifts Prohibition Against Handling So-Called Unrelated
-But Refuses Packers Permission to Engage in Retail
Lines
Trade.
Justice Jennings Bailey of the District of Columbia Supreme Court, in a
decision handed down Jan. 5, partially modified the Packers' Consent
Decree of 1920, lifting the prohibition against the packers engaging in
handling the so-called unrelated lines. Justice Bailey denied modification
which would have permitted the packers to engage in retail trade.
The decree originally barred the packers from unrelated lines, from retail
trade and from ownership of stockyards and stockyard newspapers. The
packers sought modification on the ground that modern methods of merchandising through the chain stores allowed their competitors to do what
the decree prevented the big packers from doing. Arguments in the case
ran for more than a month. The decree originally covered five packers,
Swift, Armour, Morris, Wilson and Cudahy. Swift and Armour filed the
petition for modification.
The decision on the whole is being interpreted as constructive from the
packers' point of view since it gives them victory on the point where they
most desired it, that is as to the unrelated lines.
In obtaining permission to manufacture and deal in so-called unrelated
lines the packers have won their most important point, in the opinion of
Attorney Frank J. Hogan, counsel for the packers. Previously the packers
have been given a restrictive right through temporary permission to engage
in these unrelated lines. Now they can handle them without restriction.
Mr. Hogan declined to say whether the packers would appeal on the denial
of their petition for the right to engage in retail trade and on the denial of
right to ownership in stockyards.
Another feature of the opinion was the statement that the packers have no
monopoly of food distribution.
The packers regarded the ban on unrelated lines as their greatest encumbrance. As to the retail trade ban, there appears to be nothing in the
decree to prevent them making contracts for retail distribution with the
country-wide store chains.
The packers have felt that by engaging in lines other than meat distribution they could greatly increase income without a corresponding increase
in overhead costs.
In its decision, the Court said: "The decree will therefore be modified
so as to permit the defendant packers to manufacture, sell and deal in the
commodities specified in paragraphs fourth and fifth of the decree and
referred to in this case as unrelated lines, and to use or permit others to
use in the distribution facilities of the defendants in handling these unrelated lines, but in all other respects the decree will remain in full force and
effect, and the defendants are required to comply promptly with the decree
In every respect in which they have not heretofore complied with it."
The packers argued for permission, to retail, saying that complete
Integration in merchandising from the producer to consumer would produce
better conditions. The Court said this is an economic question which is not
for it to decide.
"The policy of Congress as shown by the statutes enacted by it, and as
interpreted by the Supreme Court is to preserve and stimulate compeitition,
and to permit the defendants to engage in retailing of their own products
would, in my opinion, have the opposite result."
The Court said that it believed the stipulation of the packers that there
was no monopoly in the meat business "was fully justified. The Judge
also said that "there exists no real combination or agreements in restraint
of interstate commerce between the defendant packers or any of them,and no
monopoly nor unfair competition or agreements in restraint of trade save in
the sporadic instances mentioned, either in interstate commerce or as a
whole."
The stipulation referred to said that "the Individuals, firms and corporations, engaged in the meat packing business in the United States to the
number shown or which may be shown by evidence in this case, owned
and controlled independently of each other, are in active competition with
each other in the purchase of livestock and in the sales of their products
in the various geographical localities and districts within the United States
sell."
In which they respectivelY Purchase and government counsel that the size
Justice Bailey scouted the claim of groups could constitute a monopoly
power alone of the Swift and Armour
and
although he agreed that the two petitioning packers control over 54% of the
commerce.
output of all packers engaged in inter-state
was hold by
"That size alone, however. Is not an offense under the Act,
the
the Supreme Court in the steel case," Justice Bailey said, and quoted and
impressive size
opinion, "the corporation is undoubtedly of an or to exaggerate its
famous
resolution not to be affected by it
It takes an effort of
mere
does not
the law, and the
influence. But we must adhere to unexerted power lawoffense." make
an
size an offense, or the existence of the defendants was also treated lightly
The use of railway terminals by
could be no prejudice to
by the Court, but he plainly asserted that therecars, or refrigerator cars
the trade for the packers to continue peddler
commodities.
in which the load is completed by groceries and other perishable was that they
packers
One of the allegations in the original bill against the
use of refrigerator cars and route or
gained over their competitors by the
said:
Peddler cars. Answering this claim. Justice Bailey
Commission held on June 22
'As a transportation question the I.-8. 0. case were parties, involving
this
1921, in eases in which the intervenors in refrigerator cars upon considerathe use by the packer defendants of their
of defendants in
tion of all the facts of record we find that the practicesgroceries in their
of
permitting the meat packers to load certain articlesin undue prejudice to
cars is not shown to result
Peddler and branch house
'
complaintscomplaintsor unduly to prefer the packers. '
dismissed
After going into the question but little further, Justice Bailey
that point by asserting that the private ownership of such cars has never
-S. 0. Commission.
been forbidden by law or by the I.
One salient development which was revealed during the hearing, but
which was not a Part of either issue was the development of motor trucks
in.modern transportation. In this connection Justice Bailey asserted:
'The great development in recent years in hard surfaced and in better
riror. 182.
roads everywhere, has greatly diminished any advantage in the ownership or use of refrigerator cars. The automobile truck has become the chief
method of delivery of food products up to distances of from 75 miles to as
much as 150 miles in some instances. This has, of course, increased the
Power of the smaller packers to compete with the larger packers."
-V.
131, p. 4219, 3372.
Armstrong Cork Co.
-Listing of $14,931,000 10
-Year
Convertible 5% Gold Debenture Bonds.
The Now York Stock Exchange has authorized the listing of $14,931,000
10-year convertible 5% gold debenture beetle, due June 1 1940.-V. 132,
13• 131.
Art Cinema Corp.
-No Preferred Dividend.
The stockholders have been advised that the company has passed the.
dividend due on its $7 preferred stock. The company is affiliated with.
-V,128, p.4007.
United Artists and was formed by Joseph Schenck.
Asbestos Corp., Ltd.
-Bondholders Asked to Defer In t..
First mortgage bondholders are urgently requested to take the necessary
steps to ensure the representation of their bonds at the special meeting
which has been called for Jan. 29, in a circular letter sent them from.
Colonel Robert F. Massie, President and General Manager.
Oilonel Massie recommends that the bondholders should deposit their.
bonds with the bondholders' committee Is hick was formed last September,
and states that bonds can be deposited to the order of this committee•
with the Canadian Bank of Commerce.
The letter to the first mortgage bondholders says in part:
As you are no doubt aware, it was considered inadvisable to pay the
interest on the gen. mtge. bonds due on July 1 1930, and in due course
the bondholders agreed to conditionally postpone the same and also the
payments of interest and sinking fund due on Jan. 1 1931.
Since the issuance of the circular of June 6 1930, to the general mortgage
bondholders, conditions in the asbestos industry have become worse, and
the directors have asked the trustee for the first mortgage bondholders tocall a special meeting for Jan. 29 1931 with a view to asking the holders
of these bonds to defer the interest and sinking fund payments due Jan. 1
1931 and the interest payment due July 1 1931.
Since taking charge on May 22 1929 the directors and the now management have done everything that was possible to improve operating conditions, locate new bodies of high-grade ore, put into effect economies,
and lay out a definite plan of development work for future operations.
but unfortunately the available working capital of the corporation had.
been so depleted that it has only been by the most careful management
that the corporation has been able to carry its plans, on a limited basis,
through to the present time.
The corporation entered 1930 with a substantial volume offuture business
on its books, but in the asbestos industry few, if any, contracts are "firm."
By the end of the first quarter cancellations and curtailment of shipping
instructions were coming in at an alarming rate, in addition to which
competing mines were offering competitive grades at greatly reduced
prices; this corporation made every effort to maintain prices, but failing
to secure the co-operation of other mines, was faced with the necessity of
making substantial reductions or losing its customers. This situation,
has continued, with further lowering of prices, till to-day the averages
are below those prevailing in 1926.
In view of all the foregoing, the directors greatly curtailed operations in
April and again in June, only running the mills nemosacy to fill immediate
orders, though carrying on such of the development work as was essential
for future years.
The net outcome has been a further depletion of the cash position of
the corporation, but the development work being done is putting the
corporation in a position that, by the middle of 1931, it will be better
able to cope with competition than it could have done at any time during
recent years.
In September 1930 a conunittee of the first mortgage bondholders was.
organized consisting of: A. B. Brodie (Price, Waterhouse & Co.), E. A.
Macnutt (Sun Life Assurance Co.), A. P. S. Glassco (Treasurer of McGill
University), E. 0. Hanson (Hanson Brothers), and R. W. Steele (Dominion Securities Corp.. Ltd.).
This committee was formed with the object of taking steps to protect
the interest 01 the first mortgage bondholders, and now has had deposited
with it approximately 45% of the 1st mtge. bonds outstanding. Such a
committee, working in harmony with the general mortgage bondholders,
the directors and management, would appear to be the logical body to
whom the holders of the 1st mtge. bonds could entrust their interests.
Bonds can be deposited to the order of this committee with the Canadian
Bank of Commerce.265 St. James St., Montreal,or at its offices in Toronto.
New York, and London, England.
-V. 132. p. 131.
-Earnings.
Associated Apparel Industries, Inc.
PeriodNet income
Other income
Year End. 11 Mos.End. -Years End. Dee. 311928.
1927.
Nov. 30'30. Nov. 30'29.
$623,648.
$980.534
$1,181,478 $1,509,922
95,213
338,523
167,869
357.526
Total income
Interest
Depreciation
Income taxes
Other charges
$1,539,004 $1,677,791 $1,319,057
151,150
176,732
153.730
136,044
110.306
103,523
118,476
165.729
139,297
114.053
$718,861
43,511
71,457
67,897
Net profit
Dividends paid
$1,028,401 $1,224,964
607,497
825,986
$913,388
599,997
$535,995399,998.
$135.997
$313,391
$617,467
Balance, surplus
$202,415
100,000.
She. com.stk. outstand'g
200,000
207,500
207,500
$4.94
Earnings per share
$4.41
$5.90
$4.95
The above for 1928 includes earnings of companies acquired from Jan. 1
1928, except La Mode Garment Co. Inc., which is included from July 1.
1928; 1927 includes earnings of Mndart Corset Co. from Aug. 1 1927.
-V. 131, p. 3210.
-Smaller Dividend.
Associated Security Investors, Inc.
The directors recently declared a quarterly dividend of 25 cents per share.
on the common stock, no par value, payable Jan. 5 to holders of record
Dec. 22. Previously, the corporation paid quarterly dividends of 40 cents.
per share on this issue.
This company, was incorporated in Delaware on April 22 1927. G. L.
Ohrstrom & Co., Inc., of New York, is transfer agent and registrar.
-Acquires Pipe Line.
Atlantic Pipe Line Co.
The company has purchased the Liberty Pipe Line Co.'s Barber Hill.
line, a Houston (Tex.) dispatch states. The sale was effective Jan. 1.
and Includes gathering lines, and the Barbers Hill field terminal at Cedar
Bayou and certain equipment including the shipside terminal at Texas City.
The properties taken over by the Atlantic company have been handling
during the past several months an average of 14,000,000 barrels of Barbers.
Hill crude oil daily. The Atlantic company will continue to serve producers heretofore served by the Liberty Pipe Line Co.
Atlantic Securities Corp.
-Annual Report.
Maurice L. Farrell, President, Jan. 7, says in part:
The balance sheet shows investments carried at cost of $7,464,191, which.
was $3,309,216 in excess of their market value as of Dec. 31 1930. The
asset value of the common stock, after allocating a value of $50 per share to
the preferred stock, was $9.49 per share based on the market value of investments held.
Of company's assets, taken at market value, 9.5% was in cash and call
loans, 4.5% in railroad securities, 29.8% in public utilities, 36.8% in industrials and 19.4% in miscellaneous issues, including bank, oil and investment company shares.
In view of the extraordinary depreciation in prices of securities during the
year, which resulted in a heavy shrinkage In the market value of company's.
portfolio, directors deemed it advisable to reduce the capital represented by
common stock to $5 per share. This action was approved at a special meet,
Mg of the stockholders on Dec. 29 1930. Thereafter directors set up a
reserve account of $3,740,565, which more than covers the unrealized MI:
predation of investments. This internal readjustment of the capital and
reserve accounts does not alter the asset value of the common stock or result
in any change
For accounting purposes directors also decided that there should be.
interest from
creditedto Income account all ordinary cash dividends andemitted to re-time to time received by company, and that there should be
JAN. 10 1E1.]
FINANCIAL CHRONICLE
115
•
serves all profits from sales of investments, and charged against reserves all steel combine to rival the United States Steel Corp. is being considered by
losses from such sales. This was done to make a clearer distinction between a number of prominent steel men and financiers. According to the'News,'
interest and dividend income from investments as distinguished from profits the new merger 'talk' includes Bethlehem, Republic, Youngstown Sheet de
or losses on purchases and sales of investments.
Tube, Jones & Laughlin, Corrigan-McKinney and Otis Steel.
In the balance sheet the surplus has been reconstructed from the organiz"The'News' says Cyrus S. Eaton of Republic Steel, James A. Campbell
ation of company in accordance with the foregoing and as now submitted of Youngstown Sheet & Tube and Eugene G. Grace of Bethlehem met in
represents the ordinary cash dividends and interest from investments, after New York yesterday and discussed terms and titles for the two billion-dollar
charges for expenses, taxes (except taxes referable to profits from sales of deal, and mentioned for the first time as a participant Jones & Laughlin
investments) and dividends paid, while the balance, representing net profits of Pittsburgh."
on purchases and sales of investments, after deduction of Federal income
Quoting one source, the "News" says:
taxes referable thereto, has been transferred from surplus to the credit of
"Bethlehem leaders are undaunted in their determination to establish a
reserve account.
corporation rivaling United States Steel and exceeding it in some capacities."
Income Account for Calendar Years.
The reported deal comes closely after the injunction which Eaton won
recently to restrain a merger of Sheet & Tube and Bethlehem into a billion1928.
1929.
1930.
dollar concern. Eaton, who is powerful in both Sheet & Tube and Republic,
Dividends received and accrued
$93,443
$182,540
$230,801
Trading profit
(a)
234,892
307.638 has been fighting "for a pure Midwest consolidation," the "News" says.
Interest received
17,156
104,436
Stockholders Form Committee to Sponsor Readjustment in
Gross profits
Interess paid
General expenses
Taxes paid and accrued
Reserve for Federal income tax
Salaries
$247.957
28
24,031
1,842
$521,867
1,137
20,247
4,994
35,975
5.584
$401,081
3.608
5.167
1,754
41,314
Net income
Preferred dividends
$222.054
180,000
$453,930
150,000
$349,238
Bonus System.
A group of stockholders has organized a protective committee to bring
about an adjustment of the corporation's bonus system of rewarding executives, and to seek restitution. The group is composed largely of the same
Interests which, as stockholders of Midvale Co., ortsnized a similar committee at the time Bethlehem acquired Midvale Steel & Ordnance Co.
The committee is composed of Henry B. H. Ripley, Samuel D. Hopkins
and Edwin D. Levinson, and has appointed Benjamin M. Robinson, 15
Broad Street, Secretary, and the firm of Ehrich, Royall, Wheeler & Walter
as counsel.
-V. 132, p. 131.
Balance, surplus
$349,238
$42,054
$303,930
Shs. com.stock outstanding (no par)_
621,650
168,250
168,250
-Sales Increase.
Bickford's, Inc.
Earnings per share
$0.25
$16.13
$1.81
1930
-December-j929. Increase.I 1930-12 Mos.-1929. Increase.
a Trading profit now Included in "Reserve Account" (see below).
9604.495
$480,543
$85,2971$5.987,105 $5,382,610
$565,840
b Capital stock par $100.
-V.131, p. 4058, 3880.
Reserve Account as at Dec. 311930.
Credit arising from reduction of capital represented by corn.stockS3.197.404
Bird & Son, Inc.
-To Retire Preferred Stock.
Net profits from purchases and sales of investments, less Federal
The corporation has called its 1st pref. stock for payment at $110 a
income taxes thereon: From organization of corporation to
share on Feb. 1. There was $2,692,7C0 (par $100) of the stock outstanding
Dec. 311929, transferred from surplus account
528.702 on Dec. 1 1930.
For year ended Dec. 31 1930
President Philip R. Allen says: "We are paying off outstanding 7%
14,459
preferred stockholders at the callable price of $110 per share plus accrual
Balance as at Dec.31 1930
$3.740,565 dividends. It simply means we are paying back money borrowed a few years
ago for new power plant, the doubling of our flooring plant, and building up
Balance Sheet Dec. 31.
the efficiency of out machines. The calling of our preferred stock means
Assets1930.
1929.
Liahi2ittes1030.
a big saving_of money in interest. After Feb. 1, we will have no debt outCash
$34,571 8120,317 Pref stock_y
$3,000,000 $3,000,000
standing. The surplus we have built up the last few years for this very
Call loans
400,000
700,000 Common stock__z 841,250 4,038,853 purpose will .
cover the payments and leave ample working capital for
Int.& diva. accr'd_
25,440
29,222 Reserve account.. _ 3.740,565
future needs.'
Investments (cost)x7.464,191 7,052,413 Res. for Federal &
Employees working on an hourly rate received a bonus for 1930 totaling
Accounts recelv_
State taxes
1,244
527
35,974 approximately $75,000. President Allen stated that earnings for the year
Accrued liabilities_
1,975
1,959 were reduced to such a point that under ordinary conditions no bonus
Res,for pref. diva_
15,000
15,000 would have been paid. Conditions however, are not ordinary and while
Paid in surplus_ _ _ 10,0,250
108,250 salary workers have had full time with no reduction, workers on an hourly
Total (each side)57,924.204 $7,902,479 Earned surplus_ _ _ 215,920
702,642 rate have had to take considerable loss of time and may have to take more
x The market value of these seem' ties on Dec. 31 1930, was $3,309,216 before business comes back to normal. Therefore the bonus this year went
less than cost. y Represented by 60.000 shares $3 pref. stock (no-par only to workers on an hourly rate.
-V. 132, p. 133.
value). z Represented by 168,250 (no-par) shares. There are outstanding 120,000 warrants entitling holders to purchase 60,000 shams of common
Blaw-Knox Co.
-Earnings.
stock at prices ranging from $37.50 to $45 per share. These warrants exFor income statement for
pire March 11934. There has been deposited with the trustee 60,000 addi- Department" on a preceding11 months ended Nov. 30 1930 see "Bernina
page.
-V. 131, p. 633.
tional shares of common stock, registered in the name of Atlantic Securities
Corp. for issuance against the exercise of these warrants. In lieu of man(H. C.) Bohack Co.
-Sales Increase.
agement fees, the corporation has granted certain options to purchase one
share of common stock for each nine shares at any time issued by the
Sales for Five Weeks and Eleven Months Ended Dee. 31.
corporation, these options extending for five years. respectively, from the
Increase.
1930-5 Weeks
-1929,
Increased 1930-11 Mos.-1929.
dates of each issue of shares and being at the issue price in each case. At 33,649.694
3655,6061$30,541,783 $26,536.238 $4,005,545
$2,994,088
Dec. 31 1930, the stock under such options amounted to 18,693 shares, at -V. 131, p. 3373, 1101.
prices ranging from $21 to $35 per share.
-V. 132, p. 131.
Bonwit, Teller & Co.
-Defers Preferred Dividend.
-
Atlas Acceptance Corp.
-Omits Dividends.
The directors have voted to defer the quarterly dividend of 81;i per
.e.
The directors have voted to omit the semi-annual dividends of 4 cents share due Jan. 1 1931 on the $3.25 cum, cony, pref. stock, no par value.
per share ordinarily payable about Jan. 1 on the class "A" and class "B"
President Paul J. Bonwit, in a letter to the stockholders, states that the
stocks.
remodeling of the building now occupied by the company has made Inroads
on the cash resources
the cash position, the board
Atlas Powder Co.
-Cancels Authority to List 3,861 Addi- deemed it advisable toand, in order to conserve129. P. 478,
omit the dividend.
-V.
tional Shares of Common Stock.
-
Booth Cold Storage Co. of Mo.-Bonds Offered.
-Mark
The New York Stock Exchange has authorized the cancellation of the
authority heretofore granted for the listing of 3,861 shares of common C. Steinberg & Co., St. Louis, are offering $270,000 1st
stock (no par) in connection with the acquisition of pref. and com,stock of mtge. serial 6% guaranteed gold bonds at par
and int.
Peerless-Union Explosives Corp. The 3,861 shares of common stock have
Dated Jan. 1 1931: due serially 1932-41. Redeemable on any interest
not been and will not be issued.
date upon 60
and interest. Denom. $1,000 and $500.
Pursuant to resolution of the directors of Oct. 2 1930, the issuance of Principal anddays'notice at 102;4the office of the Franklin-American
interest payable at
Co.,
additional shares of the stock of the company was authorized as follows:
trustee.
6,318 shares 6% cumulative preferred and 3,861.25 shares corn, stock as St. Louis,-These bonds are secured by a (closed) 1st mtge. on all the
Security.
part of the consideration paid in the purchase of 21,732 shares 6% cum. St. Louis real estate, plant and equipment of the company,
conservatively
pref. stock (original issue) of Peerless-Union Explosives Corp. and 32,198
In excess of $1,000,000.
shares common stock of Peerless-Union Explosives Corp. Company was valued property owned in fee has a frontage of 280 feet on Ashley St., a
The
preferred stock and 3,861 shares of depth of 191 feet, bounded on the east by Lewis St. and on the
granted authority to list 6,318 shares of
west by
common stock. Company has acquired 21,732 shares 6% cum. pref. stock First St. On this ground stands one 12
-story
-story building
and 32,198 shares of corn, stock of Peerless-Union Explosives Corp., and all completely equipped with cold storage plant and one 9 and a
equipment,
6
-story
In connection with this acquisition has issued 6,318 shares 6% cum. pref. building equipped for common storage. They
stock. The acquisition of the Peerless-Union was consummated without mately 81,561 square feet of dry storage space contain in all appro3dand 1,530,847 cubic feet
the issuance of the 3.861 shares of the common stock.
-V. 131, p. 2899.
of cold storage space.
Guaranty.
-These bonds are guaranteed as to principal and interest by
Bancokentucky Co.
-Stock Off List.
The stock has been removed from the Chicago Stock Exchange list. the Booth Fisheries Co., which corporation's earnings for the year ended
May 3 1930, applicable to this guarantee, were over two-thirds of this
Last sale was 3., as against a high of 25 last March.
-V.132, p. 131.
entire issue, or over 14 times annual interest charges on these bonds.
Bankers Corp.
-Files Petition in Bankruptcy Following Capital and surplus of the Booth Fisheries Co. (guarantor company) as of
May 3 1930, was $11,689,000.
Termination of Equity Receivership.
Barnings.-Average annual net earnings of the Booth Cold Storage Co.,
See last week's "Chronicle," page 69.-V. 128, P. 115.
as furnished by Arthur Young & Co., C.P.A., for the five years ended
April 30 1930, were over ten times the maximum interest charges on this
Barnsdall Corporation.
-Smaller Dividends.
issue. Average annual net earnings for the same period of the Booth
The directors have declared a dividend of 25 cents each on the class A Fisheries Co. were over 16 times the maximum interest charges on this issue.
and class B stocks, both payable Feb. 16 to holders of record Jan. 20.
Net earnings of the Booth Cold Storage Co's St. Louis plant alone for
Previously, the stocks were receiving quarterly dividends of 50e. per share. the 5 months May 1 to Sept. 30 1930 were in excess of 234 times the annual
The company issued the following statement: "The corporation earned Interest requirements on this loan.
Its full dividend in the year 1930 and recognizes that much has been done
Purpose.
-These bonds were issued to refund the remaining outstanding
In the oil industry through curtailment and other features lending toward bonds of the $500,000 issue of Booth-St. Louis Cold Storage (now Booth
betterment of producing and selling conditions that will reflect in improve- Cold Storage) Co. let mtge. serial 6s made on the same property in 1916.
ment in earnings of all substantial oil companies.
"The current position on Jan. 1 1931 showed net current assets of over
Borden Co.
-New Subsidiary Organized.
$6,000,000, a ratio of approximately 2). to 1, with budget requirements
The Borden Ice Cream Co. of Illinois, Inc. a subsidiary. has been
for the first six months a 1931 for drilling and other capital expenditures
of
of less than $1,000,000. against $6,500,000 for year 1930."-V. 131, p.4219. incorporated in Delaware with a capitalization ' $3,500.000 for the purpose of taking over and operating the ice cream business in Chicago forBelmont Building, N. Y. City.
merly done by the People's Fuel & Supply Co., Inc., Jersey Ice Cream Co.,
-Bonds Called.
All of the outstanding 1st mtge. 20
-year 614% sinking fund gold bonds Inc., and South Chicago Ice Cream Co.. recently acquired subsidiaries of
due Aug. 1 1944 have been called for redemption on Feb. 1 1931 at 100 the Borden Co.
-V. 132, p. 133.
and interest at the Bank of Manhattan Trust Co., trustee, 40 Wall St.,
Borg-Warner Corp.
-Sub. Co. Expansion.
N. Y. City, pursuant to notice published by the Madison-Belmont Corp.,
Summary of the outstanding 1930 achievements of the Ingersoll Steel
-V. 120, p. 90.
mortgagor.
& Disc Co., Galesburg, Ill., a division of the Borg-Warner Corp., included
Bethlehem Steel Corp.
several important property and equipment acquisitions for expanding
-Rehearing Denied.
Judge David G.Jenkins. in Common Pleas Court at Youngstown, Jan.6 its future production. The principal property purchase during the last
an application for a new hearing in the injunction suit to prevent year was the Chicago Rolling Mills at West Pullman, Ill. This was
denied
She merger of Bethlehem Steel Corp. and Youngstown Sheet & Tube Co. acquired to increase the company's steel production and place it in a position
No hearing was sought on the application, which was filed after Judge to operate more economically in the Mid-West area. This new plant is
Jenkins granted the injunction Dec. 29, and the denial merely took the equipped with complete steel rolling equipment for rolling sheets, plates
and strips, and high carbon and special steels.
form of a docket entry.
The application and its denial clear the legal path for an appeal on error, ofThe company also is installing forging and upsetting equipment and some
it
for automotive
If the defending companies decide to follow that course. Officials of both ings.already has been placed in operation equipment for and tractor forgIn addition to this, it has added
taper rolled discs
companies have said no decision as to their future course has been reached for automotive
and tractor wheels and for the tractor parts that require
as yet.
tapered discs. In the Galesburg plant has been installed special equipment
for taking care of hot pressed engine mountings and complete motor mountTenders.
The Girard Trust Co., trustee, Philadelphia, Pa., will until Jan. 23 ings which have been adopted by some of the automotive manufacturers.
These extensive additional facilities enable the company to Meet ex'edve bids for the sale to it of Penn Mary Steel Co. 1st mtge. 5% 20-year tremely large production demands, the announcement
tr
added.
-V. 132,
sinking fund gold bonds, due 1937, to an amount sufficient to absorb
P• 133.
$121,641, at prices not exceeding 105 and interes
Two Billion Steel Merger Reported.
An Associated Press dispatch from Cleveland. Jan. 9. has the following:
"The Cleveland'News' said a proposed formation of a two billion dollar
Boss Manufacturing Co.
-To Redeem Preferred.
-
The directors have voted to call the outstanding preferred meek as of
Feb. 16, amounting to $662,500 at $110 a share.
316
[VOL. 132.
FINANCIAL CHRONICLE
Comparative Balance Sheet Nov. 30 (Including Subsidiaries).
1929.
AssetsLiabilities1930.
1929.
1930.
Plant and equip_a$1,277,673 $1,292,294 Common stock__ -53,237,000 $3,250,000
750,000
Cash
1.223.817
373,419 Preferred stock... 662,500
127,700
13,375
Demand ins. dr int.
400,169 Accounts payable_
6.500
Beech 'le (less res.) 657,922 1,151,005 Notes payable.-,
34,017
16,185
Accrued wages.- Cash surrender val.
72,898
38,922
70,468
57,440 Tax reserve
of insur. policies
Inventories
1,610,234 2,324,186 Res. for redemp28,785
tion of pref. stk.
Cash in sinking fd.
100,000
50,000
for redemption
Res. for conting's_
of pref. stock _ _ _
28,785
Profit & loss surp_ 865,102 1,316,978
Investments
33,683
26,740
Deferred charges
9.286
32,850
54,911,869 85.658.103
Total
Total
84,911,869 85,658,103
a After deducting $1,310,480 depreciation.
-V. 131, p. 3047.
Boston Mfg. Co.
-Claims Allowed.
-
Judge Louis S. Cox of the Mass. Superior Court. has entered a decree
allowing claims against the Boston Manufacturing Co. (1901) of Waltham
totaling $1,181,988, of which $1,175,704 is the claim of Amory, Browne
aztCo., the selling agent. He also authorized the two receivers of the
company to pay a dividend of 33 1-3% on these claims and to pay themselves $15,000 each on account for services as receivers, and to compromise
or settle for the sum of $27,500 the two $500,000 suits brought against
the company by the Waltham Bleachery & Dye Works for alleged breach
of agreement to allow a certain quantity of water to flow over the Boston
company's dam to the bleachery.
The receivers state that they have on hand $596,000 in cash. The
Court deferred for,later consideration the balance of Amory, Browne &
Co.'s claim for $37,572.-V. 131, p.4220.
British-American Tobacco Co., I.:td.-Final Div., &c.
Directors in their annual report have recommended to the shareholders
the payment on Jan. 19 1931, of a final dividend on the issued ordinary
shares for the year ended Sept. 30 1930, of Is. 8d. per share,free of income
tax,and have declared a first interim dividend on the issued ordinary shares
for the year from Oct. 1 1930 to Sept. 30 1931, of 10d. per share, free of
income tax, payable on Jan. 19 1931.
To obtain these dividends (subject as to the final dividend to being
sanctioned at the annual general meeting to be held on Jan. 12) on and
after Jan. 19 holders of ordinary share warrants must deposit coupon No.
137 for the final and coupon No. 138 for the interim dividend with the
Guaranty Trust Co. of New York, 32 Lombard St., London, E. C. 3.,
three clear business days (excluding Saturday) before payment can be made.
Years End.Sept.301929.
1928.
1930.
1927.
x Net prbfit after chges- 4,501,560 £6,357,772 E6,563,560 £6,354.096
Pref. dividends (5%)_
225,000
225,009
225,000
225,000
Pref. dividends(6%)_ _ _
330,000
5,889,400
5,879,225
Ordinary dive.(25%)_
5,894,460
5,874,939
Balance, surplus
Previous surplus
£52,100
3,813,275
£243,372
4,736,173
£459,335
4,277.468
£254,157
2,067,874
Total
£3,865,375 £4,979,545
Stock dividend
Adjustment
yDr1,166,269
Appr. to emply. benevolentfund
100,000
£4,736,803
630
£2,322,031
2,901
Profit and loss,surplus £3,765,375 £3,813,275 £4,736,173 £2,319.130
x After deducting all charges and expenses for management, &c., and pro
viding for income tax. y Book value of shares of Tobacco Securities Trust
Co., Ltd., distributed to the ordinary shareholders.
Balance Sheet Sept. 30.
-K. F.
-Bonds Offered.
Brantford Roofing Co., Ltd.
1930.
1929.
1930.
1929.
MacLaren & Co., Ltd. Toronto are offering at 99 and int.
LiabilitiesAssets£
£
£
5
to yield over 6.58% $60,000 1st mtge. sinking fund 63/9% aReal est. & bids- 879,449 701,473 Preference stock_b4,500,000 4,500,000
Plant, mach.,Ace_ - 886,522
821,079 6% pref.stock_ - _c6,000,000
gold bonds, series A.
Ordinary stock --d23,582,761 23,574,036
Dated Nov. 1 1930; due Nov. 1 1950. Principal and int. (M. & N.) Good-will, trade 200,000
200,000 Creel.& cred.batsmarks, &c
payable in Canadian gold coin or its equivalent at the Bank of Montreal, Inv.in assoc.cos 21,974.88l 21,718,394 Emply benevolent 6,599,263 7.733,127
Winnipeg, Halifax and St. John.
Brantford, Out.; Toronto, Montreal,
fund
103,143
Redeemable as a whole or in part Invest. in British
Denom. of $1,000, $500 and $100
47,509 Res. for Mo.,&c 675,000
Govt.securities
550,000
c*.
at the option of the company, during first year from the date thereof, on
Prem.on ord. shs- 680,808
576,558
Loans, associated
60 days' notice, at 105 up to and incl. Oct. 31 1931; and thereafter at a
64,669
60,239
companies,&c__ 7.488,442 6,832,288 RedemP. of coup's
premium of
of 1% less for each succeeding year to maturity, in each
Materials & supp- 8,117,246 8,808,580 Special reserve... 1,924,070 1,924,014
Royal Trust Co., trustee.
case with accrued interest.
Profit and loss.... 3,765,374 3,813,275
Debtors and debit
Legal investment for life insurance companies under the Insurance Act
bal.,less reserves 3,668,775 2,429,735
of Canada.
Total(each side)47,695,090 43,731,250
4,479,773 1,172,188
Sinking Fund.
-Trust deed provides for an annual cumulative sinking Cash
a Real estate and buildings at cost, less provision for amortization of
fund, for the redemption of these bonds, operative from Nov. 1 1931, of a
sum equal to 2M % of the par value of all bonds issued thereunder up to leaseholds. b Preferred stock authorized and outstanding. 4,500,000
the respective dates of payment, plus interest on bonds previously re- 5% cum. shares of El each. c Preferred stock authorized and outstanding
deemed. It is estimated that this will be sufficient to retire at par by 6,000,000 6% cumulative shares of El each. d Ordinary stock represents
-V. 131, P. 4059.
23,582,761 shares of £1 each.
maturity more than 95% of the total issue.
Authorized. Outstanding.
Capitalization-Earnings.
Broadway Department Store, Inc.
$600,000
% 1st M.trust skg.fund gold bds., series A-- $1,500,000
1930.
1929.
Years Ended Oct. 311928.
750,000
1,000,000
7% cum. preference stock (par $100)
$18,532,345 $18,983,873 $19,491,468
Common stock (no par)
22,500 shs. 20,077 abs. Sales of goods sold, selling, operating
Cost
Data from Letter of Chas. M.Thompson,Managing Director.
17,846,603 18,135,709 18,618,599
& adminis. exps., less misc. earns
145.984
156,098
163,362
Company -Was originally incorporated under an Ontario charter on Int.on 15-yr.6% sink.fd. debs
75,500
68,500
93,836
Jan. 29 1906. It was reincorporated under a Dominion charter on geb. 13 Provision for Federal income tax
1919, and was again incorporated under a Dominion charter on June 8 1928.
$464,258
Operating profit
$623,566
$615,671
The business has been in continuous and successful operation since its
1,164,393
969,832
653,783
Previous surplus
Inception in 1906.
41,706
The company manufactures asphalt shingles, asphalt roll roofings, Profit from sale offixtures & equipt
asphalt felts, roof coatings, roofing cements, plastics and fasphalt emulsions
Total surplus
$1,670,357 $1,593,398 $1,269.453
for industrial uses and roads.
142,009
Purpose -To retire the present outstanding issue of $100,000 6 % Extraordinary expenses
156,091
181,997
195,408
first mortgage bonds due 1941, less sinking fund provided of $22.318. Dividends on 7% cum. 1st pref. stock
105,000
105,000
104,212
To reimburse the company for capital expenditures made on the felt and Divs.on 7% non-cum.2d pref.stockpaper mill at Thorold and the asphalt emulsion plant at Brantford. To
Balance, per balance sheet
$1,409,266 $1.164,393
$969,832
provide additional working capital for the operations of the company and
Earns, per sh. on 116,641 com.shares
$1.74
$2.03
$2.71
retirement of bank loans.
x Before allowing for extraordinary charges of $142,009 for store alterAssets.
-Net depreciated consolidated fixed assets as appraised by Sterling
Appraisal Co., Ltd.,of the parent company and subsidiaries, and additional ations.
Balance Sheet October 31.
assets at cost, less depreciation, consisting of real estate, buildings, machinery and equipment as at Oct. 31 1930, amounted to $1,100,945. Net con1930.
1929.
1930.
1929.
solidated current assets, after allowing for all current liabilities and making
Liabilities
Assets
provision for bad and doubtful debts, and after giving effect to this financ- Cash
766,869 Accts. payable._
970,268 1,324,350
749,096
ing, amount to $309,589. Total consolidated net assets, therefore, amount Short term secur_. 135,051
525,056 Reserve for taxes_
75,500
68.500
to $1,410,534, equivalent to over $2,400 per thousand of first mortgage Accounts receiv.-x1,534,288 1,634,836 Other current liab _ 251,042
278,399
reserves. _
Merchandise
3,208,062 3.238,324
bonds presently to be outstanding.
32,882
129,919
.-Company has an unbroken record of dividends since its Bldgs. & equip, on
15-yr. 8% sinking
Earnings
fund debentures 2,487,500 2,621,500
leased land,store
inception in 1906. During the period 1906 to 1927, inclusive, the average
7% cum.lst pf.stk. 2,225,500 2,718,000
fixtures, dellv'y
net earnings of the company, after depreciation, were over 1234% on the
equipment, arc_y3,957,605 4,111,327 7% non-cum. 2nd
capital stock of the company; the capital over this period growing from
pref. stock
209,937
269,050
1,500,000 1,500,000
Miscell.assets_
$50,000 in 1906 to $245.000, with $52,500 of bonds outstanding in 1927.
326,428
352,258 Common stock... 1,130,584 z1,130,584
For the year 1928 the consolidated net earnings of the Brantford Roofing Deterred charges
Surplus
1,409,266 1,164,393
Co., Ltd., and the Brantford Carritte Co., Ltd. (only a 10 months' period
for Brantford Carritte Co., Ltd., it being organized Mar. 1 1928), before
depreciation and prior to non-recurring interest charges, amounted to
Total
Total
10,179,579 10,838,607
10,179,579 10,838,607
$71.250. For the first six months of this period the company had a paid-up
x After reserve of $80,655. y After depreciation of $761,672, no value
capital of 3250,000, this being increased to $500,000 during the second half Included for leases. x Represented by 116,641Ino Parshares.
-V.131.p.3534.
year.
of the
Brunswick-Kroeschell Co. of N. J.
For the year 1929 the consolidated net earnings of Brantford Roofing
-Merger.
Co. Ltd., and Brantford Carritte Co.. prior to non-recurring interest
See Carrier Corp. below.
-V. 131, p. 2899.
charges, amounted to $122,592.
Bunker Hill & Sullivan Mining & Concentrating Co.
For the year 1930. for 10 months of operation up to Oct. 31, the consolidated net earnings of Brantford Roofing Co., Ltd., Brantford Carritte -Earnings.Co., Ltd.and Brantford Felt & Paper Co., Ltd., prior to non-recurring
For income statement for month and 11 months ended Nov. 30 1930 see
interest charges, amounted to $93,199, and on this basis the earnings for "Earnings Department" on a preceding page.
-V. 132, p. 133.
the 12 months period ending Dec. 31 1930 will amount to $111,839.
Burma Corp., Ltd.
-Earnings.
The average net earnings for 1929 and 1930 would be $117,211, as against
Years Ended June 30bond interest of $39,000, or over three times bond interest requirements.
1930.
1929.
1028.
1927.
Metal sales
$15,063,478 $17,608,188 $16,165,749 $14,925,225
-Earnings.
Brennan Packing Co., Chicago.
Expenses
9,914,026 10,373,194 10,373,854
9,320,075
1928.
1930.
1929.
Year Ended Nov.30Operating profit
$5,149,452 $7,234,994 $5,791,895 $5,605,149
$687,293
$837,472 $1,006,011
Gross profit
398,350
353,648
350,489 Interest, &c
275,868
341,494
366,021
248,146
Expenses
Operating profit
Other income
$345,799
52,769
Total income
Depreciation
Federal income tax
Interest
$398,568
95,930
31,977
$471,451
68,824
$540,275
89,120
53.234
$655,522
34,416
$689,938
87,840
70,000
1,489
Total income
Loss on exchange
Depreciation
Taxes
$5,547,802
74,854
1,021,791
1,080,256
$7,588,642
Net profit
Dividend
83,370,911
4,010,453
$5,126,532 $3,831,099 83,769,936
4,935,947
3,701,959
3,701,959
1,208,269
1,253,841
$6,067,763 $5,853,296
1,196,308
1,040,355
1,154,075
929,285
Surplus
def$639,542
$190,585
$129,139
$270,661
$397,921
$530,609
$67,976
Netincome
Balance Sheet June 30.
Earnings per share on 100,000 shares
$2.29
$3.53
$4.56
after class A dividends
1930.
1929.
1930
class)3 stock
1929
Assets
LiabilitiesComparative Balance Sheet.
$
$
Nov.29'30. Nov.3029. Property account_41,802,498 41,805,662 Capital(13,541,689
LiabilitiesNov.29'30. Nov.30'29.
Assetsshe. of 10 Rs.).A9,359,451 49,359,457
8% cum. pref. cl.A $525,450 $554,200 Bldgs.,equip., &c_ 3,296,139 3,240,434
bldg.,equip.
Land,
x500,000
500,000 Stores and plant-- 2,294,250 2.286,075 Sundry creditors At
341,123,240 $1,147,042 Class B stock
&c
Furniture, &c.--74,188
credit balances_ 993,982 4,145,084
63,301
Res. for claims az
Invest. Board of
979,980 Dividend payable_ 1,850,980 2,776,469
40,449
45,283 Metals on hand.-- 1,263,459
contingencies
34,619
34,281
Trade member__
Income tax reserve 2,516,508
250,000 Sundry debtors az
Notes payable
Claim against govdebt balances__ 1,387,093 2,235,114 Reserve funds.... 1,145,196 1,145,196
10.972
9,269
43,616 Accounts payable_
43,616
ernment
62.921
82,252 Investrn'ts at cost_ 3,076,268 2,730,017 Profit as loss appro83,405 Accr.exp.& taxes
83.405
Incorp.expenses_ priation account 348,229
987,776
242,832 Balances at banks
242,832
3,985 Capital surplus_ _ _
3,646
Deferred charges
az cash in hand__ 3,020,441 5,074,399
679,943 Profit & loss surp_ 2.028,879 2,003,557
1,364,198
Cash
434,681
Commercial paper
Total
66,214,356 58,413,982
56,214,356 58,413,982
Total
68,351
1,778
Foreign drafts- -Note.
-Pounds Sterling have been converted into dollars at the rate of
290,703
Accts.receivable-- 270,320
J3,411,504 83,687,393 £1 equals $4.86; Rupees have been converted into dollars a tthe rate of
Total(ea. side)
901,046
487.020
Inventories
1 rupee equals $0.365* Annas have been converted into dollars at the rate
x Represented by 100,000 shares of class 13 stock of$5 par value. y After of 1 anna equals $0.02Ji.-V. 130, p. 4421.
'
-V.130, p.470.
$934,622 allowance for depreciation and replacements.
-Stock Increased.
Brewing Corp. of Canada, Ltd.
Burns Bros.
-Greater Voice in Management Likely for
Controlling Interests.
The preferred stockholders on Jan.6 approved the issuance of additional
The Lehigh Valley Coal Co., which has for a considerable time held
preferred stock to consummate the acquisition of Carling Breweries. Ltd,
Burns Bros. class B stock, is reported as having been acquiring
50%
and for other purposes.
-V. 131, p. 4059.
JAN. 10 1931.]
317
FINANCIAL CHRONICLE
A unit of shares of common stock as above, together with accumulations,
shares of the class A and as negotiating for a large block more. This
company and its bankers will receive representation on the board.
- is deposited with the trustee and is held in trust for owners of each 1,000
Capital Trust Shares. All units are equivalent in value. All Capital
V. 131, p. 2540.
Trust Shares are of equal rank irrespective of date of issue and are repre(A. M.) Byers Co.
sented by registered certificates issued by the trustee.
-Earnings.
-Annual Distribution -Net income derived from cash dividends
Semi
[Including operations of Orient Coal & Coke Co.]
and interest thereon and net cash proceeds from the sale of rights, stock
1927.
Years End.Sept.30-1928.
1929.
1930.
dividends and stock split-ups and interest thereon, are distributed semiSales (net)
$8,012,638 $10,154,843 $10,606,362 $11,415,945 annually. Distributable funds are payable by the trustee on Jan. 15 and
Cost of sales
7,384,622 8,131.986 July 15 to certificate holders of record on Dec. 31 and June 30,respectively.
5.481.366 6,851,721
A charge of one cent semi-annually per trust share will be made before
Gross mfg.profit
$2,531,272 $3,303.122 $3.221,740 $3,283,958 distribution by the trustee for administration of the trust and for reim-Other income
104,612 bursement of its ordinary expenses.
275,816
623,741
305,090
Rights to Reinvest -All Capital Trust Share owners will be given rights
Total income
$2,836,362 $3,926.863 $3,497,556 $3,388,570 to reinvest all or any part of the distributions received in additional Capital
Admin.,gen.& sell. exp_
850,894 Trust Shares at a discount of 51 off the then prevailing asked price.
922.092
992,188
1.022.960
178,350 These rights will be evidenced on the semi-annual distribution checks and
Exper., spec. chges, &cProv. for deprec., &c__ _
654,456 are exercisable within 15 days.
852,443
658,025
587,693
Provision for contingenMarketability.-Certificate holders may. through the trustee, convert
68,034 their Trust Shares (irrespective of the number thereof) into cash at their
cies and idle time
47,826 net pro rata liquidating value. Owners of 500 Capital Trust Shares or
Int.,disc. & exp.of bonds
175.766 any multiple thereof may, instead of converting into cash, convert their
145.508
Federal income taxes__ _
122.644
268,681
36.006 shares through the trustee directly into their net proportionate part of the
Special charges
underlying stocks and distributable fluids. Furthermore, it is expected
Net profit
$1,133,837 $1,977,197 $1,577,513 $1,377.237 that a market for the Trust Shares will be maintained with A point spread
425,526 between the bid and asked prices.
428.858
Preferred dividends_ _ _ _
429,130
403,550
-In order to overcome the undesirable rigidity which has
Elimination.
Surplus
$951.711 characterized certain forms of fixed trusts, the Trust Indenture provides
$730.287 $1,548,067 $1,148,655
Previous surplus
3,375.045 2.814,355 that upon information warranting the conclusion that the stock of any
5,218,454 3,839,351
Purch.& sales of cos.stk.
34,843
company in the portfolio may become substantially impaired in value,
Apprec.on prop.aban _
the stock may be sold. The proceeds of such sale cannot be reinvested in
cloned prior years, &c_
238.183
any other security but must be distributed to the Trust Share Holders.
Adjust. of Fed, taxes,
-1he offering price of Capital Trust Shares is based on the
Offering Price.
prior years
16,289
current market price of the underlying stocks, the odd-lot price differential
and brokerage, and the proportionate amount of the accumulations, with
Totalsurplus
$6,238,056 $5,387,418 $4.523,700 $3,766,066 interest, on the deposited stock since the last distribution date, plus a
Prem. & unamort. disc.
total charge for deposit, issue, distribution and profit, of approximately
& exp. of bonds retired
391.019 3-10 of 1% per year on the present asked price, if figured over the term of
Profit and loss charges_
y684,349
x168.964
the Trust.
Adjust, of land values
-The trust terminates automatically on June 30 1960.
Termination.
charged to cap. surp.
but any shareholder may liquidate his interest in the trust at any time.
In 1925
463.681
-Officers-Directors.
'Good-will charged off_ _ _
Carrier Corp. (Del.).
399,999
Net loss on property
Willis H. Carrier has been elected Chairman of the board of this corporaabandoned
156,200
tion, a holding company formed to acquire the Carrier Engineering Corp.,
Brunswick-Kroeschell Co. and York Heating & Ventilating Co. J. Irvine
Profit & loss surplus
$5,218,176 $5,218,454 $3,839.351 $3,375.045 Lyle has been elected President and Treasurer and Thornton Lewis has
199,340 been elected Executive Vice-President. Other Vice-Presidents are: C. R.
199,340
She. corn. out. (no par)..
266,635
266,635
$4.77 Lyle, M. S. Smith, E. T. Murphy, S. B. Carpender and H. P. Gant.
$5.76
Earns. per share on corn
$5.81
$2.74
x Applicable to prior year in respect to delivery of common stock under 0. J. Staples has been elected Secretary and M. E. Snyder and A. H.
contract. y Loss on abandonment of Gerard blast furnace and Pittsburgh Goelz have been elected Assistant Treasurers.
The board of directors consists of: W. H. Carrier, J. I. Lyle, Thornton
puddle mill.
Lewis, C. R. Lyle, M. S. Smith, E. T. Murphy, S. B. Carpender. H. P.
New President.
Gant, A. It. Goelz, C. J. Staples, Clifford Hemphill, Howard Ingels and
L. F. Rains, Vice-President of the Columbia Steel Corp. of California, a Nelson Slater.
subsidiary of the United States Steel Corp., has been elected President of
-The plan
Plan Declared Operative-Registrar Appointed.
A. M. Byers Co. to succeed the late A. H. Beale who died Oct. 9 1930.
-V. 131, p. 2900.
and deposit agreement dated Oct. 31 1930, for the exchange
follows:
-Retires of stock of the companies involved, provides in part asconsisting
California & Hawaiian Sugar Refining Corp.
It is agreed that of the authorized issue of 525,000 shares,
Bonds.
of 25.000 shares of pref. stock, par $100 each, and 500.000 shares of common
The corporation has called for redemption Feb. 1 next, $700,000 of its
outstanding 1st mtge. 7% gold bonds dated Feb. 1 1922 at 1023. and int.
There are $4,900,000 of these bonds outstanding now and $2,100,000
have been retired out of the authorized $7,000,000 issued.
-V.125, p. 391.
stock, without par value, 10,000 shares of pref. stock and at least 213.287
shares of common stock shall be reserved for future corporate purposes:
that not more than 209,763 shares of such common stock shall be used
in the exchange under the plan for an equal number of shares of Engineering
A and B common stock; that not more than 56.700 shares of such common
-80c. Dividend.
California Wine Association.
stock shall be used for the acquisition of the assets or stock of the BrunsThe San Francisco Curb Exchange was recently advised that this Asso- wick-Kroeschell Co. (It is proposed that the corporation will exchange
ciation has declared a dividend of 80 cents per share from surplus profits 3 467-791 shares of common stock for each share of Brunswick-Kroeschell
upon each share of the issued common stock, payable Jan. 2 1931, to pref. stock and 57714-98875 of a share of common stock of the corporation
for each share of Brunswick-Kroeschell common stock) and 20,250 shares
holders of record Dec. 24 1930.-V. 125, p. 1465.
of such common stock, together with 15,000 shares of such pref. stock
-Copper Output.
Calumet & Arizona Mining Co.
shall be used for the acquisition of all of the assets of the York Heating
& Ventilating Corp.
(In Pounds)1929.
1928.
1927.
1930.
The plan has been declared operative. The Guaranty Trust Co. is
January
9,182,000 10,519,040 11,477,020
9,268,400
7,330,000 11,105,040 10,616.480 7,746,920 depositary.
February
The Chase National Bank has been appointed registrar for the common
March
7,100,000 11,776,6(10 10,671,620 12,303,000
April
7,504,000 12,082,700 10.652,740 8,740,694 stock.
See also Carrier Engineering Corp. below.
May
7.598,000 13,463,000 11.299,360 10.396,080
June
7,878,000 10,570,500 10,972,740 9,939,380
-Adjustment Dividend.
Carrier Engineering Corp.
July
7,534,000 9,971300 9,164,480 8.713.560
The directors have declared adjustment dividends of 16 2-3 cents pft•
August
7.516.000 10.525,420 11,756,280 11,231,960
the two months ended
September
7.460.000 9,583,500 11,133,080 9,888.420 share on the common A and common B stocks forDec. 31. This is at the
October
7,672,000 10,412,000 10,782.2G0 11,751.308 Dec. 311930, payable Jan. 10 to holders of record
November
9,962,800 12,692,500 11.264,100 rate of 25c. a share quarterly which was previously paid. of the Carrier
7.216,000
The stock of this corporation is being exchanged for tint
December
6,332,000 10,265,000 14,071,700 10,344.900
Corp., which will be the holding company for Carrier angineering Corp.
-Including production of New Cornelia Copper Co. prior to con- and other companies merged with it.
Note.
-V. 131, p. 3880.
solidation.
-Dividend
Canadian Foreign Investment Corp., Ltd.
Deferred.
Merger.
-V. 131, p. 2900.
See Carrier Corp. above.
-Smaller Dividend.
Copper Corp.
Cerro de Pasco
President H. H. Vaughan, in a circular letter to the preferred stockThe directors on Jan. 6 declared a quarterly dividend of .50
holders. said:
"On account of the possiblity of disturbed business conditions existing cents per share on the outstanding 1,122,842 shares of corn.
In Brazil during the next few months, the directors consider that, while the
dividend due Jan. 1 1931,on the pref.stock has been earned,it is advisable stock, no par value, payable Feb. 2 to holders of record
to defer its payment in order to conserve the cash resources of the company. Jan. 15. The company on Nov. 1 last paid a quarterly
"The revolution, which started in Brazil on Oct. 4th resulted in a reduction in the sales of our cement during the following two months although not dividend of $1 per share. In each of the preceding six quarters
-V.131,
to as serious an extent as might have been anticipated.
a regular distribution of 81.50 per share was made.
"In the month of December some improvement was manifested and the
officials of our Brazilian company report hopeful prospects for the future p. 2384.
although they feel that it is dMicult to forecast exactly what may happen
-Earnings.
Celotex Co.
during the next month or two.
1927.
1928.
1929.
1930.
Years End. Oa.31"In view of these conditions, it is felt advisable not to pay the dividend
$8,557,634 $10,317,641 $8.979,858 $8,239,122
referred to until we know more definitely how business develops after the Net sales
6.696,427
6,740,706
7,697,483
Cost of sales & expenses.. 7,560,468
beginning of the year.
This company is a holding organization, controlling the Brazilian PortNet operating profit
$997,166 $2,620.157 $2,239,152 $1,542395
land Cement Co. The latter's plant is located a few miles outside of
47.704
69,237
• 91,207
20,331
Sao Paulo. Brazil, and has an annual capacity of approximately 1,000,000 Other earnings
barrels. The Cement company owns a number of important quarries and
Gross earnings
$1,017,498 $2,711,364 $2,308,389 $1,590,399
operates its own light railway between the plant and quarries.
366,939
397,177
419,115
479,970
Financing has been carried out to the extent of $879,000 of 7% collateral Depreciation
289.403
322,590
275,973
255.448
trust gold debentures, $1,756,700 of8% cumul. preferred and 72,932 shares Int, and other charges
117.000
208,000
182,000
38,000
Prov. for Federal tax._ _
of no par value common stock.
The dividend record on the preferred has been somewhat irregular. Pay- Special rebates reduction
355,686
in price
ments were made regularly until the end of 1925. Dividends were resumed
during 1929, when the company paid 28%. A 4% dividend was declared
$817,057
Net income
$244.079 $1,478,590 $1,380,622
on Jan. 10 1930, and regularly quarterly thereafter. See also V. 132, p. 134.
306,074
364,945
365,268
278,558
Preferred dividends__
492,670
461,733
544,210
-Capital Trust Shares Offered.
Capital Depositor Corp.
307,636
- Common dividends
The Capital Depositor Corp., 120 Wall St. New York, is
'
offering at market (about $4 per share) Capital Trust Shares,
series 'A."
The Bank of America National Association, New 'York City, New York,
trustee; Capital Depositor Corp., Now York City, depositor.
Each Capital Trust Share represents an equal undivided participating
non-voting interest in the deposited property held by the trustee and
equivalent to a 1-1000th interest in a stock unit consisting of two shares
of common stock of each company listed below, together with the accumulations thereon as existing from time to time.
Company
Company
Procter & Gamble Co. (The)
Allied Chemical & Dye Corp.
Union Carbide & Carbon Corp.
Tobacco Co. (The) B
American
United States Steel Corp.
Borden Company (The)
F. W. Woolworth Co.
E.I.duPont deNemours & Co.,Inc.
Standard 011 Co. of Calif.
Eastman Kodak Co.
Standard Oil Co.(New Jersey)
General Electric Co.
Texas Corporation (The)
Ingersoll-Rand Co.
American Telephone & Telegraph Co.
International Harvester Co.
Consolidated Gas Co. of New York.
National Biscuit Co.
United Gas Improvement Co.(The)
Otis Elevator Co.
Surplus
def$342,116
Sbs. coin. stk. outst'g
(no par)
276,510
Nil
Earnings per share
$569,111
$553.944
$18313
205.194
$5.42
154,635
$6.65
154,313
$3.31
President B. G. Dahlberg says in part:
As at the close of the fiscal year, company had made investments in or
advances to the South Coast Co. in the amount of $2,016,025. On June 24
1930, receivers were appointed by the Federal Court for the South Coast
Co., and the properties of that company are now being operated by them.
Protective committees have been organized, and It is hoped that before the
beginning of the next harvest a reorganization plan for the South Coast
Co. will be adopted. No provision has been made for the adjustment
of this account as it is impossible at this time to determine the extent of
either the recovery, or proportion of loss which company may sustain with
respect to this asset.
During the year stockholders were given the right to subscribe to 55,302
shares of common stock at $10 per share. As a result of the financing,
completed Oct. 27, the current position of company was substantially
improved.
It is unfortunate that company has been harassed during those trying
times by many rumors and attacks which have been proven to be un-
318
FINANCIAL CHRONICLE
founded. The so-called "Alder suit" was dismissed by the Court in Delaware. An action of similar character has been instituted by other parties in
Illinois. Counsel for company advises that in their opinion this action is
without merit.
Balance Sheet October 31.
1930.
1930.
1929.
1929
Assets$
$
Cash
374,054
10,000 1,175,000
635,367 Notes payable- --Notes & accts.ree_ 1,509,333 2,141,453 Accts. pay., acer.
Inventories
expenses,
-- 852,382 1,109,207
1,098,708 1,069,394
Cap.stk.&thecae..
Accr. int. on fund.
84,205
Dahlberg 0. Codebt
977,860
253.154
Employees
117,807
18,749
26,965 Prov.for Fed.tax
Inv. in So. Coast
let mtge. 63 %
,
6
Co
sink, fund bonds 869,800 1,004,500
al10,380
142.140
Treasury stock_
164,200
2,280 Sink. fit. require
Prorerty, plant &
10-yr.6%conv.debs 1,700,000 1,900,000
equipment
x5,625.104 6,141,682 Pref.stk.7% cum_ 5,326,600 5,321,000
Patents and patent
Common stock_ _ _y7,321,551 6,274,940
rights
6,203,741 5,225,000 Surplus(earned) _ - 618,409 1,192,692
Adv. to So. Coast
Surp. apprec. from
Co
1.905,645 1,489,421
appraisal of Nee
353,609
Adv. to affil. CO8-- 147,736
416,821
Iberia plant__
Deferred charges
68.343
135,643
399,925 Capital surplus_ _ _
Total
17,129,094 18,668.508
17,129,094 18,668,308
Total
a Includes 37.049 shares of common stocks and 200 shares preferred
stock of the South Coast Co. now in receivership. x Less reserve for depreciation of $1.926,119. y Represented by 276,510 shares of no par value.
-V.131, p.2900,
-Sales Decrease.
Childs Co.
1930
-December--1929.
$2,471,680
52.277.368
-V. 131, p. 3881, 3714.
Decrease.
Decrease. 1930-12 Mos.-1929.
$194,3121$26,551,475 $28,168,724 31,617,249
-Files Petition in Bankruptcy FolCity Financial Corp.
owing Termination of Equity Receivership.See last week's "Chronicle," page 69.-V. 132, p. 135.
[VoL. 132.
stone, JoshuabL. Cowen, Jac L. Hoffman, I. H. Rosenthal and Reuben
Sadowsky. The only directors re-elected were former Governor Smtih,
William F. Kenny, George J. Atwell, John F. Gilchrist (President of the
company), and Rolland R. Rasquin (Executive Vice-President). Other
directors, several of whom were connected with the Bank of United States,
had previously resigned.
The new directors, filling the vacancies created by resignations, are:
James W. Brushwood, George W. Donnan and William A. Nunlist,/ all
vice-presidents of the company; William F. Marquardt, Controller; Harry
L. Davis, formerly Governor of Ohio; Henry G. Meigs of Milwaukee, and
A, Bertram Samuels, Robert M. Ferguson, Charles F. Zeltner andLOtto
H. Kroeger of New York City.
The company's annual report shows total assets of $6,930,943 on Dec.
31 last, compared with $6,175,734 at the end of 1929. It details the
writing off as worthless $484,000 of Bank of United States stock units, as
well as the setting up, of a reserve of $1,062,415 on the liability side of the
ledger against the $2,124,831 that was on deposit in the Bank of United
States when it closed. There was also a charge of $293,724 for depreciation suffered during the year in other securities held.
In a letter to the stockholders, Mr. Gilchrist outlines the effect on the
company of the closing of the bank. He names the drop in surplus of
$1,062,415 and the loss of income on cash as a result of the deposit of
$2,124,831 on deposit there; the loss on investment from the stocks of the
bank held, and the loss from surety bonds on deposit in bank.
Under the last heading he states that no loss is reported from the company's share of
covering
New
York fundsfthengso
f:hge depositsiperi
Superintendent
of liquidating insurance money, because these have preferred cfaim.
Losses of $750.40 and $729 on two other bonds are looked for, however.
In concluding, Mr. Gilchrist says in part:
"It would be a fallacy for me to state that the closing of the Bank of
United States had only affected this company in the three aspects mentioned. It is difficult to bring home to you the embarrassment which
your officers and employes throughout the country have experienced since
the closing of the bank. All of your company's personnel, however, have
not permitted their zeal for the institution to be in anywise shaken. I
believe that now the decks 11,ve been cleared, you may look forward to
an excellent showing for 1931."-V. 137, P. 2827.
tav
EMILglIiIescoterg
-Extra Div.
Consolidated Water Power & Paper Co.
The company on Dec. 31 paid the regular quarterly dividend of $1.50
per share on the common stock and on Nov. 29 last an extra of $1 per share.
The directors have declared the regular quarterly dividend of $1.25 a -v.130.P. 3536.
both payable Feb. 2
share and the usual extra dividend of 25c. a share,
-Earnings.
ContinentalMotor Corp.
to holders of voting trust certificates of record Jan. 19. Like amounts
were paid in each of the four quarters of 1930.
1926-27.
1927-28.
1928-29.
1929-30.
Years End. Oct.31In 1929. the company paid a regular of $1 a share and an extra of 25c. Gross profit
$484,837 $2,817.017 $44,649,069 $3,490,701
-V. 132, p. 135.
a share each quarter.
236,624
307,914
248,635
178,571
Other income
-Extra Dividend.
Columbian Carbon Co.
-Contract With Paramount
Columbia Pictures Corp.
Publix Corp. Closed.
These two companies on Jan. 2 announced the closing of one of the most
Important film contracts consummated this season involving bookings in
more than 500 theatres.
Through the terms of this agreement Publix has contracted for the entire
1930-31 Columbia product of 20 features and seven series of shorts to be
ealiibited in the circuit's theatres from coast to coast. This deal follows
cibsely upon a similar arrangement with the RICO and Warner chain.
According to the agreement. Columbia is assured an outlet in every city
and important community in the United States through the vast Publix
circuit of playhouses. The contract provides that in addition to the theatres
now owned or controlled by the Publix circuit, representation will be given
Columbia's product in any additional theatres, control of which shall be
acquired, where the Columbia service is available.
Theatres in the Publix chain to play Columbia features and shorts cover
the following States: South Carolina, North Carolina, Tennessee, New
York, Ohio, Missouri, Kansas Colorado, Texas, Arkansas, Arizona,
Georgia, Alabama, Florida, Indiana, Iowa, Nebraska, Wyoming, Idaho,
Utah, California, Washington, South Dakota, North Dakota. Minnesota,
Wisconsin, Michigan, Illinois, Mississippi, Pennsylvania, New Jersey,
-V. 131, p. 3374.
Kentucky. Massachusetts and Connecticut.
-Resignation.-Columbia Steel Corp.
•
L. F. Rains has resigned as Vice-President of this corporation, to assume
-V. 130. p. 805.
his position as President of A. M. Byers Co.
-Subsidiary ReCommercial Investment Trust Corp.
ports 10% Increase in 1930 Business.
Figures just issued by the Commercial Factors Corp. give the volume of
business transacted during 1930 at $108,018,530, representing an increase of
310.000,000 or 10% over the previous year. This showing has been made
despite the fact that the textile fields in which it operates have all been
tremendously affected by the decline in commodity prices, which caused the
dollar value of finished merchandise to show an average decline throughout
the year of from 20% to 30%.
The record is particularly interesting as illustrative of the results of the
mergers and acquisitions which Commercial Factors Corp. has brought about
to create its organization as now constituted. Its history started in Sept.
1928 when Commercial Investment Trust Corp. acquired Peierls, Buhler
& Co.. Inc., an important and well-known factoring organization then
classed among the 10 largest in that field. Peierls, Buhler & Co., Inc., was
doing an annual volume of about $35,000,000, so that the Commercial Investment Trust Corp. may be said to have built its factoring division from
an original volume of $35,000,000 to $108,018,530, an increase of 208% in
the short space of 27 months. This has been accomplished through the
acquisition and merging of other factoring organizations, including Fred'b
Vietor & Achells, Inc.; Scheffer, Schramm & Vogel, and L. Erstein & Bro.,
Inc. all well-known and firmly established houses,and also by the addition
of niany new accounts, some of whose names are well-known in the trade.
During the past year The Cortecelli Silk Co.,; Steiner & Son,Inc.: Princeton
Rayons, Inc.; Manville Jenckes Co., and H. R. Mallinson & Co., Inc. to
mention but a few, have made factoring arrangements with this organization.
Commenting on the 1931 outlook, Robert G. Blumenthal, President of
the Commercial Factors Corp.. stated that he considered it more promising
"The movement in
for textile manufacturers than was generally realized. elimination
of night
the various textile industries." he said, "toward the and proposed,
the
plans already in operation
work, the many curtailment
full realization of all the evils of over-production, the manufacturing of
merchandise as can properly be sold at a fair margin,are unmistakonly such
able signs of the textile manufacturers' efforts to bring about more normal
bear fruit sooner than many
and profitable conditions. These efforts willbe one of exceeding difficulty
realize. Although the year 1931 may again
will not be entirely barren
for textile manufactures in general, it certainly
those who follow sound and safe precepts
of profit-making possibilities for possible for a certain iamber of manufacof business which have made it figures, even in 1930."-V. 131. P. 4220.
turers to show confortable black
-Stock To Be ExConfederation Investments, Ltd.
changed for Shares of Small Stockholders in Fourth Canadian
-See latter company.
Investment Trust.
Investment Trust, New Haven, Conn.
Connecticut
Omits Class A Common Dividend.
quarterly dividend which ordinarily
The trustees have voted to omit the common stock, no par value. A
Is payable about Jan. 15 on the class Awas made on this issue on Oct. 15
per share
quarterly distribution of 14c.
last.
--Earnings.
Consolidated Film Industries Inc.
ended Dec. 31 see "Earnings
For income statement for 3 and 12 months 3882.
Department" on a preceding Page. V• 131, P.
-Solvent
Consolidated Indemnity & Insurance Co.
-New Directors.
Reports Surplus
following:
the
The New York "Times," Jan. 9, had surplus of $640,747 after writing
The company is solvent and has a
holdings in the Bank of United States, setting
down to nothing its stock
accounting for other
up a 50% reserve against deposits in that bank and
annual statement
depreciations in security values, according to themeeting.
stockholders'
made public on Jan. 8 after the annual
of United States
Five directors who were also on the boards of the Bank Joseph C. Browand of the Bankus Corp., were not re-elected. They are
Total income
Interest
Other charges
Selling, administrative &
other miscell. expenses
Federal tax reserve
Net earnings
Previous surplus
Adjustments
Total surplus
Dividends
$663,408 $3,124,931 $4,897,704 $3,727,325
463,330
507,727
201,303
b358,239
c323,275
2,377,915
2,190,133
22,960
2,005,678
267,622
1,775.267
195,500
$710,535 $1,802,835 $1,248,831
loss$2.037,782
9,676,367 11,247,765 10,848,646 11,006,413
Cr3,820
dDr5,379,062 Dr662,146
52,259,523 511,296,155 512,655.301 $12,255,244
1,407,536
1,406,598
a1,619,788
Profit & loss surplus- - $2,259,523 $9,676,367 $11,247,765 $10,848,646
Shs. corn, stk. outstand- 2,113,000
1,760,845
1,760,845
2,113,000
$1.02
Earnings per share
$0.33
$0.70
Nil
a After deducting amount received by subsidiary company. b For
engine development and special tools, dies and patterns written off.
c Net loss and development expense of Continental Aircraft Engine Co.
d Composed of the following: Special charges to surplus at April 30 1930.
$5,583,969; further provision of obsolescense and losses in inventory as
disclosed by physical counts and analysis made at Oct. 311930. including
further adjustment in value of used tools, $473,038; further adjustments
In value of special tools, dies and patterns based upon new analysis made
at Oct. 31 1930. $268,743; further adjustments in value of investments in
other corporations, $53,312.-V. 131, p. 3211, 3048.
Continental Oil Co. (of Del.)-Acquisition.The company has acquired the Lewistown Oil & Refining Co., at Lewistown, Mont. in which it previously had less than a controlling interest.
Outright ownership was purchased from the Bok interests of Detroit, Mich.
The refinery has a capacity of 2,100 barrels a day, using crude from the
Cat Creek field in Montana, where the Continental company has 70% of
the production. The Continental company has 225 bulk plants in Montana, all of which will be filled from the Lewistown refinery, it is stated.
-V. 131, p. 3714.
-Asset Value of Stock.
Continental Shares, Inc.
The corporation has sent out a corrected common dividend notice to
supersede the notice originally sent with the check for the regular quarterly
cash dividend of 25c., payable Jan. 2.
The corrected notice states that the amount of the dividend, plus the
deficiency in the market value of securities below cost, on Dec. 24 1930
exceeded earned surplus and undivided profits by $43,954,278, or $13.08
a share, of common stock, and that after payment of this dividend, net
assets, taken at market value on Dec. 24 amounted to $217.79 for each
$100 par value share of preferred stock outstanding. Asset value of the
common stock on the same date amounted to $13,37 a share.
-V. 131.
P. 3714.
Cresson Consolidated Gold Mining & Milling Co.
Earnings for Year Ended Aug. 311930.
Ore sales
Interest royalties, &c
$393,534
10,751
Total income
General expenses
State and county taxes
Mine expense
Ali other expenses
$404,287
981
6,130
350,974
36,092
Net revenue
$10,111
Balance Sheet Aug. 31 1930.
Assets
Liabilities
Ore reserves
$8,842,605 Capital stock
$1,220,000
Mining plant
174,634 Reserve for taxes
11,779
Elkton Mining aliases
9,250 Res, for deprec. & deplet
1,212,963
Dante Mining claim
10,879 Deferred reserves
7,309,354
Cash
236,774
Inventory
1,931
Accounts receivable
1,341
Surplus
476,681
$9,754,096
Total(each side
-V.131, p. 1570.
Cumulative Shares Corp.
-Initial Dividend.- The directors have declared an initial dividend of 16.7c. a share on the
Cumulative Trust Shares, payable Jan. 15.-V. 131, p. 3048.
Darby Petroleum Corp.
-No Action on Dividend.
-
The directors on Jan. 7 took no action on the quarterly dividendiwhich
would ordinarily be payable about Jan. 15. A quarterly distribution of
25 cents per share was made on Oct. 15, as against an initial dividend of
50 cents per share on July 15 last.
-V. 131. p. 1720.
Detroit-Michigan Stove Co.
-Omits Dividend.
The directors have voted to omit the semi-ann. dividend which ordinarily
Is payable about Jan. 10. A semi-ann. distribution of 10c. per share was
made on July 10 lest, as compared with 30c. per share previously.-V.i131,
p. 278.
Diamond Match Co.(Del.).
-Transfer Agent, Etc.
The Bank of America, National Association, has been appointed transfer
agent of 1,500,000 shares of common and 1,000,000 shares of preferred
stock.
The Bank of Manhattan Trust Co. has been appointed registrar for
-V. 131, p. 4221.
850,000 preferred shares and 1,050,000 common shares.
JAN. 10 1931.]
FINANCIAL CHRONICLE
Diamond Shoe Corp.
-Sales Increase.
1930
-Der.
-1929.
81,656.376 $1,500,503
-V. 131, P. 3882, 3213.
Increase.] 1930-12 Mos.-1929. Increase.
$155,8731$18,071,748 $16,396,572 $1.675,176
Dictaphone Corp.
-Smaller Quarterly Cash Dividend.
-
The directors have declared a regular quarterly dividend of 50c. a share
on the common stock, payable March 2 to holders of record Feb. 13.
During 1930, four quarterly dividends of 75c. a share were paid, and, in
addition, a 10% stock distribution was made on March 1 last.
-V. 130,
p. 3885.
319
-Gross Sales Increase.
(M. H.) Fishman & Co., Inc.
1930-Decrease-1929. Increased 1930-12 Mos.-1929. Increase.
3415,363
S414,209
-V. 131, p. 3715, 3049.
$1.1541$2,268,032
$2,056,078
$211,954
-Receivers Appointed.
Fisk Rubber Co.
-
Distributors Group, Inc.
-Investors Have Purchased
over $150,000,000 North American Trust Shares.
-
Roland W.Boyden and Charles A. Dana Jan. 2 were appointed receivers
by the United States District Court in Boston. They have also been
appointed ancillary receivers in Connecticut, New York, Wisconsin.
For the immediate present the receivers plan no interruption in the regular
conduct of the business of the company. The receivership does not extend
to the properties, assets or businesses of the Fisk Tire Co., Inc., the Federal
Rubber Co. and the Fisk Tire Export Co. which are subsidiary sales
companies, and it is expected that these companies will continue with
sales, deliveries and service as heretofore.
The capital and current assets of the company are listed at 340,000,000
in the complaints, which set forth that the company is amply solvent,
but without liquid assets to meet maturing obligations. No estimate of
the liabilities. except the outstanding notes aggregating 316.096,000. is
contained in the complaints.
-V. 131, p. 4221, 4060.
Sales of North American Trust Shares have passed the 3150,000,000
mark, according to Distributors Group, Inc. First public offering of
these Trust Shares was made on Feb. 28 1929. Sales reached the $50,000.000 mark on Feb. 28 1930. Sales of $125.000,000 were reported as
of Oct. 14 1930.-V. 132. p. 136.
Years End. Oct. 311928.
1930.
1929.
1927.
Operating profit
a$1,866,932 $2,670,658 $2,707,384 $2,491.325
Other income
497,022
451,751
183,035
268,731
Discount Corp. of New York.
-Extra Dividend.
-
The corporation recently announced the regular quarterly dividend of
$2.50 a share with an extra of $1 a share, both payable Jan. 2 to holders
of record Dec. 31. On Oct. 1 last, a regular quarterly disbursement of
$2.50 a share was made.
Douglas Aircraft Co., Inc.
-Earnings.
Years Ended Nov. 30-Sales
Unfilled orders
Profit after charges & taxes
Shares common stock outstanding (no par)
Earnings per share
x Preliminary.
-V. 131, p. 3213.
1929.
x1930.
$4,088,779 $2,546,025
3,387,300 2.341,138
403,364
685,979
338,692
341,086
$1.19
$2.01
Drylce Corp. of America.
-Increased
Florsheim Shoe Co.
-Earnings.
-
Total income
Charges
Federaltaxes
$2,363,954 $3,122,408
181,746
213,355
240,662
318,209
32,890,419 82,760,056
115,395
154,854
330,542
331,951
Net profit
81.909,936 $2,622,454 $2,444,482 $2,273,251
Preferred dividends- -- _
210,160
238,005
270,573
Common dividends
1,198,336
x449,376
599,369
Pref. stock premium, &c
15.039
Adjustments-Cr
14,999
Sales.
Surplus
81,087,561 82,351,881 51,769,907 81,074,915
Sales for the first 10 months of 1930 were more than $2,000,000 as compared with total sales during 1929 of $1,300,000 Robert R. Rust, President. Earns. pe, shr. on 236,293 shs. class A stock
of DryIce Holding Corp., states in a year-end letter to the shareholders.
(no par)
y$5.15
$4.19
$5.92
$5.25
Net profit for the same period, before depreciation and development ex- Earns, per shr.
on 327,pense, amounted to approximately $350,000.
414 shs. class B stock
Augmented by two large new plants at Peoria, Ill., and Los Angeles,
(no par)
y$2.57
$2.10
$2.96
$2.63
Calif., the company's wholly owned plants and regenerators now have a
a After deducting operating expenses of $2,181,414. x Declared prior to
daily capacity of 270 tons. Other plants are located in Elizabeth, N. J.,
recapitalization. y Computed on present share basis.
and Niagara Falls, N. Y.
y On April 24 1928 the company recapitalized, issuing $7,250,000 6%
"The year 1930." the letter says, "has seen great expansion in •DryIce'
distribution, the product now being available from Coast to Coast and from cum. pref. stock, 236,293 shares class A stock (no par) and 327,414 shares
Canada to the Gulf. with a gain of 150% in the number of'DryIce' trucks class 13 stock (no par) in exchange for the then outstanding $7,489,600
operating throughout the United States." Mr. Rust sees an increased class A and class IS stock.
demand for the product and greatly increased volume resulting from price
Balance Sheet Oct. 31.
deductions which have been placed in effect in many sections of the country.
1930.
1929.
1929.
1930.
-V.131. p. 1902.
Assets
Cash
1,926,943 1,982,230 Accts. payable- --Eastern Equities Corp.
- U.S. Lib. bds.,&c. 3,517,871 2,636,381 Accrued payrolls, 216,010 155,437
-312.50 Liquidating Dividend.
The directors have declared a liquidating dividend of $12.50 per share, Accts. & notes reComm'ns. &c _ 234,112
217,786
payable Jan. 9 to holders of record Jan. 7. This makes a total of $112.50
ceivable,&c_
3.910,322
Fed.
318.209
per share paid to common shareholders since liquidation was undertaken. Mdse.Inventory -- 1.620.302 4,029,588 Real Income tax__ 240,662
1,915.337
Mt., Personal
Inv., advs.,&a_ -- 1,164,802
885.212
prop. & miscell.
To Reduce Par Value of Common Stock.
taxes
79,750
The stockholders will be asked at the annual meeting Jan. 20 to approve Cos. cap.stk.purch
for resale to empl 139,750
193,828 Res. for conting's_ 124,470
110,251
a reduction in the par value of the 43,677 shares of common stock from
Capital assets_ _ _ _
928,200
908,589 Dividends payable
21,155
$100 to $25 a share, the cancellation of all preferred stock and miscellaneous Deferred
charges-38.932
34,732 6% preferred stock 3.892,000 4,231.000
changes in the by-laws of the corporation.
-V. 131. P. 3375.
Cl. A stk.(no par)a1,181,465 1,181.465
Cl. B stk.(no par)a1,637,070 1.637,070
Edison Bros. Stores, Inc.
-Gross Sales Increase.
Total(each side)13,247,123 12,555,897 Surplus
5,721,334 4.633,772
1930
-Decrease-1929. Increased 1930-12 Mos.-1929. Increase.
a 236,293 shares (no par). b 327,414 shares (no par).
-V. 132, p. 136.
$552,253
$413,869
3438,384184,802,770 83,749,245 $1,053,525
-V. 131, p. 3715. 3049.
Ford Motor Co., Belgium.
-Larger Dividend.
The company has declared a dividend for the 12 months of 1930 of 75
Emsco Derrick & Equipment Co.
- francs, less tax, compared with 65 francs in 1929 for 14 months. a BrusSele
-Omits Dividend.
The directors have voted to omit the quarterly dividend ordinarily dispatch says.
payable about Jan. 25. A regular quarterly distribution of 20 cents per
share was made on Oct. 25 last, as companred with 40 cents per share
Ford Motor Co., Detroit.
-1930 Output.
previously.
-V. 131. p. 3213.
The "Wall Street Journal" Jan. 8 says:
World production of Ford cars and trucks during 1930 totaled 1.500,010
Equitable Office Building Corp.
-Earnings.
units, of which 45,032 were produced in December. This compares with
For income statement for eight months ended Dec. 31 see "Earnings 1.948,429 units in 1929.
Department" on a preceding page.
-V. 131. p. 3883.
While Ford production in the United States and Canada declined, the
company showed a larger proportion of the total for the industry than in
Exchange Buffet Corp.
-Sales Decrease.
1929. Its share last year was about 42%,whereas in 192935% were Fords.
The year 1930 saw important developments in the company's policies.
1930
-December-1929.
Decreased 1930-12 Mos.-1929.
Decrease.
8544,012
8596.955
$52.9431:54,004,652
84,352,938
8348.286 In the passenger car line, it went in for the production of a number of
-V. 131, P. 3883, 3537.
de luxe body types designed for persons who desire more luxurious appointments than are to be had in the standard Fords. In the light commercial
Fageol Motors Co., Oakland, Calif.
-Defers Dividend.
- car and truck field, it extended its standard offerings to include more
The directors have voted to defer the semi-annual dividend of 354. per than 50 body types designed to meet the individual requirements of pracshare due Jan. 15 on the 7% cum. pref. stock. The last regular distribution tically every industry. The year also saw many improvements in the
Ford truck chassis, including a four-speed transmission and choice of
at this rate was made on July 15 1930.-V. 130, p. 2973.
gear ratio and wheelbase.
Federal Bake Shops, Inc.
-Sales Decrease.
-
1930
-December-1929.
$419,983
8426,984
-V. 131. P. 3883. 3213.
Decreased 1930-12 Mos.-1929.
37.001134,417,437 84,497,735
Decrease.
380,298
Workers Get 10% Return on Deposits.
-
See last week's "Chronicle," p. 59.-V. 131, p.4060.
Fourth Canadian Central Investment Trust, Ltd.
Federated Business Publications, Inc.
-Defers Div.
- Small Stockholders Receive Offer to Exchange Stock.
The directors recently voted to defer the quarterly dividend of 62%
cents per share due Jan. 1 on the $2.50 cumu. 1st pref. stock, no par vlue.
The last regular distribution at this rate was made on Oct. 1 1930.-V.
132, p. 136.
Fidelity Investment Association.
-Resources Gain.
-
This Association reports resources as of Jan. 1 1931 of more than $25,000,000 compared with $20,151,567 as of Jan. 1 1930,a gain of more than 24%.
This establishes the year as the largest in Fidelity's history not only from
the point of view of gain in resources but in volume of contracts written
and in money paid to contract holders.
Chairman B. Scandrett Jr., has the following comment to make regarding
the Association's progress during the past year:
"Evidence of the ample earning power of our citizenry, even in a depression year, is afforded by the report, which shows progress directly contrary to that of the general trend of industry. The report also indicates.
as do the substantial increases in savings bank deposits, the growing desire
during 1930 for safety of principal combined with moderate rate of return,
rather than desire for quick appreciation of principal with large speculative
risk."
All of the reserves of the Association are in senior securities. During the
past year, the Controller reports to Mr. Scandrett, that the investments
have been divided as follows: Industrial bonds,15%; public utility
56%; municipal bonds, 14.5%; real estate bonds. .05%; foreign bonds.
bonds.
6.65%; railroad bonds, 7.8%. Loans to contract holders during the
year totaled $2,492.000, making the total loan volume outstanding
Association's own contracts of $6,837.000. The average yield on on the
investments made during the year was over 534 %. This yield is shared mutually
by all contract holders and the Association's securities are held in trust
by the State of West Virginia, in which it was originally chartered, and by
other States in which it operates.
-V. 132. P. 136.
Firestone Tire & Rubber Co.
-Eastern Plants Speeding
Up Production.
See last week's "Chronicle." P. 39.-V. 131, D. 4221,
First Investment Co. of New Hampshire.
-Omits Div.
-
The directors have voted to omit the quarterly dividend ordinarily
payable around Jan. 1 on the no par class A stock. The last regular quarterly distribution of 75 cents per share was made on this issue on Oct. 1
1931.-V. 128, P. 1062; V. 126, p. 723.
-Sales Decrease.
First National Stores, Inc.
Sales for Five Weeks and Thirteen Weeks Ended Dec. 27.
Decrease.I 1930-13 Wks. 1929.
1930-5 Weeks-1929.
Decrease.
8391,4641826,968,481 $28,130,508 $1,162,027
810412,884 810.804,348
-17. 131, p. 3883, 3213.
1
Holders ofsmall blocks ofstock in the company are being offered,through
dealers, an exchange of shares and a guaranteed dividend.
Confederation Investments, Ltd., Is a new company formed for the purpose of holding as its only asset shares of Fourth Canadian General Investment Trust.
Tne basis of exchange will be one share of 5% non-cumulative preferred
stock, no par value, and one share of no par common of Confederation
Investments for each $100 share of Fourth Canadian General Investment
Trust.
Canadian General Securities, Ltd., underwriter and manager of the
various Canadian General Investment Trusts has guaranteed the dividends
on the shares of Confederation Investments, Ltd. to the extent of $3 Per
year for 1931. 1932, and 1933. The first dividend of 75 cents will be paid
Feb. 1 to holders of record Jan. 15.
The exchange arrangement has been devised with the purpose of allowing small shareholders to secure some income from their investment
during a difficult period. Dividends cannot be paid from the treasury of
the Fourth Trust without a further depletion of capital. It is not expected
that the comparatively few large shareholders in the trust will exchange
their shares and directors of the trust, who have the largest individual
holdings, will not exchange, it is understood.
There are at present 411 shareholders in the Fourth Trust of which
about 12 own more than 150 shares. Directors of the trust own approximately 40% of the outstanding stock or some $350,000 of a subscribed
issue of $820.000 of which $750,000 is fully paid.
Fourth Canadian General Investment Trust got started in 1929 when
stock prices were high. Dividends of 1% were paid in April, July and
October 1929, but none since.
The purpose of the step, it is stated, is to relieve the embarrassment,
amounting in some instances to genuine distress, among smaller shareholders of the trust, who invested in the belief that dividends would be
regular. The letter to dealers asserts that investment trusts as a class
have done better than individual investors in stocks in this time of stress
and confidence in the future is expressed.
While the preference shareholders are guaranteed the $3 dividend, it
is stipulated that, if the Fourth Trust pays a further amount, this will be
transmitted to shareholders of Confederation Investments-V.128, p. 1237.
Fourth National Investors Corp.
-Correction.
The income statement for 1929 given in last week's "Chronicle" page 136
Is for the period from Aug. 22 to Dec. 31 1929 and not for the full calendar
year.
-V. 132, p. 136.
Fox West Coast Theatres (Calif.).
-Record Week,
-
Record-breaking revenues of $1,211,726 constituted the receipts of Fox
West Coast Theatres during the week ended Jan. 3 1931. More than
2,750,000 admissions were paid during that period to the West Coast
Theatres circuit, controlled by Fox Film Corp.
-V. 131, p. 3213.
320
[Vol,. 132.
FINANCIAL CHRONICLE
-Smaller Dividend.
Franklin Capital Corp.
The corporation recently declared a semi-annual dividend of 20 cents a
share on the $10 par value stock, which was paid Dec. 31 to holders of
recrod Dec. 26. This is a reduction from the 30 cents paid previously.
1st mtge. 5% serial bonds, series "A" maturing in series,
from Dec. 1 1931 to Dec. 1 1950 incl.
The bonds are wholly subsidized by the Government of the Province of
Quebec as to principal and semi-annual interest payments. Principal
and int. (J. & D.) payable at Bank of Montreal in Montreal. Further
bonds up to the total principal amount of $1,000,000 can be issued only
to the extent of 75%, or if the principal of and interest on such bonds is
announce a distribution of 8.54549 per share payable out of.the Quebec Public Charities Funds, to the extent of 100%
P. W. Brooks & Co..
on Associated Standard Inc..
Oilstocks Shares coupon No. 3, payable Jan. 15 of the cost or value of additional properties or improvements.
1931 at the offices of the Empire Trust Co., New York City. Total disincorporated April 1907, was founded
The Grace Dart Home Hospital, tributions on the shares of this fixed trust applicable to the calendar year in the year 1898 by the late Henry J. Dart and since 1906 has been in its
of 1930 have amounted to 81.44666 per share.
present premises at 2334 St. Antoine St.. Montreal. The hospital is maintained primarily for the care of destitute people suffering from pulmonary
Indenture Amended.
the advanced stages of the disease, no distinction being
The agreement and declaration of trust entered into as of May 1 1930, tuberculosis in
nationality or creed. Owing to increasing public
made in
between the above corporation and Empire Trust Co., trustee, for the demandsregard to race,to erect more spacious quarters and a site has been
it is necessary
amended to
creation of Associated National Shares, series A., has been
obtained on the upper side of Sherbrooke St. East, Montreal.
provide for the issuance of trust shares in certificates of the denomination
By an order-in-council, approved by the Lieutenant-Governor of Quebec,
of 20 shares, in addition to the denominations hertofore authorized, and
made of amounts payable annually and semi-annually
to eliminate the right of the company to purchase securities from the a grant has been Charities Fund, sufficient to meet the interest upon and
out of the Public
trust property.
bonds of series A at their respective maturity dates. This
amortize
affects the validity of certificates grant willthe assigned to the trustee as security for the bondholders. In
la The foregoing amendment in no way
be
heretofore issued, and the holders of such certificates are entitled to all addition the bonds will be secured by a first and specific mortgage on the
the benefits of such amendments without surrendering such certificates new hospital building, the value of which when completed, including the
for now certificates.
-V. 131. p. 4222.
land, is estimated at $425,615.
-Associated Standard
General American Securities, Inc.
Oilstocks Shares Distribution.
-Defers Dividend.
General Aviation Corp. of America.
The directors have voted to defer the quarterly dividend of 4311c. per
share due Jan. 15 on the 7% pref. stock, par $25. The last regular quarterly distribution at this rate was made on Oct. 15 1930.-V. 131, p. 796.
-Lamp Sales in 1930.General Electric Co.
A preliminary estimate of the number of incandescent lamps sold in the
United States during 1930 indicates a total of 563,778.000 for both large and
miniature lamps, according to the review of the electrical industry by John
-V. 132, p. 137.
Liston in the General Electric Review for January.
-Gross Sales Incr.(F.& W.) Grand-Silver Stores, Inc.
Increased 1930-12 Mos.-1929. Increase.
1930-Dec.-1929,
$6,169.348 55,127,882 51,041,466837,836,243530,416.858 $7,419,385
-V. 131, p. 4222. 4061.
-Sales Increase.
(W. T.) Grant Co.(Del.).
Increased 1930-12 Mos.-1929.
-Dec.
1930
-1929.
311.796,749 811,535.839
-V.131, p. 3716. 3051.
6 2, 6
10 09
5260.9101371.050,393 865,448.297 55, 4crease
-Bonds
Great Lakes Terminal Warehouse Co. of Toledo.
General Foundry & Machine Co., Flint, Mich.
-Anderson, Basohen & Co., Chicago, are offering Time for Deposits of Bonds Expires Jan. 15.
Offered.
holders
bondholders' protective committee,
$250,000 1st mtge. 6% serial gold bonds at prices to yield ofThemtge. 6%% bonds due Sept. 1 1942,in a recent letter to the
stated that substantial amounts
1st
from 6% to 63/2%, according to maturity.
of the bonds have been deposited, but the committee does not feel that the
Dated Dec. 1 1930; due serially 1932-1937. Red. as a whole or in part total amount deposited is as yet sufficient to warrant the committee proon 60 days' notice on any int. date at 105 and int. until Juno 1 1933, there- ceeding with the present discussion of a plan of reorganiration. They
after at 1% less each year. Denom.$1,000 and $500 c*. Interest payable have, therefore, decided to extend the period for depositing bonds to and
without deduction for normal Federal income tax not exceeding 2%. Ex- including Jan. 15 1931. The letter further states in part:
empt from personal property tax in Michigan. Prin. and int. (J. & D.)
In the meantime the business of the warehouse is proceeding entirely
payable at Central Trust Co. of Illinois, Chicago, trustee.
under the supervision and control of the committee. As the committee
stated In their letter of Oct. 15 1930, all of the preferred stock or class A
Data from Letter of J. M. Barringer, President.
or class B stock of the corporation was made
all of
Company.-Incorp. in Oct. 1928 in Michigan as a consolidation of Flint stock, andby the the conunon
former holders unreservedly and without further claim.
available
Foundry Corp., Flint Malleable Castings Co. and General Foundries Co. All of the class A stock, except that issued in exchange for March 1 1930
The property consists of a tract ofland about 40 acres in extent at the south- interest coupons, has been returned to the treasury of Great Lakes Terminal
east edge of Flint, Mich.,on which is located a complete malleable foundry, Warehouse Co. of Toledo and has been cancelled. All of the class B stock,
gray iron castings plant, machine shop, pattern shop and finishing shop representing the whole control of the business of the company, is now held
operation, with facilities for finishing, galvanizing and machining. Com- by the Chase National Bank of the City of New York for the account
pany also owns a smaller complete foundry plant at Marshall. Mich., on of this committee.
about five acres of ground.
The manager of the warehouse reports directly to the committee and
Becurtly.-Secured by a direct closed first mortgage on all of the real Is now acting under their instructions. While the warehouse operations
estate, buildings and fixed machinery and equipment now owned. Land, have felt the effect of present business conditions throughout the country,
buildings, machinery and equipment are carried on the books as of Aug. 31 we are pleased to be able to report that the taxes have been kept paid up to
1930 at a depreciated cost of $697,456, and are given a present sound value date; that current bills are paid promptly as they fall due: that the comafter depreciation, according to appraisal by Coats & Burchard Co., of pany's working capital appears to be sufficient for its present requirements
$935.336.
and that the company has no outstanding indebtedness except the principal
Earninos.-The combined earnings of company and its predecessor com- and interest due on the 1st mtge. bonds and on the gen. mtge. debentures.
(eliminating inter-company income of predecessors) for the four There appears therefore to be no present necessity for incurring the expenses,
panies
years and eight months ended Aug. 31 1930 were as follows:
delays and the injury to the credit of the enterprise that would be at8 Mos. 1930. tendant upon a receivership of the company. The committee in due
1929.
1928.
1926.1927..
$874,401 time will take formal action toward the foreclosure of the mortgage but
$671,563 $1,297,124 $1,754.900 $1,988,451
Net sales
65,330 only as a necessary step in such plan of reorganization as may be agreed
197,5-15
254,913
183.179
71,751
xNet earnings_
upon by the bondholders.
x Available for interest after depreciation but before Federal tax.
requested to deposit their bonds
The holders of 1st
by the company to pay off indebtedness with all coupons due mtge. bonds areand subsequent coupons attached
Purpose.-Proceeds will be used addition to its property, now completed,
March 1 1930
incurred in the construction of an
of the City of New York as depositary.
with the Chase National Bank
and to furnish additional working capital to be used in developing new linos Those bondholders who accepted class A stock of Great Lakes Terminal
-V.131, p. 796.
of manufacture, for which it has a demand.
Warehouse Co. of Toledo for their March 1 1930 coupons are requested
to endorse and forward such stock certificates with their bonds to the
-Subsidiary Changes Name.
General Motors Corp.
depositary, which will arrange to obtain the March 1 1930 interest coupons
The General Motors Products of Canada, Ltd. (truck and coach division), from the Fidelity Trust Co. and .attach them to the bonds upon surrender
has been organized as General Motors Truck and Coach of Canada. Ltd., of the stock certificates. This will place all holders of the 1st mtge. bonds
effective Jan. 1.-V. 132. p. 137.
in exactly the same position as far as the March 1 1930 coupons are con-V. 131, p. 2904. 797.
- cerned.
-Transfer Agent.
General Theatres Equipment, Inc.
The Chase National Bank of the City of New York has been appointed
-Merger Rumors.
Grigsby-Grunow Co.
transfer agent for scrip certificates representing new common stock and new
The New York "Evening P,ost," Jan. 6 says: "Shares of Grigsby-Grunow
-V. 132. P. 137.
$3 dividend convertible preferred stock.
of radio sets and electric refriverators. attracted a flurry
Co. manufacturers
-Defers Div.
of speculative buying and short covering on the Stock Exchange to-day on
General Trustees Corp., Utica, N. Y.
had been started for acquisition of the company
of 75
The directors have voted to defer the quarterly dividend $50. cents per reports that negotiotionsofficial confirmation of the reports was obtainable.
by General Motors. No
share due Jan. 1 on the 6% cumu. pref. stock. series A,Par
However, importance was attached to the presence in Now York of B. J.
-Resignation.
Grigsby, Chairman, and William C. Grunow, Presidont.-V. 131, P.
Gimbel Brothers, Inc.
Sheldon R. Coons, Vice-President and Secretary, has submitted his 4061, 3885.
April, he announced on Jan. 2.
resignation for action by the board in Merchandise Manager and Chair-Defers Preferred Dividends.
Guardian Investors Corp.
His duties also included those of General
ow York City,
This Trust has deferred the dividend due Jan. 1 on the following three
man of the Merchandise and Sales Committee in the store in N
He will classes of stock: $7 no par 1st preferred; 116 no par 1st preferred: and $3
and Secretary-Treasurer of Gimbel Brothers, Inc., Delaware.
no par 2nd preferred. Formerly these shares paid $1.75, $1.50 and 75
vacate these poets March 1.-V. 130, p. 2219.
-V. 131, p. 1105.
cents a share, respectively, each quarter.
-Sells Interest in ManuGoldman Sachs Trading Corp.
facturers Trust CO.
The 32% interest held by the corporation in the Manufacturers' Trust
it was
Co., has been purchased by Harvey D. Gibson and associates,
stated, but if the transaction
learned Jan. 3. The price received was notthe stock, the amount involved
prevailing price for
was consummated at the$12,500,000. The stock was carried on the books
Would have been about
31 1929, at its market value
on
of the Goldman Sachs Trading Corp.the Dec. of stock at that time was
block
of 825,144.505. The book value of
p.4060.
$38,989,490. V. 131. p. 779; V. 130,
Gulf Oil Corp.
-Tenders.
The Union Trust Co. of Pittsburgh, trustee, Pittsburgh, Pa., will until
-year 5% a. f. debenture gold
Jan. 31 receive bids for the sale to it of 20
bonds, dated Feb. 1 1927, to an amount sufficient to exhaust $1,500,000,
-V. 131, p. 3215.
at prices not to exceed par and interest.
-Dividend.
Gypsum, Lime & Alabastine Canada, Ltd.
In a letter recently sent out to shareholders, R. E. Haire, President and
Managing Director says in part:
"Canadian business conditions, particularly in the middle west, have
good as anticipated, and for this reason, directors feel that
not
-Common theybeen as only pay such dividends for the present as can comfortably be
should
Goodyear Tire & Rubber Co., Akron, 0.
met out of current earnings. If, however, through recent substantial reDeclared, Although Unearned.
Dividend
duction in operating expenses or through increase in sales, 1931 earnings
dividends of $1.25 show the increase which your management confidently expects, then thin
The directors have declared the regular quarterly
stock. The common
per share on the common and $1.75 on the preferred 17 and the preferred dividend policy can be revised to suit improved conditions.
"Consequently, directors have decided to reduce the dividend sent you
dividend is payable Feb. 1 to holders of record Jan.
-at the rate of 80 cents per share per annum.
herewith to 20 cents per share
dividend April 1 to holders of record March 1.
was made that because This dividend is equivalent to 113.20 per share per annum on the old stock
"After the meeting of the directors a statement
common
substantial year-end inventory adjustments the regular before the split, which is 20 cents per share more than the annual dividend
of the needs of
to declare the
paid to shareholders prior to Oct. 1 1929, when the first increased quarterly
dividend was not earned, but that it had been decided
dividend was paid to the shareholders after the four-for-one split.
preferred and common dividends at this time.
net earnings
"It is
-See last week's "Chron- amount anticipated thatdepreciation, for the year 1930. depending on the
-Hour Day.
Factory to Revert to 8
written off for
will more than cover the dividend
at the new rate. Depreciation written off before bringing forward these
39.-V. 131, p. 1572.
icle," page
the same conservative basis as heretofore.
-Obitu- earnings will be onis the strongest In the company's history. Net current
Ltd.
"Cash position
Goodyear Tire & Rubber Co. of Canada,
assets at the moment amount to nearly $1,700,000, including approxiary-Earnings higher.
in cash, call loans and marketable securities. Current
with the common and mately $500,000 seven
-V. 131, p. 2073, 484.
times current liabilities."
assets show over
ha letter sent to the shareholders, together 2,said in part:
Jan.
Preferred dividends, President C. H. Carlisle, sudden death, on Dec. 12
the
Harnischfeger Corp. Milwaukee, Wis.-Consolidation.
"It is with deep regret that we announce to the President.
subsidiary, Milwaukee Electric
Effective Jan. 1 this corporation and
last, of J. G. Lane. Treasurer and Assistant
improvement in the last quarter of Crane & Hoist Co., were consolidated forits
purpose of eliminating duplication
P'"General trade conditions showed no
they compared unfavorably In sales and office forces. Henceforth sales of both companies will be
the calendar year. In most lines of business
handled by the Harnischfeger Sales Corp. Nearly one-third of the domestic
with the same quarter a year ago.
ending Dec. 31, the company has
Nevertheless, for the three months industry in total sales, and profits overhead traveling crane business, it is stated, is controlled by the two
-V. 131, p. 3538.
relative position in the
companies.
maintained its
same period last year.
for that period are greater than those for the the new _year should show an
Hazeltine Corp.
-Radio Patent Decision.
"It is our opinion that the first quarter of
-V. 131, p. 3214.
The Circuit Court of Appeals has rendered a decision ruling that the
Improvement in the tire and automotive industry.
patents, alleged to
Neutrodyne radio receivers, are invalid.
-Bonds Offered. Jonesdecision sustains the cover ruling of Judge Marcus D. Campbell in
prior
Grace Dart Home Hospital, Montreal.
This
and a
-Hanson Bros., Inc., Montreal are offering at prices to two actions brought by Jones against Freed-Eisemann Radio Corp. two
dealer of the Stromberg-Carlson Telephone Manufacturing Co. The
lt
yield from 4.75% to 4.80% according to maturity$300,000
1
JAN. 10
FINANCIAL CHRONICLE
1931.]
suits were defended throughout by the Hazeltine Corp. on behalf of its
two licensees. The two defendants are free from possible damage liability
as a result of this decision.
-V. 131, p. 1722.
-Earnings.
Hamilton Woolen Co., Inc.
Years End. Nov. 30-xSales
Cost of sales
Selling & general expenses
Int. charges, Federal taxes, &c
1928.
1930.
1929.
$4,266,410 $5,001,465 $4,436,987
y3,684,418
4,149,139 3,912,292
369,254
431.066
270,390
22,744
235,752
175,192
Operating income
Other income
$189,994
10,244
$185,508
5,429
$79,113
5,975
Netincome
Dividends
$200,238
77,550
$190,937
$85,088
Balance
$122,688
$190,937
885,088
Shares ofstock (no par)
38.775
38,775
25,850
Earnings per share
25.16
$4.92
33.29
x Less discounts and allowances. y Includes depreciation.
Balance Sheet Nov. 30.
Assets1930.
1929.
Liabilities1930.
1929.
Plant
x$631,688 $696,368 Capital stock----y$1,938,750 $1,938,750
970,068 1,300,810 Notes & accts. pay
94,976
Inventory
257,420
Investments
1,109
5,709 Int. accr.& advs_ _
74,605
Cash & accts. rec_ 1,489,998 1,173,794 Dividends declared
38,775
Prepd. taxes, ins.,
Profit and loss _ _- _ 1,041,821
919,133
do
21,459
13,227
Total
$3,114,323 $3.189,908
Total(each alde)$3,114,323 $3,189,908
x After deducting $304,200 reserve for depreciation. y Represented by
38,775 (no par) shares.
-V. 130, p. 4616.
Herald-Post Co., Louisville, Ky.-Receivership.The company publisher of the "Herald-Post," of Louisville, an evening
newspaper,filed a voluntary petition in bankruptcy Dec. 26, and Benjamin
S. Washer, Vice-President of the company, was named operating receiver.
The company lists liabilities of $4,314,453 and assets of $1.833,807. The
schedule lists notes totaling $2,974,754, held by James B. Brown, the
Publisher, as the largest single claim -against the company.
Herring-Hall-Marvin Safe Co.
-Omits Dividend.
The directors have voted to omit the regular quarterly ordinarily payable
about Jan. 2 on the common stock. Previously, quarterly distributions
of $1.25 a share were made on this issue.
-V. 130, p. 296.
Hershey Chocolate Corp.
-Extra Preferred Dividend.
The directors have declared the following dividends for payment Feb. 15
to holders of record Jan. 25. The regular quarterly dividend of $1 a share
and an extra dividend of $1 a share on the cony: preference stock and the
regular quarterly dividend of $1.25 a share on the common stock.
Under the provisions of the articles of incorporation, before any dividends
may be delcared and paid on the common stock in any year, an extra
dividend of $1 a share must be declared, set aside and paid on the cony.
preference stock.
An extra distribution of $1 a share was made on the cony, preference
stock on Jan. 25 1930.-V. 131, p. 2705.
Home Title Insurance Co.
-Balance Sheet Dec. 31.LiabilitiesAssets-1930.
1929.
1930.
1929.
Bonds and mtges_$3,491,069 $3,790,527 Capital stock
$2,500,000 $2,500,000
aka. & bds. (marSurplus and profits 2,559,348 2,800,110
het $875,479_ - 815,356
559,804 Notes payable_ _ _ - 1,500,000
Accrued interest__ 223,447
99,305
90,589
254,811 Mortgages sold_ Real estate, cornAgency account60,691
99,755
91,417
Pans use only..
652,776 Interest prepaid
641,585
Accts.receivable-52,767 Ites, for taxes and
46,095
168,291
Cash
contingencies.-91,304
439,477
1,593,096
Total
Total
$6,810,650 $5,750,163
$6,810,650 $5,750,163
Guaranteed mortgages outstanding amounted to $81,880,495.-V. 131,
p.4061.
Houdaille-Hershey Corp.
-To List 245,599 Additional
Shares of Common Stock.
-Earnings.
The New York Stock Exchange has authorized the listing of 245.599
shares of class B non-par value stock on official notice of issuance in connection with the acquisition of common (no par) stock of Muskegon Motor
Specialties Co., making the total amount applied for 976,610 shares of
class B stock.
At a meeting held Oct. 28 1930, the directors authorized the acquisition of not less than 150,000 shares of the common (no par) stock of Muskegon Motor Specialties Co. by paying therefor 1 1-10 shares of class B stock
of Houdaille-Hershey for each share of no par value common stock of
Muskegon Motor Specialties Co., which should be deposited for exchange
on or before Dec. 15 1930. The total no par value common stock of
'
Muskegon Motor Specialties Co. outstanding, or authorized to be issued
and outstanding. is 225.000 shares, of which 205,993 shares had been
deposited for exchange at the close of business on Dec. 15 1930, and will
require the issuance of 226,592 shares of class B stock of Houdaille-liershey
Corp. The balance of the outstanding common stock of the Muskegon
company, consisting of 19,007 shares, may now be surrendered for exchange
for class B stock of Houdaille-Hershey on a share for share basis, and if
all is exchanged it will require the issuance of 19,007 shares, making a total
additional issuance of 245,959 shares.
Earnings -For income statement for 9 months ended Sept. 30 1930 see
"Earnings Department" on a preceding page.
Pro Forma Consolidated Balance Sheet Sept. 30 1930.
[Exclusive of Biflex Products Co., but including Muskegon Motor Specialties Co., the new subsidiary to be acquired.]
AssetsLiabilities
$1,695,717 Accounts payable
Cash
$372,651
Government bonds
99,693 Accrued liabilities
201,029
22,221 Employees'savings accounts..
Notes receivable
9,857
Accounts receivable net
1,129,130 Federal taxes (1929)
136,900
Inventories
1,421.522Land contract payable
40,894
Personal & miscell. accounts_
45,730 Res.for Fed,taxes & canting.
206,707
Mortgages & leaseholds
49,200 Res. for employees' bonus_
149,642
Value of life insurance
7,756 Minority stockh'rs' Interest__
6,137
Stocks & bonds of other cos_ 983,284 Capital stock (no-par value). 19,894.236
Perm. assets (less deprec.)7,007,444 Surplus
1,665,055
Construction in progress
48,364
Patents & good-will
1
Deferred assets
173,045 Total(each side)
$12,683,109
x Issued and outstanding: Houdaille-Hershey Corp., 174,480 shares class
A; Muskegon Motor Specialties Co., 62_,500 shares class A; HoudailleHershey Corp., 801,755 shares class B. Less: Treasury stock: Muskegon
Motor Specialties Co., 2,350 shares class A; Houdaille-Hershey Corp.,
-V. 131, I). 3538, 3215.
18,603 shares class B.
321
pression has occurred at a time of peculiar disadvantage for the company.
In spite ofthe remarkable development of Canada's manufacturing Industries
in the last 20 years, the Dominion is still mainly dependent upon her
primary products, and this pioneer company, although it has held a commanding position for 234 centuries, cannot thrive when the Canadian
farmer is suffering a financial reverse. It is perhaps not generally appreciated that practically the whole of the company's Canadian interests are
in the West.
In July last, at the invitation of the Governor and committee, a special
committee was appointed by a meeting of some of the most important
shareholders. The special committee consists of Alfred Shepherd, W. El.
Poole, George Watson, and H. M. Trounces, with A. S. Reddaway as
Secretary. The report of the special committee, it is expected, will be
-V. 131. p. 2073.
submitted very shortly.
-Production.
Hudson Motor Car Co.
The company produced 11.208 cars from the time the new Hudson and
Essex models were introduced late in November to Jan. 1, against 4,180
cars during the same period in 1929-30. More than 10,000 men are now
at work in the Detroit plant, an increase of 6,000 since the new program got
under way.
According to President W. J. McAneeny,'these figures are significant
because Hudson was one of the first companies to introduce new models
this year. Dealers report that sales during Christmas week showed no let
up as compared with the preceding week. Ordinarily they are smaller.
This, according to McAneeny,is an indication that the public is responding
•
-V.131,p.4062, 3885.
at the offering of new models at lower prices.
-New Sales
Imperial Tobacco Co. of Canada, Ltd.
Manager.
-
Earle Spafford (Vice-President and director in charge of sales of the
Tuckett Tobacco Co., Ltd.) has been appointed director and sales manager,
with headquarters in Montreal. T. M. McGuire, who has been sales
manager of the Imperial company, succeeds Mr. Spafford In the Tuckett
-V. 131,
organization, with headquarters at Hamilton, Ont., Canada.
P. 1429.
-New Vice-President.
Insurance Securities Co., Inc.
At a meeting of the constituent companies of the Insurance Securities
group, S. Sanford Levy was elected Vice-President of the following companies: Insurance Securities Co., Inc.; Union Indemnity Co.; New 1 ork
Indemnity Co.; Detroit Life Insurance Co.; La Salle Fire Insurance Co.;
Bankers & Merchants Fire Insurance Co.; Iowa Fire Insurance Co.; Union
-V. 132. P• 138.
Title Guarantee Co., Inc., and Union Title & Trust Co.
-Control AcInternational Mercantile Marine Co.
quired by Roosevelt Steamship Co.
It was announced Jan. 8 that 51% of the stock of the company has been
acquired by the Roosevelt Steamship Co. which is interested in the Baltimore Mail Line which will start transatlantic railings in the summer with
Norfolk, Va., as a port of call, and Hamburg the European port. The
International Mercantile Marine owned 46 ships with a tonnage of 427,769
and the Roosevelt line 110,000 tons. The older company is also agent for
the White Star Line and directs the bookings of seven of its ships between
American and Channel ports, and six in the White Star Canadian service.
Until the merger Kermit Roosevelt was executive head of the Roosevelt
line. P. A. S. Franklin will continue as head of the combined company with
Kermit Roosevelt as one of the Vice-Presidents.
Kermit Roosevelt, Vincent Astor, Basil Harris and John M. Franklin,
directors of the Roosevelt Steamship Co. have been elected directors of the
International Mercantile Marine Co. Thomas B. McAdams of Richmond
Va., has also been elected a director.
Kermit Roosevelt, John M. Franklin and Basil Harris have been elected
Vice-Presidents.
-V. 131, p. 948.
-New
International Nickel Co. of Canada., Ltd.
Director.
-
E. W. Beatty, Chairman and President of the Canadian Pacific Ry.. has
been elected a director to fill the vacancy caused by the death of Lord
Melchett.-V. 131, p. 3717.
-Sponsor of Shs.Investment Trust of New York, Inc.
C. D. Parker & Co., Inc., investment bankers, have undertaken the
sponsorship of collateral trustee shares of the above corporation, a fixed
Investment trust first offered in 1928.-V. 131, p. 949.
-Omits Dividend.
Investors Mutual Corp.
The directors have voted to omit the quarterly dividend which ordinarily
would have been payable about Jan. 1 on the class A stock. On Oct. 3
last, a quarterly distribution of 50 cents per share was made, as compared
-V. 131, p. 2388.
with 75 cents previously.
-New Common Shares Placed
Jantzen Knitting Mills.
on a $1.50 Annual Dividend Basis-Business Improving.
The directors have declared the regular quarterly dividend of 373 cents
per share on the new common stock which is equal to 75 cents on the old
stock before the two for one split. This dividend is payable Feb.).1 to
Mr IR
holders of record Jan. 15.
The company reports that in the last three weeks improvements have been
4
-V. 131, p. 4062.
noted in the trend of the company's business.
4
-Omits Dividend.Kansas City Life Insurance Co.
The directors have recently voted to omit the semi-annual dividend which is due about this time. The company on June 9 1930 approved a
semi-annual distribution of $8 per share.
Kaybee Stores, Inc.
-Sales Increase.
Increased 1930-12 Mos.-1929.
1930
-Dec.
-1929.
$308,913
$234,810
$74,1031$1,963.070 $1,601,921
-V. 131, p. 3717, 3051.
Increase.
$361.149
(George E.) Keith Co. & Subs.
-Sales,
Sales
-Years Ended Oct. 31.
$20,850,000
1930
$18,400,000 1922
$15,600,000 1926
24,700,000
1929
19,000,000 1921
18,800,000 1925
33.000,000
1928.-----17,900.000 1924
19,600,000 1920
26.000.000
1927
21,700,000 1919
18,400,000 1923
Comparative Balance Sheet Oct 31.
1929.
1930.
1929.
1930.
$
AssetsLiabilities- •
$
$
$
L'd, bldgs.,mach'y
1st pref. stock- 4,388,000 4,500,000
•
& equipment_ - _x3,150,623 3,328,538 Common stock _ _ y2,024,800 2,024,800
Gdwill, walk-over
Cap. & sur. owned
261.487
tr.-mark, &c _ _. 1,250,000 1,250,000
by mgrs., &c._ _ 230,006
Cash
1,188,551 1,157,254 Notes & loans pay_ 1,877,562 2,168,069
Inv.in foreign subs
Accts. pay., aceru47,768
Notes receivable
5,869 als,res.for taxes,
23,303
420,875
640,751
pref.diva
Accts.receivable.- 2,685,574 3,071,861
Hudson's Bay Co.
-Defers Pref. Dividend.70,901 `3 352,677
1
4,272,401 5,395,761 Drafts payable_ "Stock Exchange Gazette" of Dec. 19 1930 says: The Inventory
The London
3,871,992 14,559,285
Life insurance__ _ _
73,696 Surplus
89,092
Governor and committee announce that they do not feel justified in paying Prepd
93,650
71,504
the interim dividend on the preference shares. In June last the Governor Lease ins. & exp....
84,929
108,597
warned the shareholders of difficulties ahead, and since then the publication Sundrypremiums_
Total(each side)12,884,135 14,507,088
investmls
21,791
20,390
of the results of the land sales have given some indication of the conditions.
x After depreciation of $2,578,616. y Represented by 40,496 shares
For the first nine months of the current financial year, sales of farm lands
-V. 130, p. 297.
amounted to only £98,000, as compared with £427,000 in the corresponding (no par value).
previous period, and the gross receipts for the three quarters were £183,000.
-Earnings.
Kelvinator of Canada, Ltd.
against £356,700. The official announcement states that not only has
there been a continuous and serious fall in the prices of furs, involving very
1929.
1930.
1928.
Years Ended Sept.30prevailing depression in Canada has adversely affected Net profits after prov. for deprec. &
heavy losses, but the
$80,593
$51,397
other activities, including land receipts. "Unfortunately,' the statement
$6,156
income taxes
17,510
adds, "there appears to be no immediate prospect of improvement, and Disc, on redemption of pref. stk-Cr.
139,094
138,216
the present year'it working will undoubtedly result in a heavy loss."
145,250
Previous deficit
It is common knowledge that the company has in recent years devoted
$40,113
considerable capital expenditure to the extension and development of its
$87.697
Net deficit
$139,094
chain of departmental stores. This expenditure would naturally take some Cost of estab. & loss on operation of
50,812
time to earn its full reward. even if the prosperity of the Dominion had
Kelvinator., Ltd.,of London
has been caught in the world-wide collapse
been maintained; but Canada
$40,113
Total deficit
$138,508
In prices, and the sudden change from abundance to unprecedented de$139,094
322
FINANCIAL CHRONICLE
Balance Sheet Sept. 30.
Assets1930.
Ltabi/ftie.s-1929.
1929.
1930.
Cash
8104,195
$27,410 Accounts Pay. &
Accts.& notes rec_ 247,207
accrued charges- 865,091
179,588
817,702
Inventories
196,924
158,008 Dominion Govm't
Kelvinator, Ltd.,
inc. tax reserve.
21,403
10.624
London,Eng.stk
255,858 Kelvinator Corp.
Other Investment _
4,704
-Detroit
102,440
53.384
Controlled co., Inv
11,805
11,250 Res. for proLtaken
Current acct. &
on inventories in
notes rec. con32,524
subs.cos
trolled co
11,623 7% cumul. s. f.
Land,b1dgs.,mach.
663,000
752,000
pref.stock
& equipment _ _ _ z164,140
154,843 Common stock _ 500,000
500,000
Dies,Jigs & fixtures
10.698
Factory supplies &
tools, def. chges.
& travellers'adv
18,645
6,489
Pat.,gd-w.&devel_ 553,419
422,736
Deficit
40,113
Total(each side)E1,341,153 31,377,012
138,508
z After reserves for depreciation.
-V. 130. p. 633.
Kelvinator Corp.(& Subs.).
-Earnings.
-
[VOL. 132.
"In addition to the regular dividends of 31,680.000, the company has
transferred $1,000,000 from current earnings to surplus for the increased
protection of the holders of its guaranteed mortgages.
"The guaranteed mortgages of the company
-legal for savings banks,
trustees,&c.
-are divided among its customers as follows: 56 savings banks,
358,339,684; 49 insurance companies, $27,384,436; 48 trust companies,
$30,984,685; 889 charitable institutions, $49,591.762; 4,714 trustees.
$69,570,946; 19,393 individuals, $184,021,286."
Comparative Statement of Earningsfor Calendar Years.
Gross earnings
$4,245,892 33,905,650 84,309,160 34.073,885
Expenses
1,802,509 1,472.090 1,697,498 1,523,702
Net profits
2,443,383 2,433,560 2,611,662 2,550,183
Comparative Balance Sheet Dec. 31.
1930.
Assets$
New York =gee-14,508,661
Accrd. int. reedy.. 958,564
Company's office
buildings, &c_ _ _ 3,990,434
U.S.Treas. notes_ 1,500,015
Lawyers M. Safe
Deposit Co.stk _
118,080
Cash
1,864,934
1929.
1930.
1929.
$
Liabilities$
15,280,044 Capital
12,000,000 12,000,000
1,080,990 Surplus
10,000,000 9,000.000
Undivided Profits- 270,341
557,844
3,571,999 Mtges, sold, not
99,468
delivered
181,498
533,585
Res. for taxes, &c. 488,849
576,217
Year Ended Sept. 30-1928.
1930.
1927.
1929.
2,635,123
Net sales
$21,450,896 $21.947,344 $18,120,602 $20,122,865
Cost of sales
14.565.852 15,806.681 13,562,547 15,198,585
Total
22,940,688 22,667,627
22,940,688 22,667,627
Total
Sell.. adv. & adm. exp
4,673,690 4.261,775 4.358,569 6,335,986 -V. 131, P. 3379.
Operating profits
$199,4864$1,411,705
$2,211,355 .$1,878,888
Lawyers Title & Guaranty Co.
-Balance Sheet Dec. 31.
Other deductions (net)
879,462
36,364
500,444 1,032,591
.
.
1923.
1930.
Assets$
$
Liabilities
Prof. before int. and
10,000,000 10,000,000
Federal taxes
$2,174,991 $1,378,444 def$833,105df$2,291,168 Cash and invest. 2,854,492 2,519,067 Capital
Surplus
15,000,000 15,000,000
Interest
228,889
176,080 Stocks
166,716
157,060
account
10,374,201 10,126,114 Undivided profits_ 3,696,864 2,895,047
Depreciation
345,085
Bonds& mortgages10,927,372 11,215,545 Dividend payable_ 300,000
300,000
Net profit
215,927
$1,601,016 $1,221,384 loss$999,821loss$2467248 Company's bldgs. 4,141,944 4,118,943 Res.for tax & cont. 360,009
460,228
Mortgages sold not
Shs.corn.stk.(no par)_ _ 1,182,136 1.179,859 1,126.820 1,001,622 Other real estate
Accounts recelv _ -- 327,944
311,999
delivered
228,700
155,661
Earnings per share31.35
Nil
Ni Interest accr. rec. 812,163
$1.02
684,110 Client's money reConsolidated Balance Sheet Sept. 30.
talned
409,143
!Including sub. cos. except Kelvinator of Canada and Refrigeration
Deposits in titled
Discount Corp.]
Total(each side)29,898,343 28,975,780
accounts
312,769
1930.
1929.
1929.
1930.
Since December 1913, this company has guaranteed to investors the
Assets$
Liabilities$
$
principal and interest ef first mortgages amounting to $415,414,462 of
Cash
1,561.866
550,498 Capital stock (no
which $196,042,507 has been paid without loss to any investor, leaving
Notes. accts., &c_ 62,198.409 2,433,857
-a12,310,984a12,283,770 $219,371,955 outstanding Dec. 31 1930.-V. 131, p. 281.
par value)
Inventories
3,112,795 4,177,347 Accts.
938,248
payable_ --- 762,165
Inv. in affil. cos.
214,563
Accrued expenses_
150,610
not consolidated 1,780,440 1.663,241 6% convert. gold
Cash approp. for
notes
1,603,500 2,528,500
repur.of notes
31.527 Reserve for contlnLand & bldgs. not
gencies,etc
235,360
158 6
4; 00
899
used in over..- _ 500,000
500,000 Minority Interest_
4,828
ELRef.Bidg.Corp,
Surplus
2,251,204
650,690
notes rec
2,102,193 1,987,615
Misc, accts., adv.
&c
174,570
277.406
Land, bldgs. &
equity
c4,628,165 4,175,334
Pat.. good-will &
developments - 814,015
821.024
Deferred assets _ _ 369,510
238,109
Tot.(each side)_17,241,969 16,855,960
a Authorized, 2.000,000 shares; issued, 1,182,136 shares. b After deducting allowances for doubtful accounts, &c., $249,996. c After deducting allowance for depreciation of $2,400,918.-V. 131, p. 3717.
Kilburn Mills, New Bedford.
-Approve Capital Reduction.-
Lehigh Portland Cement Co.
-Earnings.
Years Ended Nov. 301930.
1929.
1928.
Sales,less discounts. allowances, &c_ _$16,699,887 $19,346.790 $23.522,906
Manufacturing & shipping cost.......9.775,382 11,168,759 13.108,687
Prov. for deprec., obsolescence and
accrual renewals
2,026,634 2,292,205 2,271,848
Selling, administrative and gen. exps_ 3,049.504 3.569,782 3,866,982
Net profit from operations
Miscellaneous income
31,848.367 $2,316,045 $4,275,389
514,911
405,319
736,590
Total income
Prov. for Federal income taxes
$2,363.277 $3,052,635 $4,680,709
257,!84
315,158
556,318
Net income carried to surplus acct- $2,105,993 32,737,477 84,124,391
Previous balance
38,424,385 58,324,131 829,123,004
Adjust. of unrealized apprec. for
stone removed
16,115
19,022.
21,486
Fed, tax refund years 1921-24
77.898
Totalsurplus
$10,624,391 $11.080,630 $33,268,880
The stockholders on Dec. 30 approved a recommendation that the par Div.on com,
22,517,400
value ofthe shares be reduced from $100 to $75 by the payment from surplus Applicable tostock paid in 7% pref_
stock in treasury
Cr24,100
of $25 per share. The first payment carrying out the recommendation will Preferred dividends
1,450,354 1,485.491
1,537,433
be $15 on Jan. 20 to holders of r ecord Dec. 19.
Conunon
786.160 1,124,066
842,025
The remaining 810 will be paid later in one or two instalments. By this Premium dividends
paid on pref.stock red
28,348
46,688
71,992
action the capital is reduced from $2,250,000 to 81,687,500.-V. 131, p.
4224.
Surplus carried to balance sheet_ _ - 38,359.528 $8,424.385 3.8,324.131
Earns. per share on 450,348 shares
(G. R.) Kinney Co., Inc.
-Sales Decrease.
common stock (par 850)
31.46
$5.79
$2.77
-December-1929. Decrease.I 1930-12 Mos.-1929.
1930
Decrease.
Comparative Balance Sheet Nov. 30.
$2,_750.235 $2,070,489
8679,7451320,729.646 $17,695,876 $3,033,770
-V. 131, p. 3717, no.
1930.
1929.
1930.
1929.
AssetsLiabilities$
Land,bldg., mach.
Preferred stock.. _20,496,900 21,119,100
&c
x28,773,961 29,776,615 Com.stk.(par $50)22,517,400 22,517,400
Mineral deposits.
Accounts payable- 324.837
642,678
less depletion_ - 1,670,011 1,682,583 Accr. wages, eater.
Invest. In & adv.
& gen.taxes_ ___ 231,983
302.140
to attn. cos. &
Reserve for Fed.
Knott Corporation.
-Earnings.
subs.not consol_ 3,109,749 2,986,927
income taxes_ _
255,795
315,159
For income statement for 11 months ended Nov. 30 1930 see "Earnings
Workmen's comDividends payable 470,031
650,129
Department" on a preceding page.
-V. 132, la• 138.
pen, ins. fund__ 336,724
325,343 Res. for returnable
Treas. stock (corn,
cotton duck bags
59,934
152,558
-Sales Decrease.
(S. S.) Kresge Co.
at Par)
50,950
65,950 Res.for compen.&
-December-1929. Decrease. 1930-12 Mos.-1929.
1930
Decrease. Miscell. stocks &
fire ins. reserves 689,724
588,387
$23,982,054 $24,242,016 3259,96213150.353,703 8156327,735 $5,974,032
bonds
75.265
84,429 Unreal. apprecia'n
At the end of December 1930 the company had 646 American and 32 Cash
4,854,504 3.929,645
arising from aPCanadian stores in operation.
-V. 131, p. 3718, 3378.
Demand loans
8,000,000
praisal of minU.S.Securities_ _ 8,556,680 1,258,500
410,138
eral deposits_-_ 394,023
(S. H.) Kress & Co.
-December Sales.
Work.funds &adv. 282,295
8,380,828 8,424,385
203,570 Surplus
-1929.
-Dec.
1930
Decrease.' 1930-12 Mos.-1929. Increase. Accts. & bills rec.,
$12,060.579 $12,260,044 3199,4651869,283,098 $68,474,993 $808,105
less res. for disc.
-V. 131, p. 3718, 3216.
& doubt. accts._ 1,236,325 1,277,325
Inventories
Lamson & Sessions Co., Cleveland.
-Omits Dividend.
- Unabsorbed strip- 3,771,452 4,204,284
The directors recently voted to omit the regular quarterly dividend of
ping cbgs. &c.._ 1,049,382 1.296.083
cents per share which would ordinarily have been paid on the common Prepaid Insurance..
50
32,876
30,918 Tot.(each side)_ 53,800.155 55,122,073
stock on Dec. 15 1930.
z After reserve for depreciation of 517,644,315.-V. 131, p. 2232.
President George S. Case,stated that due to unsettled business conditions
Kline Bros., Co.
-Gross Sales Decrease.
-
-Decrease--1229.
1930
$697,844
$707,237
-V. 131, p. 3886, 3051.
Decrease.' 1930-12 Mos.-1929.
89,393184,738,176 $4,921,396
Decrease.
$183,220
the directors thought it wise to omit the dividend at this time. The comLerner Stores Corp.
-Sales Increase.
pany declared the regular quarterly dividend of $1.75 per share on the 7%
preferred stock, payable Feb. 1 to holders or record Jan. 20.-V. 131,
1930
-Dec.
-1929, Increase.' 1930-12 Mos.-1929. Increase.
83,817,694 $33,338,794
p. 2906.
8478,9001825,291,307 $19,057,797 $6,233,510
-V.131,p.3718,3051.
-Sales Increase.Lane Bryant, Inc.
-1929.
-Dec.
1930
$1_,392,081 $1,146,598
-V. 131, p. 3886, 3051.
Increased
1930-12 Mos.-1929. Increase.
3245.4831317,168,478 345.357.488 81.810,990
-Sales, etc.
LaSalle Extension University, Chicago,
President J G. Chapline, in a letter to the stockholders, says in part:
"The retail sales in 1930 will just about equal those of 1928 and the net
earnings should exceed those of that year. The profits thsi year will be
equal to about double preferred dividend requirements. Corporation
Service sales increased about 100% over last year. Stenotype Sales show a
steady increase. Operating costs have been further reduced. The preferred dividend has been paid regularly each quarter and in addition the
required amount of prof. stock has been retired as provided in the terms of
the issue. There are at the close of the year no bank loans outstanding.
The usual detailed and fina. reports for the year will be ready shortly after
the annual meeting on Feb.7 1931.-V. 130. p. 3176.
-Defers Dividend.
Lautaro Nitrate Co., Ltd.
The company has decided to defer the semi-annual dividend of 3j6%
usually payable about Jan. 1.-V. 130, p. 634.
McCrory Stores Corp.
--Sales Decrease.
1930
-Dec.
-1929. Decrease.' 1930-12 Mos.-1929. Decrease.
$6,782,120 $7,293,167
$511,0471543,222,798 $44,706.206 $1,483,408
- 131, P. 3718. 3051.
V.
(Arthur G.) McKee & Co.
-Open New York Office.
This company, engineers and contractors with headquarters land, has established an eastern office at 120 Broadway, N. at CleveY. City.
The new office will be under the direction of Walter G. Mortland of
New York.
The company specializes in the design and construction of iron and
steel plants, petroleum refineries and general industrial construction in
this country and abroad. It also makes engineering surveys and reports.
The company has European headquarters office in London and is associated with the Whessoe Foundry & Engineering Co., Ltd., Darlington,
England, and the Petroleum Engineering Corp.. Tulsa, Oklahoma,
V. 131, p. 3886.
McLellan Stores Co.
-December Sales.
-
1930
-Dec.
--1929.
Decrease.' 1930-12 Mos.-1929. Increase.
33,970.753 84,388,058
$417,3051324.081,973 $23.781.550
3300.423
V.
Richard M. Hurd, President. says: "During the past year, the sales of - 131. p. 3886, 3051.
extensions, were $117.017.637, being the
guaranteed mortgages, including
MacMarr Stores, Inc.
-December Sales.
largest volume of business for any corresponding period in the history of
-Dec.
-1929
1930
Decrease' 1930-12 Mos.-1929. Decrease,
the company. The net gain in outstanding guaranteed mortgages was
$6,949,808 87.760,495
3810.6871386.106,568 886.944,947
$838,379
$25,345,743.
On Dec.31 1930 there were 1,382 stores and 502 markets operated against
Since the company was organized in 1893, it has guaranteed $1.249,344,482 of mortgages, of which $829.451.683 have been paid in full, leaving 1,394 and 345, respectively, at end of December 1929.-V. 131, p. 3888,
3217.
now outstanding 3419,892,799.
-Annual Report.
Lawyers Mortgage Co.
JAN. 10 1031.1
FINANCIAL CHRONICLE
323
Consolidated Title Co.,and certain other assets of this corporation and (or)
the Maryland Mortgage & National Title Co. to the Maryland Title
Securities Corp., and the retirement of 80,000 shares of the common stock
of this corporation, upon the terms and conditions and for the considerations
set forth in an agreement of purchase and sale, dated Dec. 12 1930, between
Maryland
-Report Shows Large Liquid the Maryland Mortgage & National Title Co.,proposition Title Securities
Manhattan-Dearborn Corp.
of adopting an
Corp., and this corporation, and (2) upon the
Holdings.
agreement of consolidation, dated Dec. 12 1930, between this corporation
!PA statement as of Nov. 6 last indicates that the value of company's and the Maryland Mortgage & National Title Co., which has been entered
quick assets alone was in excess of $23 a share on the 375,000 shares of. into and signed by the directors, or a mj ority of them.
capital stock outstanding. Total net assets were more than $16,000,000.
The corporation, in a letter to the stockholders on Dee. 23
and indicated a book value of approximately $45 a share.
•
Quick assets included cash of more than 31,500,000,loans due on demand 1930, stated:
or within 90 days, of more than $2,900,000, short term real estate loans of
The corporation was organized as a holding company to unite in one
more than $1,500,000, and listed stocks of market value at that date ownership and management, by means of exchange of shares, the Mortgageexceeding 32,900,000. An increase in cash resources since the last previous Bond Co. of New York, and the Maryland Mortgage & National Title Co.
statement, as of Aug. 31, was stated to have resulted largely from liquida- of Baltimore. The corporation owns to-day substantially all of the capital
tion of a part of the general market stocks in the company's portfolio.
stocks of the Maryland Title Guarantee Co. and the Wash_ngton ConOther investments of the company included approximately 99M % of the soLdated Title Co_., which do a title insurance business in Baltimore. MeL.
common stock of the Lawbeck Corp., whose operations were unified with and Washington, D. C.,respectively.
those of Manhattan-Dearborn recently, as well as a substantial amount of
It was believed that the New York and Baltimore ends of the combined
-V.131, p. 2075.
real estate owned in fee.
undertaking could be run effectively from their respective centers,under the
supervisory control of a Joint board of directors. Some of the expected
-Earnings.
Manhattan Shirt Co.
advantages of this consolidation of interest have been realized, principally
in the direction of uniting the two mortgage businesses. But the advantages
1926-27.
1927-28.
Years End. Nov. 30- 1929-30.
1928-29.
loss$273,232 $1,109,804 $1,172,144 $1,586,958 in certain directions have been offset in others. There has been greater
Net profits
17,729 difficulty than was anticipated, with consequent loss of efficiency, in main26,054
23.594
18,241
Interest (net)
211,809 taining practically two principal offices. -Yet the alternative of concen137,447
Federal taxes
120,516
trating executive management in one place or the other lias not been availNet'income
df$296,826
$971,047 $1,008,643 $1,357,420 able, partly because of kgal restrictions, but principally on account of the
79,921 local character of the businesses carried on by the constituent companies,
20,940
35.015
51,933
dtvs• (7%)-- Preferred
Common dividends_ _(7%)419,614 (8)565,492 (8)565,956 (7)493,576 especially the title companies.
There being, therefore, obstancles in the way of either managing these
$783,923 local title companies and their related activities from New York, or of reBalance, surplus
$390,754
df$737,380
$370,541
Shs.corn.outst.
283.564 moving the executive offices of the Mortgage-Bond Co. to Baltimore, the
(par $25)
283,606
277,919
281.373
Earnings per share
$4.50 separation of the elements which naturally center on Baltimore from those
Nil
$3.32
$3.37
which can be run to best advantage from New York has been carefully
-V.131, P.950•
studied by the directors. A plan to that end has been evolved.
Manning Bowman & Co.
-Omits Dividend.
It is proposed to consolidate the Maryland company, with the parent
The company has omitted the quarterly dividends on both the class A corporation (retaining the corporation's name), and to sell, or cause the
and B stocks due at this time. The class A paid 37)4c. a share and the consolidated corporation to sell, the stocks of the Maryland Title Guraantee
Co. and the Washington Consolidated Title Co., with approximately
B stock 123c. on Oct. 1 1930.-V. 130, p. 4430.
$650,000 of mortgages principally on propoerty in the vicinity of Baltimore
- and Washington, to the Maryland Title Securities Corp., a new company,
Manning, Maxwell & Moore, Inc.
-Omits Dividend.
The directors have voted to omit the quarterly dividend which ordinarily and in return acquire from it and retire 80,000 shares of the common stoc,k
would have been payable around Jan. 2 1931. On Oct. 1 last, a quarterly of Mortgage-Bond & Title Corp. The effect -vrill be to divorce the two ends
distribution of 50c. per share was made as against $1 per share previously. of the business, by placing under Baltimore management and predominant
stock ownership the two title companies and that portion of the mortgage
-V. 131, p. 2076.
business of the present Maryland company which relates principally to
- mortgage loans in the vicinity of Baltimore and Washington,and by leaving
-1% Stock Dividend.
Massachusetts Investors Trust.
A quarterly dividend of 40c. per share and a stock dividend of 1-100 share under New York management and predominant stock ovrnership the present
on each share have been declared, payable Jan. 20 1931,to holders of record business of the Mortgage-Bond Co., plus the mortgage certificate business
Jan. 8 1931. These dividends will be mailed from the State Street Trust hitherto carried on by the Maryland company.
The book value of the 80,000 shares of common stock which are to be
Co., Boston, Mass.
On Oct. 215 last, a div idend of 42c. per share was paid, compared with 44c. retired is about $847,000 less than the valuation at which the assets to be
per share in July 1930, 45c. in April and 52c. in cash and 1% in stock in sold to the Maryland Title Securities Corp. are carried in the last consolidated statement of the Mortgage-Bond & Title Corp. and its present
January last year.
-V.132, p. 140.
subsidiaries. The proposed transaction will, therefore, cause a reduction in
Mead Corp.
-1% Stock Dividend and 25c. in Cash.
the book value of the common stock from about $21.42 to about $17 per
The directors have declared a quarterly dividend of 25 cents per share share. This will reflect, however, a revision of the valuations assigned to
In cash and a special dividend of 1% in stock on the common stock, payable these assets upon the books at the time ofthe organization ofthe c,orporation,
Jan. 15 to holders of record Jan. 1. On Oct. 15, the company paid a and not operating losses. It is believed that by reason of the sale of these
-V.131, P. 3886.
assets and the benefits to be expected from more compact operation, the
ouarterly, dividend of 2% in stock on this issue.
cancellation of 80,000 shares out of the 261,316 shares of common stock outMelville Shoe Corp.
-Sales Increase.
standing should enhance the earnings per share of the remaining common
stock.
1930
Increased 1930-12 Mos.-1929. Increase.
-Dee.
-1929.
The Maryland Title Securities Corp. has been organized by a group of
12,813,953 $2,430.240
$383.713 $28,648,639 $25,520.675 $3,127,964
Baltimore stockholders of the corporation, headed by Robert G. Merrick,
-V. 131, p. 3718, 3052.
President of the corporation,and including others of the Baltimore directors
of the corporation. In order to raise the required 80,000 shares of common
-Extra Dividend.
Merchants Refrigerating Co.
stock of the corporation,subscriptions to the stock of the new company have
The directors have declared the regular quarterly dividend of $1.75
per share on the preferred stock and an extra dividend of $1 per share been made payable in common stock of the corporation,share for share,and
conon the common stock, both payable Feb. 2 to holders of record Jan. 21. all common stockholders of the corporation vrill be given the right to30%
tribute stock on that basis, on or before Jan. 19 1931, to the extent of
-V. 118, p. 2051.
of their respectife holdings of record at the close of business on Jan. 5 1931.
-Enters New Field.
Metropolitan Chain Stores, Inc.
- Thusany common stockholders who deeires to keep his pro rata stock interest
President E. W.Livingston on Jan. 5 announced that contracts have been in boths ends of the business will have the opportunity to do so. The orentered into with D. Miller & Sons, Inc., under which the latter will operate ganizers ofthe new company,or their associates, have agreed to supply whatready-to-wear and millinery departments in the various stores of the Metro- ever portion of the 80,000 shares of stock is not subscribed by the common
politan chain. Two such units have alraedy been opened in Schenectady stockholders generally.
The preferential position of the preferred stockholders is not affected by
and Utica, N. Y., and many additional units will be opened during the
the plan in any way.
current year.
It is intended that 'schen the plan is consummated, Arthur M. Hurd, at
Mr. Miller was formerly President of Miller's, Inc., a Schulte United
enterprise. The new organization of D. Miller & Sons, Inc., has leased Present Vice-President of the c,orporation, shall become its President, and
quarters in the Hoover Bldg., 505 Fifth Ave., N. Y. City. In supervising that the continuing directors wlll be Bertram H.Borden. Francis 11. Brownoperations of the company, Mr. Miller will have associated with him, J. C. ell, Guy Cary, Grenville Clark, Harris D. Colt, S. Sloan Colt, Cecil C.
Evers, Julian P. Fairchild, W. E. Fitzpatrick, Charles B. Gillet, Robert
Coon, also previously connected with Millers, Inc.
Walton Goelet, Charles P. Howland, Arthur M. Hurd, Richard M. Hurd.
Sales for Month and 12 Months Ended Dec. 31.
Percy H. Johnston, George M. Kimberly, J. P.L3 Master, Hugh F. Mac
Decrease.
1930-12 Mos.-1929.
1930
-December-1929. Decrease
Merrick, Benjamin A. Morton, George Welwood Murray,
1E9,065,382 $10,218,074 $1,152,692 Coll, Robert G. Dwight P.Robinson, William Stanley and Wilson G.Wing.
$346,500
31,605,690 $1,952,190
George Ramsey,
-V. 131. p. 2907, 2389.
Robert G. Merrick. now President of the corporation, will relinquish this
-Buys Service Stations. office to take charge of the Maryland Title Securities Corp Among the
Mid-Continent Petroleum Corp.
A. W. Long, President of the Long Oil Co., a service station chain, has directors of that corporation, who are at present directors of the corporation.
announced the sale of that company to the Mid-Continent Petroleum Corp. will be Charles B. Gillet, Robert G. Merrick, Albert J. Fleischman, W.S.
of Tulsa. The Long company is incorporated in Kansas for $950,000. Merrick, John L. Swope, William Stanley, George M. Kimberly, Charles
H. Buck, John McC. Mowbray, William E. Ferguson. Eugene A. Smith,
The purchase price was not announced.
-V. 131, p. 2706.
Edward J. Bond, Edward H. Benton, T. Howard Duckett, Jacob France.
Middle States Petroleum Corp.
-Earnings.
Edwin R. Haas, Charles H. Hoff, E. Brooke Lee, Hugh F. MacColl and
For income statement for 9 months ended Sept. 30 1930, see "Earnings George Zouck; and other directors will be E. McClure Rouzer and George
W. Waters, Jr.
Department" on a preceding page.
-V. 131, p. 1905.
Conditions are generally unsatisfactory in many of the localities in which
Montgomery Ward & Co.-Sales.the constituent companies do business. For now more than a year it has
been necessary to take over by foreclosures a considerably greater number
1930.
Month1929.
Change.
of properties than ordinarily. In order to maintain a safe degree of liquid$18,331,113
January
$18,128,836
Inc. $202,277 ity,
of
the policy
of real estate so acquired as
Fenruary
18,405,885
18,655,270
Dec.
249,385 rapidly as saleshas been followed on disposing like reasonable terms. This
anything
could be effected
March
20,832,071
22,616,668
Dec. 1,984,597 policy
has necessitated taking losses, which have substantially reduced
Total 3 months
$57,369,069
$59,400.774
Dec. $2,031,705 earnings from operations, and have been reflected in the reduction of the
to be
April
23,776,430
21,573,323
Inc. 2,203,107 dends upon the common stock. Nevertheless, this is believed When that
conservative course to pursue until general conditions improve.
May
25,050,304
19,879,804
Inc. 5,170,500 takes
place, both the corporation and the Maryland Title Securities Corp.
June
23,989,300
21,953,639 Inc. 2.035,661
should be in good position to reap the benefits of returning prosperity.
The legal and other details of the plan herein outlined are embodied in an
Total 8 months
$130,185,103 $122,807,540
Inc. $7,377,563
July
18,668,623
19,808,343
Dec. 1,139,720 agreement of purchase and sale, dated Dec.12,1930,which has been entered
Mary20,966,819
24,955,313
Dec. 3,988,494 into between the corporation, the Maryland company, and the new
August
likewise
agreement
September
21,332,576
26.127,589
Dec. 4,795,013 land Title Securities Corp., and anaproved and of consolidation,
signed by the directors of
dated Dec. 12 1930, which has been
Total 9 months
$191,153,121
$193,698,785
Dec. 32,545,664 the corporation and of the Maryland company; both agreements being
30,092,894
October
32,181,217
Dec. 2,088.323 subject to the approval of the stockholders.
22,401,426
November
29,851,303
Dec. 7,449,877 Tentative Pro Forma Consolidated Balance Sheet as at June 30 1930 After
Giving Effect to the Transactions Above Proposedi.
28,672,184
December
35.799,316
Dec. 7,127,132
Cash
Liabilities
$506,827
37,891,501 5% cony. cum. prior pref.
$272,319,625 $291,530,621
Mortgagee
Total 12 months
Dec.$19,210,996
Accrued interest receivable__
$339,200
-1i, 131,p.4225,3719.
828,539 stock (par $100)
Miecellaneous accts. recelable
31,762 5% cony, cum. pref. stock
325,900
Morison Electrical Supply Co., Inc--Sales Decrease.
- Miscellaneous investments_ __ 105,031 (par $100)
o
Real estate
1930
-December
-1929. Decrease. f 1930-12 Mos.-1929.
Decrease. Deferred at cost or less__ __ 1,475,079 5;4w cony. cum. pref. series
366,400
284,703 B stock (par $100)
charges
$44,311132,031,203 $2,245,126
$213,923
$271,498
$315,809
Common stock
x1,661,422
-v. 131. la• 3719, 3380.
Surplus (paid in and earned)- 1,457,114
Notes payable
557,500
Co.
-Increases Capital.
Morton Salt
Accounts payable
32,579
Company has increased its capitalization from $6,500,000 to $10,000,000
Accrued interest & taxes
505,635
reimbursing the company for capital expenditures made
for the purpose of
Due others for coll, as agents
87,128
during the past two years, including the purchase recently for approxilet mtge. bonds of Mortgage
mately $1,500,000 ofthe Ruggles & Rademaker Salt Co.of Manistee, Mich.,
Bond Co.of New York _
27,090,600
construction of a new California plant and extensive dock facilities in the
1st mtge. bonds trust etre. of
northwest Chicago district. Additional stock issued will not be offered
Mtge. Co. of Md., Inc_ _ _ _ 6,977,000
publicly.
-V. 131, p. 4225.
Debenture bonds
1,468,500
Provisloo for title losses
1,771
-To Divorce
Mortgage-Bond & Title Corp., Baltimore.
Deferred income
52,116
$41,123,443 Minority interest (subsidiary)
Total (each side)
Ends of Business-Offer Made to Stockholders.
Two
203,578
x Represented by 180,612 shares of no-par value.
The stockholders will vote Jan. 22 (1) upon the proposition of approving
Note
-Guaranteed mortgages total $1,104.400.-V. 152, p. 141
he sale of the stock of Maryland Title Guarantee Co. and Washington
Manati Sugar Co.
-Pays Oct. 111930 Interest.
It is announced that the interest due Oct. 1 1930, on the 1st mtge. 20year 73 % sinking fund gold bonds, due 1942, plain and stamped, is now
being paid.
-V. 132,p. 140.
324
[VOL. 132.
FINANCIAL CHRONICLE
Moxie Co. of America, Boston, Mass.
-Merger.
-
This company, the Merle company and the Pureoxia Co., have merged
Into one company in a stock set-up consisting of 58,500 shares of class A
stock entitled to cumulative preferential dividends of $3 per share, and convertible into two shares of B stock at any time up to call and callable at $50
per share.
There are 517,000 shares of B stock, of which 400,000 shares will be issued
and the remaining 117,000 held for the conversion privilege.
Under the merger, the Mosta Co. stockholders will receive 31,333 shares
of class A and 235.000 shares of class B stock the stockholders of the Pureoxia Co. will receive 10,500 shares of class A stock and 25,000 shares of class
B stock and the stockholdeat of the Moxle Co.of America will receive 16,667
shares of class A stock and 140,000 shares of class B stock. See also V. 132,
p. 141.
(G. C.) Murphy Co.
-Sales Increase.
1930
-December-1929, Decrease.' 1930-12 Mos.-1929.
Increase.
$3,170,346 $2,648,571
$521,775[$17,498,022 $15,728,860 $1,769,162
-V. 131, p. 3719, 3052.
National Distilleries, Ltd.
-Receivership.
At the request of David N. Finnie, President of the company, application was made Dec. 31 to the Court at Montreal for receivership for the
company. This action was taken for the purpose of protecting the assets
of the company on behalf of the creditors and shareholders. Such a decision was considered advisable, it is said, in order that the assets be conserved until plans now under way are completed for reorganization and
financing.
-V. 128, p. 4170.
National-Erie Co.
-Defers Dividend.
The directors have voted to defer the quarterly dividend of 50 cents per
share due Jan. 1 on the cum. part. class A common stock, par $25. This
rate had been paid from July 1 1929 to and incl. Oct. 1 1930.-V. 130,
P. 4255.
National Fabric & Finishing Co.
-Sale.
See Pepperell Mfg. Co. below.
-V. 131, p. 4064.
National Shirt Shops, Inc.
-December Sales.
-
Muskegon Motor Specialties Co.
-Stock Exchanged for
Houdaille-Hershey Corp. Stock.
-See latter company above.
1930
-Dec.
-1929.
$767,448
$823,824
-V.131,13. 3887, 3052.
For income statement for nine months ended Sept. 30 1930 see "Earnings
Department" on a preceding page.
-V. 131, p. :3'719.
National Steel Corp.
-Earnings Nearly Double Common
Dividend in 1930.
-
Nash Motors Co.
-Annual Report.
Charles W. Nash, President, says in part:
The balance sheet, shows accounts payable of $1,506,769, representing
current bills after eliminating inter-company accounts. This item constitutes the only indebtedness of your company, except reserve; for taxes.
The company closed the year's operations with a balance of $38,094,962
cash on hand, in banks, and in government securities.
At the close of the year the company had on hand in materials and
supplies at cost or market, an inventory of $2,768,024. While it was considered tnat the stock of new cars in the hands of dealers and distributors
at the close of the year's business, 1929, was at a very low point, nevertheless, there are to-day 30% less new cars in the hands of dealers and distributors than at the close ofbusiness, 1929.
There are 2,730,000 shares of common stock issued. The company has
purchased out of surplus, in the open market, 29,000 shares of its common
stock at an average cost of $25.88 per share. This stock is now held in the
treasury for corporate purposes.
Earnings for Years Ended Nov. 30.
1929-30.
1928-29.
1927-28.
1926-27.
xNet income
$8,574,665 $20,204,505 $23,604,832 $25,898,190
Prey. for Federal taxes_
2,190,724
973,501
2,784,746
3,227,445
Net inc. after expenses
reserves & local tax_ $7,601,164 $18,013,781 $20.820,085 $22,670,744
Common dividends
13,650,000 16,380,000 16,380.000 13,650,000
Rate
($6)
($6)
($5)
($5)
Balance, surplus_df.$6,048,836 $1,633,781 $4,440,085 $9,020.744
Previous surplus
39,770,961 38,137,180 33,697,094 24,676,350
Profit & loss surplus_433,722,125 $39,770,961 $38,137,179 $33,697,094
Earns, per sh. on 2,730.000 shs. com. stock
(no par)
$7.62
$2.78
$6.60
$8.30
x Net income after deducting expenses of manufacturing (including
depreciation), selling, administrative and local taxes.
Decrease.' 1930-12 Mos.-I929.
$56.3761$4.475.055 $4,469,468
Increase.
$5,587
The corporation earned almost double its annual $2 common dividend
In 1930, the first year of its existenco, Chairman Ernest T. Weir stated in
a letter to the stockholders, which is quoted as follows in substance:
"Even during the third quarter the dividend was liberally earned. We
expect we earned our dividend for the last quarter.
The results this year have been, of course, obtained during a very extensive building campaign from which we have as yet realized no benefits.
Our properties at Detroit are still in course of construction. While a small
operation was started recently, it is not yet extensive enough to do anything
more than introduce some of our products and inaugurate the matter or
organizing.
'Progress In the butldmg of the Great Lakes plant at Detroit has been
very satisfactory. The construction of this plant is still going on, there
being two merchant bar mills not finished. The 14
-inch null will be ready
about Feb. 1, and the 10
-inch mill will be ready in June, so that by July 1
the entire present construction program at Detroit should be finished.
"We are now engaged in working out an arrangement to take over the
properties of the Michigan Steel Corp. This will add further to our diversification of products, and will also give us a large outlet for semi
-finished
,
steel production from our Great Lakes plant.
"I feel that we have made very excellent progress during this year.
The fact that we have been able to make such satisfactory earnings during
a period of severe depression and with only a portion of our operations
completed indicates clearly the strength of our position, and justifies the
confidence I feel that when we get into full operation upon the completion
of our building program the results will be extremely satisfactory and
beneficial to our stockholders.
-V. 132, p. 142.
National Tea Co.
-Sales Decrease.
1930
-Dec.
-1929.
7.408,307 $8,076,019
-V. 131, p. 3887, 3052.
Decrease.
1930-12 Mos.-1929. Decrease.
$667,712[$85,236,535 $90,193,154 $4,956.616
Nation-Wide Securities Co.
-Sales Increase.
Closing the year with December sales of Trust Certificates, series B,
showing an increase of 82% over November, company reports an unusual
dividend record in 1930 for the companies underlying its shares. Of the
77 companies whose stocks comprise the portfolio of Nation-wide, series B.
15 increased their regular cash dividend rate, 2 Inaugurated cash dividends,
2 increased their capital stock dividends, while no company passed its
regular dividend payments.
The net result of this record, according to the report,is that regular and
extra cash dividends of these companies were greater in 1930 by nearly
3% than in 1929.-V. 131. p. 487.
Consolidated Balance Sheet Nov. 30.
1930.
1929.
1930.
1929.
AssetsLiabilities-$
$
$
$
Real estate, equipCommon stock..y13,887,000 13,887,000
ment, &c
x8,342,653 9,160,930 Accounts payable_ 1,506,769 2,900,692
Investments
1,882,651 1,247,447 Tax reserves
4,250,898 5,958,847
Govt.securities _ _ _24,147,072 24,797,072 Other reserves-1,034,666 1,569,285
Mat'l & supplies-- 2,768.024 5,246,094 Surplus
33,722,125 39,770,961
Neisner Bros., Inc.
Notes receivable__ 200,000
-Sales Increase.
321,000
Acc'ts receivable__ 2,324,636 5,562,510
1930
-Dec.
-1929. Increase.' 1930-12 Mos.-1929. Increase.
Cash
13,947,892 17,214,333
$3,024,790 $2.689,624
$335,166[$16,506,057 $15,092,421 $1,413.636
Prepaid expenses_ 788,529
537,399
-V.131,p.3719.
Goodwill
1
Total(each side)54.401,458 64,086,785
x After depreciation. y Represented by 2,730,000 no par stock.
(J. J.) Newberry Co., Inc.
-Sales Increase.
-V.
131, p. 2390.
1930-December-1929.
Increase.
Increase.] 1930-12 Mos.-1929.
$5,493,289 $5.149.403
$30,191,036 $27,788,172 $2,402,864
$3343,886
Nashua Manufacturing Co.
-Earnings.
-V. 131, p. 3887, 3218.
[Including Indian Head Mills of Alabama.)
-Extra Dividend.
New Hampshire Fire Insurance Co.
Years Ended Oct. 311928.
1929.
1930.
The directors recently declared an extra dividend of 1% in addition to the
Sales, less discounts and allovrances_ _$11,202.193 $16,070,583 $17,625,081
Operating profit after est. Fed.taxes-aloss544,652
1,785,892
1,717,292 regular quarterly dividend of 4%, both payable Jan. 1 1931 to holders o
Adjustment prior years
3,623
16,006 record Dec. 13.-V. 131, p. 1906.
11,694
Interest paid
293,524
287,869
163,247
Taxes (local and State)
314,176
New Haven Clock Co.
-Plants Operating at Capacity.
317,616
320,161
Plant scrapped
45,858
18,042
32,093
The plants operated at capacity during November and December.and the
595,621
Depreciation
584,831
625,729 high rate of production is now being continued, according to officers of
the company. It was further stated that sales of the New Haven-WestingBalance to surplus
$533,091
def$1,642,627
$437,978 house electric clock produced by the company broke all records during
Preferred dividends paid and accrued _
288,873
293,607
302,115 the recent holiday season. The prediction is made that eventually electric
clocks will replace all spring clocks, where electric current is available.
Net increase in surplus
$239,483
loss$1,931,500
$135,863 due to the low price range of the new clocks.
-V. 132, p. 142.
Surplus beginning of year
7,308.567. 7,069,084 6,933,221
••••=I=
.
Surplus end of year
$5,377,067 $7,308,567 $7,069.084
Earns, per share on common stock_
Nil
$3.86
$2.19
a And after marking down inventories. It is estimated that losses due
from inventory write-down in 1930 alone amount to about $688,000.
Robert Amory, Treasurer, says in part: "The falling off in sales and the
almost unprecedented drop in the prices of our raw materials, followed
by the necessary inventory write-down, account for the severe losses sustained during the year. It is estimated that the losses due from inventory
write-down alone amount to about $688.000. Losses due to unusually
curtailed operations, caused by the falling off in sales, are estimated at
$694,000. The settlement of the selling contract with our former commission house involved a non-recurring cost of $84,000. The contingency
reserve was increased by $41,000, making a total of $136,000.
"On Oct. 1 1930. the company ceased selling through the commission
house of Amory, Browne & Co. and opened its own sales offices at 40
Worth St., New York; 48 Franklin St., Boston; 300 West Adams St.,
Chicago; and 730 South Los Angeles St., Los Angeles."
Consolidated Balance Sheet Oct. 31.
1930.
1929.
1929.
1930.
Liabilities$
$
Assets$
$
902,656 Accept, under letCash
661,154
ter of cred. asst.
Acc'ts receivable_ _12,056,441 3,215,462
cotton held 1111Notes receivable
18,914
der tr. receipt__ 239,209
Prem. depos. with
204,472 Notes payable-- 1,265,000 2,860,000
mutual ins. cos_ 186,089
636,656
Inventories
3,606,924 5,252,462 Acc'ts payable_ __ _ 615,896
Plant
711,185,794 11,535,324 Res. for inv., taxes
95,000
Prepaid int. & his_
36,827 & contingencies_ 136,000
34,084
5,377.067 7,308,567
9,160 Surplus
Investments
9,160
4,612,100 4,630,500
Preferred stock
Inv. in & adv. to
6.200.000 6.200.000
Common stock
-N.
Franco Engl.
138,500
Printing Corp__ 238,860
PM.stk. of Nashua
Total (ea. side) 18,445,272 21,730,723
435,861
Mig•Co.in treas. 449,872
x After reserve for discounts and bad debts of $143,790. y After depreciation of $6,194,073.-V. 131, p. 4064.
-Sales Decrease.
National Bellas Hess Co., Inc.
New River Co.$1.5() Back Dividend.
-
The directors have declared a quarterly pref. dividend of $1.50 on account
of accumulations, payable Feb. 2 to holders of record Jan. 10. This
represents the dividend due Aug. 11923.
A quarterly distribution of $1.50 per share was also made on Nov. 1 last.
-V. 131, p. 2707.
New York Depositor Corp.
-Chairman Elected.
-
W. B. Scarborough, partner of Hitt, Farwell & Co., has been elected
chairman of the board.
-V.131. p. 3887.
New York & Foreign Investing Corp.
-Annual Report.
Paul F. Schucker, Secretary,says in part:
The corporation's foreign investments are mainly in loans (secured by
mortgages on improved real estate) to two of the leading chain department
store companies in Germany and in common stock of one of those companies, which stock is to be repurchased by the vendors at cost [plus premiums. These investments have been reduced from $6,441,595 (the
amount on Dec. 311929) to $5,541,761 by scheduled repayments of principal of the loans and repurchase of stock under existing agreement. Funds
of the corporation have been utilized to purchase, during the year, $1,710,000 of corporation's 20
-year 555% gold debentures,series A,and $1,051,500
,
635% cumulative preferred stock, which have been retired, leaving out,
standing $3,090.000 of debentures and $2,948,500 of preferred stock.
Income Account for Calendar Years.
1930.
Interest collected and accrued
$505,585
$624,782
Dividends
79,289
94,127
Commissions
4,221
92,519
Premiums on Leonhard Tietz A. G.shares
25,345
79,392
Totalincome
$875,982
$629,278
Interest on debentures, paid and accrued
327,338
208,417
Debenture discount and expenses
24.931
29,760
Miscellaneous expenses
16,737
21,247
Prov.for exps. In connection with reduc, of capital
2,000
Provision for Federal income tax
22,000
28,500
1930
-Dec.
-1929. Decrease.' 1930-12 Mos.-1929. Decrease.
$3,524,903 $5,152,707 $1,627,804[$36,250,648 $53,007,080 $16,756,432
-V. 131, p. 3719, 3052.
Operating income
Net loss on sales of securities
$346,182
110,804
$478,146
279,033
Net income
Preferred dividends
$235,378
233,782
$199,113
325,000
National Biscuit Co.
-To Acquire Assets of Wheatsworth,
Inc.
-See latter company below.
-V. 131, p. 4064, 3218.
Balance,surplus
Earns, per sh. on 75,000 abs. corn. stock (no par)- -
$1,596 def$125,887
Ni)
$0.02
•
FINANCIAL CHRONICLE
JAN. 10 1931.]
Balance Shed Dec. 31.
a1929.
1930.
LiabilitiesAssets*1929.
1930.
Cash & Call loans- $228,007 $1,415,943 Accrued interest on
$22,000
$14,163
debentures
Secured long-term
22,000
33,619
Res.for Fed.tax-loans (see table
below)
c4,876,463 5,547.629 Res, for exp. in
con, with reduc.
-Other investments 61,116.050 1,449,989
2,000
of capital
Accr. int. reedy_
60,758
57,857
Divs.declared, not
% gold debs--- 3,090,000 4,800,000
2,948,500 4,000,000
9,301 Preferred stock
yet received__ -2,500
Accr, prem. rec. in
Common stock and
279,972
d556,608
1930 on L. Tietz
surplus
79,392
A. G. shares__
18,784
562,960 Total (ea. side) $6,642.890 $9,125,972
343,248
Deb.disc. & exp__
a After giving effect to cancellation of $1.200,000 20
-year 534% gold
debentures, series A, purchased prior to Dec. 31 1929, and to retirement of
% cumulative preferred stock for $750,000.
$1,000,000
b Includes Rm. 2,153.000 par value Leonhard Tietz A. G., Cologne
common stock at cost (to be repurchased by vendors at cost plus premiums,
on or before Jan. 31 1934), $665,299; and bonds and other stocks owned.
$450,752 (market value $314.667), as follows: $25,000 Chicago Rock Island
& Pacific Ry. Co. 434% convertible bonds, due 1960;$50,000 German Goveminent International 53.4% bonds, loan 1930; $99,000 Kingdom of Bulgaria Stabilization Loan a 1928 734% bonds; 1,000 shs. Associated Rayon
Corp. cony. pref.; 500 shs. Chesapeake & Ohio By. common; 500 shs.
Brooklyn-Manhattan Transit Corp. common; 500 shs. Chicago Rock
Island St Pacific Ry. Co.common;500 shs. St. Louts-San Francisco By. Co.
common; 1,000 shs. Wayne Pump Co. cony, preference, and 500 sbs.
'Corn Products Refining Co. common.
C Long-Term Loans Secured by Mortgage on Improved Real Estate.
Outstanding.
-year loan to Leonhard Tietz A. G., Cologne, (cost
-13,379.93663.4% 25
$3.091,291), repayable in whole or in part on or after Oct. 13
1933; quarterly cumulative sinking fund calculated to repay
entire loan by Oct. 13 1953 (1929 and 1930 installments have
been paid).
1,035,000 7% serial loan to Leonhard Tietz A.G., Cologne (cost $939,033).
dated June 20 1929, due in 10 equal annual installments to
June 20 1939; repayable in whole or in part on or after Oct. 13
1933 (1930 installment was paid).
912,751 7% serial loan to Rudolph Karstadt A. G., Hamburg (cost
$846,139), dated June 20 1929, due in equal quarterly installments to Sept. 20 1932; first 4 installments have been
repaid at 95% and next two at 96%; the next two are to be
repaid at 96% and last four at 97%; payments may be anticipated in whole or in part on any payment date at the percentage
of face amount then ruling.
d Represented by 75,000 no par shares.
-V.130, p. 635.
New York Title & Mortgage Co.-Bal. Sheet Dec.31 1930.
Assets
Cash
Demand loans secure bW
collateral
U.S.Government bonds and
other securities(at market
value)
Bonds and mortgages
a Investments
Net interest due and accrued
Accounts receivable
$5,542,531
15.000,000
7,868.637
15,609,893
21,338.867
2,528,363
636,583
Liabilities
$20,000,000
Capital
30,000,000
Surplus
14,401,539
Undivided profits
Premiums and fees Prepaid569.096
1,016,292
Reserves
Mortgagessold,not delivered 2,021,978
515.971
Agency accounts
Total
$68,524,875
325
the indenture $175,000 of these bonds was to have been retired Jan. 1.
-V.131,
Funds for interest and retirement were not deposited with trustee.
to• 952.
-New Director.
Packard Motor Car Co.
Packard
Robert R. Parker, President of Packard. Inc., distributor of Richard
cars in Philadelphia, has been elected a director to succeed the late
-V. 131. p. 4064.
Joy of Detroit.
P.
-Assets Sold.
Page & Shaw, Inc.
assets
Referee in Bankruptcy B. Loring Young has approved the sale of
for
to F. L. Daggett of Daggett Chocolate Co. of Cambridge, Mass.,
$160,000.-V. 131, p. 3543. 2234.
-Voting Trust.
Eastern Pipe Line Cos.
Panhandle
owned by the
The capital stock of this company, of which one-half is
Missouri
Columbia 011 & Gasoline Corp., and one-half owned by the which the
Co.. has been placed in a voting trust. of
Kansas Pipe Line
of the Columbia Gas &
voting trustees are Philip G. Gossler. President
-Kansas Pipe
Electric Corp.; Frank P. Parish, President of the Missouri
Line Co.,and George H. Howard,President of the United Corp.
Gasoline Corp.,
Mr. Gossler was selected to represent the Columbia Oil & Co., while Mr.
Pipe Line
and Mr. Parish to represent the Missouri-Kansastwo companies. All three
Howard was selected by mutual agreement of the Co. Fred W. Crawford.
are directors of the Panhandle Eastern Pipe Linealso represent Columbia
George W. Crawford and Charles A. Munroe
Pont, W. G. Maguire and
interests on the Board, while Francis I. du Missouri-Kansas interests.
Stanley Ros.sell are directors representing the
Columbia and Missouri-Kansas
Arrangements have been made whereby
Eastern
may sell amounts not exceeding 20% each of the Pandhanle desire to
may
capital stock, or 40% in all, to other major interests which
Neither group is obligated
share in the operation of the pipe line company.
equal portion
to sell any portion of its half interest unless the other sells an
-V. 131. p. 2234.
of its stock at the same time.
-Contract Made With Columbia
Paramount Publix Corp.
-See latter company above.
Pictures Corp.
Plans Theatre Extension.
the construction of
The Paramount-Publix Corp. Is making plans for
Theatres
theatres in various parts of the country,it was reported on Jan.8.
Steubenville.
will be built in Mansfield, Middletown, Elyria, Fremont and acquisition
carried on for the
Ohio, it was said, while negotiations are being
of theatres in Hamilton and Middletown, Ohio.
Falls.
The construction plan includes the building of theatres in Glens N. J.;
Plattsburg and Newburgh, N. Y.; Plainfield and Long Branch,
Newport News and Charlottesville, Va.; Bristol, Tenn.; Ashland, Ky.. and
Helena. Ark.
-V. 131. p. 4226.
-Sale of Certain Assets Approved.
Pathe Exchange,Inc.
The stockholders on Jan. 5 ratified the sale of certain assets
of this company to the Radio-Keith-Orpheum Corp. (See V.
131, p. 4064.)
Earnings.
see "Earnings
For income statement for 12 and 40 weeks ended Oct. 4
-V. 132. p. 142.
Department" on a preceding page.
-The New York
Minority Stockholders to Fight Sale.
"Times" of Jan. 9 says:
Pathe Exchange, Inc..
More than 100 of the minority stockholders of
the RadioTotal
568,524.875 Guaranteed mtge.& certifx.$702.979,828 including many who opposed the sale of the company's assets to a meeting
stockholders at
a Includes stocks of affiliated companies, Bank of Manhattan Trust Co.. Keith-Orpheum Corp., as voted by the majority
consummation of the
the County Trust Co. of White Plains, National Mortgage Corp. and Land on Jan. 5,gathered on Jan.8 and organized to combat
sale.
Estates, Inc.
theatre in
-V. 131, P. 4064.
The meeting was called to order by Jacob Conn, owner of a
Niagara Share Corp.
-To Reduce Par Value of Shares to Providence, R. I., who had recently returned from Washington, where he
that
had attempted to interest the Department of Justice on the grounds the
$5 From $10.
sale would violate the anti-trust laws. He said the sale would give
The directors have recommended to the stockholders a reduction in the the -O. interests control of "the best producing and distributing or-K.
R.
par value of the stock to $5 from $10 for the purpose of building up the
in the country," as well as $500,000 in free capital.
surplus. A special meeting of the stockholders has been called for Jan. 13 ganization F. Walsh of the law firm of Walsh & Devine of 274 Madison
William
to take action amending the charter to provide for the reduction.
Ave., N.Y. City, was Chairman. Joseph B. Kaufman, Attorney for Simon
In a letter to stockholders,President J. F. Schoellkopf, Jr.,says:
Leventhal and family of Boston, holders of 2,400 shares, said he would
"Owing to the shrinkage in the market value of all classes of securities, apply for an injunction in the Supreme Court to restrain the sale. An
the present market value of the investments owned by Niagara Share Corp. executive committee was organized to interest other stockholders and
and its subsidiaries is substantially less than their book value, which is based bring legal proceedings.
-V. 132. p. 142.
on cost. In view of this condition, directors believe that in order to present
to the public a more accurate statement of the actual condition of the corp-Earnings.
Peerless Motor Car Corp.
oration, reserves should Be set up out of surplus substantially equal to the
Year Ended 9Mos.End. -Calendar Yearsdifference between the approximate market value of the investments as of
1927.
1928.
30'30. Sept.30'29.
Sept.
PeriodDec. 31 1930, and the cost thereof as carried on its books.
$11,942,129 $14,049.997
"Such a step will necessarily reduce the surplus as now carried on its Income from sales exp.,$6,478,047 110.112,801
Oper..sehing & gen.
books. The directors, therefore, feel that it should be accompanied by an
6,407.409 11,507,526 13,391,135 14,352.669
plant maint., &c
adjustment of the capital and surplus so that the surplus may be made
161,750
130,794
82.990
61,914
amply sufficient to meet ordinary market fluctuations in the future and the Depreciation of plant_...
corporation placed in condition to continue to pay dividends properly out
$464.422
prof.$8,724 41,477,716 $1,579,800
Net loss
of current or accumulated earnings.
93.326
140,223
128.020
64,513
"The directors have, therefore, determined to recommend to the stock- Oth.inc.,incl. int. earned
holders changing the par of the common stock to $5 from $10 and crediting
$371,096
prof.$73,237 $1.349,695 11,439.577
Total loss
surplus. Many large stockholders already
the amount ofsuch reduction to
Provision for lossin liquihave indicated their approval of this plan -V.131. p. 1575.
dation of excesis purch.
-Investors Recommitments,price reNormandie National Securities Corp.
ductions, extraor. loss
ject Lefcourt Offer-Preferred Shareholders Name Committee
332,500
117,000
on accts. receiv., &c_
to Seek Control.
Amortization of tools.
100.000
After hearing an auditor's report on stock losses alleged to have been
Jigs and dies
22,138
26,250
22,487
Incurred by the management of the corporation, a group of more than 200 Interest paid
stockholders, meeting Dec. 26, voted to reject a stock settlement offered by Profit on sale and ex439.102
change of property_
A. E. Leftiourt and Oscar F. Grab. A committee was named to consider
a plan for turning over the directorate of the company to preferred stock- Prov. for plant rehabili791,945
tation & contingencies
holders and to consider possible further action against directors of the
corporation.
1725.734
prof.$73,237 12.164,127 $1,243.725
Net loss
The committee consists of I. B. Levine of Stroock & Stroock; Benjamin
Pepper of O'Brien, Malevinsky & Driscoll; Clarence Rainess, accountant,
Consolidated capital and surplus account for 1930 follows: Net worth
and Charles H. Tuttle.
Capital stock sold. 168.150 shares at $9
Sept. 30 1929. $5,157.547; add:
The auditor's statement, as read by Mr. Tuttle, counsel for some of the a share, $1,345,200; net profit for year ended Sept. 30 1930, (as above)
stockholders, showed a net deficit from operations of the company between $73,237; total $6,575,984; deduct: Reorganizing and financing costs $79.8 1930, of $3,982,000. Based on the market 698; depreciation on book appreciation of plant $78,692; expense and
March 13 1929. and Dec.
value of securities as of the latter date, Mr. Tuttle announced, the losses depreciation of properties held for sale $61,849, leaving net worth on
were chiefly on the following stocks: Lefcourt National Bank & Trust Co., Sept. 30 1930, $6,355.745. Net worth at end of September, last, was
$2,236,000;Letcourt Realty issues,$52,000; Equitable Casualty & Insurance represented by $4,267,390 capital stock account and $2,088,355 surplus.
Co., $491,000 and ITngerleider Financial Corp.. $68,000.-V. 131, p. 4064. -V. 131. p. 1269.
3887.111
-Inventories Lower.
-Sales Decrease
(J. C.) Penney Co.
-$1 Dividend.
North American Match Corp.
Decreased 1930-12 Mos.-1929. Decrease.
1930
-Dec.
a share, payable Feb. 5 123.703,220 -1929.
The directors have declared a dividend of
129,589.249 15.886.029 I $192,939,362$209690.418$16751.058
to holders of record Jan. 15. An initial distribution of $1.50 a share was
The company had 1,452 stores in operation at the end of the year 1930
made on Jan. 30 1930.-V. 130, p. 146.
as compared with 1.395 stores at Dec. 311929.
Recent reports given out by the company indicate that inventories at
-Lets Contract.
Otis Steel Co.
time
-inch continuous hot strip the start of 1931 were more than $11,000.000 lower than at the same hand
The company has let a contract for a new 72
a greater amount of cash on
mill to be installed at the Riverside (0.) plant. The contract was allotted last year and that the company showed start of a new year. These two
the United Engineering & Foundry Co. and involves approximately than over before in its history at the
to
factors are cited as putting the organization in excellent position to take
$1,800,000.
commodity prices.
The building of the new mill calls for extension to the present blooming full advantage of present conditions as they relate to
installation of two additional heating furnaces of 10 -V. 132, p. 142.
mill buildings and
stands of mills. The new mill vrill roll strips and plates up to 63 inches wide
-December Sales.
Peoples Drug Stores, Inc.
and will make it one of the widest continuous mills for these products.
Increase.
Decreased 1930-12 Mos.-1929.
1930
-Dec.
-1929.
The new mill will be equipped to produce 36_,000 tons of material monthly
$4,800 1E16,778,422 $13,526,533 $3,251.889
$1,712,003
withi an ultimate capacity of 50,000 tons. With the new equipment the $1,707.203
enabled to concentrate practically all of present production -V. 131, p. 3888, 3720.
company will be
mill.
of sheet, bars, plates and slabs for strips in one is proceeding with its ex-Expansion.
Pepperell Mfg. Co.
President E. J. Kulas stated the company
The company has acquired and will take over CA of Jan. 16 the shoe
demand in the steel industry
pansion program at the time of curtailedway in
1931. Operation of the fabrics and specialty divisions of the National Fabric & Finishing Co.
in the belief that recovery will get under
The St. Louis (Mo.) plant of Lowell Bleachery, a subsidiary of the
mill will result in important economies in addition to turning out a high
National Fabric company is not affected by above transfer of ownership of
-V. 131, P. 3543,
quality product, he said.
-V. 131, p. 3219.
two converting departments, it is stated.
-Defaults Interest.
Pacific Steamship Co.
Plans for reorganizing the company are being considered and probably
will be submitted to bondholders for approval. Interest and sinking fund
due Jan. 1 have been defaulted on the 654% bonds. Under the terms of
Perfection Glass Co., Montreal.-Reorganiz. Ratified.
The shareholders on Dec. 22 approved plans for the reorganization of
the company.
326
FINANCIAL CHRONICLE
President A. W. Holmeste.d, in a recent letter to the shareholders,stated:
The directors have given much time and thought to the question of reorganizing the capital structure of the company, now that it has been placed
on a basis where it may be considered a commercial success.
The two plants owned by the company,located in Montreal and Toronto
respectively, are now thoroughly organized and are being operated efficiently.
By reference to the last balance sheet sent out by the company for the
year ended Dec. 31 1929, It will be observed that company had outstanding
211,612 shares of stock, upon which there is a balance owing by subscribers
of $19,581.50. That this large number of shares is outstanding is largely
due to the fact that the company owns a number of patents covering the
manufacture of non-shatterable glass. Other companies with much
greater facilities than this company for the making of experiments have
apparently all failed to prodnce a non-shatterable glass which attracts the
buying public. It would therefore seem the part of wisdom for this company to defer the making of non-shatterable glass for the present.
The company also owns what have proved to be very valuable patents
covering the manufacture of what are known as "HLEER-VIJE" showcases. It has nevertheless been deemed advisable by the directors to give
all of the patents owned by the company a book value of only $1 and
readjust the capital so that at an early date it will be possible to commence
the payment of dividends, which it is hoped will, when commenced be
paid at regular intervals.
• For the purpose of accomplishing the above object with the least possible
expense and inconvenience it is proposed to incorporate a new company
by the name of Provincial Glass Co., Ltd., under "The Companies Act"
(Canada) with an authorized capital consisting of 50,000 shares, no par
value. The head office of the new company will be at the City of Montreal.
This new company will acquire all the assets of the Prefection company and
assume its liabilities. In addition to assuming the liabilities the new company will allot one share of stock to each holder of 10 shares of fully paid
stock of the Perfection company. Arrangements will be made whereby
fractions of shares can be bought or sold.
Opening Balance Sheet ofProvincial Glass Co., Ltd.(As of Oct. 1 1930)•
Assets
Cash
$2,591 Bank loan
$114,500
Accts.& bills rec.& invest
178,512 Accts.& bills payable
21,231
Merchandise Inventories
214,410 Mtges.in Montreal
59,000
Land, bldgs., mach., &c., at
do do Toronto
29,000
Montreal
202,504 Reservefor depreciation
37,700
Land. bldgs.. mach., dec., at
Shareholders equity
x506,438
Toronto
164,937
Prepaid charges
4,913
Patents& trade marks
1
For,. 132.
President C. A. Reed states that business for the year 1930
an increase of approximately 15% over 1929 and that the outlook will show
for furtherincreases during 1931 continues to be most encouraging. Shipments
forthe month of December gained 25% over the same month in the
preceding
year.
-V. 131. D. 3219, 1727.
(Daniel) Reeves, Inc.
-December Sales.
-
1930
-Dec.
-1929.
Decrease.' 1930-12 Mos.-1929.
$2,694,295 $2,893,110
$198,8151$34,007,497 $33,766,924
-V. 131, P. 3888, 3381.
Increase.
$240,573
Republic Flow Meters Inc.
-Smaller Dividend.-
The directors recently declared a quarterly dividend of 5 cents
on the common stock and the regular quarterly dividend of 2% per share
stock, both payable Jan. 2 1931. to holders of record Dec. 22 on the pre,
1930. The
company on Oct. 1 last, made a quarterly payment of 10 cents per share
on the common stock.
Republic Steel Corp.
-Resignation.
-
Richard Jones Jr., General Counsel and Secretary, has resigned aftercontinuous service in the law department since the organization of the
Republic Iron & Steel Co. in May 1899.-V. 131. p. 4065.
Reynolds Spring Co.
(& Subs.).
-Earnings.
-
For income statement for three and nine months ended Sept. 30 1930'
see "Earnings Department" on a preceding page.
Charles G. Munn,President says:
The loss for the third quarter is a reflection of the further recession in,
general business and all divisions of the company were affected; however,
approximately 70% of the loss occurred in the leather division, which wasmost seriously affected due to the continued decrease in hide prices, thereby
causing a severe shrinkage in inventory values.
With the thought in mind offurther diversifying the products and
other markets for the leather division, the directors, after givingcreating
careful'
consideration to several different plans, authorized the president to enter
into negotiations with the Lilly Leather Co., who produce an entirely
different line of leathers than that of the General Leather Co., whereby
the General Leather Co. purchases certain assets, including cash, inventories, accounts receivable, good-will and a small amount of special equipment and to assume certain current liabilities for a consideration of $75 00(1,
payable at the rate of $25,000 in 6,9 and 12 months. The General Leather
Co. acquires the services of J. C. Lilly as Vice-Pres. & Gen'l Mgr..
During the third quarter several of the automobile manufacturers were
completelyshut down,and at this time they are again going into production,
which will materially help our sales, and the indications for next year show
a considerable improvement over present conditions.
Total
Current position shows a ratio of 14 to 1 in current assets over current
$767,868
Total
$767,888
liabilities with no bank indebtedness or other notes payable.
z To be represented by approximately 21,161 shares, or $23.93
Per
share.
-V.131, p. 126.
Consolidated Balance Sheet Sept. 30 (Incl. Subs.)
AssetsLiabilities1930,
1929.
1929.
1930.
Potrero Sugar Co.(& Subs.).
-Earnings.
Cash
$89,057 $713,493 Class A 7% cum.
12 Months
- 15 Mos. Accts.& notes cm_ 570,877
644,883pref.stock
$66,100 $107,900
Period Ended Oct. 311930.
1929.
1928.
Inventories
1,245,815 1.713,724 Class B 7% cum.
Sales
$1,905,888 $2,291,136 $1,707,729 Accrd. int. receiv_
pref.stock
122
991
8,000
,
15,700
Cost ofgoods sold
1,052,477
1,324,350
1,104,193 Investmls at cost.. 200,564
198,902 Corn, capital stock
Ship. sell. gen. & admin. expenses
381,114
262.103
352,453
& surplus
28,314
x5,252,048 4,666,878
Land,bldg.,mach.
Claims
Notes payable_
1,052,165
Operating profit for period
$472,297
$614.333
$341,433
dr equipment_ _ _ 5.592,843 4,743,222 Accounts payable..
192,415
84,831
Other income credits
17,323
10,112
16.756 Patents, good-will
Accrd.Int. payable
32,500
33,372
554,599 Acerd. wages,sala& developments 729,460
Total profit
$489,620
8624.445
$358,189 Deferred charges.... 128,741
75,833 ries,tax,insur.Ao
232
34:9 1
1 18
40,311
Bank int. (net), disc., exch., &c
48,636
82,951
74,586 Cash in sink.fund_
17,431
9,865 Judgments
Int. on 1st mtge.7s
89,966
128,328
125,222
Rm. for doubtful
sDepredation
143,998
153.773
147.575
notes, accts. rec.
Foreign income taxes
6,983
3.801
coin. & disct _ _
37,564
40,021
Res. for deprec. of
Net profit
$200,037
$10,804
8255,592
1,880,909 1,627,712
properties
Earnings per share on 200,000 shares
Total(each side)58,603,897 $8,654,644 Funded debt
1,202,500
881,500
capital stock
$1.00
$1.28
$ 0.05
The report shows that during the past year the company has purchased ofx Represented by 742,830 no par shares valued at $6,168,629. less deficit
$916,581.-V. 131, p. 1908.
$337.000 1st mtge. 7 ninking fund gold
$2,0s
which leaves $1.063,000
outstanding of the original
lial
(R. J.) Reynolds Tobacco Co.
issued in
bonds,November 1927. Of the
-Stockholders Gain.
amount purchased this year, $250,000 have been cancelled voluntarily
The number of stockholders on Dec. 18 1930, the last date of closing
and in anticipation of sinking fund requirements. For the past year the
for
surplus account has shown an increase of $293,186, now standing at $570,- the books two dividends, showed an increase of nearly 200% during the
preceding
years. The increase is
continuing at an
708. giving a book value to the present common stock of $16.85 per share. of around 1,000 new stockholders per currently The number of average
month.
shares of
The 1930-31 crop Is estimated at about 19.000 metric tons, or an increase stock standing in the names
of about 30% over last year. Improvements and additions to the plant supply," was only about of brokers, generally considered the "floating
8%
the total capitalization of 10,000,000
of Potrero Sugar Co. in Mexico have about been completed, and grinding combined common and commonof shares whereas
B
late In 1929 the floating
of the new crop will start about the first of the year. The capacity of the supply was more than double this
percentage.
-V. 130, p. 478.
raw sugar factory and refinery has been increased 25% and will grind
approximately 1.500 metric tons of cane a day.
Rhodesian Anglo American, Ltd.
-To Increase Capital'.
Consolidated Balance Sheet Oct. 31.
An extraordinary general meeting of members of the above company will
be held on Jan. 15 to consider and, if thought fit, to passe the following
Assets1929.
1930.
Liabilities1929.
1930.
resolution:
Cash
$39,482
$23,289 Sugar and alcohol
"THAT the capital of the company be increased to £6,500,000 by the
Notes receivable.. _
34,000
loans
$245,779 $241,500
Accts.receivable__
28,644
1.955Notes& bilis pay
545,740
151.811 creation of 3,000,000 new shares of 10s. each."
Share transfer books will be closed from Jan. 1500 Jan. 291931,inclusive.
Advs. to Colonoe. 136,231
169,795 Accts. payable and
Sugars and alcohol
-V. 130, p. 4067.
accrued expenses
91,427
140,938 for the purpose of the offer of debentures.
on hand
344,350. 184,420 Interest accrued on
Roosevelt Steamship Co.
-Acquires 51% of the InterDue for sugars and
bonds
34,105
mortgage
44,917
alcohol sold
_
92,880
238,861 Deferred credits....
19,323
127,000 national Mercantile Marine Co.'s Stock.
-See latter comMdse. on hand in
1st mtge.7% sink.
company's stores
22,648
26,358 fund gold bonds 1.150,000 1,400,000 pany above.
Materials and supCapital stock
x2.800,000 2,800,000
Safeway Stores, Inc.
-December Sales.
plies on hand &
Surplus
570,708
277,522
in transit
173,881
184,074
1930
-Dec.
-1929.
Decrease. J 1930-12 Mos.-1929.
Increase.
Growing cane_ _ 395,456
338,165
$18,075,496 $19,277,572 $1,202,076[5219,733,466 5218,233,88951,499.577
Investments
156,290
6,250
-V. 131, p. 3889. 3053.
Adv. secured by
mortgage
10.149
St. Mary's College & Academy, Monroe, Mich.
-Bonds
Mtge.receivable..
25,000
Offered.
-First Detroit Co. and the Foreman-State Corp. of
Lands.bidg.,mach
Chicago are offering at 994, to yield 531i%, $1,500,000
sugar house eq.,
3
&c
3,933,359 3,919,460
two-year 5% collateral trust gold bonds.
Deferred charges89,911
68,061
Total(ea.side)-35,457,082 $5,183,689
Dated Jan. 2 1931: due Jan.2 1933. Principal and hit. (J. & J.) payable
x Represented by 200,000 no par shares.
-V. 131, p. 4065.
at office of Detroit Trust Co.. Detroit, Mich.,trustee. Interest payable
without deduction for the normal Federal income tax up to 2%. Denom.
Prairie Pipe Line Co.
-December Deliveries.
$1,000 and $500c5 only. Red. at any time on 30 days' notice at 100 and int.
Period End.Dec.31- 1930
-Month-1929.
1930-12 Mos.-1929.
St. Mary's College and Academy is the name of a
Crude oil deliveries(bbls) 1,994,386
6.410,734 56.672,625 75,093,660 known asSisters, Servants of the Immaculate HeartCatholic Community
of Mary, which
-V. 131, p. 3381,
established at Monroe, Mich., in 1845. From a modest beginning, was
the
Community has grown
Provincial Glass Co., Ltd., Montreal.
-Organized to takes rank among the steadily in size and importance until to-day it
important educational Institutions of Michigan. It
Acquire Perfection Glass Co., Ltd.-Seellatter Company above is the owner of valuable properties in Monroe and Detroit, which are
for educational purposes, and which include the Boys' Primary
Radio-Keith-Orpheum Corp.
-To Acquire Certain Assets used chieflyMother House and
School, the
Chapel
Marygrove College
-See latter company above.
of Paths Exchange, Inc.
-V.131, in Detroit. The Community at presentat Monroe, and706 professed memis composed of
bers, or Sisters, and 113 candidates. The duties of the Sisters are confined
to teaching in the educational institutions owned by the Community, as
-$1 Extra Dividend.
Railway & Light Securities Co.
- well as in 57 Parochial or Mission Schools, including 43 High Schools.
The directors have declared an extra dividend of $1 per share and.the located in the Dioceses of Detroit, Chicago, Milwaukee and Cleveland.
These bonds, which are part of an authorized issue of
regular quarterly dividends of 50c. per share on the common and $1.50
$3,500,000. are
per share on the preferred stock, all payable Feb. 2 to holders of record the direct obligation of St. Mary's College and Academy, a Michigan
corporation, and are secured by deposit with the trustee of an equal par
Jan. 15. An extra distribution of $3 per share was made on tile common
stock on Feb. 1 1930 as compared with an extra of $2 per share on Feb. 1 amount of 1st mtge. 5% sinking fund gold bonds, which are in turn part
of an authorized issue of $33.500,000.
1927, 1928 and 1929.-V. 131, p.3888.
The 1st mtge. 5% bonds, are the direct obligation of St. Mary's College
-Interim Dividend of 40%.
and Academy, and will be secured by a direct first mortgage upon all of
Rand Mines, Ltd.
The Bankers Trust Co., depositary of certain shares of the above corn- the property of the community, including the buildings about to be conDeny, has been advised of the declaration of dividend No. 55, an interim structed on the new campus at Monroe, which it is estimated will cost
dividend of40%,equivalent to 2s. per ordinary share and 5s. per"American not less than $2,000,000. The present value of the properties, which were
share," each "American share" representing 23i deposited ordinary shares. designed primarily for educational purposes, has been established by
It is understood the dividend will be paid in London on or about Feb. 101931. D. E. Murray of the Detroit Trust Co. at in excess of $5,400,000, so that
The Bankers Trust Co. will notify registered holders of "American on completion of the new buildings there will be values in excess of $7,400,shares" of the date on which the proceeds of such dividend will be paid 000 to secure a maximum of 53,500,000 1st mtge. 5% bonds.
Revenues are derived chiefly from three sources, namely,salaries received
on "American shares" and the date of record.
A year ago an interim dividend of 50% was declared on the ordinary by members teaching in parochial or mission schools, tuitions and fees
from educational institutions owned by the community, and inheritances,
shares.
-V. 131, p. 4065.
benefactions and gifts. For the past three fiscal years,average net income
from educational activities alone, after taxes, was well in excess of maximum
(C. A.) Reed Co.
-Initial Class B Dividend.
An initial quarterly dividend of 123c. per share has been declared on the annual interest requirements of the total authorized amount of two-year 5%
class B stock in addition to the usual quarterly dividend of 50c. per share collateral trust bonds. Total net revenues for the year ended Aug.
on the class A stock, both payable Feb. 1 to holders of record Jan. 21, 1930 available for interest, after eliminating certain non-recurring special
2910.
p.4065.
al
JAN. 10 1931.]
FINANCIAL CHRONICLE
assessment tax items, were equivalent to more than 2% times such requirements. The completion of the new Academy should result in materially
Increased revenues.
Proceeds from the sale of these bonds will be used to retire existing_funded
debt, and to start construction of the new Academy at Monroe.
Schiff Co.
-December Sales.
11930
-1929,
-Dec.
21,1.73,041
31.298,474
-V. 131, p. 3889, 3053.
Decrease.' 1930-12 Mos.-1929.1 f Increase.
'
2125,433129,930,125
29,198,603
$731,522
Schulte-United bc. to $1 Stores, Inc.
-Sales Increase.
1930
-December
-1929
.
33,996,700 $3,911,032
-V. 131, p. 3289, 3053.
Increase. I 1930-12 Mos.-1929.
Increase.
$85,6681327,644.306 219,934,861 37.709,445
Seaboard Dairy Credit Corp.
-Resumes Dividend.
-
The directors recently declared the regular quarterly dividend of 21.75
per share on the pref. stock, payable jan. 1 1931 to holders of record
Dec. 31 1930. The Oct. 1 1930 dividend had been omitted.
-V. 131.
P. 1908.
Sears, Roebuck & Co.
-Sales.
Period of 4 WeeksFirst
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh
Twelfth
Thirteenth
1930.
$26,820,165
27.624.978
25,174,441
30,495,295
30.685,991
31.475,143
25.986,995
25,344,275
28,030,215
32,837.927
34,588,125
32,243,424
39,075,133
1929.
224,501,008
26,776,500
28,256,770
31,950,973
32,693,853
34,008,389
30,528,086
27,755,757
32,642,246
38,416,990
42,083,874
40,717,004
50,334,270
Inc.
Changes.
32,319.157
Pro Forma Balance Sheet as of Dec. 31 1930.
Miter giving.effect to ProPosed adjustments.)
AssetsLiabilitiesInveetments
51,218,358 Capital stock
Cash
147,452 Unclaimed dividends
Miscellaneous assets
10,000 Surplus
Accrued int.& dive. nicely__ _ _
14,852
327
469,900
1,637
1,319,138
Total
$1,390,673
Total
$1,390,673$1,390,673
x Represented by 69,900 shares of no par value.
-V. 131. P.
Spiegel, May, Stern Co., Inc.
-Defers Dividend.
-
The directors on Jan. 6 voted to defer the quarterly dividend on the
% cumul. pref, stock due at this time. The last regular quarterly distribution of 1% %
was made on Nov. 11930.
President F.J.Innes declared thatthe annualstatement would not beready
for about three weeks, but pointed out that a further loss was sustained in
the second half of the year, following the deficit of 3784.146 in the first six
months of the year. As to 1930 sales, he believed they would show a decrease of about one-third as compared with those of the precediag year.
Declaring that inventory had been written down, Mr. Lines said that a
strong financial position would be shown with a current ratio of about five
to one. The annual report, he indicated, wuold show about $800.000 of
cash and notes payable of approximately $1,500,000, which would compare
with 31,330,000 and 24,000,000 respectively at the close of the year.
-V.131, p. 128, 1112.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
3,082,329
Standard Oil Co. of California (Del.).-Acqtaisition.-1.455,678
See Universal 011 Products Co. below.
2,007.862
2,533.246
Standard Oil Co. of Kansas.
-To Extend Lines.
4,541,091
The company is extending its pipe line from the Elk, Kan., Greenwood
2,411,482
4,612.031 and Butler County fields to its refinery at Neodesha, Kan, to connect
5,579.063 with several hunthed stripper wells, the production of which formerly
7,495,749 was purchased by the Prairie 011 & Gas Co.
Pres. A. S. Hopkins said the relief that his company plans toinfford
8,473.580 the
11,259,151 E. producers was not included in the 15,000 barrels daily production that
G. Seubert, President of the Standard 011 Co. of Indiana, announced
Year
2390,382,107 2440.665.720 Dec. $50,283,613 on Jan. 6 that his company would purchase and run.
-V.131, p. 1112.
The company recently closed its Class B retail store at Sault Ste. Marie,
State Title & Mtge. Co.
-Balance Sheet Dec.31 1930.
Mich., it Is stated. This store was opened last spring. Officials said that
its closing was an isolated instance due to the fact that conditions at Sault
[Including StatetBankb3g Co.a friaolly owned subsidiarY.1
whbaitin
Ste. Marie were found to be unfavorable to profitable operation, and does
Assets
not indicate any general store closing program.
-V. 132. p. 143. .
Cash on hand & due fr. banks $1802 6 Decou
1:9 476 Acpo
99 :0
1
$1,347,492
Loans & discounts
Accounts payable
sits
n
2,036
Servel, Inc.
-Registrar.
Accrued interest
1,232,589 Dividend payable Jan. 2---124.500
The American Express Bank & Trust Co. has been appointed registrar Bonds and mortgages
Agency
33,189
for 10.000 shares of the preferred stock and 2,000,000 shares of the common Mtges.& ctts. sold guaranteed 6,056,384 InterestAccounts
accrued
849.108
stock.
-V. 131. p. 4227.
(s,937,568 Mortages sold-undeliveredcontra)
142,910
U.S..r, State & munic. bonds_
210,366 Guaranteed mortgages le cer;L
Setay Co., Inc., N. Y.
A
-Omits Common Dividend.
Investments
239,217
tificates outstanding (see ^".
The directors recently decided to omit the quarterly dividend ordinarily Company's office buildings,
payable about Jan. 1 on the common stock. A regular quarterly dis1,299,232 Reserves
owned in tee
8.300000
65 931
:
tribution of 25c. per share was made on Oct. 1 last.
-V. 130, P. 4434.
11,123 Capital
Other
Surplus
Shares Corp. of Wall Street.
-Changes Capital.
1,700,000
575,960,861 Undivided profits
Total (each side)
The corporation has changed its capital classification to 75,000
158.128
of common stock, without par value, from 7,500 shares of 2100 par shares -V. 131, p. 490.286.
value.
it was announced on Dec. 26.
(Nathan)Strauss, Inc.
-Gross Sales Increase.
At a special meeting of the stockholders on Dec. 19 1930.
to change the capital stock from $100 per share par to no par it was voted
1930-December-1929.
Increase.' 1930-12 Mos.-1929.
value
Increase.
reduce the stated capital on the books from 2100 per share to $50 perand to 21.057,874
$895,792
2162,082129,646,804 37.854,238 $1,792,556
share.
These changes have been authorized by the Secretary of State and new
In Decemner 1930 there were 98 stores in operation, as eomPart
certificates are ready for exchange at the Bank of New York & Trust
Co. 99 stores in December 1929.-V. 131, p. 3889, 3221.
as transfer agent.
-V. 128. p. 4174.
(W. A.) Sheaffer Pen Co.
-50c. Extra Dividend.
-
Stutz Motor Car Co. of America, Inc.
-Enters 1931
with Banner List of Unfilled Orders.
-
Shell Transport & Trading Co.,Ltd.
-Dividend.
---
Shipments of Stutz cars for the month of December 1930 were five times
greater than for December 1929, and from the standpoint of ears shipped
to distributors and dealers, the biggest month since June, Colonel E. S.
Gorrell,President of the company announced on Jan.7. "In fact. December
was the third largest month in 1930 for car shipments, and we carry
into 1931 more than three times as many unfilled orders as we.,did over
last
year," he continued.
441 ..e4e1:e1
,u11
"In addition to these promising facts, our distributors' stocks of both
new and used Stutz cars are only a small fraction of the normal number
carried which would indicate brisk and profitable business during January."
said Colonel Gorrell.
"The introduction of our new 20th Anniversary lines of Stutz met with
an excellent public acceptance, and materially stimulated our sales. These
lines, in 127%-inch, 1343-1nch and 145
-inch models, present the
and most desirable features in both body and chassis construction. latest
From
the interest already manifested by engineers and laymen, we feel certain
they will be outstanding at the Winter automobile shows."
-V.131.p.3889.
The directors have declared an extra dividend of 50c. a share in
addition
to the regular semi.annual dividend of $1 per share, both
payable
15 to holders of record March 1. An extra of 50c. a share was March
paid on
March 15 and Sept. 15 1929 and 1930.
The directors have also declared a further semi-annual dividend
of
El a share on the common stocic, payable Sept. 15 to holders of
record
Sept. 1, and three regular quarterly dividends of $2
stock, payable April 20, July 20 and Oct. 20 to holdersa share on the prof.
of record March 30.
June 30 and Sept. 30, respectively.
-V. 131. p. 642.
The Chase National Bank of the City of New York as successor depositary
of certain ordinary shares of the above company, under agreement
dated Aug. 28 1919, has received a dividend of 2s. per ordinary share,dated
par E
sterling each. The equivalent thereof distributable to holders of"American
shares" under the terms of the agreement is 96.6 cents on each "American
share." This dividend will be distributed on Jan. 23 1931. to the registered
holders of "American shares" of record Jan. 15 1931. A distribution
per ordinary share, equivalent to $1.453 per "American share" was of 3s.
made
on July 28 last.
-V. 131, p. 3381.
Swedish Match Co.
-To Raise $52,000,000 by Sale of
Stock and Issue of Bonds
-Proceeds to Take up $37,500,000
German Government Bonds at 93 and to Retire Company's 7%
Siemens & Halake A. G., Berlin.-Definitives Ready.
- Bonds.
The Chase National Bank of
This
Shell Union Oil Corp.
-Acquisition.
-
See Universal 011 Products Co. below.
-V. 131, p. 3053.
the City of New York, 11 Broad St., N. Y.
company, which controls approximately 75%
City, announces that it is prepared to deliver definitive participating of the world, plans to increase its share capital from of the match business
270.000,000 kronor to
debentures, series A, due Jan. 15 2930, in exchange for
temporary bonds. 360,000.000 kronor (296,480,000) and to sell an issue of 60,000,000 kronor
(For offering. see V. 130. p. 988.)-V. 131, p. 3381.
bonds, it was announced on Jan. 5. The total amount of new money
thus
raised will be in excess of 352,000.000.
Simmons Co.
-Sales Decrease.
The increase In capital stock will be made through
to the present stockholders to subscribe, at a pricethe issuance of rights
-Dec.
1930
-1928.
Decrease.] 1930-12 Mos.-1929,
of 150% of Par. to
Decrease.
31,562,309
32.457.965
3895.6561E32,018,741 241,087,429 39,068,688 90,000,000 kronor ($24,120,000) par value of new stock, in the ratio of
one new share for every three shares now held. The new
Sales of subsidiary companies not included in the above and
shares are of
owned in 1929 were 11552,204 in December 1930, and 210,861.095 not all class 13 carrying 1-1000th vote per share. The subscription privilege will
for the expire Feb. 3 1931, and will be submitted to a special meeting of
12 months ended Dec. 31 1930.-V. 131. p. 3722, 3220.
stockholders to be held on Jan. 13 1931.
The statement of the board of directors continues:
(Howard) Smith Paper Mills Ltd.
-New President, &c. Swedish Match Co. has during.the past year shown 'The business of the
Harold Crabtree has been elected likesident,
steady pro
. The
Smith who is retiring because of ill health and whosucceeding (I. Howard most important steo in the consolidation of the company's positIon during
will be
board. E. H. Smith has been elected Vice-President Chairman of the 1930 has been the ratification of the agreement regarding the German
and managing Match Monopoly, which became effective as from
director. Other Vice-Presidents are: E. K. Robinson and G. W.
Juse 1 1930. The
Pauline. depression now prevailing in most other lines of industry has had little
-V.131, p.127.
influence on the match industry and the consumption of matches in most
markets seems to have increased during 1930 at practically the same
Sisto Financial Corp.
-To Reduce Stated Value of Stock.
rate
A special meeting of the stockholders has been called for Jan. - as during previous years. Although no final figures are as yet available
22 to it has been established that profits for the year 1930 will be in excess
vote on a proposal to reduce the stated value of the capital stock to
of
share and to retire 30,100 shares acquired by the corporation during$1 a those for the year 1929, and the board of directors will propose a final divithe dend of 10%, payable after the ordinary general meeting in 1931. thus
past year. When this is accomplished, the corporation will then have
a making a total of 15% for 1930 (the same as in 1929).
surplus of 31,319.136 and the net asset value of tile 69.900 outstanding
"In May 1931, the company will take up, at 93%. $37,500,000 of
shares will be approximately $19.87 a share. These figures are based
6%
on German
a valuation of investments at cost or market as of Dec. 31 1930, whichever German Government bonds, being its share of the 3125.000.000 loan to the
Government in connection with the German Match Monopoly
is lower, with the exception of securities in which transactions are infrequent and representing
50% of the final instalment of that loan. The company
or small in volume, and upon which the directors have placed values which has further called for
redemption on Feb. 15 1931, the outstanding 7%
they believe to be conservative.
The reason for the action is explained in a letter to stockholders by bond loan of 1921, totaling 20,000,000 kronor."
The new stock and bond issues now being made will provide
Pres. J. A. Sisto, as follows:
these and other transactions in connection with the industrial funds- for
"As a result of the great decline in the market value of all securities, of the company.
expansion
the company has suffered a severe diminution in the market value of securiFor the future the prospects
ties owned by it. Consequently, the present market value of the assets directors' statement says, and of the company are very satisfactory, the
adds that the directors are "confident that
of Sisto Financial Corp. is less than the capital of the corporation as fixed the profits for 1931 will be such
as
by its certificate of incorporation. The directors believe that it is desirable, Increased capital the same dividend to enable the company to pay on the
in the interest of the stockholders, to reduce the capital of the corporation, to previous years. They also haveof 15% that has been paid in respect
so that even in the event of any further diminution in the market value of following years that dividend can every reason to believe that for the
be maintained.'
securities, the corporation Will have a substantial surplus arising as a result
All the leading financial centers of
of such reduction. The proposed action does not in any way change the financing. The proposed 60.000,000 Europe will participate in the new
kronor ($16,000,000) bond issue will
present intrinsic value of the shares. It does, however, place the corpora- be placed in Sweden.
tion in a much sounder financial condition and enables it to set up its
While a substantial amount of Swedish stock is held by
American invesvalues more nearly in accordance with actual general conditions now tors, financial participation in the
organization is represented in thia
prevailing."
country chiefly by the securities of the International Match
Corp. of DelaIn February 1930, the company reduced the stated value of its shares ware, the principal subsidiary of the Swedish
Match Co., and by the securito $25 from $50. thereby establishing a surplus of 31.085,155 in place of ties of Kreuger & Toll Co., the Swedish
a combined loss from operations and decline in book value of investments which holds the controlling interest investment and financing company
in the Swedish Match Co. The
of 31,414,844.
International Match Corp. was organized in 1923 to
consolidate the foreigb
The corporation further proposes, when deemed desirable, to acquire holdings of the Swedish
company.
from time to time for retirement shares of stock of the corporation when
The Swedish Match Co. and International Match
such shares can be acquired at less than their book value.
sidiaries together have more than 250 plants in 43 Or rp, and their gut.
diff rent countries and
328
[VOL. 132.
FINANCIAL CHRONICLE
comprise by far the largest match manufacturing and distributing organization in the svcirld. An important part of the business is carreid on under
government-granted concessions for the exclusive right to manufacture
or sell matches in various countries. Concessions of this character have
been obtained in Danzig, Esthonia, France, Germany, Greece, Hungary,
Jugoslavia, Latvia, Lithuania, Poland, Roumania and Turkey and in
several South and Central American countries. The acquisition of these
concessions has been facilitated by the companies' policy of offering financial
assistance to the governments concerned, in the form of loans to be amortized over the life of the concession.
Next in size to the present German transaction is the agreement which
the Swedish Match Co. and the International Match Corp. reached with
France in 1927 with regard to the acquisition of a match concession in that
country. At that time the companies purchased $75.000.000 5% French
government bonds at a price of 93 . During the summer of the past
year this issue was repurchased by France at a price of 103)5 with a resulting
profit of $7.500,000 to the match organization.
Control of the Swedish Match Co. lies with Kreuger & Toll Co., whose
interests also include controlling interests in Grangesberg Co., the world's
largest producer of iron ore in the Swedish Pulp Co., a consolidation of the
leading wood-pulp and lumber companies in Sweden, controlling 30% of
the country's production of cellulose in banks and real estate companies
throughout Europe. To its extensive holdings was added, in 1930, control
of the L. M. Ericsson Telephone Co., one of the principal manufacturers
of telephone and other electrical equipment in the world and operator of
telephone systems, under government concessions, in Poland, Mexico,
Italy and various South American countries.
-Year Bonds.
Offer $16,080,000 26
Offering was made on Jan. 9 1931 in Sweden of 60,000,000 kronor ($16.-year 5% bonds of Swedish Match Co. at a price of 101, to yield
080.000) 25
4.93%. The issue is callable as a whole or in part, after ten years at par.
The members of the offering group consist of the Skandinaviska ICreditaktiebolaget, the Svenska Handeisbank the Stockholms Enskilda Bank.
the Goteborgs Handelsbank and the Stockholms Intecknings Garanti A.B.
. The proceeds of the issue, together with funds raised through the new
issue of capital stock, will be applied by the company to take up $37,500.000
6% German Government bonds; retirement of the company's outstanding
20.000.000 kronor 7% bond loan of 1921; and for other transactions in
-V.131, p. 2081.
connection with the industrial expansion of the company.
-Natural Gas Contract.
United Carbon Co.
Bee Columbia Gas & Electric Corp. under "Public Utilities" above.
-17- 131. p.3724.
-New Director.
United Engineering & Foundry Co.
W. K. Frank, Vice-President of the Copperweld Steel Co., Glassport,
Pa., has been elected a director to succeed his father, the late Isaac W.
Frank.
-V.131, p. 2914.
-Acquires Control of United
United Founders Corp.
States Electric Power Corp.
The United Founders Corp. has acquired voting control of the United
States Electric Power Corp. according to an announcement made on
. Sgrave,President of the former corporation and Chairman
Jan.5 by L. Hea
of the board of the latter. The acquisition of this control places the United
Founders Corp. In an important position in the utility industry, as the
United States Electric Power Corp., jointly with H. M. Byllesby & Co.,
controls (through Standard Power & Light Corp.) the large Standard Gas
and Electric system of utility properties, the total assets of which are in
excess of $1,100,000,000. Other interests identified with the organization
of the United States Electric Power Corp., included: Hydro-Electric
Securities Corp.; Albert Emanuel Co., Inc.' W. C. Langley & Co.; A. C.
Allyn & Co., Inc.; Harris, Forbes & Co.; J. Henry Schroder Banking Corp.;
Seaboard National Corp.; Societe Generale de Belegique, Brussels, and
J. Henry Schroder & Co., London. In February 1930 the Koppers Co.
of Pittsburgh became a large stockholder of United States Electric Power
Corp. It is understood that all of these interests retain substantial stock
interest in United States Electric Power and will continue to be represented
on the Board of Directors.
The subsidiary and affiliated public utility companies of the Standard
Gas and Electric system comprise one of the largest and most diversified
public utility systems in the United States, and render electric light and
power, gas, transportation,telephone,steam and water services in 20 States
and 1,630 communities. Despite generally unfavorable business conditions
and the widespread drouth which affected the system's hydro-electric
plants, both gross and net earnings of the subsidiary and affiliated public
utility companies were up for the 12 months ended Sept. 30 1930, as compared with the preceding 12 months and satisfactory increases have been
experienced in kilowatt-hour sales to residential and commercial light and
power consumers, with a very considerable amount of new power business
-New President, &c.-'
Swift & Co., Chicago.
contracted for, increase in merchandise sales and new consumers.
Gustavus Franklin Swift has been elected President, succeeding Louis F.
The book value of the subsidiary and affiliated companies of the Standard
Swift, who becomes Chairman of the Board. Edward F. Swift and Charles Gas & Electric Co. increased $108,000,000 between Dec. 31 1929 and
-V. 131. p. 3383. Sept. 30 1930; its assets and investment in other companies increased over
H. Swift, Vice-Presidents, were named Vice-Chairman.
$3,500,000 In the same period, and the surpluses of Standard Gas & Electric
-Tenders.
Tennessee Coal, Iron & RR. Co.
Co. and of its subsidiary and affiliated companies accruing to the capital
The Central Hanover Bank & Trust Co.,as trustee,is notifying holders stocks thereof held by Standard Gas & Electric Co.increased nearly $8,000,of gen. mtge. gold bonds, maturing 1951, that sealed proposals for the sale 000 in the same period.
for account of the sinking fund of bonds sufficient to exhaust the sum of
The policies of Byllesby Management have resulted in maintaining public
$123.586 will be received until noon Jan. 16 1931. Proposals should be relations in the territory served on the usual friendly basis, as is strikingly
made at a prcie not exceeding 105 and int.-V. 130, p. 2044.
evidenced by the ratification in the autumn elections by very substantial
majority of new long-term franchises granted to the Market
- Co.of San Francisco and to the Oklahoma Gas & Electric Co. inStreet Ry.
-Oil Patent Decision Lost by Company
Texas Co.
Oklahoma
Cracking Plan for City.
Warner-Quinlan Wins Case Involving
The consolidated balance sheet of United States Electric Power Corp.
Gasoline.
contained in its report to stockholders on May 12 1930, showed total
The New York "Times" Jan. 8 had the following:
consolidated resources of $1.221,536.005.58.-V. 131, p. 4068.
In an opinion filed Jan. 7 in Newark, Federal Judge William N. Runyon
dismissed the application of the Texas Co. for an injunction to restrain
--Organized.
United Gasoline Corp. (Del.).
the Warner-Quinlan Co., Inc., from using certain patents on gasolineSee Universal Oil Products Co. below.
making apparatus. The decision was said to be of importance to independent oil refiners.
-Earnings.
United Grain Growers, Ltd.
At the trial the Warner-Quinlan Co. contended that if the Texas Co.
11 Mos. End. -Years Ended Aug. 31
won the suit all independent oil companies would be driven out of busi1928.
1927.
1929.
July 31 1930.
Periodness and the "oil trust" would be left in control of gasoline production.
lossx$139,713 $3,395,933 $3,347,315 $3,275,949
The company uses the Dubbs process patents, which the Texas Co. charged Gross earnings
2.173,398
2.141,069
2,237,756
See x
Operating expenses
infringed patent rights obtained by Joseph H. Adams and purchased by Depreciation
275,055
298,274
418,118
25,492
the Texas Co.
107,230
193,141
246,686
Int. on bonds & mtges
249,644
In denying tho application, Judge Runyon said:
"I have made up my mind to decide this case in favor of the defendant,
$714,831
$720.266
$493,373
Net profit
loss$414,850
the principal ground being that Mr. Adams, whose process belongs to the
243,157
237,246
262,271
190,834
Plaintiff, through extensive manipulation and alteration of specifications Common dividend
76,972
114,758
and claims, came out of the patent office with something entirely different Patronage dividend_
185,012
42,934
there in the original instance. His original process, General reserve
from what he took
310,000
226,316
.
as I view it, distinctly declared against pressure as a means of cracking, Depreciation reserves_
58,708
49,205
59,107
Dominion taxes
29,291
whereas he later right-about faced and championed the pressure process.
52,984
The case was said to have involved $50,000,000 and to have been the Sask. & Atla. Wh.Prod..
longest patent case on record. Its trial was spread from March 5 1928.
Surplus for year
$181,995 def$103,815 clef $58,577
loss$634.975
March 28 1929, and 75 days were spent in actual court sessions.
to
502,373
Previous surplus
1,345,674
664,585
805,988
V. 130, D. 3373.
Book value of timber
limits, &c., previously
-Realty Holding Co. Formed.
Transamerica Corp.
70,000
written-off
Formal announcement of the organization and personnel of executives
of the Transamerica Realty Holding Co., a 100% owned subsidiary, was
$805,988
$502,373
$684,368
$780,698
Total surplus
made by the parent corporation as a development of its reorganization
Comparative General Balance Sheet.
and simplification of corporate structure. The subsidiary will administer
both city and country, now in the hands of corporaall the real property,
July 31'30. Aug.31'29
July 31'30. Aug.31'29.
tion's subsidiaries.
$
Assets$
Morgan A. Guest, formerly Executive Vice-President of Capital Com- Real, est., bidgs.,
3,180,803 3,162,985
Capital stock
America, is President of the
pany, and a Vice-President of the Bank of
furn.& equip-._ 7,841,225 7,580.260 lst mtge. bonds.... 4,281,500 4,403,500
-V. 132, p. 144.
Transamerica Realty Holding Co.
694,393
723,439
781.343 Mortgages
Cash
22,386
Bond & mtge. Int.
Funds in hands of
-Initial Dividend.
Transcontinental Shares Corp.
58,822
accrued
trustee for bond
The Universal Trust Shares will pay an initial send-annual distribution
130,000
67.531 Bank loans
holder
141,431
of $0.88524 on Jan. 15. consisting of the regular dividend of $0.30 and Bonds
898,734
1,905,954
776,434 Acct. & bills pay_ 817,590
$0.38524 derived from extra cash dividends and proceeds from the sale Advances
395,491
1,079,615
571,782 OutstTg cheques.
-V. 131. p. 2710.
of stock dividends and split-ups.
Stocks of grain, &c 950,662 1,287,548 Outst. orders, ac.
214,605
Misc.accruals, dte. 368,509
273,312
507,340 Shareholders dive. 215,915
Turner Glass Co.
-Receivership.
Stocks & shares of
387,051
Sub-cos. deposits. 615,187
exch. memb's'es
Vice-President Iglehart of Fletcher American National Bank of Indian45,411 1,411,531 Depree.& gen.res. 1,710.282 1,710,282
apolis, has been appointed receiver.
-V. 130, p. 2604.
684,368
Surplus
780,698
-Acquires German Co.
Underwood Elliott Fisher Co.
The company has purchased for cash a substantial interest in the German
firm of Mercedes Buromaschinen-Werke Aktiengesellschaft, the largest
exclusive manufacturer of typewriters, bookkeeping machines and calculating machines in Europe, it was announced on Dec. 26 by President Philip
D. Wagoner.
The deal provides for an interchange of technical rights and manufacturing information between the two companies and was made with the
view of further developing business of both companies.
EMercedes Buromaschinen's sales and distributing organization includes'
every important country in the world at the present time, and the company
does a substantial volume of trade in the United States. The company's
products are of a wide range several being very highly developed, including
electric typewriters and fully electrically operated bookkeeping machines,
the registers of which have a capacity up to one cent less than $10,000.000,000.000.
The Mercedes plant in Thuringen, Germany, is the centre Of the metal
131, p. 3723.
industry, audits employees number .50-V2
-Refinery Nearing Completion.
Union Gulf Corp.
This corporation, a recently formed subsidiary of the Gulf 011 Corp.,
plans to begin operations at its new Neville Island (Pa.) refinery about
Jan. 15. Construction work on the plant is nearing completion.
The pipe line, extending from connections with the existing Gulf transportation system at Tulsa, and reaching plants at Toledo, Cincinnati and
its
Pittsburgh, has been completed and tests are being made to prove the
ability to withstand the desired pressures. The first 100 miles at the
oil is being pumped through
western end has been approved and crude
remainder of the system.
The Union Gulf Corp. is rebuilding the refinery purchased at Toledo and
installing new equipment at Cincinnati, Ohio. That work will be completed some time next March. By that time, the entire $60,000,000 pipe
line and refinery project will be ready for full operation.
When the new pipe line is put in operation. Pittsburgh will be able to
use crude oil shipped directly from the Oklahoma fields. The company's
tating costs in this district will he reduced materially. ("Philadelphia
Financial Journal.")
-V. 130, p. 4437.
Total
12,355,193 12.983,770
-V.131. p. 1579.
Total
12,355,193 12,983.770
U. S. Industrial Alcohol Co.
--Resignation.
The company on Jan. 7 announced that Russell R. Brown has tendered
his resignation as President, to take effect at the next annual meeting of the
stockholders April 16 1931.
C. E. Adams, Chairman of the board of the company, states that no
action has been taken as yet by the directors looking towards the election
of Mr. Brown's successor.
-V. 131. p. 645.
United States Rubber Co.
-Tenders.
The Central Hanover Bank & Trust Co. announces that it will receive
sealed proposals to sell $670,240 1st & ref. mtge. gold bonds, series A at
a rate not exceeding 105 and int., and $250,000 series B bonds at a rate
not exceeding 110 and int. Sealed proposals will be opened on Jan. 29 1931.
The bonds of both series mature Jan. 1 1947.-V. 131, p. 2914.
United States Steel Corp.
-Stock to Employees.
The finance committee on Jan. 6 voted to offer to employees under the
regular employees stock subscription plan, for the year 1931, common stock
not to exceed 100.000 shares at the price of $140 per share, all other terms
and conditions being the same as heretofore. This year's subscription Price
compares with $169 for 1930. $165 for 1929, $145 for 1928, $122 for 1927.
$136 for 1926. $125 for 1925. $100 for 1924, $107 for 1923. $84 for 1922.
$81 for 1921. $106 for 1920. $92 for 1919 and 1918, $107 for 1917 and $85
for 1918.-V. 131. p. 3890. 3547.
United Stores Corp.
-Exchange of Warrants.
The Guaranty Trust Co. of New York is prepared to exchange warrants
-V.
now detachable from class A stock certificates, for common stock.
131, p. 2711.
-Sale.
Universal Oil Products Co. (Calif.).
The Shell Union Oil Corp. and the Standard 011 Co. of California have
announced the purchase of the 1,000 outstanding shares of the Universal
011 Products Co. for $22.249,999. Included in the sale was the Dubbs
"cracking" process of producing gasoline. It was the patent for this
- process that the purchasing companies wanted chiefly.
-Omits Stock Dividend.
Union Oil Co. of California.
The purchase was effected through the United Gasoline Corp.,a Delaware
The directors have declared the regular quarterly cash dividend of 50
cents per share, payable Feb. 10 to holders of record Jan. 15. Previously, corporation, recently organized by the Standard Oil Co. of California and
the company paid 1% in stock in addition to the regular quarterly payment Shell Union Oil Corp. The capitalization of the United Gasoline Corp.
consists of 252,200 shares of El par value. ("Boston News Bureau")
of 50 cents in stock.
-V. 131, p. 3890.
JAN. 101931.]
FINANCIAL CHRONICLE
Utah-Idaho Sugar Co.
-Estimated 1930 Production.
The 1930 sugar beet tonnage in Utah and Idaho was about 10% above
that of 1929, although sugar content of the beets was slightly lower. All
sugar factories have completed the season's run.
Officials of this company estimate that its production for last year totaled
about 2,100,000 bags (100 pounds each) at a cost for beets, labor and
material of more than $8,500,000, not including freight, taxes and maintenance.
Beet growers for the company on Nov. 15 were paid $4,100,000 for beets ,
delivered in October, and $1,400,000 for November deliveries. Growers
received but $2 a ton of the $7 a ton contract price. Enclosed with their
checks was a letter from the company, stating that the delay in the final
payment is due to the prevailing low price of sugar, and promising the
remaining $5 a ton at an early date.
Willard
Cannon, Vice-President and General Manager, states that
the company still has on hand a portion of its 1929 sugar output, and all
T.
of its 1930 sugar production.
-V. 131, p. 959.
Utility Bond & Share
Chicago.
-Acquisition.-
Announcement was made on Jan. 7 by this company of the acquisition
Co.,
of control of A. L. Chambers & Co., general security investment organization with headquarters at Buffalo and branch officesin many cities in New
York State.
The Utility company was organized last fall and maintains branch offices
in Denver, Col.; Enid, Okla.; Oklahoma City, Okla.; Ft. Wayne, Ind.;
Indianapolis, Ind.; Kansas City, St. Joseph, St. Louis, Mo.; Louisville,
Ky.; Salina, Topeka, Wichita, Kan.; and Tulsa, Okla.
By acquiring control of the Chambers organization, the Utility company
marks its entry into the eastern investment field. Waldemar de Bille,
President of the Utility company, and who will be elected President of
A. L. Chambers & Co., and C. A. Nicoll have been elected directors of
A. L. Chambers & Co.
Vick Financial Corp.
-To Reduce Par of Corn. from $10
to $5 per Share and Allocate $5 per. Share to Capital Surplus.
-
329
-New Directors.
Ward Baking Corp.
Four new directors have been elected to fill vacancies. They are: Leroy
W. Baldwin, President of the Empire Trust Co. and William H. wunams.
Chairman of the board of Wabash Railroad and Missouri Pacific RR.,
Arthur T. Goodenough, President of Shanferoke ,Coal & Supply Co. and
Wade D. Holland, formerly President of the Holland Bread Co. of Ohio.
These directors fill the vacancies created by the resignations of Edgar
Palmer in 1928 and E. H. Ford in 1929, and by the deaths of William B.
Ward in 1929 and Charles A. Ward in 1930.
Suit Filed.
-
Maurice B. Ready,owner of 306 shares of7% cumulative preferred stock
and 1,372 shares of class A common stock, has filed an action in New York
Supreme Court in which mismanagement is charged. The complaint
alleges that approximately $1,335,000 of the corporation's capital was
illegally used to purchase preferred stock of the company to maintain "a
fraudulent and fictitious market price for such stock."
Defendants in the action are Ward Baking Corp. and Ward Baking Co.,
its subsidiary, Hamlin F.'Andrus, John M. Barber, C. B. Comstock,
William C. Evans, Chairman of the Board; E. W. Guinner, W.,I. Jackson,
Ralph S. Kent, President; John L. Kirkland, John W. TolleY. Howard K.
Walter and Howard B. Ward.
The petitioner asks the court to enjoin all the defendants from directing
authorizing or permitting further purchases of the 7% cumulative preferred
stock of the corporation with funds of the corporation and asks that the
individual defendants account to the corporation for, and restore to it any
of its moneys or assets which they have permitted or caused to be used,
wasted or spent in connection with the purchase of such stock. He further
asks that the defendants, William C. Evans and Ralph S. Kent, be removed
from their positions as officers and directors and be enjoined from further
occupying same or exercising the rights, privileges or powers thereof.
V. 131, p. 3724.
-Wins Patent Suit.
Warner Quinlan Co.
See Texas Co. above.
-V. 131, p. 2915, 2711.
Warwick Hotel & Annex,Phila.-Plan of Reorganization.
General Abel Davis, Vice-Pres, of the Chicago Title & Trust Co., and
At the annual meeting to be held Jan. 27, the stockholders will vote
on a proposal to change the par value of the common stock from $10 to chairman of the committee formed for the protection of the owners of the
$5 Per share. This proposal is recommended by the directors, and if it $4,000,000 issue on the Warwick Hotel and Annex. Philadelphia. announces
be approved it is their intention to allocate to capital surplus the balance the completion of a plan of re-organization whereby the bondholders will
of $5 per share of paid-in capital, and to set up, out of such surplus, an receive 100 cents on the dollar in new securities. After default by the hotel
adequate reserve for depreciation in the market value of company's holdings. company,the committee secured the deposit of more than 95% of the bonds,
This change in capitalization is proposed because the directors are and acquired the property at foreclosure sale; subsequently the property
desirous of continuing their policy of distributing to stockholders as divi- was sold.
The plan of settlement provides that the holders of the original bonds will
dends, net income received by the corporation on its investments, after
necessary expenses and taxes. If this change be approved, it will be receive 70% of the value of their holdings in class "B' bonds and 30% in
possible to charge against the reserve account losses that may be realized class "C" bonds. Interest on the class "B" bonds will be due Jan. 1 1931;
in making changes in its holdings, thus leaving the net income from interest according to General Davis,funds to meet this payment are now on deposit.
This is the largest re-organization plan announced to date by the comand dividends on its investments available for dividends. Directors do
not contemplate using profits on the sale of securities for the payment of mittee formed to represent holders of defaulted bonds underwritten by
dividends, but intend ta credit such profits to the reserve account, until Greenebaum Sons Investment Co. The committee, in addition to General
the liquidating value of the common stock has been restored to the original Davis, comprises Eugene V. R. Thayer (Chairman Executive Committee.
Central Trust Co. of Illinois); Howard A. Loeb. (Chairman of Board.
paid-in value of $10 per share.
This change merely represents a desirable adjustment of the capitaliza- Tradesman's National Bank & Trust Co. of Philadelphia); John P. Oleson.
tion to existing conditions. It will not impair the intrinsic value of the (Vice-Free., First National Bank, Chicago); B. M. Winston and Murray
stock which is, of course, based on the current market value of the securi- Wolbach, Chicago real estate experts; M. E. Greenebaum, President.
Greenebaum Sons Investment Co., Chicago.
ties held, nor should it affect its market value.
Both General Davis and Paul Buhlig, Chairman of the Executive ComThe stockholders will be asked to authorize the retirement of 50,095
shares of common stock, which company has purchased from time to time mittee of the Greenebaum organization, state that everything possible is
at prices less than liquidating value, and to authorize a further purchase being done by the committee and the bankers to speed up final settlement
for retiremens of additional stock up to 100,000 shares at not exceeding $8 of other issues, the bonds of which have been called for deposit, and to
per share. The effect of the retirement of the 50,095 shares now held, bring about re-organization or acquire properties involved at foreclosure
and the reduction of par value of the remaining 1,166,900 shares is shown sale for the benefit of the bondholders.
by the adjoined comparison of actual and adjusted balance sheets.
Wheatsworth, Inc.
-Proposed Sale to National Biscuit
The report contains a detailed list of securities held Dec. Co.
-To Dissolve.
31 1930.
The directors have approved a plan for the acquisition of the assets of
Income Statement for Periods Ended Dec. 31.
12 Months June 10 to
1930. Dec. 31 '29.
$227,927
Interest received and accrued
$142,247
100,825
Dividends
502,537
Total
Operating expenses
$644,784
135,693
$328,753
46,185
Operating profit
Net loss from sale of securities
$509,091
81,196
$282,568
147,798
Net profit
Previous surplus
Surplus result,from retirement of common stock_ _
$427,895
106,412
154,903
$134,772
Total surplus
Organization expense charged off
Federal tax on original issue of capital stock
Fees of registrar and transfer agent on original
issue of capital stock
Furniture and fixtures charged off
Dividends paid
$889,210
$134,772
10,100
6,585
8,762
2,912
239,259
$106.412
Surplus, Dec. 31
$449,950
Balance Sheet Dec. 31 1930 (Comparison to Show Effect of Proposed Changes).
AssetsAauat.
Adjusted.
LiabilutesAatud.
Adjusted.
Cash
$180,475
$180,475 Reserve for taxes_
$3,053
$3,053
x invest.(at cost)12,013.387 12,013,387 Reserve for invest.
y Invest.in Corp.
depreciation_
3,650,000
common stock- 339,803
Common stock_a12,169,950 b5,834,500
Note receivable
23,000
23,000 z Earned surplus_ 295,047
295,047
Interest and diva.
Burp. result.from
receivable
88,290
66,290 retire of cola__ 154,903
316,050
Capital surplus2,184,500
$12,822,954 $12,283,151
$12,822,954 $12,283,151
a Par $10. b Par $5.
x Market value at Dec. 31 1930, $8,373,746. y 50,095 abs. (at cost).
z Based upon valuation of investment securities at cost.
Note.
-Note to exceed 150,000 shares of the authorized 2,000,000 shs.
common stock are reserved for future subscription by directors, officers
and employees not later than Jan. 2 1940, on yearly options, at prices
of not less than $10 per share until Jan. 2 1935, and $15 per share thereafter until Jan. 2 1940. Under such options, stock purchase warrants
for 11,200 shares were outstanding Dec. 31 1930.
Book Value of Common Stock.
-The book value of the common stock,
according ta the audited balance sheet with investments valued at cost,
is $10.37 per share, and with investments valued at closing prices Dec. 31
1930 (except investment in corporation's common stock which is valued
at colt), is $7.38 per share.
The book value, according to the adjusted balance sheet with investments valued at cost, less reserve for investment depreciation, is $7.40
-V. 131, p. 2914.
per share.
Virginia Bridge 8c Iron Co.
-Extra Dividend.
The regular semi-annual dividend of $3 per share and an extra of $1
per share were paid on Jan. 1 to holders of record Dec. 13 1930.-V. 115.
p. 2915.
this company by the National Biscuit Co. for 70,000 shares of common
stock of the latter concern. Under the proposed plan the National Biscuit
Co. will assume all the liabilities of Wheatsworth, Inc., including the preferred stock, which will be called for retirement on March 2 1931. at 110
and diva. A special meeting of the common stockholders of Wheatsworth.
Inc., to approve the plan, has been called for Jan. 12 1931.
The plan contemplates the dissolution of Wheatsworth, Inc., and the
distribution of the 70,000 shares of National Biscuit stock to the holders
of the 121,000 shares of common stock of Wheatworth, Inc., now outstanding, in the proportion of 70-121 of a share of National Biscuit common
for each share of Wheatsworth, Inc., common stock. No fractional shares
will be issued, adjustments for fractions being made in cash.
Under the proposed plan, Wheatsworth, Inc., shareholders will receive
the 25c. regular and 25c. extra dividend payable Jan. 2 and will also receive
the April 15 1931, quarterly dividend on the. National Biscuit common
stock.
Holders of more than 106,000 shares of Wheatsworth, Inc., common
stock have already assented to the plan.
-V. 131, p. 3222.
Wilcox-Rich Corp.
-Omits Class B Dividend.
The quarterly dividend of 50 cents per share which ordinarily would have
been payable around Dec. 31 on the class B stock was omitted. A
quarterly distribution at this rate was made on this stock on Sept. 30 1930.
re
i.
The usual quarterly dividend of 62% cents per share on the class A
stock was paid on Dec. 31 to holders of record Dec. 20.-V. 130. p. 4263.
Wilson & Co., Inc.
-New Vice-Presidents.
The directors on Jan. 8 elected eight new Vice-Presidents, viz.: Edward
F. Wilson, H. J. Williams, W. J. Cawley (in charge of the activities of the
company in the United Kingdom and Europe), J. D. Tooney (attorney
in the legal department), Carl Fowler (General Branch House Manager),
R. F. Eagle (Assistant to the President), C. It. Hood (head of beef operations), and W.S. Nicholson (Manager of the provision section)
.-V. 131.
Is• 4068.
Woodward Iron Co.
-Tenders.
Proposals for the sale of a sufficient number of 5% sinking fund gold
1st & consol. mtge. bonds to invest the money in the sinking fund account
will be received by the City Bank Farmers Trust Co. until noon Jan. 29.
-V.131, p. 2239.
(F. W.) Woolworth Co.
-Sales Decrease.
-
1930
-Decrease
-1929. Decrease. I 1930-12 Mos.-1929. Decrease.
$42,319,770 $44,153,724 $1,833,954$289288,552 5303034,223 513745,671
$2,568,101 Tax Awards.
-
Tax rulings in favor of the company with $2,568,101 involved were announced Jan.2 by the Internal Revenue Bureau. Two cases were involved.
In the first, from 1917 to 1921 inclusive, $1,182,528 was awarded, representing an abatement of $158,265, with the rest a credit. For the years
1922 to 1926, there was a credit of $573.347, a refund of 5492,887, and
the rest was an abatement. Both rulings were the result of settlements
between the corporation and the government. Technical questions involving the revision of the valuation of closing inventories, allowance of deduction from gross income for foreign taxes paid, additional deductions for
amortization and depreciation, were among the points considered.
V. 131, P. 3725, 3055.
World Mutual Casualty Co.
-Judgments in Liquidation.
Justice Curtis Peters of the New York Supreme Court,sitting at special
term, recently handed down decisions awarding 402 judgments against
members of the company in favor of Thomas F. Bella, Deputy and Acting
-New Contract.
Vortex Cup Co.
Superintendent of Insurance, as liquidator of the insurance company.
The company has signed a contract with the Standard Drug Co. of
The World Mutual Casualty Co.
Cleveland. Ohio, which operates a chain of 39 drug stores in that city for Court order dated June 23 1924. was placed in liquidation by Supreme
Shortly thereafter the superintendent
its entire paper cup requirements for the year 1931.-V. 131, p. 3724.
levied 23,110 assessments against members of the company. Only 413
members filed objections to the assessments, which the court referred to
-Sales Decrease.Waldorf System, Inc.
a referee, who held that eight of the persons assessed were not liable and
Decreased 1930-12 Mos.-1929. Decrease. should not be assessed. The other 405 were held liable.
1930
-Dec.
-1929.
$197,746
When the referee's report was brought before the court for confirma$63,226 415,871,592 $16,069,338
$1 379,474 $1,442,700
tion, Justice Peters found that three others were not assessable. The
-tr. 131, p. 4230, 3891.
remaining 402 members were held to be liable and he awarded judgments
against them for the amounts assessed against them. He also awarded
-December Sales.
Walgreen Co.
Increase. court costs and disbursements in favor of the deputy and acting super-December-1929
, Decreased 1930-12 Mos.-1929.
1930
$164,986 I $51,647,115 $46,547.937 $5,099,178 intendent.
$4.726,749 $4,891,735
York Heating & Ventilating Corp.
-V. 131.
The company had 441 stores in operation on Dec. 31 last.
-Consolidation.
See Carrier Corp. above.
-V. 131. p. 2915.
IL 3891.
330
[VOL. 132.
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
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 Jan. 9 1931.
COFFEE on the spot was quiet at one time at 10 to
10Mc. for Santos 4s, and 7 to 73Ic. for Rio 7s. Cost and
freights on the 2d inst. were unchanged to 10 points lower.
Prompt shipment Santos-Bourbon 2-3s were here at 9.60c.;
3-4s at 9.40c. and 4s at 9.10 to 9.25c. On the 5th inst. cost
and freight offers were 5 to 25 points lower, except that
one or two were unchanged. Santos Bourbon 2s were here
4c.;
at 10.40c.; 2-3s, 9.55 to 9Y 3s, 934 to 9.65c.; 3-4s, 8.95
to 9.45c.; 3-5s, 8.80 to 9.30c.; 4-5s, 8.65 to 9.150.; 5s,
8.55 to 9e.; 5-6s, 83 to 8.85c.; 6s, 8.30 to 8.40c.; ys, 8.00
to 8.45c.; 7-8s, 7.41) to 8.20c.; part Bourbon 3-5s, 8c to
8.90c.; Santos Peaberry 2s at 10c.; 3s, 93 1c.; 3-4s, 8.950.;
%
4s, 8.80c.; 4-5s, 8.65 to 83 c.; Rio 3-5s at 6.10 to 6.45c.;
7s at 5.90c.; Victoria 7-8s, 5.55c. On the 6th inst. cost and
freight offers were generally unchanged to about 25 points
lower. For prompt shipment Santos Bourbon 2-3s were
quoted at 9.30c.; 3s at 8.65 to 9.20c.; 3-4s at 8.50 to 8.75c.;
3-5s at 8.50 to 8.90c.; 4-5s at 8.45 to 8.75c.; 5s at 8.35 to
8.60c.;6s at 8.15 to 8.250.; 6-7s at 7.75e.; 7s at 7.80 to 8.20c.;
7-8s at 7.950.; Santos Peaberry 2-3s at 9.30c.; 3s at 8.85
to 9.20c.; 4s at 8.60c.; 4-5s at 8.45c.; Santos rain-damaged
-Feb.
3-4s at 8.70c.; Rio 7s at 5.80c.; Victoria 7-8s for Jan.
March shipment at 5.35c.
On the 7th cost and feight offers included prompt shipment Santos Bourbon 2-3s were quoted at 9.80c., 3s at 9.00
to 9.50c., Y at 8.80 to 9.25-.; 3-5s at 8.65 to 8.85c.; 4-5s at
is
8.70c.; 5-6s at 8.45 to 8.50c.;6s at 8.35e.; 7s at 7.950.; Santos
is
Peaberry 2-3s at 9.55c.; Y at 9.10c.; Rio 7s at 5.75c.;
Ns at 5.60c.; Bourbon 4s for January-March shipment were
here at 8.80c. and 6s for the same shipment at 8.350. Later
4
on the spot prices were lower, with Rio 7s, 61 to 63/20.; and
Santos 4s, 434 to 9%o. To-day there were only a few cost
freight offers received from Brazil early and these averaged
from about unchanged to 25 points higher. For prompt
shipment, they included Santos Bourbon 2-3s at 9.60e.;
is
3s at 9.15 to 9.50e.; % at 9.05 to 9.35c.; 3-5s at 8.80 to
9.20c.; 4-5s at 8.75 to 9.05c.; 5s at 8.65 to 8.900.; 6s at 8.45
to 8.55c.; part Bourbon 3-5s at 8.60 to 8.80c.; Santos Peatc.; Ns at 5.60c.
berry 4-5s at 8.65c.; Rio 7s at 5Y
E. Lanuville of Havre put the world's visible supply on
Jan. 1 at 5,189,000 bags, against 5,031,000 on Dec. 1 and
5,118,000 on Jan. 1 last year. Arrivals of coffee in Europe
during December were 525,000 bags of Brazilian, against
572,000 the previous year and 432,000 bags of milds against
267,000 last yearor a total of 957,000 against 839,000 last
year. Arrivals of milds for the six months of 1930 to 1931
in the United States were 1,564,000, against 1,544,000 for
the same time in 1929-30. Arrivals for the six months in
Europe were 1,880,000, against 1,571,000 last year. Deliveries of all kinds during December in the United States
were 998,000 bags, against 876,000 last year and in Europe
955,000, against 888,000 last year, making total deliveries
1,953,000 bags, against 1,764,000 last year. World's,deliveries for the six months were 5,544,000 in the United
States, against 5,318,000 last year. In Europe 5,399,000,
against 5,445,000 and Southern ports 496,000 against 554,000
last year, making total world's deliveries for the six months
, 11,439,000 bags, against 11,317,000 last year.
The decline on the 3d inst. was largely due to selling by
trade houses. Another thing was the absence of any sign
that the Brazilian government was,coming to the support
of the price. On the 5th inst. futures fell 8 to 24 points
with Brazilian exchange down and general selling here.
On the 6th inst. futures closed 10 to 19 points higher for
-T
Rio vaTialeTO176,000 Cags new, aiTd 3 to 11 higher on
Santos with,sales of 29,000 bags. Early prices were 3 to 9
points lower. But Brazilian exchange advanced, demand
Increased, offerings slackened and coffee prices rose easily.
On the,6th, the New York Coffee & Sugar Exchange placed
the world's visible supply of coffee on Jan. 1 at 5,187,940
bags, or 173,628 bags over a month ago, when the visible
was 5,014,212. Last year on Jan. 1, was 5,079,355 bags.
On the 7th inst. futures declined 4 to 14 points with lower
cost and freights and trading light including 22,000 bags of
Santos and 11,000 of Rio. Cables to the exchange stated
that 30,000 bags of Santos sold to unofficial buyers at 15 to
1534c. milreis per ten kilos, a slight reduction from the
levels of the previous day. Rio 7s, 63 c.; Santos 4s, 734c.;
4
934 to 9Mc.; Victoria 7-8s, 6/sc. Fair to good Cucuta,
3
1234 to 13c.; prime to choice, 1434 to 1534c.; washed, 163
to 17c.; Colombian, Ocana, 1334 to 13Me.; Bucaramanga,
natural, 14 to 141 c.; washed, 163 to 170.; Honda, Tolima
/
4
4
and Giradot, 1734 to 173 c.; Medellin, 1834 to 183jc.;
4
Manizales, 173 to 18c.; Mexican washed, 17 to 19c.; Surinam
4
12 to 1234c.; Ankola,23 to 283 c.; Mandheling, 2334 to 32c.;
genuine Java, 25 to 26c.; Robusta, washed, 934 to 934c.;
Mocha, 1734 to 1834e.; Harrar, 1734 to 18c.; Abyssinian,
4
123 to 133.lc.; Guatemala, good, 1634 to 17c.; Bourbon,
15 to 153/2c. On the 7th Santos exchange rate was 434d.
dollar 108950. Earliericables reported the exchange rate
at 4,9-16d. and ,the dollar at 108850. In Rio, the spot
price was 125 reis higher at 118700. The exchange opened
3-32d. lower atl43d. and the dollar 230 higher at 108990.
On the 8th Rio futures closed 8 to 13 points higher with
sales of 9,000 bags, Santos closed 8 to 19 points higher with
transactions of 33,000 bags. On the 8th Brazilian exchange
was firmer, Santos 1-32d higher at 4 37-64d, with the dollar
rate 60 lower at 108800, while Rio was 1-16d higher at
4 19-32d and the dollar 140 lower at 1015770 Rio spot was
125 reis lower at 118575. On the 8th Santos Exchange,
according to a later cable had a,vdanced 3-64d further to
4 %d while the dollar buying rate was off 100 reis at 108700.
This afternoon Rio Exchange was reported 1-64d lower at
4 41-64d with the dollar buying rate at 108650 or 30 reis
higher. Santos Exchange was unchanged from the earlier
cable at 4 21-32d with the dollar buying rate at 108620.
To-day Santos cabled the IN. Y. Coffee & Sugar Exchange
that unofficial buyers of 40,000 bags at 158500 to 168000.
This compared with yesterday's unofficial prices of 1515000
to 158200.
To-day futures closed unchanged to 4 points higher on
Santos and 9 points lower to 1 higher on Rio with sales of
15,000 bags of Santos and 7,000 Rio. Covering and Europpean buying and stronger 13razilinn exchange rates caused an
early advance. Final prices are 3 to 15 points lower on Rio
than a week ago and 10 to 16 off on Santos.
Rio coffee prices closed as follows:
SpotTunoffIcial
March
May
July
6% ®
5.77@ nom I September
December
5.69®
5.56§
5.47
_
5.32
Santos coffee prices closed as follows:
Spot unofficial
March
May
8.90©
8.60 ®
I July
September
December
8.47§ nom
nom
8.39
nom
8.30
COCOA ended 3 to 8 points higher to-day with sales of
46lots,January 6.12c., March 6.22e., May 6.37c.,July 6.49e.
Final prices show a decline for the week of 22 to 24 points.
SUGAR has advanced at a larger demand coincident with
better news as to the Chadbourne plan with spot quotations
1.40 to 3.40c. Receipts at Cuban ports for the week ware
19,003 tons against 13,064 in the same week last year;
exports 33,681 tons against 28,159 last year; stock (consumption deducted) 668,803 against 166,144 last year. Of the
exports 24,777 went to Atlantic ports, 4,927 to New Orleans,
2,984 to Europe, 993 to South America. The rise on the
3d inst. of 5 to 7 points was due largely to reports that the
conferences in Europe would be resumed. On the 5th inst.
futures advanced 3 to 6 points with covering of hedges and
reports that Germany is ready to talk about the Chadbourne
plan. Sales of spot or nearby raws were 16,650 tons at 3.25
to 3.30c. delivered. They included 4,150 tons of Porto
Rico at 3.30c.; loading Jan. 7; 1,000 tons of Philippines at
3.250., due the middle of Jan.; 3,500 tons of Cubas for
prompt shipment at 1.30c. c. & f. and 8,000 tons of Philippines for mid-Jan. and second half Jan. arrival at 3.30c.
On the 6th inst. futures advanced 5 to 7 points with sales of
28,800 tons. March was in demand. Cuban interests bought
JAN. 10 1931.]
FINANCIAL CHRONICLE
'to some extent; also the trade and Europe. The covering of
hedges against sales of actual sugar also counted. And
refined was advanced 4.70c. a rise of 15 points.
London cabled "Chadbourne proceeding Berlin to-day,
market confident success. Trade improved. More interest
raws. Buyers 5s. 103d., little offered." Rio de Janeiro
cabled, 6th inst.: "The newspaper ‘Diaro de Noticias'
learns that a group of United States bankers are arranging a
loan of $200,000,000 to the Brazilian Government at 7%."
On the 6th Santos exchange rate at the hour of New York
opening was lower at 4 33-64d. with the dollar rate 330
higher at 108950. Rio was 5-32d. lower at 43./3d. and the
dollar 350 higher at 108950. On the 7th futures declined
1 to 4 points on a weaker technical position after recent
covering, 9,000 tons of Philippines sold at 3.40c. for January
arrival, 3.420. for March-April shipment, and 3.440. for
April-May. On the 7th inst. London cabled: "Market firm,
refined advanced 3d. Buyers January raws 6s. 1Md.
(1.20c.) sales March Mauritius 10s. 6d. (1.23c.). Berlin
meeting to-day." On the 8th inst. raws advanced with
sales of 36,000 bags of Porto Ricos at 3.40c., 5,000 tons
Philippines for January arrival at 3.40c. After the close
of the future market 4,150 tons of Porto Ricos for late
January arrival sold at 3.40c.; 25,000 tons of Philippines for
shipment ranging from February-March at 3.43e. and
through June-July at 3.56c. On the 8th inst. Thomas L.
Chadbourne, it is stated, cabled from Berlin to Ivy Lee that
an agreement had been reached with Germany.
On the 8th Berlin cabled: At a sugar conference here
Thomas L. Chadbourne, head of the Cuban-American delegation has reached an agreement with Czechoslovakia,
Belgium, Poland, and Hungary on nearly the full German
quota for Germany with Germany distributing the quota as
she wishes. Private cables also reported that the German
quota had been agreed upon at 500,000 tons in the first year,
350,000 tons in the second year and 250,000 tons in each succeeding year, or making a total of 1,600,000 tons for the five
years. This quota would compare with Germany's original
demands, it was said, for 1,850,000 tons. Other private
cables put the quota for the last three years at 300,000 tons
per year, or a total of 1,750,000 tons. On the 8th another
cable from Berlin to Dow, Jones said: The compromise
agreement between Thomas L. Chadbourne, representative
of the Cuban-American sugar delegation and Germany provides for an export quota of 1,750,000 tons for Germany to be
distributed as follows: 1930-31, 500,000 tons; 1931-32,
350,000 tons; 1932-35,300,000 tons each year, making a total
of 1,750,000 tons. To-day according to the New York
News Bureau, Thomas L. Chadbourne in an official communication to Senator Viriatto Gutierrez expressed confidence that he will obtain final approval of German producers at meeting scheduled for next Monday. He intends
to meet Peruvian, French and English delegates in the early
part of the week. "Subject to approval of German producers
at Monday's meeting which I am assured will be obtained, I
have verbally agreed with German delegates on a quota of
500,000 tons for the first year, 350,000 tons second year and
300,000 tons for each of the following three years," Mr.
Chadbourne said. To-day London cabled: "Terminal market influenced by profit taking. Refined advanced 3d
Sellers San Domingo January 6s 3d, buyers 6s 134d. Official
figures Germany 300,000 last three years, difference to be
allotted between Cuba, Belgium, Poland, Hungary, Czechoslovakia at full Paris meeting Tuesday." Other cables reported that Java had sold 22,000 tons of Whites to the Far
East at last prices, which were 8 guilders. To-day futures
closed 2 to 5 points lower with sales of 28,350 tons. Final
prices show an advance for the week of 15 to 16 points.
Prices were as follows:
July
1.472 nom
Spot unofficial
January1.54
nom September
1.32 1.33 December
1.61g ---March
1.39 1.40
May
11
331
183,400 last year. Receipts at Chicago were 67,000. Liverpool lard was unchanged to 6d higher. Exports from New
York were 3,854,000 lbs. against 5,336,000 the week before
Cash ribs closed very steady. Futures on the 6th inst.
advanced 15 to 20 points with hogs strong and corn 23o.
higher. Hog receipts at Western points were 135,400 against
141,000 last year. There were deliveries of 50,000 lbs. on
Jan. contracts. Exports from New York were 2,180,000 lbs.
to London, Rotterdam, Hamburg and Antwerp. Both cash
lard and cash ribs closed firm. Prime Western, 9.40 to
9.500., refined Continent, 930., South America, 100.,
/
Brazil in kegs, lie. On the 7th inst. futures advanced 5 to
13 points. Liverpool was 6d to is higher. Grain and hogs
were higher. These factors accounted for the rise in lard.
Exports from New York were 932,000 lbs. Prime Western
on the spot was 9.45 to 9.55c., refined Continent, 9%e.,
South America, 10c., Brazil, lie. On the 8th inst. futures
closed 2 points lower RS a rather cool response to the decline
in corn. To-day futures ended 10 to 15 points lower easily
explained by the decline in grain. Final prices show a rise
for the week however of 5 to 12 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Sat.
Wed. Thurs. Fri.
March
8.90
8.70
8.75
8.95
8.92
8.82
May
8.92
8.70
9.00
8.72
8.97
8.82
July (new)
9.05
8.87
9.17
8.87
9.15
9.02
PORK steady, mess $28.50, family $30.50, fat back
$21.50 to $28. Ribs 11.50e. Beef quiet, mess nominal,
packet $15 to $16, family $18, extra India mess, $34 to
$35. No. 1 canned corned beef, $3.25, No. 2, $5.50, six
pounds, South America, $16.75, pickled tongues, $70 to
$75. Cut meats steady, pickled hams, 10 to 16 lbs., 163i
to 1640.,pickled bellies,6 to 12 lbs., 16 to 170., bellies, clear,
dry salted, boxed, 18 to 20 lbs., 12Yic., 14 to 16 lbs., 12%c.
Butter, lower grades to high scoring 24 to 293.c. Cheese,
flats, 163 to 223/2c., daisies, 163 to 1934c. Eggs, medium
%
%
to extra, 20 to 30c.,closely selected, 303/3 to 3154o., premium
marks, 323c.
OILS.
-Linseed of late has been firmer with flaxseed
higher. Carlota cooperage basis was quoted at 9c. but it was
reported that business could be done at 8.80. on a firm bid.
Demand was better. Many of the larger manufacturing
consumers are inquiring for spring deliveries. Cocoanut,
Manila coast tanks 4 8c.; spot N. Y. tanks 5%c.; Corn,
crude tanks f. o. b. mills 73/gc.; China wood, N. Y. drums,
carlots, spot 7.7e.; tanks 6.9c.; Pacific Coast tanks 6.40.;
Soya Bean, tanks, Edgewater 7Mc.; domestic tank cars
f. o. b. Middle Western mills 7c.; Edible, olive 1.65 to 2c.
Lard, prime 140.; extra strained winter, N. Y. 103,4c.; Cod,
Newfoundland 50c.; Turpentine 433( to 493c.; Rosin $4.60
to $8.85. Cottonseed oil sales to-day including switches
22 contracts. Crude S. E. 63/80. bid. Prices closed as
follows:
Spot
January
February
March
April
7.15
7.40
7.20
7.39
7.42
May
7.69 June
7.50 July
7.42 August
7.45
7.511 7.53
7.53 7.60
7.62 ---7.60 7.75
PETROLEUM.-The demand for gasoline is holding up
unexpectedly well despite freezing weather of late. Consumption is fully up to expectations. Local sentiment was
very optimistic and there was a tendency of prices to
strengthen. Chicago refiners arc expecting an upward swing
in prices before very long. The sharp curtailment in the production of crude oil has caused a better feeling in the Middle
West. There is no fear of a possible reduction in crude prices.
For U. S. Motor gasoline in tank cars, at terminals 7 to
734c. was quoted by all large marketers. Kerosene was in
better demand and firmer,4145 water white 63,4 to 6340. in
tank cars at refineries against 6 to 631c. recently. There was
also a better jobbing business. Export business lags however. Domestic heating oils were also purchased on a much
larger scale with the tone slightly steadier. Grade C bunker
oil was $1.05 spot. Diesel oil $1.85 refinery. San Francisco wired that a reduction in the retail price of gasoline on
the Pacific Coast was imminent following continued slashing by small independent refineries. Major oil companies
are expected to make a cut soon. Several small concerns are
retailing at 18c. which is 2c. to 3o. lower than prices of larger
operators.
LARD on the spot was steady at one time with prime
western 9.20 to 9.30c.,refined to the continent,93/3c.,South
/
America,930.,Brazil, 10Vic. On the 3d inst. futures were
quiet and unchanged ih the end and at one time 2 points
lower. Stocks of contract lard at Chicago at the end of
Dec. were 21,493,265 lbs., an increase as compared with the
Tables of prices usually appearing here will be found on an earlier page in
total at the last of Nov. of 14,847,221 lbs. Compared with our department of"Business Indications," in an article entitled "Petroleum
of Dec. 1929, there was a decrease of and Its Products."
the total at the last
RUBBER.
-On the 3rd inst. prices declined 5 to 20 points
7,661,042 lbs. On the 5th inst. futures ended unchanged to
5 points up after irregular changes within small range. with sales of 180 tons of new contract and 100 of old. The
Hogs and grain were off, but that had no pronounced effect. chief cause of the decline was the fact that the Malayan
Total western hog receipts were up to 181,200 against shipments showing some increase over those of November.
332
FINANCIAL CHRONICLE
[vol.. 132.
The world's stocks at the close of the year were 565,000 tons to 10.59e. Common dry hides were dull and ratheriweek.
against 428,000 at the end of 1929. The year's Malayan City packer hides were very quiet. On the 5th inst. sales
exports were 548,982 tons against 578,000 in 1929. London ran up to 3,560,000 lbs. with prices closing 6 to 20 points
was still 43-c. for January and 4 316d. Singapore de- higher; 1,300 Argentine steers sold at 12 9-16c. to 129c. of
clined 1-16d. to 3 11-16d. New contract here closed with which 9,000 went to Russian buyers; 4,000 Dec. frigorifico
July 8.95c.; January, 8.30e.; May, 8.60c. Outside spot sold at 10 11-16c. At the Exchange May closed on that day
and January, 83/s to 8Ac.; first latex, thick, 83 to 83c. at 9.61 to 9.650.; Sept. at 10.67 to 10.68c. and Dec. at
4
On the 5th inst. prices ended unchanged to 10 points higher; 11.55 to 11.650.; Cucuta, 14c.; Orinoco, 113 c.; Santa
sales, 310 tons; new No. 1 standard January closed on the Marta, 11c.; Maracaibo, etc., 10c. On the 7th inst. prices
5th inst. at 8.40c.; March at 8.65c.; May at 8.80 to 8.85c.; advanced 1 to 10 points with sales up to 5,160,000 lbs.;
old January at 8.40 to 8.500.; old March, 8.50 to 8.60c.; 1,500 Nov. heavy native steers sold at 100. an advance of
-Jan. branded cows at an unchanged price
May,8.70 to 8.80c.; outside spot and January, 89/i to 83c.; Ac.; 6,500 Dec.
first latex, 83 to 8Ac. London was Ad. up; January, of 73o. and rumored 21,000 frigorifico steers at a slight
43(41.; February, 4 5-16d. Singapore, January, 3 13-16d. advance though no particulars were available. At the
Stocks of crude rubber in London on Jan. 3 were 78,042 Exchange May ended on the 7th inst. at 9.77 to 9.80e.;
tons, an increase of 714 tons over the preceding week. In Sept. at 10.85e. and Dec. at 11.75 to 11.800. Common:
Liverpool they were 41,516 tons, an increase of 923 tons Cucutas, 143'c.; Orinocos, 11Ac.; Maraiaibl, Central
America, La Guayra, Ecuador and Savanillas, 103'c.; Santa
In a week.
On the 7th inst. prices ended unchanged to 10 points off; Marta, 113c.; Packer native steers and butt brands, 9Ac.;
sales of 280 tons of new contract and 45 tons of old "A." Colorados, 9e.; Bulls, native, 5c.; Chicago, light native
Uptown sold March. Broadway interests were the best cows, 8c.; New York City calfskins 5-7s, 1.30 to 1.350.;
buyers. Actual rubber was dull. New No. 1 standard 7-9s, 1.65 to 1.75c.; 9-12s, 2.25 to 2.35e. To-day futures
January closed at 8.25c.; March at 8.45c.; May at 8.65e.; ended 3 points lower to 5 higher with sales of 65 lots. Jan.
July at 8.83c.; and Sept. 9 to 9.08c.; New "A" contract Feb- ended at 8.15e.; March at 8.900.; May at 9.45 to 9.500.;
ruary and March 8.32c.; old "A" January 8.20 to 8.300.; Sept. at 10.48 to 10.50e. Final prices show an advance for
March 8.30c.; May 8.50 to 8.60c.; July 8.70 to 8.800.; Sept. the week of 30 points on March and 3 points on May.
-Business was quiet. River Plate
OCEAN FREIGHTS.
8.90 to 9e.; outside prices: spot and January plantation
-March 8% to 8Ac.; April-June 8A to rates advanced. Brazilian and Russian rates were higher.
ni to 89/sc.; Jan.
CHARTERS included: Tankers-Three trips Feb. to French Atlantic%
85 c.; July-Sept. 83 to 90.; spot first latex thick 83 to
%
Constanza, 10s. 3d.; from Russian ports, 10s.
/
8/gc.; thin pale latex 8A to 878c.; clean thin brown No. 2 French Atlantic ports, 10s. 3d.; prompt gasoline10d.; clean Jan. Gulf to two
8
to New York,10c. Time
73% to 758c.; speeky crepe 7 to 7%c.; rolled brown crepe 73 North of Hatteras prompt West Indies round, 80c. Trips-Prompt north
/
75% to 7%c.; No.3 7A to 78 c.; No.4 of Hatteras West Indies round. 70c. Grain booked included 10 Jan. loads
%
to 734c.; No.2 amber
Antwerp at 7c. Sugar, Santo Domingo second half Jan. United Kingdom%
7 to 73c.; Paras, upriver fine spot 120.; coarse 7 to 80.; Continent, 12s. 6d. Nitrate-Chlle, Jan. 1-10, Galveston-Boston, $3.76;
London Jan.
Acre, fine spot 123c.; Caucho Ball, upper 7 to 8c.
-Feb. Galveston-Boston range, $3.90 and $4; lumber, sulphur, early
on the 7th inst. ended with January 4 3-16d; Feb. 4343.; Jan., Gulf to Buenos Aires, sulphur at $4, lumber not reported. Wheat,
San Lorenzo, Bergen, Kalmar, including Denmark, Jan. 10-28, 19s. 3d.
-June 49'd. Singapore fell 1-16 to Black Sea Continent. Dec. us.: Dec.
March 4 5-16d and April
-Jan., 10s. 101id.
Hd; January 3 11-16d; April-June 4d; July-Sept. 4 3-16d. TOBACCO has remained'quiet here.
At Dayton, Ohio on Jan. 7 the Dayton Rubber Co. reduced
Edgerton, Wis., to the "U. S. Tobacco Journal": The
prices on all grades of tires 5 to 10%. The Island of Ceylon, buying movement has begun on 1930 Wisconsin tobacco in
third largest rubber producing section, exceeded only by both the northern and southern growing districts. Contracts
British Malaya and the Dutch East Indies in the amount ex- have been closed for a few choice cigar leaf binders in the
ported shipped 6,932 tons of crude rubber during December northern district at from 20 to 28e. per pound for bundle deaccording to a cable received by the New York Rubber Ex- livery. In the southern area, a small acreage of stemming
change. This compares with 6,275 tons exported during has been bought at 10e. per pound.
November. Shipments to the United States amounted to
Havana, to the "U.S. Tobacco Journal": This has been a
3,902 tons against 3,730 tons during the previous month, to short week, as very little business was transacted on Wednes1,522 tons against 1,297 and to all other day and naturally nothing on Thursday, the 25th, aside from
the United Kingdom
countries, 1,508 tons, against 1,248 tons.
the fact that during the last days of the year it is as a rule
On the 8th inst. prices ended 3 to 5 points higher in quiet in the leaf tobacco field. As far as we could learn,
some cases and unchanged in others. The trading was tobaccos examined by buyers totaled only 4,690 bales, of
light, that is, 90 tons of new Standard contract and 170 of which 4,194 were of Remedios,395 bales of Vuelta Abajo and
old "A." Shipments of crude rubber in 1930 were esti- 101 bales of Partido.
mated at 810,000 tons against 862,000 in 1929. The world's
The U. S. Tobacco Association asks the farmers to "grow
consumption in 1930 is stated at 675,000 tons against less tobacco but make it good."
in 1929. Actual rubber was quiet. At the Ex797,000
Hopkinsville, Ky., sales for the past week, 325,995 lbs.
change No. 1 standard closed on the 8th inst. with January
8.25c.; February, 8.35e.; March, 8.47c.; May, 8.700.; July, of dark tobacco at an average of .51, making the total sales
8.85c.;September,9.03c.;old "A"contracts,January,8.20e.; for the season 2,168,550 lbs., at an average of $8.03. Burley
February and March, 8.30c.; May, 8.500.; July, 8.700.; market sales were 628,195 lbs. at 5,557.67, an average of
September, 8.90c.; October, 9.10e.; Outside prices: spot and $13.46 for the week. Total for the season 2,454,605 lbs.
January, 83j to 89/sc.; January-March, 8% to 83c.; April- worth $331,393.73, an average of $13.42. At Springfield,
%
June, 83 to 85 c.; July-September., 84 to 9c.; first latex Tenn., sales for the past week were 427,805 lbs. at an average
thick, 83 to 89/se., thin, pale, 83/2 to 83/8c., clean, thin, of $11.51. total to date, 1,897,510 lbs. at an average of $11.02.
COAL has been firm with a steadier trade in more settled
brown No. 2, 73% to 7%e., spooky crepe, 7 to 7%c., No. 2
/
amber, 75% to 77 0., No. 3, 73' to 79c., No. 4, 7 to 73c., and wintry weather. Pittsburgh trade attracts more atIn London, January, 4 3-16d., February, 4%d., Singapore, tention. It is not active, but is on a fair scale and is per%
January, 33 d., April-June, 43d. Today futures closed 15 sistent. Good gas lump was quoted at $1.85 to $2, and
to 25 points higher on No. 1 standard contract with sales of steam lump at $1.75 to $1.90. Gas slack ranges from 95c. to
26 lots and 20 points up on old contract with sales of 3 lots. $1.15 and steam slack from 80e. to $1. Second grades of
No. 1. standard closed with March 8.67 to 8.70c., May, screenings were up Sc. to 10c. at the West. There is said
8.85 to 8.90c., July, 9.07 to 9.10e. and September, 9.28e. to be a shortage of Indiana No. 4 screenings and of southern
Final prices show an advance for the week of 10 to 20 points Illinois screenings. Pocahontas at Chicago 75c. to $1.25 for
on old contracts. Today London closed unchanged to Ad. slack, $1.75 to $2.25 for mine run, $1.75 to $2.25 for pea,
higher net with January 43 to 4 5-16d., February, 4 5-16 $2.50 to $3.25 for nut, $3 to $3.50 for stove, $2.75 to $3.50
%
to 43 d., March, 49/i to 4 7-16d., April-June, 4Ad., July- for egg, and $2.50 to $3.50 for lump. The top prices happen
September, 4 9-16 to 4 Ad., October-December, 4 13-16d., to be the minimum for the best. There was a good business
and January-March, 4 15-16d. Singapore closed dull and in smokeless Southern coal from the West and North.
unchanged, April-June, 4 Ad., July-September, 4 5-16d. Chicago had a better trade in high volatile egg, this being
No. 3 amber crepe, 3 5-16d., unchanged. An unofficial preferred to other sizes.
estimate of stocks show: London, 900 tons increase, LiverCOPPER was reduced %a. to 103e. for home delivery.
pool, 300 tons increase.
This was followed with a cut in the export price today of
-On the 3rd inst. prices rose 8 to 15 points with Xe. to 10.55e. delivered in London, Hamburg and Havre.
HIDES.
sales at the exchange 48,000 lbs. Also 4,000 Dec.frigerifoco Sales for export were said to have increased noticeably at
steers at 123 c. May closed at 9.55c. and Sept. at 10.58 the reduced price as contrasted with those recently reported.
%
JAN. 10
1931.]
FINANCIAL CHRONICLE
European consumers, it is believed, have a good deal of
copper to buy to fill nearby requirements. Domestic business was small. London on the 8th inst. dropped 16s. 3d.
on spot standard to £45 3s. 9d. and futures were off 10s.
to £45 6s. 3d.; sales, 50 tons spot and 450 futures. Electrolytic unchanged at £48 10s. bid, £49 10s. asked. At the
second London session that day standard was £45 5s. for
spot and futures with sales of 300 tons of futures. Today
March ended at 9.55 to 9.70c.; May at 9.57 to 9.72c.; July,
9.59 to 9.74c.
TIN was down 3,1, to / for Straits and 40 to 50 points
38c.
on futures despite a rise in London on the 8th inst. of £1 at
the first session. At the second London session that day
however prices dropped 2s. 6d. to 5s. with sales for the day
of 650 tons. Offerings of prompt Straits tin were free at 27
to 27.10c. on the 8th inst., but very little business was
reported. The British and Chinese tin operators in the
Federated Malay States have approved the scheme for
restricting exports. Tin plate manufacture in the United
States has increased to 60% of capacity as compared with
50% a week ago. On the National Metal Exchange June
closed on the 8th inst. at 26.35 to 26.40c.; Feb., 26.40 to
28.20c., all nominal. To-day futures closed 50 to 60 points
lower; Jan., 25.80c.; Feb., 25.80e.; March, 26.05c.; May,
26.35e.
333
8%d; 48-50s, 5 to 7).4(1.; 44-60s, 4 to 734d.; 36-50s, 3j to.
/
4%d.
SILK closed today unchanged to 3 points higher with.
sales of 760 bales. January ended at 2.50 to 2.60c.; March,
2.53c.; May, 2.52 to 2.54e.; June, 2.52 to 2.53c.; July, 2.52
to 2.530. Final prices are 8 points higher than a week ago..
COTTON
Friday Night, Jan. 9 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
115,570 bales, against 122,377 bales last week and 161,383:
bales the previous week, making the total receipts since
Aug. 1 1930, 6,924,853 bales, against 6,795,533 bales forthe same period of 1929-30, showing an increase since.
Aug. 1 1930 of 129,320 bales.
Receipts at-
Sat.
Galveston
Texas City
_ __
Corpus Christi
Houston- New Orleans_
Mobile
Jacksonville ---Savannah
Charleston
Wilmington
Norfolk
Baltimore
2,404
Mon.
Tues.
4,152
Wed. Thurs.
6.901
2,127
3,565
8,618 7,224 6,882
526
174
297
3,405 6.366 3,490
4755 1.014
201
-----------2ri7 1,
1,
14
433
204
356
76
186
385
484
164
4,742
192
1,386
1024
- - 20_
3,258
23'1
4,872
4.184
1,195
120
354
1,240
122
256
'7
Fri.
Total.
1.908
1,334
12,267
271
1,819
566
21,057
1,334
42,991
1,691
21,338.
11,744
20
,
7,655,
4,170
,
1,012:
2,284
274
1,341
1,084
152
641
274
LEAD was off to 4.75e. New York, and 4.55e. East St.
Louis. This is a drop of $7 this week. Prices are now the Totals this week_ 22.760 21,014 19,538 12.081 18,500 21.677 115,570
The following table shows the week's total receipts, the
lowest since April 3 1922. Demand was quiet. London
was unchanged on the 8th inst. at £14 6s. 3d. for spot and total since Aug. 1 1930 and the stocks to-night, compared
£14 7s. 6d. for futures; sales 450 tons of futures; at the with last year:
second session in London prices advanced is. 3d. on sales
1930-1931.
1929-1930.
Stock.
Receipts to
of 50 tons of futures.
Jan. 9.
This Since Aug This Since Aug
Week. 1 1930. Week. 1 1929.
1931.
1930.
ZINC was weak at 4.05c. East St. Louis with trade quiet.
Galveston
21,057 1,160,070 32,896 1,513,194 662,487 482,940
London declined 6s. 3d. on the 8th inst. to £1.3 is. 3d. for Texas City
1,334 101,587 1,771 126,405
50.614
36,004
spot and £13 us. 3d. for futures; sales 250 tons of spot Houston
42.991 2,526,112 43,457 2,352,405 1,470,500 1,145,624
Corpus Christi_.... 1,691 558.937 1.963 376.376 120,013
27,234
and 650 futures. Today the range here was 4 to 4.05e. Beaumont
18,473
13.650
New Orleans
21,338 1,001,968 34.682 1,256,684 757.475 522,999
East St. Louis.
Gulfport
STEEL.
-The Pennsylvania RR. Co., it is stated, has
just given out an order for 200,000 tons of steel rails and the
production of steel ingots has risen to 41%. This means a
regaining of all the losses of Dec. Some reports said the
percentage of operations in steel is now up to 45% against
only 25% in the last week of Dec. Chicago reported a
better demand for plates, shapes and bars, a demand only
exceeded three times in the year 1930 and specifications in
some cases there made the best showing, it was declared
since last July. In general the day to day trade in steel
has been as usual at this time of the year on a moderate
scale, but the feeling throughout the trade is better. Prices
as a rule, it is stated, have been firm with bars, plates and
shapes held at 1.65e. Pittsburgh. Sheets are 2.35e. Pittsburgh for black sheets, 2.90e. for galvanized, 2.05c. for
blue annealed. Sheets, strips and allied forms of steel are in
better demand taking their cue from automobile makers.
Tin plate output is 60% of capacity against 50% a week ago.
According to the "Times" the adjusted index of steel mill
activity for the week ending Jan. 3 is 51.1 as compared with
44.5 for the preceding week and 71.0 for the week ended
Jan. 4 1930. The sharp gain in steel mill activity thus indicated was said to be the result of increased specifications
for prompt delivery which brought about a similar degree of
curtailment last week.
PIG IRON has been quiet and it turns out that the
output in 1930 fell off 25.7%. Here the sales were small
and they are expected to continue so for a time. The
second quarter, it is believed, will see higher prices. The
Chicago district is said to be 60% under contract for the
first quarter with the price firm on the basis of $17.50.
WOOL.
-Boston wired a government report as follows:
"Several wool houses have new business pending on fairly
large lines of wool. This is the first time in weeks that
interest has been noted on more than small quantities just
sufficient to complete orders on the books. Offers only
slightly under asking prices on sizable lots have been rejected." At the Wellington wool sales on Jan. 7, 19,000
bales were offered and 17,000 sold. Yorkshire bought
freely. Continental buying was moderate, but America
was one of the leading buyers. Compared to the Dunedin
sale in December, crossbreds were about 5% lower, merinos
73 to 10% lower. Fine crossbreds were wanted; coarse
grades were dull. Prices realized were: Merinos super, 8)
to 93'd.; average merinos, 6 to 8d.; crossbred, 56-58s, 5 to
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ _
Wilmington
Norfolk
N'port News. &c_
New York
Boston
Baltimore
Philadelphia
Totale
11,744
412.639
50.996
445
566.142
49,050
4.170 252,178
---38.504
1,012
47,356
2,284 125.666
20
7,655
9.802 318.125 181,495
26,104
_-_
1,312
737
2,998 406.221 313.861
7,094
1,702 167,752 170,039
1,369
8,567
1,510
79,124
15,494
4.480 121,513
95,355
44,158
861
76,102
40,181
35,074
74,583
716
661
13,353
273
1,532 229.077
93,334
67
1,086
2,503
1,608,
729
18,378
1,288
1,347
---, 586
5,201
5,070
115.570 6.924.853 137.1190 R.795..'n3 4 07g 714 9 887 110
-Z 4
i
___
In order that comparison may be made with other years,
we give below the totals at leading ports far six seasons:
Receipts at- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
21,057
32.896
48.505
30.106
85,041
57,473
42,991
43,457
63,653
26,740
76.955
35,961
21.338
34,682
39,102
35.449
56,303
52,373
11,744
9,802
6,608
2,279
4.286
2,357
7,655
2,998
2,598
5,945
21,325
13,181
4.170
1,702
956
3,581
5.766
4,497
1,012
1.510
1.140
1,455
2.492
954
2,284
4.480
1.887
2,192
1,796
5,167
3,319
6,172
7.891
9,584
5,815
6.771
Total this wk_ 115,570 137.699 172.340 117.331 264,749
178,734
Since Aug.1_ _ 6.924,853 6,795,533 7.227.074 6.291.501 9.060 858 6.012.470
* Beginning with the season of 1926. Houston
of cotton previously reported by Houston as anfigures include movement
interior town. The distinction between port and town has been abandoned.
Galveston_ _
Houston*____
New OrleansMobile
Savannah___..
Brunswick _
Charleston_
Wilmington
Norfolk
N'port N.,&c.
All others_ _ _ _
The exports for the week ending this evening reach a total
of 173.686 bales, of which 34,327 were to Great Britain,
22,413 to France, 32,529 to Germany, 11,186 to Italy, nil to
Russia, 58,255 to Japan and China, and 14,976 to other
destinations. In the corresponding week last year total
exports were 173,495 bales. For the season to date aggregate exports have been 4,073,729 bales, against 4,401,664
bales in the same period of the previous season. Below
are the exports for the week:
Exported to
GerJapan&
many. Italy. Russia. China. Other. Total.
6.288 2,002
13,327 4,104 39,210
8,135 2.488
22.20S 6.828 51,280
603 5,092
7,191 3,546
15.432 2,508 44,538
3,184
15(1 10.130
2,392
1.048
3,440
2,964
58 3.022
3,100
3,100
1,75
-65 4,166
75 1,918
•
100
50
4,5i6
4.528
-66
1,914
200 8,164
34,327 22,413 32,529 11,188
58,255 14,976 173,686
30,112 23,765 27,046 10.631
54,079 26,962 173,495
62.275 24,709 52,077 17,235
51,176 16,314 233,786
Week Ended
Jan.9 1931.
Great
Exports from
- Britain. Frantz.
Galveston
5,637 7,852
Houston
5,905 5,628
Corpus Christi
1,410 3,079
New Orleans--- _ 11,998 3,863
Mobile
6,798
Savannah
Charleston
Wilmington
Norfolk
1.941
New York
1.843
Baltimore
100
Los Angeles..
100
50
San Francisco_ _ _
450
Total
Total 1930
Total 1929
FINANCIAL CHRONICLE
334
Exported to
From
Aug. 1 1930 to
Japan&
GerJan. 9 1931.
Great
Exportsfrom- Britain. France. many. Italy. Russia. China. Other. I Total.
Galveston___ Houston
Texas City_
Corpus Christi
Beaumont _ _
Lake Charles_
New Orleans_
Mobile
Pensacola_
Savannah _ _
Brunswick...
Charleston_. _
Wilmington _ _
Norfolk
New York
Boston
Baltimore_
Los Angeles
Ban Francisco
Seattle
-- -- 132,410'122,862; 686,921
119,882 116,363 138,247 57,157
159,669 333,331 319,378130,425 3,435 261,570 154,08811,361,899
9,403 1,425 --------2,795 36,370
13,021 9,726
---- 98,357 41,229 431,732
59.088 125.592 89,809 17,657
7,062 ------------3,250 18,645
3,537 4,796
---- 3,146 1,090 38,644
18,169 4,732
1,203 10,304
105,502 58,806 99,339 60,456 25,844138,615 49,967 538,529
_--- 5,560 2,194 172,256
58,049 1,162
99,960 5,331
200 51,127
__-- 37,191 1,000 --_ 1,454
11,282
---- 26,301 5,563 338,106
114,920 1,246 181,285 8,791
41,257 ----------------- 49,050
____
7,793
263 84.502 ------------7,879 142,357
49,713
31,604
8,093 16,250 --------2,501
____
4,760
525 52,323
---- 1,295
591
33,763 2,097 14.052
15,208
657 4,981
---2,281 1,046
1,706 4,537
950
201
300
105
105
100 :::: 51,fial 4iii 74,982
3,584 1,470 13,550
985 22,921
50 ---- 16,306
3,300
-2,280
791,864674,2671,125.296300,845 29,279747,572 404,606 4,073,729
883,920578,906 1,220,476 423,672 78,015 777,438439,151 4,401,664
Total '29-'30_
461,309 5,062,132
Total '28-'29_ 1,213,007546.467 1.378,747 373,420 118,600970,582
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
Canada, the reason being that virtually
above table reports of cotton shipments to comes overland and it is impossible to
all the cotton destined to the Dominion
customs
concerning the same from week to week, while reports from theIn view,
give returns
very slow in coming to hand.
districts on the Canadian border are always receiving regarding this matter, we will
however, of the numerous inquiries we are
Dominion the present season
say that for the month of November the exports to the of the preceding season the
have been 29,174 bales. In the corresponding month
were 31,386 bales. For the four months ended Nov. 30 1930 there were
exports
of 1929.
88,723 bales exported, as against 80.052 bales for the four months
Total
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
Other CoastGerGreat
Britain France. many. Foreign wise.
Leaving
Stock.
Total.
Jan. 9 atGalveston ---- 7,600 7,000 5,000 28,700 2,000 50,300 612,187
100 16,034 741,441
New Orleans-- 2,021 4,967 3.117 5,829
300 313,561
----------------300
Savannah
200 169,839
200
------------Charleston- --950 5,307 176,188
--------1,260
3.097
Mobile
95,145
210
210
-___
---Norfolk---500 44,0001.862,002
4,000 3,000 5,000 31,500
Other ports *
16.718 14.967 13.117 67,289 4,260 116,351 3,960,363
Total 1931
29,354 16,150 24,007 81,551 4.717 155,779 2,431,340
Total 1930
25,937 20,098 32,426 78,633 12,539 169.633 2,086,897
Total 1929
•Estimated.
[voL. 132.
stated the spot prices are below the basis asked by the
South.
On the 7th inst. prices, after an early decline of 6 to 8
points, recovered the lost ground and advanced some 15
to 20 points, encouraged by higher stock and grain markets,.
smallness of offerings, and a steady demand from the
trade, the shorts and apparently the co-operatives. Employment is increasing. That seems to be a fact beyond
question. Industries are believed to be slowly waking up.
It was noticed that the Pennsylvania RR. had given out
orders for 200,000 tons of rails for early delivery, and that
there is far greater employment of men in the automobile
industry. Speculation, however, was quiet, and net changes
for the day were small, but showing an advance of 5 to 10
points. Co-operatives were said to be buying July, October,
and December. Europe and Japan sold for a time. Offerings were well taken.
On the 8th inst. prices were irregular, closing with prices
generally unchanged to 8 points lower, but with old January
15 points higher, while new months were unchanged. It
was a narrow waiting market, sustained by a rise in stocks,
but with not enough initiative to establish a noteworthy net
rise. Contracts were inclined to be scarce. Spot cotton
here was 5 points higher. Exports rose to 52,800. Wall
Street bought cotton as stocks advanced. Co-operatives,
It was understood, bought May and July. Japanese bought
and the trade bought on a scale down. But there was very
little hedge selling; in fact, no real pressure from any
source. It was a small affair, awaiting more light on the
general situation.
To-day prices were irregular and closed generally a few
points lower. The news from the other side still stressed
the possibility of a strike or lockout on the 17th inst. Spot
markets were dull. Worth Street was quiet and apparently
prices in some cases on a small amount of business have
latterly been eased somewhat; that is, 1/16c. on some constructions of print cloth. At any rate, that is the report
to-day. Manchester was, of course, very dull, with the possibility of a stoppage of the mills. Yet for some reason this
spot business at Liverpool was larger. Co-operatives were
said to be selling July and buying October. If true, that
is something new. At one time prices were 15 to 22 points
higher, under the spur of a higher stock market, some Wall
Street buying, and covering of shorts coincident with very
moderate offerings. Final prices show a net gain on the
old crop months of 2 to 6 points and a loss on the next crop
of 2 to 5 points. Spot cotton closed at 10.20c. for middling,
an advance for the week of 5 points.
Speculation has been small and prices show little net
change for the week, being in a state of something like
equilibrium awaiting further developments. On the 2nd inst.
prices advanced some 10 to 20 points, with stocks and grain
higher, offerings small, contracts indeed scarce, co-operatives buying some July, and the trade and the shorts steady
buyers. The market acted short. Spot markets were 5 to
Lancashire
15 points higher. A strike of 200,000 workers in
seemed to be threatened for the coming week over the eightloom question. danchester was dull. Worth Street was
Staple
points, 60% of Premiums
average of
quiet but steady. On the 5th inst. prices fell 15 to 20
Differences between grades established
six markets quoting
for delivery on contract Jan. 15 1931.
stocks and grain lower, and fears of a big strike in
with
for deliveries on
Jan. 15 1931.
Figured from the Jan. 8 1930 average
Lancashire. In the Burnley district it was said that eight
quotations of the ten markets designated
15-16 1-inch &
mills had closed and more would unless the strikers gave
longer.
inch.
by the Secretary of Agriculture.
on the question of working eight looms per man, as the
in
.87 on Mid.
white
.25
.55
Middling Pair
mills demand in their endeavors to meet foreign competido
.25
do
.70
.55
Strict Good Middling_
.51
do
.25
do
Good Middling
.56
tion. Silver was down to a new low record, making bad
do
.25
Strict Middling
do
.55
.80
do
.25
Basis
Middling
.55
worse. Selling here increased. Some of it was for hedge
do
.24
.45
Strict Low Middling.
.64 off Mid.
account. New Orleans resumed its selling, and the South,
143
do
.23
do
.43
Low Middling
2.28
do
*
Strict Good Ordinary. do
Southwest, and local operators also sold. On the other
the
do
do
8.06
*Good Ordinary
supposedly
.51 on do
Extra White
Good Middling
hand, Wall Street bought rather freely of March,
.80
do do
Strict Middling
do
and always there
do do
Even
Middling
do
to cover. The trade bought to some extent,
.64 off do
Strict Low Middling- do do
buying of July, often
1.43
do do
Low Middling
do
are the co-operatives with their daily
Spotted
Good Middling
19 on do
.65
.25
accompanied by buying of May. On the 5th inst. it seems
do
Strict Middling
.25
.03 off do
.55
do
.45
.24
.64 off do
But there was for the
middling
that the Japanese also bought.
*Strict Low Middling.- do p
144
do
to buy, and
do
'Low Middling
2 29
do
on the whole, more pressure to sell than
nonce,
.42
Strict Good Middling. Yellow Tinged
.23
08 off do
do do
in a final net decline with the clos.42
Good Middling
.23
do
58
the fact was registered
do do
strict Middling
.42
103
.23
do
do do
*Middling
1.58
do
ing tone barely steady.
do do
*Strict Low Middling-2.20
do
prices, after a small decline early, suddo do
'Low Middling
2.97
do
On the 6th inst.
Light Yellow Stained.1.80 off do
.42
Good Middling
122
became scarce and stocks
do (lo do
denly turned upward as contracts
*Strict Middling
do
1.80
this thrust aside the
do do do
*Middling
2.43
do
advanced and grain also rose. All
Yellow Stained
.42
Good Middling
1.65 off do
.22
to the lowest price ever
do do
*Strict Middling
2.30
do
cables, a sharp break in silver
poor
do do
8.10
*Middling
do
consumption, the fear of a
Gray
.43
Good Middling
.74 off do
623
recorded, the smallness of the
do
.42
Strict Middling
1.08
622
do
unsatisfactory exports,
do
do
1.55
*Middling
big strike in Lancashire, and the
1 68 off do
Blue Stabled
*Good Middling
of foreign cotton. Shorts became
do
the fiercer competition
do do
233
*Strict Middling
dwindled. Prices rallied
310
do do
*Middling
do
nervous as the supply of contracts
Later
the morning.
'Not deliverable on future contracts.
some 25 to 30 points from the low of
and the final net
The official quotations for middling upland cotton in the
there was a loss of much of the rise,
as dull New York market each day for the past week has been:
2 to 6 points. Manchester was
advance was only
Sat. Mon. Tues. Wed. Thurs. Fri.
Jan. 3 to Jan. 9
and steady. The
as ever. Worth Street remained quiet
10.30 10.15 10.15 10.25 10.30 10.20
little is Middling upland
estimated at 2,000,000 bales, and a
Russian crop is
NEW YORK QUOTATIONS FOR 32 YEARS:
bales were conbeing exported to Liverpool. Some 13,000
The quotations for middling upland at New York on
50,000 bales
signed to England recently, and in all it is said
it is Jan. 9 for each of the past 32 years have been as follows:
may be exported thither. At Continental markets
FINANCIAL CHRONICLE
JAN. 10 Dn.]
1931
1930
1929
1928
1927
1926
1925
1924
10.20c.
17.45c.
17.20c.
20.00e.
19.35e.
12.40c.
20.20c.
23.25c.
1923
1922
1921
1920
1919
1918
1917
1916
35.00c.
25.10c.
18.10c.
39.25c.
31.85e.
33.30c.
18.80c.
12.60c.
1915
1914
1913
1912
1911
1910
1909
1908
8.00c.
12.60c.
13.00c.
9.50c.
14.90c,
15.85c.
9.40c.
11.45c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Markel
Closed.
335
10.90c.
Of the above, totals of American and other descriptions are as follows:
-1930
11.75c.
American
1931
1929
1928
7.30c. Liverpool stock
455,000 407,000 612,000 562,000
13.70e. Manchester stock
93,000
71,000
65,000
60,000
8.90c. Continental stock
1,006,000 938,000 1,049,000 1,033,000
8.25e. American afloat for Europe
384,000 436.000 614.000 443.000
10.12c. U.8. ports stocks
4,076,714 2.587,119 2,256.530 2,459.822
7.56c. U. S. interior stocks
1,750,859 1,477.345 1,20.3,459 1,261,688
U. S. exports today
4,214
1,300
1,465
1907
1906
1905
1904
1903
1902
1901
1900
SALES.
Spot. Confect
Total American
7,769,787 5.916,464 5.801,289 5,820,975
388,000 421,000 281,000 280.000
93,000
32,000
26,000
17.000
126,000
72,000
60,000
55,000
Indian afloat for Europe
99,000 136,000 178,000
60,000
Egypt, Brazil, &c., afloat
73.000 121,000
92,000
80,000
Stock in Alexandria, Egypt
709,000 438,000- 481.000 443,000
Stock in Bombay, India
666,000 999,000 925,000 596.000
Total East India. &c
2,154,000 2,219,000 2,043,000 1,531.000
Total American
7.769.787 5,916,464 5,801,289 5,820,975
Total.
Total visible supply
9,923,787 8,135,464 7,844,289 7,351.975
Middling uplands, -Liverpool
5.40d.
9.58d. 10.588. 10.90d.
7,900 Middling uplands, New York__ -- 10.20c.
17.35c
20.25c
19.45c.
2,800 Egypt. good Sake!, Liverpool
8.658. 15.30d. 20.30d. 19.058.
4.000 Peruvian. rough good. Liverpool_
13.75d. 14.50d.
12.258.
2.600 Broach,fine, Liverpool
4.158.
7.358.
9.00d.
9.80d.
Tinnevelly, good, Liverpool
5.10d.
8.70d. 10.258. 10.50d.
East Indian, Brazil, &c..
Liverpool
London stock
Manchester stock
Continental stock
Saturday__ - Steady, 15 pts. adv. Firm
Monday-Quiet,15 pts.dec-_ _ Barely steady .
_
7,900
'Tuesday
Quiet, unchanged._ Barely steady_ 2,800
Wednesday. Steady, 10 Pt's. adv- Steady
4,000
Thursday _- Steady,5 pts. adv._ Barely steady_ _
500 2,100
Friday
Quiet 10 pts. dec... Barely steady_
Total week_
500 16,800 17.300
Since Aug. 1
26.149 238,400264,549
Continental imports for past week have been 129,000 bales.
The above figures for 1931 show an increase over last
week of
FUTURES.
-The highest, lowest and closing prices at increase 26,628 bales, a gain of 1,788,323 bales over 1930, an
of 2,079,498 bales over 1929, and a gain of 2,New York for the past week have been as follows:
571,812 bales over 1928.
Saturday, Monday, Tuesday, Wednesday, Thursday,
AT THE INTERIOR TOWNS the movement
Friday,
-that is,
Jan.3.
Jan.5.
Jan.6.
Jan.7.
Jan.8.
Jan.9.
the receipts for the week and since Aug. 1, the shipments for
Jan. (ol(t)
the week and the stocks to-night, and the same items for the
Range__ 9.97-10.21 10.12-10.24
10.27-10.30 10.22-10.32 corresponding period of the
previous year, is set out in
Closing. 10.21 -10.0610.05- 10.15
10.3010.22 - detail
Jan.(new)
below:
Range__
9.92-10.00 9.91-10.13 9.82-10.07 9.90-10.05 10.00-10.12 9.98-10.15
Closing. 10.09- 9.91- 9.93 9.94- 10.05
10.0510.03Feb.
Range..
Closing. 10.1810.0010.0410.1410.13 -10.12March
Range.. 10.10-10.29 10.10-10.36 10.01-10.29 10.08-10.24 10.18-10.28 10.12-10.41
Closing. 10.28-10.29 10.10-10.11 10.1410.23 -10.2110.22-10.21
April
Range..
Closing. 10.41 10.23 -10.2710.3610.3410.36May
Range.. 10.38-10.55 10.37-10.58 10.28-10.57 10.35-10.52 10.48.10.55 10.3910.61
Closing. 10.54-10.55 10.3710.41-10.43 10.50-10.52 10.47-10.50 10.50June
Range._
Closing. 10.6610.4910.5310.61 10.58 10.58 JulyRange.. 10.61-10.79 10.61-10.82 10.52-10.82 10.57-10.75 10.68-10.77 10.61-10.81
Closing. 10.78-10.79 10.61 10.6510.7310.70-10.72 10.67 August
Range..
Closing. 10.8510.6710.7010.7810.7510.72 Sept.
Range..
Closing. 10.8510.6910.7310.80- 10.75
10.73 Oct.
Range.. 10.75-10.95 10.77-10.95 10.66-10.92 10.71-10.85 10.75-10.85 10.65-10.9
Closing_ 10.93-10.95 10.77-10.78 10.79- - 10.78
10.83-10.84
10.77 Nov.
-
Range..
Closing.
11.0110.8510.8710.9110.8710.84 Dec.
Range.. 10.92-11.0910.93-11.12 10.84-11.10 10.89-11.04 10.94-11.04 10.83-11.1
einem. 1109- 9310
10.95 -10.9910.96-10.97 10.92 -
Range of future prices at New York for week ending
Jan. 9 and since trading began on each option:
Option for
-
Range for Week.
Jan. 1931.. 9.97 Jan.
New
9.82 Jan.
Feb. 1931..
Mar. 1931.. 10.01 Jan.
April 1931..
May 1931.. 10.28 Jan.
June1931
July 1931__ 10.52 Jan.
Aug. 1931
Sept.1931
Oct. 1931_ 10.65 Jan.
Nov. 1931..
Dec. 1931-- 10.83 Jan.
Range Since Beginning of Option.
3 10.32 Jan. 9 9.30 Dec. 15 1930 17.18 Feb. 11930
6 10.15 Jan. 9 9.26 Dec. 16 1930 16.03 Apr. 4 1930
16.09 Feb. 20 1930 16.65 Feb. 15 1930
6 10.41 Jan. 9 9.53 Del. 16 1930 16.20 Apr. 1 1930
11.23 Sept.25 1930 13.34 June 18 1930
6 10.69 Jan. 9 9.80 Dec. 16 1930 15.00 June 2 1930
6 10.85 Jan. 9 10.00
10.44
10.19
9 10.95 Jan. 3 10.22
Dec. 16 1930 13.82
Dec. 13 1930 12.15
Dec. 16 1930 12.57
Dec. 113 1930 12.31
Aug. 7 1930
Oct. 28 1930
Oct. 28 1930
Nov. 13 1930
9 11.12 Jan. 5 10.76 Jan. 2 1931 11.12 Jan. 5
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 wcek's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 9-Stock at Liverpool
Stock at London
Stock at Manchester
1931.
bales 843,000
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
186,000
1930.
828,000
103.000
1929.
893,000
1928.
842.000
91,000
77,000
919,000
1,029,000
931,000
984,000
589,000
349,000
14,000
118,000
62,000
545,000
292.000
9,000
92.000
72.000
717,000
253,000
11,000
83,000
45,000
Receipts.
Ship- Stocks
ments. Jan.
Week. Season. Week.
9.
tin., BIrm'ham
748 83,699
Eufaula
559 27,680
Montgomery.
712
59,505
Selma
3,123 92,722
trk..BlythevIlle
389 75,09
Forest City
69
13,370
Helena
222 39,67
Hope
169 30,73
Jonesboro_
236
25,461
Little Rock
1,707 91,778
Newport552 26,541
Pine Bluff _
1.157 77,850
Walnut Ridge
91
23,405
Ga., Albany_ _ _
1
7,330
Athens
275 37,671
Atlanta
4,328 159,916
Augusta
3,389 269,381
Columbus
1,780 35,153
Macon
376 79,219
Rome
50 20,031
La., Shreveport
333 104,652
Miss., Cl'kedale
796 106,818
Columbus_104 23,721
Greenwood__
___ 136,14
Meridian-- 1,536 47.196
Natchez
33 10,851
Vicksburg _ _ _
258 33,645
Yazoo City
74 82.127
Mo., St. Louis_ 9,176 140,131
N.C.,Greensb'o 1,882 28,275
Oklahoma
15 towns*_
7,906 503,250
SC Greenville 1,548 98,441
Tenn.,MemphIs 28,844 949.251
Texas, Abilene_
390 24,392
Austin
11 s
23,741
Brenham
42
18,915
Dallas
1,070 134,439
Paris
140 61,882
Robstown
60 54,570
San Antonio_
351
22,439
Texarkana
282 31,122
Waco
469 58,603
Movement to Jan. 10 1930.
Receipts.
Week. Season.
1,052 32,671 1,323
799 16,291
123
354 63,928
551
993 77,924
411
837 34,928 4,96
303 11,439
578
679 32,625
845
879 10,108
363
213 4,994
881
1,572 52,767 2,052
797 8,583
882
1,89. 38,421 2,175
702 7,529 1,158
17 4,110
4
300 33,330
350
4,022 151,829 6,100
5,737123.610 3,980
400 8,540316
1,582 34,761
966
250 16,747
50
1,511 85,984 1,355
2,322 67,017 2,942
406 15,861
150
2,846 89,143 1,312
475 18,870
197
913 9,101
480
909 20,797
359
1,185 20,568
513
8,320 14,163 9,244
1,694 29.891 1,056
97,63;1
16,58
58,281
70,582
114,288
28,032
53,644
53,609
36,321
118,301
49,977
173,976
51,695
8,481
32,240
111,534
258.312
22,41
67.873
21,851
140,799
174.397
26.675
212,311
49,384
21,894
30.377
40.314
180.163
11,365
Ship- Stock*
meats Jan.
Week. 10.
1,84•
111
1,10
2,
3,486
75
1,08
17,539
5,005
32,972
35,524
45,312
14,550
21,212
5,429
91
5,758
2,91 41,571
97
7,249
3.23, 45,864
769 9,589
4 2,574
800 18,877
1,229 88,688
3,836107,873
.11 4,657
1,373 22,382
18.381
4,822 64,967
8,526 52,644
969 13,358
3,99 79,850
248 9,202
312 9,643
940 8,941
2,334 15,946
9,31 13,828
682 9,5.57
11,246.78,899 16,902 703,790 14,438 96,262
3,133 70,032 3,176 113.713 5,140 18,263
31,943390.022 68,4221,431,98352,145435,138
346
669
457 26.927
619
700
100 1,555
239 10.831
2381 1,483
165 6,986
198 10.152
24
4,205
4,441 29,002 2,033 100,726 1.762 13.651
385 5.905 1,240 70,045 1,224 7,267
102 11,955
122 32,690
422 12,930
154 1,548
209 22,063
271 1,149
900 7.613
357 55,998
716 8,471
599 10.343 1,401 100,431
479 8.884
Total, 56 towns 75.3253,920,792 97,4581750859
140,2375,008,620137,7091477345
•Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks
have
decreased during the week 26,222 bales and are to-ni
273,514 bales more than at the same time last year. ght
receipts at all towns have been 64,912 bales less than The
the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Jan. 9ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
-1930-31Week.
Since
Aug. 1.
8,320
1,705
31
274
3.409
13,950
139,970
38,556
1,209
9,760
90,487
232,837
-1929-30
Week.
Since
Aug. I.
9.317
1,624
225
725
4.849
13.213
175.464
37,090
2,011
20,017
95,374
342,277
587,000
337,000
13,000
121.000 Deduct
27,689 512,819
29,953 672.233
Shipments
30,000
Overland to N. Y., Boston, &c..
274
14,730
1.069
21,632
Between interior towns
375
6,890
413
8,725
Inland,Sm.,from South
4,668 143,458
14,864 214.927
1,088,000
Total to be deducted
5,317 165.078
16,346 245,284
2,007,000
Leaving total net overland*.._ _22.372
60,000
347,741
13,607 426,949
443,000
•Including movement by rail to Canada.
80,000
443,000
The foregoing shows the week's net overland
596,000
movement
2,459,822 this year has been 22,372 bales, against 13,607
bales for
1,261,688 the week last year, and that for the
season to date the
1.465 aggregate net
Total Continental stocks
1.132,000 1.010,000 1,109,000
2,161,000 1,941,000 2,093,000
Total European stocks
India cotton afloat for Europe- 99,000 136,000 178.000
American cotton afloat for Europe 384,000
Egypt,Brazil.&c.,afloatforEurope 73,000 436,000 614,000
121,000
92,000
Stock in Alexandria. Egypt
709,000 438.000 481,000
Stock in Bombay,India
666,000 999,000 925,000
Stock in U. S. ports
4.076,714 2,587,119 2,256,530
Stock in U. 8. interior towns
1,750.859 1.477,345 1,203,459
U.S. exports to-day
4.214
1,300
Total visible supply
9.923,787 8,135.464 7,844.289 7,351.975
Movement to Jan. 9 1931.
Towns.
overland exhibits a decrease from a
year ago
of 79,208 bales.
336
1929-39
1930-31
Since
In Sight and Spinners'
Since
Week.
Aug. 1.
Week.
Takings.
Aug. 1.
Receipts at ports to Jan.9
115,570 6,924,853 137,699 6,795,533
426,949
13,607
Net overland to Jan. 9
22,372
347,741
Southern consumption to Jan. 9 75,000 1,750,000 108,000 2,555,000
Total marketed
212,942 9,022,594 259.306 9.777.482
Interior stocks in excess
374 1,267,426
*26,222 1,189,164
Excess of Southern mill takings
616,281
over consumption to Dec. 1_ _ _
--__
388,393
Came into sight during week ___186.720
Total in sight Jan. 9
10,600,151
North.spinn's' takings to Jan. 9__ 39,220
259,680
556,050
11,661.189
27,585
677,898
*Decrease.
Movement into sight in previous years:
Bales.
11,523,281
10.386,088
13,545,828
Since Aug. 1Bales.
270,636 1928-29
214,910 1927-28
420,329 1926-27
Week1929
-Jan. 12
-Jan, 13
1928
1927
-Jan. 14
QUOTATIONS FOR MIDDLING COTTON AT
OTHER M.ARKETS.-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Jan. 9.
[VOL. 132.
FINANCIAL CHRONICLE
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
9.90
10.05
Galveston
9.66
9.74
New Orleans
9.20
9.05
Mobile
9.36
9.53
Savannah
9.63
9.75
Norfolk
10.15
10.00
Baltimore
9.13
9.31
Augusta
8.85
Memphis
9.05
9.80
9.95
Houston
8.70
Little Rock - --- 8.85
9.30
9.45
Dallas
Fort Worth --------9.30
9.90
9.72
9.05
9.39
9.63
10.00
9.19
8.90
9.85
8.70
9.35
9.25
10.00
9.80
9.15
9.53
9.75
10.00
9.31
9.00
9.95
8.80
9.45
9.45
10.00
---9.15
9.51
9.75
10.10
9.31
9.00
9.90
8.80
9.45
9.45
10.00
9.80
9.15
9.52
• _ -10.00
9.25
9.00
9.90
8.80
9.45
9.45
Rain. Rainfall.
8
2 days 0.5- in.
1 day 0.28 in.
dry
dry
1 day 0.06 in.
dry
3 days 0.23 in.
1 day 0.60 in.
dry
2 days 0.11 in.
4 days 2.19 in.
3 days 0.66 in.
3 days 0.71 in.
1 days 0.73 in.
7 days 1.13 in.
3 days 0.06 in.
Galveston, Texas
Abilene, Texas
Brownsville. Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio, Texas
Houston, Texas
Palestine, Texas
San Antonio, Texas
New Orleans, La
Shreveport, La
Mobile, Ala
Savannah, Ga
Charleston, S.C
Charlotte, N. C
Memphis, Tenn
Thermometer
high 69 low 45 mean 57
high 68 low 32 mean 50
high 76 low 46 mean 61
high 74 low 40 mean 57
high 66 low 36 mean 51
high 70 low 34 mean 52
high 70 low 46 mean 58
high 66 low 38 mean 52
high 70 low 40 mean 55
high _ _ low _ _ mean 51
high 65 low 36 mean 51
high 66 low 38 mean 53
high 70 low 31 mean 50
high 63 low 34 mean 49
high 65 low 22 mean 41
high 54 low 29 mean 42
The following statement we have also received by telegraph, showing the height of rivers at the points named at.
8 a. m. of the dates given:
Now 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_
Jan. 91931. Jan. 10 1930..
Feet.
Feet.
7.1
1.4
28.1
2.5
.21.5
9.6
11.6
9.8
28.5
6.1
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
week
Ended
Receipts at Ports.
1930. I 1929.
1928.
Stocks at Interior Towns., ReceiPteroniFlantalicns.
1930.
1929.
1928.
1930.
1929. 1928.
Sept.
I
1417.851 818,124 573,9231,012,824489.03 519.474 543,853
28.- 385.13933138,535
8_ 555.8481437.4221632,796 949,334 728,959 1302,945887,058590.458881.488
, 1,098,885 881.858 708,538859.4581387.882625,428
,
10._
.
-The closing
NEW ORLEANS CONTRACT MARKET.
„ 1,041.622 847.112 549,934 729.274 696.281
17.. 23,079669,510558.699
24._ 441,613518.799560.877 1,395.237 1,185.728 953.520 611,130662,905 667,285
quotations for leading contracts in the New Orleans cotton
31_ 48,230503.27 535,822 1.503.734 1.305,221 1,034,049 556,727622.763616,351
market for the past week have been as follows:
Nov.-1
7.- 397.331 403.514 396,00. 1,592,117 1,248,3241.060,545 485,714 446,617 412.497
14._ 372.279350.367 351,467 1.684,197 1.409,376 1.099,921 464,359 411,409 400,843
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
21 __ 338,371 262,509 351,505 1.712.6331.441.290 1,155,384 366,807 294,423 406,968
Jan.9.
Jan.8.
Jan.6.
Jan.7.
Jan.5.
Jan.3.
, 366,189 1,770,725 1.448.310 1,215.7531356,121 75,215 426,668
,
28._
1
10.04-10.05 DeeJanuary__ 10.05- 9.91- 9.93 9.97- 9.9910.055..255,569 282,747 388,988 1,797,998 1,451,947 1,223,573 282,842 285,384896,808
- --February _
12..222.90828l,39311,736 1,815,747 1,461,857 1,232,683240.657 291,308320,846
10.26-10.28
10.26March__ 10.25-10.26 10.12-10.14 10.17- 19._ 210,864 260,772265.780 1,811,062 1,476.699 1,232,436 206,179 275,614265,553
April
26.. 161,383 187,785 255,66111,800,744 1,493,015 1,255,9011151,065 04,101 279,131
10.51-10.52
10.50-10.51
10.52-10.53 10.37-10.39 10.43May
HOLITune
1930. 11929. 1931. 1930. •1929.
DAY. 10.69-10.70 Tan- 1931. I 1930. 1929. I 1931. 1,476.97111.240,83lI 98.714 138.321 173,028
10.73
10.77-10.78 10.60-10.63 10.65- July
2
- 122,377 154,364 188,298 1,777.081
August_ _ _
1,750.859 1,477,345 1,203.459, 89,348138,073 135,168
9-- 115,570 137,699 172,340
-- 3eptember
10.75 ---_
Dctober. 10.94-10.95 10.76-10.77 10.79-10.81 10.80-10.81
The above statement shows: (1) That the total receipts
-November
- from the plantations since`Aug. 1 1930 are 8,113,367 bales; in
December.
-- 1929-30 were 8,040,428 bales, and in 1928-29 were 7,999,403
fan.(1932)
ToneSteady.
Steady.
bales. (2) That although the receipts at the outports the
Steady.
Steady.
3pot
Steady.
Steady.
Steady.
lotions_ _ _ Very st'dy Steady.
past week were 115,570 bales, the actual movement from
NEW YORK COTTON EXCHANGE PAYS TRIBUTE
TO MEMORY OF GEORGE McFADDEN.-Trading
on the New York Cotton Exchange was suspended from 1.58
to 2.00 o'clock on Thursday afternoon (Jan. 8), as a tribute
to the memory of George McFadden, senior member of the
firm of George H. McFadden and Bro. The suspension
of trading took place on the day and hour of the funeral.
The Board of Managers of the Cotton Exchange on Jan. 7 adopted unanimously the following resolutions of regret and sympathy:
Whereas, the New York Cotton Exchange has heard with great sorrow
of the sudden passing away of our fellow member, Mr. George McFadden;
and
to
Whereas, Mr. George McFadden has since his admission of the New
Board Managers
York Cotton Exchange in 1897served as a member of itsthe best interests of
from 1,917 to 1918, has been constant in his devotion to
of the country at large; and
the Cotton Exchange and the cotton businessfeels a deep sense of bereaveWhereas, the New York Cotton Exchange
ment in the passing away of its honored and deeply respected member,
Mr. George McFadden; be it
Resolved, that the Board of Managers of the New York Cotton Exchange
representing in full the membership of the New York Cotton Exchange, do
this much
hereby record our sincere and deep regret at the passing away ofsympathy
beloved and active fellow member and do express our sincere
and condolence to the members of his family in their sorrow; and be it
further
Resolved, that out of respect to Mr. McFadden's memory trading on the
Exchange besuspendedfrom 1.58 o'clock to 2.00 o'clock p.m.on Thursday,
Jan. 8, the day and hour of his funeral,and be it further
Resolved, that the President be directed to appoint a Committee of memin Philadelphia on
bers to represent the Exchange at the funeral to be
Presbyterian
Thursday. Jan. 8 1931 at 2.00 o'clock p. m. in the Secondfurther
21st and Walnut Sts., Philadelphia Pa.; and be it
Church,
resolutions be spread in full upon the minutes of the
Resolved, that these
of the
Exchange and a copy of them be sent to the members of the family
deceased.
the Exchange was appointed by the
A committee of 44 members of
committee is as
President to represent the Exchange at the funeral. This
follows:
-Philip B. Weld, William S. Dowdell, T. Lurelle
Board of Managers:
John C. Botts, Lamar L.
Guild, Eric Allot, Dr. Herman B. Bernell,Frank J. Knell, Elwood P.
Fleming, Harry L. Goss, Clayton B. Jones, Munds, Clayton E. Rich,
L.
McEnany, Gardiner H. Miller, Frederick and Spencer Waters.
Simon J. Shienker, George R. Siedenburg, Edward K. Cone, Richard T.
-Edward E. Bartlett, Jr.,
Ex-Presidents:
Hubbard, Jr., Walter L. Johnson,
Harriss, Samuel T. Hubbard, Samuel 'I'. Henry H. Royce, and George M.
Arthur R. Marsh, Gardiner H. Miller,
Shutt.
-Allan Bond, William R. Craig, George W.Dowling,
Members at Large:
Lehman, William Mitchell,
Samuel Hopkins, William P. Jenks, Arthur IC. Norden, Paul Pfileger,
Moore, Clement Moore, Adolph
Edward E.
Norrie Seller, William M. Van Leer,
Daniel Schnakenberg, Paul Schwarz,
Jr.
Edward P. Walker,and J. Lawrence Watkins,
LIVERPOOL CUTS COTTON TRADING HOURS.
Associated Press advices from Liverpool Dec. 29 stated:
will close the market at 4 p. m.instead
The Liverpool Cotton Associationmembers have concluded that the latex
of 5 p. m. starting on Jan. 2. Its sake of Continental business, is not
the
hour, tried for six months for
justified.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
by telegraph this evening denote that there have been
us
light scattered rains throughout the cotton belt during the
week and temperatures have been somewhat higher.
plantations was 89,348 bales, stock at interior towns
having decreased 26,222 bales during the week. Last year
receipts from the plantations for the week were 138,073
bales and for 1929 they were 135,168 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
• Cotton Takings.
Week and Season,
Visible supply Jan. 2
Visible supply Aug. 1
American in sight to Jan.9
Bombay receipts to Jan. 8
Other India ship'ts to Jan. 8
Alexandria receipts to Jan. 7
Other supply to Jan. 7*5
Total supply
Deduct
Visible supply Jan. 9
1929-1930.
1930-1931.
Week.
Season.
Season.
Week.
8,097,864
9,897.159
5,302.014
186,720 10,600,151
994,000
195,000
213,000
8.000
911,900
34,000
336.000
12,000
3,735,957
259,680 11,661,189
190,000 1,208,000
307.000
5,000
46,000 1,022,200
458,000
14,000
10332879 18,357,065 8,612,544 18,392,346
9,923,787 9,923.7878.135,464 8,135,464
409,092 8,433,278 477,080 10,258,882
Total takings to Jan. 9_a
258,092 5,869,378 303,080 7,508,682
Of which American
151,000 2,563,900 174,000 2,748,200
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, ace.
a This total embraces since Aug. 1 the total estimated consumption by
-30
Southern mills, 1.750.000 bales in 1930-31 and 2.255,000 bales in 1929 takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 6,683,278 in 1930-31 and 8,089,672 bales in 1929-30.
of which 4,119,378 bales and 4,953,682 bales American.
b Estimated.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria. Egypt,
Jan. 7.
Receipts (cantars)This week
Since Aug. 1
1930-1931.
1929-1930.
1928-1929.
170,000
4,567,695
230,000
5.101.828
185,000
5,795,246
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
___ _ 82,164 6.250 93,770
69,712
To Liverpool
7,000 64,563 8,000 89,262 5.750 99,170
To Manchester,Sze
To Continent and India.- 16.000 255.070 15.000 236,626 13,000 237,257
____ 55,368 1,000 73,871
4,245
To America
Exports (bales)-
23,000 393,590 23,000 463,420 26,000 504,068
Total exports
-A cancer is 99 lbs. Egyptian ba es weigh about 750 lbs. were
Note.
This statement shows that the receipts for the week ended Jan.8
170.000 eantara and the foreign shipments 23.000 bales.
JAN. 10 1931.1
FINANCIAL CHRONICLE
337
BR EA DST UF FS
Cn CItO. CA CT CA CA CT en GI Gn C.01 p.
in be ;P . . EA, W i0 isD •
4.• C.a
Li il)0>
4,
- 1 ,,
.t
CO0,4
C.C.40 , 0__S.
0
1
.WARAT:323.%G.<22g
44,..6.6.i.d.0.60,,,,i..
C •—,Is•NOON CON 0OO N Cel
.C•102[1.0*..0.00001 1 00
,
,
1
Bales,
INDIA COTTON MOVEMENT FROM ALL PORTS.
FRANCISCO
-To Great Britain-Dec.31-(?),450
450
The receipts of India cotton at Bombay and the shipments SANTo Germany-Dec. 31-(?), 600
600
from all India ports for the week and for the season from
To Japan-Dec. 31?), 1,014
1014
,
To China-Dec. 31-c?). 900
900
Aug. 1, as cabled, for three years, have been as follows:
To India-Dec.31-( ), 200
200
-Dec.31-Deerpool, 3,773
HOUSTON-To Havre
3,773
To Porto Colombia-Jan.8-Travemunde,100
1928-1929.
100
1930-1931.
1929-1930.
To Barcelona-Jan. 2-Prusa, 2,414___Dec. 28
-Mar Blanco,
Jan. 8.
1,441
3,855
Since
Since
Receipts at
Since
To Venezuela-Jan.8-Travemunde,60
60
Week. Aug. 1. Week. Aug. 1. Week. Aug. I.
To Japan-Jan. 2-Jamaho Maru, 2,105__Jan. 3
-Patrick
2-Toba Maru, 3.917_ _ _Jan. 6
Henry, 10,966.... Jan._
Bombay
195,000 994,000 190,000 1,208,000 111,000 908,000
Buenos Aires Meru, 3,076
20,064
To China-Jan. 2-Tamaho Maru, 204--Jan. 3
-Patrick
For the Week..
Since Aug. 1.
Henry, 1,915_ _ _Jan. 2-Toba Maru,25_
2,144
Exports
To Liverpool
-Dec.31-Median,4,442
4,442
fromGreat Conti- Japan&
Great
Conti- 'Japan &
To Manchester-Dec.31-Median,1,553
1,553
Total.
China.
Britain. nent. China. Total. Britain. tura.
To Bremen-Jan.2-Wartanfels, 5,169_ _ -Jan. 7-Escersheim,
2,966
8,135
Bombay
To Dunkirk-Jan. 2
-Toronto, 1,853
1,853
1930-31-- 5,000 20,000 49,000 74,000 69,000 320,000, 722,000 1,111,000
To Gothenburg-Jan. 2
-Toronto,908
908
1929-30-- 2,000 22,000 22,000 46,000 28,000 293,0001 454,000 775,000
To Warberg-Jan.2
-Toronto,450
450
1928-29 _ _ 3,000 32,000 24,000 59,000 17.000 319,000 564,000 000,000
To Voile-Jan. 2
-Toronto, 250
250
Other India
To Uddevalla-Jan. 2
-Toronto, 200
200
213,000
1930
-IL.
8,000 ---- 8,000 46,000 167,000
To Drammen-Jan.2
-Toronto, 100
100
307,000
____ 5,000
1929-30-____ 5,000 49,000 258,000
To Copenhagen-Jan,2
-Toronto,58.._Jan.6
-Lang,521
579
237,000
1928-29
7,000 18,000 ___- 25,000 42,000 195,000
To Genoa-Jan. 5-Nicolo Odero, 2,488
2,488
To Rotterdam-Jan. 6
-Lang, 326
326
Total all
150
1930
-31_ 5,000 28,000 49,000 82.000 115,000 487,000 722,0001,324,000 SAVANNAH-To Japan-Jan.3-Silverwalnut, 150
To Hamburg
-Jan.7-Ingola,579
579
1929-30._ 2,000 27,000 22,000 51,000 77,000, 551,000 454,0001.082,000
To China-Jan. 3-Silverwalnut, 898
898
1928-29__ 10.000 50,000 24,000 84,000 59.0001 514.000 564,0001,137.000
To Bremen-Jan. 7-Ingola, 1,813
1,813
-To Manchester-Dec. 31
-Ramon de LarAccording to the foregoing, Bombay appears to show an CORPUS CHRISTI
rinaga,556
556
increase compared with last year in the week's receipts of
To Liverpool
-Dec.31-Ramon de Larrinaga, 854
854
To Havre
-Dec.31-Honduras,2,575
2,575
5,000 bales. Exports from all India ports record an increase
To Dunkirk-Dec. 31-Honduras, 504
504
of 31,000 bales during the week, and since Aug. 1 show an
To Ghent
-Dec. 31-Honduras, 67
67
To Barcelona-Jan. 5-Marr Caribe, 536
536
increase of 242,000 bales.
CHARLESTON-To Bremen-Jan. 3-Ingola, 2,649
2,649
To Hamburg
-Jan. 3-Ingola, 315
315
MANCHESTER MARKET.
-Our report received by
To Rotterdam-Jan. 3-Ingola, 58
58
cable to-night from Manchester states that the market in NORFOLK
-To Manchester-Jan. 6-Artigas, 1,100---Jan. 9
Manchester Market, 335
1,435
both yarns and cloths is quiet. Merchants are buying very
To Liverpool
-Jan. 9
-Manchester Merchant, 506
506
sparingly. We give prices to-day below and leave those of
To Bremen-Jan. 8
-Westfalen, 1,775
1,775
To Rotterdam-Jan.8
-West Arrow,300
300
previous weeks of this and last year for comparison:
To Antwerp-Jan. 8
-Anaconda, 150
150
WILMINGTON-To Genoa-Jan.6-Monrosa,3,100
3,100
1929.
1930.
173,686
85( Lbs. Shirt- Cotton
85( Lbs. Shirt- Cotton
COTTON FREIGHTS.
-Current rates for cotton from
32, Cop
legs, Common Elides 32s Cop 00. Common Middre
to Finest.
UN'
ds. New York, as furnished by Lambert & Burrowes, Inc., are
Twist.
to Finest.
UPrds. Twig5.d.
d. 5.0.
0.. as follows, quotations being in cents per pound:
Sept.d.
d.
d. s d.
a. d.
d.
10.31
19____ 940104
8.28 1440164 13 0 (413 2
2 (4 9 8
High StandHigh StandHigh Stand.
10.20
6.89 14340104 13 0 013 2
Density. ant.
2 098
Density. aril.
26-- 9540104
Density. ard.
Liverpool .45c. .600. Stockholm .60o. .75e. Shanghai .53340. .88)(o.
3- 940104
10.28
0 094
6.78 14440164 13 0 013 2
Mancliester.46o. .600. Trieste
.50e. .650. Bombay
40e. .550.
10____ 93401034
5.64 1440154 13 0 013 0
10.28
7 © 93
Antwerp .450.
.600. Flume
.500.
.65:. Bremen
.450. .600.
17___. 9 010
6.73 1440164 13 0 @132
9.94
7 093
Havre
.31e. .460. Lisbon
.45e. .600. Hamburg .45o.
.600.
24___ 940104
8.06 14401634 13 0 (413 2
9.98
8 et 9 2
Rotterdam .450.
.60e. Oporto
.600.
.750. Piraeus
.75e.
.900.
8.24 1440154 12 8 (413 0
M.__ 934010%
9.88
8 et 9 2
Genoa
.500. .650. Barcelona .40c. .550. Salonlea .750. .900.
Nov.
Oslo
.500. .60o. Japan
.48450. .63450. Venice
.50e. Aso.
8.03 13h991474 123 @125
7.... 9401034
8
92
9.68
5.98 134501445 12 2 012 4
9.56
14.... 94501045
6 09 2
LIVERPOOL.
-By cable from Liverpool we have the fol21...... 94501044
5.98 137 01414 12 3 012 5
4
6 09 2
9.76
lowing statement of the week's sales, stocks, &c., at that port:
6.91 133401451 12 3 012 6
9.69
288 (4 9 2
93401034
Deo.Dec. 19. Dec. 26. Jan. 2.
Jan. 9.
5.70 134501434 12 3 012 5
6____ 9 010
9.68
6 44 9 2
Sales of the week
17,000
8,000
13.000
23.000
12____ 8340 945
5.43 1314(4143412 3 012 5
5 09 1
9.47
Of which American
8,000
4.000
7.000
11,000
6.32 133401434 12 3 (412 6
9.38
5 09 1
19--- 8340 934
Sales for export
1,000
1.000
6.31 131401434 12 3 012 6
9.61
28--- 8340 934
6 09 1
Forwarded
42,000
19,000
33,000
44,000
Total stocks
776,000 830,000 842,000 843,000
Jan.1930.
1931.
Of which American
392,000 446,000 458,000 455,000
5.33 134(41434 12 2 012 4
2__-_ 8350 945 8 5 0 9 1
9.53
Total Imports
56,000 104,000
55,000
39,000
9.-- 8450 945 8 5 0 9 1
5.40 1311(4144 12 2 012 4
9.58
Of which American
27,000
71,000
43,000
15,000
Amount afloat
204,000 168,000 164,000 178,000
SHIPPING NEWS.
-As shown on a previous page, th6
Of which American
138.000 106.000
93,000 113,000
exports of cotton from the United States the past week have
The tone of the Liverpool market for spots and futures
reached 173,686 bales. The shipments in detail, as made
each day of the past week and the daily closing prices of
up from mail and telegraphic reports, are as follows:
spot cotton have been as follows:
Bales.
GALVESTON-To Bremen-Dec. 31-Griesheim, 1,350; Wartan6,288
rots,
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
2,002
To Genoa-Jan.7-Nicolo Odero, 2,002
To Oporto
2,701 Market,More
-Dec.31Cody,2,701
To Lisbon-Dec.31-Cody,50
12:15 I
Dull.
Quiet.
Dull.
demand.
More
Quiet.
To Passages
-Dec. 31-Cody. 169
169
P.M.
demand.
To Japan-Jan. 2-Snestad, 1,704.._Jan. 6
-Patrick Henry,
7,487--Jan.7-Toba Maru,1,478: Buenos Aires Maru,476 11,145 Mid.Upl'ds
5.40d.
5.43d.
5.340.
5.390.
5.450.
5.400.
To China-Dec. 2-Snestad, 37_ _Jan. 6
-Patrick Henry,
,
Sales
2,000
3.000
5,000
5,000
2,000
6,000
To liavre-Jan. 3-Deerpool, 5,305
5,305
To Dunkirk-Jan. 5
-Toronto, 2,547
2,547
Fntures.I Steady. Quiet but Barely stdy
Quiet,
Quiet but Quiet: noTo Gothenburg-Jan.5
-Toronto, 584
584 Market
rdy,3to 5 changed to
4 11 to 12 pts st'dy,4 to? 3 to 6 pts. 3 pts.
To Copenhagen-Jan.5
-Toronto,300
300
opened
advance. pts. adv. decline,
advance. pts. adv. 2 ots. adv.
To Oslo-Jan.5
-Toronto,300
300
To Liverpool-Jan.6
-Median,3,502
3,502 Market, f
Quiet, Barely stdy Steady,
Steady, Barely stdy Steady.
To Manchester-Jan.6
-Median, 2,135
2,135
4
4 8 to 10 pts. unch•gd to 5 to 8 pta 2 to 4 pts. unch'gd to 1 to 3 pts.
-To Ilavre-Dec.31-Kentucky,2,387...
.Jan.3
NEW ORLEANS
P.M. I advance. 1 pt. adv. decline.
advance. 1 pt. dec. decline.
-De is Salle, 1,126
3,513
To Hull-Jan. 7-Elmsport, 100
100
To Antwerp-Dec.31-Kentucky, 100
Prices of futures at Liverpool for each day are given below:
100
To Genoa-Dec. 31-Nicolo Odero, 3,546
3,546
To India-Dec.30
-Silver Pine, 50
50
Jan. 3
Fri.
Sat.
Mon.
Tues. I Wed.
Thurs.
To Canada-Dec.31-Point Arena,75
75
to
To Bremen-Dec. 30-Riol, 8,079.. Dec. 31
-West Gambo,
Ian. 9.
12.1512.3012.1. 4.6112.15 4.0042.15 4.0012.15 4.0012.16 4.00
3 792
6,871
p. m p. m.p. m.p. m p. M.p. m.p. m.o. m.p. m.p. m.p. m.p. m.
To liamburg-Dec. 30-Riol, 320
320
To Rotterdam-Dec. 31-West Gambo,655__ _Jan. 5
-Edam,
New Contract it.
el.
d.
it.
d. d, d. d.
d.
876
1,531
5.30 5.23
5.22
5.24
5.24 5.19 5.19 5.24
-De La Salle, 350
To Dunkirk-Jan.3
350 January
5.32 5.25
5.24
5.27 5.22 5.22 5.26
-Jan. 3
-De La Salle, 100
To Ghent
100 February
March
5.35 5.29
5.28
5.33
5.335.26 5.26 5.29
To Japan-Jan. 3
-Buenos Aires Meru, 6,306---Jan. 65.38
5.39 5.33
5.32
5.38 5.31 5.30 5.34
Torresbank, 5,236
11,542 April
5.44
5.44 5.39
5.37
5.44 5.37 5.36 5.39
-Baja California, 200
To Mexico-Jan. 3
200 May
6.48
5.49 5.43
5.42
5.49 5.42 5.41 5.44
To Laguayra-Jan. 5-Travemunde, 100
100 June
-- 5.54
5.48
5.55 5.48 5.47 5.49
5.55 5.49
100 July
To Porto Cabello-Jan. 5-Travemonde, 100
5.58
5.59 5.52 5.51 5.53
5.59 5.53
5.52
-Cartago, 50
50 August
To San Felipe-Jan. 2
__ 5.61
5.62 5.55 5.54 5.56
5.62 5.56
5.55
-Baja California, 200
200 September_ _ _ _
To Vera Cruz-Jan.3
- -- 5.65
5.66 5.59 5.58 5.6
5.66 5.61
5.58
2 October
To Cristobal-Jan. 3-Iriona, 2
5.70 5.63 5.62 5.63
5.70 5.64
5.61
6
-Actor, 9,463
9,463 November --------5.69
To Liverpool-Jan.
December
__ __ 5.73
5.74 5.67 5.66 5.67
5.74 5.68
5.66
-Actor, 2,435
2,435
To Manchester-Jan. 6
5.77 5.71 5.09 5.7
5.76 5.70
5.68
3,890 January (1932) __ __ 5.76
To China-Jan. 6-Torresbank, 3.890
-To Bremen-Dec.24-Taransay, 250..-Dec.31-West
MOBILE
3,179
Hike, 2,929
5,513
-Dec.31-Oranian,3,270: West Nohno,2,243
To Liverpool
1,283
To Manchester-Dec.31-Oranian. 717; West Nohno,566
5
Hamburg-Dec. 31-West Hike, 5
To
150
Friday Night, Jan. 9 1931.
To Barcelona-Jan. 3-Sahale, 150
100
BALTIMORE-To Havre--Dec. 23-Sarcoxie, 100
Flour early in the week was firm at a rise of 10c., and
-Vin-Dec.31-Schodack,1,208_ _Jan.7
-To Havre
NEW YORK
1,843
cent, 635
75 there were reports of a better demand, while feed prices
To Lisbon-Jan.2-Augvald,75
50 had a downward tendency. On the 0th inst. a
-To Dunkirk-Dec.31-Washington,50
LOS ANGELES
further ad50
To Genoa-Doc. 31-Wshiniston, 50
100 vance took place of 50c. in mill feed, following the rise
-Steel Inventor, 100
To Liverpool-Jan.3
-President
-Malayan Prince, 1,246- --Jan.5
To Japan-Jan.3
3,226 earlier in the week of 50c. to $1. Later feed prices advanced
Fillmore, 500; Sanyo Maru, 1,480
-President
-Malayan Prince, 500_ _ _Jan. 5
To China-Jan. 3
1,200 50c. to $1, the first advance in a good while. Flour was
Fillmore, 200_ _-Jan. 3-Greysto1e Castle, 500
338
FINANCIAL CHRONICLE
steady. Later in the week feed prices continued to rise,
and flour was steady, with reports of a better demand.
Wheat had a quiet week, but the technical position was
better, there were complaints of dry weather in the winter
wheat belt, and the support of the Farm Board was still
apparent. On the 3rd inst. prices advanced lc., some of
which was lost in the later realizing. The talk was that
China may afford a large market for Canadian wheat, and
that there might be a big loan to China by Canada to enable
China to buy wheat on a liberal scale. Liverpool rose 1 to
114d. The Farm Board bought cash wheat in the Southwest. On the 5th inst. July declined 11
4c., and Winnipeg
4c., and, in general, closing
fell 1%c. But May was at 811
prices were % to 1
4c. net higher. Foreign markets were
higher. Passage stocks fell off. Drouth continued In India.
Big rains fell in Argentina, Where they are not wanted.
There were reports of a better export demand from both
the United Kingdom and the Continent for Manitoba, but
the actual sales were 600,000 to 700,000 bushels. Bids were
apt to be too low to admit of business. The world's shipments last week were 9,545,000 bushels, or about 2,000,000
bushels less than in the previous week, while in the same
week last year the total was 20,310,000 bushels. From July 1
exports were 391,000,000 bushels, or some 60,000,000 bushels
more than in the previous season. On passage the total
was 27,272,000 bushels, or a loss of about 4,000,000 for the
week, and is now smaller than a week ago, a month ago,
or last year. A private estimate put the United States carryover at 275,000,000 bushels, the largest in many years. The
Southwest reported liberal country offerings. The visible
supply in the United States increased 1,155,000 bushels, with
the total now 189,204,009 bushels. The North American
visible increased 1,349,000 bushels, and the total is 277,990,000 bushels.
On the 7th inst. July advanced 1%c., with buying attributed partly to Wall Street, While Winnipeg was a wet
blanket. Selling there was persistent. Old crop months
were the firmest. Liverpool advanced % to 114d. Export
demand was small. The Government weekly weather report
said that in the Ohio Valley and adjacent territory there
was an absence of snow-covering, but that the condition was
fair to good. Illinois needs rain, and the weekly forecast
was for rain or snow over the entire belt. Liverpool reported some trade in the United Kingdom and the Continent
in foreign wheats, but it was confined almost entirely to
cheap Russian offerings. Export clearances from the United
States from July 1 were 84,500,000 bushels, and of an export surplus of 240,000,000 bushels 156,000,000 remain.
Canadian shipments since July 1 are 128,000,000 bushels,
and of 353,000,000 bushels the estimated export surplus
there remain 225,000,000 bushels.
On the 8th inst. priced ended %c. lower to %c. higher in
Chicago, unchanged to %c. higher in Minneapolis, and %c:
lower in Winnipeg. Liverpool advices were disappointing
and Argentine fell % to 1%c. The export sales were
500,000 to 600,000 bushels, all Manitoba and durums. Liverpool advanced id. early on buying supposedly by Argentine
and Australian merchants but closed only 1 3d. higher.
4
Winnipeg was depressed. The old crop deliveries were best
sustained. New crop reports from Kansas City were satisfactory. Also the visible supply is some 189 000,000 bushels,
an increase since June 27 last year of 82,000,000 bushels.
To-day prices closed unchanged to %c. higher. But
Winnipeg, on the other hand, ended % to 114c. lower. Foreign markets were lower. May delivery, however, turned
out to be quite strong. July rallied easily. Complaints of
dry weather came from the winter wheat belt. Argentine
,
markets were weak early but strengthened later and ended
1
4c. higher. Mills were buyers of futures at Minneapolis.
But the export demand was moderate. The sales were only
500,000 bushels. This depressed Winnipeg, though the weakness there was due partly to the undoing of spreads between
Winnipeg and Chicago involving sales at Winnipeg. Liverpool closed Y to %d. lower. Final prices show a rise for
4
the week of % to 1%c.
[VOL. 132.
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG,
Sat. Mon. Tues. Wed. Thurs. Fri.
May
5831 56% 57% 5831 57% 5634
July
59 5934 58% 57%
5934 57%
October
6034 59
Indian corn kept pace with wheat, with the help of continued small country offerings. On the 3rd inst. it advanced
with wheat, but later reacted % to %c., closing at a net
rise of 14 to %c. The country offerings were small. The
/
cash demand was fair. The feeding on the farms is on a
large scale. On the 5th inst. prices declined 1'4c. In response to a drop in wheat. The United States visible supply
Increased last week 739,000 bushels against 1,949,000 last
year; total, 16,390,000 bushels against 9,892,000 a year ago.
Selling by commission houses and professionals as well as
scattered liquidation had an effect. Much of the selling
was caused by Omaha advices of larger country selling of
cash corn over the week-end. The market showed little
rallying power despite considerable covering and buying
against privileges.
On the 7th inst. prices advanced % to 114c. on covering,
and the rise in wheat as well as the persistently small country offerings, a wet forecast, a better consuming demand
from the East, and news that in Indiana bids had been
4c.
raised 314c. On the 8th inst. prices closed 1Y lower on
/
rather heavy liquidation, some increase in the country offerings, expectations of larger receipts in the next few days,
professional selling, and some liquidation. Actual receipts
at interior points, however, were only moderate, and most
offerings from the country were at 1 to 2c. above the market.
The weather was unsettled, and this and covering caused
rallies. It was said that country holders demanded 50c. in
Western Nebraska, or equal to 80c. for Chicago May. But
Chicago acted rather overbought, and closing prices were
but little above the lowest of the day.
To-day prices ended % to lc. lower, under liquidation and
professional selling. They rallied for a time on the firmness of wheat and moderate receipts of corn. But towards
the end the demand slackened very noticeably and there was
renewed local pressure. Country offerings, it is true, were
small, and mostly at prices above the market. Cash demand was merely fair. The cash basis, accordingly, was
relatively weak, and caused some of the late selling. Final
prices show a net rise for the week of 1 to %e.
4
DAILY CLOSING PRICES OF CORN IN NEW YORK,
Sat. Mon. Tues. Wed. Thurs. Fri.
85% 8531 8731 sgh 8834 8734
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO,
Sat. Mon. Tues. Wed. Thurs. Fri.
7034 69% 71% 72% 7131 7034
March
May
7034 72% 73% 7234 71%
72
July (new)
73
7134 73% 74% 73% 72%
No.2 yellow
Oats were steadied by corn in a quiet market. On the
3rd inst. prices advanced Y to 36c. net in sympathy with
4
the rise in other grain, with covering of shorts to hasten
the rise. On the 5th inst. prices ended 14 to Y lower,
2c.
with other grain. The United States visible supply decreased last week 820,000 bushels against 394,000 last
year; total, 28,226,000 against 26,956,000 last year. On the
7th inst. prices closed %c. lower to %c. higher, making no
very marked response to the rise in corn. On the 8th inst.
prices declined 14 to 14c., with corn and some liquidation
/
and other selling. To-day prices ended Y to %c. lower on
4
small trading, mostly professional, and ending weak in
sympathy with corn. Final prices show a rise for the week,
however, of 14 to %c.
/
DAILY CLOSING PRICES OF OATS IN NEW YORK,
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
No.2 white-44(445 4334(4)4434 4334044434 4334184434 431844 431844
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO,
Sat. Mon. Tues. Wed. Thurs. Fri.
March
3334 3334 3431 3431 33% 3354
May
3434 33% 34% 34% 3434 34
July (new)
33% 3334 3431 33% 33% 3331
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG,
Sat. Mon. Tues. Wed. Thurs. Fri.
May
29% 28% 29% 29% 28%
28
July
29% 28% 29% 29% 29
28%
Rye was under some pressure in a small market. On
the 3rd inst. prices advanced % to %c., under the lead of
wheat. The open interest in Chicago on the 3rd inst. was
DAILY CLOSING PRICES OF WHEAT IN NEW YORK,
16,378,000 bushels. On the 5th inst. prices declined 1% to
Sat. Mon. Tues. Wed. Thurs. Fri.
9434 9531 9531 9534 1%c., following wheat. The United States visible supply
No.2red
94% 95
DAILY CLOSING PRICES OR WHEAT FUTURES IN CHICAGO, last week decreased 248,000,000 bushels against an increase
Sat. Mon. Tues. Wed. Thurs. Fri.
of 1,078,000 in the same week last year. The total was
March
80 7 8031 8031 8031 80% 81
1/
15,568,000 against 13,715,000 last year. There was general
May
81% 81% 81% 82%
8134 8131
July (new)
65% selling and little support. On the 7th inst. prices advanced
6634 6434 65% 66% 66
JAN.
10 19311
FINANCIAL CHRONICLE
339
only % to 11c. net. On the 8th inst. prices declined 11
/
4
The visible supply of grain, comprising the stocks in
to 1%c., with wheat lower and cash demand small. To-day granary at principal points of accumulation at
lake and
prices ended %c. lower to 18c. higher. Trading in spreads seaboard ports Saturday, Jan. 3, were as follows:
/
was the leading feature. Final prices show a decline for
GRAIN STOCKS.
the week of % to %c.
Wheat,
Corn,
Oats,
Rye.
Barley,
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
March
43
41% 43
May
44
423's 44
July
433
44
423
IN CHICAGO,
Wed. Thurs. Fri.
43% 42
41%
44A 42% 42%
44% 42% 43
Closing quotations were as follows:
GRAIN.
Wheat. New York
Oats. New York
No. 2 red, fob., new
93%
No. 2 white
43@)44
No. 2 bard winter, f.o.b.._ Nom
No. 3 white
41Q41%
Rye
-No. 2, f.o.b. New York 46
Corn, New York
Chicago, No. 1
No. 2 yellow, all rail
37% Barley
No. 3 yellow. all rail
84,8
No. 2 c.i.f. New York,dom. 584
Chicago, cash
41065
FLOUR.
Spring pat, high protein$4.90 $5.25 Rye flour, patents
$3.90@4.30
Spring patents
4.50
4.85 Seminole, med.. No.3
24@3c
Clears, first spring
4.15
4.40 Oats goods
$2.15
2.20
Soft winter straights
4.10
4.40 Corn flour
2.25
2.30
Hard winter straights- 4.35
-.
4.70 Barley goods
Hard winter patents
4.70
5.10
Coarse
3.25
Hard winter clears
4.00
4.25
Fancy pearl, Nos. 1.
Fancy Minn. patents
6.30
6.80
2, 3 and 4
6.15Q 6.50
City mills
6.55
7.25
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Receipts at-
Flour.
Wheat.1
Corn.
Oats.
Barley.
Rye.
.106155. bush.60 lbs.bush.56 lbs. bush. 32 lbs.bush.481bs.bush.561bs.
Chicago
162,000
537,000
492,000
170,000
59.000
17,000
Minneapolis1,240,000
202,000
153.000
133.000
48,000
Duluth
979,000
285,000
139.000
18.000
22,000
Milwaukee
8,000
30,000
197,000
36,000
100.000
3,000
Toledo
188,000
10,000
4,000
Detroit
30,000
9,000
2,000
4,000
2,000
Indianapolis39,000
301,000
42,000
St. Louis_-127,000
362,000
349,000
169,000
40,000
3,000
Peoria
58,000
6,000
65,000
22,000
41,000
202,000
Kansas City1,519,000
529,000
50,000
Omaha
403,000
438,000
28,000
St. Joseph_
30,000
284.000
20,000
Wichita
163,000
56,000
2,000
4,000
Sioux City..1,000
24,000
20,000
2,000
Total wk. '31
343,000 5,527,000 3,241,000
857.000 401,000
297,000
Same wk. '3.0
364,000 4,026,000 9,170,000 1,607,000
538,000 1.163,000
Same wk. '23
447,000 4,487,000 9,052,000 1.904,000 1,030,000
328,000
Since Aug. 1
1930
9,887,000 247,251,000 91.477,000 65,754,000 33,395,000 15.150,000
.
1929
10,120,050 249,682,000 114,026,000 81,381,000 47,538,000 19.347.000
1928
11 R.51 MUM R2R 000133 5R4 OM RI 53cl um 70 4911 nnn10 ral Ann
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Jan 3, 1931 follow:
Receipts at-
Flour. . ineat.
1
Corn.
I
Oats.
Barley.
Rye.
.196163.bush.60 lbs. bush.56 lbs.'bush. 32 lbs. bush.481bs.bush.561bs.
18O,000
200,000
2,000
24.000
17,000
39,0001
4,000
2,000
27,000
10,0001
10,000
24,000
4,000
1.000
49,
48,000
27,000
12,000
7,000
34,000
372,000
17,000
26,000
2,000
6,000
New York -'I
Phihtdelphfa_
Baltimore_ _
Newport Newsl
New Orleans •I
Galveston_
St. John, N.BI
Boston
I
Total wk. '311
Since Jan.1'31
339,000
339,000
643,000
643,000
55,000
55,000
73,000
73,000
Week 1930_ _ _
Since Jan.1'301
439,000
439,000
839,000
839,000
100,000
100,000
71,000
71,000
17,000
17,000
17,000
17,000
19,000
6,000
19,000
6,000
• Receipts do not include grain passing through New Orleans
for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Jan. 1931, are shown in the annexed
statement:
Exports frontNew York
Boston
Baltimore
Newport News
New Orleans
Galveston
St. John. N. B
Houston
Halifax
Wheat.
Corn.
Bushels. Bushels.
547,000
Flour.
Oats.
Rye.
Barley.
Barrels, Bushels. Bushels. Bushels.
35,001
17,000
12,000
4,000
1,000
6,000
34,000
2,000
4.000
34,000
17,000
2,000
6,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
" afloat
Milwaukee
" afloat
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Hutchinson
Wichita
St. Joseph, NI°
Peoria
Indianapolis
Omaha
bush,
1,404,000
bush,
121,000
489,000
7,166,000
377,000
4,501,000
4,847,000
6,204,000
13,555,000
10,118,000
3.818,000
441,000
352,000
17,597,000
2,006,000
2,136,000
258,000
24,032,000
362,000
31,899,000
1,086,000
6,346,000
24,026,000
3,522,000
1,890,000
6,975,000
79,000
905,000
12,873,000
80,000
118,000
bush,
45,000
5,000
97,000
24,000
59,000
50,000
bush.
35,000
bush.
4,000
8,000
6.000
8,000
88.000
127,000
206,000
367,000
5,000
216,000
924,000 1,338,000
690,000
279,000
698,000
1,300.000
29,000
178,000
5,000
4,000
1,421,000
52,000
56,000
25,000
38,000
3,049,000 5,613,000 3,262,000 1,408,000
1,767,000 2,259,000
792,000
1,812,000 3,973,000
238,000
644,000
1,285,000 3,173,000
4,059,000
648,000
1,437,000 5,168,000 4,772,000 5,046,000
414,000
585,000
1,000
27,000
1,473,000
346,000
33,000
100,000
805,000
93,000
134,000
412,000
53,000
78,000
6,000
16,000
832,000
344,000
11.000
7,000 1,439,000
1,157,000 1,124,000
18,000
77.000
2,399,000
316,000
18.000
140,000
Total Jan. 3 193L -189,284,000 16,390,000 28,226,000 15,568,000 11,384,000
Total Dec. 27 1930...188,109,000 15,451,000 29,046,000 15.816.000 11.540,000
Total Jan. 4 1930.--175,518,000 9,892,000 28,956,000 13.715,000 9,737.000
Note.
-Bonded grain not included above. Oats, New York, 3,000 bushels;
Duluth, 4,000: on Lakes, 248,000; total, 255,000 bushels, against 700,000 bushels
in 1930. Barley, New York. 9,000 bushels; Buffalo. 140,000; Buffalo afloat, 1,129,000; Duluth, 51,000; total, 1,429,000 bushels, against 3,017.000 bushels in
1930. Wheat, New York, 1,783,000 bushels; Boston. 643,000; Philadelphia,
214,000; Baltimore, 535,000; Buffalo, 5.495,000; Buffalo afloat. 16,817,000; Duluth,
59,000; Toledo afloat, 582,000; total, 28,128,800 bushels, against 35,464,000 bushels
In 1930.
Canadian
Montreal
4,562,000
Ft. William 6:Pt. Arthur_37,158,000
" afloat
Other Canadian
20,878,000
995,000 1,427,000 1,835,000
3,302,000 7,463,000 13,829,000
252,000
642,000
2,846,000 3,440.000 7,145,000
Total Jan. 3 103L.._62,598,000
7,143,000 10,582.000 23,451,000
Total Dec. 23 1930_82,007,000
7,183,000 10,617,000 23,415.000
Total Jan. 4 1930_ _ _ -75,567,000
9.581.000 6,139,000 16,749,000
Summary
American
189,264,000 16,390,000 28,226,000 15,568,000 11,384,000
Canadian
62.598,000
7,143,000 10,582,000 23,451,000
Total Jan. 3 1931...251,882,000 16,390,000 35,369,000 26.150,000 34,835,000
Total Dec. 27 1930.-250,118,000 15.451,000 36,229,000 28,433,000 34,955,000
Total Jan. 4 1930- _251,085,000 9,892,000 38,537,000 19.854,000 26,484,010
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Jan. 2, and since July 1 1930 and 1929,
are shown in the following:
TV/seat.
Exports-
North Amer_
Black Sea....
Argentina_ _
Australia_ _
India
0th. countra
Total
Week
Jan. 2
1931.
Since,
July 1
1930.
Corn.
Since
July 1
1929.
Week
Jan. 2
1931.
Since
July 1
1930.
Since
July 1
1929.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
4,050,000 212,306,000,171,733,000
25,000
979,0001 2,195,000
1,528,
81,358,0001 15,883,000
621,000 23,423,000 10,288,000
1,255,0001 24,402,000101,217,000 2,972,000 125,038,000111,422,000
2.192.0001 37,200,0001 25,861,000
8,912,000
320,000
520.000j 28,778,000 22,436,000
154,000 33,044.
21,584,000
9,545,000390.954,000 337,450,000 3,772,000 182,584,000145,469,000
WEATHER REPORT FOR THE WEEK ENDED JAN.
6.
-The general summary of the weather bulletin issued by
the Department of Agriculture, indicating the influence of
the weather for the week ended Jan.6,follows:
The first part of the week was cold over the eastern half of the country,
especially in Appalachian Mountain districts where subzero temperatures
were reported. The latter part was much warmer, though about the close
there was another sharp drop in temperature.
210,000
Two moderate depressions passed eastward over the more northern
States during the first and middle parts of the week, but, otherwise, pres372,000
sure was relatively high until Jan. 4 when a "low" was charted over the
west Gulf area. This moved eastward to the lower Mississippi Valley
and thence northeastward, with greatly increased intensity, to extreme
southern New England at the close of the week. It was attended by wideTotal week 1931__ 1,169,000
6,000 132,001
2,000
17,000
17,000 spread precipitation in nearly all sections of the South and East and by
Same week 1930_ _ _ _ 1,584,0001
16,000 152,872
56.000
21.000 high winds. Precipitation was heavy in many place in the more eastern
States, with deep snows in some northern sections, particularly in northern
The destinat'on of these exports for the week and since New York and northern Vermont.
The table on page 3 shows that the week, as a whole, was mild to abnormally warm for the season over much of the country. In most
Jan. 1 1930 is as below:
of
Southern States thetemperatures averaged near normal, but rather the
generally over the northern half of the country the weekly means
ranged
Flour.
about 4 deg. In the East to as much as 16 deg. above normal in parts from
TVheat.
Corn.
of the
Exports for Wash
northern Great Plains. The period was also somewhat warmer than
normal
Since
Week
in the Pacific States, but was cool in the eastern Great
and Since
Week
Since
Week
Since
Basin.
Jan. 3
July t
weather extended as far south as northern Florida, but minimum Freezing
Jan. 3
July 1 toJuly 1
Jan. 3
July 1
tempera1930.
1931.
1931.
tures were well above freezing in west Gulf districts. Sub-zero
1930.
1931.
1930.
temperatures occurred in Appalachian Mountain sections, the interior
east, and over the central-northern portions of the country. of the NorthBushels.
Barrels. Barrels.
Bushels. Bushels. Bushels.
United Kingdom. 64,381 2,329,443
The table shows also that substantial to rather heavy rains occurred
308,000 32,191.000
86.000
rather
41,620 2,914,863
generally from eastern Texas east ward, and in the Atlantic and
Continent
856,000 81,779,000
Applachain
712,440
So.& Cent. Amer_ 15,000
4,000 1,369,000
2.000
2,000 States. The amounts were mostly light to moderate in the Ohio Valley
615,850
and Lake region, while in the central and northern sections
11,000
West Indies
1,000
28,000
4,000
36,000
between the
11,400
Brit. No.Am.Col.
____
Mississippi River and Rocky Mountains practically no
2,000
precipitation oc291,080
Other countries- curred. The Pacific coast had heavy rainfall, with first-or
---2,080,000
der stations
reporting amounts ranging from about 1.5 inches to nearly
4 incises, the falls
132,001 6.875,076 11,690,000 117,449,000
Total 1931
8,000
124,000 being especially heavy in central and northern California.
,
rntn110211
152.872 4.716.693 1,584.000 82.403.000
The week brought, near its close, the most favorable
16.000
247.000
rains since the
summer droutla to large areas in the more eastern
portions of the coun40,000
•
340
FINANCIAL CHRONICLE
[Vol,. 132.
to stabilize a market which has been greatly unsettled in
recent months, and is regarded by many observers as having
been staged at the psychological moment when such an
action can do most good. A further important step, in
harmony with the object of the price reduction, was the
announcement that the new prices would be protected by a
-day guarantee, and that bonuses on a scale upward to
90
as high as 3%,for quantity, would be obtainable on the new
price basis. It is learned that most rayon mills are in a
fairly liquid stock position, as far as all-rayon fabrics are
concerned. Scarcity of all-rayon flat crepes and a sold-out
condition in sleigh jacquard cloths are encouraging features.
DOMESTIC COTTON GOODS.—While no noteworthy
expansion in cotton goods activity has yet occurred to substantiate the hopes voiced recently that the early weeks
of the new year would usher in a better demand, sentiment
in most divisions of the trade appears to retain its comparative optimism, in some measure reflecting the fact that
although active buying has not been forthcoming the undertone of the market has exhibited a fairly consistent steadiness, with nominal advances occurring in some quarters.
Certain gray goods constructions, which customarily are the
most active, have experienced spurts of better demand, but
improved inquiry has been the main source of encourageAt
The Weather Bureau furnishes the following resume of ment, apart from theorizing on technical conditions.
the same time the fact that accumulations in both primary
the conditions in the different States:
when
distributing channels are relatively light, with the
Virginia.—Richmond: Dry and rather cold until end of week
in western and
cover
generous precipitation and warmer. Much of snow stages melted
improved. Con- extremely low level of current prices being measurably regood. Water
counties. Truck and grains appear
ditions favorable for marketing tobacco and for foam work.
flected in the retail price scale (as an additional attraction
North Carolina.—Raleigh: Mild latter part of week; soil mostly too to the ultimate consumer) provides a reasonable foundation
g
wet to work, except in southeast where ground prepared for transplantin
lettuce and cabbage. Other hardy truck and small grains satisfactory for the contention that cotton goods may well be in the
condition. Some increase of streamflow.
general recovery in the nation's business.
South Carolina.—Columbia: Early part cold and raw, but closing mild, forefront of a
with light showers. Winter cereals and hardy truck healthy, but not With due consideration for the abnormal conditions brought
on coast. Some early
much growth. Cabbage and spinach progressing
depression, it is considered safe to say
potato plowing and further cabbage planting continue. Considerable hog about by the present
the trade are in cleaner shape than for several
killing.
rainy weather at that stocks in
Georoia.—Atianta: Cold at beginning, with warmer,
the years. Should curtailment continue in an undiminished
close of week; sunshine deficient. All kinds of winter vegetables and
cereal crops in normal condition, but growth slow. Hog killing continues. ratio, of which there is good prospect, even several more
Farm work at standstill.
heavy months of slow business need not necessarily revive the
Florida.—Jacksonville: Deficient sunshine, moderate to locally
extreme
rains, and low temperatures, with freezing in west and interior of planting necessity to dispose of accumulations at almost any price.
north first days. Lowlands too wet in much of State and truck
continued to take advantage of concessions
soil.
and growth backward; some potatoes rotted in fields, owing to wetCab- Buyers have
warmth.
Strawberries slow progress, due to lack of sunshine and uplands. Some where they occasionally occurred, with something approachbage and other truck fair in west. Oats fair to good on
ing alacrity in some instances, and with a number of mills,
local damage to tangerines by cold on Dec.24.
nearly to caost: on the other hand, refusing long-term orders based on the
Alabama.—Montgomery: Cold first part, with freezing
and
but changing to colder at close. Rainfall generalgood
warmer thereafter,
cabbage
present price scale, the general improvement in confidence
locally heavy near close; otherwise generally fair. Planting
accomplished. Oats is manifest. Wash goods were the outstanding beneficiaries
progress in coast section; elsewhere little farm work
retarding growth. Winter truck mostly
mostly in fair condition, but cold
little of better business during the week, improved sales embracIn fair condition in more southern portions and locally in northwest;
growing elsewhere. Condition of surviving pastures poor to fair.
ing sheers for February delivery and seasonable goods for
ly cloudy and unseasonably
Mississippi.—Vicksburgh: Predominant
Monday
shipment. .The outlook for prices, which
cool, but without cold wave. General precipitation Sunday and plowing, spot and nearby
mostly light in north and moderate to heavy elsewhere. Some
currently allow a very narrow margin of profit, is still
but generally unimportant advance of farm activities.mostly light to mod- obscure, however. Print cloths 27-inch 64x60's constructions
Louisiana.—New Orleans: Rains on several days,
breaking
4
erate, with seasonable temperatures, generally favorable for
are quoted at 37 1c., and 28-inch 64x60's at 41Ac. Gray goods
land, which is in progress in all sections. Cane harvest practically ended: 39-inch 68x72's constructions are quoted at 6c., and 39
-inch
doing well; being
grinding season has been very favorable. Winter truckplanted.
and potatoes being
gathered and shipped. Some truck
but cool in south- 80x80's at 8c.
Texas.—Houston: Warm in northern third of State, light elsewhere.
and
ern two-thirds; precipitation heavy in extreme east
WOOLEN GOODS.—With reason to believe that sales
portions of east.
Winter plowing progressed favorable, except in wetter
and of pas- of men's wear apparel during 1930 were some 25% under
and condition of wheat and oats generally excellent
Progress
slow progress. Contures, truck, and citrus good. Strawberries making
those of 1929, despite a drastic downward revision in prices
dition of livestock mostly good.
a stimulating effect on public
Oklahoma City: Mostly clear, with moderate tempera- which should have exercised
Oklahoma.—
and much plowtures and no precipitation, favorable for outdoor workin good condition buying, the hopes of men's wear manufacturers regarding
ing done. Winter grains made some growth; generally
well.
what 1931 will bring in the way of business are tempered
and providing fair to good pasture. Livestock doing
s very favorArkansas.—Little Rock: No rain and normal temperature
with apprehension. While prices continue to hold steady,
soil too dry. Considerable for farm work, except in west-central where
work done. Wheat, oats, on the whole, with the reinforcement of fairly "healthy"
able plowing, hauling, butchering, and clean-up
and alfalfa frozen
rye, and winter truck in good condition. Pastures causing suffering stocks in primary channels enabling producers effectively
down in north; this, in connection with feed shortage,
All winter crops excellent in south. to resist pressure for concessions in most instances, the conin northern and some central portions. cold, followed by decided thermal
into the market for
Tennessee.—Nashville: Clear and
rye, and barley. Snow tinued reluctance of buyers to come
rise and by rain, resulted in progress of wheat, oats,
does not indicate much confidence.
Stock fine.
cover in north most of week decidedly beneficial.with ground frozen deeply goods which they need
for this proKentucky.—Louisville: Low temperatures,
some run-off to small Mills have refused to take the responsibility
till near close of week when thaw and moderate rain; tobzcco rather show;
crastinating attitude, with the result that stocks of men's
streams that will relieve water shortage. Handling
too dry and cold.
wear worsteds in primary quarters are extremely light, and
prospects are for the development of severe shortages in
the near future. Such offerings are are now available are
THE DRY GOODS TRADE
principally of staple character, and it looks as if retailers,
9 1931.
New York, Friday Night, Jan.
in- as a result of refusing to prepare for spring business, will
moderate but measurable improvement in buying
A
in the first be unable to secure a good assortment of offerings, or even
terest has been noticed in most textile divisions disposition enough staple clothing to meet the public demand, in some
new year, and there is a general
week of the
ng great
will prove to be of instances, since they are even at present encounteri
to believe that the next several months
in securing prompt delivery. In the women's wear
character to the trade, in com- difficulty
Sales
generally more profitable
That division conditions are decidedly more encouraging.
parison with the corresponding period of last year. theory of worsted dress goods during the past week are said to be
turned the corner is a
ing period
the industry has definitely
some market judges, considerably above the total for the correspond in fashthat is subscribed to in all divisions by
more widely held last year, reflecting, it is interpreted, the increase
important
but such an opinion is qualified by the
of depression ionable importance of such fabrics. A number of
for a
view that while it is unlikely that the depths
to be producers are reported to have sold up their output
promises
reached last year will be resumed, recoverytime pessimists month ahead.
same
slow and irregular at best. At the
FOREIGN DRY GOODS.—While household lines at retail
of the ground already
are not lacking who fear a partial loss
remains generally
failure of prospective expanded business are selling actively, the primary market
won, through the
some time
having lured the trade into increased quiet, the offerings in point having been obtained goods at
to be sustained "after
such
the trade are estimated at a ago when importers cleared out stocks of displaying conoutput. Stocks throughout
delivery reflect- steep concessions. Meanwhile, cutters are
low figure, with numerous inquiries for spot
and, in some siderable interest in prints and solid-color dress goods for
ing the inadequate supplies in retailers' hands,
business is
confidence in the sta- winter-resort and early spring wear. While
measure, doubtless, their increased
concessions has scarcely beyond the sampling stage yet, it promises to reach
bility of prices. Continued pressure for
more than the highest levels since the war during the forthcoming
met with more consistent refusal from mills, and
Low prices are also expected to do much toward
of shortages is calculated to further stimulate season. the popularity of household lines in the course of
one prospect
a short time. The action of the Viscose Co., restoring
buying within
Burlaps were quiet and slightly easier. Light weights
largest American producers of rayon yarns, in reducing time.
at 5.10c.
15c. to 35c. per pound, is designed are quoted at 3.75c., and heavies
prices in a range of from
try. These were especially beneficial in replenishing water supplies and
Improving the soil condition from Virginia and West Virginia northward.
but, at the same time, more rain is needed far wells and springs. Another
the
outstanding feature di the week was the generous to heavy rainfall over but
Pacific coast area, the central and southern portions of which hadgood
in December, and were very dry. The soil is now in
little moisture
-condition in California whore rain was needed most, while moderate amounts
were helpful to the northward.
In the more southern States from eastern Texas eastward frequent rain
were unfavorable for outdoor operations, while in the more southeastern
seasonal
districts it was too wet and cool for much growth of truck and for
plantings. Hardy truck, however, continues to make fair to good progress
in the winter trucking sections.
in
The mild, open conditions continued favorable for livestock interests
winter,
the mid-Western States, especially in the Great Plains area. Theweather
so far, has been unusually favorable to stock in these sections, as the
has permitted a great deal of ranging, with a consequent conservation
afford
of a large amount of feed; in the southern Plains grain fields still Great
and
considerable pasturage. Farther west, in the Rocky Mountain
favorable, as low temperatures
Basin sections, conditions have been less
shrinkhave persisted, with much range closed, which has resulted in some Cold
age of stock and made heavy feeding necessary in many places.though
far Southwest,
weather has damaged truck and citrus fruits in the
harm to
in California extensive heating of groves has prevented serious
citrus.
condition
The winter wheat crop continues in mostly fair to satisfactory e lack of
in the principal producing areas, though there is an apprehetsiv sections
central
snow protection against possible damaging cold, while in
some deterioration is reported because of persistent dryness. cover in the
wheat is largely without a snow
SMALL GRAINS.—Winter
good,although
Ohio Valley and adjacent sections, but condition Is still fairly to continued
due
it is beginning to show signs of deterioration in Illinois,
excellent in the Southwest, with appardryness. Wheat Is very good to
favorable in the
ently no damage from heaving. Conditions were mostly in the Southeast,
Pacific Northwest, while satisfactory appearance continues
although there was not much growth.
1
JAN. 10 1931.]
FINANCIAL CHRONICLE
ffitate anti Txtg glevartmatt
NEWS ITEMS
Missouri.
-Supreme Court Ruling Reinstates State Treasurer.
-On Dec. 31 the State Supreme Court ruled that the
suspension from office of State Treasurer Larry Brunk on
Oct. 14 last, by Governor Caulfield upon charges of alleged
irregularities
-V. 131, p. 2722
-was unconstitutional. The
court is reported to have held that the suspension order and
ouster proceedings, instituted against the Treasurer by the
State's Attorney General at the behest of the Governor, ran
contrary to constitutional provisions which vest the Legislature only with the power of removing the State Treasurer,
thus upholding the contentions of Treasurer Brunk's counsel.
New York State.
-Legislature Convenes.
-In his third
annual message to the State Legislature, when that body
convened in its 153rd annual session on Jan. 7, Governor
Roosevelt stated, among other things, that any action
desired for a general investigation of the New York City
government rests wholly within the province of the lawmaking body and that any proposal sponsoring such an
investigation would have to originate in that quarter.
Once again the Governor recommended the submission of
the question of a 4
-year term for the office of Chief Executive
of the State to a popular referendum and he renewed his
plea for legislative action in the fulfilling of recommendations
contained in the 1930 message for revision of the present
method of prison administration-V. 130, p. 166. The
Governor also made a request that the necessary legislation
be enacted to abolish the present State census and the
"substitution of the Federal census therefor for the
purpose of State apportionment." The message also contained
a request that investigation be made into the provisions
of the "Old Age Security Bill," passed in April, 1930V. 130, p. 2621
-as it is the belief of Governor Roosevelt
that the entire plan could stand substantial improvement.
A recommendation was voiced that measures be adopted
preventing any public officer from refusing to testify regarding his official acts or private conduct while in office.
The following summary of the major recommendations of
the Governor is taken from the New York "Herald-Tribune"
of Jan. 8:
Action to carry out suggestions for prison improvements including erection of a new type of prison.
Application of insurance principles to provide old age security against
want.
•
Enactment of a labor program to widen the scope of workmen's compensation, to make effective a genuine eight-hour day and forty-eighthour week for women in industry and to give them a fair wage board,
and to obtain strict regulation of fee-charging employment agencies.
Larger appropriations for highways.
Action to provide water-power development by a public agency for the
Purpose of producing cheaper electricity.
More effective regulation of public utilities.
Reapportionment of legislative and Congressional districts.
Election law changes, including extension of bipartisan boards of elections to all counties.
Abolition of the State census.
Revision of the Baumes laws and the laws relating to the commutation
and executive clemency.
A four-year term for Governor.
Lelsiation providing against the pleading by any public officer of the
priviiege of self-incrimination in respect to any official act or conduct.
Extension of the powers of the several Appellate Divisions over the lower
courts to regulate conduct.
Owensboro, Ky.-School Bonds Declared Invalid by Court
of Appeals.
-Recent news dispatches from this city state
that the Court of Appeals held that a $200,000 issue of school
bonds voted last February, was invalid in that it would
exceed the indebtedness limit of $157,000. The Board of
Education had asked the court that the bonds be allowed
as an emergency measure owing to the condemnation of the
present school.
Pinal County Electrical District No. 4, Ariz.
-State
Supreme Court Upholds Legality of Bonds.
-We are informed
by our Western correspondent that the Supreme Court of
Arizona recently ruled that the sale of a $250,000 issue of
district bonds to a local investor did not exceed the legal
debt limit and the sale was therefore valid. The Court
held that the debt limit imposed by statute of 4% of the taxable value of the property in a municipality does not apply
to electrical districts.
BOND PROPOSALS AND NEGOTIATIONS.
AKRON,Summit County, Ohio.
-BOND ORDINANCE APPROVED.
-The City Council recently passed an ordinance providing for the issuance
of $200,000 street improvement bonds, being part of an issue of $900,000
authorized at the general election in Nov. 1928. The bonds shall bear
interest at 5% and be dated April 1 1931. Denom. $1,000. Due $20,000
on Oct. 1 from 1932 to 1941 incl. Principal and semi-annual interest
(April and Oct.) payable at the Chase National Bank, New York.
ALCONAC, St. Clair County, Mich.
-BOND SALE.
-N.P. Merrill,
Village Clerk, informs us that an issue of 55,000 6% registered public convenience station bonds was sold on Dec. 20 to two local investors at a price
of par. Dated Jan. 5 1931. Denom. $500. Due annually in from 1 to
3 years. Interest is payable semi-annually.
ALLIANCE, Stark County, Ohio.
-BONDED DEBT.
-This city's
bonded indebtedness at the close of 1930 was reported at 52,844,144, compared with $3,071,321 at the close of 1929. During 1930 the city is said
to have paid $288,077 on its bonded debt and to have issued $60,900 new
bonds.
ANN ARBOR, Washtenaw County, Mich.
-BOND OFFERING.
Fred C. Perry, City Clerk, will receive sealed bids until 3 p. m. on Jan. 29
for the purchase of the following issues of not to exceed 5% interest pavement
bonds aggregating $48,000:
$21,000 District No. 117 bonds.
16,000 District No. 122 bonds.
11.000 District No. 120 bonds.
Each Issue Is dated Feb. 3 1931. Denom. $1,000. Due annually' on
Aug. 1 from 1931 to 1940, incl. Interest is payable semi-annually in Feb-
341
ruary and August. A certified check for $2,000, payable to the order of
the City Treasurer, must accompany each proposal. The approving opinion
of Chapman & Cutler of Chicago, will be furnished the purchaser. .Award
to be made at a meeting of the Common Council to be held at 7.30 13• na.
on Feb. 2.
ANDERSON INDEPENDENT SCHOOL DISTRICT (P. 0. Anderson), Grimes County, Texas.
-BONDS REGISTERED.
-A $25,000
Issue of 5% serial school bonds was registered on Dec. 30 by the State
Comptroller. Denomination $1,000.
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-BOND OFFERING.
-Sealed bids addressed to the Board of Education will be received
until 12 m. (Eastern standard time) on Feb. 11 for the purchase of000,000 public school bonds (issue of 1929), to bear interest at either 43.1
4 y or 5%. Dated July 1 1929. Denom.$i000. Due on July 1 as follows
$14,000, 1930 $10,000, 1931; $16,000,
. . $18,000. 1934
519,000, 1935 $20,000, 1936; $21,00C, 1937; $22,000, 1938; $23,C00. 1939
$24,000, 1940 525,000, 1941: $26,000, 1942; $27,000, 1943; $28,000, 1944
$29,000, 1945 $30,000, 1946; $32.000, 1947: $34,000, 1948: $36,000, 1949
$38,000, 1950 $40,000 1951; $42,000, 1952: $44,000, 1953: $46,000 1954
, $50,00 , 1956; $52,000. 1957; 554,000, 1958; $56,
in
195e) and $54,000 in 1960. Principal and semi-annual interest (Jan. and
a
July) are payable at the Annapolis Banking & Trust Co., Annapolis. The
bonds are said to be exempt from all State. County and municipal taxation
in the State of Maryland. A certified check for 2% of the amount bid,
payable to the order of the Board of Education, must accompany each
proposal. Legal proceedings incident to the issue and sale of the bonds are
subject to the approval of Nicholas II. Green,of Annapolis. Attorney for the
Board of Education, and of Niles, Barton, Morrow & Yost, of Baltimore.
and the approving opinion of these gentlemen will be furnished the purchaser
upon request, without charge. This issue was authorized at the general
election on Nov.4 and apparently the $600,000 school bonds reported to be
scheduled for sale on Dec. 23-V. 131, p. 4081-are a part thereof. The
following information regarding the authority for the issuance of the bonds
Is taken from the official notice of proposed sale:
"These bonds are authorized to be issued by Chapter 203 of the Acts
of the General Assembly of Maryland of 1929, and under the provisions of
resolutions of the Board of Education of Anne Arundel County and of the
Board of County Commissioners of Anne Arundel County, duly passed.
The law under which the bonds are issued was referred to the voters of
Anne Arundel County, Maryland, at the generarelection held on Tuesday,
Nov. 4 1930, at which said election said law was adopted by the voters
of said county, and thereafter was duly proclaimed by the Governor in
the manner required by the Constitution of the State of Maryland.
"Under the provisions of Chapter 203 of the Acts of 1929 under which the
bonds are issued, the bonds of series A will have matured and an appropriate
adjustment will be made with the purchaser for the matured bonds at the
par amount thereof, and the accrued interest between the date of the bonds
and the time of payment of the purchase price and delivery.
"These bonds are issued by the Board of Education of Anne Arundel
County upon the credit of said County and each bond will be endorsed for
payment both as to principal and interest, by the Board of County Commissioners of Anne Arundel County in the manner authorized and required
by the provisions of said Act in which said Act said bonds are expressly
declared to be a direct obligation upon Anne Arundel county."
FINANCIAL STATEMENT OF ANNE ARUNDEL COUNTY.
Estimated taxable basis of Anne Arundel County for 1930.
real and personal property
919,
189
1930 taxable securities
ec
$48,116,
4,
599
Bonded debt not including this issue
2,036,666
Floating debt
500,000
ARKANSAS, State of (P. 0. Little Rock).
-NOTE OFFERING.
Sealed bids will be received by Ralph Koonce, State Treasurer, until 10 a.m.
on Jan. 15,for the purchase of an issue of $15.000.000 5% short term notes.
Denom. $1,000, each or multiples thereof. Dated Jan. 15 1931. Due on
July 15 1931. Prin. and int. will be payable in lawful money at the Chase
National Bank in New ork City. The approving opinions of Thomson.
Wood & Hoffman, of New 'I ork, and Rose, Hevingway, Cantrell & Loughborough, of Little Rock, will be furnished. The notes will constitute general obligations of the State, for the payment of principal and interest of
which the full faith of the State shall be irrevocably pledged. A certified
check for $100,000, payable to the State Treasurer, must accompany the
bid.
(The preliminary report of this offering was given in V. 132. P. 162.)
ATLANTIC CITY, Atlantic County, N. J.
-BANKERS OFFER
$3,250.000 5% BONDS.
0
-A group composed of M. M.Freeman & Co..
Inc.. Edward B. Smith & Co. and B. J. Van Ingen & Co., all of New York,
Is offering for public subscription an issue of $3,250,000 5% tax revenue
bonds dated Dec. 29 1930 and due June 10 1931 at a price to yield 3.50%•
The securities are said to be legal investment for savings banks and trust
funds in the States of New York and New Jersey and to be direct and general obligations of the entire city, payable from unlimited ad valorem taxes
levied against all of the taxable property therein. 'I hese are the bonds
for which no bids were received on Dec. 18 and which were subsequently
sold at a price of par to local banks (V. 132, p. 162).
Financial Statement (As Officially Reported).
Total assessed valuation, 1930
$318,831,096
Assessed valuation (real property only), 1930
305,617,758
Total debt, including this issue
34,644.000
Sink
Sinking fund
$1,754,852
Water debt
2,639,000
Tax bonds
4,500.000
Net debt (under New Jersey statutes)
25,750,
148
Population 1930 (U. S. Census), 65.748.
AUBURN TOWNSHIP, Geauga County, Ohio.
-BOND OFFERING.
-A. J. Gilmore, Clerk of the Board of Township Trustees, will receive
sealed bids until 8 p. m. (Eastern standard time) on Jan. 15 for the purchase of $2,063.90 5% special assessment road improvement bonds. Dated
as of the date of sale. One bond for $263.90. others for $200. Due on
Oct. 1 as follows: $263.90 in 1932. and $200 from 1933 to 1941, incl. Interest is payable semi-annually in April and Oct. Bids for the bonds to bear
Interest at a rate other than 5%, expressed in a multiple of ji of 1%, will
also be considered. A certified check for 5% of the amount of bonds bid
for, payable to the order of the Township Treasurer, must accompany each
proposal.
BATTLE CREEK SCHOOL DISTRICT, Calhoun County, Mich.
-BIDS REJECTED.
-All of the bids received for the purchase of the $300,000
not to exceed 5% interest school bonds offered for sale on Jan. 2(V. 131.
p. 4243) were rejected. The bonds are dated Feb. 1 1931 and mature
Feb. 1 as follows: $10,003 from 1932 to 1937, incl., and $20,000 from 1938
to 1949, inclusive.
BAY CITY,Bay County, Mich.-INTE,RESTRATE ON MUNICIF'AL
DEPOSITS REDUCED TO 2%.-The Michigan "Investor" of Jan. 3
reportedthat four of the city v1efLer served notice
nith
idn uc
banks have
municpalotsfvej
fund
be 2%.Theac tn of the
followed meeting of the Michigan
i
t
t
rgwould
Bankers' Association on Dec. 12 at which time it was recommended that no
bank was justified in bidding more than 2% on any public funds. The
cates ,f deegr..will continue to pay 4% on all city funds placed in certifibanksohow p it
BEACHWOOD (P. 0. Warrensville, R. F. D.) Cuyahoga County,
Ohio.
-BOND OFFERING.
--,Frank O. Marous, Village Clerk, will receive
sealed bids until 12 m. on Jan. 20, for the purchase of $228,646 534%
special assessment street improvement bonds. Dated March 1 1931. One
bond for $646, others for $1,000. Due on Oct. 1 as follows: 521,6461in
1932: $23,000 from 1933 to 1938, incl. $22,000 in 1939 $23,000 in 1940.
.
and $24,000 in 1941. Principal and semf-annual interest (April and October)
are payable at the Guardian Trust Co., Cleveland. A rate of interest for
the bonds other than 53i%, expressed in a multiple of ki of 1%, will also
be considered. A certified check for 5% of the amount of bonds bid for.
payable . the order of the Village Treasurer, must accompany each
ropogal to
BEAUMONT, Jefferson County, Tex.
-BONDS OFFERED FOR INVESTMENT.
-A $600,000 issue of 434% various public improvement
bonds is being offered by Eldredge & Co., and Stranahan, Harris & Co.,
Inc., both of New York,for public subscription, priced at 100 and
They mature from July 1 1939 to 1970, incl. They are reported tointerest.
Investments for savings banks and trust funds in New York State. be legal
(These
bonds are a portion of the nine issues of bonds aggregating $1,051,000 that
were awarded on July 30.-V. 131, p. 972.)
342
FINANCIAL CHRONICLE
-The $25,000 43.i%
-BOND SALE.
BERLIN, Coos County, N. H.
coupon water bonds for which no bids were received on Dec. 23-V. 131,
-were subsequently sold to Harris, Forbes & Co., of Boston, at
V, 4243
-96.75. a basis of about 5.14%. The bonds are dated Dec. 15 1930 and mature Dec. 15 as follows; $2,000 from 1931 to 1935, incl., and $3,000 from
1936 to 1940, incl.
-The following is a
-LIST OF BIDDERS.
BOISE, Ada County, Ida.
-for the purlist of the bids that were rejected on Dec. 26-V. 132, P. 162
chase of the $220,354.65 issue of not to exceed 5% semi-ann. refunding
bonds:
Per Cent. Premium.
Name.
$223.33
4
C. W. McNear & Co
Ferris & Hardgrove, The Seattle Co., First Seattle
815.00
Dexter Horton and Securities Co.
190,000.00
g
1
30,354.65
82,000.00
2
1Pi
International Company of Denver, United
138,354.65
States National Co., Bosworth, Chanute,
$996.90 for
Loughridge,Causey, Brown & Co.
each $1.000
31 43(
of bonds
639.00
44
Spokane Eastern Co., and Bancnorthwest Co
BOSQUE COUNTY ROAD DISTRICT NO. 11 (P. 0. Meridian),
-We are informed that a $10.000 issue of 5% road
Texas.
-BOND SALE.
bonds has recently been purchased by T. G. McDonald of Houston at a
price of 92.00, a basis of about 6.04%. Dated Aug. 111930. Due from
Aug. 1 1931 to 1950. Inclusive.
BRENTWOOD SCHOOL DISTRICT (P. 0. Clayton) St. Louis
-An $18,000 issue of 6%, school bonds has
County, Mo.-BOND SALE.
been purchased by the Mississippi Valley Co.of St. Louis, at a price of
basis of about 5.44%. Duefrom 1935'to 1950. (These bonds were
105.02.a
voted at an election held on May 24-V.130, p. 3920.)
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.-REOFFER
$118.000 BONDS.
-Rapp & Lockwood,of New York. are offering $118.000
53 % coupon or registered street improvement and sewer bonds for public
at prices to yield 4.75%. The bonds are dated Nov. 1 1930
Investment
and mature serially on Nov. 1 from 1933 to 1955 incl. The securities are
said to be legal investment for savings banks and trust funds in the State
of New York and are payable as to both principal and semi-annual interest
(May and Nov.) either at the Genesee Valley Trust Co., Rochester, or the
Guaranty Trust Co., New York City. The reoffering notice says: "The
actual valuation of the town, estimated 1930, is $32,000,000, the assessed
valuation, 1930. $23,792,900. The total indebtedness of the town is $7,072.215 consisting of bonds issued for water, sewer, sidewalk and paving
purposes. The population, as determined by the 1930 Federal census, is
10,074."
-We are in-BOND OFFERING.
BRISTOL,Sullivan Couhty, Tenn.
formed that sealed bids will be received until Jan. 13 by W. K.Carson, City
Treasurer, for the purchase of a $16,000 issue of 5% school bonds.
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
The Brockton National Co. of Brockton has purchased a $300,000 temporary loan at 2.60% discount plus a premium of $5. The loan matures
Nov. 6 1931.
-The
-BOND SALE.
BROOKLYN, Cuyahoga County, Ohio.
S6.574.50 special assessment improvement bonds offered on Jan. 3(V. 131,
as 6s to Slier, Carpenter & Reese of Toledo, the only
p.4082) were awarded
bidders, at par plus a premium of $19, equal to 100.28, a basis of about
5.94%. The bonds are dated Dec. 1 1930 and mature Oct. 1 as follows:
$574.50 in 1932: $1,000 in 1933: $500 in 1934 and 1935; $1,000 In 1936;
$500 in 1937 and 1938; $1,000 in 1939, and $500 in 1940 and 1941.
-BONDS REGISBROWN COUNTY (P. 0. Brownwood), Texas.
-On Dec. 23 two issues of 5% bonds aggregating $58,000 were
TERED.
by the State Comptroller. They are as follows: $29,000 road,
registered
series A.and 329,000road refunding bonds. Denom.$1,000. Due serially.
-BONDS REOFFERED-LIST
BUCYRUS, Crawford County, Ohio.
-The $100,000 43 % hospital construction bonds
OF BIDS RECEIVED.
on Dec. 30 to Seasongood & Mayer, of Cincinnati, at par plus a
awarded
premium of $356,equal to 100.35, a basis of about 4.66%-V. 132, p. 162
are being reoffered by the successful bidders for general investment at prices
1935 to 1939 maturities, 4.25% for the 1940 to 1945
to yield 4.20% for the
maturities, and 4.30% for the bonds maturing from 1940 to 1956 incl.
Principal and semi-annual interest (April and Oct.) are payable at the City
Treasury, Bucyrus. The following is an official list of the bids submitted
for the issue:
Premium.
Int. Rate.
Bidder19526..500
$30
4Pi
Seasongood & Mayer (purchasers)
431
Goetz & Moerlein
Assel,
159.00
Well, Roth & Irving Co
112.00
tg 0
Spitzer, Rorick & Co
70.00
447
BancOhio Securities Co
1,641.50
Guardian Trust Co
1,640.00
Ryan, Sutherland & Co
4Pi
1,443.00
Braun, Bosworth & Co
1,314.00
Mitchell, Herrick & Co
420.00
4
Otia & Co
4
170.00
C. W. McNear & Co
Financial Statement (As Officially Reported).
$19,508,780
Assessed valuation
256,310
Total indebtedness
25,390
Sinking fund
230,920
Net debt
census, 9,942.
Population, 1930
-BOND SALE-The following issues
BUFFALO, Erie County, N. Y.
of coupon or registered bonds, aggregating $3,200,000, offered on Jan. 7
(V. 132, p. 162) were awarded as 3.90s to Barr Bros. & Co., Inc., of New
York, at a price of 100.459, a basis of about 3.85%:
31,500.000 paving fund gold bonds. Due $75,000 on Feb. 15 from 1932
to 1951, inclusive.
1,220,000 general improvement school bonds. Due $61,000 on Feb. 15
from 1932 to 1951, inclusive.
$16,000 on
480,000 general improvement water supply bonds. Due
Feb. 15 from 1932 to 1961, inclusive.
is dated Feb. 15 1931. No other investment house was assoEach issue
ciated with Barr Bros. & Co. in the award.
bidders are reoffering
BONDS PUBLICLY OFFERED.-The successful 2.50% for the 1932
prices to yield
the bonds for public subscription at3.50% for the 1934 maturity', 3.75%,
maturity. 3% for the 1933 maturity,
incl., and 3.80% for the bonds maturfor the maturities from 1935 to 1939,
The securities are said to be legal investment
ing from 1940 to 1961. incl. funds in New York State and to constitute
savings banks and trust
for
entire city, payable from unlimited
direct and general obligations of the
property therein. The
ad valorem taxes levied against all the taxable
official list of the bids submitted for the bonds:
following is an
Amount Bid.
Int. Rate.
Bidder$3,214,688.00
3.90%
Barr Brothers & Co., Inc.(purchasers) Detroit
New York, First
First National Bank of
and
Co., Eldredge & Co., Phelps, Fenn & Co.,
3.213,440.00
3.90%
Victor, Common & Co., Inc., jointly
&
Bancamerica Blair Corp., Geo. B. Gibbons
Webster
Inc., Roosevelt & Son, Stone & Dewey,
Co.,
and Biodget, Inc., Estabrook & Co..
3,202,560.00
3.90%
Bacon & Co.,jointly
& Co.,
Chase Securities Corp., Harris, Forbes
Salomon
First National-Old Colony Corp.,
H. L.
Bros. & Hutzler, Batchelder & Co.,
Allen & Co., and Liberty Bank of Buffalo.
3.221,472.00
4%
jointly
3,221,408.00
4%
M.& T. Trust Co. of Buffalo
ManE. H. Rollins & Sons, Inc., International
hattan Co., Emanuel & Co., Chemical Securities Corp., Otis & Co., and M.M.Freeman &
3,220.416M0
Co.,jointly
Guaranty Co. of New York, National City Co..
Bankers Co., Marine Trust Co. of Buffalo,
L. G. Rothschild, Wallace Sanderson & Co..
3.220.265.60
and R. L. Day & Co.,jointly.
[VOL. 132.
Financial Statement Dec. 1 1930.
Assessed valuation-Real property
Specialfranchise
Personal property
$1,065.545,550.00
36,406.400.00
5,552,000.00
Total assessed valuation
-Water
Bonded debt
Various
$1,107,503,950.00
$17,449,520.29
80,407,873.77
Total bonded debt
-Water
Sinking funds(not deducted above)
Various
$97,857,394.06
5,164,464.49
2,922,983.82
$8,087,448.31
Total sinking funds
-The Borough
-PURCHASERS.
CANTON, Bradford County, Pa.
Secretary informs us that the issue of $8,000 5% coupon fire department
-V. 132, p. 163
apparatus purchase bonds reported sold at a price of par
was absorbed by local investors. The bonds are dated Nov. 1 1930 and mature Nov. 1 as follows:$500from 1931 to 1934 incl.,and $1,000 from 1935 to
1940 incl.
CANTON GRADED SCHOOL DISTRICT(P. 0. Canton), Haywood
-Sealed bids will be received until
-BOND OFFERING.
County, N. C.
noon on Jan. 20 by A. J. Hutchins, Secretary of the Board of Trustees,
for the purchase of a $15,000 issue of school bonds. Interest rate is not to
0,
exceed 67 payable on Jan. 1 and July 1. Rape of interest is to be stated
in multiples of yi of 1%. Denom. $1,000. Dated Jan. 1 1931. Due
,000from Jan. 1 1934 to 1948,incl. Prin. and hit, payable at the Central
Hanover Bank & Trust Co. in N. Y. City. The district will furnish the
bond forms and the legal approval of Storey, Thorndike, Palmer & Dodge
of Boston. A certified check for 2% of the face value of the bonds bid for,
payable to the District Treasurer, is required.
-The First National Bank,
-BOND SALE.
CARMI, White County,III.
of Cared, is reported to have recently purchased an issue of $12,000 6%
street improvement bonds at par plus a premium of $200. equal to 101.66,
a basis of about 5.75%. The issue matures in from 3 to 14 years.
-The following
-BOND CALL.
CHANUTE, Neosho County, Kan.
notice of redemption of water filter bonds of the above city is given by C.G.
Wood, City Clerk:
"That in accordance with a resolution of the Governing Body of the City
of Chanute. Kansas, adopted at a regular meeting held Dec. 23 1930 all of
said bonds maturing on the first day of August, 1933. will be redeemed and
paid at the office of the Treasurer of the State of Kansas, in the City of
1931, and the holder of each
Topeka. Kansas, on the 1st day of Feburary,the
exception of Bond No. 1,
bond then to be paid the sum of $1,000, with
which is in amount of $473 principal, and $11.83 interest. The interest
due on the remainder of the bonds is $25 on each $1,000 principal.time and
Holders of said bonds are notified to present said bonds at the
said bonds
place mentioned in accordance herewith, and all interest on interest will
from and after the 1st day of February 1931 will cease and no
be paid on any of said bonds thereafter.
THE CITY OF CHANUTE,
By B. F. Baughman, Mayor.
-BONDSAUTHORIZED.
County, N.C.
CHARLOTTE,Mecklenburg
-We are informed that a $500,000 issue of street improvement bonds has
recently been authorized by the City Council.
County,
CHASKA SCHOOL DISTRICT (P. 0. Chaska), C
-We are informed that an election will be
Minn.
-BOND ELECTION.
held on Jan. 12 In order to have the voters pass on the proposed Issuance of
$92,000 in school addition bonds.
-37.000,000 WATER CERTIFICATES
• CHICAGO, Cook County, III.
VERSUBSCRIBED.-Balsey, Stuart & Co. Inc.. of New York, as man'
recently offered 37,000,000 5% water certifiagers of the syndicate which
-V. 132, p. 163-are reported
cates for public investment at a price of par
to have announced that the issue was heavily oversubscribed and the syndicate closed. The bonds mature from 1934 to 1948, incl.
-TEMPORARYLOAN.-Louls
CHICOPEE,Hampden County, Mass.
M. Dufault, City Treasurer, on Jan. 8 awarded a $300.000 temporary
Hutzler, of Boston, at 2.52% discount, plus a
loan to Salomon Bros. &
premium of $1.25. The loan is dated Jan. 8 1931 and matures Nov. 20
1931. Denoms. $50000, $25,000, $10,000 and 35,000. The notes will be
certified as to genuineness and validity by the lisirst National Bank, of
Boston, under advice of Storey, Thorndike, Palmer & Dodge, of Boston.
The Western Massachusetts Bank & Trust Co., of Springfield, the only
other bidder, offered to discount the loan at 2.68%.
-An issue
-BONDSALE.
CHOCTAW COUNTY(P. 0. Butler), Ala.
of $150,000 55.1% coupon funding bonds has been jointly purchased by
Steiner Bros. and Ward. Sterne & Co., both of Birmingham. Denom.
$1,000. Dated Nov. 1 1930. Due on Nov. 1 as follows: $4,000, 1933 to
1950; $6,000, 1951, and 38,000, 1952 to 1960. all incl. Prin. and int.
(M. & N.) payable at Central Hanover Bank & Trust Co. in New York.
Legality approved by Storey, bhorndike, Palmer & Dodge of Boston.
We are in receipt of the following information regarding these bonds:
These bonds were issued pursuant to an election to fund a like amount
to the
of outstanding warrants, resulting in a saving in interest charges annual
county and an orderly means of retiring the indebtedness in small
instalments. These bonds are full direct general obligation/3 of the county,
payable from the general funds of the county specifically provided for by
a direct ad valorem tax against all of the taxable property in the county
authorized by the Constitution of Alabama exclusively for the purpose of
paying such debts.
Financial Statement (As Officially Reported).
$15,000,000
Actual value of all taxable property, estimated
Value of taxable property as determined for purpose of taxation 9,979,166
5,987,500
Assessed valuation, 1930 (assessed by law at 60%)
181,380
Total debt, including this issue
Population, 1930 census, 20,513.
-The $4.700
-BOND SALE.
CLARION, Wright Comity, Iowa.
issue of 5% send-annual fire dep't. equipment bonds offered for sale on
-was purchased at par by the Iowa Municipal
Dec. 5-V. 131, p. 3565
Supply Co., of Marshalltown. Dated Oct. 15 1930. Due from Oct. 15
1931 to 1934. No other bids were received.
-BOND OFFERING.
CLARK COUNTY(P.O. Jeffersonville), Ind.
George Groher, County Treasurer, will receive sealed bids until 10 a. m.on
Jan. 26 for the purchase of $21,800, 4 % highway Improvement bonds.
Dated Dec. 29 1930. Denom. $545. Due $1,090 on Jan. and July 15 from
1932 to 1941 incl. Interest is payable semi-annually on Jan. and July 15.
-BOND SALE.
COAHOMA COUNTY (P. 0. Clarksdale), Miss.
The $200,000 issue of semi-annual highway bonds offered for sale on Jan. 5
(V. 131 p. 4243) was jointly purchased by the Boatmen's National Co. of
13t. Louis and the Commerce Securities Co. of Memphis as 54s. paying a
premium of $650, equal to 100.325, a basis of about 5.22%. Dated Neb. 1
1931. Due from 1932 to 1956. Inclusive.
-BONDS REGISTERED.
COLUMBUS, Colorado County, Texas.
On Dec. 22 the State Comptroller registered a $25,000 issue of 5% city hall
site bonds. Denom. $500. Due serially.
-Samuel
-BOND OFFERING.
COLUMBUS, Franklin County, Ohio.
J. Willis, City Clerk, will receive sealed bids until 12 m.(Eastern standard
15 for the purchase of $168505 434% coupon, registerable as
time) on Jan.
provided by law,special assessment road improvement bonds. Dated Feb.
11931. One bond for $505, others for $1,000. Due on March 1 aa follows:
$16,505 in 1933; $17,000 from 1934 to 1941 incl., and $16.000 in 1942.
Principal and seml-annual interest (March & Sept.) are payable at the
agency of the City of Columbus in New York City. Bids to be on forms to
to bear
be obtained from the City Clerk. Alternative bids for the bonds1%, will
of
interest at a rate other than 434 %,expressed in a multiple of
check for 1% of the amount of bonds bid
also be considered. A certified
for, playable to the order of the City Treasurer, must accompany each proposal. Transcript of proceedings will be furnished successful bidders and
sufficient time allowed within fifteen daysfrom the time ofsaid award for the
examination of such transcripts by bidders' attorney, and bids may be
made subject to approval of same.
-The two issues
-BOND SALE.
COLUMBUS,Franklin County,Ohio.
offered on Jan. 2of coupon or registered bonds aggregating 3325,776
awarded to Eldredge & Co., of New York, at par
-were
V. 131, p. 3906
plus a premium of $713.45, equal to 100.219, a basis of about 4.09%, as
follows:
JAN. 10 1931.]
FINANCIAL CHRONICLE
343
$200.000 sewerage and sewage disposal plant bonds sold as 4s. Dated
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND OFFERING.
Dec. 15 1930. Due $8,000 on Feb. 1 from 1933 to 1957 inclusive.
125,776 boulevard improvement bonds sold as 4Xs. Dated Jan. 15 1931. Sealed bids will be received until 10 a. m. on Jan. 13, by Grace Berger,
County Clerk, for the purchase of a $300,000 issue of 4X°/ coupon county
0
Due on March 1 as follows: $12,776 in 1933; $13,000 from 1934 hospital bonds.
Denom. $1,000. Dated Jan. 1 1929. Due on Jan. 1.
to 1938 incl., and $12,000 from 1939 to 1942 inclusive.
as follows: $200,000 in 1946,and $100,000 in 1947. Prin. and int.(J.& J.)
COLORADO COUNTY (P. 0. Columbus), Texas.
-BONDS REGIS- payable at the office of the County Treasurer. The bonds will not be sold
TERED.
-A $425,000 issue of 53 % road series 1930 bonds was registered at less than par. Authority for issuance: Section 1054, Chapter 13, Article
on Dec.29 by the State Comptroller. Denom.$1,000. Due serially.
VII, compiled Statutes of Nebraska, 1922. These bonds are a portion of an
authorized issue of $750,000, voted at the general election on Nov.6 1928.
(A similar issue of bonds was sold on April 15.-V. 130, p.3032.)
A $3,000 certified check, payable to the County Clerk, must accompany
COQUILLE, Coos County, Ore.
-BOND SALE.
-The $9,000 issue of the bid.
coupon bridge bonds offered for sale on Dec. 22-V. 131, p. 4083
(This report supplements that given in V. 131,p.4244.)
Purchased by the Bank of Southwestern Oregon, of Marshfield, as-was
53is,
at a price of 100.21, a basis of about 5.20%. Due $1,000 from Dec.
DUTCHESS COUNTY (P. 0. Poughkeepsie), N. Y.
-BOND CFFER15
1931 to 1939, inclusive. The other bids were as follows:
ING.-It is unofficially reported that the County Treasurer will receive
BidderRate.
Price Bid. sealed bids until Feb. 2for the purchase of $300,000 not to exceed 5% interBank of Powers
Par est bonds the proceeds of which will be used to refund outstanding highway
5Y
Farmers & Merchants Bank
construction certificates. The bonds are expected to mature serially on
5
100.20
First National Bank
5
100.055 Mar. 1 from 1933 to 1944. inclusive.
CORNING, Steuben County, N. Y.
EL PASO, El Paso County, Tex.
-BOND OFFERING.
-BOND SALE.
-The following
-Sealed bids
issues of 5% coupon or registered bonds aggregating $131,000 offered on will be received by G. R. Daniels, City Auditor, until 10 a. m. on Feb. 12,
Jan. 5-V. 131, p. 4244
-were awarded to Kissel, Kinnicutt & Co., of for the purchase of various issues of coupon bonds aggregating $465,000.
New York, at 104.049, a basis of about 4.19%:
Int. rate is not to exceed 5% payable semi-annually. No split rate bids and
$106.000 sewage disposal bonds. Due on Jan. 1 as follows: $6,000 in 1932, no bid for less than par and accrued int. will be considered. Denom.51,000.
Due on Mar. 1 1931. Due from Mar. 1 1933 to 1961 incl. Prin. and int.
and $10,000 from 1933 to 1942 incl.
25,000 public improvement bonds. Due $5,000 on Jan. 1 from 1933 to (M. & S.) payable at the Chemical Bank & Trust Co., of New York, or
at the office of the City Treasurer. The approving opinion of Thomson,
1937 inclusive.
Wood & Hoffman,of New York. will be furnished. A $5,000 certified check
Each issue is dated Jan. 1 1931. The successful
reoffering must accompany the bid.
the bonds for public investment at prices to yield bidders are
They are said to be legal investment for savings banks from 3.25 to 4.05%•
FARIBAULT COUNTY SCHOOL DISTRICT NO. 68 (P. 0. Wells),
and trust funds in the
State of New York.
Minn.
-BOND SALE.
-An issue of $120,000 school building bonds has
recently.been purchased by the State of Minnesota. (These bonds were
The following is an official list of the bids submitted for the issue:
BidderRate Bid. voted on Nov. 20.)
Kissel, Kinnicutt & Co., New York City
104.049
FLINT, Genesee County, Mich.
-BOND OFFERING.
-Ned J.
Dewey, Bacon & Co., New York City
104.00
Verrnilya, City Clerk, will receive sealed bids until 2 p.m.(Eastern standard
Phelps, Fenn & Co., New York City
103.95
time) on Jan. 15 for the purchase of $643,000 not to exceed 5% interest
Marine Trust Co., Buffalo, N. Y
103.6497 sewage disposal plant bonds. Dated Jan. 15 1931. Rate of interest to be
Stone & Webster and Blodget, Inc., New York City
103.58
expressed in a multiple of X of 1% and the award is to be made on an in11. L. Allen & Co., New York City
103.4331 terest cost basis. Due on Jan. 15 as follows: $38,000 in 1932; $35,000 from
Harris, Forbes & Co., New York City
103.329
1933 to 1945 incl., and $30,000 from 1946 to 1950 incl. Principal and semiStephens & Co., New York City
103.277
annual interest are payable at the Chase National Bank, New York. Bonds
First National Bank & TrustCo.. Corning
103.222
were authorized at the general election on Nov.4 1930. Proposals must be
Roosevelt & Son, New York City
103.105
accompanied by a certified check for $5,000, payable to the order of the
Batchelder & Co., New York City
102.901
City. The bonds will be sold subject to the legal opinion of Chapman &
Manufacturers & Traders Trust Co., Buffalo
102.739
Cutler, of Chicago. The city will pay for the printing and delivery of the
George B. Gibbons & Co. New York City
102.5497 bonds.
Farson, Son & Co., New 'York City
102.467
Financial Statement as of Dec. 31 1930.
Edmund Seymour & Co., Inc., New York City
102.169
, (Exclusive of Present Issue of Bonds.)
Assessed valuation
Financial Statement (As Officially Reported.)
$225,371,470.00
Assessed valuation 1930
$14,591.924 Bonded debt:
Total bonded debt including this issue
General City Purposes
701,356
7,513,000.00
Water works
Population, 1930 United States Census. 15.648.
2,885,500.00
Special assessments
COUNCIL BLUFFS, Pottewattamie County, Iowa.
3,211,427.53
-BOND OFTax anticipation notes
FERING.
-An issue of $174,000 coupon funding leonds will be offered
175,000.00
for sale at public auction by Bertha C. Smith, City Treasurer, at 10 a. m.
Total
on Jan. 14. Denom. $1,000. Dated Dec. 11930. The interest rate will
$13,784,927.53
Sinking fund:
be determined at the time of sale, payable on June and Dec. 1. Due on
General city purpose bonds
Dec. 1, as follows: $6,000. 1933; $7,000, 1934 to 1936; $8,000, 1937 and
444,572.82
Water works bonds
1938;$9,000, 1939 to 1941;$10,000, 1942 and 1943;$11,000, 1944 and 1945:
744,190.37
$12.000, 1946 to 1948 and $13,000, 1949 and 1950. Prin. and int. payable
Total
at the office of the City Treasurer. These bonds cannot be sold below par.
$1,188,763.19
The approving opinion of Chapman & Cutler, of Chicago_, will be furnished.
FOSTER, Bracken County, Ky.-BOND SALE.
-The $1,500 iSSIle of
Authority for issuance: Sect. 363 et seq. of Chap. 23. Chap. 63-B1 and 5
coupon street impt. bonds offered for sale on Dec. 20-V. 131. p.
Sect.6252 et seq. of Chap.320, Code of Iowa. 1927.and all laws amendatory 4(1
or supplemental thereto. A certified check for $3,480, payable to the City $150. was awarded at par to the Foster Banking Co., of Foster. Denom.
Due from 1931 to 1941. Optional on any interest paying date.
Treasurer, is required.
Int. payable Jan. and July 1.
CROWLEY COUNTY CONSOLIDATED SCHOOL DISTRICT
FRANKLIN, Venango County.
-BOND ORDINANCE APPROVED.
NO. 1 (P. 0. Crowley), Colo.
-PRE
-ELECTION SALE.
-A $15,000
issue of 5% school refunding bonds is reported to have been purchased by An ordinance providing for the issuance of $40,000 434% coupon bonds for
Heath, Schlessman dr Co. of Denver, subject to an election scheduled for the purpose of constructing storage tanks for the supplying of water to the
city, was recently approved by the city council. Dated Feb. 1 1931.
February. Due $1,500 from 1941 to 1950, incl.
Denom. $1,000. Due Feo. 1 1941. Interest is to be payable semi-annually
CUSHING, Payne County, Okla.
-BOND OFFERING.
-Sealed bids in February and August.
will be received until 7.30 p. m. on Jan. 12 by T. E. Hough, City Clerk,
for the purchase of a $300,000 issue of electric light equipment bonds.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
Due $37,500 from 1934 to 1941, incl. The interest rate is to be
The $150,120 bridge bonds offered on Jan. 7-V. 131. p. 4084
-were
by the bidder. A certified check for 2% of the bid is required. specified awarded as 431s to C. W.McNear & Co.,of Chicago, at par plus a premium
of $1,212.12, equal to 100.80, a basis of about 4.14%. The bonds are
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
Ohio.
-BOND OFFERING.
-A. B. Season, Clerk-Treasurer of the Board dated Feb. 1 1931 and mature semi-annually as follows: $4,120 March 1
of Education, will receive sealed bids until 12 m.on Jan. 19 for the purchase and $6,000 Sept. 1 1932, and $5,000 March and Sept. 1 from 1933 to
of $350,000 4X % school bonds. Dated Oct. 1 1930. Denom. $1,000. 1946, inclusive.
The $28,122 water mains improvement bonds offered on the same day
Due semi-annually as follows: $8,000 April 1 and $9,000 Oct. 1 from 1932
to 1941, incl., and $9,000 April and Oct. 1 from 1942 to 1951, incl. Prin. will be offered for purchase to the County Sinking Fund Trustees. The
and semi-ann. int. (April and Oct.) are payable at the depositary of the following is a complete list of the competitive bids submitted for each issue:
Board of Education. A rate of interest for the bonds other than 4X %,
$178.242
Int.
8150.120 $28,122 Combin'd
expressed in a multiple of X of 1%, will also be considered. A certified
Rate.
Issue.
Issue. Issue (All
check for 2% of the amount of bonds bid for, payable to the order of the
Bidder
Premium.Premium, or None).
Board of Education, must accompany each proposal.
DAKOTA COUNTY DRAINAGE DISTRICT NO. 5 (P. 0. Dakota Provident Savings bank & Trust Co.,
Cincinnati
4
$89.12
$75.06 $14.06
City), Neb.-BOND SALE.
-A $45,000 issue of drainage bonds is reported BancOhlo Securities Co,Columbus_ 4
91.00
to have recently been purchased by Wachole. Bender & Co. of Omaha.
Halsey. Stuart & Co., Chicago
4
105.00
DANNEMORA, Clinton County, N. Y.
-PROPOSED BOND SALE Guardian Trust Co., Cleveland- -- - 4
91.00
17.00
108.00
POSTPONED-We have just learned that the proposed sale on Dec. 15 of Otis & Co., Cleveland
4
121.00
12.00
133.00
an issue of $16.500 43(% coupon or registered highway construction bonds Braun, Bosworth & Co., Toledo_ 205.00
8.00
213.00
-V. 131, p. 3906
-was postponed until sometime in February. The bonds Mitchell, Herrick & Co., Cleveland.. 4
1.527.00
135.00 1,662.00
are dated Dec. 11930.
First Detroit Co., Detroit
4
1,614.00 301.00 1,915.00
1,657.00
311.00 1,968.00
DAWSON COUNTY SCHOOL DISTRICT NO. 18(P.O. Glendive), Awl,Goetz & Moerlein,Inc., Cinc- 4
H. M.Byllesby & Co.. Chicago_
1,950.15
Mont.
107.85 2,058.00
-BOND OFFERING.
-Sealed bids will be received, according to Seasongood & Mayer, Cincinnati - 4
4
2,078.00
report, until 2 p.m. on Jan. 24, by the District Clerk, for the purchase of
226.00 2,304.00
O. W. McNear & Co., Chicago44
1,212.12
an issue of $1,200 6% school building bonds.
FRESNO, Fresno County, Calif.
-BOND SALE.
-The $2,520.000
DECATUR TOWNSHIP SCHOOL DISTRICT,Pa.
-BOND SALE.
The Secretary of the Board of School Directors informs us that an issue of Issue of4X% coupon water system bonds offered for sale on Jan.Ei-V. 131.
p.4244
-was awarded on Jan.9 to a syndicate composed of R. H.Moulton
$10.000 431% coupon schoOl building construction bonds was recently
& Co., the Security First National Co.,both of Los Angeles, and the Anglo
sold to the First National Bank,of Osceola Mills,at par and accrued interest.
The bonds are dated Sept. 1 1930 and mature in 1950; optional after 1932. California Trust Co.,of San Francisco, at a price of 104.96,a basis of about
Interest is payable semi-annually in February and August. Denom. $500. 4.17%. Dated Jan. 21931. Due $84.000 from Jan. 2 1941 to 1970, incl.
The successful group also submitted an alternate bid of a nominal premium
DEERWOOD,Crow Wing County, Minn.
-ADDITIONAL DETAILS. for $855,000 of the bonds as 434s and 51,665.000 as 4s. Other bids were re-The $13,000 issue of semi-annual water supply bonds that was purchased ported as follows:
by the State of Minnesota
The second highest tender was 104.77 for 434s, submitted by a group
-V. 131, p. 163
-bears interest at 4 X %, and
was awarded at par. Due from 1939 to 1946.
composed of Dean, Witter & Co., Heller, Bruce & Co., the First Detroit
Inc., and Darby & Co., of New York.
DELAWARE, State of (P. 0. Dover).
-STATE BONDS OUTSTAND- Co..Pacific Coast syndicate made up of the American Securities Co.. the
A
ING TOTAL $2,905,000.-A report from Wilmington states that with the Bank of
America Co., the Anglo-London-Paris Co. and Wooden & Co. was
redemption on Jan. 1 of a total of $1,340,000 State highway bonds,
next with a tender of 104.55 for 434s. This group also submitted an alterremains but $2,905,000 of obligations outstanding, all of which are there native
tender of par and a small premium for $924,0004Xsand 51.596.000 4s.
way Issues. These bonds are expected to be retired in either 1931 or high1932
The National City Co.,of New York. headed a group that offered 104.159
as sufficient funds are said to be on hand in the State sinking fund to liqui- for 4 Xs and par
ate them. During the past two years a total of $9,125,000 bonds are said to 4s. This group and a nominal premium for $1.192,000 434s and $1,428,000
included also Eldredge &
William R. Siesta & Co.
have been redeemed.
and William Cavalier & Co. Tenders of 102.65 for 434s or par and a small
Co.,
premium for 5672.000 434s and $1.848,000 430 were submitted by a syndiDELAWARE TOWNSHIP (P. 0. Camden County, N. J.
-ADDI- cate made up
INFORMATION.
of Halsey, Stuart & Co.. Inc.. of New 1ork and Chicago;
TIONAL
-The $136,000 5X% temporary impt.bonds
purchased by the Haddonfield National Bank, of Haddonfield, at 100.22, Kountze Brothers, A. B. Leach & Co., and Dewey, Bacon & Co.
a basis of about 5.45%-V. 131. p. 2565
-are payable as to both principal
FRESNO COUNTY (P.O. Fresno), Calif.
-BOND SALE.
-A $250,000
and semi-annual interest (F. & A.) either at the Haddonfield National Issue of hospital bonds is reported
to have been purchased on Jan. 3 by
Bank, Haddonfield, or at the Chase National Bank, New York. Legal R. H. Moulton & Co. of San
Francisco for a rirernium of $15, equal to
given by Caldwell & Raymond,of New York. The bonds 100.006, a basis of
opinion has been
about
are dated Aug. 1 1930 and mature as follows: $16,000 in 1934 and 1935; as 4.Xs due $10,000 from4.06%, on the bonds, divided as follows: 560.000
Jan. 1 1937 to 1942, and $190,000
$20,000 in 1936; $12,000 from 1937 to 1939, incl., and $9,000 in 1940.
Jan. 1 as follows: 510,000. 1943 to 1946, and $15,000, 1947as 4s due on
to 1956. all
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Bend), Inclusive. Dated Jan. 11931. Interest payable Jan. 1 and July 1. Legality approved by Orrick. Palmer & Dahlquist of San Francisco.
-The $60.000 issue of registered school notes offered
-NOTE SALE.
Ore.
(These bonds were voted at the general election on Nov. 4-V.
-was purchased by the State of Oregon,
for sale on Dec. 22-V. 131. p. 3906
131,
as 531s, at a price of 100.14. a basis of about 5.36%. Dated Jan. 3 1931. P. 3239.)
The following is a list of the bids received:
Due on Jan. 3 1932. The only other bid received was an offer of $100 preR. H. Moulton & Co.. $4,759 for all the bonds as &Xs, or a
Lumbermen's National Rank of Portland.
mium on 6s, by the
premium
of $15 for 560.000 as 430 and $190,000 as 4s; Bankamerica
Co. and Anglo
-BOND OFFERING.
DES PLAINES, Cook County, III.
-Fayette 0. London Paris Co., $1,369 for all
or
Merrill, City Clerk, will receive sealed bids until 5 p. m.on Jan. 19 for the $135,000 4s; American Securities 4315and$329 for $115,000 as 434s. and
Co.
Wooden & Co., $3,378 for
purchase of $48,000 4X% funding bonds. Dated Jan. 11931. Due $3,000 431a, $9,838 for all 434s or $2,128 for
$115,000 434s and $135,000 all
on Jan. 1 from 1938 to 1953. incl. Interest is payable semi-annually in William R. Staats Co. and William Cavalier &
Co.. $4,338 for all 45048;
January and July. These bonds were authorized by a vote of 254 to 109 $433 for $175,000 as &Xs and $75,000 as
or
4s; Dean, Witter Co. and
at an election held on Dec. 31.
Detroit Co., $3,576 for 431s; National City Co..
First
$306.50 for 431s; Security
•
344
FINANCIAL CHRONICLE
First National Co., $10 for $100,000 as 4s and $150,000 as 414s; Heller,
Bruce & Co. and Wells Fargo Bank and Union Trust Co.,$1,062 for all 4 he.
-BOND ELECTION POSTGAINES COUNTY (P. 0. Seminole), Tex.
for Jan. 17
-Wo are informed that the special election scheduled -has been
PONED.
-V. 132. p. 163
of road bonds
on the proposed 8150,000 issue
indefinitely postponed.
,
GALLATIN COUNTY SCHOOL DISTRICT NO.7(P. 0. Bozeman)
school
-The $40,000 issue of 4)4% semi-annual ers, at
-MATURITY.
Mont.
Commission
bonds that was purchased by the State Board of Land
-Is due on April 1 1940.
par-V. 132, P. 163
-TEMPORARY LOAN.GARDNER, Worcester County., Mass.
Frank B. Edgell, City Treasurer, on Jan. 8 awarded a $50,000 temporary
Old Colony Corp., of Boston at 2.56% discount.
loan to the First National
The loan is dated Jan.6 1931 and payable Nov.5 1931 at the First National
Bank. of Boston, under whose supervision the notes will be engraved and
which will certify as to their genuineness and validity, under advice of
Ropes, Gray, Boyden & Perkins, of Boston.
Bids submitted for the loan were as follows:
Discount.
Bidder2.56%
First National Old Colony Corp.(purchaser)
2.64%
Salomon Bros.& Hutzler
2.89%
F.S. Moseley & Co
-BOND
Y.
GATES (P. 0. Coldwater), Monroe County, N.
-The $100,839 coupon or registered street improvement bonds
SALE.
offered on Jan. 6-V. 132. p. 163-were awarded as 5s to the Union Trust
are
Co., of Rochester, at 100.889, a basis of about 4.87%. The bonds
dated Jan. 1 1931 and mature Jan. 1 as follows: $4,839 in 1932; $5,000
from 1933 to 1935 inclusive; $6,000 from 1936 to 1938 inclusive: $7,000
from 1939 to 1941 inclusive; $8,000 from 1942 to 1944 inclusive, and $9,000
•
in 1945 and 1946.
-The two
-BOND SALE.
IF GENESEE COUNTY (P. 0. Flint), Mich.
Issues of bonds aggregating $251,000 offered on Dec. 30-V. 131, p. 4244
were awarded as follows:
special assessment road district bonds sold as 4;is to the Genesee
$234,000
National Co., of Flint, at par plus a premium of $53, equal to
100.02, a basis of about 4.49%. The bonds mature annually in
equal amounts from 1933 to 1941 incl.
to Braun,
17,500 special assessment road district bonds sold as 4%s $17, equal
Bosworth St Co.. of Toledo, at par plus a premium of
The bonds mature annually
to 100.09, a basis of about 4.72%.
In equal amounts from 1932 to 1935 incl.
Each issue is dated Jan. 2 1931.
The following is an official list of the bids submitted for the bonds:
$17,500 Issue.
$234,000 Issue.
Rate. Prem. . Rate. Prem.
Bidder$18.00
6%
45(% $1,266
Stranahan, Harris & Co.,Toledo
4 %17.00
75
4
a Braun, Bosworth & Co., Toledo
5.00
4
b Genesee National Co., Flint
a Awarded $17,500 bonds. b Awarded $234,000 bonds.
-CITY TO ISSUE UNEMGRAND RAPIDS, Kent County, Mich.
-At a meeting of the City Commission
PLOYMENT RELIEF BONDS.
in
on Dec. 29 it was decided that the present condition of unemploymentfor
the City had reached the proportions of a calamity and that funds
-year
city's needy should be obtained through the sale of 3
the relief of the
the city's charter
bonds. This procedure would be in accordance with
which provides that "in case of fire, flood or other calamity" the city
purposes a sum not in excess of one-fourth of 1%
may borrow for relief
the city.
of the assessed valuation of all real and personal property in
COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Seneca),
GRANT
-The $5,000 issue of 6% semi-ann. school
-WARRANT SALE.
Ore.
-was purchased by
warrants offered for sale on Dec. 27-V. 131, p. 4244 equal to 102.06, a
Frank Oliver. of John Day, paying a premium of $103,1940 incl.
basis of about 5.65%. Due $1,000 from Jan. 1 1936 to
%
-The
GRAYSON, Carter County, Ky.-ADDITIONAL DETAILS. was
$18,743.15 issue of 6% coupon city hall and street paving bonds that of
at par and interest by the James Hughes Construction Co.,
purchased
-is described as follows: Denom. $500, one
-V. 132, p, 164
Sandy Hook
date.
for $243.15. Due in 10 years and optional on any interest paying
Fla.
GRIFFIN SCHOOL DISTRICT (P. 0. Bartow), Polk County,
school bonds
-We are informed that a $12,500 issue of
-BONDS VOTED.
approved by the voters.
was recently
-PRICE PAID7HAMBURG (P. 0. Hamburg), Erie County, N. Y.
for the
The Manufacturers & Traders Trust Co., of Buffalo, paid 100.639
Sewer District bonds awarded on
purchase of the $225,000 5% Woodlawn of financing about 4.94%. The
Dec. 22-V. 132. p. 164. Interest cost
$9,000 from 1935
bonds are dated Dec. 1 1930 and mature Dec. 1 as follows:
to 1958 incl., and $14,000 in 1959.
Bays), Suffolk
HAMPTON BAYS FIRE DISTRICT (P. 0. Hampton
-Jacob Rieger, Chairman of the
-BOND OFFERING.
County, N. Y.
on
sealed bids until 1.30
of Fire Commissioners, will receiveBank, Hampton Bays,p.m.the
Board
for
Jan. 30 at the Hampton Bays National
fire department apparapurchase of $30,000 5% fire house site purchase and
$1,000. Due $1,000
tus equipment bonds. Dated Dec. 11930. Denom. semi-annual interest
Principal and
on Dec. 1 from 1931 to 1960, incl. the liampton Bays National Bank,
and December) are payable at
(June
accompany each proHampton Bays. A certified check for $1,500 must
posal.
-At an
-BONDS VOTED.
HASKELL, Muskogee County, Okla.
issuance of $45,000 in
election held on Dec. 31 the voters approved the
water supply bonds by a count of 170 "for" to 9 "against."
-BOND OFFERING.
HOLMES COUNTY(P.O. Millersburg), Ohio.
Commissioners, will receive
F. E. Aultman, Clerk of the Board of County
the purchase of the following issues of
sealed bids until 12 M.on Jan. 19 for
$28,636:
5% bonds aggregating nt bonds. Due semi-annually as follows: $600
$7,800 road improveme
and Sept. 1 from
March 1 and $800 Sept. 11932, and $800 Marchrequired.
$390 is
1933 to 1936. incl. A certified check for
Due semi-annually as follows: $630
bonds.
6,480 road improvement Sept. 1 1932, and $650 on March and Sept. 1
March 1 and $650
check for $324 is required.
from 1933 to 1936, incl. A certified
bonds. Due semi-annually as follows: $856
6,256 road improvementSept. 1 1932, and $600, March and Sept. 1 from
and $600.
March 1
check for $312.80 is required.
1933 to 1936, incl. A certified
bonds. Due semi-annually as follows: $600
4,200 road improvement
Sept. 11932. and $400. March and Sept. 1 from
March I and $400.
check for $210 is required.
1933 to 1936, incl. A certified
bonds. Due semi-annually as follows: $500
4,100 road improvement Sept. 1 1932. and $400 March and Sept. 1 from
March 1 and $400,
check for $205 is required.
1933 to 1936, incl. A certified rate of interest for the bonds other
A
Each issue is dated Feb. 1 1931. of 51 of 1%, will also be considered.
than 5%, expressed in a multiple the Board of County Commissioners.
Checks should be drawn in favor of
-We are
-BONDS DEFEATED.
HUGOTON, Stevens County, Kan. Sept. 30-V. 131, p. 1927
-the
now informed that at the election held on
bonds.
proposal to issue $175,000 in high school
voters rejected the
DISTRICT (P. 0. HuntsHUNTSVILLE INDEPENDENT SCHOOL
-Sealed bids will be
-BOND OFFERING.
ville), Walker County, Tex.
until 10 a. m.
Shaver, Secretary of the Board of Trustees,
received by C. W.
building
issue of $150,000 5% school incl. A.
on Jan. 19, for the purchase of an from Dec. 31 1931 to 1970,
bonds. Dated Dec. 31 1930. Due
accompany the bid.
certified check for 1% must
State Comptroller on Dec. 29.)
(The above bonds were registered by the
2 (P. 0. PlaqueSCHOOL DISTRICT NO.received until 2.30
1BERVILLE PARISH
-Sealed bids will be
-BOND OFFERING.
mine), La.
of the Parish School Board,
p.m.on Feb.3, by L. P. Terrebonne. Secretary bonds. Int. rate is not to
for the purchase of an issue of $120,000 school
$1,000. Dated Jan. 11931.
exceed 6%, payable semi-annually. Denom. place or places to be agreed
Due from 1932 to 1951, incl. Payable at the The approving opinion of
Board.
by the purchaser and the School
A $6,000 certified check,
P
ChaPman & Cutler,of Chicago, will be furnished.
must accompany
payable to Chas. J. Slack, President of the School Board,
the bid.
bonds were voted on Dec. 30-V. 131.9.3740.)
(These
[VoL. 132.
-NOTE OFFERING.
INDIANAPOLIS, Marion County, Ind.
William Elder, City Comptroller, will receive sealed bids until 11 a. m.
on Jan. 10 for the purchase of $925,000 not to exceed 6% int. notes, divided
as follows:
$750,000 notes. Bids will be received on the basis of the delivery of a
sum of $250,000 not later than Jan. 14 1931, repayable in not to
exceed 120 days; $250,000 to be delivered Feb. 28 1931, repayable
in not to exceed 75 days, and $250,000 to be delivered on March 31
1931, repayable in not to exceed 44 days. Bids will also be
considered for the delivery of the entire $750,000 not later than
Jan. 14 1931. repayable in 120 days. The loan is payable from
the current revenues of the city.
entire
175,000 notes. Bids will be received for the also forissue to be dated
a sum of $100.000
Jan. 14 1931 and payable May 14 1931:
dated Jan. 14 1931 and payable May 14 1931 and $75,000 dated
Feb. 28 1931 and payable May 14 1931. This loan Is payable
from the current revenues of the Board of Health for the year 1931.
Legal opinion will be furnished by the Corporation Counsel of the city.
-BOND OFFERING.-WilINDIANAPOLIS, Marion County, Ind.
11 a. m.(Cenllam L. Elder, City Controller, will receive sealed bids until 4% municipal
purchase of $75,000
tral standard time) on Jan. 14 for the
airport bonds of 1931, first issue. Dated Jan. 2 1931. Denom. $1,000.
Due on July 1 as follows: $5,000 from 1932 to 1936, incl., and $4,000 from
1937 to 1951 incl. Principal and semi-annual interest (J. & J.) are payable
at the office of the City Treasurer. A certified check for 254% of the face
value of the entire issue must accompany each proposal. The validity Of
-V. 131. P. 3908.
these bonds was questioned by bond attorneys.
-The $12,000.
-BOND SALE.
IONIA COUNTY (P. 0. Ionia), Mich.
3567
Assessment District drain bonds offered on Dec. 22-V. 131, p.not disas 6s to the National Bank of Ionia. Price paid
were awarded
closed. The bonds are dated Dec. 1 1930 and mature $2,400 on April 1
from 1931 to 1935 inclusive.
-OFFER
IRONDEQUOIT (P. 0. Rochester), Monroe County, N. Y.a total of
-Rapp & Lockwood,a New York. are offering
$06,000 BONDS.
coupon or registered improvement bonds, dated Dec. 18 1929.
260,000 5%
at
and due serially June 1 from 1931 to 1944 incl.for general investmentfor
be legal investment
prices to yield 4.75%. The securities are said 'to York and to constitute
funds in the State of New
savings banks and trust
from unlimited ad valorem
a general obligation of the entire Town, payable offering notice says: "The
The
taxes upon all the taxable property therein. valuation of $50,000,000 and
actual
Town of Irondequoit has an estimated The population, according to the.
3.
an assessed valuation of $27,028,65bonded debt is $7,668,986, of which
1930 census is 18,026. The total
all of which debt is payable$154,625 is for water purposes, practically
and not primarily from.
from special assessments on property benefited,
general taxation."
DISTRICT (P. 0. Lafayette), Allen
JACKSON RURAL SCHOOL
-The $80,500 school bonds offered on
-BOND SALE.
County, Ohio.
to the Guardian Trust Co.,
Jan. 6-V. 131, p. 4085-were awarded as 5s aqual to 101.07, a basis of
of $862,
of Cleveland, at par plus a premiumDue semi-annually as follows: $2,000
Jan, 1 1931.
about 4.87%. Dated
,
April 1 and $2.000
on April and Oct. 1 from 1932 to 1934, inclusive; $2.000incl. $2,000 April 1
1938,
Oct. 1 1935;$2,000, April and Oct. 1 from 1936 to from 1940 to 1942, incl.;
$2.000. April and Oct. 1
and $2,100. Oct. 1 1939;
1943; $2,000 April and Oct. 1. from
$2,000. April 1 and $2,100, Oct. 1and $2,100. Oct. 1 from 1944 to 1946.
1944 to 1946, incl.; $2,000. April 1
Oct. 1 1947; $2,000, April and Oct. 1 from
incl.; $2,000, April 1 and $2,100,
1 1951.
1948 to 1950, incl.; $2,000. April 1 and $2,100, Oct.
(P.O. CircleJACKSON TOWNSHIP RURAL SCHOOL DISTRICT
-The $100,000
-BOND SALE.
County, Ohio.
ville, R. F. D.), Pickaway
n bonds offered on Dec. 18
land acquisition and school building constructioMcNear & Co., of Chicago.
-were awarded as 5s to C. W.
V.
- 131, p. 3567
basis of about 4.80%.
at par plus a premium of $1,660.60, equal to 101.66, a
lly as follows:
The bonds are dated Jan. 15 1931 and mature semi-annua and $2,000 on
Oct. 1 from 1931 to 1946, incl.,
$2,000, April and $2,500.
April and Oct. 1 from 1947 to 1953,incl.
-FINANCIAL STATEMENT.
JACKSONVILLE, Duval County, Fla. connection with the offering
in
The following statement is furnished issue of not to exceed 6% semischeduled for Jan. 20, of the $2,000,000
-V. 131, p. 4245.
annual refunding bonds.
Assessment Roll for 1930.
$87,688,760.00
estate
Real
13,815,700.00
Personal property
$101,504,460.00
Total
$9,729,000.00
-General obligations
Outstanding bonds
1,350,000.00
Water bonds
and sideSpecial assessment street Improvement, paving
1,925.000.00
various maturities
walk of
28,000.00
Certificates account filling low lands
$13,032,000.00
ss
Total bonded indebtedne
682,839.54
Floating debt
$13,714,839.54
Total indebtedness
1,726,986.36
Less sinking fund reserve
$11,987,853.18
Deducting
1,350,000.00
Water bonds
$10,637,853.18
Net indebtedness
0. Delphos,
JENNINGS TOWNSHIP SCHOOL DISTRICT (P. -The $37,000
-BOND SALE.
R. F. D. No. 5), Van Wert County, Ohio.
131, P.
school building construction bonds offered on Dec. 22-V.Trustees3908at par
are reported to have been sold as 58 to the Board of School
plus a premium of $481, equal to 101.30, a basis of about 4.90%. Dated
Dec. 20 1930. Due $925 on March 1 and Sept. 1 from 1932 to 1951 incl.
-H. C.
KENOSHA, Kenosha County, Wis.-BOND OFFERING.
2
Laughlin, Director of Finance, will receive sealed bids until %p. m.(Central
coupon street
standard time) on Jan. 30 for the purchase of $250,000 4 YiDenom. $1,000.
widening bonds, issue of 1931. Dated Feb. 1 1931.
Due on Feb. 1 as follows: $13,000 from 1932 to 1941 incl., and $12,000 from
at the
1942 to 1951 incl. Prin. and semi-ann. int. (F. & A.) are payable
ed
office of the City Treasurer. The City will furnish its own lithograph
must
bonds. A certified check for $2,500, payable to the order of the City,to be
accompany each proposal. The City has arranged for legal opinion under
furnished by Chapman & Cutler of Chicago. The bonds are issued 1929.
the provisions of Chapter 67 of the Statutes of Wisconsin for the year
Financial Exhibit.
$78.022,880
Assessed valuation for the year 1930
140,000,000
Estimated actual value taxable property
3,585,000
*Total bonded debt (including this issue)
163,100
is an unfunded debt, other than the bond debt of
There
Waterworks bond included in total debt shown above
Population 1920, 40,000; Federal census 1930, 50,242; tax rate, 29 Mills.
* 'Fetal bonded debt as listed above will be reduced during the year 1931
In the amount of $224,500, being amount of bonds maturing in 1931.
-BOND OFFERING.
KOSCIUSKO COUNTY (P.O. Warsaw), Ind.
Leonard H. Huffer, County Treasurer, will receive sealed bids until 2 p. m.
the purchase ofthe following issues of 414% bonds aggregating
on Jan.26 for
$161,900:
$78,900 road construction bonds. Denom. $1,315. Due $3,945 on May
and Nov. 15from 1932 to 1941 incl.
69,000 road construction bonds. Denom. $1,150. Due $3,450 on May
and Nov. 15 from 1932 to 1941 incl.
15 1932
14,000 road construction bonds. Denom. $700. Due $700 July on .Ion.
11700 on Jan. and July 15 from 1933 to 1941 incl., and $700
15 1942.
Each issue is dated Jan. 15 1931.
-BOND OFFERING -Scaled
KING COUNTY (P. 0. Seattle), Wash.
A. Grant. Clerk of
bids will be received until 2 p.m. on Jan. 20, by Georgean issue of $1,250,purchase of
the Board of County Commissioners, for the
payable
000 coupon county hospital bonds. Int. rate is not to exceed 6%, $1,000.
not to exceed
semi-annually. Denoms. $100, or multiples thereof,date. The bonds will
Dated Feb. 11931. Due in from 2 to 20 years after
No.3952
not be sold for less than par. Issued under authority of Resolution certified
1930. A
of the Board of County Commissioners, passed Dec. 10
check for 5% of the bid is required.
JAN. 10
1931.]
FINANCIAL CHRONICLE
345
Each bidder submitting a bid shall specify: (a) The lowest rate of in- Halsey, Stuart
dc Co., Chicago and First Union Trust & Savings
terest and premium, if any, above par at which such bidder will
Bank, Chicago, jointly
15,732.00
said bonds; or (b) The lowest rate of interest at which the bidder purchase
will pur- BancOhio Securities Co., Columbus; McDonald-Callahar.• chase said bonds at par.
Richards Co., Cleveland and Guardian Trust Co., Cleveland,
Jointly
Official Financial Statement as of Oct. 29 1930.
10.690.00
Foreman-State Corp., Chicago; The Northern Trust Co.. Chicago
Bond indebtedness, outstanding authorized by a three-fifths
and First Wisconsin Co., Milwaukee. jointly
vote of the qualified electors of King County
12,355.00
37.560,000.00 W.L.Slayton & Co.,Toledo and Ryan.Sutherland & Co., Toledo,
Less cash and uncollected taxes for redemption
780,102.24
Jointly
10.830.00
Total net bond indebt. auth by three-fifths vote of electors $6.779,897.76
LUDLOW, Kenton County, Ky.-BONDS NOT SOLD.
-The $30,000
Bond indebtedness outstanding authorized by
Wile of not to exceed 5% (J. &
coupon garbage Incinerator bonds
County Commissioners
offered on Jan.2-V.132, p. 164
$4,649,350.00
-was not sold as all the bids were rejected.
Less cash for redemption
Dated Dec. 30 1930. Due on Dec. 30 1950 and optional on Dec. 30 1945.
161,434.62
MANSFIELD, Richland County, Ohio.
-BOND OFFERING.
Total net bond indebted. auth. by County Commissioners_ 4,487,915.38
-P. L
Kelley. City Auditor, will receive sealed bids until 1 p. in. on Jan. 14 for
not to
Total net bond indebtedness including this issue
311,267,813.14 the purchase of $45,0001931. exceed 5% interest water mains construction
bonds. Dated Feb. 2
Denoms. $1,000 and $500. Due $4,500 on
Net floating debt
None Oct. 1 from
Interest is
Assessed valuation year 1929
370,212,581.00 and Oct. A 1932 to 1941 incl. 25% of the payable semi-annually in April
certified check for
amount of bonds bid for must
5% of assessed valuation. 1929
18,510.629.05 accompany each proposal.
Net bond indebtedness outstanding,auth. by three-fifths vote
of electors, incl. issue of $1,250,000 King Co. Hosp. bonds 6.779.897.76
MARION, Grant County, Ind.
-BONDS OFFERED.
-Sealed bids
addressed to Ray E. Norman, City
Margin between net debt and debt limit by vote of electors_$11,730,731.29 on Jan. 9 for the purchase of 56.500 Clerk, were received until 10 a. m.
4%% Civic Hall furniture and equip14 of assessed valuation. 1929
5,553,188.72 ment bonds.
Denom. $500. Due $500 Jan. and Dec.
Net bond lndebt. outstand. auth. by County Commissioners 4,487,915.38 1 from 1931 Dated Dec. 1 1930. June 11937. Principal and
to 1936 incl., and 3500
semi-annual
Margin between net debt and debt limit by Co.Commiss_ - $1,065,273.34 interest are payable at the office of the Treasurer of Grant County.
MARION COUNTY (P. 0. Indianapolis), Ind.
-NOTE SALE.
LAFAYETTE SCHOOL DISTRICT, Allen County, Ohio.
-BOND The $600,000 notes offered on Jan. 7-V. 131. p. 4086
-were awarded to
SALE.
-The $34,500 school bonds offered on Jan. 6-V. 131. p. 4085
were awarded as 5(s to the Weil, Roth dc Irving Co. of Cincinnati, at - a group composed of the Merchants National Bank and the Indiana Trust
par Co.,
plus a premium of $48, equal to 100.13, a basis of about 5.23%; Dated The both of Indianapolis.also the Harris Trust & Savings Bank,of Chicago.
group purchased an issue of $350,000 notes as 3.90s and $250,000 as
Jan. 1 1931. Due semi-annually as follows: $800 April and Oct. 1
1800 April 1 and $1,050 Oct. 1 1933; $800 April and Oct. 1 1934; 1932: 3.40s. All of the notes are dated Jan. 1 1931 and mature June 1 1931.
1800
April 1 and $1,050 Oct. 1 1935; $800, April and Oct. 1 1936; $800 April 1 The Fletcher Savings & Trust Co., of Indianapolis, bid an interest rate of
.and $1,050 Oct. 1 1937; $800 April and Oct. 1 1938; $800 April I and 5% for the entire offering.
11,050 Oct. 1 1939; $800 April and Oct. 1 1940; $800 April 1 and $1,050
MEDFORD, Jackson County, Ore.
-BOND SALE.
-The $25.000
Oct. 1 1941; $800 April and Oct. 1 1942; $800 April 1 and $1,050 Oct. 1 issue of 5% semi-ann. bridge bonds offered for sale on Dec. 26-V. 131, p.
1943; $800 April and Oct. 1 1944; 1800 April 1 and 51.050 Oct. I 1945; 4086
-was purchased by Smith, Camp & Co. of Portland, at a price of
April and Oct. 11946;$800 April land $1,050 Oct. 1 1947; $800 April 102.41, a basis of about 4.70%. Dated Jan. 1 '
$800
1931. Due in 1941.
-and Oct. 1 1948: $800 April 1 and $1,050; Oct. 1 1949; $800 April and
MEDFORD SCHOOL DISTRICT (P.0. Medford), Jackson County,
Oct. 1 1950;$800 April land $1,050 Oct. 1 1951.
Ore.
-BOND ELECTION.
-We are informed that a second election has
been called for Jan. 15 on the $265,000 issue of school bonds that was voted
LA GRANGE COUNTY (P. 0. LaGrange),Ind.
-BOND OFFERING.
-because of a legal technicality in the first
-Harry Haglind, County Treasurer, will receive sealed bids until 2 p. m. on Dec. 17-V. 131, p. 4245
-on Jan. 21 for the purchase of the following issues of4%% bonds aggregating election, which may have invalidated the bonds.
$16,200:
MEMPHIS, Shelby County, Tenn.
-NOTE OFFERING.
-Sealed bids
19,400 Clearspring Township road construction bonds. Denom. 1470. will be received until 2.30 p. in. on Jan.
Due $470 on July 15 1932; $470 on Jan. and July 15 from 1933 to for the purchase of an issue of $1,250,00027, by D. C. Miller, City Clerk,
ur
3%,3%,3%,4,4,
% 44
or
1941 incl.
and $470 on Jan. 15 1942.
5% revenue notes, series of 1931. Dated Jan. 1 1931. These notes 4% be
6,800 Eden Township
road construction bonds. Denom. $340. Due payable, both as to principal and interest, in lawful money of the will
United
$340 on July 15 1932; $340 on Jan. and July 15 from 1933 to 1941 States,at the fiscal agent of the City of Memphis,
in the City of New York.
incl., and $340 on Jan. 15 1942.
City Hall in
Each issue is dated Jan. 15 1931. Interest is payable semi-annually on or at thehowever, that Memphis, Tenn., at the option of the holder,
provided,
holders of notes and coupons desiring local payJan. and July 15.
ment shall give ten days' written notice to the City Clerk of such desire.
These notes shall not be sold for less than par, plus accrued interest to
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND SALE.
-The
following issues of coupon bonds aggregating $8,413.72 offered on Jan. date of delivery, free from all commission and brokerage; provided, however, that should it be necessary, a bid as low as ninety-nine dollars ($99)
5-V. 132, p. 164
-were awarded as 5s to Ryan, Sutherland & Co., of
Toledo, at par plus a premium of $14, equal to 100.16, a basis of about on the one hundred dollars ($100) of face value, plus accrued interest to
date of delivery, and free from commisions and brokerage, may be accepted
4.94%:
14,115.00 road improvement bonds. Due on Oct. 1 as follows: $1,000 in by a four-fifths vote of the Board of Commissioners.
The preparation and sale of these notes and legal steps have been taken
1932 and 1933: $1,115 in 1934, and $1,000 in 1935.
2,305.59 road improvement bonds. Due on Oct. 1 as follows: $500 in under the direction of Thomson, Wood & Hoffman, of New York City.
Their fmljand final opinion that these notes, when sold and delivered
1932 and 1933; $805.59 in 1934, and $500 In 1935.
1,993.13 road improvement bonds. Due on Oct. 1 as follows: $493.13 pursuant to the terms of aforesaid legislation, will constitute valid and
legally binding obligations of said City will be furnished by the City,
in 1932, and $500 from 1933 to 1935, incl.
Each issue is dated Jan. 1 1931. L. J. Spaulding, Clerk of the Board of together with treasurer's receipt for proceeds of sale, certificate of genuineCounty Commissioners, made no mention as to the disposition of the other ness of signature on notes attested by the Union Planters National Bank
44,216.96 bonds, comprising two issues, offered on the same day. The & Trust Co.. Memphis, and a full transcript of proceedings by the Board
of Commissioners in authorizing and selling these notes. These
following is a list of the bids received for the amount of bonds awarded:
notes
BidderInt..Rate.
Premium. are to be issued under and in pursuance of the charter amendment known as
Ryan, Sutherland & Co.(Purchasers)
5%
$14.00 Chapter 487,of the Private Acts of Tennessee for the year 1917.and further.
Title Guarantee Securities Corp., Cincinnati
In pursuance of an ordinance of the City of Memphis passed on the third and
10.95
Provident Savings Bank & Trust Co., Cincinnati__ _ 55 %
50.35 final reading on Jan.6 1931. Price may be named by premium or by basis
Otis & Co., Cleveland
5)%
3.00 rate and may be mailed or wired. Payment shall ,e made in Memphis or
New York funds. Delivery will be made within 10 days after date of sale.
LA PORTE COUNTY (P. 0. La Porte), Ind.
-NO BIDS.
-Fred A.
Hausheer,County Treasurer,informs us that no bids were received on Jan.5 A 512.500 certified check, payable to the order of the City of Memphis,
shall accompany the proposal.
for the purchase of the $4,819.50 6% ditch construction bonds offered for
MESA COUNTY SCHOOL DISTRICT NO.1(P.O.Grand Junction),
for sale.
-V. 132, p. 164. The bonds are dated Dec. 15 1930 and mature on
Colo.
-.BOND SALE.
-A $24,500 issue of 4 Si% school bonds has
Dec. 15 as follows: $319.50 in 1931,and $500from 1932 to 1940 inclusive.
been purchased, according to report, by Joseph D. Grigsby & recently
LAWRENCE SCHOOL DISTRICT, Marion County, Ind.
-BOND Pueblo. Dated May 11931. Due on May 1 1950. optional in 1932.Co.. of
These
OFFERING.-flenry T. Van Cleave, Township Trustee, will receive sealed bonds were voted on Dec. 30.
,
bids until 2 p.in. on Jan. 24 for the purchase of$53,0004ti% school building
We previously reported the pre-election
construction bonds. Dated Jan. 31 1931. Denom. $530. Due $2,650 on Chanute, Loughridge & Co., of Denver sale of these bonds to Bosworth,
-V. 131, p. 3568.
June and Dec. 25 from 1932 to 1941 incl. Principal and semi-annual interest
MISSOURI, State of (P. 0. Jefferson City).
-BOND OFFERING.
(Juno and Dec. 25) are payable at the Union Trust Co.. Indianapolis.
We are informed that bids will be received up to Jan. 21, by the State
LEWIS AND CLARK COUNTY(P.O. Helena), Mont.
-BOND SALE. Treasurer, for the purchase of a $5,000,000 issue of 4% coupon road bonds.
-The $100,000 issue of semi-ann. road bonds offered for sale on Dec. 31- These bonds are part of the 'total issue of $75,000,000
V. 131. p. 4085
-was purchased by the Montana Trust dc Savings Bank, authorized in 1928 of which $22.500,000 have already State road bonds
been sold. It is
of Helena, as 4tis, at a price of 100.20, a basis of about 4.45%. Dated said that they will mature from 1943 to 1947,
incl.
Jan. 11931. Due serially from Jan. 1 1931 to Jan. 1 1941. The Montana
MOBILE COUNTY (P. 0. Mobile) Ala.
-BOND OFFERING.
"Record" of Doc. 31ACported as follows: There were two other bidders,
-Sealed
bids will be received until 10:30 am.on Jan. 12, by E. C. Doody,
the State land departilltnt, with a bid of par plus a premium of
Clerk
and
interest at 44% and the Union Bank and Trust Co., whose bid $500 par, of the Board of Revenue and Road Commissioners for the purchase of an
with Interest at 4%% and no premium. The land department waswas only issue of $125,000 5% school bonds. Denoms. $1.000, $500 and $250.
the
Dated Jan. 1 1931. Due on Jan. 1 as follows: $2,500, 1934 to
bidder on amortization bonds.
1936; $33,750.
1937 to 1942;$5,000, 1943 to 1951, all Incl. Prin. and int. (J. &
J.) payable
LINCOLN COUNTY SCHOOL DISTRICT NO. 6 (P. 0.
Lincoln), in gold in New York City. Said bonds will be sold to
-BOND SALE.
Kan.
-A $96,000 issue of 5% refunding bonds has recently will result in the lowest net interest rate to the County,the bidder whose bid
as shown in standard
been purchased by the Shawnee Investment Co.of Topeka. Denom.$1,000. bond value tables; provided, however, that
said
Dated Jan. 11931. Due from Jan. 1 1932 to 1941 incl.
less than 95% of their par value, together with bonds shall not be sold for
accrued interest
date of the bonds to the date upon which they are delivered and from the
LONG BEACH, Nassau County, N. Y.
paid for.
-PUBLIC OFFERING OF Said bonds were
$622,000 BONDS AND $250,000 NOTES.
-Rapp & Lockwood,of Now York on July 9 1929, authorized at an election held throughout Mobile County
and are payable from a special tax to be levied annually.
are offering for public investment a total of$622,0005%% general obligation
Blank bonds are to be furnished by the purchaser. A certified
bonds, dated Dec. 1 1930 and due serially from 1932 to
check for
to yield from 4.50 to 4.75_%. and $250,000 5%% tax 1960 Incl., at prices $1.250, must accompany the bid.
anticipation
dated Dec. 1 1930 and due Dec. 1 1931, priced to yield 4%. Both the notes,
MONTGOMERY,
-BONDS OFFERED
bonds FOR INVESTMENT Montgomery County, Ala.
and the notes are legal investments for savings banks and trust
.
-A $914,000 issue of 534% refunding bonds is being
funds in offered for
New York State.
public subscription by Eldredge & Co., of
,
$1.000. Dated July 1 1930. line from July 1 1931 New York. Denom.
LOUISIANA, State of (P. 0. Baton Rouge).
-BOND OFFERING7-'• and int. (J. & J.) payable at the Old Colony Trust to 1960, incl. Prin.
Co. in Boston. Legal
Sealed bids will be received by the State Highway Commission,until 11 a. m. approval
by Reed,Hoyt & Washburn,of New York City. They are offered
(Central standard time) on Feb. 11, for the purchase of a
$15,000.000 at prices to
issue of not to exceed 5% coupon or registered highway bonds. Donom. to be legal yield from 3.50 to 4.60%. according to maturity, and are said
investments for savings banks in New York.
$1.000. Dated Dec. 15 1930. Due as follows: $200,000 in 1934; $300,000,
MONTGOMERY, Montgomery County, Ala.
1935 to 1937; $400,000, 1938 to 1940: 8500,000, 1941 to 1943; 5600,000.
-BOND DESCRIP-The $110,000 issue of 53 % street improvement bonds that was
1944 and 1945;8700.000, 1946 and 1947:$800,000. 1948; 3900.000, 1949 and TION.
1950; $1,000,000, 1951; $1,100,000, 1952; $1,200.000, 1953; 31.300.000, purchased by Marx & Co. of Birmingham at 100.50 (V. 141. p. 3400) is
1954 and $1,400,000 in 1955. The interest rate is to be stated in multiples more fully described as follows: Denom. 51.000. Dated Nov. 1 1930.
of X' of 1%. Prin. and int. (J. & D.) payable In gold at the office of the Due $11,000 from Nov. 1 1931 to 1940, incl., giving a basis of about 5.39%.
State Treasurer, or at the fiscal agency of the State in New York City. Prin. and int.(M. 8: N.) payable at the Old Colony Trust Co. in Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge
The approving opinion of Thomson, Wood & Hoffman, of
of Boston.
New York,
MOUNT PLEASANT, Sanpete County, Utah.
will be furnished. No bid for less than par and accrued interest will
con-BOND
-A
sidered. The State will furnish the bonds. A certified check for be of $40,000 issue of light plant bonds is reported to have recently beenSALE.
1%
purchased
the par value of the bonds must accompany the bid. (These are the bonds by the Ashton-Jenkins Insurance Co. of Salt Lake City.
that were originally scheduled for sale on Dec. 27-V. 132, p. 164.)
MOUNT PLEASANT(P.0.North Tarrytown), Westchester
County,
LOWELL, Middlesex County, Mass.
-BOND OFFERING.
-BOND SALE.
-Edward F. Hennessey, Town Clerk, will
-The $250,000 N. Y.
4% coupon New Aqueduct and Mains Cook Wells 1930 bonds offered on receive sealed bids until 3 p. m.on Jan. 20,for the purchase of the following
Jan. 6 (V 132. p. 164) were awarded to Harris, Forbes & Co. of Boston, issues of not to exceed 5% interest coupon or registered bonds aggregating
the only bidders, at a price of 100.25, a basis of about 3.97%. The bonds $443,000:
are dated Jan. 1 1931 and mature $10,000 on Jan. 1 from 1932 to 1956,incl. $403,000 road bonds. Due on Feb. 1 as follows: $20,000 from 1933 to
1947,incl.; $25,000 from 1948 to 1950, incl., and $28,000
LUCAS COUNTY (P. 0. Toledo), Ohio.
-LIST OF BIDS.
-The
30,000 highway bonds. Due on Feb. 1 as follows: $1,000 from in 1951.
1933 to
following is an official list of the bids received on Dec. 29 for the purchase
1940, incl. and $2,000 from 1941 to 1951, incl.
infirmary addition construction bonds awarded as 4%s to
of the $950,000
10,000 series A highway bonds. Due $1,000 on Feb. 1 from
1932 to
Otis dc Co., of Cleveland, and Wallace, Sanderson & Co. of New York,
1941, incl.
Jointly. fora premium of $17,172.20, equal to 101.80,a basisof about 4.31%
'
Each issue is dated Feb. 1 1931. Rate of interest to be expressed
in a
-V.132, p. 164. (All of the bids were for the bonds as 4 JO.)
multiple of % of 1% and must be the same for all of the bonds.
BidderPremium. and semi-annual interest (Feb. and August) are payable at the Principal
Otis & Co., Cleveland,0., and Wallace, Sanderson & Co., New
tional Bank, North Tarrytown. A certified check for 2% of First Nathe amount
York, jointly
-------------------- -$17.172.20 of bonds bid for, payable to the order of the Town,
must accompany each
--------- First fleiiai Uo".. getroft,
Continental Ingois
proposal. The approving opinion of Reed, Hoyt &
Washburn, of New
and Braun, Bosworth & Co., Toledo, jointly
14,738.00 York, will be furnished the successful bidder.
346
FINANCIAL CHRONICLE
[Vol.. 132.
-The $5,600
-BONDSALE.
PARKE COUNTY(P.O. Rockville),Ind.
-BOND
MUNHALL SCHOOL DISTRICT, Allegheny County, Pa.
construction bonds offered on Dec.31-V.131, p.4086
% coupon
-Edward M. Cox, Secretary of the Board of School Directors, were awardedroad
OFFERING.
to the Inland Investment Co., of Indianapolis, at par plus
until 7.30 p.m. on Jan. 27 for the purchase of $650,- a premium of $164. equal to 102.94, a basis of about 3.90%. The bonds
will receive sealed bids
000 4M% coupon school bonds, divided as follows:
in are dated Dec. 31 1930 and mature $280 on Jan. and July 15 from 1932 to
$543,000 series of 1931 A bonds. Due on Jan. 1 as follows: $28,000
incl. Bids submitted for the issue were as follows:
1936; $25,000 in 1938, 1940, 1942, 1944 and from 1946 to 1958 1941
Premium.
Ind.,and $30,000from 1959 to 1961 incl.
$ 64.0
Co.(Purchasers)
in
of 1931 B bonds. Due on Jan. 1 as follows: $7,000 to Inland Investment
107,000 series
140.50
Pfaff & Hughel, Indianapolis
1945 and from 1947
115.00
1936: $10,000 in 1937, 1939, 1941, 1943,
Savings & Trust Co., Indianapolis
Fletcher
1951 incl.
102.25
-ville National Bank, Rockville
Denom. $1,000. Interest is payable Rock
Each issue is dated Jan. 1 1931.
5.00
payable to Fletcher American Co., Indianapolis
semi-annually in Jan. and July. A certified check for $10,000
The
-A
-BONDS REGISTERED.
PHARR, Hidalgo County, Texas.
the order of the District Treasurer, must accompany each proposal.
of Internal Affairs of Pennsyl- $250,750 issue of 5% serial refunding bonds was registered by the State
bonds were approved by the Department
Comptroller on Jan. 3. Denom. $250. A $20,000 issue of 5% street
vania on Dec.31 1930.
29. Denom. $500. Due
County, improvement bonds was registered on Dec.
MUNSON TOWNSHIP (P. 0. Chardon, R. F. D.), Geauga of Town- serially.
-L. W.Eldredge, Clerk of the Board purchase
-BOND OFFERING.
Ohio.
PINAL COUNTY ELECTRICAL DISTRICT NO. 3(P.O. Florence),
ship Trustees, will receive sealed bids until 12 m.on Jan. 17 for the
-At the special election held on Dec. 12-V.
bonds. Dated as of Ariz.
-BONDS VOTED.
of $8,500 5% special assessment road improvement follows: $500 April 131, p. 3742
-the voters approved the issuance of $290,000 in 6% electrical
the date of sale. Denom. $560. Due semi-annually as
1.
April 1 in 1932 and 1933;$500 April and Oct. 1 from bonds by a majority reported to have been about 3 to
and Oct. 1 1931; $500
is payable
-The
-BOND SALE.
1934 to 1938,incl.:$500 April land $1,000 Oct. 1 1939. Interest expressed
PORT CLINTON, Ottawa County, Ohio.
semi-ann. in April and Oct. An alternative rate of interest,
of bonds aggregating $8,995.80 offered on Dec.30-V. 131,
5% following issues
to the BancOhlo Securities Co., of Columin a multiple of y, of 1%, will also be considered. A certified check for
-were awarded as
of the Township, p. 4087
for, payable to the order
a basis of about
of the amount of bonds
proceedings incident bus, at par plus a premium of $11.25, equal to 100.12,
must accompany each proposal. A transcript of the
bidder; bidders, 4.72%:
to the issuance of the bonds will be furnished the successfulissue before sub- $4,603.40 street improvement bonds. Due on Oct. 1 as follows: $603.40
however, must satisfy themselves as to the validity of the
in 1932, and $500 from 1933 to 1940 incl.
mitting an offer.
4,392.40 street improvement bonds. Due on Oct. 1 as follows: $392.40 in
1932. and $500from 1933 to 1940 incl.
REQUEST
-BONDS ATTORNEYS
MUSKEGON HEIGHTS, Mich.
Each issue is dated Oct. 1 1930. Bids submitted for the bonds were as
-This city must
SUPREME COURT RULING ON $25,000 BOND ISSUE.
follows:
Court as to the validity of a $25,000
Int. Rate. Premium,
obtain a ruling from the State Supreme
BidderDetroit will render a
$11.25
4
3
4, (%
emergency relief bond issue before bond attorneys inof the issue, according BancOhio Securities Co. (Purchaser)
sale
33.00
satisfactory legal opinion thereby facilitating the has already been approved Spitzer, Rorick & Co., Toledo
53.4%
issue
5%
28.00
to the Ludington "News" of Dec.28. The
Slier, Carpenter & Rowe,Toledo
by Circuit Court Judge John Vanderwerp.
-TEMPORARY LOAN.
, Cumberland County, Me.
PORTLAND
-RISE IN TAX RATE PROBABLE.
City Treasurer, on Jan.7 awarded a $300,000 temporary
NEWARK,Essex County, N. J.
the budget for 1931 over John R. Gilmartin,
Because of an estimated increase of $927,000 inof charges for debt service loan to the Portland National Bank of Portland, at 2.545% discount. The
the figure during the preceding year, as a result may show an increase of loan is dated Jan. 9 1931 and is payable Oct. 7 1931 at the First National
1931
an other expenditures, the tax rate figure for in 1930. according to a recent Bank,of Boston. Denoms. to suit purchaser. The notes will be certified as
of
to genuineness and validity by the First National Bank, under advice as
about 6 points over the rate which prevailed
Ropes, Gray, Boyden & Perkins of Boston. Bids for the issue were
issue of the New York "Evening Post."
-At a meeting of the Board of City follows:
ORDINANCE APPROVED.
BOND
Discount.
the issuance of$3,000,BidderCommissioners on Jan.7 an ordinance providing for be dated as of the date
2.545%
to
000 temporary city railway construction bonds, and mature in 6 months, Portland National Bank (purchaser)
2.62%
Bros. & Hutzler, plus $7 premium
a rate not to exceed 6%
Salomon
of issue, bear int. at
2.72%
of the provisions
was adopted. The bonds were authorized in pursuance to authorize and First National Old Colony Corp plus $7 premium
2.75%
Boston Safe Deposit & Trust Co.,
of an Act of the State Legislature, entitled An Act
3.00%
regulate the issuance of bonds and other obligations and the incurring of S. N. Bond & Co
-BONDS NOT SOLD.
indebtedness by county, city, borough, village, town, township or any
0. Toledo), Ore.
PORT OF TOLEDO (P.
municipality, governed by an improvement commission," approved March The $25.000 issue of 6% semi-ann. improvement bonds offered for sale on
22 1916 and the amendments thereto.
-was not sold. Due on Jan. 1 1936.
131, p. 4246
Dec. 26-V.
-REDUCTION IN 1931 TAX
-TEMPORARY
NEWBURGH, Orange County, N. Y.
PORTSMOUTH, Rockingham County, H.a N.
-Announcement was made recently by city officials that the tax LOAN.
-F. W. Hartford, Mayor,on Jan.7 awarded $150,000 temporary
RATE.
compares
rate for 1931 would be $35.06 per $1,000 of valuation, which was made loan to the Day Trust Co. of Boston, at 2.89% discount. The loan is due
The reduction
with the rate of $37.12 per $1,000 during 1930. in the preparation of the Aug. 25 1931. Bids submitted for the loan were as follows:
Discount.
Bidderpossible, it was pointed out, through rigid care that were not regarded as
2.89
Day Trust Co. (purchaser)
1931 and the elimination of all items
budget for
2.91
First National Old Colony Corp
necessary expenditures for this year.
3.09
Merchants National Bank
-ONLY ABOUT $9,000,000 BONDS OF $50,000.000 Faxon, Gade & Co
3.15
NEW YORK. N. Y.
-It was reported on Jan. 7 that only about
AWARD REMAIN UNSOLD.
DISTRICT (P. 0. Portville), Chattaraugus
Oct. 21 to a
on
PORTVILLE FIRE
$9,000,000 bonds of the issue of $50,000,000 4s awarded York. the only
-All of the bids received on Dec. 1
-BIDS REJECTED.
syndicate headed by the Chase Securities Corp., of New 2729). These County, N. Y. of the $8,000 not to exceed 6% int. coupon or registered
account (V. 131. p.
bidders for the issue, remained in thepublic investment at a price of 101, for the purchase offered for sale
-were rejected. The
-V. 131, p. 3244
fire district bonds
bonds are being offered for
remaining
entire issue of $50,000,000 was bonds are dated Dec. 15 1930 and mature $1,000 on Dec. 15 from 1931
yielding 3.95%,the same price at which therecently extended beyond the to
1938 hid.
offered. The underwriting syndicate was
usual period of 60 days.
PUEBLO PUBLIC WATER WORKS DISTRICT NO.2(P.O.Pueblo),
-The $700.000 issue of
-BONDS NOT SOLD.
TON COUNTY (P. 0. Cape Charles) Va.-BOND Pueblo County Colo.
NORTHAMP
offered on Jan.7-V.131,p.4087
-We are informed that sealed bids will be received until 434% coupon (J.',5z J.) refunding bonds
OFFERING.
a was not sold as the only bid received was rejected. It is stated that the
by Helen E. Lowe,Clerk of the School Board,for the purchase of
Jan. 20.
bonds will be disposed of at private sale. Dated July 2 1930. Due on
$10,000 issue of refunding bonds.
-A W. July 2 1955, optional after July 2 1940.
-NO BIDS.
OAKLAND COUNTY (P. 0. Pontiac), Mich.no bids were received
-BONDS VOTED.
-At
REAGAN COUNTY (P. 0. Big Lake), Tex.
Spencer, County Drain Commissioner, reports that
-the voters defeated the
offered for sale on Dec. 24 the election held on Dec. 31-V. 131, p. 3910
for the purchase of the $345,000 drainage bonds
in proposal. The Proposal to issue $275.000 in highway bonds by a majority of over 5 to 1.
be suggested
-V.131, p. 4086. Rate of int. was toserially in 10 years.
RED RIVER-BAYOU PIERRE LEVEE AND DRAINAGE DISTRICT
bonds are dated Jan. 2 1931 and mature
-BOND OFFERING.-Sealed
-W.L. (P. 0. Lake End), Red River Pariah, La.
-BOND SALE.
COUNTY (P. 0. Pontiac), Mich.
OAKLAND
a total of $110,000 5% road bids will be received until 2 p.m. on Jan. 21 by M. H. Bosley, Secretary of
Slayton & Co. of Toledo, recently purchased
the Board of District Commissioners, for the purchase of a $75,000 issue
'
bonds, divided as follows:
district
Denom. $1.000. Dated
May as follows: $14,000 in 1933; of 5% semi-annual public improvement bonds.The approving opinion of
$42,000 district's portion bonds. Due 1935. 1
from 1931 to 1960, incl.
$20.000 In 1934, and $8,000 in May 1 as follows: $8,500 in 1933: Dec. 1 1930. Due New Orleans, together with that of some other recogB. A. Campbell, of
portion bonds. Due
34,500 county's
be furnished to purchaser. A $3,000 certified
1936.
$10,000 in 1934 and 1935, and $6,000In as follows: $3,500 in 1933 nized bond attorney, will
check, payable to J. L. Brunson, President of the Board, must accompany
bonds. Due May
33,500 township portion 1934 to 1936 incl. 1
the bid.
from
and $10,000
and semi-annual interest(M.
-A $10,000 issue
-BOND SALE.
Each issue is dated Nov. 11930. Principal
REFORM, Pickens County, Ala.
& Trust Co., New York.
& N.) are payable at the Central Hanover Bank
water works bonds is reported to have beesnpurchased by Steiner
approved by Miller, Canfield, Paddock & of 6% of Birmingham. Denom. $500. Dated Aug. 1 1930. Due $500
Legality said to have been
Bros.
Stone, of Detroit.
from Aug. 1 1933 to 1952, incl. Prin. and int. (F. & A.) payable at the
-BOND
County, Ohio.
Y. City. Approving opinion by Storey, ThornOAKWOOD (P. 0. Dayton), Montgomery receive sealed bids until Guaranty Trust Co. in N.Boston.
dike, Palmer & Dodge of
Village Clerk, will
-A. C. Bergman,
OFFERING.
chae
purchase of $60,000 6%
for the
-James M.
-TEMPORARY LOAN.
REVERE,Suffolk County, Mass.
12 in. (Eastern standard time) on Jan. 16
Denom,
bonds.
coupon
O'Brien, City Treasurer, on Jan. 9 awarded a $200,000 temporary loan to
and
Oct.t.tom
at 2.73% discount. The loan is
Co., Dayton, or the Continental National Bank of Boston, 1931 at the First National Bank
& 0.) are payable at the Union Trust to
annual interest
bear interest dated Jan. 12 1931 and is payable Nov. 5 to genuineness and validity by
Bids for the bonds
as
at the office of the Village Treasurer. multiple of
of 1%, will also be of Boston. The notes will be certified of Ropes, Gray, Boyden & Perkins
at a rate other than 6%,expressed in a
the amount of bonds bid for, payable the aforementioned bank, under advice
considered. A certified check for 5% of must accompany each proposal of Boston.
Treasurer,
to the order of the Village issuance and sale of this issue of bonds have
-The item given here-BONDED DEBT.
RHODE ISLAND, State of.
Proceedings in reference to the
and Dempsey of Cleveland, and the ap- with appeared in the Jan. 1 issue of the Providence"Journal":
been approved by Squire, Sanders
furnished to the successful bidder
net bonded debt of 317.057,670.67, as of'Nov. 30, is a
"Rhode Island's
proving opinion of this legal firm will be
reduction of $1,341,475.81, as compared with the same date a year ago,
at the Village's expense.
according to the annual report compiled by General Treasurer George C.
VILLAGE SCHOOL DISTRICT, Montgomery County, Clark, and approved by the Commissioners of Sinking Funds.
OAKWOOD
-Speed Warren. Clerk-Treasurer of the
This substantial reduction in the debt during the year was accomplished
-BOND OFFERING.
Ohio.
,fp.m. (eastern standard
sealed bids until 2
Board of Education, will receive
coupon school con- by the retirement of $927,000 worth of bonds and an increase in the sinking
purchase of $360,000 434
time) on Jan. 22, for the bonds. Dated Jan. 1 931. Denom. $1.000. funds of $414.475.
"On Nov. 30, last, the gross bonded debt of the State was $21,757,000.
struction and equipment
to 1955, incl. Principal and semi-annual
with $22,684,000 on the same date a year ago. The amount
Due $15.000 on Oct. 1 from 1932
payable at the Union Trust Co., Dayton. as compared
interest (April and October) are tile voters at the general election on Nov. ofsinking funds on hand Nov.30, this year, was $4.699.329.33, while a year
were authorized by bonds other than 4,‘%. expressed in a ago the same date it was $4,284,853.52."
These bonds
for the
RICHLAND PARISH SUB-ROAD DISTRICT NO. 7 (P. 0. Ray
4 1930. A rate of interest also be considered. A certified check for 3%
of 1%, will
-BOND SALE.
-The $50,000 Issue of road bonds offered for
multiple of
of the above-mentioned villa), La.
bonds bid for, payable to the order The opinion of D. W. sale on Jan. 6-V. 131. P. 3910
-was purchased by the Continental Bank
of the amount of
each proposal.
Clerk-Treasurer, must accompany
& Williams, of Cin- & Trust Co. of New Orleans. Dated Feb. 1 1931. Due from 1932 to
Peck, Shaffer
Iddings, of Dayton, and
and A. S.
1941. incl.
furnished the successful bidder.
cinnati, approving the issue will be
RIGOLETTE SCHOOL DISTRICT NO. 11 (P. 0. Alexandria)
-Sealed bids
-BOND OFFERING.
-Sealed bids will be received
-BOND OFFERING.
Rapides Parish, La.
OGDEN, Weber County, Utah.
to report, until Jan. 12. for until noon on Feb. 10, by W. J. Avery, Secretary-Treasurer of the Parish
received by the City Clerk, according
par
will be
issue of 6% paving bonds. Bids below
for the purchase of a $75,000 issue of 6% coupon school
School Board,
the purchase of a $57,848.98
bonds.
are not acceptable.
-OFFERING OF $6,000,000
ROCHESTER, Monroe County, N. Y.
Wheeling), W. Va.-BOND ELECTION.
OHIO COUNTY (P. 0.
voters may BONDS EXPECTED.
the
-City Comptroller C. E. Higgins is reported to be
been called for Jan. 29 in order that
A special election has
$3,800,000 in highway and street repair completing arrangements for the proposed offering shortly of about $6,pass upon the proposed issuance of
000,000 improvement bonds.
bonds.
-BOND OFFERING.
.-A report from
REPORT
ST. CLAIR COUNTY(P.O.Port Huron), Mich.
OMAHA, Douglas County, Neb.-BOND states that in 1930 the city -F. E. Beard, Chairman of the County Road Commission, will receive
of Jan. 6
Omaha to the "Wall Street Journal" $500,000. The city is said to have sealed bids until 1.30 p. m. (Eastern standard time) on Jan. 15 for the
Paid off $538,000 bonds and issued bonds that would have matured from purchase of $168,000 Read Assessment District No. 119 bonds. Dated
purchased with idle funds $419,337
of the city is put at $14,220,480, Nov. 11930.
1931 to 1934. The total bonded debt limit. It is reported that $540,000
-The $40,000 4%
-BOND SALE.
SALEM, Essex County, Mass.
-were awarded to
which is $4,000.000 less than the charter week in January.
coupon water bonds offered on Jan. 2-V. 132, p. 165 of about 3.58%.
first
bonds were to be paid off during the
Bank,of Salem,at 101.161, a basis
- the Merchants National
Bear Lake County, Ida.
on Jan. 1 from 1932 to
OVID SCHOOL DISTRICT (P. 0. Ovid),
is reported to The bonds are dated Jan. 1 1931 and mature $8,000
bonds
-An $11,000 issue of school building
BOND SALE.
1936 incl.
ave been purchased by the State of Idaho.
crossingelimi
grade$2Oatn nation
(A.
o i61 .
JAN. 10 1031.]
FINANCIAL CHRONICLE
The following is an official list of the bids submitted
for the issue:
BidderRate Bid.
Merchants National Bank (purchaser)
101.161
Harris, Forbes & Co
100.73
First National Old Colony Corp
100.71
Estabrook 14 Co
100.67
R. L. Day & Co
100.659
F. S. Moseley & Co
100.552
SALEM, Essex County, Mass.
-TEMPO
-Charles G.
Coker, City Treasurer, on Jan. 9 awarded RARY LOAN.
the Salem Trust Co., of Salem, at 2.25% a $175,000 temporary loan to
discount. The loan is dated
Jan. 9 1931 and matures Nov. 4 1931. Denoms.
$25,000, $10,000 and
$5,000. The notes will be certified as to genuineness
and validity
First National Bank,of Boston,under advice of Storey, Thorndike by the
,Palmer
& Dodge, of Boston.
SALISBURY SCHOOL DISTRICT, Somerset County, Pa.
-BOND
SALE.
-An issue of $8,000 4 % school improvem
December to William B. Myers, a local investor,ent bonds was sold during
$200, equal to 102.50. a basis of about 4.13%. at par plus a premium of
Due $500 annually from
1932 to 1947 incl.
SAN ANGELO, Tom Green County, Tex.
-BONDS DEFEATED.
At the special election held on Dec. 30-V. 131,
-the voters repp. 3742
jected the proposed issuance of $75,000 in refunding and airport
bonds
by a count of 699 for to 517 against.
SUFFERN, Rockland County, N. Y.
-BOND OFFERING.
-Richard
Burnard, Village Clerk, will receive sealed bids until 8 p.
the purchase of $15,000 not to exceed 6% interest couponm. on Jan. 26 for
department apparatus purchase bonds. Dated Jan. 1 1931.or registered fire
Denom.
Due$3,000 on Jan. 1 from 1932 to 1936 incl. Rate of interest to be $1,000..
expressed
In a multiple of M of 1% and must be the same for all of the bonds.
?rindpal and semi-annual interest (J. & J.) are payable at the Suffern National
Bank & Trust Co., Suffern. A certified check for $500, payable to
the order
of the Village, must accompany each proposal. The approving opinion
of
Clay, Dillon & Vandewater,of New York, will be furnished to
the purchaser.
TAUNTON, Bristol County, Mass.
-TEMPORARY LOAN.
-A $100,000 temporary loan was recently sold to the Webster & Atlas Corp.,
2.44% discount. The loan is due July 1 1931. Bids submitted were at
as
follows:
BidderDiscount.
Webster & Atlas Corp. (Purchaser)
2.44
Shawmut Corp
F. S. Moseley & Co
TEXAS, State of (P. 0. Austin).
-BONDS REGISTE
-The
following minor Issues of bonds were registered by the State RED.
Comptroller
during the week ended Jan. 3:
84,000 5% Wolcott Ind. Sch. Dist., series 1930. bonds. Denom.
5005% Delta County Cons. Sch. Dist. bonds. Denom. $25. $200.
2.200 5% Castle County Cons. Sch. Dist. No. 14 bonds.
Denom. $200.
1,500 5% Harper Ind. Sch. Dist. series 1930 bonds. Denom.
$300.
7.000 5% Honey Grove Ind. Sch. Dist. bonds. Denom. $100.
192 5% Houston County Cons. Sch. Dist. No.47 bonds. Denom.
$9.60.
All the above issues of bonds are due serially.
TEXAS, State of (P. 0. Austin).
-BONDS
-The
following bonds were sold on Dec. 29 to the State PURCHASED.
Board of Education:
$811, Childress County Conunon School District
County Common School District No. 28; $1,000. No. 24; $900, Red River
Red River County Common School District No. 24; $1,500, Bowie
County Consolidated School
District No. 17: 31,625, Donley County Common
$2,000, Lipscomb County Common School DistrictSchool District No. 23:
No. 12; $2,250, South
Plains Independent School District; $4,000,
Wolcott Independent School
District; $5,000, Donley County Common School
District No. 11; 7,000,
Honey Grove Independent School
School District; $12,000, Hemphill District; $10,000, Morse Independent
No. 16; 314,000, Lipon IndependentCounty Consolidated School District
School District; $15.000, Whitehouse
Independent School District;$35,000, Dimmitt
Independent School District,
and $45,000. Divide (Nolan and Taylor
Counties) Rural High School
District No. 5 bonds.
The Board also purchased $500, Delta County
Common School District
No. 41, and $2,200, Cottle
subject to legal approval. County Common School District No. 14 bonds.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT
(P. 0. San
Antonio) Bexar County, Tex.
-BOND OFFERING.
-Sealed bids will
be received until 3 p.m. on Jan. 20, by Paul H. Scholz,
Business Manager
of the Board of Education, for the purchase of an issue $1,750,00
of
0 school
bonds. The Board invites three alternative bids for such
coupon bonds as
follows:
(1) The lowest rate of interest at which the bidder is willing
to purchase
the bonds for par and accrued interest to date of payment
for the delivery
of the bonds.
(2) The price which the bidder is willing to pay for such
coupon bonds
bearing interest at the rate of 434% Per annum.
(3) The price which the bidder is willing to pay for such coupon bonds
bearing interest at the rate of 4j% per annum.
Denom. $1,000. Dated Jan. 11931. Due as follows:
$44,000, 1932 to
1961, and $43,000 from 1962 to
These bonds must be taken
by the purchaser on the opinion1971, all incl. & Cutler
of Chapman
of Chicago, to
furnished by the Board of Education and subject to waiver of purchase be
by
the State. Delivery of the bonds can be made on or before
March 1 1931,
at San Antonio. A certified check for $17.500, must accompan
y the bid.
The tentative report of a scheduled offering of these bonds was
reported
in V. 131. p.4247.)
SANFORD WATER DISTRICT(P.O.Sanford),York County,
Me.
THROCKMORTON COUNTY (P. 0. Throckmo
NO BIDS RECEIVED FOR $534,000 BOND ISSUE.
rton), Texas.
-We
bids were received on Dec.31 for the purchase of the $534.000learn that no BONDS REGISTERED.
State
issue of4Ji% $50,000 issue of 434% -Theseries Comptroller registered on Dec. 30 a
road,
coupon water bonds offered for sale
1930, bonds. Denom. $1,000. Due
-N.131, p.4247. The bonds are dated serially.
Jan. 1 1931 and mature Jan. 1 1956.
TOLEDO, Lucas County. Ohio.
SAN MIGUEL COUNTY (P. 0. Telluride), Colo.
-OFFER $221,000 BONDS.
-The
-PRICE PAID.
- Chemical Securities Corp., of New York, is offering
The $40,000 issue of 514% refunding
for public investment
worth, Chanute, Loughridge & Co., ofbonds that was purchased by Bos- ia total of $221,000 434% coupon or registered street improvement and
Denver, voted recently-V. 132, intercepting sewer bonds,dated
p. 166
-was awarded at par. Due in 20 and optional in 10 years.
Jan. 1
from 1945 to 1950 incl., priced to yield 1931 and maturing serially on Sept. 1
4.05%. The securities are said to be
legal investment for savings banks
SAPULPA SCHOOL DISTRICT (P. 0. Sapulpa) Creek
County, chusetts and Connecticut and to and trust funds in New York, MassaOkla.
-PRICE PAID.
be direct and general obligations of the
-The $25,000 issue of school bonds that was pur- city, payable
from taxes levied
chased by the American National Bank of Sapulpa as 5s
-V.131, p. 2934
- without the limitations imposed upon all of the taxable property therein
was awarded for a premium of $3,00,
by law.
4.99%. Due from 1933 to 1949 incl. equal to 100.01, a basis of about
Financial Statement (As Officially Reported).
Assessed valuation, 1929
5602,679,590
SCITUATE, Plymouth County, Mass.
Total bonded debt
-LOAN OFFERING.
-Sealed
bids addressed to the T.ovrn Treasurer will be received until
36,099,791
Water debt
$1,541,000
for the purchase at discount of a $50,000 temporary loan.12 m.on Jan. 10 Sinking fund
Dated Jan. 15
4,646,894
1931. Due Oct. 27 1931.
Net debt
29,911.897
Population, 1930 U. S. census
SERGEANT TOWNSHIP (P.0. Clermont), McKean County, Pa.
290.803
BOND OFFERING.
TRIPLETT TOWNSHIP (P. 0. Triplett),
-A. R. Anderson, Secretary of the Board of SupervisChariton County, Mo.ors, will receive sealed bids until 2 p.m. on Jan.
BOND SALE.
-A $70,000 issue
$14,000 5% coupon road and bridge bonds. Dated 12 for the purchase of the Mississippi Valley Co..of St. of 5% road bonds has been purchased by
Nov. 1
$1.000. Due $1,000 on Nov. 1 from 1931 to 1944, incl. 1930. Denom. 5.78%. Due from 1931 to 1950.Louis,at a price of 101.05,a basis of about
Int. Is payable
semi-ann. in May and Nov. A certified check for 5%
of the
must accompany each proposal. These bonds were authorize amount bid
TULSA,
-BOND OFFERING.
d at an elec- be received Tulsa County, Okla.
-Sealed bids will
tion held on ,May 20 1930.
by Earl E. Logan, City Auditor, until Jan. 16
of nine issues of bonds aggregating $1,750,000, as follows: for the purchase
$350,000 general
SHADYSIDE VILLAGE SCHOOL DISTRICT, Belmont
improvement. $325,000 bridge, $300,000 storm
County,
Ohio.
-BOND SALE.
-The $170,000 school build ng construction and separation, $150,000 fire station, $150,000 airport,sewer, $225.000 grade
8150.000 park, $75,000
impt. bonds offered on Jan. 7-V. 132, p. 166
sanitary sewer and 825.000 juvenile detention
home bonds.
BancOhio Securities Corp. of Columbus. The -were awarded to the
All bidders must bid on the entire $1,750,000 of bonds.
Bids will not be
1931 and mature Sept. 1 as follows: $8,000 frombonds are dated Jan. 1 considered on any issue or issues singly.
Par and accrued interest is re$9,000 from 1942 to 1951 incl. Rate of int. and 1932 ot 1941 incl., and quired. Calculation of the lowest
price paid for the issue
rate bid will be made on the basis of
not disclosed.
lowest rate for $1,750,000 of bonds. Separate
bids are
for legal p
, and in order that disapproval of orasked on each issue
SHERMAN, Grayson County, Tex.-BOND:OFFERINO.-Sealed bids one issue
not hinder delivery of the other issues.litigation affecting
Denom. $1,000.
will be received until 7 p. m. on Jan. 26 by J. A. Henderson, City Clerk, Due serially from 1936 to 1956,
'
incl. Prin.and semi-ann. int. payable at the
for the purchase of a $90,000 issue of 5% public school bonds.
Oklahoma fiscal agency in
81,000. Dated Mar. 5 1931. Due on Mar. 5 as follows: 51.000,Denom. for the approving opinion New York City. Purchaser is required to pay
1932
of Chapman & Cutler, of Chicago. A certified
1957; $2,000, 1958 and 1959,• $5,000, 1960 to 1971, all incl. Prin. to check for 2% of the
bid is required.
int. M.& S. 5) payable in gold at the Chase National Bank in N. Y. and
The city will furnish the printed bonds, a transcript of all proceedin City.
UTICA, Oneida County, N. Y.
gs and
-NOTE SALE.
-The Chemical Securthe approving opinion of the Attorney-General, of Chapman &
ities Corp., of New York, purchased on Dec.
31 an issue of 31.000,000 tax
Chicago or of the purchaser's attorney. A certified check for Cutler of anticipation notes, to
bear interest at 3%,at a price of par. Dated Jan.
5%
bonds, payable to the city, must accompany the bid. (This report of the 1931. Denom.$50,000. Due
2
suppleSept. 2 1931. The
ments that given in V. In,13. 166.)
Chemical Bank & Trust Co., New York. Legality notes are payable at the
approved by Thomson,
Wood & Hoffman,of New York.
Official Financial Statement.
The purchasers are reoffering
Value of property owned by the city
notes for public investment at a price
$1,990,564.11 to yield 2.50%. They are said the be
Estimated value of all taxable property
to
legal investment for savings banks
23,500,000.00 and trust funds in New York State
Assessed value for 1930
13,275,219.00 the City, being issued in anticipati and to be direct general obligations of
Bond limit of the city
on of taxes and revenues for the fiscal
1,327.521.D0 year 1931.
Total bonded debt,including this issue
1.217,500.00
Water works bonds, included In above
Financial Statement.
164:600.00 Actual valuation, estimated
Interest and sinking funds, Dec.6 1930
8157,636.875
32,720.26 Assessed valuation, 1931
138,391,170
SKAGIT COUNTY SCHOOL DISTRICT NO. 18 (P.
Total debt, including this issue
0. Mount Ver$13,260,696
-BOND ELECTION.
non), Wash.
-We are informed that a special elec- Leas sinking funds
1,419.679
tion has been called for Jan. 17,in order that the voters may pass on the
proNet bonded debt
posed issuance of$90,000in high school bonds. Duo in 20 years and
optional
811,841017
Population, 1930 U. S. census, 101,652.
after 5 years.
SPRINGFIELD, Clark County, III.
VALLEY STREAM, Nassau County,
-BOND SALE.
-The $1,000,000
N. Y.
-LIST OF BIDS.
-The
434% coupon (registerable as to principal only) water bonds offered on Jan. following is a list of the bids received
on Dec. 22 for the purchase of the
-were awarded to Eldredge & Co. and R. W.
5-V. 132,11. 166
Pressprich $121,000 public improvement bonds awarded as 434s to Dewey, Bacon_&
& Co., both of New York, jointly, at a _price of 104.30, a basis of
Co. of New York at 100.07, a basis
of about 4.49% (V. 131, p. 4248):
4.08% • The bonds are dated July 1 1930 and mature July 1 as about
Bidder514,000 in 1936; $46,000 in 1937; 548,000 in 1938; $52,000 in 1939; follows: Dewey, Bacon
Int. Rate.
Rate Bid.
854,000
& Co.
434
in 1940 $58,000 in 1941; $62,000 in 1942; 864,000 in 1943; 868,000 in 1944; Parson, Son & Co (purchasers)100.07
$72,00 in 1945; 576,000 in 1946; 882,000 in 1947: $87,000 in 1948; $92.000 Roosevelt &
0
4.60
100.264
Son
In 1949, and $95,000 in 1950. The successful bidders submitted an alter4.70%
101.04
native bid of 101.75 for the bonds as 4345.
VINELAND, Cumberland County,
N. J.
-BOND SALE.
-M. M.
Freeman & Co., of Philadelphia,
The successful bidders are reoffering the bonds for general investment
are
prices to yield 3.90% for the 1936 to 1938 maturities,3.95% for the 1939 at an issue of $40,000 5% tax revenue reported to have recently purchased
to
1941 maturities, and 4.00% for the bonds maturing from 1942 to 1950, Denom. $5,000. Due Dec. 1 1933. bonds, at par. Dated Dec. 1 1930.
Principal and
incl. The securities are said to be legal investment for savings banks and (J.& D.)are payable at the Vineland National Bank semi-annual interest
& Trust Co., Vineland.
trust funds in New York, Massachusetts and Connecticut and to be direct Legality to be approved by Caldwell & Raymond
,of New York.
and general obligations of the city, payable from unlimited ad valorem
WALTHAM,Middlesex County,
taxable property therein. The assessed valuation of
taxes levied upon all
Mass.
-BOND SALE.
-H.W.Cutter,
City Treasurer, on Jan. 7
awarded the following issues of coupon
the city for 1929 was $62,478,859 and the net debt $585,000, according to aggregati
bonds
ng $110,000, to Stone & Webster and
report. Population, according to the 1930 U. S. Census, is 71,857.
Blodget, Inc., of Boston,
at 100.85, a basis of about
3.74%;
STAMFORD (City of), Fairfield County, Conn.
-LOAN OFFERING. $40,000 334% street bonds. Due $4,000 on Jan. 1 from
1932 to 1941,incl.
-Joseph P. Zone, City Treasurer, will receive sealed bids until 12 m. on
25.0004% sewer bonds. Due $1,000
25,000 4 surface drainage bonds. on Jan. 1 from 1932 to 1956,incl.
Jan. 12 for the purchase at discount of a $200,000 temporary loan. Dated
Due $1,000 on Jan. 1 from 1932
1 56, incl.
Jan. 12 1931. Denoms. $25,000, $10,000 and $5,000. Due Oct. 15 1931.
to
20,0004% building bonds. Due $1,000 on Jan.
The notes will be certified as to genuineness and validity by the First
1$411
1 from 1932 to 1951.incl.
National Bank, of Boston under advice of Storey, Thorndike, Palmer &
Each issue is dated Jan. 11931.
Denom. $1,000. Prin. and
Dodge. of Boston.
interest (Jan. and July) are payable in
semi-ann.
Boston. The bonds will
STRATFORD INDEPENDENT SCHOOL DISTRICT (P. 0. Strat- graved under the supervision of and certified as to genuineness by be enNational Bank of Boston. Legality will
the
be approved by Storey, First
ford) Sherman County, Te7..-BONDS VOTED.
-At a special election dike, Palmer &
Thornheld on Dec. 23, it is reported that the voters approved the issuance of chaser. R. L. Dodge of Boston, whose opinion will be furnished the
Day & Co. of Boston, the only
pur$75,000 in school building bonds by a count of 54 for to 32 against.
other bidders, offered
price of 100.559 for the bonds.
a
348
FINANCIAL CHRONICLE
(VOL. 132.
to the Hanchett Bond
-The following 820,000 4).% coupon park bonds sold on Nov. 17 basis of about 4.427..
-BOND SALE.
WARREN, Trumbull County, Ohio.
Co., of Chicago, at a_price of 100.63, a
Issues of coupon bonds aggregating 811,530.88 offered on Jan. 2-V. 131.
Dated Dec. 1 1930. Denom. $1,000. Due $5.000 on Dec. 1 in
Savings & Trust Co..of Warren,
-were awarded as 4 to the Union
D. 4089
1940. 1944, 1945 and 1948. Interest is payable semi-annually
about 4.72%;
at par plus a premium of $10, equal to 100.08. a basis of Due on Oct. 1
in June and December.
$1,000.
$9.163.93 bonds. One bond for $163.93, others for in 1933.
15,000 4j% coupon park bonds sold on July 17 to Halsey, Stuart & Co.,
as follows: $4.163.93 in 1932. and $5,000
Inc., of Chicago, at a price of 102. a basis of about 4.59%. Dated
on Oct. 1 as
1,397,02 bonds. One bond for $397.02, others for $500. Duo
July 151930. Denom. $1,000. Due July 151950. Interest is payfollows: $397.02 in 1932, and $1,000 in 1933.
able semi-annually in Jan. and July.
on Oct. 1 as
-V.
969.93 bonds. One bond for $69.93, others for $100.toDue incl.
(The above report of the sale of the bonds corrects that given in
1936,
follows: $169.93 in 1932, and 8100 from 1933
Toledo. the 132, p. 166.)
Each issue is dated Oct. 11930. Ryan, Sutherland & Co.,of the bonds
-The fol-LIST OF BIDS.
premium of $41 for
WILLIAMSVILLE, Erie County, N. Y.
nIK
To other bidders, offered to pay par plus a
lowing is a list of the bids received on Dec.30 for the purchase of the $82,000
as Xs.
as 5s to the Manufacturers &
Md.-BONDS coupon flood abatement bonds awarded
WASHINGTON SUBURBAN SANITARY DISTRICT, for which the Traders Trust Co.,of Buffalo, at 100.559, a basis of about 4.94%.-V.132,
--The $300,000 4I4% series"W"water bonds and 93.68, p. 166.
REOFFERED.
Rate Bid.
on Dec. 17 were rejected (offers of 94.15 3 p. m.on
two tenders received
Bidder100.559
-are being reoffered for award at
-V. 131. p. 4089
respectively)
Manufacturers & Traders Trust Co. (purchaser)
100.33
Jan. 14. As in the previous instance, sealed bids will be received by T. Hoffman & Co., New York
at his office
100.399
Howard Duckett, Chairman of Suburban Sanitary Commission, The bonds Edmund Seymour & Co., New York
ton, D. C.,
804 Tower Bldg., 14th and K Sta.. N. W., Washing optional in 30 years.
OFFERING,
-BOND
WILLISTON PARK, Nassau County, N. Y.
will be dated Dec. 1 1930 and mature in 50 years;
approving Robert Kent, Village Clerk, will receive sealed bids until 8 p.m. on Jan. 19
A certified check for 83,000 must accompany each proposal. The
be furnished the for the purchase of $22,000 not to exceed 6% interest coupon or registered
opinion of Masslich & Mitchell, of New York City, will g the creation
on Jan. 1
drainage bonds. Dated Jan. 1 1931. Denom.$1,000. Due $2,000
purchaser without charge. Complete information regardin
issue of Dec. 20. from 1933 to 1943 incl. Rate of interest to be expressed In a multiple of
of the District and its financial condition appeared in our
(Jan. and July) are
1-10th or 1 of 1%. Principal and semi-annual interestor at the Guaranty
CT (P. 0. Washing- payable at the Nassau County Trust Co., Mineola,
WASHINGTON TOWNSHIP SCHOOL DISTRI$40.000
% school
-The
-BOND SALE.
Trust Co., New York. A certified check for 2% of the amount of bonds bid
ton) Warren County, N. J.
-were awarded to A. B. Castner, for, payable to the order of the Village, must accompany each proposal.
bonds offered on Dec. 23-V. 131, p. 4089
a
Chester Bryan, of Washington, jointly, at par plus
approving opinion of Hawkins, Delafield & Longfellow, of New York,
of Glen Gardner, and
4.29%. 'The bonds are The be furnished the successful bidder. (These are the bonds mentioned in
premium of $810, equal to 102.02, a basis of about
1932 to 1951 will
V. 132. P. 166.)
1 1931 and mature Jan. 1 as follows: $1,500 from
dated Jan.
ncl.; $1,000 from 1952 to 19611nel.
WOODBRIDGE TOWNSHIP SCHOOL DISTRICT (P. 0. Wood-Sealed bids
-The
-BOND OFFERING.
, N. J.
-BOND SALE.
Mass.
WATERTOWN, Middlesex County,on Jan. 5 (V. 132, p. 166) were bridge),d Middlesex County
m. on
addresse to E. C. Ensign, District Clerk, will be received until 8 p.bonds.
drainage bonds offered
523.0004% coupon
a basis of about 3.75%. Jan. 12 for the purchase of $140,000 43 or 4 or 5% coupon school
awarded to R. L. Day & Co. of Boston at 100.67,from 1932 to 1934.incl., Dated Jan. 1 1931. Denom. $1,000. Due Jan. 1 as follows: $5.000 from
Dated Jan. 1 1931. Due Jan. 1 as follows: $5.000 as follows:
semiwere
1933 to 1956 incl., and $4,000 from 1957 to 1961 incl. Principal and
Bank &
and $4,000 in 1935 and 1936. Bids for the issue
Rate Bid. annual interest (Jan. and July) are payable at the First National will proto be awarded than
Bidder100.67
Trust Co., Woodbridge. No more bonds are certified check for 2% of the
R. L. Day dr Co. (purchasers)
100.67
duce a premium of 81,000 over $140.000. A
of EducaEstabrook & Co.(same offer as that of purchaser)
100.66
face amount of the bonds bid for, payable to the order of the Board be furwill
Harris, Forbes & Co
100.53
tion, must accompany each proposal. The successful bidder
F. S. Moseley & Co
a copy of the opinion of the Attorney General affirming the
100.51
nished with
Union Market National Bank
100.391 legality of the bonds.
Wise, Hobbs & Arnold
-Charles E.
-NOTE SALE.
YONKERS, Westchester County, N. Y.
LOAN.
00 tax
-TEMPORARY
WATERTOWN, Middlesex County, Mass.
Stahl, City Comptroller, on Jan. 6 awarded an issue of $1.000,0
of Boston, during January'purchased a $400.000 anticipation notes to Salomon Bros. & Hutzler of N. Y. City as 2s.
Salomon Bros. & Hutzler,
premium of$9. The loan is dated
Jan.9 1931 and mature
temporary loan at 2.58% discount, plus aOnly one bid was submitted at the at par phut a premium of $21. The notes are dated follows:
Jan. 2 1931 and matures Nov. 20 1931.
Jan. 8 1932. Bids submitted for the issue were as Int. Rate.
Premium
Hale.
Bidder$21.00
2.75%
- Salomon Bros. & Hutzler (purchasers)
-BOND OFFERING.
nd), Ind.
WAYNE COUNTY (P. 0. Richmo
2.88
a. m. Guaranty Company of New York
bids until 10
5Y456
2.90.
W.Howard Brooks, County Auditor, will receive sealed
of5220,0004% coupon bridge construction bonds. Bankers Company of New York
on Feb.2for the purchase
3.10%
Co., New York
ually as follows: $7,500
Dated Feb. 2 1931. Denom. $500. Due semi-ann to 1946 incl.,and 52.500 Chemical National
1933
on July 11932;$7,500 on Jan.and July 1 from interest (Jan. and July) are
and semi-annual
on Jan. 1 1947. Principal
d.
payable at the Second National Bank, Richmon
Wayne County,
-BOND FLOTATIONS DURING 1930
CANADA, Dominion of.
WAYNE SCHOOL TOWNSHIP (P. 0. Richmond),
ad-The Second National Bank, of Richmond, paid a TOTAL $750,000,000.-Pask & Walbridge. of New York. have beenyear
nd.-PRICE PAID.
to 102.01, for the purchase vised that bond flotations of every character in Canada during the
price of par plus a premium of $1,006.25, equal
d with $653,awarded
4%% coupon school building constructiong bonds 3.915%. 1930 amounted to approximately $750,000,000, as compare
of the $50,000
during December
cost of financin about
in 1929 and 8440,000,000 in 1928. Flotations as compared with
on Nov.22-V. 131, p.4089. Net interest
semi-annually as follows: 000.000
only $34,000,000
The bonds are dated Dec. 1 1930 and mature 1933 to 1941 incl.: $2,000 declined considerably, the total being
the preceding month and with $122,000,000 for Dec.
$2,000, Jan and July 1 from
000 during
12.000 July 11932;
and July 1 1943 and $2,500 865.000,
1929.
Jan. 1 and $2,500 July 11942; 82,500 on Jan.
-Sealed bids addressed
Jan. 1 1944.
LOW TOWNSHIP, Que.-BOND OFFERING. , will be received until
-A $61,000 issue
y-Treasurer, P. 0. Venosta
SALE.
WEBB CITY, Jasper County, Mo.-BOND d at par by the Mississippi to R. Wilkie, Secretar the purchase of $62,000 5% improvement bonds.
purchase
on Jan. 24 for
12 m.
to 15 years. Denoms. to
of434% school refunding bonds has been to 1945.
Dated Nov. 1 1930. Due serially in from 1
Valley Co., of St. Louis. Due from 1931
at Wakefield, Hull, Montreal and
- suit purchaser. Bonds are payable
-BOND OFFERING.
WELLSVILLE, Columbiana County, Ohio. until 12 m. on Jan. 30 Quebec.
Fred Eckfeld, City Auditor, will receive sealed bids as follows:
-BOND OFFERING.
ONTARIO, Province of (P. 0. Toronto).
for the purchase of $2,500 5% sewer bonds, divided on Oct. 1 from 1932 E. A. Dunlop, Provincial Treasurer, will receive sealed bids until 12 m. on
provincial bonds, to
$1,300 Sixth St. bonds. Denom. $260. Due $260
Jan. 13. for the purchase of $30.000,000 4I6% coupon
to 1936 incl.
$961.000, 1932
Due $240 on Oct. 1 from be dated Jan. 15 1931 and mature on Jan. 15 as follows:3310.000, 1936
1,200 Thirteenth St. bonds. Denom. $240.
. 1935;
31,004,000, 1933; $1.050,000, 1934: $296,000
1932 to 1936 incl.
1940; 8386.000
is payable semi-annually in April $.324,000. 1937; $338,000, 1938; $353,000, 1939; $369.000,8460,000, 1945
Each issue is dated Oct. 1 1930. Int. int. at a rate other than 5%,
1942: 5422,000, 1943; 5441,000, 1944:
bear
and October. Bids for the bonds to will also be considered. A certified 1941; $403,000,8503.000. 1947; 5525,000, 1948; $549,000, 1949; 5574,000
of 1%,
. 1946;
of
$481000
. 1954
expressed in a multiple
must accompany each proposal. 1950: 5599,000, 1951: 5626,000, 1952; 5655.000, 1953;.$684,000
, 1957: $816,000 1958; 5852,000
check for 1% of the amount of the bonds
$715,000. 1955: 5747.000, 1956: $781,000
, 1962; 51.017.000, 1963
-COUN
R COUNTY (P. 0. White Plains), N. Y. publicTY 1959; 5891,000. 1960: $931,000. 1961; 5973,000 1966: 31,212,000, 1967
WESTCHESTE
by
00. 1965; 51,160,000,
-Figures recently made
ASSESSED VALUATIONS FOR 1931. Committee of the Board of Super- $1,062,000, 1964: 51,110,0 1969; $1,383,000. 1970:and $1,446.000. 1971
tion
$1.267,000, 1968: 51.324,000,
15) are payable at holder's
A. C. Brower, Clerk of the Equaliza
property in the County. which will form Principal and send-annual interest (Jan. and July the office of the Provincial
visors, show that the value of real
money of Canada at
an increase of$114,950.336
basis for the 1931 tax levy.is $1.758,464.860,used to fix the tax rate for option in gold coin of lawfulthe agents of the Provincial Treasurer in the
the
which was
Treasurer. Toronto; or at
and
over the assessed valuation in 1929,
" of Jan. 4. The increase is the
Winnipeg, Vancouver, Regina, Halifax, Calgary
1930. according to the New York "Times ed by Mr. Brower to the failure cities of Montreal,or in gold coin of the United States of America of the
since 1025 and was attribut true value, according to the St. John. Canada;
Provincial
lowest recorded
of weight and fineness at the agents of the
property for its
present standard
in
of local assessors to assess
New 1ork; or at the agents of the Treasurer
bill has been prepared which would
"Times." which also stated that a in the hands of a county commissioner Treasurer in the City of rate of $4.86 2-3 to the pound sterling. Bonds
s
London. Eng., at the fixed
be
place the power of the local assessor
to have already been approved by to be In denoms. of $1,099 each, with coupons attached, and may
said
for bonds
of assessments. The measure is Legislature, but must again receive legisl only. Delivery of and full payment n funds at
the Board of Supervisors and the the people at a referendum before it can registered as to principa
of payment to be made in Canadia
lative approval and be passed on by showing the assessed valuation of real with accrued Interest to dato
r on Jan. 29 1931. Bids must be for
the office of the Provincial Treasure
become a law. The followig table
and for 1930 also appeared In the the whole amount offered and must be accompanied by a certified check
property by towns and cities for 1929
bidder, as part payment
for $300.000, to be applied in case of the successful
report of the "Times":
1930.
The bonds will be issued under authority of R. 8. 0. 1927.
Municipality-- 1929.
1930.
1929.
Municipality
5 for the bonds.
77 North Salem _ _ _ $5,450,126 $5,590,391 Chapters 23 and 57.
$32,231,086 $34,960,2
Redford
37,489,196 39,189,12
-The forthcoming sale
PREVIOUS ISSUE OF PROVINCIAL BONDS.
48,991,581 52,492,618 Ossining
Cortiandt
46,716,151 54,383,534 will mark the Province's first appearance in the long-term municipal bond
88,330,888 Pelham
-year
East Chester-- 84,273,199 119,810,044 Poundridge
2,307,717 2,455,022 market since May 21 1930 when an issue of $30,000.000 43 % 39
Greenburgh____114,799,637
126,851,035 147,608,163 serial bonds was awarded to a syndicate headed by the First National Bank.
44.473,485 57,644,530 Rye
Harrison
55,641,908 63,225,065 of Now York,at 94.41,a basis of about 4.91%-V. 130. p.3766. The bonds
7,802,440 Scarsdale
7,031,293
.
Lewlsboro
4,821,510 5,281.659
Somers
prices to yield from 4.15 to 4.80%, according to maturity
Mamaroneck-. 75.121,055 80,343,820 White Plains_ _160,969,337 171,813,646 were reoffered atan issue of $30,000,000 5% bonds, due Dec. 2 1960, was
52,748.342
On Dec. 4 1929
Mount Pleasant 41,726,458 165,445,581 Yonkers
349,009,490 357,469,160 purchased by a syndicate headed by the National City Co., of New York.
Mount Vernon _160,939,665 27,681,387 Yorktown •
8,145,277 9,013,394 at 100.80, a basis of about 4.95%. These bonds were reoffered at 101.50.
New Castle_ _ _ _ 26,042,392
48
yielding over 4.90%-V. 129. p. 3673.
New Rochelle_ _192,723,575 196.029,3
.81.643,524,52481758474,860
BONDS RE-8,351Total.._
SASKATCHEWAN SCHOOL DISTRICTS, Sask.North Castle___ 17.77
N. Y.-$3,438,000 PORTED SOLD AND AUTHORIZED.
-The "Monetary Times" of ToPlains),
WESTCHESTER COUNTY (P. 0. White -The Board of County
of the bond
ronto in its issue of Jan. 2 reported the sale and authorization from Dec.6
INDEBTEDNESS SOLD.
tes of
CERTIFICATES OF
of 13,438,000 park certifica
issues below by the Local Government Board during the period
ors on Jan. 6 effected the sale
Supervis
Biggar
National to the 20th:
indebtedness as follows:
-School Districts: Standard. $1,200 634% 6 year to
Bonds Sold.
2.27s, at a price of par, to the First
13.038,000 certificates sold as Bros. & Hutzler, both of New York,jointly. Sinldng Fund; Garvoch, $5,000
% 15 years to O. 0. Cross & Co.
Bank and Salomon
exceeding 734%.
-School Districts: Solo, $3,600 not
June 5 1931.
Bonds Authorized.
Village of Mang.
Dated Jan. 9 1931. Due par plus a premium of $150, to the
0,
15 years; Tallman,$1,000, not exceeding 87 10 years.
as 2.69s at
400,000 certificates sold s Corp. and Barr Bros. & Co., Inc.. both of $1,500 not exceeding 7% 10 installments. Tovrn of Saltcoats,56.000614%
Chase Securitie
Jan, 9 1931. Due June 5 1932.
Dated
New York, jointly.reported to have been approved by Hawkins. 10 years.
-The $125,000 5% impt. bonds
SHERBROOKE, Que.-BOND SALE.
Legality of the certificates is
City.
-were awarded to McLeod, Young.
4090
offered on Jan. 8-V. 131.
Delafield & Longfellow of N. Y.
Kittanning)
dated Oct. 1 1930 and
p.
Weir & Co. of Montreal at 99.59. The bonds are
SCHOOL DISTRICT (P. 0.
WEST KITTANNING-BOND SALE.
-The $10,500 issue of school mature serially. Payable at Montreal. Quebec and Sherbrooke.
, Pa.
to the
Armstrong County
-was awarded as 4s
-Jacques Denechaud,
NG.
131,_p. 3912
THREE RIVERS, Que.-BOND OFFERI p. m. on Jan. 19 for the
bonds offered on Dec. 29-V. of Kittanning, at par plus a premium of
until 4
Armstrong County Trust Co..about 4.46%. The bonds are dated Jan. 1 City Treasurer, will receive sealed bids purposes bonds, issued under byimpt.
basis of
$26. equal to 100.24. a denorns., and mature one bond each year; optional purchase of $478.000 5% various
1930. Denom. $100 or multiples
1931, are coupon in 8500 issue. Interest is payable semi-annually in Jan. laws Nos. 72 and 75. Dated Nov. 1 annually over a period of 40 years.
at the
of $100 at the purchaser's option. Due
after ten years from date of
payable at the holder's option,any of
and semi-ann. int. (M. & N.)
and July.
-The $15,- Prin. office of the Banque Canadienne Nationale, Montreal, or at
-NO BIDS.
Monticello), Ind.
Montreal or Quebec.
WHITE COUNTY (P. 0.bonds offered for sale on Dec. 29-V. 131,p. chief
in the cities of Three River,
branches of the bank
offered, payable to the
296.31 6% ditch construction no bids were submitted for the issue. 'The the
of the amount of bonds
1 In A certified check for 1%accompany each proposal.
-were not disposed of, as
4089
mature June 1 as follows: $1,436.3
order of the City, must
bonds are dated Dec. 31 1930 and incl.
-The City Council will
ISSUE.
1941
$40,000
TILBURY, Ont.-PROPOSED BOND
1932 and $1,540 from 1933 to
-BOND SALE.
, Ill.
Legislature for authority to issue
shortly petition the Provincial improvement purposes,according to report.
DISTRICT, Du Page County
advises
WHEATON PARK
Board of Park Commissioners.
-year bonds for various
of5% 20
-J. L. Langan, Secretary of the aggregating $35,000, as follows:
ps of the sale of two issues of bonds
CANADA,its Provinces and Municipalities.
@FedFRASER